Southeast

Stockbridge Sells Office Complex in Fort Lauderdale for $43.1M

by John Nelson October 10, 2016

FORT LAUDERDALE, FLA. — Stockbridge Capital Group has sold Cypress Park West I and II, a two-building, 225,757-square-foot office complex located at 6700 and 6750 N. Andrews Ave. in Fort Lauderdale. Hollywood, Fla.-based Naya USA Investment & Management purchased the office buildings from Stockbridge for $43.1 million. Ike Ojala, Hermen Rodriguez and Jorge Portela of HFF represented Stockbridge in the transaction. Situated on 18.5 acres adjacent to a Marriott hotel, the properties were 97 percent leased at the time of sale to Microsoft’s Latin American headquarters, Regus, Sprint, MSC Cruises and Southern Auto Finance Co. The complex’s amenities include an on-site café, conference facility, 24/7 security and a 660-space parking facility with electric vehicle charging stations.

October 10, 2016

Maryland Multifamily Southeast

CBRE Global Investors Acquires Apartment Community in Baltimore

by John Nelson October 10, 2016

BALTIMORE — A fund advised by CBRE Global Investors has purchased Brewers Hill, a two-building, 440-unit apartment community located at 3700 Toone St. in Baltimore’s Canton neighborhood. Built in 2013, Brewers Hill was 92 percent occupied at the time of sale and features 16,718 square feet of retail space. Community amenities include two courtyards with a resort-style swimming pool and private cabanas; a 10,904-square-foot clubhouse with a fitness center, resident lounge, demonstration kitchen, billiard room, screening room, two game rooms and a pet washing station; and outdoor entertainment areas with grills, fireplaces and dining spaces. The seller and sales price were undisclosed.

October 10, 2016

Loans Multifamily North Carolina Southeast

NorthMarq Capital Arranges $7.5M Loan for Multifamily Community in Winston-Salem

by John Nelson October 10, 2016

WINSTON-SALEM, N.C. — NorthMarq Capital has arranged a $7.5 million acquisition loan for Sedgefield Apartments, a 144-unit apartment community located at 4755 Country Club Road in Winston-Salem. Wanda Riggs Mack of NorthMarq’s Atlanta office arranged the seven-year loan with five years of interest-only payments followed by a 30-year amortization schedule. NorthMarq arranged the loan through its Fannie Mae DUS program on behalf of the borrower, Arcan Capital, which will own and manage Sedgefield Apartments.

October 10, 2016

Market Reports Maryland Retail Southeast Southeast Market Reports

Experiential Retail Emerges as Significant Driver in Baltimore Metro Area

by John Nelson October 10, 2016

Not so many years ago, the typical consumer thought of visiting the nearby regional mall or neighborhood center to go shopping — possibly for a new pair of jeans or some shoes. Like everything else in this world, the internet has significantly altered this exercise and, today, people tend to think of retail centers as places to “experience” something that cannot be easily acquired or replicated by simply tapping on a keyboard to request it. Developers and retailers alike have adapted to this behavioral change by introducing new concepts that emphasize the delivery of this experience, including new restaurants, entertainment-style concepts and health care services. This trend remains in full swing in the Baltimore metropolitan region, coupled with game-changing projects planned or rising throughout the Charm City region. Food, Medical, Entertainment The continued popularity of fast-casual restaurants is driven in large part by time-depraved families with dual-income households that seek eating options offering both quality and quickness. The “burger war” includes recent entries such as Bobby’s Burger Palace, Clark Burger and Shake Shack. Wahlburgers, operated by actor Mark Wahlberg and his brothers, might soon follow. Pizza remains a crowded, yet vibrant, category with new arrivals &pizza, Blake Pizza, MOD Pizza …

October 10, 2016

Georgia Industrial Southeast

Wayfair to Open New Distribution Center in Metro Atlanta

by John Nelson October 7, 2016

MCDONOUGH, GA. — Wayfair, a Boston-based e-commerce retailer specializing in home furnishings and décor, will locate its newest distribution center in McDonough, a southern suburb of Atlanta in Henry County. Wayfair will lease space within Phase II of King Mill Distribution Park, an 846,496-square-foot distribution center/warehouse located at 130 Distribution Drive. Trammell Crow Co. and Allstate co-developed the property. Wayfair’s new location will create more than 150 jobs in logistics and fulfillment. Founded in 2002, Wayfair offers more than 7 million products from over 7,000 suppliers across five brands: Wayfair.com, AllModern, Birch Lane, DwellStudio and Joss & Main. The company has more than 5,300 employees in North America and Europe. Wayfair worked with the Georgia Department of Economic Development, Henry County Development Authority, Georgia Ports Authority, Metro Atlanta Chamber, Georgia Power and Transwestern on the new project.

