In-Rel Purchases Office Tower in Downtown Louisville from Torchlight Investors for $32M

LOUISVILLE, KY. — In-Rel Properties has acquired Meidinger Tower, a 26-story, 331,172-square-foot office tower located at 462 S. 4th St. in downtown Louisville. In-Rel purchased the asset from New York City-based Torchlight Investors for $32 million. Ralph Smalley and John Merrill of HFF, along with Mark Wardlaw and Lenisa Alvey of NAI Fortis Group, represented Torchlight in the sale. Renovated in 2006, Meidinger Tower was 97 percent leased at the time of sale to tenants such as..

April 27, 2017

Related Development Sells Multifamily Property in Broward County for $87M

PEMBROKE PINES, FLA. — Related Development has sold the recently completed Town at Pembroke Pines, a 356-unit apartment community located at 10700 City Center Blvd. in Pembroke Pines, a city in South Florida’s Broward County. Rockpoint Group, a Boston-based real estate private equity firm, purchased the property from the Miami-based developer for $87 million. Built in 2016, Town at Pembroke Pines features 33 units per acre and community amenities such as a resort-style pool deck with..

April 26, 2017

City of Atlanta Unveils Plans for $48M Grant Park Gateway Near Zoo Atlanta

ATLANTA — The City of Atlanta has unveiled plans for Grant Park Gateway, a $48 million underground parking and mobility facility located at an existing eight-acre surface parking lot adjacent to Zoo Atlanta in the city’s Grant Park district. The new LEED-certified property will feature a park on the roof of the facility with green infrastructure elements and a restaurant offering regional cuisine, as well as approximately 1,000 parking spaces. The overall project will complement Zoo..

April 26, 2017

Variety Wholesalers Leases 1.4 MSF for Distribution Center in Newnan, Georgia

NEWNAN, GA. — Variety Wholesalers has signed a 20-year, 1.4 million-square-foot lease for its new distribution center at 60 Herring Road in Newnan. LRC Properties owns and manages the property, which is a former Kmart distribution center. LRC purchased the building last August and made improvements to the facility's roof and parking lots, as well as refit the building to accommodate multiple tenants. Variety Wholesalers, which is the first tenant to move into the space, operates nearly 400..

April 26, 2017

Grubb Properties Reveals Design for Renovated Office Building in Charlotte

CHARLOTTE, N.C. — Grubb Properties has unveiled the design for a 10-story office building the company is renovating on Mockingbird Lane in Charlotte’s Montford Park submarket. Known as 1515 Montford Park, the updated office building will feature a full glass façade with expansive windows, high ceilings, open floor plans, an outdoor terrace and an amenities lounge on the fifth floor featuring table games, bar top, lounge seating, big-screen TV and a stocked kitchen area. Office tenants will..

April 26, 2017

Vesper Holdings Acquires Student Housing Community Near Georgia Southern for $28.5M

STATESBORO, GA. — Vesper Holdings has acquired The Forum at Statesboro, a 780-bed student housing community located near Georgia Southern University in Statesboro, for $28.5 million. The property comprises 13 three-story residential buildings and a clubhouse, and offers one-, two-, three- and four-bedroom units. Community amenities include a swimming pool, 24-hour fitness center, game room, indoor basketball court, tennis and volleyball courts, tanning beds, a business center and a dog park...

April 26, 2017

Harbor Group International Buys 700-Unit Apartment Property Near Miami for $158.5M

PEMBROKE PINES. FLA. — An affiliate of Harbor Group International LLC has acquired the 700-unit Montage at City Center in Pembroke Pines, a suburb of Miami, for $158.5 million. Montage at City Center contains 12 mid-rise buildings and 28 townhome buildings. The community offers a mix of one-, two- and three-bedroom units. The property is currently 95 percent leased with an average market rent of $1.55 per square foot. Montage at City Center was built in two phases between 2014 and..

April 26, 2017

Bridge Development Sells 676,835 SF Industrial Portfolio in Metro Miami for $80M

HIALEAH GARDENS, FLA. — Bridge Development Partners has sold two Class A industrial assets spanning 676,835 square feet within three buildings in Hialeah Gardens, a suburb of Miami. According to public records, Duke Realty purchased the properties, named Bridge Point Crossroads East and Bridge Point Crossroads South, for $80 million. Located at 15002 and 14802 N.W. 146th St., Crossroads East consists of two buildings totaling 420,989 square feet. Recently completed in the first quarter of..

April 25, 2017

Equus Acquires Office Building in Charlotte’s SouthPark Submarket for $60M

CHARLOTTE, N.C. — Equus Capital Partners Ltd. has purchased the Rotunda Building, a 230,790-square-foot office building located at 4201 Congress St. in Charlotte’s SouthPark submarket. Equus acquired the property from global asset management firm RREEF America for $60 million, according to the Charlotte Business Journal. Situated on 5.3 acres near SouthPark Mall, the office building features a two-story lobby, conference room, water fountain and Village Tavern, a full-service restaurant...

April 25, 2017

TH Real Estate Purchases Publix-Anchored Shopping Center in South Florida for $49.3M

PALM BEACH GARDENS, FLA. — TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), has acquired the Promenade Shopping Plaza, a 202,696-square-foot, grocery-anchored retail center in Palm Beach Gardens. The seller and sales price were undisclosed, but the South Florida Business Journal reports that TH Real Estate purchased the shopping center from Boca Raton, Fla.-based Woolbright Development for $49.3 million. The property was 97 percent leased at the time of sale to..

April 25, 2017