Southeast

Bridge Investment Group Acquires 510,200 SF Office Complex in Suburban Maryland

by Alex Tostado January 4, 2019

SILVER SPRING, MD. — A subsidiary of Bridge Investment Group, Bridge Office Fund Manager LLC, has acquired Station Square in Silver Spring. The three-building, Class A office complex is situated adjacent to a Metro station and about six miles north of downtown Washington, D.C. The sales price was undisclosed, though the new owners are planning a $12 million renovation to upgrade the exteriors of the three buildings, modernize elevators and lobbies and improve mechanical systems. Bridge plans to unveil a new coworking concept coming to Station Square that will create a more modern and tech-centric vibe and appearance. Station Square was built between 1982 and 1987, and was 80 percent leased at the time of the sale. The seller was undisclosed, but media outlets are reporting that Brandywine Realty Trust was the previous owner.

January 4, 2019

Acquisitions Multifamily Southeast Tennessee

Joint Venture Buys 306-Unit Apartment Complex in Memphis

by Alex Tostado January 4, 2019

MEMPHIS, TENN. — A joint venture between Balfour Beatty Communities, American National Insurance Co. and ApexOne Investment Partners has acquired Preserve at Southwind, a 306-unit apartment complex in Memphis. The community was built in 2000 and features one-, two- and three-bedroom floor plans. The property is situated in the city’s Germantown/Collierville area about 15 miles east of Memphis International Airport and about 22 miles east of downtown Memphis. As part of the ownership agreement, Balfour Beatty will provide property management services. Newmark Knight Frank brokered the acquisition. The seller and sales price were undisclosed.

January 4, 2019

Acquisitions Retail Southeast Virginia

PAC Subsidiary Purchases Target-Anchored Shopping Center in Charlottesville

by Alex Tostado January 4, 2019

CHARLOTTESVILLE, VA. — New Market Properties LLC, a subsidiary of Preferred Apartment Communities (PAC), has acquired Hollymead Town Center, a Target-anchored shopping center in Charlottesville. In addition to the 142,000-square-foot Target, the center is also anchored by a 60,607-square-foot Harris Teeter grocery store. The seller and sales price were undisclosed, but the property was formerly listed on Regency Centers’ website. Aegon provided a non-recourse acquisition loan to PAC totaling approximately $27.3 million.

January 4, 2019

Florida Leasing Activity Office Southeast

Franklin Street Negotiates 61,598 SF Office Lease in Tampa for Corporate Headquarters of Insurance Firm

by Alex Tostado January 4, 2019

TAMPA, FLA. — Franklin Street has negotiated the 61,598-square-foot, long-term lease for Baldwin Krystyn Sherman Partners (BKS) to relocate its corporate headquarters to Tampa. The independent insurance firm will occupy two floors at Corporate Center II at International Plaza, a 10-story office building located about five miles west of downtown Tampa. The firm will be moving from the city’s Westshore district. Chris Bulter and Ryan McCurdy of Franklin Street represented the tenant in the lease transaction. Ron Ruffner and Clay Sovich of JLL represented the landlord, Atlanta-based Cousins Properties Inc.

January 4, 2019

Acquisitions Florida Hospitality Southeast Top Stories

Gencom-Led Venture Acquires Two Resort Hotels Near Tampa for $100M

by Kristin Harlow January 4, 2019

ST. PETE BEACH, FLA. — A venture led by Gencom has purchased the Grand Plaza Hotel and the Beachcomber Beach Resort and Hotel for $100 million. The hotels are located a quarter-mile apart from each other in St. Pete Beach, a barrier island on the Gulf of Mexico southwest of Tampa. Situated on 3.7 acres at 5250 Gulf Blvd., the 156-room Grand Plaza Resort opened in 1975 as a Hilton hotel and was most recently renovated between 2014 and 2016. The hotel is home to Spinners Rooftop Revolving Bistro & Lounge, the state of Florida’s only revolving rooftop restaurant. Other restaurants at the property include Bongos Beach Bar & Grille, Level 11 Rooftop Lounge and The Palm Room Restaurant. Additional hotel features for the Grand Plaza Resort include direct beach access, beach cabanas, private balconies, water sports rentals, 8,000 square feet of meeting space, a fitness center, swimming pool and business center. The Beachcomber Beach Resort and Hotel is a 102-room beachfront property situated on 6.2 acres at 6200 Gulf Blvd. Restaurants include Jimmy B’s Beach Bar and Grill and Players Sports Bar and Grill. Additional amenities include two outdoor swimming pools, a business center and a central courtyard. Daniel …

