Southeast

LCOR Opens $200M Multifamily Community in Metro Washington D.C.

by Katie Sloan October 23, 2018

ARLINGTON, VA. — LCOR has opened Altaire, a 451-unit luxury multifamily community located in the Crystal City neighborhood of Arlington, roughly five miles south of Washington, D.C. The $200 million community comprises two buildings offering studio, one-, two- and three-bedroom units, alongside a selection of high-end penthouses and townhouses titled The Collection. These units offer larger floor plans with upgraded finishes, a superior appliance package and private, individual rooftop terraces on the 20th floor. Shared amenities at the property include a sky lounge with a rooftop terrace; landscaped courtyard with a swimming pool, grilling stations and fire pits; game room; business center and flexible work area with conference capabilities; secured parking garage with bike storage; and professional-style pet washing area. The community also boasts an extensive fitness center with personal training rooms, as well as a bike training facility where residents can virtually train and use a sports simulator. The LEED-Gold certified property offers views of Washington, D.C., Arlington and the Potomac River, as well as easy access to both cities, The Pentagon and Ronald Reagan Washington National Airport. The starting rent for a studio apartment is $2,011 per month. “Crystal City is an active, lively neighborhood with an exciting arts …

October 23, 2018

Development Georgia Industrial Southeast

FedEx Ground to Open 500,000 SF Distribution Center in Braselton, Georgia

by Amy Works October 22, 2018

BRASELTON, GA. — FedEx Ground, a subsidiary of FedEx Corp., has developed a new distribution center located at 350 Braselton Parkway in Braselton, about 50 miles northeast of Atlanta. The 500,000-square-foot facility is part of the company’s network expansion plan that includes the addition of 17 major hubs and 500 facilities either expanded or relocated since 2005. A ribbon-cutting ceremony for the facility is scheduled for Thursday, Oct. 25. The building will open with more than 350 employees, and FedEx Ground plans to add positions as the demand for service grows. The new facility will be able to sort up to 15,000 packages per hour. FedEx Ground has 105,000 employees, more than 600 distribution hubs and local pickup-and-delivery stations and 63,000 motorized vehicles operated by 5,600 locally owned small businesses to transport more than 8.3 million packages daily. The daily volume of packages that FedEx Ground handles has more than doubled in the past 10 years.

October 22, 2018

Development North Carolina Office Southeast

Dominion Realty Partners Set to Break Ground on 209,000 SF Office Building in West Raleigh

by Amy Works October 22, 2018

RALEIGH, N.C. — Dominion Realty Partners is breaking ground on the newest office building at The Offices at Wade in West Raleigh. Development for Wade V will commence on Tuesday, Oct. 23, at 5438 Wade Park Blvd. The six-story, 209,000-square-foot office building has been designed to achieve LEED Gold certification and marks the Dominion Realty’s 21st green certified development. PGIM Real Estate is partnering with Dominion Realty on the project, which Triangle Business Journal reports will cost $62 million to develop. The media outlet is also reporting that the project is being built on a speculative basis.

October 22, 2018

Acquisitions Florida Loans Mixed-Use Retail Southeast

Berkadia Secures $46.9M Acquisition Loan for Mixed-Use Development in Miami

by Amy Works October 22, 2018

MIAMI — Berkadia has arranged a $46.9 million loan for the acquisition of Downtown Dadeland, a seven-acre urban retail development located 7250 N. Kendall Drive in Miami. Brad Williamson and Mitch Sinberg of Berkadia secured the financing for the borrower, Midtown Capital Partners, a real estate investment and asset management firm led by Alejandro Velez and Alexander Saieh. A life company originated an initial $44.5 million loan with a $2.4 million earnout. The 10-year loan was secured with five years interest-only payments and a interest rate with no prepayment after seven years. Built in 2008 and renovated in 2015, the property consists of 126,133 square feet of ground-floor retail space occupied by a mix of national, regional and local tenants, 416 condo units and more than 500 parking space in seven buildings. At the time of sale, the retail portion of the property was 97 percent leased. Tenants include West Elm, Chili’s Bar & Grill, Men’s Wearhouse, Club Champion, Orangetheory Fitness, Paul Mitchell, The Brass Tap, Pubbelly Sushi, Harry’s, Ghee, Erba, Barley and The Brick.

October 22, 2018

Development Florida Industrial Southeast

Foundry Commercial, Miller Construction to Develop Two Industrial Buildings in South Florida Totaling 318,043 SF

by Amy Works October 22, 2018

DORAL, FLA. — Foundry Commercial, with Miller Construction Co. as general contractor, is developing two new Class A industrial buildings totaling 318,043 square feet at Miami Central Commons, a business park located at 2301 N.W. 107th Ave. in Doral. Both buildings are scheduled for completion in mid-2019. The $20.6 million tilt-wall construction project is creating 155,350 square feet of showroom space with Building 1 and 162,693 square feet of industrial distribution space with Building 2. Designed by Boca Raton, Fla.-based RLC Architects, the facilities will feature 32-foot clear heights, 54-foot column spacing and a 60-foot speed bay. Part of the construction process includes the relocation of the main entry and security check-in area, as well as the entire parking area around the existing buildings. Miller Construction is demolishing the park’s original 1980’s administration and security check-in building as the site is being reconfigured to accommodate Building 2.

