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

Florida Office Southeast

Cousins Properties Sells Three-Building Office Portfolio in Orlando for $208.1M

by Camren Skelton January 3, 2018

ORLANDO, FLA. — Atlanta-based Cousins Properties has sold a three-building, 1 million-square-foot office portfolio in Orlando for $208.1 million. The portfolio includes Bank of America Center, Citrus Center and One Orlando Centre. The seller was not disclosed, but The Real Deal reports San Diego-based Southwest Value Partners acquired the assets in a single transaction. In addition to the portfolio, Cousins Properties recently sold its 20 percent interest in Courvoisier Center, a 343,000-square-foot office building in Miami’s Brickell Key district, to its joint venture partner for $33.9 million, which included its share of joint venture debt.

January 3, 2018

Multifamily Southeast Tennessee

Cortland Partners Acquires New Apartment Community in Nashville for $69.6M

by Camren Skelton January 3, 2018

NASHVILLE, TENN. — Cortland Partners has acquired Accent Bellevue, a 322-unit apartment community located at 645 Old Hickory Blvd. in Nashville. The sales price was not disclosed, but the Nashville Business Journal reports the newly built asset sold for $69.6 million. The Atlanta-based company acquired the property from developer Bellevue Apartments LP, an entity created by Westplan Investors. Cortland Properties will rename the property Cortland Bellevue. Constructed in 2017, the community includes studio to three-bedroom units and features a fitness center, saltwater pool and nearby green space and parks. Rental rates range from $1,225 to $1,950 per month, according to Apartments.com. The acquisition brings Cortland Partners’ portfolio to more than 40,000 apartment units nationwide and marks the company’s entrance into the Nashville market.

January 3, 2018

Georgia Multifamily Southeast

Passco Buys 320-Unit Multifamily Community Near Downtown Savannah for $62.6M

by Camren Skelton January 3, 2018

SAVANNAH, GA. — Passco Cos. has acquired Mariner Grove, a 320-unit multifamily property located at 2010 E. President St. in Savannah, roughly three miles east of Savannah’s historic downtown district. Robert Stickel and Alex Brown of Cushman & Wakefield arranged the $62.6 million transaction on behalf of the seller, Brand Properties, which developed the property in 2016 in a joint venture with Mariner Group. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for the newly built asset on behalf of Passco. Other terms of the transaction were not disclosed. The three-story community was designed around a 300-year-old live oak grove, and features a saltwater pool with a sundeck and cabanas, fitness center with a yoga studio and a pet park.

January 3, 2018

Florida Industrial Southeast

Cushman & Wakefield Brokers $40.4M Sale of Industrial Park in Tampa

by Camren Skelton January 3, 2018

TAMPA, FLA. — Cushman & Wakefield has arranged the $40.4 million sale of Tri-County Business Park, a 676,735-square-foot industrial park located at 13300 McCormick Drive in Tampa. Rick Brugge, Mike Davis and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, True North Management Group. A joint venture between Birtcher Anderson and JCR Capital acquired the asset. Tri-County Business Park includes 20 buildings constructed between 1980 and 1988. The buildings feature varying clear heights and both grade-level and dock-high loading. At the time of sale, the property was 75 percent leased to tenants including Leader Tech, Seven Seas Water Corp. and Clextral Inc.

January 3, 2018

Mixed-Use North Carolina Southeast

CBRE | Raleigh Closes $13.5M Sale of Land Site in Downtown Durham for Mixed-Use Project

by Camren Skelton January 3, 2018

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.

January 3, 2018

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