Property Type

Atlantic|Pacific Cos. Acquires Four Apartment Communities in Metro Atlanta

by John Nelson January 20, 2015

ATLANTA — Miami-based Atlantic|Pacific Cos. has acquired four Class A multifamily communities in metro Atlanta. The properties include the 246-unit Carrington Green located at 745 Highway 42 S. in McDonough; the 297-unit Villas at Southpoint located at 1690 Highway 20 W. in McDonough; the 332-unit Harris Bridge Overlook located at 1175 Old Harris Road in Dallas; and the 300-unit Shiloh Valley Overlook located at 2100 Shiloh Valley Drive N.W. in Kennesaw. Atlantic|Pacific plans to make capital improvements to the four communities, including interior upgrades and common area improvements. Atlantic | Pacific Management, the property leasing and management platform under Atlantic|Pacific Cos., will handle all property management responsibilities for all properties. The acquisition of these four properties brings Atlantic|Pacific’s holdings in metro Atlanta to 10 communities totaling more than 2,600 units.

January 20, 2015

Hospitality North Carolina Southeast

Concord Hospitality, Kane Realty to Develop AC Hotel in Raleigh

by John Nelson January 20, 2015

RALEIGH, N.C. — Concord Hospitality Enterprises and Kane Realty Corp. plan to develop and operate North Carolina’s first AC Hotel, a Marriott brand. The new 133-room hotel, known as AC Hotel Raleigh, will be located in Raleigh’s North Hills neighborhood. This is Concord and Kane Realty’s third hotel venture in the North Hills district. The hotel is slated to open in 2016.

January 20, 2015

Georgia Multifamily Southeast

CFI Buys Apartment Community in Midtown Atlanta, C&W Arranges $43.6M Acquisition Loan

by John Nelson January 20, 2015

ATLANTA — Cocke Finkelstein Inc. (CFI) has purchased Solace on Peachtree, an 18-story, 533-unit apartment tower located at 710 Peachtree St. N.E. in Midtown Atlanta. CFI purchased the asset from Lubert-Adler Real Estate Funds for an undisclosed amount. Mike Kemether, Chris Spain and Brandon Whitesell of Cushman & Wakefield’s (C&W) Atlanta office represented Lubert-Adler in the transaction. Additionally, Mike Ryan, Telly Fathaly, Brian Linnihan and Jeff Walker of Cushman & Wakefield’s equity, debt and structured finance team arranged a $43.6 million acquisition loan on behalf of CFI. C&W originated the GSE loan through its correspondent lender, Walker & Dunlop. Renovated in 2009, Solace on Peachtree was 96 percent occupied at the time of sale. The high-rise features a fitness center, clubroom with a business center and an updated rooftop deck.

January 20, 2015

Cedar Hollow Apartments Pinellas Park Florida

Florida Multifamily Southeast

Marcus & Millichap Brokers $2M Sale of Apartment Community in Pinellas Park

by John Nelson January 20, 2015

PINELLAS PARK, FLA. — Marcus & Millichap has brokered the $2 million sale of Cedar Hollow Apartments, a 42-unit apartment community located in Pinellas Park. Casey Babb of Marcus & Millichap’s Tampa office represented the buyer, a limited liability company based in Tel Aviv, Israel. Cedar Hollow Apartments, which was constructed in the mid-1980s, was 88 percent occupied at the time of sale.

January 20, 2015

Atlanta Downtown Improvement District 34 Peachtree

Georgia Office Southeast

Atlanta Downtown Improvement District Relocates to 34 Peachtree

by John Nelson January 20, 2015

ATLANTA — The Atlanta Downtown Improvement District (ADID), a public-private partnership founded in 1995, has relocated its headquarters from the Olympia Building near Woodruff Park to 34 Peachtree St. in Atlanta. The Olympia Building had been ADID’s home for the past six years, but Illinois-based CSH-23 Peachtree LLC acquired the historic building in late 2013 and has begun renovating the property to bring a super-sized Walgreens to the neighborhood. ADID’s new headquarters occupy 8,200 square feet of space on the first floor and lobby level of 34 Peachtree, just one block north of Five Points. The Creations Group, in partnership with Fairlead Commercial Real Estate LCC, purchased 34 Peachtree around the same time that the Olympia Building was sold.

