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DevelopmentIndustrialMarylandSoutheast

Atapco, Chesapeake Real Estate Break Ground on Two Industrial Buildings Totaling 750,000 SF in Baltimore County

by Alex Tostado

WHITE MARSH, MD. — A joint venture between Atapco Properties Inc. and Chesapeake Real Estate Group (CREG) has broken ground on two industrial buildings within Nottingham Ridge Logistics Center in White Marsh. The two buildings will total 750,000 square feet and are expected to be delivered in early 2020. The first building, situated at 5300 Nottingham Drive, will total 585,000 square feet and feature 36-foot clear ceiling heights. The adjacent 5301 Nottingham Drive will be a 165,000-square-foot building with 32-foot clear ceiling heights. Both buildings will be equipped with drive-in and dock door loading capabilities. Atapco will lead development and construction activities, and CREG will lead marketing and leasing efforts. Nottingham Ridge Logistics Center is situated near Interstate 95 and about 10 miles from downtown Baltimore.

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FloridaLeasing ActivityOfficeSoutheast

WeWork Signs Three-Floor Lease in Downtown Orlando Office Building

by Alex Tostado

ORLANDO, FLA. — WeWork has signed a three-floor lease within downtown Orlando’s SunTrust Center. This is the first Orlando location for the New York-based coworking giant, which will occupy more than 70,000 square feet and accommodate more than 1,000 members who will have access to the onsite fitness center and conference center. The landlord, Piedmont Office Realty Trust, recently unveiled plans for upgrades at SunTrust Center, which is located at 200 Orange Ave. Renovations will include upgrading the lobby and adding a rooftop terrace and food hall. Terms of WeWork’s lease were not disclosed.

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AcquisitionsMississippiRetailSoutheast

Marcus & Millichap Brokers $7.5M Sale of Walmart-Anchored Shopping Center in Eastern Mississippi in Two Transactions

by Alex Tostado

FULTON, MISS. — Marcus & Millichap has arranged the sale of a Walmart-anchored shopping center situated at 100 Interchange Drive in Fulton in two separate transactions. In the first deal, Bright-Fulton LP sold a 109,400-square-foot Walmart Supercenter to Bluejay Capital LLC, a private real estate investor based in New York, for $6.2 million. The property is triple-net leased to Walmart, which recently signed a new 10-year lease extension. On the same property, Bright-Fulton sold a 30,000-square-foot retail strip center that was 69 percent occupied at the time of the sale to tenants including Cato, Rent-A-Center, Shoe Show and AT&T. SJ Trust and DJ Trust, private local investors, bought the center for $1.3 million. Don McMinn and Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller in both transactions. The seller divided the property during the sale into two separate parcels to “achieve 50 basis points better than market pricing for the entire shopping center,” says Taylor.

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DevelopmentDistrict of ColumbiaOfficeSoutheastTop Stories

Carr Properties Breaks Ground on 225,000 SF Office Development in Washington, D.C.

by Kristin Harlow

WASHINGTON, D.C. — Carr Properties has broken ground on Signal House, a 225,000-square-foot office development in the Union Market neighborhood of Washington, D.C. Located at 350 Morse St., the project will be situated adjacent to Florida Avenue and near the NOMA-Gallaudet Metro Station. Designed by Gensler, the 10-story office building will pay tribute to the historic industrial surroundings of the area with a terra cotta, metal and glass exterior. Amenities at the property will include a penthouse with a demonstration kitchen, bar, recording studio, DJ booth, karaoke room and conference center. Other features will include 10,000 square feet of private terraces, fitness facilities, bike storage and 12,500 square feet of retail space. “Signal House will be the first new office development in Union Market and will add to the revitalization of an area that is becoming one of the most dynamic creative and retail destinations in the city,” says Oliver Carr, CEO of Carr Properties. Completion of the project is slated for the first quarter of 2021. John Moriarty & Associates is the general contractor. The developers are seeking LEED Gold certification for the property. Carr Properties is a privately held real estate investment trust that owns, acquires and develops …

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FloridaLoansMultifamilySoutheast

Berkadia Provides $323M Refinancing Loan for Multifamily Portfolio in Seven States

by Alex Tostado

BOCA RATON, FLA. — Berkadia has provided a $323 million Freddie Mac refinancing loan for 13 multifamily properties in seven states totaling 3,911 units. Mitch Sinberg, Matt Robbins and Jared Hill of Berkadia’s Boca Raton office worked on behalf of the borrower, a joint venture between El-Ad National Properties and Yellowstone Portfolio Trust called STAR Real Estate Ventures, to provide the seven-year, fixed-rate loan. The properties include Tuscany Pointe Boca and Savannah Place Apartments in Boca Raton; Melrose on the Bay Apartments in Clearwater, Fla.; Park at Northside, Rivoli Run and The Manchester at Wesleyan in Macon, Ga.; The Grove at Stonebrook in Norcross, Ga.; Traditions at Augusta Apartments in Augusta, Ga.; Verandas on the Green in Aiken, S.C.; Summerlin at Concord in Concord, N.C.; Avalon at Northbrook in Fort Wayne, Ind.; Windsor Lakes in Woodridge, Ill.; and Legacy of Cedar Hill in Cedar Hill, Texas.

