Southeast

DURHAM, N.C. — CBRE | Raleigh has arranged the $13.5 million sale of 4.2 acres of land located at 411 S. Roxboro St. in downtown Durham. LMC Durham Gateway Holdings LLC acquired the site with plans to develop a new mixed-use development. The site plan is approved to develop up to 212,239 square feet of office space with 9,260 square feet of ground-floor retail, 200 apartment units, a 155-room hotel with 20 condominium units and an additional 99,750 square feet of hotel or multifamily space. Chester Allen, Barry Bowling and Carlton Midyette III of CBRE | Raleigh arranged the transaction on behalf of the seller, Durham Partnership Group LLC. A construction timeline was not disclosed.

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HOLLYWOOD, FLA. — Stroock has arranged the $90 million sale of Parc Station Apartments, a newly built, 336-unit multifamily community in Hollywood. Ira Teicher and John-Paul Ovadia of Stroock arranged the transaction on behalf of the buyer, JPMorgan Asset Management. A joint venture between Ram Realty Services and Pinnacle Housing Group sold the asset, which was constructed in 2016. Parc Station Apartments includes 17 three-story buildings and features a swimming pool, fitness center and a playground.

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MOUNT JULIET, TENN. — KeyBank Real Estate Capital has closed a $75.2 million Freddie Mac loan for the refinancing of LC Providence, a 451-unit apartment community in Mount Juliet, roughly 20 miles east of Nashville. Tim Migchelbrink of KeyBank originated the 10-year loan with five years of interest-only payments and a 30-year amortization schedule on behalf of the undisclosed borrower. The property was constructed in 2017 and is the first of a two-phase development. The community includes 19 two- and three-story buildings and features a swimming pool, fitness center, outdoor patio, barbecue area and a volleyball court. Rental Rates at LC Providence range from $1,215 to $1,690 per month, according to Apartments.com.  

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RALEIGH, N.C. — Cushman & Wakefield has arranged the $30 million sale of The Arbors, a three-building, 211,504-square-foot office portfolio in Raleigh. The buildings are located at 3120, 3128 and 3200 Highwoods Blvd., within Highwoods Office Center. Cushman & Wakefield arranged the transaction on behalf of the seller, a partnership between The Simpson Organization and Harbert Management Corp. A joint venture between B&G Real Estate Investment Management and Priam Capital acquired The Arbors, which was 99 percent leased at the time of sale. Dennis Hurley, Hillman Duncan and Patti Autry of Cushman & Wakefield will handle the portfolio’s leasing assignment on behalf of the new owners.

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ST. PETERSBURG, FLA. — Berkadia has closed a $23.7 million loan for the refinancing of Isles of Gateway, a 212-unit multifamily community in St. Petersburg. Mitch Stinberg, Brad Williamson and Matthew Robbins of Berkadia originated the 10-year loan with five years of interest-only payments and a 30-year amortization schedule through Freddie Mac’s Green Advantage program on behalf of the borrower, a joint venture between Rosehill Group and GPC Truss. The Green Up program allowed the borrower to reduce the interest rate by 25 basis points. Constructed in 1987, Isles of Gateway offers one- to three-bedroom units and features a fitness center, resort-style pool and Jacuzzi, two pet parks and lighted tennis and basketball courts.

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WALKER, LA. — Marcus & Millichap has arranged the $4.6 million sale of Best Western Plus Regency Park, a 63-room hotel located at 13600 Hartman Lane in Walker, roughly 20 miles east of Baton Rouge. Manish Sthanki, Allan Miller and Chris Gomes of Marcus & Millichap arranged the transaction on behalf of the seller, a private investor, and secured the buyer, an undisclosed limited liability company. The three-story hotel features complimentary breakfast, an outdoor pool, fitness center, laundry facilities and a business center.