January 4, 2019

Development Mixed-Use South Carolina Southeast

Centennial American Properties to Break Ground on Next Phase of $200M Mixed-Use Project in Greenville

by Alex Tostado January 3, 2019

GREENVILLE, S.C. — Centennial American Properties (CAP), the developer of Camperdown, a four-acre, $200 million mixed-use development in downtown Greenville, is set to break ground on the project’s next phase. Falls Tower, the second office tower in the development, is scheduled to begin construction in the first quarter. The 15-story building will have 10 stories of office space, topped by five floors of for-sale condominiums. At full buildout, Camperdown will have more than 200,000 square feet of office space, 18 condos, an AC Hotel and 217 apartment residences. Construction on Camperdown is expected to be complete in 2020.

January 3, 2019

Acquisitions District of Columbia Office Southeast

Akridge, STARS Buy 116,000 SF Office Building in Downtown D.C. for $48.5M

by Alex Tostado January 3, 2019

WASHINGTON, D.C. — Akridge and STARS REI have partnered to buy 1025 Vermont Avenue N.W., a 12-story, 116,000-square-foot office building in downtown Washington, D.C. The sales price was not disclosed, but multiple media outlets are reporting the building traded for $48.5 million. The property, also referred to as The Global Building, is situated about four blocks north of the White House. Bill Collins, Paul Collins, Drew Flood, Eric Berkman, Shaun Weinberg and Ben Mann of Cushman & Wakefield represented the seller, Carr Properties. This is STARS and Akridge’s second joint venture, having already partnered for a redevelopment of 1101 16th Street, which is expected to be delivered this month.

January 3, 2019

Acquisitions Multifamily Southeast Virginia

Dominion Realty Partners Sells New Multifamily Complex in Charlottesville for $44M

by Alex Tostado January 3, 2019

CHARLOTTESVILLE, VA. — Dominion Realty Partners (DRP) has sold 5th Street Place, a 200-unit apartment community in Charlottesville, to Raia Capital Management for $44 million. The asset was delivered in summer 2018 and was 93 percent occupied at the time of the sale. Amenities include a clubhouse, fitness center, yoga studio, pool and grilling areas. Kris Mikkelsen, Chris Doerr and Will Harvey of Walker & Dunlop represented DRP in the transaction.

January 3, 2019

Acquisitions Georgia Office Southeast

Areu Bros. Studio Purchases Tyler Perry’s Former Movie Studio in Southwest Atlanta for $18.5M

by Alex Tostado January 3, 2019

ATLANTA — Areu Bros. Studio has purchased an Atlanta movie studio that was formerly used by Tyler Perry. A spokesperson for the seller’s realtor, Atlanta Fine Home Sotheby’s International Realty, said the complex sold for $18.5 million. Miami-based LV Lending provided the undisclosed acquisition financing. The 205,751-square-foot building is situated in southwest Atlanta on 24 acres with an excess 33 acres on the property. Areu Bros. Studio is the first Latino-owned and operated major film and TV studio in the United States. Ozzie Areu was the president of Tyler Perry Studios for 12 years.

January 3, 2019

Acquisitions Industrial Southeast Virginia

JLL Arranges Sale of 320,000 SF Industrial Property in Virginia Beach

by Alex Tostado January 3, 2019

VIRGINIA BEACH, VA. — JLL has arranged the $8 million sale of a 320,000-square-foot industrial property located at 1537 Air Rail Ave. in Virginia Beach. The buyer, Lingerfelt CommonWealth Partners, will reposition the 18-acre site for warehouse use. The asset has historically been used as a manufacturing plant since it was first built in 1979. The property is located within Airport Industrial Park, situated about four miles from Norfolk International Airport. Gregg Christoffersen, Kris Kennedy, Charlie Kenning and Kris Bjorson of JLL represented the undisclosed seller in the transaction.

January 3, 2019

Newer Posts

Older Posts