Southeast

Phoenix Realty Group Buys 345-Unit Apartment Community in Durham for $37.2M

by Camren Skelton June 13, 2018

DURHAM, N.C. — Phoenix Realty Group (PRG) has acquired Beech Lake Apartments, a 345-unit multifamily community located at 4800 University Drive in Durham, for $37.2 million. The name of the seller was not disclosed. Constructed in 1987, the property includes 30 three-story buildings and is situated on 37 acres. PRG will update and modernize the community, renaming it Alvista Durham. Planned unit upgrades include faux wood flooring in common areas, new laminate countertops, new kitchen cabinet doors and hardware and faux stainless steel appliances. Planned common area improvements include the addition of a dog park, dog wash station, outdoor kitchen and fire pit, upgrades to the pool area and the conversion of the lakeside trail to an outdoor fitness trail.

June 13, 2018

Acquisitions North Carolina Office Southeast

Dilweg Acquires 14-Building Office Park in Charlotte for $45.6M, Plans Renovation

by Camren Skelton June 13, 2018

CHARLOTTE, N.C. — The Dilweg Cos. has acquired Vanguard Center, a 14-building office park in Charlotte, in two separate transactions. The sales price was not disclosed, but the Charlotte Business Journal reports the Durham-based company acquired the assets from True North Management Group for $45.6 million. Dilweg plans to invest significant capital to improve the park, which was constructed between 1975 and 1997. Planned renovations include exterior improvements, updates to mechanical systems and common area and tenant amenity upgrades. Perkins + Will, an architectural firm, will assist with the renovations. Vanguard Center totals 563,504 square feet and was 65 percent leased at the time of sale to tenants including MapAnything, National Welders, MI Home and The Home Depot. Patrick Gildea and Matt Smith of CBRE arranged the transaction on behalf of the seller. Dilweg has retained CBRE’s Joe Franco, Ralph Oldham, Stephanie Spivey and Katherine Richey to handle the park’s leasing assignment. The purchase of Vanguard Center brings Dilweg’s Charlotte office portfolio to more than 1.7 million square feet and its Southeast office holdings to more than 6.4 million square feet.

June 13, 2018

Acquisitions Maryland Office Southeast

Finmarc Purchases Two-Building Office/Flex Portfolio in Maryland’s Howard County for $10.9M

by Camren Skelton June 13, 2018

COLUMBIA, MD. — Finmarc Management Inc. has acquired a two-building office/flex portfolio in Columbia for $10.9 million. The sold portfolio includes a single-story, 49,000-square-foot flex building at 9151 Rumsey Road and a single-story, 61,000-square-foot flex/office building at 9130 Red Branch Road. Jay Wellschlager of JLL arranged the transaction on behalf of the seller, Greenfield Partners. The portfolio was 90 percent leased at the time of sale. With this acquisition, Finmarc currently owns and manages more than 100 commercial office, flex, industrial and retail properties in the Mid-Atlantic area, as well as several residential projects. The company’s assets total just under 6 million square feet of space.

June 13, 2018

Acquisitions Office Southeast Tennessee

CBRE Brokers $43.3M Sale of 20-Story Office Tower in Nashville’s CBD

by Camren Skelton June 12, 2018

NASHVILLE, TENN. — CBRE has arranged the sale of 4th & Church, a 20-story office tower located at 201 4th Ave. N. in Nashville’s central business district. Stolz Real Estate Partners acquired the property from Albany Road Real Estate Partners. The sales price was not disclosed, but the Nashville Business Journal reports the building sold for $43.3 million. CBRE’s Jay O’Meara, Douglass Johnson, Justin Parsonnet and Morgan Hillenmeyer arranged the transaction on behalf of Albany. ServiceSource, a cloud-based software firm, anchors the building, which was 92 percent leased at the time of sale. Additional tenants include IQTalent Partners, Nashville City Club, Leitner Williams Dooley Napolitan and Parker Lawrence Cantrell & Smith. The building was fully renovated in 2008, and lobby renovations were completed in 2016.

June 12, 2018

Acquisitions Office Southeast Virginia

Velocis, Altus Realty Acquire 505,085 SF Office Complex in Metro D.C.

by Camren Skelton June 12, 2018

TYSONS, VA. — Velocis, in partnership with Altus Realty, has acquired Greensboro Park, a two-building, 505,085-square-foot office complex located at 8180 and 8200 Greensboro Drive in Tysons, roughly 16 miles west of Washington, D.C. CBRE arranged the transaction on behalf of the seller, an affiliate of Beacon Capital Partners LLC. The sales price was not disclosed. Greensboro Park includes one 11-story and one 14-story building, which were collectively 83 percent leased at the time of sale. Amenities include a fitness center, conference center, tenant lounge and an on-site café. Located within walking distance to the Greensboro Metro Station and Tysons Galleria, the property is situated adjacent to The Boro, a mixed-use development. The previous ownership renovated Greensboro Park in 2015, and Velocis and Altus plan to further renovate the building’s lobbies, common areas, restrooms and green space. JLL will manage the property.

