Southeast

Avison Young Negotiates $7.2M Sale of Office Building in Central Florida

by Camren Skelton September 1, 2017

LAKELAND, FLA. — Avison Young has brokered the $7.2 million sale of Citizens Bank & Trust Plaza, a 71,190-square-foot office building located at 402 S. Kentucky Ave. in Lakeland, a city in Central Florida. David Duckworth, Tim Callahan, Michael Fay and John Crotty of Avison Young represented the undisclosed seller in the sale to South Florida-based Geneva Group. The six-story building was 89.8 percent leased at the time of sale to government-sponsored, financial, engineering and law-related tenants.

September 1, 2017

Florida Retail Southeast

Calkain Cos. Brokers $6.1M Sale of Wawa-Leased Property in West Palm Beach

by Camren Skelton September 1, 2017

WEST PALM BEACH, FLA. — Calkain Cos. has arranged the $6.1 million sale of a retail property located at 1771 S. Congress Ave. in West Palm Beach that is currently leased to Wawa. Patrick Nutt and Scott Campbell of Calkain represented the undisclosed seller in the transaction. The newly constructed convenience store features a 20-year ground lease. The deal marks Nutt’s 23rd Wawa transaction. The buyer was not disclosed.

September 1, 2017

Loans North Carolina Office Retail Southeast

Cronheim Mortgage Arranges $5.2M Loan for Retail, Office Property in Winston-Salem

by Camren Skelton September 1, 2017

WINSTON SALEM, N.C. — Cronheim Mortgage has secured a $5.2 million loan for St. George Square, a 41,000-square-foot retail and office property in Winston-Salem. Allison Villamagna, Andrew Steward and Dev Morris of Cronheim structured the 10-year loan with a 20-year amortization schedule through Standard Insurance Co. on behalf of the borrower, an entity managed by The Bedrin Organization. At the time the loan was placed, St. George Square was fully leased to a mix of retail and office tenants including Salons by JC, Berkshire Hathaway Home Services, Regus Office Centers, State Farm Insurance, Tropical Smoothie Café, Nothing Bundt Cakes and Painting with a Twist. The property is situated across from Hanes Mall Boulevard and roughly seven miles south of Wake Forest University.

September 1, 2017

Georgia Industrial Southeast

Newmark Knight Frank Negotiates 1 MSF Industrial Lease with UK Fashion Retailer in Metro Atlanta

by Camren Skelton August 31, 2017

UNION CITY, GA. — Newmark Knight Frank (NKF), in collaboration with British counterpart Knight Frank, has negotiated a 1 million-square-foot industrial lease for ASOS, a London-based fashion retailer, in Union City, roughly 18 miles south of Atlanta. The online fashion retailer is investing approximately $40 million in the new fulfillment center at Majestic Airport Center IV along South Fulton Parkway. The facility will create 1,600 jobs upon completion and have a 10 million-unit capacity. Catered toward the millennial shopper, ASOS carries over 850 brands and features 85,000 products online, with 5,000 new items added each week.

August 31, 2017

District of Columbia Retail Southeast

Five New Tenants Join 430,000 SF Shopping Center in D.C.

by Camren Skelton August 31, 2017

WASHINGTON, D.C. — Trammell Crow Co. (TCC), along with Fort Lincoln New Town Corp. and CSG Urban Partners, have signed five new tenants at the Shops at Dakota Crossing, a 430,000-square-foot retail center located at 2438 Market St. N.E. in Washington, D.C. Chick-fil-A, Mecho’s, Dominican Kitchen, Jersey Mike’s and the Transit Employees Federal Credit Union signed long-term leases at the center, bringing total occupancy to 91 percent. The retailers are expected to open later this year. Over the past four months, tenants including Panda Express, Visionworks, T-Mobile, Vitamin Shoppe and Starbucks Coffee have signed leases at the center, which is also home to larger tenants including Costco, Lowe’s Home Improvement, Dick’s Sporting Goods, Marshalls and PetSmart. Lisa Stoddard and Abby Davids of CBRE are responsible for the property’s leasing assignment.

August 31, 2017

Florida Industrial Southeast

IPA Brokers $16.1M Sale of Industrial Portfolio in Tampa Bay Area

by Camren Skelton August 31, 2017

TAMPA AND ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $16.1 million sale of a two-property industrial portfolio in the Tampa Bay area — Airport Corporate Center, located at 6702-6712 Benjamin Road in Tampa, and Bay Tec Center, located at 2810-2880 Scherer Drive in St. Petersburg. Douglas Mandel of IPA arranged the transaction on behalf of the seller, Massachusetts-based Calare Properties. The IPA team also procured the buyer, California-based Avistone. The properties include 14 buildings totaling 231,867 square feet.

