Southeast

Simon Breaks Ground on Norfolk Premium Outlets

by John Nelson June 8, 2016

NORFOLK, VA. — Simon Property Group has begun construction on Norfolk Premium Outlets, a 332,000-square-foot outlet mall located at I-64 and Northampton Boulevard in Norfolk. Set to open in summer 2017, the property will feature 85 designer and name-brand retailers, as well as a Market Hall with multiple dining options. Simon expects the new outlet mall to create 500 full-time construction jobs and 800 full- and part-time jobs upon completion. Norfolk Premium Outlets will serve the Norfolk, Virginia Beach, Chesapeake and Hampton Roads markets in Virginia.

June 8, 2016

Georgia Office Southeast

Hines, Cousins Sign Microsoft to Lease Office Space in Avalon Development

by John Nelson June 8, 2016

ALPHARETTA, GA. — Hines and Cousins Properties have signed Microsoft Corp. to a 43,000-square-foot office lease at 8000 Avalon, a 224,000-square-foot, Class A office development under construction in Alpharetta. With the Microsoft lease, 8000 Avalon is now 19 percent pre-leased with initial occupancy slated for the second quarter of 2017. Hines and Cousins are co-developing the $72 million project, which is the only office building in Phase II of Avalon. Pete Shelton and Drew Levine of Colliers International’s Atlanta office represented Microsoft in the lease transaction.

June 8, 2016

Loans Maryland Multifamily Southeast

Walker & Dunlop to Purchase HUD Servicing Portfolio for $45M

by John Nelson June 8, 2016

BETHESDA, MD. — Walker & Dunlop Inc. has agreed to purchase the commercial mortgage servicing rights associated with a $3.8 billion servicing portfolio from Oppenheimer Multifamily Housing & Healthcare Finance Inc., a subsidiary of Oppenheimer Holdings Inc. Walker & Dunlop will use available capital to fund the approximately $45 million purchase price. The portfolio comprises more than 480 multifamily and healthcare loans insured by the U.S. Department of Housing and Urban Development (HUD). The acquisition will make Walker & Dunlop the largest HUD multifamily and healthcare servicer in the U.S.

June 8, 2016

Conference Coverage Features North Carolina Southeast Top Stories

HB2 Brings Corporate Relocations in North Carolina to ‘Screeching Halt’

by John Nelson June 8, 2016

CHARLOTTE, N.C. — House Bill 2 (HB2), the recently passed North Carolina bill that requires transgender individuals to use public bathrooms corresponding to the sex on their birth certificate, has rocked the state since its passing on March 23. Tech giant PayPal has scrapped its previously announced plans to bring 400 jobs to Charlotte; artists such as Bruce Springsteen, Pearl Jam, Maroon 5 and Nick Jonas canceled planned concerts in North Carolina; and the NBA is considering moving its 2017 All Star Weekend away from Charlotte. In addition to these headlines, corporate relocation inquiries to North Carolina have essentially “gone away,” according to Chris Schaaf, executive vice president of JLL. “If you look at JLL’s core business and offerings, one of those services relates to major relocations. The easiest thing for me to do would be to sit up here and say how busy we are for that aspect of our business, but the reality is that it’s come absolutely to a screeching halt,” says Schaaf, speaking at the seventh-annual InterFace Carolinas conference held on June 1 at the Hilton Charlotte Center City. The conference drew 249 brokers, developers, contractors, financial intermediaries, owners and managers who do business in North …

June 8, 2016

Market Reports Office South Carolina Southeast Southeast Market Reports

Greenville’s Booming Office Market Drives Interest from New Investors

by John Nelson June 8, 2016

Greenville is undergoing significant growth and capturing the attention of national investors and tenants. Historically high rental rates, increased occupancy and strong construction activity for the first time in recent years collectively indicate a healthy market. Additionally, tight market conditions provide an ideal investment sales environment encouraging landlords to market their office assets for sale, something they couldn’t justify doing a few years ago. The market’s occupancy rate was up to 85.2 percent at year-end 2015 from 83.7 percent the previous year. As demand grows and space is absorbed, the market is shifting in favor of landlords, who are pushing up rental rates to levels never before seen in the market. Asking rental rates for Class A office space in the market averaged $22.41 per square foot at year-end 2015, increasing 9 percent in a one-year span. Class A space in the central business district (CBD) is even more costly with asking rental rates averaging $25 per square foot. With office users showing a strong desire to locate in the market and willingness to pay higher rental rates for quality space, developers are turning to new construction and adaptive reuse projects to meet the heightened demand for space. Several projects …

