Southeast

Hanover to Deliver Upscale Apartment Tower in Atlanta’s Buckhead District

by Camren Skelton September 27, 2017

ATLANTA — Houston-based real estate developer Hanover Co. is nearing completion of Hanover Buckhead Village, a 353-unit apartment community in Atlanta’s Buckhead district. The 20-story tower is located next to the historic Buckhead Theatre at the corner of Roswell Road and Irby Avenue N.W., and is situated within walking distance to a Whole Foods Market, West Village and The Shops at Buckhead Atlanta. Community amenities include a screening room, business center, 24-hour TechnoGym, rooftop pool deck and outdoor dining and fireplace areas. Individual units feature oversized glass windows, wood-style flooring and granite countertops. Hanover Buckhead Village also includes 13 penthouse units that will feature wraparound windows and views of the Buckhead and Midtown skylines. In addition, the tower will include approximately 12,500 square feet of first-floor retail space. The property is slated to open this fall.

September 27, 2017

Florida Industrial Southeast

JV Secures $16.6M in Financing for Development of Industrial Asset in Fort Lauderdale

by Camren Skelton September 27, 2017

FORT LAUDERDALE, FLA. — A joint venture between Bridge Development Partners, Akard Street Partners LP (an investment partnership operated by Banner Oak Capital Partners LP) and Elion Partners has secured a $16.6 million construction loan for the development of Bridge Point Riverbend, a 221,542-square-foot industrial building in Fort Lauderdale. Steve Roth of CBRE arranged the loan through Webster Bank. The seller was not disclosed. The joint venture originally acquired the 12-acre property, located at the intersection of Interstate 95 and Broward Boulevard, in July for $10.4 million. Bridge Point Riverbend will feature 32-foot clear heights, rear-dock loading, ESFR sprinkler systems, a 1.4 to 1,000 parking ratio and the flexibility to accommodate tenants from 40,000 square feet to 221,542 square feet.

September 27, 2017

Hospitality Southeast Virginia

Noble Investment Group Acquires 142-Room Hotel in Metro D.C.

by Camren Skelton September 27, 2017

MCLEAN, VA. — Noble Investment Group has purchased Staybridge Suites Tysons-McLean, a 142-room hotel in downtown McLean, part of the greater Tysons Corner market of Washington, D.C. The seller and sales price were not disclosed. The extended-stay hotel features suites equipped with a full kitchen and flexible work space. In addition, Staybridge Suites features a 24-hour business and fitness center, complimentary breakfast buffet, pool, fire pit and a patio with barbeque grills.

September 27, 2017

Florida Industrial Southeast

Cushman & Wakefield Arranges $14.9M Sale of Manufacturing Facility in Broward County

by Camren Skelton September 27, 2017

CORAL SPRINGS, FLA. — Cushman & Wakefield has brokered the $14.9 million sale of 4520 Coral Ridge Drive, a 245,000-square-foot manufacturing facility in Coral Springs. Richard Etner Jr., Christopher Metzger, Christopher Thomson and Matthew McAllister of Cushman & Wakefield represented the buyer, Philadelphia-based Exeter Property Group. Hoerbiger Corp. of America sold the asset. Formerly known as the Alliance Building, 4520 Coral Ridge Drive is situated on 38.4 acres within Corporate Park of Coral Springs. Of that land, 17.6 acres is developable. Constructed in 1981 and fully renovated in 1995 to meet Category 5 hurricane safety standards, the building features 196,000 square feet of warehouse and manufacturing space, 63,000 square feet of office space, a data room, auditorium-style theater and 537 parking spaces. In addition, 4520 Coral Ridge Drive offers ceilings heights ranging from 24 to 35 feet, nine dock-high doors and one drive-in door.

September 27, 2017

Mixed-Use Retail South Carolina Southeast

Stiles Signs Publix to Anchor New Mixed-Use Project in Charleston

by Camren Skelton September 27, 2017

CHARLESTON, S.C. — Fort Lauderdale, Fla.-based Stiles has signed Publix to anchor Point Hope Commons, a 90,000-square-foot shopping center located within Cainhoy Plantation, a mixed-use community under development in Charleston. Point Hope Commons will be designed with a low country architectural theme and feature spaces for gathering and dining, with direct frontage along Clements Ferry Road. Stiles’ development team based in the company’s Charlotte office is managing the Point Hope Commons portion of the project, and Eric Meyer and Fritz Meyer of Meyer Kapp & Associates are providing property leasing representation. DI Development Co. is managing Cainhoy Plantation, which is being developed by combination of Guggenheim corporate and family interests. Upon completion, Cainhoy Plantation will include up to 9,000 single-family residences, a 264-unit apartment community and over 500 acres of retail, restaurant and office space.

