Real Estate Journal — January 11 - 24, 2019 — 3A
M id A tlantic
SVN - Miller’s Hanna sells Cambridge industrial facility
Baltimore’s Continental Realty Corp. buys Solis Ballantyne FCP & Terwilliger Pappas announcesalestotaling$128.6M C HARLOTTE, NC — F CP and partner Terwi l l iger Pap-
pas Multi Family Part- ners (TPMP) announce two separate transactions total- ing $128.6 million. The first, Solis Waverly, was sold for $84.4 million to Dallas-based Lan Properties/Lantower Residential . In a separate transaction, Solis Ballantyne was sold for $44.2 million to Continental Realty Corpora- tion of Baltimore, MD. “FCP felt fortunate to de- velop these properties with Terwilliger Pappas, the South- east’s top developer of best in class multifamily communi- ties,” said FCPmanaging part- ner, Lacy Rice . “Both com- munities set a high standard, contributing to the success of their distinctive neighbor- hoods.” “SolisWaverly and Solis Bal- lantyne provided an excellent opportunity to partner with FCP on two of the Southeast’s most desirable sites,” said CEO of Terwilliger Pappas, Peter Pappas . “Our team’s interest in developing best in class communities aligns well with FCP’s strategy of deliver- ing superior results to their investors. We look forward to pursuing new opportunities with FCP.” Solis Waverly, with devel- opment completed in 2016, is a 375-unit luxury multi- family project in Waverly, a pedestrian-friendly, master planned community with an urban feel and featuring Class A retail and office space, at- tractive single-family homes and a 146-room Hilton Gar- den Inn with a rooftop pool. Waverly’s 90 acres just south of I-485 feature 250,000 s/f of prominent retail uses (devel- oped by Childress Klein and Crosland Southeast) anchored by a Whole Foods that was announced just after FCP and TPMP committed to building Solis Waverly. Leasing of the property was managed by Bozzuto. Solis Ballantyne, also com- pleted in 2016, is a 194-unit, Class-A luxury community located in Charlotte’s premier
806 Woods Rd.
The building was purchased by a local investor who plans to renovate 40,000 s/f into new high ceiling warehouse space for lease. This expanded modern warehouse facility will service the logistical needs for companies distributing throughout the Mid-Atlantic region and is located approxi- mately 17 minutes east of the Chesapeake Bay. “The Woods Road indus- trial corridor is ready to start a significant upgrade for truck traffic and utilities between Rt. 50 and the Bypass to serve the growing business traffic,” said Hanna. earlier this year, to executive director, where she provides leadership to portfolio manag- ers and plays a key role in the firm’s 98% client retention rate. The President’s Award is pre- sented to an individual who has contributed the most toward as- sisting the WMCCAI president and chapter in reaching their goals for the year. “I am pleased to present this prestigious award to Bernie for all of her years of dedication to the chapter, her positive at- titude and humble willingness to help when the call comes,” said Sarah Gerstein , chapter president of WMCCAI. FirstService Residential is one of North America's largest manager of residential com- munities and the preferred partner of HOAs, community associations and strata corpora- tions in the U.S. and Canada. FirstService Residential's man- aged communities include low-, mid- and high-rise condomini- ums and cooperatives, single- family homes, master-planned, lifestyle and active adult com- munities, and rental and com- mercial properties. FirstService Residential de- livers proven solutions and exceptional service.
CAMBRIDGE, MD — SVN - Miller Commercial Real Estate senior advisor Hen-
ry Hanna, CCIM, SIOR recently sold a large in- dustrial facil- ity in Cam- bridge, MD. The 150,000 square foot building lo-
cated at 806 Woods Rd. sits on 20 acres and is occupied by DS Smith, formerly Interstate Con- tainer. Hanna represented both the seller, Cazadore, LLC, and the buyer in this transaction.
FirstService Residential’s Guthrie receives WMCCAI President’s Award
FAIRFAX, VA — FirstSer- vice Residential , a property management company, an- nounced that executive direc- tor, Bernie Guthrie , was recently recognized by the Washington Metro Chapter of Community Associations Institute (WMCCAI) with its President’s Award. “Bernie embodies the First- Service core values every day,” said Michael Mendillo , presi- dent, FirstService Residential. “This award is a recognition of all of her hard work and dedication, not only to our or- ganization but to the industry, as a whole.” “I’m always proud when one of our associates is recog- nized for their impact in the greater community,” said Rob- ert Teeling, CMCA , senior vice president, FirstService Residential. “CAI is vital to our industry and we were not surprised when they chose to recognize Bernie for her sup- port of the chapter’s mission to educate, advocate and provide resources for the community association industry.” Guthrie started with First- Service Residential two years ago as a portfolio manager and was quickly promoted to regional director and then,
suburban submarket, Ballan- tyne. The property features elevators and conditioned corridor access as well as walk- ability to Charlotte’s most ac- complished public schools. So- lis Ballantyne is convenient to the many restaurants, shops and recreational amenities that are a part of Ballantyne. Commercial amenities include Ballantyne Corporate Center, a nationally recognized corpo- rate office campus containing more than 4 million s/f of class A office. Leasing of the prop- erty was managed by Bozzuto. The Ballantyne submarket had the highest occupancy in the Charlotte market during the latest downturn (2008- 2011) at 93.8% and only two multifamily properties have sold in the last 10 years in
Ballantyne (other than Wa- verly), with no class A sales. Charlotte’s job and population growth continue to exceed peer cities. The city is third in population growth in 2017 for large U.S. cities and boasts population growth of 155% from 2000-2017 for the Bal- lantyne submarket. FCP and Terwilliger Pappas extend their appreciation to Phil Brosseau Jr., Howard Jenkins, Kevin Kempf and David Lansbury of CBRE for their representation in the sale of Solis Waverly and to Andrea Howard, Jim Sewell, David Gutting and Derrick Bloom of JLL for the Solis Ballantyne sale. Fortune Johnson served as the general contractor for both developments.
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