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AcquisitionsMultifamilySoutheastVirginia

HFF Arranges $228M Sale of Multifamily High Rises in Northern Virginia

by Alex Tostado

ARLINGTON, VA. — HFF has arranged the $228 million sale of Meridian at Pentagon City, a two-tower, 534-unit multifamily property in Arlington. A joint venture between Paradigm and a fund advised by the UBS Asset Management Real Estate & Private Markets-U.S. sold the asset. A joint venture between Polinger Development Co. and an unidentified institutional investor acquired the community. Meridian at Pentagon City is located at 1221 and 1331 S. Eads St., adjacent to Amazon’s forthcoming 4.1 million-square-foot office headquarters. The community offers studio, one- and two-bedroom floor plans averaging 846 square feet. Amenities include two rooftop pools, two outdoor terraces with grilling areas, an 18th-floor clubroom with views of the Capitol, a fitness facility, dog park, clubroom with gaming area, business center, guest suite accommodations, concierge services and a 24-hour front desk. Jamie Leachman of HFF worked on behalf of the buyer to secure $126.9 million in acquisition financing through MetLife Investment Management. Walter Coker, Brian Crivella, Stephen Conley and Matthew Lawton of HFF represented the seller in the transaction.

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DevelopmentGeorgiaIndustrialSoutheast

Seefried Set to Develop 252,540 SF Industrial Building Near Atlanta

by Alex Tostado

BUFORD, GA. — Seefried Industrial Properties Inc. has purchased two sites in Buford. The first is a 28-acre parcel that will house Buford Creek I, and the second is a 31-acre parcel that will house Buford Creek II. The adjacent sites are located on Buford Highway, 38 miles northeast of downtown Atlanta. Buford Creek II will be a 252,540-square-foot speculative distribution facility and Buford Creek I will be a 236,102-square-foot speculative building. Buford Creek II will begin construction in late June and deliver in January 2020. Construction on Buford Creek I will follow in late 2019. “This well-located distribution center offers users signalized site access and terrific visibility off the newly constructed five-lane Buford Highway,” says Greg Herren, senior vice president and Chief operating officer of Seefried. “The City of Buford infrastructure and proximity to retail amenities make this infill location perfect for the I-85 Northeast business distribution users.”

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DevelopmentMixed-UseSouth CarolinaSoutheast

Beach Co. Breaks Ground on Mixed-Use Development in Downtown Greenville

by Alex Tostado

GREENVILLE, S.C. — The Beach Co. has broken ground on Canvas, a mixed-use development in downtown Greenville. At full buildout, Canvas will offer 48 apartment units, 31 townhomes, 21,805 square feet of retail space and the renovation of a 130,000-square-foot office building. Construction is expected to last 18 months, with first units available for occupancy in early 2020.

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FloridaLeasing ActivityOfficeSoutheast

Colliers Negotiates 37,856 SF Office Lease in South Florida for Medtech Firm

by Alex Tostado

AVENTURA, FLA. — Colliers International has negotiated an office lease for Biorasi to occupy two stories and 37,856 square feet of space at Harbour Centre in Aventura. Harbour Centre is a 217,000-square-foot office building situated at 18851 N.E. 29th Ave., 20 miles north of downtown Miami. Biorasi, a global research organization that partners with pharmaceutical, medical device and biotech companies to navigate clinical trials and bring products and treatments to market faster, signed a 10-year, $20 million lease at the office building. The lease required the early termination of two other tenants in order to accommodate Biorasi’s requirements. This lease brings the building’s occupancy to 93 percent. Jonathan Kingsley and Stephen Rutchik represented the landlord, C-III Capital Partners, and tenant in the transaction. Debborah Frank of Chicago-based Golub Cos. was a consultant to Biorasi in the transaction.

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DevelopmentMarylandMixed-UseSoutheastTop Stories

Weller Development, Local Leaders Break Ground on $600M Phase of Port Covington Project in Baltimore

by John Nelson

BALTIMORE — The first phase of Weller Development’s Port Covington, a 235-acre mixed-use redevelopment project in south Baltimore, kicked off with a ceremonial groundbreaking on Monday. The Baltimore Business Journal reports that this phase of construction, dubbed Chapter 1, will cost $600 million to complete and span five buildings. Weller Development, a privately held developer based in Baltimore, is the project’s lead developer and will build Chapter 1 over several years, with the first new buildings set to be delivered in fall 2021. Known as Rye Street Market, this portion of Chapter 1 will feature a 13,000-square-foot open-air market and food hall, 50,000 square feet of ground-level retail, a 12,000-square-foot meeting facility and a 15,000-square-foot rooftop event space. Rye Street Market will span four buildings totaling 275,000 square feet. At full buildout, Chapter 1 is slated to include approximately 1.4 million square feet of office space, 337,450 square feet of retail, 976,667 square feet of residential space and 285,000 square feet of hotel space. “The Port Covington of today is a completely different place than what it was just a few short years ago, and we are just getting started,” said Marc Weller, founding partner of Weller Development, during the event …

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