September 27, 2017

Retail South Carolina Southeast

PAC Acquires Harris Teeter-Anchored Center in Metro Charlotte for $14.3M

by Camren Skelton September 26, 2017

FORT MILL, S.C. — Preferred Apartment Communities (PAC) has purchased West Town Market, a 67,883-square-foot shopping center in Fort Mill, a South Carolina suburb of Charlotte, for $14.3 million. PAC acquired the asset through its wholly owned subsidiary New Market Properties LLC. Thomas Kolarczyk, Richard Reid, Ted Hill and Mike Allison of HFF represented the seller, Retail Properties of America Inc. Ed Coco and Matt Casey of HFF secured an eight-year, $9 million loan with a 3.65 percent interest rate through Nationwide Life Insurance Co. on behalf of New Market Properties. A 48,220-square-foot Harris Teeter grocery store anchors West Town Market, which is located in the Highway 160 corridor. The retail center is also home to Pizza Hut, Great Clips and The UPS Store. The acquisition of West Town Market increases New Market’s retail portfolio to 37 grocery-anchored shopping centers across seven states.

September 26, 2017

Florida Multifamily Southeast

BRT Capital Purchases Apartment Community in Tallahassee for $30.4M

by Camren Skelton September 26, 2017

TALLAHASSEE, FLA. — BRT Apartments Corp. has acquired Jackson Square Apartments, a 242-unit multifamily community located at 1767 Hermitage Blvd. in Tallahassee. The New York-based firm acquired the asset through Miami-based Lloyd Jones Capital, a joint venture in which it has an 80 percent equity interest, for $30.4 million. Constructed in 1996, Jackson Square offers one- to three-bedroom units and features a swimming pool, fitness center, clubhouse and racquetball court.

September 26, 2017

Florida Retail Southeast

Publix Buys Shopping Center Near Pensacola for $18.6M

by Camren Skelton September 26, 2017

GULF BREEZE, FLA. — Publix Super Markets Inc. has acquired Sea Shell Collections, an 87,125-square-foot shopping center in the Pensacola community of Gulf Breeze, for $18.6 million. Publix anchors the center, which was 90.5 percent leased at the time of sale to tenants including Publix Liquor, Super Cuts, RE/MAX on the Coast, Coastal Paddle Co. and Pizzaz Personalized Gifts. Brad Peterson, Whitaker Leonhardt and Michael Brewster of HFF represented the undisclosed seller in the transaction.

September 26, 2017

Industrial North Carolina Southeast

Dilweg Sells 13-Building Industrial Property in Greensboro, North Carolina

by Camren Skelton September 26, 2017

GREENSBORO, N.C. — The Dilweg Cos. has sold South Elm Business Center, a 13-building industrial/flex development totaling approximately 330,000 square feet in Greensboro. Jonathan Smith of CBRE | Triad represented Durham, N.C.-based Dilweg in the transaction. Chris Ramm of Ramm Commercial Properties represented the buyer, Winston-Salem, N.C.-based Taylor Development Group. The sales price was not disclosed, but the Triad Business Journal reports Dilweg purchased the asset in 2009 for $11.5 million. Constructed between 1981 and 1988, South Elm Business Center is located on 29 acres at the corner of South Elm Eugene Street and Creek Ridge Road. The buildings offer a range of single- and multi-tenant options and feature office and warehouse space, docks, drive-in doors, showrooms and fenced yards. The portfolio was 88 percent leased at the time of sale. The CBRE | Triad team has handled leasing efforts for the portfolio since 2015 and will continue to do so under the new owner. Sara Proffit of CBRE | Triad will manage the property on behalf of Taylor Development.

September 26, 2017

Multifamily North Carolina Southeast

Cortland Partners Acquires 284-Unit Multifamily Property in Raleigh

by Camren Skelton September 26, 2017

RALEIGH, N.C. — Atlanta-based Cortland Partners has acquired Aurum Falls River, a 284-unit apartment community in Raleigh. The sales price and seller were not disclosed. Located at 1302 Rio Valley Drive, the property is located near Research Triangle Park, Wake Forest University and the Raleigh-Durham International Airport. Aurum Falls River was constructed in 2001 and offers one-, two- and three-bedroom floor plans. Community amenities include a car care center, pet wash station, pool, outdoor kitchen, playground, fitness center and a dog park.

September 26, 2017

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