Southeast

Hunt Real Estate Capital Provides $6M Acquisition Loan for Multifamily Property in Little Rock

by John Nelson January 11, 2019

LITTLE ROCK, ARK. — Hunt Real Estate Capital has provided a $6 million Fannie Mae loan to an undisclosed borrower for the purchase of Northwest Hills Apartments in Little Rock. The loan has a 10-year term with a fixed interest rate of 5.52 percent, amortizing over 30 years after two years of interest-only payments. The apartment community comprises 42 one-bedroom units and 84 two-bedroom units across 13 two-story buildings. The asset was originally built in 1984. Amenities include a swimming pool with a sun deck and hot tub, wooden entertaining deck and a clubhouse.

January 11, 2019

Acquisitions Industrial Southeast Top Stories Virginia

Avison Young Arranges $142M Sale of Industrial Park in Northern Virginia

by Kristin Harlow January 11, 2019

LORTON, VA. — Avison Young has arranged the $142 million sale of Gunston Commerce Center, an industrial/flex business park in Lorton, about 20 miles south of Washington, D.C. NGP, formerly National Government Properties, purchased the property from I-95 Business Parks Management, according to the Washington Business Journal. The park spans nine buildings and 600,000 square feet of rentable space. It is situated between the Pentagon and the Marine Corps Base Quantico. The property is leased to a roster of tenants anchored by federal government contractors and the General Services Administration, which is the real estate management entity of the federal government that leases space on behalf of agencies such as the Department of Defense. The buildings are flexible in design, with uses ranging from office and warehouse to R&D and retail. John Kevill, Jim Kornick, Chip Ryan, Michael Murrillo and Georgiana Condoiu of Avison Young marketed the property on behalf of the seller. — Kristin Hiller and Alex Tostado

January 11, 2019

Acquisitions Multifamily North Carolina Southeast Top Stories

Waterton Purchases Multifamily Portfolio in North Carolina for $169M

by Alex Tostado January 10, 2019

RALEIGH, CHARLOTTE AND CARY, N.C — In a move that furthers its value-add strategy, Waterton has acquired a four-property, 1,148-unit apartment portfolio in North Carolina. The sales price was undisclosed, but the Triangle Business Journal reports that the portfolio traded for $169 million. The seller was an investment group led by the Bainbridge Cos. The properties are located in Raleigh, Charlotte and Cary. The complexes were built between 1987 and 1995, and the acquisition nearly doubles Chicago-based Waterton’s portfolio in North Carolina. The properties, which feature a mix of garden-style buildings and townhomes, include: Ashford Green, a 300-unit community consisting of 22 three-story, garden-style buildings and five townhome buildings on 20 acres in Charlotte; Atria at Crabtree Valley, a 268-unit complex across 18 two- and three-story, garden-style buildings on 28 acres in Raleigh; Audubon Parc, 180-units with 10 three-story, garden-style buildings on 18 acres about 11 miles southwest of downtown Raleigh in Cary; and The Retreat at McAlpine Creek, a 400-unit property with 30 three-story, garden-style buildings and four townhome buildings on 40 acres in Charlotte. Waterton plans to renovate unit interiors and exteriors, upgrade amenities, including clubhouses, leasing centers, pools, fitness centers and playgrounds at all four locations, and …

January 10, 2019

Acquisitions Multifamily North Carolina Southeast

Novare Group Sells Multifamily High-Rise in Uptown Charlotte to CBRE Global for $190M

by Alex Tostado January 10, 2019

CHARLOTTE, N.C. — Novare Group has sold SkyHouse Uptown, a 672-unit multifamily complex in Uptown Charlotte’s Fourth Ward neighborhood, to CBRE Strategic Partners U.S. Value 8 fund, a subsidiary of Los Angeles-based CBRE Global Investors. The sales price was undisclosed, but Charlotte Business Journal reports the high-rise project sold for $190 million. The asset consists of two 24-story buildings, which were completed in 2015 and 2017. The property includes 14,000 square feet of retail space and an eight-story parking structure. Each tower features a rooftop pool, covered poolside lounges with billiards, fire pits and large flat screen TVs. David Gutting, Andrea Howard, Jim Sewell and John Currin of JLL represented the Atlanta-based seller in the transaction.

January 10, 2019

Acquisitions Maryland Retail Southeast

Klein Enterprises Sells 154,229 SF Shopping Center in Metro Baltimore

by Alex Tostado January 10, 2019

HALETHORPE, MD. — Klein Enterprises has sold Patapsco Village, a 154,229-square-foot shopping center in Halethorpe. MegaMart, an owner and operator of nine Latin American-focused grocery stores in the Mid-Atlantic, purchased the property for an undisclosed price. MegaMart will open a location in the former King Food space. Other tenants include Roses Discount Store, M&T Bank, Rainbow and Shoe City. Klein Enterprises has owned Patapsco Village since developing the center in 1983. The shopping center is situated about four miles south of downtown Baltimore.

