REBusinessOnline

Author Archives

Grocery, Infill Mixed-Use Projects Make Up Bulk of New Retail Supply in Triangle

The Raleigh and overall Triangle retail markets ended 2016 in a very healthy position. The Triangle vacancy rate is currently at 6.09 percent, nearing 10-year lows dating back pre-recession and includes retail absorption nearing 900,000 square feet over the past four quarters. The region’s diverse economic engine driven by technology, university systems, heathcare and Raleigh as a state capital, combined with a relatively low cost of living and temperate climate, continue to push population..

March 20, 2017

Bridge Development Partners Sells Two Industrial Assets in South Florida for $53M

FORT LAUDERDALE, FLA. — Bridge Development Partners has sold two Class A industrial buildings in South Florida totaling nearly 400,000 square feet for $53 million. The assets include Bridge Point Davie in south Broward County and Bridge Point Crossroads West in northwest Miami-Dade County. Chris Riley, Christian Lee and Jose Antonio Lobon of CBRE represented Bridge Development Group in the sale to an unnamed institutional investment management firm. Built in the second quarter of 2015, the..

March 15, 2017

UNC Asheville to Build $33.8M On-Campus Student Housing Community

ASHEVILLE, N.C. — The University of North Carolina at Asheville is set to break ground on a $33.8 million, 300-bed on-campus student housing community. The six-building development will feature four-, five- and six-bedroom units with full kitchens. The sixth building will offer a multipurpose room and visitor’s center, fitness center and an apartment for the community director. Adjacent parking is also planned as part of the project. Construction will begin this spring.

March 15, 2017

DMI to Develop Self Storage Facility in Charlotte’s South End

CHARLOTTE, N.C. — Development-Management Inc. (DMI) plans to develop a new two-story, 120,000-square-foot self storage facility at 536 W. Tremont Ave. in Charlotte’s South End. Situated on 3.5 acres between South Tryon Street and Toomey Avenue, the property will feature 98,000 square feet of rentable storage space, a wine cellar and exterior units that will be accessible by car. DMI purchased the site in a bankruptcy sale for $1.5 million. The developer expects to deliver the new property..

March 15, 2017

The Shopping Center Group Arranges Five Leases at 1.5 MSF Crosstown Concourse in Memphis

MEMPHIS, TENN. — The Shopping Center Group has arranged leases with five new tenants at Crosstown Concourse, a 1.5 million-square-foot mixed-use development in midtown Memphis. The project is a redevelopment of a former Sears distribution center constructed in 1927. The new retailers and restaurants joining the tenant lineup include Farm Burger, Area 51 Ice Cream, MEMPOPS, SunTrust Bank and Gloss Nail Bar. Existing tenants include Kitchen Next Door, FedEx Office, Crosstown Brewing Co., Curb..

March 15, 2017

SVN Multi-Family Group Brokers $11.5M Sale of Apartment Community in Biloxi

BILOXI, MISS. — SVN Multi-Family Group has brokered the $11.5 million sale of Lexington Apartments, a 190-unit multifamily community located in Biloxi. Built in 1995, the property comprises 11 mid-rise residential buildings with an average unit size of 809 square feet. Community amenities include a resort-style swimming pool, grilling and picnic areas, business center with free Wi-Fi access, fire pit, controlled-access gates and concierge services. A private Northeastern real estate investor..

March 15, 2017

North American Properties to Debut 1.2 MSF Phase II of Avalon in Alpharetta, Known as Boulevard East

ALPHARETTA, GA. — North American Properties (NAP) will officially debut Phase II of the 86-acre Avalon mixed-use development in Alpharetta, which is dubbed Boulevard East, on Thursday, April 13. NAP sold the first phase of Avalon last summer to PGIM Real Estate, which will also acquire Boulevard East from NAP later this year. The 1.2 million-square-foot expansion will double the size of Avalon and feature upscale apartment residences, 20 new shops and restaurants, a new office building..

March 14, 2017

Arden Group Acquires Sheraton Atlanta Hotel for $64.2M

ATLANTA — Arden Group has purchased the Sheraton Atlanta Hotel, a 763-room hotel located at 165 Courtland St. N.E. in downtown Atlanta. The Philadelphia-based investment firm purchased the hotel through its discretionary fund affiliate, Arden Real Estate Partners II LP, for $64.2 million, according to the Atlanta Business Chronicle. JLL represented the sellers, affiliates of Amerimar Enterprises and Contrarian Capital, in the transaction. The previous ownership group wrapped up a $15 million..

March 14, 2017

MARTA Selects Place Properties, H.J. Russell for $51.3M King Memorial Station Development

ATLANTA — The Metropolitan Atlanta Rapid Transit Authority (MARTA) has partnered with Place Properties and H. J. Russell & Co. to develop the King Memorial Station Transit Oriented Development (TOD), which has an estimated total development cost of $51.3 million. The joint venture replaces Walton Communities, which was initially awarded the project in 2014. The TOD will be co-located at the King Memorial MARTA station, which is located near downtown at 377 Decatur St. S.E. The project will..

March 14, 2017

TIER REIT Sells Office Building in Tampa for $31.4M

TAMPA, FLA. — TIER REIT Inc., a Dallas-based REIT, has sold Eisenhower I, a 130,000-square-foot office building in Tampa’s Westshore district. An undisclosed buyer purchased the four-story property for $31.4 million. TIER REIT has been disposing assets in non-target markets, resulting in roughly $300 million in gross aggregate disposition proceeds this year. Recent transactions include the $52.5 million sale of Buena Vista Plaza in Burbank, Calif., as well as the $114 million sale of the..

March 14, 2017