Southeast

Berkadia Arranges $76M Construction Loan for Mixed-Use Complex in Miami’s Wynwood District

by Alex Tostado January 6, 2020

MIAMI — Berkadia has secured a $76 million bridge loan for the construction of Gateway at Wynwood, an approximately 230,000-square-foot office and retail complex at 2916 N. Miami Ave. in Miami’s Wynwood district. Charles Foschini of Berkadia arranged the financing through Miami-based 3650 REIT on behalf of the borrower and developer, New York-based Rose & Berg Realty Group LLC. Designed by architect Kobi Karp, Gateway at Wynwood will be situated near Miami’s central business district (CBD), Midtown, the Arts and Entertainment District, Miami Beach and mass transit options including the Miami Metrorail and new Virgin Trains commuter rail line. The project will feature approximately 220,000 square feet of office space, with roughly 27,700 square feet of space on each floor, as well as 25,900 square feet of retail space. The site is ready for the foundation work and vertical construction to commence. Gateway at Wynwood is projected to open in the second half of 2021. Colliers International is handling Gateway at Wynwood’s office leasing assignment, and CBRE is marketing the property’s retail space.

January 6, 2020

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Brokers $51M Sale of Multifamily Community Near Augusta

by Alex Tostado January 6, 2020

GROVETOWN, GA. — Cushman & Wakefield has brokered the $51 million sale of Riverstone Apartment Homes, a 328-unit multifamily community located in Grovetown. NorthRock Cos. acquired the complex located 101 Halton Drive, 11 miles from downtown Augusta. Cushman & Wakefield’s Taylor Bird, Robert Stickel and Nelson Abels represented the seller, Mesa Capital Partners, in the transaction. Built in 2014, Riverstone Apartment Homes is located near Interstate 20 and Ga. State Route 388 and includes a dog park, clubhouse, car care center, fitness center, playground and pool.

January 6, 2020

Acquisitions Office Southeast Tennessee

Crescent Communities Sells Office Building in Nashville’s Cool Springs Submarket for $43.5M

by Alex Tostado January 6, 2020

FRANKLIN, TENN. — Charlotte-based Crescent Communities has sold Two Greenway Centre, a five-story office building in Franklin, 16 miles south of Nashville in the market’s Cool Springs district. The 155,000-square-foot property is located at 302 Innovation Drive on a 16-acre parcel. Nashville Business Journal reports that TA Realty LLC purchased the building from Crescent for $43.5 million. Cushman & Wakefield brokered the sale on behalf of Crescent. Two Greenway is situated near Interstate 65, with access via two interchanges. The LEED Silver-certified building offers open floor plates, a fitness center, parking and nearby walking trails. Construction on Two Greenway began in 2015, and the first office tenants occupied the building in 2017. Little Diversified Architectural Consulting served as the project architect, and Barrett, Woodyard & Associates served as engineer. Whiting-Turner was the general contractor.

January 6, 2020

Acquisitions Alabama Multifamily Southeast

NKF Arranges Sales of Suburban Multifamily Assets Across Alabama Totaling $23.5M

by Alex Tostado January 6, 2020

BIRMINGHAM, ALA. — Newmark Knight Frank (NKF) Multifamily Capital Markets has arranged the sales of three Alabama multifamily communities totaling $23.5 million. Bo Flurry and Justin Uffinger in NKF’s Birmingham office, along with the firm’s National Affordable Housing group, represented the sellers in all three transactions. The deals include Birmingham-based The Gateway Cos. selling Liberty Square, a 168-unit apartment community in Montgomery, to Missouri-based Zimmerman Properties for $9.3 million. Built in 2003, the property was 90 percent occupied at the time of sale. The other deals include Birmingham-based Durham & Associates selling the Carondolet apartment complex in Mobile to an entity managed by Birmingham-based Dobbins Group for $11.6 million. Built in the mid-1970s, Carondolet was 92 percent occupied at the time of sale. Lastly, Birmingham-based Oak Manor Partners sold the Williamsburg Townhomes apartment complex in Gadsden to an undisclosed investor based in California. Constructed in 1973, the community was 95 percent occupied when it sold for $2.6 million.

January 6, 2020

District of Columbia Market Reports Office Southeast Southeast Market Reports

Investment Demand Leveling off for D.C. Office Sector as Leasing Stays Lackluster

by Alex Tostado January 6, 2020

The office market in metropolitan Washington, D.C., is currently differentiated between a vigorous investment sales market and anemic leasing fundamentals. According to data from CoStar Group and Cushman & Wakefield, office investment sales have averaged $8.4 billion annually from 2014 to 2018 versus $5.5 billion annually from 2008 to 2013. Investment sales in the District have been dominated by Class A and trophy assets with little leasing risk, while demand is buoyed by foreign capital sources. In Northern Virginia, sales have trended toward core-plus and value-add investments led by domestic buyers seeking additional yield. Investors are more comfortable with leasing risk in Northern Virginia due to its robust job growth, a trend likely to continue given the jurisdiction’s comparative advantages in cloud computing, cybersecurity and internet infrastructure. Amazon’s selection of Crystal City for HQ2 and Amazon Web Services’ large block leasing in the Dulles Toll Road corridor are emblematic of these larger regional trends. However, there are signs that investment demand may have peaked for the current cycle. This year’s sales volume is the weakest in several years despite an influx of closings in September to beat Washington, D.C.’s increase to the transfer and recordation taxes from 2.9 percent to …

