Property Type

Stein Investment Purchases Two Office Assets in Metro Atlanta for $18M

by John Nelson November 30, 2016

SANDY SPRINGS AND MARIETTA, GA. — Stein Investment Group has purchased two office properties in metro Atlanta for a combined $18 million. The Atlanta-based buyer purchased both properties from Baltimore-based Alex Brown Realty. The assets include the 120,000-square-foot Northside Tower located at 6065 Roswell Road in Sandy Springs and the five-building, 60,000-square-foot East Cobb Office Complex located at 1000 Johnson Ferry Road in Marietta. Northside Tower was 95 percent leased at the time of sale to 70 tenants, including Signature Bank. East Cobb Office Complex was 80 percent leased to office and healthcare tenants such as Atlanta Falcons Physical Therapy Centers, Allstate Insurance, Sheffrin Men’s Health and Creative Dentistry. Stein Investment plans to invest $2 million to upgrade Northside Tower and $1 million to update East Cobb Office Complex.

November 30, 2016

North Carolina Office Southeast

Stan Johnson Brokers $12M Sale of Office Building in Charlotte

by John Nelson November 30, 2016

CHARLOTTE, N.C. — Stan Johnson Co. has brokered the $12 million sale of a 76,899-square-foot, freestanding office building and call center located at 14401 Carowinds Blvd. in Charlotte. The property is leased on a long-term basis to iQor, an outsourcing firm that employs more than 1,000 agents at the facility. Britton Burdette of Stan Johnson’s Atlanta office represented the developer, 14401 Southlake Crossing LLC, in the transaction. The buyer was a private investor.

November 30, 2016

Georgia Healthcare Southeast

Avison Young Brokers $5.6M Sale-Leaseback of Medical Office Building in Metro Atlanta

by John Nelson November 30, 2016

DUNWOODY, GA. — Avison Young has arranged the $5.6 million sale-leaseback of a 16,500-square-foot medical office building located at 4646 N. Shallowford Road in Dunwoody, a northeast suburb of Atlanta. The property features 12 examination rooms and features a rehabilitation center on-site. The seller, Progressive Medical, a medical clinic specializing in both traditional and holistic forms of medicine, has occupied the building since 1998 and has recently signed a 12-year lease with the new owner as part of the transaction. Art Waldrop and Sean Moynihan of Avison Young brokered the deal.

November 30, 2016

Florida Office Southeast Top Stories

Lingerfelt CommonWealth Sells Riverplace Tower in Downtown Jacksonville for $53.4M

by John Nelson November 30, 2016

JACKSONVILLE, FLA. — Lingerfelt CommonWealth Partners LLC has sold Riverplace Tower, a 441,000-square-foot office tower located at 1301 Riverplace Blvd. in downtown Jacksonville. The undisclosed buyer purchased the 28-story tower, which is situated along the St. Johns River, for $53.4 million. The new owner has retained Richmond, Va.-based Lingerfelt CommonWealth to operate the asset, which the company purchased in 2014 for $29 million. Ameris Bank has signage on the office tower and occupies the entire 26th floor. The bank also operates a branch in the lobby. Commonwealth Commercial Partners, Lingerfelt CommonWealth’s property management affiliate, will handle day-to-day asset and property management responsibilities at Riverplace Tower. JLL will continue to handle the leasing and marketing of Riverplace Tower on behalf of the new owner. Lingerfelt CommonWealth Partners is a full-service real estate investment management firm with additional offices in Nashville, Jacksonville, Tampa, Charlotte, Raleigh, Greensboro and Hampton Roads. Together with its predecessors in the private sector and public REIT sector, its partners have built, acquired and managed nearly 20 million square feet of commercial real estate valued at approximately $2 billion across the Mid-Atlantic and Southeast. In addition to Riverplace Tower, Lingerfelt CommonWealth recently sold the Bank of America Plaza, a …

November 30, 2016

California Loans Office Western

CBRE Secures $90M in Financing for San Diego Office, R&D Campus

by Jeff Shaw November 29, 2016

SAN DIEGO — CBRE Capital Markets’ Debt & Structured Finance team has secured approximately $90 million in acquisition and repositioning financing for an eight-building office and R&D campus in San Diego. The property is located at 16399 W. Bernardo Drive in the Rancho Bernardo submarket. Financing was arranged on behalf of the buyer, an entity owned and managed by Swift Real Estate Partners. CBRE tailored the balance-sheet financing with a base term of three years and the ability to extend the loan as long as seven years. The non-recourse financing included capital toward the purchase of the property, as well as funding to perform capital improvements to reposition the buildings and amenities. The funds will also cover tenant improvements and leasing commissions. CBRE structured a prepayment provision that will allow Swift to sell individual buildings or refinance with long-term debt. CBRE closed the financing with Acore Capital, a domestic advisor of debt investments that worked on behalf of a Japanese Life Insurance Company.