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ATLANTA — John Portman, the architect and developer who revolutionized hotel design and shaped the skylines of Atlanta and cities abroad, died Friday, Dec. 29 at the age of 93. Portman was the founder and chairman of Atlanta-based real estate development firm Portman Holdings LLC, and architectural and engineering firm John Portman & Associates. Portman pioneered the role of architect as developer by developing, owning and designing major projects around the world, making him a rarity among contemporaries. Born in Walhalla, S.C., in 1924, Portman spent the majority of his life in metro Atlanta — a city he came to transform. Portman gave the city the sprawling 14-block Peachtree Center, demonstrating his commitment to the downtown business district. Peachtree Center began in 1961 with the opening of the Atlanta Merchandise Mart, and would come to include eight office towers, three hotels and retail shops. The Portman-owned-and-operated Mart has since grown to become AmericasMart, the world’s largest contiguous wholesale marketplace, according to various media reports. In addition, Portman designed and developed four downtown Atlanta hotels: the Hyatt Regency Atlanta, The Westin Peachtree Plaza, the Atlanta Marriott Marquis and the Hotel Indigo Atlanta Downtown. Groundbreaking project With the opening of the Hyatt Regency Atlanta …

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The greater metropolitan New Orleans office market contains approximately 15 million square feet of office space segregated into five distinct submarkets. Two major submarkets, the Central Business District (CBD) and Metairie (a suburban market), represent 94 percent of the total square footage. The occupancy rates of Class A properties in these two markets are 87.7 percent and 88.7 percent, respectively. These rates are 1.56 percent lower and 3.01 percent higher than the respective downtown and suburban Class A office averages nationally. The overall vacancy is limited to a select group of buildings resulting in limited options for tenants seeking more than 25,000 square feet of contiguous space. The New Orleans economy typically runs counter cyclically to the rest of the nation. It has enjoyed relative immunity from the lingering effects of the 2008 financial crisis and the relatively stagnant national economy. Over the last several years occupancy rates have trended above national averages and rental rates have experienced modest growth. New Orleans’ office market is performing well, consistently outperforming most national averages and rarely lagging far behind others. This track record of success can be attributed to several different factors. Due to geographic constraints there are limited sites available for …

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ALEXANDRIA, VA. — The Donaldson Group, in partnership with Angelo, Gordon & Co., has purchased Cityside at Huntington Metro, a 569-unit apartment community in Alexandria, roughly eight miles south of Washington, D.C., for $111 million. Bill Roohan, Bob Dean, Jonathan Greenberg, Tom Leachman and Yalda Ghamarian of CBRE arranged the all-cash transaction on behalf of the seller, an affiliate of The Carlyle Group. The community was constructed in 1968 and 1974 and features a mix of studio to three-bedroom floor plans. Community amenities include a rooftop fitness center, rooftop lounge, pool and sundeck, outdoor patio and grill area, playgrounds and a dog park. In addition, the community is located within walking distance to the Huntington Metro Station. The new ownership plans to renovate the property with a modernized leasing center, enhanced signage, new windows, common area and entryway improvements, exterior façade renovations and interior unit upgrades.

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ATLANTA — Building and Land Technology (BLT) has sold Concourse Buildings I, II and IV within Concourse Corporate Center, a 63-acre office development located in Atlanta’s Central Perimeter submarket. CBRE Global Investors acquired the two eight-story buildings and one four-story building, which encompass nearly half of the 2.2 million-square-foot development. Stamford, Conn.-based BLT originally acquired Concourse Corporate Center in 2015 for nearly $500 million, according to the Atlanta Business Chronicle, and was seeking offers on the project for as much as $580 million. The final sales price was not disclosed. BLT invested in capital improvements to the buildings including lobby and elevator renovations, new conference facilities and added outdoor amenity areas. BLT will retain ownership of the iconic “King and Queen” towers located within Concourse Corporate Center, with plans to implement additional enhancements. BLT has retained Atlanta-based Regent Partners to lease and manage the Concourse buildings on behalf of BLT.

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