Property Type

PCA Sells Class A Apartment Community in Lewisville for $44M

by Taylor Williams May 30, 2017

LEWISVILLE, TEXAS — Preferred Apartment Communities Inc., a publicly traded, Maryland-based multifamily operator, has sold Enclave at Vista Ridge, a Class A multifamily community in metro Dallas for approximately $44 million. Located at 2701 MacArthur Blvd. in Lewisville, the property was built in 2003 and features amenities such as a resort-style pool, fitness centers, game room and a resident clubhouse with a lounge and theater. Steadfast Apartment REIT III Inc., an affiliate of California-based investment firm Steadfast Cos., purchased the property and will rebrand it The Pointe at Vista Ridge.

May 30, 2017

FourPoint Brokers Sale of Two Student Housing Communities Totaling 1,136 Beds in San Antonio

by Taylor Williams May 30, 2017

SAN ANTONIO — FourPoint Student Housing Investments has brokered the sale of Avalon Place and Hill Country Place, two student housing properties totaling 1,136 beds in San Antonio. Both Class B properties are located approximately one mile from the University of Texas at San Antonio. Chris Epp, Chris Bancroft and Meredith Wolff of FourPoint represented the seller, Blue Vista, in the transaction. The name of the buyer and other terms of sale were not disclosed.

May 30, 2017

North Carolina Office Southeast

Parmer Innovation Centers Purchases 1.8 MSF GSK Office Campus in Raleigh, Plans $80M Renovation

by John Nelson May 30, 2017

RALEIGH, N.C. — Los Angeles-based Parmer Innovation Centers has closed on its purchase of the 1.8 million-square-foot GSK campus within Raleigh’s Research Triangle Park. GSK, a research-based pharmaceutical and healthcare firm, sold the 20-building office and laboratory campus in a sale-leaseback transaction, whereby GSK will lease back 700,000 square feet of space on a long-term basis (up to 10 years plus renewal options). Much like Parmer’s successful Parmer Austin campus that houses Apple, Allergan, Blue Apron and GM, Parmer Innovation has rebranded the GSK campus as Parmer RTP and plans to implement an $80 million renovation focusing on amenities to attract millennial workers. Ben Kilgore, Lee Clyburn and Brian Carr of CBRE | Raleigh, along with Brian Scott of CBRE’s New York office, represented GSK in the transaction.

May 30, 2017

Georgia Office Southeast

Five Mile, Equitable Real Estate Sell Office Tower in Downtown Atlanta

by John Nelson May 30, 2017

ATLANTA — Five Mile Capital Partners and Equitable Real Estate Partners have sold 100 Peachtree, a 33-story, 622,084-square-foot office tower in downtown Atlanta. Zeller Realty Group purchased the asset, which was 82 percent leased at the time of sale to tenants such as CallRail, Accenture, Koch Industries, Georgia’s Own Credit Union, McGuireWoods law firm and the Atlanta BeltLine. The sales price was undisclosed, but the Atlanta Business Chronicle reports that Zeller likely paid between $135 to $145 per square foot, or $83 million to $90 million. The previous ownership’s renovations to 100 Peachtree over the last five years included complete window replacement with LEED compliance, a restored lobby, re-energized plaza area, tenant buildouts and major mechanical replacements. Will Yowell, Jay O’Meara and Justin Parsonnet of CBRE represented the sellers in the transaction. Bill Rogalla and Mark Vollbrecht represented Zeller internally.

May 30, 2017

Multifamily North Carolina Southeast

ARA Newmark Brokers $69.3M Sale of Adaptive Reuse Apartment Community in Downtown Durham

by John Nelson May 30, 2017

DURHAM, N.C. — ARA Newmark has arranged the $69.3 million sale of Liberty Warehouse, a former tobacco warehouse in downtown Durham that has been converted into a 247-unit apartment community. Chapel Hill, N.C.-based East West Partners delivered the asset this year before selling to New York-based Duck Pond Realty, a private, family-owned investment firm. Sean Wood of ARA Newmark represented East West Partners in the transaction. Liberty Warehouse commands some of the highest rental rates in downtown Durham and features a resort-style pool, yoga room, private terrace, bike share program and 24,000 square feet of retail space.

