Southeast

Federal Capital Partners Provides $20.6M Construction Loan for D.C. Apartment Community

by John Nelson May 16, 2016

WASHINGTON, D.C. — Federal Capital Partners (FCP) has provided a $20.6 million mezzanine loan to finance the development of a 197-unit, Class A apartment community located at 1255 22nd St. N.W. in Washington, D.C.’s West End neighborhood. Eagle Bank provided the senior financing for the project, which will include the ground-up construction of a connected nine-story, 65-unit apartment building with five, two-story carriage homes with private parking. The development will comprise a mix of studios, one-bedroom and two-bedroom apartments, as well as a fitness center, rooftop pool and 5,000 square feet of retail space. The co-developers include Tasea Investment Co. and the Auger family. Peter Witham of The Greenwich Group International arranged the loan on behalf of the developers. Construction will begin in June.

May 16, 2016

Maryland Retail Southeast

KLNB Retail Brokers $20M Sale of Shopping Center in Metro D.C.

by John Nelson May 16, 2016

CLINTON, MD. — KLNB Retail has brokered the $20 million sale of Clinton Plaza, a 210,000-square-foot shopping center located at 8899 Woodyard Road in Clinton, roughly 16 miles from Washington, D.C. The property is located approximately three miles south of Joint Base Andrews, the home of Andrews Air Force Base and Naval Air Facility Washington. Kmart occupies a 107,000-square-foot anchor space at Clinton Plaza, which features 10 inline restaurants and several pad sites leased to tenants such as Checkers and Popeyes Chicken. There is a vacant 43,000-square-foot junior anchor space and an additional 10,000 square feet of space available for lease. Andy Stape and Vito Lupo led KLNB Retail’s investment sales team in representing the seller, Columbia Regency Retail Partners LLC. The KLNB Retail team also procured the buyer, Clinton Investors LLC.

May 16, 2016

Georgia Multifamily Southeast

PointOne Holdings Sells Apartment Community in Metro Atlanta for $17.5M

by John Nelson May 16, 2016

MARIETTA, GA. — PointOne Holdings has sold Lakefront Vista Apartments, a 222-unit garden-style apartment community located at 880 S. Cobb Drive in Marietta, a northern suburb of Atlanta. PointOne purchased the asset in June 2013 for $10.9 million and sold the value-add property to an undisclosed buyer for $17.5 million. During its ownership, PointOne invested more than $700,000 to renovate the property and add amenities, resulting in occupancy increasing from 88 percent to more than 97 percent and rents increasing an average of $150 per unit. PointOne improved the property’s net operating income by 103 percent.

May 16, 2016

Industrial Market Reports Maryland Southeast Southeast Market Reports

Baltimore Absorbs 3 Million Square Feet of Industrial Space in 2015

by John Nelson May 16, 2016

For the fifth straight year, the Baltimore industrial market ended the year with a positive net absorption, with improvements continuing in both rental rate growth and overall fundamentals. While not overly robust compared to other areas of the country, such as Ontario, Calif., Atlanta, New Jersey and Central Pennsylvania, the Baltimore market absorbed almost 3 million square feet of industrial space in 2015. This sustained growth trend is attributed to a steady, albeit choppy, stream of demand, sustained levels of new construction activity and falling availability and vacancy markers. Looking at the overall conditions of the market, several factors contribute to the improving fundamentals, the most significant of which is the ongoing, high demand for Class A industrial property, which continues to outpace available supply. The Baltimore market is located in the heart of the I-95 Corridor and can access 34 percent of the U.S. population within a single day’s drive. Additionally, given its location within the Washington/Baltimore metropolis, major retailers have selected Baltimore as a logical location for e-commerce and omni-channel fulfillment centers to distribute to homes. These centers will allow retailers same-day access to the 9 million people in the Baltimore-Washington region. On average, those residing in this …

May 16, 2016

Industrial Maryland Southeast

Trammell Crow, Diamond Realty to Develop 1.2M SF Distribution Center in Maryland

by John Nelson May 13, 2016

NORTH EAST, MD. — Trammell Crow Co. (TCC) has partnered with Diamond Realty Investments Inc. to develop Principio Commerce Center I, a 1.2 million-square-foot distribution center in North East. The property will be built on a 100-acre parcel within the 6 million-square-foot Principio Business Park. Home to existing tenants such as Restoration Hardware and General Electric, the industrial park is located adjacent to Route 40 and less than five miles from I-95. Principio Commerce Center I will feature a cross-dock design with 190-foot truck courts, 283 trailer stalls, up to 216 dock doors, 36-foot clear heights and an ESFR sprinkler system. Dave Dannenfelser of JLL and Mike Zerbe of Colliers International are handling Principio Commerce Center I’s leasing. Conewago is the project’s general contractor, and KSS Architects provided design services. PCCP provided a construction loan to TCC and Diamond Realty, which plan to deliver the asset in spring 2017.