June 12, 2018

Acquisitions Florida Office Southeast

HFF Arranges $23.7M Sale of Five-Story Office Building in South Florida

by Camren Skelton June 12, 2018

BOCA RATON, FLA. — HFF has arranged the $23.7 million sale of 900 Broken Sound Parkway, a 115,986-square-foot office building in Boca Raton. The property is located within The Park at Broken Sound, a 700-acre mixed-use community. Hermen Rodriguez, Ike Ojala and Tracey Goo of HFF arranged the transaction on behalf of the seller, a partnership between Mainstreet Capital Partners and an investment fund managed by The Davis Cos. HFF also procured the buyer, a partnership between local investors and a national investment fund. Originally constructed in 1989, the five-story building was renovated in 2015 and was 79.4 percent leased at the time of sale to tenants including CSL Plasma and Geosyntec. NAI Merin Hunter Codman will manage the property and handle the building’s leasing assignment.

June 12, 2018

Georgia Loans Multifamily Southeast

Arbor Provides $21.7M Fannie Mae Loan for Apartment Community South of Atlanta

by Camren Skelton June 12, 2018

EAST POINT, GA. — Arbor Realty Trust Inc. has provided a $21.7 million Fannie Mae loan for the refinancing of Parkside at Camp Creek Apartments, a 486-unit multifamily community in East Point, roughly eight miles south of downtown Atlanta. Ryan Duff of Arbor originated the loan, which features a 30-year amortization schedule. Constructed in 1970, Parkside at Camp Creek includes a mix of two- and three-bedroom floor plans and features a clubhouse, laundry facility, two swimming pools, a fitness center, playgrounds and a basketball court.

June 12, 2018

Florida Hospitality Loans Southeast

DSH Hotel Advisors Secures $4.8M Sale of Wyndham-Branded Hotel in Central Florida

by Camren Skelton June 12, 2018

KISSIMMEE, FLA. — DSH Hotel Advisors has arranged the $4.8 million sale of Baymont Inn & Suites by Wyndham, a 130-room hotel in the Central Florida town of Kissimmee. Dennis Hopper of DSH Hotel Advisors represented the seller, Maingate East Development Inc., in the transaction, and George Jimenez of Multifamily Real Estate Group Inc. represented the buyer, J.E. System Service Corp. The hotel features a business center, outdoor pool and complimentary breakfast.

June 12, 2018

Acquisitions Company News Hospitality Maryland Property Type Southeast Top Stories

Pebblebrook Hotel Trust Revises Offer to Acquire LaSalle Hotel Properties, New Deal Valued at $4.17B

by John Nelson June 12, 2018

BETHESDA, MD. — For the fourth time since March, Pebblebrook Hotel Trust (NYSE: PEB) has revised its merger proposal with LaSalle Hotel Properties (NYSE: LHO). Both hospitality REITs are based in Bethesda. Pebblebrook’s offer is contingent on LaSalle breaking off its current merger agreement with Blackstone Group. Pebblebrook submitted its offer to LaSalle’s board of trustees a few weeks after Blackstone and LaSalle came to terms on their merger. Blackstone’s deal was for $4.8 billion in an all-cash transaction. While a lower total dollar amount, Pebblebrook’s $4.17 billion offer excludes a debt portion, and The Wall Street Journal reports that Blackstone’s deal was valued at $3.7 billion when excluding debt. Pebblebrook’s board of trustees has unanimously approved the new deal. “The board of Pebblebrook remains convinced that a strategic combination with LaSalle represents a value-maximizing opportunity for the shareholders of both LaSalle and Pebblebrook,” said Jon Bortz, chairman, president and CEO of Pebblebrook. The hospitality REIT’s new offer represents a 13 percent premium over the Blackstone agreement. For each LaSalle common share held, each LaSalle shareholder may elect to receive $37.80 in cash (compared to Blackstone’s $33.50 per share offer) or a fixed exchange ratio of 0.92 Pebblebrook share. The …

June 12, 2018

Acquisitions Maryland Multifamily Southeast

FCP Sells 170-Unit Apartment Community in Suburban Maryland for $24.5M

by Camren Skelton June 11, 2018

FORT WASHINGTON, MD. — Federal Capital Partners (FCP) has sold River Pointe, a 170-unit apartment community located at 8340 Indian Head Highway in Fort Washington, about 19 miles south of Washington, D.C. Aulder Capital purchased the property for $24.5 million. River Pointe includes a new playground, picnic area, central courtyard, pet walk and on-site maintenance and management. Robin Williams, Dean Sigmon and Justin Shay of Transwestern’s Mid-Atlantic Multifamily Group brokered the transaction on behalf of FCP.

June 11, 2018

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