May 30, 2017

Florida Hospitality Southeast

Concord Hospitality Breaks Ground on Hyatt Place Jacksonville

by John Nelson May 30, 2017

JACKSONVILLE, FLA. — Concord Hospitality has begun construction on Hyatt Place Jacksonville, a 160-room hotel situated across from St. Johns Town Center in Jacksonville. The five-story hotel will anchor The Strand at St. Johns Town Center, a new 45-acre mixed-use development with retail, restaurants and multifamily residences. Scheduled to open in late 2018, the hotel will feature 3,000 square feet of flexible meeting space, an outdoor pool, fitness center and an outdoor deck for events. Concord Hospitality operates two other Hyatt-branded hotels in Florida: Hyatt Place Miami Airport and Hyatt Centric South Beach Miami. Concord also plans to open Hyatt Centric Brickell Miami later this year.

May 30, 2017

Industrial South Carolina Southeast

NAI Avant Arranges 50,000 SF Industrial Lease in Charleston

by John Nelson May 30, 2017

CHARLESTON, S.C. — NAI Avant has arranged a full-building, 50,000-square-foot industrial lease at 2509 Clements Ferry Road in Charleston. The tenant, Winston-Salem-based plumbing company Murray Supply Co., will use the facility as its Lowcountry distribution center. The property is Murray Supply’s first facility in Charleston. Thomas Boulware of NAI Avant represented Murray Supply in the lease deal. David Seay of Seay Development LLC represented the landlord, Yeros Investments LLC.

May 30, 2017

Industrial Midwest Ohio

Founders Properties’ Four-Building Industrial Park in Fairfield, Ohio Is Fully Leased

by Kristin Harlow May 30, 2017

FAIRFIELD, OHIO — Founders Properties LLC has fully leased Port Union Commerce Park, which spans both cities of Fairfield and West Chester. O’Gara-Hess & Eisenhardt Armoring Co. LLC and ProFill Fulfillment leased the final two spaces at the industrial development, comprising approximately 235,000 square feet. Located near the intersection of State Route 747 and Port Union Road north of Cincinnati, the two new buildings at the park total 807,000 square feet and join two previously constructed buildings. The buildings feature 60-foot deep trailer storage in the truck courts, car and trailer parking, as well as ESFR sprinklers and T-5 fluorescent lighting. Opus Development Co. was the developer, Opus Design Build was the design-builder and Opus AE Group was the architect and structural engineer of record. Mike Lowe and Doug Whitten of CBRE managed lease-up for the owner, Founders Properties.

May 30, 2017

Hospitality Illinois Midwest

Home2 Suites by Hilton Opens in Schaumburg, Illinois

by Kristin Harlow May 30, 2017

SCHAUMBURG, ILL. — Home2 Suites by Hilton Chicago/Schaumburg has opened in Schaumburg’s business district. The 107-suite hotel features amenities such as a combined laundry and fitness area, complimentary breakfast, indoor pool and barbecue grills. Located at 1300 E. American Lane, the hotel offers convenient access to Woodfield Mall. Superhost Hospitality will manage the hotel. Schaumburg Meacham Pointe LLC owns the hotel. The Delaware-based limited liability company retained the services of Inland National Development Corp. as its developer to oversee the construction of the hotel.

May 30, 2017

Industrial Michigan Midwest

Signature Associates Arranges Sale of 31,549 SF Industrial Building in Troy, Michigan

by Kristin Harlow May 30, 2017

TROY, MICH. — Signature Associates has arranged the sale of a 31,549-square-foot industrial building in Troy for an undisclosed price. The property is located at 1401 Axtell Drive. John Boyd and Paul Hoge of Signature Associates represented the buyer, Perspective Properties LLC. The seller was not disclosed.

May 30, 2017

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