Southeast

Growth in Miami’s Urban Office Market is Spilling Into Suburban Markets

by John Nelson July 13, 2015

Downtown Miami is on fire by any measure. The neighborhood is home to more construction cranes than any other place in the U.S., businesses are moving in and expanding on an almost daily basis, hotel room rates and occupancy levels are at all-time highs, and new residents are relocating here from all over the world. A recent study by the Miami Downtown Development Authority found that greater downtown Miami’s residential population has literally doubled in size — from 40,000 people to 80,000 people — since 2000. Another 200,000 people commute to the area each day for business. The area’s commercial real estate market has closely followed this trajectory of growth, with Downtown Miami and the Brickell Financial District welcoming more than 2 million square feet of new Class A office product in the last five years. Strong demand among domestic and multinational companies, along with an improving economy, has resulted in positive absorption and record-setting lease rates in excess of $50 per square foot for premium space. Land values in downtown are also reaching new heights as developers spend as much as $125 million for one acre on the water. All of this is creating a steep barrier to entry …

July 13, 2015

Multifamily North Carolina Southeast

Crescent Communities Delivers, Sells Luxury Apartment Property in Durham

by John Nelson July 10, 2015

DURHAM, N.C. — Crescent Communities has completed construction on Crescent Main Street, a 208-unit apartment community located on Main Street near Duke Medical Center in Durham. The community’s environmentally friendly amenities include bike storage for every unit, electric car charging stations, a Filtera Biofiltration system and Energy Star appliances, windows and “Cool Roof.” Other amenities include a health and wellness facility, pet spa, resort-style pool and outdoor spaces. Additionally, Crescent Communities has sold the community to affiliates of Berkshire Group for $54.7 million, according to the Charlotte Business Journal. The sale is part of the announced nine-property, $700 million portfolio that Crescent is selling to Berkshire and UBS Global Asset Management.

July 10, 2015

Florida Loans Multifamily Southeast

HFF Arranges $50M Acquisition Loan for Apartment Community in Jacksonville

by John Nelson July 10, 2015

JACKSONVILLE, FLA. — HFF has arranged $50 million in acquisition financing for Thornton Park, a 474-unit, Class A apartment community located at 8450 Gate Parkway W. in Jacksonville’s Southside submarket. The developer, Epoch Residential, is using the loan to purchase the apartment community outright. The acquisition marks Epoch Residential’s first purchase in its 45-year history. Completed in 2008, the apartment community features two resort-style swimming pools and spas, a picnic area with barbecue grills, playground, indoor basketball court, fitness center, clubhouse, library, billiards room, sports bar and detached garages. Elliott Throne and Brett Moss of HFF arranged the three-year, floating-rate loan through Colony Mortgage Capital.

July 10, 2015

Georgia Multifamily Southeast

SWH Residential Partners Acquires Land Near Atlanta Beltline to Develop Luxury Apartment Community

by John Nelson July 10, 2015

ATLANTA — SWH Residential Partners (SWHR) has purchased 3.3 acres of land adjacent to the Atlanta Beltline in Atlanta’s Old Fourth Ward neighborhood for $5.3 million. The land is an assemblage of three tracts that front North Avenue and is adjacent to the Historic Fourth Ward Park. The sellers include the Atlanta Development Authority (d/b/a Invest Atlanta), The Atlanta Beltline Inc. and Southeast Capital Cos. (SEC). SWHR and SEC are co-developing an eight-story, 220-unit luxury apartment building and a 4,500-square-foot restaurant at the site. On the north side of the land assemblage, SEC intends to repurpose two existing mill buildings as part of a 24,000-square-foot adaptive reuse. SWHR is a partnership between Worthington Hyde Partners, Soundview Real Estate Partners and John Tirrill.

July 10, 2015

Bridge Point Crossroads West Hialeah Gardens

Florida Industrial Southeast

PREMIER Design + Build to Construct Industrial Facility in South Florida

by John Nelson July 10, 2015

HIALEAH GARDENS, FLA. — Bridge Development Partners LLC has tapped PREMIER Design + Build LLC to construct Bridge Point Crossroads West. The general contractor will build the 242,859-square-foot speculative industrial facility on a 17-acre parcel in Hialeah Gardens, roughly 15 miles north of Miami. The facility will feature 32-foot clear heights, 81 truck dock positions, two drive-in doors, an ESFR sprinkler system, 227-stall parking lot and a TPO roofing system. RLC Architects is designing the facility, which is scheduled for a second quarter 2016 completion. Gian Rodriguez and Wayne Ramoski of Cushman & Wakefield are providing leasing services for the project. Bridge Development Partners has also tapped PREMIER to construct Bridge Point Crossroads East and South, a four-building industrial complex.

