Southeast

DRA Advisors, RCG Ventures Sell 180,960 SF Retail Center in Western Tennessee

by Alex Tostado February 7, 2020

JACKSON, TENN. — A partnership between DRA Advisors and RCG Ventures has sold West Towne Commons, a 180,960-square-foot retail center in Jackson. The property was 97 percent leased at the time of sale to tenants including T.J. Maxx, Five Below, Dollar Tree, Petco, Stein Mart and Office Max. Academy Sports + Outdoors, Kroger and Target shadow-anchor the site, which is situated at 41 Stonebrook Place, seven miles north of downtown Jackson. Jim Hamilton, Brad Buchanan and Mike Allison of JLL represented the seller in the transaction. An affiliate of Yale Realty Services Corp. acquired the property for an undisclosed price.

February 7, 2020

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges Sale of 334-Unit Multifamily Property in Tampa Bay Area

by Alex Tostado February 7, 2020

ST. PETERSBURG, FLA. — Cushman & Wakefield has arranged the sale of Promenade at Carillon, a 334-unit multifamily community in St. Petersburg. Promenade at Carillon comprises 13 three-story buildings offering a mix of one-, two- and three-bedroom floor plans. Communal amenities include a pool with sundeck, outdoor grilling area, dog park and a renovated clubhouse/leasing center with resident lounge, business center and a fitness facility. Furthermore, the property encircles a nature preserve. The property is situated on 15 acres at 540 Carillon Parkway, 15 miles west of downtown Tampa. Robert Given, Capas, Michael Mulkern, Nicholas Meoli, Michael Donaldson, Jay Ballard, Ken Delvillar, Zachary Sackley, Troy Ballard, Calum Weaver, Errol Blumer, Neal Victor, James Quinn and Perry Synanidis of Cushman & Wakefield represented the seller, Boston-based TA Realty, in the transaction. Robert Kaplan, Chris Lentz and Mark Rutherford of Cushman & Wakefield arranged acquisition financing on behalf of the buyer, Toronto-based Starlight Investments. Further details of the transaction and financing were not disclosed.

February 7, 2020

Florida Loans Multifamily Southeast Student Housing

NorthMarq Provides $26.1M Fannie Mae Refinancing for Student Housing Community Near University of Florida

by Alex Tostado February 7, 2020

GAINESVILLE, FLA. — NorthMarq has provided a $26.1 million Fannie Mae refinancing loan for College Park at Midtown, a 300-bed student housing community serving the University of Florida in Gainesville. The property offers one-, two- and four-bedroom, fully furnished units. Lamar Sarra of NorthMarq originated the financing, which features a 10-year term with a 30-year amortization schedule, on behalf of the undisclosed borrower.

February 7, 2020

District of Columbia Southeast

U.S. Economy Adds 225,000 Jobs in January, Surpassing Economists’ Expectations

by Alex Tostado February 7, 2020

WASHINGTON, D.C. — The U.S. economy added 225,000 nonfarm payroll jobs in January and the unemployment rate ticked up 10 basis points to 3.6 percent, the Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by The Wall Street Journal had forecast an increase of 158,000 jobs. The BLS also revised the job growth numbers upward for November and December by a combined 7,000. The revised figures now show employers added 261,000 jobs in November and 147,000 in December. The average monthly gain in 2019 was 175,000 jobs. Notable employment gains in January occurred in construction, healthcare, leisure and hospitality, and in transportation and warehousing. More specifically, the construction sector added 44,000 jobs, more than three times as much as the monthly average in 2019 (12,000). Economists say the relatively mild weather across the United States early this year gave a boost to the construction industry. The healthcare industry added 36,000 jobs in January, with most of those positions coming in ambulatory healthcare services (23,000) and hospitals (10,000). Employment in leisure and hospitality continued to trend up in January as the sector added 36,000 jobs. Over the past six months, the industry has added 288,000 jobs. Employment in transportation and warehousing increased by …

February 7, 2020

Acquisitions Development Office Southeast Tennessee

Forstone Capital Purchases Nashville Warehouse, Plans to Convert into Boutique Office Space

by Alex Tostado February 6, 2020

NASHVILLE, TENN. — Forstone Capital has purchased a 130,000-square-foot warehouse located at 3040 Sidco Drive in Nashville. The Stamford, Conn.-based buyer plans to redevelop the building into a 157,000-square-foot office project with central conference and meeting rooms, food and beverage services, a fitness center with locker rooms and showers, a gaming room, outdoor leisure space and tenant programming with rotating food trucks and entertainment vendors. The building was originally built in 1962 just south of downtown Nashville. Forstone expects to begin construction on the project this month with the base building projected to be completed in less than a year. Custom buildouts for tenants will start as early as July. Norwalk, Conn.-based Beinfield Architecture designed the redevelopment, and locally based T.W. Frierson will serve as the general contractor. Bill Adair and Ashley Albright of JLL will handle the marketing and lease negotiations. Further details of the transaction were not disclosed.