August 31, 2017

Retail Southeast Tennessee

Chase Properties Purchases 268,000 SF Retail Center in Jackson, Tennessee

by Camren Skelton August 31, 2017

JACKSON, TENN. — Chase Properties Ltd. has acquired The Columns, a 268,000-square-foot shopping center in Jackson. The shopping center is home to tenants including Ross Dress for Less, Best Buy, Old Navy, Marshalls and Bed Bath & Beyond. Kohl’s, Ulta Beauty, Dick’s Sporting Goods and Hobby Lobby shadow-anchor the property. Retail Properties of America Inc. sold the asset for an undisclosed price. Disney Investment Group brokered the sale. The transaction marks Beachwood, Ohio-based Chase Properties’ third acquisition in the past year.

August 31, 2017

Georgia Office Southeast

Redline Acquires 98,000 SF Office Building in Metro Atlanta

by Camren Skelton August 31, 2017

PEACHTREE CORNERS, GA. — Redline Property Partners has purchased 2 Sun Court, a 98,000-square-foot office building in Peachtree Corners, a city roughly 23 miles north of Atlanta. The sales price was not disclosed. MidCap Financial provided financing for the acquisition. Redline plans to rebrand and renovate the property, including developing additional amenity space on the property’s excess land. Grover Corlew will manage the property, and Matt Davis and Matt Fergus of Lincoln Property Co. will handle the leasing assignment. The acquisition marks Atlanta-based Redline’s first investment in its home market.

August 31, 2017

Georgia Multifamily Southeast

Atlanta Multifamily Developer Byron Cocke, Wife Catherine Die in Plane Crash

by John Nelson August 30, 2017

ATLANTA — Byron Cocke, co-CEO of Atlanta-based CF Real Estate Services, and his wife, Catherine Cocke, owner of design firm Catherine Cocke Interiors, were killed Monday morning when the small plane they were aboard crashed near Savannah. Byron, 42, and Catherine, 39, are survived by their five children, whom will be cared for by extended family members. The pilot, Randy Hunter, was also killed in the accident, according to The Atlanta Journal Constitution. The newspaper reports that the aircraft was a single-engine Beechcraft Bonanza, and that the National Transportation Safety Board is currently investigating the cause of the crash. “We are devastated by this tragic loss,” said Brett Finkelstein, co-CEO of CF Real Estate Services, in a statement issued by the company. “They were philanthropic, creative, intelligent, caring and entrepreneurial.” Before co-founding Cocke Finkelstein in 2004, Byron had worked as an investment and merchant banker with Burke Capital Group. He specialized in mergers and acquisitions in the financial services sector, with an expertise in community banks. Byron attended the University of Virginia and graduated with a bachelor’s degree in commerce, with concentrations in accounting and finance. Catherine was a prominent interior designer, with her 18-month renovation of the family’s midcentury …

August 30, 2017

Multifamily Retail Southeast Virginia

Morgan Properties Acquires Multifamily, Retail Portfolio in Metro D.C. for $509M

by Camren Skelton August 30, 2017

ALEXANDRIA, VA. — Morgan Properties has acquired the Mark Center portfolio, a multifamily and retail portfolio comprising 2,664 apartment units and a 63,320-square-foot retail center in Alexandria, for $509 million. Located in the Seminary Road submarket, the 150-acre Mark Center portfolio is roughly eight miles south of Washington, D.C. CBRE represented the undisclosed seller in the transaction. The Apartments at Mark Center include six adjacent garden-style communities: Hillwood, Stoneridge, Meadow Creek, Lynbrook, Brookdale and Willow Run. King of Prussia, Pa.-based Morgan Properties will consolidate the six assets into four apartment communities and invest approximately $35 million in capital improvements, including updated interiors and appliances and a new fitness center, business center, movie theater, club room, putting green and a dog park. The Shops at Mark Center is leased to tenants including CVS/pharmacy, Global Foods, Starbucks Coffee and SunTrust Bank. The Mark Center acquisition is Morgan Properties’ second largest transaction in the company’s history. With the acquisition, the company obtained the former owner’s right to maximize the allowable density of the center from 2.5 million square feet to 6.4 million square feet over the long-term.

August 30, 2017

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