Southeast

Washington REIT to Acquire Office Tower in Metro D.C. for $250M

by Camren Skelton January 5, 2018

ROSSLYN, VA. — Washington REIT plans to acquire Arlington Tower, a 398,000-square-foot office tower in Rossyln, less than three miles southwest of Washington, D.C., for $250 million. The name of the seller was not disclosed. Washington REIT is expected to close on the 19-story tower in the first quarter. Located at 1300 N. 17th St., Arlington Tower is situated two blocks from the Rosslyn Metrorail station, offering access to Ronald Reagan Washington National Airport, the Pentagon and the national capital area. Over the past five years, the building underwent $16 million in renovations, including the addition of a private rooftop deck, fitness center, updated onsite retail amenities, a landscaped outdoor plaza, updated lobby and improved five-level underground parking. Washington REIT plans to further enhance the building with pre-built spec suite options, allowing small and mid-size tenants the option to move in quickly. At the time of sale Arlington Tower was leased to tenants including B. Riley FBR, Raytheon/BBR Technologies, Promontory Interfinancial Network, Pepco, the National Electrical Manufacturers Association and Graham Holdings Co. Carol Weld King and David Reina of Morris, Manning & Martin LLP represented Washington REIT in the acquisition.

January 5, 2018

Florida Loans Retail Southeast

Fifth Third Bank Provides $43M Construction Loan for Retail Portion, Parking Garage at Miami Worldcenter

by Camren Skelton January 5, 2018

MIAMI — Fifth Third Bank has provided a $43 million construction loan for the construction of 53,000 square feet of retail space and a 1,100-space parking garage at Miami Worldcenter, a 27-acre mixed-use project in downtown Miami. Miami Worldcenter Associates and CIM GROUP are developing the project, which at full build-out will feature 360,000 square feet of retail space, apartments buildings, a 600,000-square-foot office building, 1,700-room Marriott Marquis hotel and 350,000 square feet of convention space. The loan brings the total amount of financing secured to date to approximately $500 million.

January 5, 2018

Georgia Industrial Southeast

JLL Income Property Trust Buys New Industrial Building in Metro Atlanta for $31M

by Camren Skelton January 5, 2018

BUFORD, GA. — JLL Income Property Trust has acquired Mason Mill Distribution Center, a 340,000-square-foot industrial property in Buford, roughly 38 miles northeast of Atlanta, for $31 million. The newly constructed building is fully leased to a publicly traded global pharmaceutical distribution company through 2027. Mason Mill Distribution Center features 32-foot ceiling heights, an ESFR sprinkler system, LED lighting, a cross-dock design and 376 parking spaces. In addition, the facility is fully air-conditioned.

January 5, 2018

Florida Industrial Loans Maryland Mixed-Use Southeast

Ready Capital Arranges $20.4M in Loans for Industrial, Mixed-Use Properties in Maryland, Florida

by Camren Skelton January 5, 2018

HALETHORPE, MD. AND MIAMI — Ready Capital Structured Finance has arranged two loans totaling $20.4 million for an industrial property in Halethorpe and a mixed-use property in Miami. Ready Capital arranged a $14 million, three-year loan for the acquisition, renovation and stabilization of a 313,000-square-foot industrial property in Halethorpe, a city roughly seven miles south of Baltimore. The borrower plans to upgrade the property with full interior unit renovations, exterior renovations and infrastructure upgrades, followed by re-tenanting the property. In Miami, Ready Capital arranged a $6.4 million, three-year loan for the acquisition, renovation and stabilization of a 19,600-square-foot mixed-use property. The borrower plans to fully renovate unit interiors, build out new retail space and re-tenant the property. Both loans feature floating interest rates, two extension options and flexible pre-payment structures. The names of the borrowers were not disclosed.

January 5, 2018

Retail Southeast Tennessee

Cobalt Buys 134,818 SF Retail Center in Nashville for $16.3M

by Camren Skelton January 5, 2018

NASHVILLE, TENN. — Cobalt Real Estate Solutions LLC has acquired Jackson Downs, a 134,818-square-foot shopping center in Nashville, for $16.3 million. Viking Partners sold the asset, and Integrated Realty Advisors arranged acquisition financing through ORIX RE Holdings LLC. Marshalls and OfficeMax anchor the property, and Target and Kohl’s are shadow-anchors. At the time of sale, Jackson Downs was fully occupied. Divaris Real Estate and Divaris Property Management Corp. have been retained to oversee leasing and management of the property, with support from Colliers International.