January 20, 2015

Office Texas

Vanguard Arranges Sale of Office Building in Metro Dallas

by Haisten Willis January 19, 2015

ROCKWALL, TEXAS — Vanguard Real Estate Advisors, a Dallas-based real estate advisory firm, has arranged the sale of the Rockwall Commons office building. The property is located in the Dallas suburb of Rockwall. Jordan Cortez of Vanguard marketed the asset on behalf of an affiliate of the seller, Tabani Group. Bowman Investment Group LLC was the buyer. The Class A property was built in 2008 in conjunction with the Rockwall Commons mixed-use development, which includes a 202-unit luxury apartment community and retail suites located along Ridge Road, 1.5 miles north of I-30. The building was 100 percent leased at the time of sale to a mix of national and local tenants. The buyer assumed an existing CMBS loan as part of the transaction.

January 19, 2015

Retail Texas

Boulder Group Arranges Sale of Retail Property in Metro Austin for $2.3 Million

by Haisten Willis January 19, 2015

PFLUGERVILLE, TEXAS — The Boulder Group has arranged the $2.3 million sale of an Advance Auto Parts property located at 1313 FM 685 in Pflugerville, a suburb of Austin. The brand-new, 6,895-square-foot building is located across the street from a Walmart Supercenter. Advance Auto Parts has 15 years remaining on their absolute net lease, which features 9 percent rental escalations in each renewal option period. The buyer and seller were unnamed.

January 19, 2015

Multifamily Texas

Robert Faust Co. Arranges Equity for Apartment Complex in San Antonio

by Haisten Willis January 19, 2015

SAN ANTONIO — Robert Faust Mortgage Co. has arranged an equity investment for the Twin Creeks Ranch apartment project in San Antonio. The project will be the first phase of a two-phase project. Phase I will span 300 units located on 17 acres at the southeast corner of Alamo Ranch Parkway and Lone Star Parkway, which is the main intersection into Alamo Ranch. This is one block west of Loop 1604 and U.S. Highway 151. The developer will be SWBC Real Estate, which is owned by Southwest Business Corp. Robert Faust Mortgage Co. has been active in providing financing in San Antonio for a number of years. This year the Dallas-based company celebrated 38 years in business. The first units should be completed in spring 2016.

January 19, 2015

Michigan Midwest Retail

M&M Arranges $15.2M Sale of Kroger-Anchored Shopping Center in Westland, Mich.

by Danielle Everson January 19, 2015

WESTLAND, MICH. — Marcus & Millichap has arranged the $15.2 million sale of Cherry Hill Marketplace, a 120,568-square-foot shopping center in Westland, approximately 16 miles west of Detroit. Cherry Hill Marketplace is located at 124-210 S. Merriman Road. Kroger anchors the shopping center. Other tenants include Kroger Fuel, CVS, Ace Hardware, Advance America, Great Clips and H&R Block. The property was 84 percent occupied at the time of sale. Steven Siegel of the Marcus & Millichap’s Manhattan office, and Simon Jonna and Ashish Vakhariya of the firm’s Detroit office represented the institutional seller and procured the buyer, also an institution.

January 19, 2015

Illinois Midwest Multifamily

Interra Realty Brokers $7.1M Sale of Apartment Building in Chicago

by Danielle Everson January 19, 2015

CHICAGO — Interra Realty has brokered the $7.1 million sale of a 21-unit elevator apartment building in Chicago’s Avondale community. The property is located at 2902-10 W. Belmont Ave. The apartment building includes two- and three-bedroom layouts and a first-floor parking garage. Joe Smazal and James Clough of Interra Realty represented the seller, a local developer. Ted Stratman of Interra Realty represented the buyer, a venture of CLK Properties, a New York-based investor.

January 19, 2015

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