Property Type

Dominion, Prudential to Develop 103,000 SF Office Building in Raleigh

by John Nelson September 27, 2016

RALEIGH, N.C. — Dominion Realty Partners and Prudential Global Investment Management plan to develop Wade IV, a new 103,000-square-foot office building within Wade Office Park in Raleigh. The new four-story asset will be Dominion’s 27th project in the Triangle region. Designed to achieve LEED Gold certification, Wade IV will feature a glass, brick, pre‐cast and metal skin exterior, as well as green features and amenities. Dominion Realty will serve as both the developer and on-site property management team for Wade IV, and Regions Bank will provide construction financing for the project. Other key team members include architect Rule Joy Trammell + Rubio, general contractor Choate Construction, civil engineer Piedmont Land Design and leasing agent Avison Young. Choate will break ground on the asset this week for an expected delivery in late summer 2017.

September 27, 2016

Industrial North Carolina Southeast

Scannell to Develop 1 MSF Industrial Park in Triangle

by John Nelson September 27, 2016

KNIGHTDALE, N.C. — Scannell Development Co. has purchased 78.8 acres of land located at 2309 Hodge Road in Knightdale for Eastgate540, a 1 million-square-foot industrial park. Phase I of Eastgate540 will be a 150,000-square-foot building with an adjacent pad-ready site for an additional 150,000-square-foot building. Scannell plans to deliver Phase I by second-quarter 2017. Upon completion, Eastgate540 will include six Class A industrial buildings featuring 32-foot clear heights, an ESFR sprinkler system, T-5 lighting and a shared 190-foot concrete truck court. Chester Allen, Barry Bowling and Carlton Midyette III of CBRE | Raleigh represented the seller, Hicks, Murphy and Myrick Families, in the land sale. Butch Miller, Ann-Stewart Patterson and Bryan Everett of CBRE | Raleigh will handle Eastgate540’s leasing responsibilities.

September 27, 2016

Georgia North Carolina Retail South Carolina Southeast

Big V Capital Purchases Three Shopping Centers in the Southeast for $24M

by John Nelson September 27, 2016

FLORIDA, N.Y. — Big V Capital LLC, the investment management affiliate of New York-based Big V Properties, has closed on the purchase of three shopping centers in the Southeast for a combined $24 million. The properties include the 74,370-square-foot Village at Myrtle Grove in Wilmington, N.C.; the 180,194-square-foot Lancer Center in Lancaster, S.C.; and the 203,876-square-foot Lanier Plaza Shopping Center in Brunswick, Ga. Village at Myrtle Grove was 87 percent leased at the time of sale to tenants such as Staples; Lancer Center was 89 percent leased to Big Lots, Citi Trends, Pet Sense and Bi-Lo; and Lanier Plaza was 81 percent leased to Winn-Dixie, Dollar Tree, Rent-A-Center and Habitat for Humanity. With the purchase of these three assets, Big V Properties owns and/or operates 31 Class A and B shopping centers totaling roughly 3 million square feet.

September 27, 2016

Affordable Housing Florida Multifamily Southeast

Housing Trust Group, AM Affordable Housing Open $22M Residential Community in Miami

by John Nelson September 27, 2016

MIAMI — Housing Trust Group (HTG) and AM Affordable Housing, a nonprofit founded by NBA Hall of Famer and Miami Heat legend Alonzo Mourning, celebrated the grand opening of Courtside Apartments, an 84-unit residential community in the historic Overtown neighborhood of Miami. Public officials, community members and guests gathered at the new $22.8 million development at 1699 N.W. 4th Ave. for an official ribbon-cutting ceremony. Courtside’s one-, two- and three-bedroom apartments are reserved for residents making an annual income of no more than 60 percent of area media income (AMI). Monthly rents range from $760 to $990. The property is fully occupied. HTG secured financing in 2014 through a variety of public-private sources including $9 million in Florida Housing Finance Corp. low-income housing tax credits; $3.3 million in construction debt from City Community Capital; $7.5 million from the Southeast Overtown/Park West Community Redevelopment Agency; $1.8 million from Miami-Dade County in the form of a surtax loan along with developer equity. Courtside Apartments broke ground in 2015, with 40 percent of the construction labor provided by residents of the surrounding neighborhood. Amenities include a basketball court, fitness center, business center with computers, laundry facilities, picnic area with outdoor grill, media center, …

September 27, 2016

Georgia Retail Southeast

The Shopping Center Group Brokers Sale of Two Retail Centers in Metro Atlanta for $9.4M

by John Nelson September 27, 2016

DACULA AND CUMMING, GA. — The Shopping Center Group has brokered the sale of two family lifestyle and sports-centric retail centers located in north metro Atlanta. The transactions include the $5.9 million sale of the 107,000-square-foot Dacula Family Festival in Dacula and the $3.5 million sale of the 62,410-square-foot Midway Family Festival in Cumming. Vishal Dacula LLC purchased both assets. Neal Pringle and the late Mark Cooley of The Shopping Center Group represented the seller, Watkins Real Estate Group, in both transactions. Constructed in 2008, Dacula Family Festival’s tenant roster includes TEBO Dentistry for Kids, Belle Nails, Taekwondo, Green Tea Restaurant and Little Caesars in two buildings. Kids Up Indoor Playground + Party Center, Swim Atlanta and Jack City Sports occupy three additional buildings. Dacula Family Festival also features a 200-foot baseball field, indoor pitching mounds and batting cages, a full-size basketball court and an indoor flag football arena operated by Jack’s City Sports Center. Two new tenants, Mathnasium and Fit Body Boot Camp, are slated to open in late 2016. Built in 2009, Midway Family Festival was fully leased at the time of sale to tenants such as Pepperoni’s Pizza, Vickery Animal Hospital, 7 Tequilas Mexican Restaurant, Johns Creek …

