Southeast

NAI Saig Secures 200,000 SF Industrial Lease in Memphis

by John Nelson February 1, 2017

MEMPHIS, TENN. — NAI Saig has arranged a 200,000-square-foot lease for industrial space at 4221 Pilot Drive in Memphis. Hank Martin and Elliot Embry of NAI Saig represented the landlord, Dallas-based Sealy Pilot LLC, in the lease transaction. Jeb Fields of Cushman & Wakefield’s Memphis office represented the Memphis-based tenant, Mallory Alexander International Logistics LLC, a full-service logistics provider that supports manufacturers and retailers. The three-year lease is valued at nearly $1.5 million, according to NAI Saig.

February 1, 2017

Alabama Retail Southeast

Topgolf Expands in Alabama with New Huntsville Location

by John Nelson January 31, 2017

HUNTSVILLE, ALA. — Topgolf has confirmed Huntsville as its second location in Alabama. Topgolf will be located on the property that RCP Cos. is redeveloping into MidCity. Construction on the 53,000-square-foot Topgolf will begin in March, with an expected opening in late December 2017 or early January 2018. Topgolf will create 325 full- and part-time jobs at the new Huntsville location. The new three-level venue will feature 1,500 square feet of private event space and 72 climate-controlled hitting bays that can host up to six players at one time. Each venue features chef-driven food and beverage menu, music, private rooms for corporate and social events and hundreds of HD TVs.

January 31, 2017

Florida Multifamily Southeast

Walker & Dunlop Arranges $58.8M Sale of Apartment Community in Broward County

by John Nelson January 31, 2017

DAVIE, FLA. — Walker & Dunlop has arranged the $58.8 million sale of Town University Luxury Apartments, a newly built, 232-unit apartment community in Davie, a suburb of Fort Lauderdale in Broward County. Town University is the first acquisition in the United States for the buyer, Contentus, a Swedish investment firm. In addition to brokering the sale, Walker & Dunlop arranged a $35.4 million acquisition loan on behalf of Contentus. Chris Conklin and Roberto Pesant of Walker & Dunlop’s investment sales team brokered the sale. Al Rex, Marty McGrogan and Niki Preble of Walker & Dunlop arranged the 10-year acquisition loan. Town University’s community amenities include a steam room, cyber café with a coffee bar and a fitness center with cardio equipment, a virtual spin room and yoga.

January 31, 2017

Florida Multifamily Southeast Student Housing

Haven Campus Communities Breaks Ground on Student Housing Property Near the University of South Florida

by John Nelson January 31, 2017

TAMPA, FLA. — Construction is underway on Haven 46, a 542-bed student housing development by Haven Campus Communities located near the University of South Florida in Tampa. The property will offer the company’s Smart Apartment technology, created in partnership with Airwave Networks. Haven’s Smart Apartments will include voice command technology through Amazon Echo; keyless entry that can be integrated with smartphones through a mobile app; and voice-controlled smart lighting, thermostats and ceiling fans. Community amenities will include two contiguous courtyards, a resort-style pool, covered grills, hammocks, fire pits, a 24-hour fitness center, cyber lounge, tech savvy study rooms, coffee bar, pool tables and shuffleboard. The property is scheduled to open in fall 2018.

January 31, 2017

Florida Multifamily Southeast

Marcus & Millichap Brokers $25M Sale of Apartment Community in Metro Orlando

by John Nelson January 31, 2017

FERN PARK, FLA. — Marcus & Millichap has brokered the $25 million sale of The Palms at Magnolia Grove, a 352-unit apartment community located at 2174 Sharp Court in Fern Park, a suburb of Orlando. Built in 1972, the property features a dog park, sports court, business and fitness centers, picnic areas, clubhouse and a pool. Francesco Carriera and Michael Regan of Marcus & Millichap represented the seller and procured the buyer in the transaction.