February 6, 2020

Development Florida Multifamily Southeast

DIX Developments Unveils Plans to Construct 120 Micro Apartment Units in Orlando

by Alex Tostado February 6, 2020

ORLANDO, FLA. — DIX Developments LLC has unveiled plans to develop Vive on Eola, a 12-story residential building that will feature 120 micro units averaging 400 square feet. The development, estimated at $32 million, will welcome its first residents in early 2022. Vive on Eola’s floor plans will be similar to a studio apartment and monthly rental rates are projected to start at $1,250. The tower will have a ground-level signature restaurant, coffee shop, three floors of parking and as much as 13,500 square feet of coworking space. The site is at the corner of South Eola Drive and Church Street, which currently has a 9,000-square-foot office building that will be operational with month-to-month and other short-term leasing while DIX Developments awaits a demolition permit and other governmental approvals. Once the existing building is taken down, construction of Vive on Eola is expected to take eight to 12 months.

February 6, 2020

Acquisitions Retail Southeast Virginia

Alto Real Estate Funds Acquires Shopping Center Near D.C. for $37.9M

by Alex Tostado February 6, 2020

WOODBRIDGE, VA. — Alto Real Estate Funds has acquired Prince William Square, a 232,957-square-foot shopping center in Woodbridge, for $37.9 million. The property was 89 percent leased at the time of sale to tenants including Ross Dress for Less, Mom’s Organic Grocer, dd’s Discounts, Ashley Furniture, Harbor Freight Tools and Jo-Ann Fabrics. Prince William Square is situated at 14200-14520 Smoketown Road, 27 miles southwest of downtown Washington, D.C. Morgan Stanley provided the buyer with a $25 million acquisition loan that offers a seven-year term and a fixed interest rate. Walker & Dunlop’s Los Angeles Capital Markets Team secured the debt on behalf of Alto Real Estate Funds. This transaction marks the buyer’s first acquisition in the Northern Virginia market. The seller was not disclosed.

February 6, 2020

Acquisitions Kentucky Multifamily Southeast

Lexerd Capital Buys 163-Unit Multifamily Community in Louisville

by Alex Tostado February 6, 2020

LOUISVILLE, KY. — Lexerd Capital Management LLC has bought Anchorage Viera, a 163-unit multifamily property in Louisville. The property, which the buyers renamed The Lory of Louisville, comprises 19 two-story buildings and a community building. The community was originally built in 1985 and has recently undergone a $2.5 million renovation to include new Hardiplank siding, roofing, parking lot seal and stripe and refreshed amenities including a clubhouse renovation. Lexerd Capital plans to also invest in further upgrades, including updating kitchens with backsplash and upgrading fixtures, as well as installing soft seating and a TV lounge to the common pool area. The Lory of Louisville is located at 201 Heritage Hill Trail, 14 miles east of downtown Louisville. Further details of the transaction were not disclosed.

February 6, 2020

Healthcare Loans Louisiana Southeast

PGIM Real Estate Provides $10.7M HUD Refinance Loan for Skilled Nursing Facility in New Orleans

by Alex Tostado February 6, 2020

NEW ORLEANS — PGIM Real Estate Finance has provided a $10.7 million HUD loan to refinance St. Margaret’s Daughters Home, a nonprofit skilled nursing facility located in the Mid-City neighborhood of New Orleans. St. Margaret’s Daughters Home was constructed in 2013 and sits on the site of the former Lindy Boggs Medical Center, which was devastated by Hurricane Katrina in 2005. The $33 million construction of the new facility was initially financed using a capital stack of New Market Tax Credits (NMTC), Historic Tax Credits (HTC), OCD Loan Funds, FEMA grant money, bank loan funds and sponsor equity. Through this refinancing, PGIM Real Estate Finance led the borrower in reducing and simplifying its existing debt via the HUD loan. St. Margaret’s Daughters Home features 100 rooms designed for occupancy by up to 112 residents. There are seven acute-care hospitals located within five miles of the property. St. Margaret’s Daughters Home is home to Team Gleason House, one of only two advanced-technology centers in the United States with dedicated design features for patients with ALS. Former New Orleans Saints football player Steve Gleason founded Team Gleason House.

February 6, 2020

Development Georgia Multifamily Southeast Top Stories

Crescent Communities Developing 339-Unit Novel Midtown Apartment High-Rise in Atlanta

by Alex Patton February 6, 2020

ATLANTA — Crescent Communities, a North Carolina-based developer, has started construction of Novel Midtown, a 339-unit multifamily high-rise building in the Midtown neighborhood of Atlanta. The 14-story, 360,000-square-foot tower will feature studio, one-, two- and three-bedroom units with private balconies. Amenities include 814 parking spaces, a fitness center, pet spa, coffee bar, saltwater pool and sky deck. The ground floor will offer 15,000 square feet of retail space. Completion is slated for spring 2022. Greenstone Properties is developing a 310,000-square-foot office tower with street-level retail space adjacent to the Novel Midtown site. The location is also near a 70,000-square-foot Whole Foods Market, the Woodruff Arts Center, High Museum of Art and Museum of Design Atlanta. “We are excited about the opportunity that this amazing location provides for us to create an upscale living experience,” says Kyle Brock, managing director for the Georgia region of Crescent Communities’ multifamily business. “Midtown is a sought-after destination to live, work and play.” Niles Bolton Associates is the project architect for Novel Midtown. Ironwood Design Group is the landscape architect and Vignette Interior Design is the interior architect. Balfour Beatty is the general contractor. The Carlyle Group and Santander Bank are financing the project, though …

February 6, 2020

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