June 8, 2016

North Carolina Office Southeast

Akridge, Northwood Ravin to Develop 10-Story Office Tower in Downtown Durham

by John Nelson June 7, 2016

DURHAM, N.C. — Akridge and Northwood Ravin plan to develop 555 Mangum, a 10-story, 240,000-square-foot office tower in downtown Durham. The project will be situated on the site of the former Elkins Chrysler dealership on the corner of South Mangum Street and Jackie Robinson Drive. The property will include ground-floor retail space, a penthouse conference center, fitness center, rooftop lounge and terrace and a courtyard featuring artwork from local artists. Akridge and Northwood Ravin plan to deliver 555 Mangum in late 2018. The partnership has selected Mac Hammer and Doug Cook of Cushman & Wakefield to lease and market the project’s office component and Charlie Coyne of CBRE to lease and market the retail component.

June 7, 2016

Florida Multifamily Seniors Housing Southeast

Kayne Anderson Buys Seniors Housing Community in Florida

by John Nelson June 7, 2016

MELBOURNE, FLA. — Kayne Anderson Real Estate Advisors has purchased Sonata at Melbourne, a Class A seniors housing community in Melbourne, on the Atlantic coast of Florida approximately 70 miles southwest of Orlando. HFF arranged the transaction on behalf of the undisclosed seller, which divested the property free and clear of existing debt. Built in 2012, Sonata at Melbourne is situated on more than 12 acres and features 47 independent living, 54 assisted living and 34 memory care units, which were 97 percent leased at the time of sale. Ryan Maconachy and Chad Lavender led the HFF team representing the seller.

June 7, 2016

Alabama Retail Southeast

GBT Realty Completes Hobby Lobby-Anchored Retail Center in Alabama

by John Nelson June 7, 2016

ALBERTVILLE, ALA. — GBT Realty Corp. has completed the construction of The Shoppes of Albertville, a 135,000-square-foot shopping center located at the intersection of Carlisle Street and U.S. Highway 431 in Albertville. The $18 million property’s tenant roster includes Hobby Lobby, PetSmart, T.J. Maxx, Ross Dress for Less, Rack Room Shoes, Hibbett Sports, Kay Jewelers, Lee Nails and Marco’s Pizza. GBT Realty purchased the land for the shopping back in December 2014. The Brentwood, Tenn.-based developer is under contract on an 8-acre site across U.S. Highway 431 from The Shoppes of Albertville with plans to develop a new shopping center by 2018 known as Albertville Commons.

June 7, 2016

Georgia Hospitality Southeast

Marcus & Millichap Brokers $14.5M Sale of Hampton Inn & Suites in Metro Atlanta

by John Nelson June 7, 2016

EAST POINT, GA. — Marcus & Millichap has arranged the $14.5 million sale of the 119-room Hampton Inn & Suites Atlanta Airport West in East Point. The hotel is located off I-285 at 3450 Creek Pointe Way, approximately six miles from Hartsfield-Jackson Atlanta International Airport and 13 miles from downtown Atlanta. David Greenberg and David Altman of Marcus & Millichap’s National Hospitality Group represented the seller and procured the buyer in the transaction. Michael Fasano of Marcus & Millichap’s Atlanta office is the firm’s broker of record in Georgia and assisted in the transaction.

June 7, 2016

Georgia Retail Southeast

Franklin Street Arranges $3M Sale of Big Lots-Anchored Shopping Center Near Chattanooga

by John Nelson June 7, 2016

FORT OGLETHORPE, GA. — Franklin Street has brokered the $3 million sale of Cloud Springs Plaza, a 113,000-square-foot, Big Lots-anchored shopping center located at 1503 Lafayette Road in Fort Oglethorpe, roughly seven miles outside of Chattanooga. Built in 1968, the center’s other tenants include Badcock Furniture and AutoZone. John Tennant and Bryan Belk of Franklin Street represented the seller, Cloud Springs ACD LLC, in the transaction. The buyer, America’s Realty LLC, is a private investment group based in Baltimore.

June 7, 2016

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