Southeast

Southern Properties Capital Acquires Apartment Community in Houma, Louisiana

by Alex Tostado December 13, 2018

HOUMA, LA. — Southern Properties Capital, a subsidiary of Dallas-based Transcontinental Realty Investors Inc., has purchased The Landing Apartments on Bayou Cane in Houma. The seller and sales were not disclosed. Built in 2005, the 240-unit, garden-style multifamily community features 13 buildings and offers a unit mix of studio, one-, two- and three-bedroom apartments ranging from 500 square feet to 1,500 square feet. Community amenities include a clubhouse with a lounge area, study room with computers, 24-hour exercise facility, volleyball court, open green space and a swimming deck surrounding a pool and hot tub.

December 13, 2018

Conference Coverage Features Georgia Multifamily Southeast

Lower Returns is a Fact of Life for Multifamily Stakeholders, Say InterFace Speakers

by John Nelson December 13, 2018

There is no shortage of capital available to seasoned multifamily developers and investors because the property sector’s underlying real estate fundamentals remain so strong. That was one of the key takeaways of the ninth annual InterFace Multifamily Southeast, a real estate conference hosted by InterFace Conference Group and Southeast Real Estate Business. The event drew more than 400 multifamily professionals to The Whitley hotel in Atlanta on Nov. 27. Speakers during the development panel said that multifamily real estate has plenty options on both the debt and equity sides, but underwriting financing for new construction can still be a strenuous process because they aren’t seeing as high of returns as years past. “Our return thresholds are lower, that’s a fact,” said Chad DuBeau, senior managing director of Mill Creek Residential Trust. “Construction costs are high and land prices are high. The cost of capital is very reasonable, but when you put all those factors together, underwriting is just difficult.” Panel moderator Ron Cameron, senior vice president and principal of Colliers International, asked his fellow panelists a pointed question about the state of the industry. If the multifamily cycle were a game of golf, what hole is the sector currently on? …

December 13, 2018

Acquisitions Development Maryland Multifamily Southeast

Joint Venture Purchases Multifamily Community, Adjacent Land in Metro D.C. for $100M Development

by Alex Tostado December 12, 2018

GLENMONT, MD. — Elion Partners and Buchanan Partners have entered a joint venture to acquire a 164-unit multifamily community and adjacent 3.5-acre parcel in Glenmont for $34 million. The joint venture plans to renovate the existing asset and develop 254 additional units, bringing the project total to $100 million. Construction at the property, located about 12 miles north of Washington, D.C., is set to begin early next year. This is the third joint venture between Elion and Buchanan.

December 12, 2018

Development Mixed-Use North Carolina Southeast

Lincoln Harris Begins Phase II of Legacy Union in Uptown Charlotte, Signs Deloitte as Anchor

by Alex Tostado December 12, 2018

CHARLOTTE, N.C. — Lincoln Harris, a real estate development, investment and property management company, has entered Phase II of Legacy Union, a mixed-use development in Uptown Charlotte. Construction of the 362,000-square-foot 650 South Tryon, an 18-story glass building, has begun, and London-based Deloitte, a multinational professional services network and one of the Big Four accounting firms, will occupy the top four floors. Legacy Union spans two city blocks and will feature offices, retail shops, restaurants, hotels, residences, a parking garage, public green space and a pedestrian promenade.

December 12, 2018

Acquisitions Industrial South Carolina Southeast

Foam Manufacturer Buys 676,548 SF Industrial Facility Near Columbia, South Carolina

by Alex Tostado December 12, 2018

WINNSBORO, S.C. — Healthcare US Co., a Chinese foam manufacturer, has bought a 676,548-square-foot industrial facility that sits on 150.5 acres in Winnsboro. The company plans to create 250 jobs and use the facility to produce memory foam for bedding and other products. The property is located at 1 Guardian Way, about 30 miles north of Columbia. Shaun Kirchin and Doug Faris of Philadelphia-based Binswanger represented the seller, Knauf Insulation, in the transaction. The sales price was not disclosed.