October 22, 2018

Development Hospitality Mixed-Use North Carolina Office Restaurant Retail Southeast

Spectrum, Invesco to Develop Five-Acre Mixed-Use Project in Charlotte

by Amy Works October 22, 2018

CHARLOTTE, N.C. — The Spectrum Cos., in partnership with Invesco Real Estate, is developing a mixed-use project located on a five-acre tract linking Charlotte’s South End with its Uptown business district. Located on South Tryon Street at Carson Boulevard, the project will include two nine-story, 220,000-square-foot office buildings, an urban plaza with event space, 40,000 square feet of street-level restaurant and retail space and a 200-room boutique hotel atop a parking deck. The office component includes a flared design that offers private terraces on each floor overlooking the urban plaza, street-level retail and Uptown city lights. Located on top of a parking deck, the lifestyle hotel will include a rooftop bar. The project is the first venture between Spectrum and Invesco.

October 22, 2018

Acquisitions District of Columbia Hospitality Southeast Top Stories

Queensgate Investments Acquires Marriott in Washington, D.C. for $54.1M, Plans Rebrand

by Taylor Williams October 22, 2018

WASHINGTON, D.C. — London-based investment firm Queensgate Investments (QI) has acquired the 148-room Courtyard by Marriott Washington D.C. for $54.1 million. QI purchased the property from affiliates of local builders Quadrangle Development Corp. and Capstone Development. The new ownership will rebrand the hotel as a Generator hotel, a line of hospitality properties featured in major European cities like Dublin, Paris, Barcelona and Amsterdam. Generator opened its first U.S. property in Miami in September. The hotel is located near Dupont Circle and offers amenities such as an outdoor pool, rooftop terrace and an onsite restaurant. Crestline will continue to manage the asset through 2019 as the rebranding effort unfolds. “The acquisition of the Washington D.C. asset marks the next step in Queensgate’s U.S. ambitions as we look to acquire both additional hotel assets to expand Generator as well as work on the acquisition of new standalone real estate platforms of significant scale,” says Jonathan Millet, head of acquisitions of QI. Brown Rudnick LLP, Ernst & Young and Rockwell Acumen advised Queensgate and Generator in the transaction. — Taylor Williams

October 22, 2018

Industrial Market Reports Southeast Southeast Market Reports Virginia

Industrial Buyers, Developers Attracted to Richmond as Users Expand Locally

by John Nelson October 22, 2018

While there has been a strong demand for investment properties in Richmond, there remains a limited availability of both freestanding facilities and portfolio deals. In recent investment activity, the Byrd Corporate Park in eastern Henrico County sold to a joint venture between Dreyfuss Investments and Wells Holding Group for $31.3 million after previously transferring in 2011 for $26.3 million. The 10-building flex complex spans 475,783 square feet and was 80 percent leased at the time for sale. The three-building Interport Business Center, also located in eastern Henrico, sold at the end of 2017 to MDH Partners, adding to its Richmond International Airport area holdings. Containing 620,296 square feet total, the complex sold for $29 million and is now fully leased. Leasing Buoys Occupancy Local expansion has remained strong, a trend consistent with the Richmond market, and regional and national companies with an existing presence in the area have also announced expansions. The metro area has also seen the introduction of new manufacturers with large industrial footprints, further evidencing the benefits of the area’s location and infrastructure. At the mid-year mark, the Richmond area’s industrial market has continued to strengthen, closing with an overall occupancy rate of 94 percent in the …

October 22, 2018

Leasing Activity Office Southeast Tennessee

Global Investment Firm to Move Headquarters to Fifth + Broadway in Downtown Nashville

by Amy Works October 19, 2018

NASHVILLE, TENN. — AllianceBernstein (AB), a global investment firm with approximately $500 billion in assets under management, has selected Fifth + Broadway, a 6.2-acre mixed-use project in downtown Nashville, as its global headquarters. AB has leased 205,000 square feet at 501 Commerce, Fifth + Broadway’s Class A office tower. The company will occupy floors 18 to 25, the top floors of the tower. AB’s staff will have 360-degree views of Nashville’s Central Business District, Lower Broadway and the Cumberland River. AB announced in May 2018 that it would relocate its global headquarters to Nashville. The company expects to complete all phases of its move by 2024, bringing approximately 1,050 corporate office jobs. OliverMcMillan Spectrum | Emery LLC (OM-SE) is developing Fifth + Broadway, which is slated to open by mid-year 2020. The project also includes the 55,000-square-foot National Museum of African American Music; 200,000 square feet of entertainment and retail space, including a flagship H&M, multi-story food hall from The Food Hall Co. and Shake Shack; and 386 residential units. Neil Goldmacher, Brian Goldman and Jared Horowitz of Newmark Knight Frank and Kim Moore with Newmark Knight Frank’s Incentive Group represented AB in the lease transaction. Rob Lowe and Stewart …

October 19, 2018

Alabama Development Multifamily Southeast

Foshee Residential to Open High-Rise Loft Development in Downtown Montgomery

by Amy Works October 19, 2018

MONTGOMERY, ALA. — Montgomery-based Foshee Residential Management Co. is developing The Historic Bell Lofts, the only high-rise loft development in Montgomery. The mixed-use redevelopment will feature 88 luxury lofts and several thousand feet of ground-floor commercial space. The building was once home to The Beauvoir Club, which later merged with the Montgomery County Club. Other previous tenants include Alabama Power Co., Algernon Blair Construction Co., doctors offices, law firms, construction companies and other businesses. Preleasing for will begin at 5:00 p.m. on Monday, Oct. 22, and the property is slated for completion in spring 2019.

October 19, 2018

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