In 2018, Nashville continued experiencing unprecedented population growth. Major job announcements, rising home prices and income growth have led to a shift in renters-by-choice. This has continued to transform our urban core and has had an immense impact on various industries within the city. On the investment side, multifamily assets in the market demonstrated some notable pricing trends through year-end 2018. The median price per unit in Nashville increased by more than 14 percent from fourth-quarter 2017 to fourth-quarter 2018, reaching $145,000 compared to $117,000 in the Southeast and $162,000 across the nation. This comparison demonstrates how Nashville is a highly valued market in the Southeast but remains attractive from a pricing standpoint to national investors looking to acquire quality product. What was an increasingly concessionary environment in 2017 and 2018, the Nashville multifamily market will tighten throughout 2019. Large-scale job announcements like AllianceBernstein, Amazon and Ernst & Young will bring thousands of jobs to Middle Tennessee. These announcements will help ensure that the recent trend of high absorption will continue through the year. Demand in Nashville has been strong relative to the historical average, but supply has outperformed demand in the past year due to new construction of much-needed …
WASHINGTON, D.C. — Locally based developers PN Hoffman and Madison Marquette have broken ground on Phase II of The Wharf, a $2.5 billion, mixed-use project fronting the Potomac River in Washington, D.C. At full build-out, Phase II will feature 625,000 square feet of Class A office space, 255 apartments, 96 condominium units, 131 hotel rooms and a 109,000 square feet of retail and restaurant space. Phase II will also include a 1.5-acre park, two underground parking garages with more than 1,000 spaces, and additional dockage totaling 223 slips at The Wharf Marina. Phase I of The Wharf, which spans a mile and is the largest private development in the city, opened in October 2017. Phase I included three hotels, two multifamily and condominium buildings, and 210,000 square feet of retail, restaurant and entertainment space. The design team behind Phase II includes more than a dozen architects. Cianbro is the general contractor for construction of the marina component, and Balfour Beatty is handling construction of the office buildings and below-grade parking garages. Other project partners include ER Bacon Development, City Partners, Paramount Development and Triden Development. Madison Marquette, which is owned by international investment firm Capital Guidance and merged with PMRG last …
WASHINGTON, D.C. — Penzance, a real estate owner, operator and developer based in Washington, D.C., has bought a 212,780-square-foot office building located at 50 F St. NW in the District’s East End. Washington Business Journal reports Tokyo-based Unizo Holdings Co. sold the property for $85 million, $24.5 million less than when the company bought it in 2016. Developed as part of Capitol Place, 50 F features a 3,500-square-foot conference facility with a 128-person capacity, a ground-floor deli and 134 parking spaces. The asset is situated three blocks from the U.S. Capitol Building and two blocks from Union Station.
ROGERS, ARK. — Transplace, a Texas-based provider of transportation management services and logistics technology solutions, will occupy a new operations center in Rogers. Transplace will expand its existing operations center from 80,000 square feet to 150,000 square feet and add hundreds of new employees over the next several years, according to a press release. Construction of the new industrial complex will begin immediately, and Transplace is expected to move in by early 2021. HCH Consulting is developing the project and will serve as landlord. Corgan is the interior architect. Robbie Baty, Bill McClung and Marshall Saviers of Cushman & Wakefield represented Transplace in the lease transaction. Betty McIntosh and Carol Henderson, also of Cushman & Wakefield, provided business incentives services, and Kyle Bramlett of Cushman & Wakefield will help oversee construction management.
NAPLES, FLA. — KeyBank Real Estate Capital has provided a $34 million Freddie Mac acquisition loan for Waverley Place Apartments, a 300-unit affordable housing property in Naples. The asset consists of 40 two-story apartment buildings situated on 11 acres. A portion of the units will be reserved for individuals and families earning 80 percent of area median income. Fred Dockweiler of KeyBank’s Commercial Mortgage Group originated the non-recourse, fixed-rate loan with a seven-year term, three years of interest-only payments and a 30-year amortization schedule. The borrower was not disclosed.
COLUMBIA, S.C. — Financial Federal Bank has provided a $24.3 million Fannie Mae acquisition loan for Stadium Suites Apartments in Columbia. The 264-unit, 924-bed complex was built in 2004 and is situated three miles from the University of South Carolina campus. Amenities include a resort-style pool, clubhouse with fitness center, game room, study room, business center, basketball and volleyball courts and a dog park. Rick Wood and Jon Van Hoozer of Financial Federal Bank originated the 10-year, fixed-rate loan with three years of interest-only payments and a 30-year amortization schedule on behalf of the borrower, a single-asset LLC that is a privately owned real estate investment company.
FREDERICKSBURG, VA. — New Home Media has acquired a 39,000-square-foot warehouse located at 50 Joseph Mills Drive in Fredericksburg, for $2.6 million. Mid-Atlantic Associates LLC sold the property, which is situated on 2.5 acres. Virgil Nelson of Cushman & Wakefield | Thalhimer represented the seller in the transaction.
PALMETTO, GA. — PVH Corp., a global apparel company, has signed a 1 million-square-foot lease for a new distribution facility in Palmetto, about 27 miles southwest of downtown Atlanta. The newly delivered facility is located within Shugart Farms, which Red Rock Developments built in partnership with Wharton Industrial and Starwood Capital Group. Brad Pope of JLL negotiated the 20-year lease transaction. Built on a speculative basis, the developers are underway on $77.6 million in tenant improvements for PVH. Formerly known as Phillips-Van Heusen, PVH manages a portfolio of clothing brands, including Calvin Klein, Tommy Hilfiger, Van Heusen, Izod, Arrow, Speedo, Warner’s, Olga, Geoffrey Beene and True&Co. By the end of the year, the new distribution center will create approximately 575 jobs once fully operational. PVH’s new facility is located along I-85, near to the CSX Fairburn Intermodal terminal and Hartsfield-Jackson Atlanta International Airport. The site is also about 250 miles from the Port of Savannah, a key factor in the selection of the facility, according to the developer. “When we began development on this spec building, we knew we had the key ingredients to meet the needs of a modern bulk tenant,” says John Barker Jr., president and chief development …
HARDEEVILLE, S.C. — EJF Capital LLC and North Signal Capital LLC have acquired a 510-acre site in Hardeeville to develop RiverPort Commerce Park. The property will house more than 4 million square feet of industrial space and is situated within a census-designated opportunity zone about 10 miles from the Port of Savannah. EJF will invest the majority of the equity required for the land purchase and initial building construction from the EJF OpZone Fund I LP. Construction on the first building, which is slated to be 139,000 square feet, will begin in a few months.
TAMPA, FLA. — Marcus & Millichap has arranged the sale of 260 rental units and 78 of 108 condominiums at Lake Azzure in Tampa. A private real estate group based in New York City sold the 334 units for $34.1 million to a private family office. IPA Capital Markets, a division of Marcus & Millichap, arranged an equity loan totaling $24.8 million on behalf of the buyer. The 10-year, fixed-rate loan features five years of interest-only payments. Lake Azzure was built in 1972 and comprises 30 buildings spanning more than 24 acres. Evan Kristol, Ned Roberts, Jason Hague and Adam Podbelski of Marcus & Millichap represented the buyer in the transaction.