January 10, 2019

Acquisitions Florida Hospitality Southeast

CitizenM Acquires Land in Downtown Miami, Plans to Break Ground on 348-Room Hotel

by Alex Tostado January 10, 2019

MIAMI — Netherlands-based citizenM has acquired 27 acres in downtown Miami to build a 348-room hotel. The land was purchased for $10.8 million from Miami Worldcenter Associates, the developers of Miami Worldcenter, a $2 billion mixed-use project that will include a 60-story Paramount condominium community, the 444-unit CAOBA apartment tower and retail space. Art Falcone and Nitin Motwani lead Miami Worldcenter Associates. citizenM plans to break ground on the 128,000-square-foot, 12-story hotel this year. San Francisco-based architecture firm Gensler is designing the building, which will include a 10th floor sun deck featuring a swimming pool and rooftop bar, along with a fitness center and gym on the 11th floor.

January 10, 2019

Acquisitions Hospitality Loans Southeast Virginia

Berkadia Arranges $18.8M Sale of Hotel in Northern Virginia

by Alex Tostado January 10, 2019

FREDERICKSBURG, VA. — Berkadia has arranged the $18.8 million sale of Courtyard by Marriott Fredericksburg, a newly renovated hotel located at 620 Caroline St. in Fredericksburg’s historic district. The hotel features an onsite restaurant and bar, indoor swimming pool and a fitness center. Kyle Stevenson and Matthew Bailly of Berkadia represented the seller, Inns of Historic Fredericksburg, an ownership affiliate of Vienna, Va.-based Palmer Gosnell Hospitality LLC. Adrienne Kautzman of Berkadia arranged $12 million in acquisition financing on behalf of the buyer, Utah-based Venture Hospitality Holdings LLC.

January 10, 2019

Georgia Leasing Activity Mixed-Use Southeast

The Shopping Center Group Signs Two Tenants at Mixed-Use Project Along Atlanta BeltLine

by Alex Tostado January 10, 2019

ATLANTA — The Shopping Center Group has signed two tenants to join the renovated Ford Factory Lofts along the Atlanta BeltLine’s Eastside Trail. The addition of Rina’s Kitchen and Ponce Dental Group brings the project’s occupancy rate to 70 percent. Ford Factory Lofts is on the street and trail side of the BeltLine and adjacent to the Kroger redevelopment. Rina’s Kitchen signed a 10-year lease for 2,425 square feet of space facing the BeltLine. The restaurant will serve Israeli street food. Ponce Dental Group also signed a 10-year lease for 3,300 square feet of space facing the new Kroger. Construction has begun on both spaces. Other tenants at Ford Factory Lofts include Xfinity, Chin Chin, Carriage Cleaners and Heavenly Foot Massage. Originally built by the Ford Motor Co. in 1914, the four-story building along Ponce de Leon Avenue was once home to one of the earliest automotive assembly plants in the Southeast, building classic cars such as the Ford Model T. The 150,000-square-foot building was later used by the U.S. Army Department of Defense before its conversion into residential lofts in 1987.

January 10, 2019

Acquisitions Healthcare Southeast Tennessee

Montecito Acquires 109,000 SF Medical Office Complex Near Nashville

by John Nelson January 9, 2019

CLARKSVILLE, TENN. — Montecito Medical Real Estate has acquired two medical office buildings that house Premier Medical Group in Clarksville. The adjacent buildings span 109,000 square feet of space combined and were 100 percent leased at the time of the transaction. Building 1 was constructed in 2016 and offers 55,000 square feet of space that Premier Medical Group uses to provide family medicine, internal medicine, occupational and travel medicine, a walk-in clinic, diagnostic imaging services (CT, fluoroscopy, ultrasound, MRI and mammography) and a laboratory. Building 2 was built in 2018 and offers 54,000 square feet of space that Premier uses to offer pediatrics services and obstetrics and gynecology, along with the practice’s administrative, business offices and scheduling services. The Class A buildings are located about 45 miles northeast of Nashville. Anthony Lunceford and Joe Massa of Colliers International Healthcare Investment Services brokered the transaction on behalf of Nashville-based Montecito. The seller and sales price were not disclosed. Founded in 1995, Clarksville-based Premier Medical Group is a multi-specialty healthcare practice employing a workforce of 300 employees.

January 9, 2019

Loans Office Southeast Virginia

HFF Secures $32.2M Refinancing Loan for Office Building in Northern Virginia

by John Nelson January 9, 2019

TYSONS, VA. — HFF has secured a $32.2 million refinancing loan on behalf of True North Management Group for 7600 Leesburg Pike, a 219,000-square-foot office building in Tysons, about 16 miles west of Washington, D.C. The loan has a floating interest rate and a three-year term. The office building was built in the 1980s and was renovated in 2016. True North plans to further renovate the asset this year, adding on-site amenities, a deli and a fitness center. Loan proceeds were used to refinance the original acquisition loan and provide funds for the borrower to implement its business plan to lease up and stabilize the asset.

January 9, 2019

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