September 27, 2016

Alabama Healthcare Southeast Top Stories

Medical Properties Trust to Acquire Nine Acute Care Hospitals in Massachusetts for $1.25B

by Katie Sloan September 27, 2016

BIRMINGHAM, ALA. — Birmingham-based Medical Properties Trust Inc. (NYSE: MPW) has agreed to invest $1.25 billion in Steward Health Care System LLC through the sale-leaseback of nine acute care hospitals operated by Steward, and through the acquisition of a limited equity stake in the company. The transaction includes $1.2 billion for the hospital real estate and a $50 million equity investment in Steward. Properties in the sale-leaseback include Saint Anne’s Hospital in Fall River, Mass.; Holy Family Hospital at Methuen in Methuen, Mass.; Holy Family Hospital at Haverhill in Haverhill, Mass.; Carney Hospital in Dorchester, Mass.; Norwood Hospital in Norwood, Mass.; St. Elizabeth’s Medical Center in Brighton, Mass.; Good Samaritan Medical Center in Brockton, Mass.; Nashoba Valley Medical Center in Ayer, Mass.; and Morton Hospital in Taunton, Mass., according to reports by CoStar Group. The portfolio totals nearly 1,800 beds. An affiliate of Cerberus Capital Management — owner of Steward Health Care — agreed to invest $150 million in MPW’s common stock in a private placement transaction concurrent with closing. Medical Properties Trust Inc. is a self-advised real estate investment trust focused on acquiring and developing net-leased healthcare facilities. The company’s stock closed at $14.99 per share on Monday, Sept. …

September 27, 2016

Features Florida Office Southeast Top Stories

Steps Every Landlord Should Take to Prevent Liens by its Tenant’s Contractors

by John Nelson September 27, 2016

Defending claims of lien recorded by tenant improvement contractors can be costly, time consuming and lead to protracted litigation. However, with a little planning and the right contract language, landlords can protect their properties from such liability. Below is a summary of various strategies a landlord can implement to avoid liens from its tenant’s improvements. Include No-Lien Language in all Leases and Record A Notice Thereof Under Florida law, when a lease between a landlord and a tenant requires the tenant to make improvements to the tenant’s premises, if the tenant ends up failing to pay its contractor for the tenant improvement work, then the contractor can file a claim of lien (and eventually foreclose) against both the tenant’s leasehold interest and the landlord’s fee simple interest in the property in an attempt to recover payment. However, under Section 713.10, Florida Statutes, the landlord can prevent such claims of lien and foreclosure actions, even if the improvements are the “pith of the lease,” by taking a few proactive steps. First, the landlord must include express “no-lien language” in its lease that states that the interest of the landlord shall not be subject to liens for improvements performed in the premises …

September 27, 2016

Massachusetts Multifamily Northeast

CBRE/NE Arranges Sale of 251-Unit Avalon Shrewsbury in Massachusetts

by Jaime Lackey September 27, 2016

SHREWSBURY, MASS. — CBRE/New England’s Capital Markets team has arranged the sale of Avalon Shrewsbury, a 251-unit garden-style apartment community located in Shrewsbury. Simon Butler and Biria St. John of CBRE/NE exclusively represented the seller, AvalonBay Communities Inc., and procured the buyer, Audubon Shrewsbury LLC, an affiliate of Boston-based Audubon Capital Partners. The Class A community, which was built in 2006, consists of eight three- and four-story garden-style buildings, one two-story garden-style building, five three-story townhouse buildings, two two-story townhouse buildings and one clubhouse building. The 251 units include one-, two- and three-bedroom homes as well as two-bedroom townhomes with an average apartment home size of 1,261 square feet. Community amenities include a freestanding community center, a business center, fitness center, indoor basketball court, while outdoor amenities include a resort-style heated outdoor swimming pool with sun deck, playground and grilling areas. Additionally, there are 36 attached garages with the townhomes and six detached garages.

September 27, 2016

Multifamily New York Northeast

Cignature Realty Handles $19.7 Million Two-Building Multifamily Sale in Manhattan

by Jaime Lackey September 27, 2016

NEW YORK CITY — Cignature Realty Associates brokered the $19.7 million sale of two adjacent five-story multifamily walk-up rental buildings in the Inwood section of Manhattan to Coney Realty & Management. Hillcrest Acquisitions LLC sold the buildings, which were built in 1926 and renovated in 1988. They are located at 14 and 28 Thayer Street and total 64,255 square feet in 85 apartments: 61 one-bedrooms, 15 two-bedrooms and nine three-bedrooms. They sold for $306 per square foot. Cignature Realty’s Lazer Sternhell and Peter Vanderpool represented both the buyer and seller in the transaction.

September 27, 2016

Industrial New York Northeast

Kalmon Dolgin, Premier Broker $3.5M Purchase of Warehouse Space in Old Bethpage, N.Y.

by Jaime Lackey September 27, 2016

OLD BETHPAGE, N.Y. — Kalmon Dolgin Affiliates Inc. (KDA) has arranged the sale of a 42,500-square-foot property at 195 Sweet Hollow Road in Old Bethpage for $3.5 million. Linda Wong of KDA, along with Jason Miller and Jeff Schwartzberg of Premier Commercial Real Estate, represented the buyer Long Guang Lin, while William Becker of Racanelli, Becker and Associates LLC represented the seller, 195 Sweet Hollow Road Corp., in the transaction. The buyer will use the warehouse space for its kitchen cabinet and marble business, New Star Kitchen. The property was formerly used by Advance Relocation Molloy Brothers Moving and Storage, which has relocated its operations to Farmingdale, N.Y. The one-story property has a 5,000-square-foot office.

September 27, 2016

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