January 5, 2018

Florida Loans Multifamily Southeast

Canyon Provides $102.3M Bridge Loan for Multifamily Property in Miami

by Camren Skelton January 4, 2018

MIAMI — Canyon Partners Real Estate LLC has provided a $102.3 million senior bridge loan for the recapitalization of Shorecrest Club, a 467-unit, waterfront apartment community in Miami. Canyon arranged the transaction on behalf of the borrower, Upper East Side Miami LLC, an affiliate of ECI Group, an Atlanta-based real estate development, brokerage and management company. The property is located roughly 10 miles from Miami International Airport and eight miles north of Miami’s Brickell district. Shorecrest Club offers a mix of one- to three-bedroom units, with rents starting at $1,535 per month for a one-bedroom, according to Apartments.com. In addition, the property features a resort-style pool with lap lanes, outdoor cabanas, fitness center with saunas, tenant lounges, storage units and a movie theater. ECI Group plans to further enhance the property with the addition of 12 boat slips for the planned Biscayne Bay waterfront, landscaping and a dog park.

January 4, 2018

Healthcare Office Southeast Virginia

Avison Young Arranges $62.5M Sale of Medical Office Building in Metro D.C.

by Camren Skelton January 4, 2018

FAIRFAX, VA. — Avison Young has arranged the sale of Merrifield-Fairfax Medical Campus, a 119,788-square-foot medical office building located at 3023 Hamaker Court in Fairfax, roughly 20 miles west of Washington, D.C. Grosvenor Americas Inc. sold the asset for $62.5 million to Harrison Street Real Estate, according to the Washington Business Journal. Jim Kornick, Chip Ryan, Mike Wilson, Erik Foster and Mark Johnson of Avison Young arranged the transaction. Situated adjacent to the Inova Fairfax Hospital campus, the building was 84.5 percent leased at the time of sale to tenants including Children’s National Health System and Pediatric Specialists of Virginia, a venture between Children’s and Inova. In addition, the transaction included a 120,000-square-foot adjacent site that has been approved for a second phase of development.

January 4, 2018

Georgia Office Southeast

ATPS Realty Partners Acquires Office Building in Atlanta’s Buckhead District for $50M

by Camren Skelton January 4, 2018

ATLANTA — ATPS Realty Partners, a joint venture between Israel-based Sage Equities and Atlanta-based Anchor Capital Partners, has acquired Live Oak Square, a 201,488-square-foot office building in Atlanta’s Buckhead district. The Atlanta Business Chronicle reports HighBrook Investors sold the asset for approximately $50 million. Justin Parsonnet, Jay O’Meara, Will Yowell and Ryan Reeth of of CBRE arranged the transaction on behalf of the seller. The 10-story building is located at the intersection of Peachtree and Lenox roads, across the street from both Lenox Square mall and Phipps Plaza and within walking distance of the Lenox MARTA Station. The University of Georgia’s Terry College of Business anchors the building, which was 74 percent leased at the time of sale to tenants including Merchant E-Solutions, MRI Software and The Bucket Shop Café. Kevin Lott and Claire Ross of JLL will oversee the building’s leasing assignment, and JLL’s Stacy Goldworn will manage the property.

January 4, 2018

Georgia Industrial Southeast

Trammell Crow, Allstate Sell 760,256 SF Industrial Facility in Metro Atlanta

by Camren Skelton January 4, 2018

MCDONOUGH, GA. — Trammell Crow Co. (TCC) and its partner, Allstate, have sold Phase II of King Mill Distribution Park, an approximately 1.6 million-square-foot industrial park in McDonough, roughly 30 miles southeast of Atlanta. Canadian REIT Pure Industrial Real Estate Trust (PIRET) acquired the 760,256-square-foot warehouse, located at 150 Distribution Drive. Frank Fallon, Chris Riley and Trey Barry of CBRE arranged the transaction on behalf of the joint venture. Other terms of the deal were not disclosed. The building features 36-foot clear heights, ample trailer storage, employee vehicle parking, ingress/egress with two separate entrances and the flexibility to accommodate multiple tenants. In May, TCC and Allstate sold the first phase of the development to American Realty Advisors. The 846,496-square-foot building is fully leased to Wayfair, a Boston-based e-commerce retailer specializing in home furnishings and décor.

January 4, 2018

Alabama Retail Southeast

InvenTrust Sells Shopping Center in Dothan, Alabama for $33.8M

by Camren Skelton January 4, 2018

DOTHAN, ALA. — InvenTrust Properties Inc. has sold Dothan Pavilion, a 327,423-square-foot shopping center located at 4601 Montgomery Highway in Dothan, for $33.8 million. Dothan Pavilion Group LLC acquired the asset, and Jim Hamilton, Richard Reid and Barry Brown of HFF arranged the transaction on behalf of InvenTrust. At the time of sale, Dothan Pavilion was 89 percent leased to tenants including Bed Bath & Beyond, Barnes & Noble, Carmike Cinemas AMC Theatres, Michaels, Ross Dress for Less, Dick’s Sporting Goods, Target, Lowe’s Home Improvement, Kohl’s, Moe’s Southwest Grill, Ulta Beauty, Cold Stone Creamery and GameStop.

January 4, 2018

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