Property Type

PAC Receives $114.4M Loan to Acquire Wells Fargo-Anchored Office Tower in Raleigh’s CBD

by Camren Skelton August 2, 2018

RALEIGH, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Wells Fargo Capitol Center, a 559,591-square-foot office building located at 150 Fayetteville St. in Raleigh’s central business district. PAC acquired the 29-story asset through its wholly owned subsidiary, Preferred Office Properties LLC. The sales price was not disclosed, but PAC financed the acquisition using a $114.4 million, first-mortgage loan from New York Life Insurance Co. The 10-year loan features a fixed interest rate of 4.27 percent. The Triangle Business Journal reports HighBrook Investors, which bought a majority stake in the tower last year, sold the asset. Wells Fargo Capitol Center serves as the regional headquarters for Wells Fargo Bank and features a bank branch on the first floor. City Club Raleigh, a private dining club, is located on the building’s 28th and 29th floors.

August 2, 2018

Acquisitions Florida Office Southeast

Colliers Arranges $59M Sale of Office Building in Downtown Jacksonville

by Camren Skelton August 2, 2018

JACKSONVILLE, FLA. — Colliers International has arranged the $59 million sale of a 23-story office tower located at 76 S. Laura St. in downtown Jacksonville. VyStar Credit Union acquired the asset from a joint venture between CarVal Investors LLC and Mainstreet Capital Partners. Colliers arranged the transaction on behalf of the joint venture, which originally acquired the building in 2015 for $31.1 million. The previous ownership invested $2 million to update to property, which was originally constructed in 1989. In addition to mechanical and common area improvements, notable changes included the completion of a 612-space parking garage adjacent to the building, new elevator cabs, lobby improvements, food and beverage options, a fitness center, tenant lounge and a conference center. The new ownership will rename the property VyStar Tower. Colliers International Northeast Florida has been retained as the leasing agent for the building, which was more than 90 percent leased as a result of the sale.

August 2, 2018

Acquisitions Georgia Multifamily Southeast

JLL Brokers $49.8M Sale of Multifamily Community Near Savannah

by Camren Skelton August 2, 2018

POOLER, GA. — JLL has brokered the $49.8 million sale of Two Addison Place, a 325-unit apartment community in Pooler, roughly 14 miles west of Savannah. David Gutting, Derrick Bloom, Jim Sewell and Andrew Howard of JLL arranged the transaction on behalf of the seller, New York-based Wharton Realty, which originally acquired the property in 2016. Montgomery, Ala.-based B&M Management Co. LLC purchased the asset. Two Addison Place includes a mix of one-, two- and three-bedroom apartment units. The gated community is located less than five miles from the Tanger Outlets and features a saltwater pool, dog park, fitness center with a yoga room and a cyber café.

August 2, 2018

Acquisitions Industrial North Carolina Southeast

HFF, JLL Negotiate $49.2M Sale of Industrial Park, Future Development Sites in Metro Charlotte

by Camren Skelton August 2, 2018

CONCORD, N.C. — HFF and JLL have arranged the $49.2 million sale of RiverOaks Corporate Center, a two-building industrial park in Concord, roughly 25 miles northeast of Charlotte. Chris Norvell and Patrick Nally of HFF, in conjunction with JLL’s Pete Pittroff, brokered the transaction on behalf of the seller, Beacon Partners. Exeter Property Group acquired the property, which totals 453,206 square feet. The sale also included three land sites for future development. Completed in 2016, the existing buildings are located at 800 Derita Road and 8475 Automation Drive. The buildings feature 24- to 32-foot clear heights. The pre-graded development sites, located at 700 Derita and 8400 and 8500 Automation, would add nearly 900,000 square feet to RiverOaks Corporate Park, bringing the total square footage to approximately 1.4 million square feet. The park is located adjacent to Concord Regional Airport and 23 miles from Charlotte Douglas International Airport.

August 2, 2018

Georgia Leasing Activity Office Southeast

Shorenstein Signs Three Office Tenants at Bank of America Plaza in Midtown Atlanta

by Camren Skelton August 2, 2018

ATLANTA — Shorenstein Properties LLC has signed three tenants totaling 37,399 square feet to Bank of America Plaza in Atlanta’s Midtown district. The 55-story office tower, the tallest in the Southeast, recently underwent a $10 million renovation to the building’s west wing that delivered new workspaces and a food hall. Revel Systems, a San Francisco-based technology firm, signed a 25,547-square-foot, full-floor lease on the building’s 38th floor. The company will move into upgraded, loft-style offices that are part of the tower’s expanding spec suite program. The spec suites include open floor plans, creative lounge space and tech-enabled amenities. The next block of spec suite space, which totals approximately 15,000 square feet, is scheduled to come on line in the fall. Also as part of the spec suite program, Shorenstein signed Groundfloor, a real estate lending marketplace, to 7,746 square feet at the building. The landlord also signed Florence Healthcare, a company focused on improving clinical trial data flow to advance cures through software, to 4,106 square feet. Bank of America Plaza is home to tenants such as Anthem Inc., Display Data, Featurespace and Riskalyze. The tower is located adjacent to the North Avenue MARTA station and within five blocks of …