January 6, 2020

Acquisitions Florida Multifamily Southeast

Continental Realty Sells Multifamily Property on Florida’s Space Coast for $55.3M

by Alex Tostado January 3, 2020

ROCKLEDGE, FLA. — Baltimore-based Continental Realty Corp. (CRC) has sold Polo Glen Apartments, a 252-unit multifamily community, to an undisclosed buyer for $55.3 million. Located at 3603 Middleburg Lane in Rockledge, Polo Glen is situated on the Space Coast near Cocoa Beach. Scott Ramey and Patrick Dufour of Newmark Knight Frank’s Multifamily Capital Markets team represented CRC in the transaction. Constructed in 2008, the complex offers one-, two- and three-bedroom floor plans. CRC acquired Polo Glen in 2016 for $38 million from Atlanta-based Pollack Shores Real Estate Group. CRC implemented capital improvements during its ownership, including painting the community exterior and renovating interior units, the clubhouse, leasing office, business center and fitness center, which now features a Peloton bike studio.

January 3, 2020

Acquisitions Retail Southeast Virginia

Divaris Brokers $21.8M Sale of Colonnades West Shopping Center Near Richmond

by Alex Tostado January 3, 2020

GLEN ALLEN, VA. — Virginia Beach-based Divaris Real Estate Inc. has brokered the $21.8 million sale of the Colonnades West shopping center located at 10931 W. Broad St. in Glen Allen. Quebec-based Colterra Capital Corp. purchased 136,082-square-foot shopping center situated 11 miles northwest of Richmond from Los Angeles-based PF Colonnades Corp. Read Goode and Cheryle Toy of Divaris represented the seller in the transaction. Located on 14.7 acres at the southwest corner of West Broad Street and Cox Road, the shopping center is located near Richmond’s Short Pump neighborhood and the Innsbrook Corporate Center office. Colonnades West is 97.5 percent leased to anchor tenants Ross Dress for Less, Marshalls, OfficeMax and Shoe Carnival. CVS/pharmacy and a Men’s Wearhouse occupy freestanding buildings on outparcels of the center. Scott Bois of KeyBank Real Estate Capital originated a $15.5 million acquisition loan on behalf of the buyer. The CMBS loan features a fixed interest rate.

January 3, 2020

Acquisitions Georgia Multifamily Southeast Student Housing

FourPoint Arranges Sale of 446-Bed Student Housing Community Near Savannah College of Art and Design

by Alex Tostado January 3, 2020

SAVANNAH, GA. — FourPoint Investment Sales Partners has arranged the sale of The Hue, a 446-bed student housing community located at 646 W. Bay St. in Savannah, near the Savannah College of Art and Design. The property offers amenities including a pool, sundeck, fitness center, art studio and study areas. Chris Epp, Chris Bancroft, Meredith Wolff McGrath, Matthew Chase and Craig Miller of FourPoint arranged the transaction on behalf of the seller, Atlanta-based CF Real Estate Services. Blue Vista Capital Management purchased The Hue for an undisclosed price.

January 3, 2020

Acquisitions Mixed-Use Southeast Virginia

Penzance Purchases 169-Unit Mixed-Use Building in Metro D.C.

by Alex Tostado January 3, 2020

HERNDON, VA. — Washington D.C.-based Penzance Management LLC has purchased The Mark, a 169-unit mixed-use apartment community in Herndon, a Washington, D.C., suburb in Northern Virginia. Jeff Kim and Allen Manesh of Ideal Realty Group (IRG) represented Penzance in the off-market transaction. Located at 2323 Dulles Station Blvd., The Mark is situated in the Dulles Technology Corridor and within walking distance of the future Innovation Center Metro Station. The Mark features more than 15,000 square feet of retail space leased to tenants such as Alo Vietnam, Neo Smiles Dental, Kabobi by The Helmand and Edward Jones Investments. The property also has a 311-space secured parking garage and a resident-only pool and fitness center. Built in 2007, the building offers one- and two-bedroom units, as well as a clubhouse, business center, Zen garden and a barbecue and picnic area.

January 3, 2020

Development Florida Industrial Southeast Top Stories

Dalfen Industrial Acquires 243 Acres for 2.8 MSF Speculative Development in Orlando

by Alex Patton January 3, 2020

ORLANDO, FLA. — Dalfen Industrial has acquired a 243-acre undeveloped parcel in Orlando, where the company plans to build a 2.8 million-square-foot speculative industrial project. The Class A asset will be situated along State Road 417 near the interchange with Lee Vista Boulevard and Orlando International Airport. Dalfen plans to construct multiple facilities on the site, ranging from 100,000 to 1.5 million square feet. Total construction could exceed 3 million square feet when all phases are complete, according to the developer. The first building is scheduled for completion in the fourth quarter of 2021. The seller and price of the vacant property were undisclosed. “With this project, Dalfen Industrial is satisfying a strong need in Orlando, as there are a limited number of development projects in our market geared toward bulk users,” says Jared Bonshire of Cushman & Wakefield, who represented Dalfen in the land sale transaction. “While there are projects of this scale along the I-4 Corridor in Davenport, Apopka and Lakeland, this development is the first of its kind for Orlando.” Dalfen Industrial is a Dallas-based buyer of industrial real estate, primarily focused on strategically located urban infill warehouses and distribution buildings. The developer recently acquired a 1.9 …

January 3, 2020

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