December 12, 2018

Acquisitions Florida Retail Southeast

The Shopping Center Group Brokers $21.2M Partial Sale of Retail Center in Fort Lauderdale

by Alex Tostado December 12, 2018

FORT LAUDERDALE, FLA. — The Shopping Center Group (TSCG) has brokered the partial sale of Crossroads Square in Fort Lauderdale for $21.2 million. The transaction included 81,500 square feet of the 222,540-square-foot center. An affiliate of Boston-based Longpoint Realty Partners bought a portion that spans three outparcels and three buildings with tenants including Party City, Goodwill and several dining and service options. Lowe’s Home Improvement, CubeSmart, Chevron, Red Lobster and Taco Bell were not included in the transaction. Crossroads Square was 99 percent leased at the time of the sale. Anthony Blanco of TSCG led the team that represented the seller, an affiliate of Regency Centers, in the transaction.

December 12, 2018

Acquisitions Florida Industrial Southeast

Tower Investments Sells 588,000 SF Industrial Warehouse in West Jacksonville

by Alex Tostado December 12, 2018

JACKSONVILLE, FLA. — Tower Investments has sold a 588,000-square-foot industrial warehouse in west Jacksonville for $15 million to IP Capital Partners. The warehouse is leased to Fanatics Inc. and Conlan Tire Co. The property is situated at 5245 Commonwealth Ave. on 28 acres. IP Capital Partners plans to reposition the property. Bryan Bartlett and John Richardson of Newmark Phoenix Realty Group represented the seller in the transaction.

December 12, 2018

Development North Carolina Office Southeast

Duke Energy to Build 39-Story Office Building in Uptown Charlotte

by Alex Tostado December 11, 2018

CHARLOTTE, N.C. — Duke Energy plans to consolidate its office space in Uptown Charlotte and build a 39-story office building located on the 500 block of South Tryon Street, across from Duke Energy Center. Duke Energy will sell two properties (526 Church St. and 401 S. College St.) and exit its lease at 400 S. Tryon St. The Charlotte-based company will reduce its Charlotte office space from 2 million square feet to 1.5 million square feet. The building, developed by Childress Klein, is expected to take three years to build. Duke Energy provides electricity to 7.6 million retail customers in six states and has $138 billion in assets as of year-end 2017. The company currently employs 29,060 people.

December 11, 2018

Development Georgia Hospitality Southeast

Hilton Opens 42-Story Waldorf Astoria Atlanta Buckhead

by Alex Tostado December 11, 2018

ATLANTA — Hilton Worldwide has opened the Waldorf Astoria Atlanta Buckhead in Atlanta’s Buckhead district. The 42-story hotel is the first for the Waldorf Astoria brand in Atlanta and is situated at the former site of Mandarin Oriental Atlanta. The property features 127 rooms, 10 suites, 47 private residences, a 15,000-square-foot spa and meeting and event space. Designed by Robert A.M. Stern, the Atlanta location joins 30 other Waldorf Astoria hotels worldwide.

December 11, 2018

Florida Hospitality Loans Southeast

Lightstone Secures $73M in Construction Financing for South Beach Hotel

by Alex Tostado December 11, 2018

MIAMI BEACH, FLA. — National real estate investor and developer Lightstone has secured $73 million in financing to build Moxy South Beach, a seven-story, 202-room hotel in Miami Beach. CapitalSource provided a $55 million senior loan and Canyon Partners Real Estate LLC made an $18 million preferred equity investment. Moxy’s lobby will have an outdoor courtyard threading together a restaurant, all-day bar, co-working lounge and a Cuban-themed bodega. The second floor will feature a 72-foot swimming pool, fitness center and an outdoor bar. The rooftop will include a shallow pool and screening area. A timetable for development of the hotel was not provided.

December 11, 2018

Newer Posts

Older Posts