July 10, 2015

Georgia Office Southeast

Roseview-PMRG Fund I Acquires Nine-Story Office Building in Buckhead for $21.3M

by John Nelson July 10, 2015

ATLANTA — Roseview-PMRG Fund I LLC has purchased Peachtree Lenox, a Class A, nine-story office building in Atlanta’s Buckhead submarket, for $21.3 million. The 125,669-square-foot office building is located along Peachtree Street between the W and Westin hotels. Built in 1964, the office building was 81 percent leased at the time of sale to tenants such as BB&T; Bosley Medical; Randstad Staffing; Martenson, Hasbrouck & Simon; and Withrow, McQuade & Olsen. Roseview-PMRG Fund I is a $250 million discretionary fund formed by PM Realty Group and The Roseview Group. Peachtree Lenox is the first acquisition in Atlanta for the fund, which will invest several million dollars to renovate the lobby, common areas and HVAC and elevator systems.

July 10, 2015

Georgia Office Southeast

Hines Purchases Development Site in Atlantic Station for 200,000 SF Office Project

by John Nelson July 9, 2015

ATLANTA — Hines has purchased a commercial property site in Atlantic Station in Midtown Atlanta from CBRE Global Investors for an undisclosed amount. Hines plans to develop a 200,000-square-foot creative office building at the site. The Class A project will include bicycle lockers, a rooftop patio, collaborative lobby space and oversized windows. According to CBRE Global Investors, Atlantic Station has become an epicenter for technology companies in recent years, and Hines hopes to attract more tech and creative companies to the new office building. Construction is scheduled to begin in the first quarter of 2016 and is expected to be completed in the second quarter of 2017.

July 9, 2015

Loans Multifamily Southeast Virginia

Greysteel Arranges JV Equity Financing for Multifamily Acquisition in Metro D.C.

by John Nelson July 9, 2015

FALLS CHURCH, VA. — The Greysteel Co. has arranged joint venture equity financing for the acquisition of The Jefferson Apartments, a 310-unit mid-rise apartment community in Falls Church, 10 miles west of Washington, D.C. The buyer, Capital Investment Advisors LLC, purchased the apartment community from BVF-II Prestwick LLC, an affiliate of Berkshire Property Advisors. Matthew Schwartz and Mark Bittenbender of Greysteel arranged the joint venture equity financing on behalf of Capital Investment Advisors. The loan amount wasn’t disclosed, but sources estimate the amount to be roughly $10 million.

July 9, 2015

Glenfield Capital Peachtree Corners Concentrix

Georgia Office Southeast

Global Tech Firm Leases 55,000 SF in Metro Atlanta

by John Nelson July 9, 2015

PEACHTREE CORNERS, GA. — Glenfield Capital has inked a long-term office lease with global tech firm Concentrix Corp. for 55,000 square feet. The technology business solutions provider will occupy office space at 3795 Data Drive in Peachtree Corners, a northeast suburb of Atlanta. The building is part of the Lakeside at Spalding Triangle campus, which Glenfield Capital purchased in March 2014. Formerly an Avaya call center, the building is outfitted with Georgia Power’s Hi-Reli system that runs underground. Clint Glover of CBRE represented Glenfield Capital in the lease transaction.

July 9, 2015

Retail Southeast Virginia

Coldwell Banker Brokers $3.6M Sale of Retail Strip Center in Virginia

by John Nelson July 9, 2015

STAFFORD, VA. — Coldwell Banker Commercial Elite has brokered the $3.6 million sale of a multi-tenant retail strip center located at 125 Corporate Drive in Stafford. The 8,000-square-foot building was built in 2013 at the entrance to Quantico Corporate Center, an 85-acre mixed-use campus that is home to global defense corporations, universities and U.S. government offices. The retail strip center was fully leased at the time of sale to retailers such as Subway, I Luv Teriyaki, Pancho Villa, Dream Nails and a barber shop. A group of Northern Virginia investors based out of Fairfax Station purchased the retail property. Donny Self of Coldwell Banker Commercial Elite represented the seller, Quantico Retail Building LLC, in the transaction.

July 9, 2015

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