October 7, 2016

Georgia Hospitality Southeast

Noble, Simon Open AC Hotel Atlanta Buckhead at Phipps Plaza

by John Nelson October 7, 2016

ATLANTA — A joint venture between Noble Investment Group and Simon has opened the AC Hotel Atlanta Buckhead at Phipps Plaza in Atlanta’s Buckhead district. Designed by Atlanta-based architectural firm Cooper Carry, the 166-room hotel is situated at the corner of Peachtree Street and Wieuca Road adjacent to Phipps Plaza and Lenox Square Mall. The property is the first new hotel to open in Buckhead in the past eight years. The hotel’s windows will feature View Dynamic Glass technology to automatically tint based on the sun’s intensity, which will maximize natural light and reduce heat and glare. Amenities include the AC Library, AC Lounge, AC Kitchen, a 24-hour fitness center and a heated indoor whirlpool.

October 7, 2016

Maryland Retail Southeast

Petrie Richardson, PGIM Real Estate Break Ground on Nordstrom Rack at Woodmore Towne Centre

by John Nelson October 7, 2016

GLENARDEN, MD. — Petrie Richardson Ventures and PGIM Real Estate, co-owners and developers of the 700,000-square-foot Woodmore Towne Centre, have broken ground on a new Nordstrom Rack store. Situated on a five-acre parcel within Woodmore Towne Centre in Glenarden, the 30,000-square-foot store will serve as Prince George’s County’s first Nordstrom Rack. The parcel will also include 29,000 square feet of retail and restaurant space for tenants that will be announced in the coming months. Woodmore Towne Centre is currently 90 percent leased to tenants including Wegmans, Costco, JC Penney, Best Buy, Petco, Chipotle Mexican Grill, Subway, KBQ Barbeque, Noodles & Co. and Irie Bar & Grill. Recently opened retailers and restaurants include Hook and Reel Cajun Seafood Restaurant, Honu Hawaiian BBQ and Kumon Learning Center. Kobe Japanese Steak & Food and Wings 21 will open later this year at Woodmore Towne Centre.

October 7, 2016

Industrial North Carolina Southeast

Avison Young Arranges 100,000 SF Industrial Lease in Charlotte

by John Nelson October 7, 2016

CHARLOTTE, N.C. — Avison Young has arranged a nearly 100,000-square-foot industrial lease within Westlake Business Park in Charlotte. Printful, a Los Angeles-based print-on-demand e-commerce retailer, will occupy the entire building located at 11025 Westlake Drive, which will serve as the home of the company’s East Coast operations. Christopher Skibinski and Alex Spears of Avison Young’s Charlotte office represented Printful in the lease deal. Warren Snowden and David Hanna of Foundry Commercial represented the landlord.

October 7, 2016

Florida Loans Office Southeast

Alostar Provides $14.2M Loan for 225,000 SF Office Building in Jacksonville

by John Nelson October 7, 2016

JACKSONVILLE, FLA. — Alostar has provided a $14.2 million loan for the refinancing of a 225,000-square-foot office building in Jacksonville. Located at 8787 Baypine Road, the office building is home to the Florida Coast School of Law. Alostar provided the loan to AGNL FCSL LLC, an affiliate of AG Net Lease Realty Fund II.

October 7, 2016

Florida Multifamily Southeast Top Stories Washington Western

Avanath Capital Management Buys Workforce Housing in Florida, Seattle for $84.8M

by Jeff Shaw October 7, 2016

FORT LAUDERDALE, FLA. AND SEATTLE — Avanath Capital Management has acquired The Lodge at Peasley Canyon in Seattle and Harbour Pointe in Fort Lauderdale for a total of $84.8 million. Both properties are multifamily communities targeting middle-income families. The Lodge features 339 units while Harbour Pointe features 34 units. Oak Tree Residential was Avanath’s joint-venture partner on the Florida transaction. “Each of these assets presents an opportunity to leverage market growth while also preserving much-needed workforce housing in cities that have experienced some of the highest rent increases in the nation,” says John Williams, president and chief investment officer of Avanath. “Amidst this rent growth, there is a severe shortage of quality workforce housing that caters to middle-income families in major urban cores throughout the nation.” Built in 2004, The Lodge at Peasley Canyon’s amenities include a pool and spa, fitness center, modern kitchens with maple cabinetry and washers and dryers in most units. Avanath bought the property for $73.3 million and plans to enhance the clubhouse, lighting, kitchens and bathrooms. The seller was an institutional owner. Constructed in 1976 and renovated in 2006, Harbor Pointe is currently 100 percent occupied and features marble floors and boat slips. Avanath and …

October 7, 2016

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