January 31, 2017

Affordable Housing Georgia Loans Multifamily Seniors Housing Southeast

Capital One Provides $14.4M HUD Loan to Build Affordable Housing Community in Metro Atlanta

by John Nelson January 31, 2017

DECATUR, GA. — Capital One has provided a $14.4 million HUD 221(d)(4) loan for the construction of Sterling at Candler Village, a 170-unit affordable and age-restricted community in Decatur. The 221(d)(4) product is HUD’s flagship program for financing the construction and preservation of market-rate and affordable housing apartment communities. Carolyn Whatley of Capital One originated the loan on behalf of the developer/borrower, The Benoit Group. Residences will be restricted to residents whose head of household is at least 62 years old. The majority of the units (136) will be allocated to households earning up to 60 percent of the area median income (AMI), while the remaining 34 will be reserved for households earning up to 50 percent of AMI. Besides the HUD financing, funding of this development included low income housing tax credits allocated by the Georgia Department of Community Affairs; tax exempt bonds issued by the Housing Authority of DeKalb County and underwritten by Stifel, Nicolaus & Co. Inc.; a subordinate HOME loan funded by DeKalb County Community Department; and project-based rental assistance issued by the Housing Authority of the City of Atlanta (AHA). AHA entered into an Intergovernmental Agreement with the Housing Authority of DeKalb County to administer …

January 31, 2017

Retail Southeast Top Stories

CBL & Associates Acquires Five Sears Stores, Two Sears Auto Centers for $72.5 Million

by Katie Sloan January 31, 2017

CHATTANOOGA, TENN. — Chattanooga-based CBL & Associates Properties Inc. (NYSE: CBL) has closed on a sale-leaseback transaction for five Sears department stores and two Sears Auto Centers located at CBL-owned malls for $72.5 million. The five locations acquired include the Sears parcels at Cross Creek Mall in Fayetteville, N.C.; Brookfield Square in Brookfield, Wis.; Hamilton Place Mall in Chattanooga, Tenn.; Eastgate Mall in Cincinnati, Ohio; and Jefferson Mall in Louisville, Ky. The two acquired Sears Auto Centers are located at Northgate Mall in Chattanooga, Tenn., and Volusia Mall in Daytona, Fla. Sears will continue to operate the department stores under new 10-year leases, with CBL receiving an aggregate base rent of approximately $5.1 million. CBL will have the right to terminate each Sears lease at any time — except for November through January — with six months’ advance notice. In addition to CBL’s termination right, after a lock-out period of four years for the Sears store at Jefferson Mall, two years for the other four Sears stores and one-year for the two Sears Auto Centers, Sears may terminate each store lease upon six months’ notice. “We are proactively transforming our market-dominant shopping centers to meet the changing preferences of consumers,” says Stephen …

January 31, 2017

Office Southeast Virginia

Navy Federal Credit Union Starts Construction on $100M Office Building in Virginia

by John Nelson January 30, 2017

WINCHESTER, VA. — Navy Federal Credit Union, the world’s largest credit union, has broken ground on its new 180,000-square-foot office building in Winchester. Navy Federal has invested $100 million to expand into the three-story facility, which is expected to be fully operational by the end of 2018. The Winchester facility will house about 1,400 employees, which are currently spread between two different facilities in Virginia’s Frederick County. Vienna, Va.-based Navy Federal has more than $79 billion in assets, 6 million members and 296 branches.

January 30, 2017

Multifamily North Carolina Seniors Housing Southeast

Singh Development Gives Sneak Peek Inside New $50M Seniors Housing Community in Raleigh

by John Nelson January 30, 2017

RALEIGH, N.C. — Singh Development, a multifamily owner-operator with communities in Michigan and North Carolina, has unveiled renderings of the interior of Waltonwood Lake Boone, a 183-unit independent living, assisted living and memory care community in Raleigh. Development costs for the 285,000-square-foot project are estimated at $50 million, and Singh Development expects the facility to create more than 125 jobs and serve more than 200 residents. The property is situated on six acres, and will feature 121 independent living units, 39 assisted living units and 23 memory care units. Waltonwood Lake Boone is Singh’s second seniors housing project in the Raleigh area and is scheduled to open in the first quarter of 2018. As of this month, the construction crews are completing framing in the assisted living area, and framing is completed in the independent living portion of the facility.

January 30, 2017

North Carolina Office Southeast

Bank of America Renews 194,000 SF Office Lease in Charlotte

by John Nelson January 30, 2017

CHARLOTTE, N.C. — Bank of America has renewed its 194,000-square-foot office lease at 525 North Tryon, a 19-story office building in Uptown Charlotte. Charles Jonas and Meredith Ball of Foundry Commercial represented the building’s owners, Grubb Properties and New York Life, in the lease deal. JLL represented Bank of America, according to Charlotte Business Journal. Grubb Properties and New York Life have enhanced existing amenities at 525 North Tryon and added new ones, including a fitness center known as Club 525, bike storage room, free electric car shuttle, conferencing center and an electric car charging station. The owners are also in the final stages of securing LEED Silver certification at the building, which has already earned the EPA’s Energy Star designation.

January 30, 2017

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