August 2, 2018

California Loans Multifamily Western

Lion Real Estate Receives $35M in Financing for Newly Completed Apartment Building in Los Angeles

by Amy Works August 2, 2018

LOS ANGELES — Lion Real Estate Group has received $35 million in financing for EastView Apartments, a newly constructed Class A multifamily property located at 327 N. Boylston St. near downtown Los Angeles. Marc Schillinger and Peter Berges of HFF arranged the 12-year, fixed-rate loan with an insurance company for the borrower. The property features 121 units in a mix of studio, one- and two-bedroom layouts, ranging from 555 square feet to 1,267 square feet. On-site amenities include a fifth-floor sky deck with fire pit, grills and dining tables; co-working lounge with refreshment bar and large-screen television; swimming pool with hot tub and lounge; fitness center; secured parking; bike share program; and electric car charging stations.

August 2, 2018

California Loans Multifamily Seniors Housing Western

Lancaster Pollard Arranges $400M Refinancing for Plum Healthcare Skilled Nursing Portfolio in California

by Amy Works August 2, 2018

SAN MARCOS, CALIF. — Lancaster Pollard has arranged $400 million in financing for Plum Healthcare Group, a San Marcos-based skilled nursing operator. The bridge-to-HUD loan refinances Plum’s previous corporate term loan credit facility on a portfolio of 27 skilled nursing facilities throughout California. “Redesigning our capital structure for the emerging market is a key tenet of our strategic plan, which is focused on further enhancing our industry-leading clinical and patient outcomes, and aligning our business to capitalize on developing long-term growth opportunities in the healthcare space,” says Naveed Hakim, chief financial officer of Plum Healthcare Group. The Lancaster Pollard team of Grant Goodman, Jason Dopoulos, Joe Munhall and Elliot Kaple served as the syndication agent on the transaction. Credit Suisse served as the lender. “Completing this refinancing with Lancaster Pollard and Credit Suisse accomplishes a key step towards creating a unique, sustainable capital structure that will give us the flexibility and enhanced capital output to execute on our vision,” adds Hakim.

August 2, 2018

California Development Retail Western

Safeway to Anchor 100,000-Square-Foot Retail Center in San Jose

by Amy Works August 2, 2018

SAN JOSE, CALIF. — Safeway will anchor a 100,000-square-foot retail center in the North Village of Market Park San Jose, a mixed-use project under development in San Jose. The transit-oriented development is located adjacent to the soon-to-open Berryessa BART station. At full build-out, Market Park will include 4,000 residential units, 1.5 million square feet of office space, retail space, a park and walking/bicycle paths. In addition to the 65,000-square-foot Safeway, the North Village’s Market Place shopping center will house a drugstore, restaurants and service-oriented businesses. Borelli Investment Co. is handling the project management and leasing, and The Schoennauer Co. is handling permitting. The project team expects to break ground on the shopping center in the fall of 2019, with the Safeway store scheduled to open in 2020.

August 2, 2018

Acquisitions California Industrial Western

Totai America Acquires Industrial Building for $7.6M in Torrance, California

by Amy Works August 2, 2018

TORRANCE, CALIF. — Totai America has purchased an industrial building located at 19675 Mariner Ave. in Torrance. Kung Fu Dragon sold the property for $7.6 million. Totai America plans to relocate its headquarters to the 21,337-square-foot property. Founded in 1981, Totai America offers full-service rotogravure printing/converting services. Todd Taugner of The Klabin Company, in collaboration with Takashi Sugita of Relo Redac, represented the buyer in the deal.

August 2, 2018

Colorado Development Multifamily Student Housing Western

Confluence to Build 107-Unit Student Housing Project in Golden, Colorado

by Amy Works August 2, 2018

GOLDEN, COLO. — Confluence Cos. is set to break ground on a 107-unit residence hall for undergraduate students on land adjacent to the Colorado School of Mines in Golden. A timeline for development has yet to be announced. Blaylock Van served as sole placement agent on $44.3 million in bond financing for the project. The financing provides staged funding during the construction period and is secured by a leasehold mortgage on the improvements. In this deal, the owner of the land parcel sold it to the state of Colorado on behalf of the Colorado School of Mines, then leased it back through a long-term ground lease and will commence construction this month on the residence hall.

August 2, 2018

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