May 13, 2016

Industrial Southeast Tennessee

HSA Commercial, Great Point to Co-Develop 652,000 SF Spec Industrial Facility in Metro Nashville

by John Nelson May 13, 2016

LEBANON, TENN. — HSA Commercial Real Estate has partnered with Boston-based Great Point Investors LLC to co-develop a 652,000-square-foot speculative industrial building at Commerce Farms Business Center in Lebanon, a suburb of Nashville. Situated on 41 acres at the junction of State Route 840 and Highway 109, the distribution center will feature 32-foot clear heights, 116 truck docks, two drive-in doors and parking for 84 trailers and 257 cars. The partnership is scheduled to break ground on the facility later this month, with delivery planned in the first quarter of 2017. HSA Commercial and Great Point Investors have retained NorthStar Real Estate Advisors to oversee the marketing and leasing of the distribution center. The design team includes Chicago-based general contractor Premier Design + Build and architect Harris Architects Inc. HSA Commercial previously partnered with Great Point Investors to build a 220,000-square-foot distribution center near Indianapolis and a 218,500-square-foot spec industrial facility in north suburban Chicago.

May 13, 2016

Georgia Retail Southeast

Southeastern Brokers $49M Sale of Market Walk Shopping Center in Savannah

by John Nelson May 13, 2016

SAVANNAH, GA. — The Southeastern Investment Sales Team has brokered the $49 million sale of Market Walk, a 255,000-square-foot shopping center in Savannah. Built in 2015, the center was 94 percent leased at the time of sale to tenants including Kroger Marketplace, Dick’s Sporting Goods, Buffalo Wild Wing, Jason’s Deli, Chipotle Mexican Grill, Edwin Watts and West Marine. Ryan McArdle, Steve Collins and David Rivers of Southeastern represented the undisclosed seller in the transaction.

May 13, 2016

Georgia Mixed-Use Southeast

Pollack Shores to Redevelop Office Park in Metro Atlanta to Include Multifamily, Retail Uses

by John Nelson May 13, 2016

SANDY SPRINGS, GA. — Pollack Shores Real Estate Group plans to develop 425 apartment units and 10,000 square feet of retail and restaurant space neighboring the Palisades office park in Sandy Springs. Pollack Shores purchased a site adjacent to the office park at 5901 Peachtree-Dunwoody Road for an undisclosed amount. Upon completion, the one-, two- and three-bedroom units will feature plank flooring, kitchen islands, granite and quartz countertops, under mount sinks and pendant lighting. The redevelopment is expected to be complete by winter 2018. Matrix Residential, the multifamily residential management division of Pollack Shores, will manage the residential portion of the property. Pollack Shores is also absorbing most of the costs for infrastructure improvements in the area, including the addition of an east-west connector between Peachtree-Dunwoody Road and Perimeter Center Parkway that will allow traffic to directly access the new 2.2 million-square-foot State Farm Insurance regional headquarters expected to open in late 2016.

May 13, 2016

Guy Fieri’s Smokehouse Fourth Street Live! Louisville

Kentucky Restaurant Retail Southeast

Guy Fieri’s Smokehouse to Open at Fourth Street Live! in Downtown Louisville

by John Nelson May 13, 2016

LOUISVILLE, KY. — The Cordish Cos. has signed a lease with celebrity chef Guy Fieri for his new dining concept, Guy Fieri’s Smokehouse. The new barbecue restaurant will open to the public in September at Fourth Street Live!, a 350,000-square-foot dining and entertainment destination in downtown Louisville. Designed by Boston-based Niemitz Design Group and Louisville-based Bravura Architects, the restaurant will feature 6,700 square feet of dining space, 117 interior seats, 79 outdoor patio seats, two large meat smokers and an indoor/outdoor bar. Other dining concepts at Fourth Street Live! include Birracibo by Junior Bridgeman, Jim Beam Urban Stillhouse, Bourbon Raw, Goose Island Beer Bridge, Gordon Biersch Brewery Restaurant, Brazeiros Churrascaria Brazilian Steakhouse and Eddie Merlot’s.

May 13, 2016

Florida Office Southeast Top Stories

Flea World Demolition Clears Way for $300M Reagan Center Mixed-Use Development Near Orlando

by Nellie Day May 13, 2016

SANFORD, FLA. — Demolition work has commenced on Flea World, the one-time home of “the nation’s largest flea market under one roof,” in Sanford approximately 25 miles north of Orlando. The 118-acre site is being cleared to make way for Reagan Center, a mixed-use project that could eventually include as much as 2.4 million square feet of offices, restaurants, retail stores, apartments and townhomes. The property is situated on U.S. Route 17 at Ronald Reagan Boulevard and County Home Road. The 34-year-old flea market space is situated directly across from the Seminole County Government Operations Center, the courthouse and Seminole State College. Reagan Center’s construction will kick off a 20-year effort by the municipalities of Seminole County, Sanford, Lake Mary, Winter Springs, Longwood and Casselberry to create an economic development corridor along Route 17. “Reagan Center will create employment opportunities for thousands of Central Floridians over the next decade and will be a major economic engine,” says Paul Partyka, partner at NAI Realvest in Orlando and the broker of record for the $300 million development. “Because of its location, size and economic impact, Reagan Center will rank as one of Florida’s benchmark development projects.” Hastings Homes is carrying out the …

May 13, 2016

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