November 29, 2016

Multifamily Washington Western

Priderock Buys Arcadia Townhomes in Federal Way for $68.5M

by Jeff Shaw November 29, 2016

FEDERAL WAY, WASH. — Priderock has purchased the 309-unit Arcadia Townhomes in the Seattle submarket of Federal Way for $68.5 million. The community is located at 1300 S.W. Campus Drive. Community amenities include barbeques and a gazebo, fitness center, clubhouse with Wi-Fi, outdoor pool, hot tub, biking and walking paths. JLL’s David Young and Corey Marx represented the seller, a joint venture between TruAmerica Multifamily and Guardian Life Insurance Company of America, in this transaction.

November 29, 2016

Anita May Rosenstein Campus, Hollywood, Calif.

California Multifamily Western

Planning Board Approves LGBT Center Campus Expansion in LA

by Jeff Shaw November 29, 2016

LOS ANGELES — The Los Angeles City Planning Commission has unanimously approved plans for the Los Angeles LGBT Center’s new Anita May Rosenstein Campus in Hollywood. Slated for opening in early 2019, the campus will serve as the new administrative headquarters for the Center, and include up to 100 units of affordable housing for seniors, 100 beds for homeless youth, new senior and youth centers, up to 35 units of permanent supportive housing for young people, and ground-floor retail space. Architecture firm KFA, in collaboration with design firm Leong Leong, is the architect for the development. The project will tie together The Village at Ed Gould Plaza, creating one large campus. Currently, The Village includes two theaters, two gallery spaces, offices for AIDS/LifeCycle and community meeting space. The campus expansion will also free up space at the Center’s McDonald/Wright building, which can then be fully dedicated to medical and mental health care, addiction recovery services, HIV/STD testing and treatment and other medical services. The project will now seek approval from the Los Angeles City Council. The Los Angeles LGBT Center was founded in 1969 and claims to serve more people in the LGBT community than any other organization in the …

November 29, 2016

California Retail Western

CBRE Arranges $42.1M Sale of Southgate Plaza in Sacramento

by Jeff Shaw November 29, 2016

SACRAMENTO, CALIF. — CBRE has arranged the $42.1 million sale of Southgate Plaza, a 339,369-square-foot shopping center in Sacramento. Tenants at the center include Walmart Neighborhood Market, 99 Ranch Market, 99 Cents Only, Ross Dress for Less, Baskin-Robbins, Sally Beauty and Payless Shoe Source. CBRE’s Philip D. Voorhees, Jimmy Slusher, Todd Goodman, Megan Wood, Matt Burson, Kirk Brummer, Preston Fetrow and John Read represented the seller, Wrightwood Financial, and the buyer, a subsidiary of NewMark Merrill Cos. LLC, in this transaction.

November 29, 2016

Arizona Multifamily Seniors Housing Western

Cushman & Wakefield Arranges $15.1M in Financing for The Palazzo in Phoenix

by Jeff Shaw November 29, 2016

PHOENIX — Cushman & Wakefield has arranged $15.1 million in acquisition and renovation financing for The Palazzo, a 359-unit continuing care retirement community in Phoenix. The renovations will modernize the community and change the unit mix among the continuum of care. The firm’s Richard Swartz, Jay Wagner, Aaron Rosenzweig and Timothy Hosmer arranged the financing on behalf of a joint venture between Westport Capital Partners and Integro Healthcare Consulting. PNC Bank provided the capital. Integro will operate the community after the acquisition.

November 29, 2016

Loans Massachusetts Multifamily Northeast Student Housing

Capstone, Provident Secure Financing for Development of $139M On-Campus Community at UMass Boston

by Amy Works November 29, 2016

BOSTON — Capstone Development Partners and Provident Commonwealth Education Resources Inc. have closed on the financing for a $139 million student housing and dining community to be constructed on the University of Massachusetts Boston campus. The development will be the first on-campus student housing at the university. The two-building, 250,000-square-foot community is set to feature 1,077 beds targeted for primarily first-year students and an approximately 23,000-square-foot dining facility. The property will also include living-learning amenities such as seminar rooms, study lounges and other social and academic amenities to support student success and enhance the quality of campus life. Structured as a public-private partnership project, the development is being financed by tax-exempt revenue bonds issued by the Massachusetts Development Authority and underwritten by Citigroup. Provident Commonwealth Education Resources will own the housing and dining space, subject to a ground lease from the institution. UMass Boston and Capstone On-Campus Management will manage the housing. The design-build team for the project includes Elkus Manfredi Architects and Shawmut Design and Construction. Construction is slated to begin within the coming weeks, with completion scheduled for fall 2018.

November 29, 2016

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