Southeast

Bull Realty Brokers $5.5M Sale of Retail Portfolio in Atlanta’s Grant Park Neighborhood

by John Nelson January 23, 2017

ATLANTA — Atlanta-based Bull Realty has brokered the $5.5 million sale of three retail properties totaling nearly 21,000 square feet in Atlanta’s Grant Park neighborhood. Graveyard Retail LLC purchased the assets from Hangar LLC and White Front LLC. Located at 415 and 421 Memorial Drive and 304 Oakland Ave., the properties are leased to tenants such as Tin Lizzy’s, Ria’s Bluebird Café, Java Cat, Express Cleaners, My Friend’s Growler Shop, Mezcalito’s and House of Blended Ink Studios. The properties are situated across the street from the Historic Oakland Cemetery and nearby mixed-use residential developments including The Leonard, Oakland Park and The Jane. Andy Lundsberg of Bull Realty represented the sellers in the transaction.

January 23, 2017

Office Southeast Top Stories Virginia

Riverstone Properties Buys James Center Office Towers in Downtown Richmond for $108M

by Jeff Shaw January 23, 2017

RICHMOND, VA. — Riverstone Properties has acquired James Center, three office towers in the heart of Richmond’s central business district, for $108 million. The James Center comprises the 21-story One James Center, the 22-story Two James Center and the 14-story Three James Center, all developed in 1985. LNR Property, a subsidiary of Starwood Property Trust, sold the towers free and clear of existing debt. The three buildings include 986,000 square feet of Class A office space, a fitness facility, five restaurants, 1,600-car parking garage and a 50,000-square-foot retail atrium that connects to the Omni Richmond Hotel. Additionally, an outdoor area named The Plaza hosts activities, concerts and the Grand Illumination holiday lighting tradition. Situated on 3.4 acres at 901, 1021 and 1051 E. Carey St., James Center is located in downtown Richmond’s River District along the James River. The HFF investment sales team of Ryan Clutter, Dek Potts, Scot Humphrey and Christopher Lingerfelt represented LNR in the transaction. Starwood Property Trust Inc. (NYSE: STWD), an affiliate of global private investment firm Starwood Capital Group, claims to be the largest commercial mortgage real estate investment trust in the United States. Riverstone Properties is the commercial real estate arm of the Riverstone …

January 23, 2017

Louisiana Market Reports Office Southeast Southeast Market Reports

Despite Challenges in Marketplace, New Orleans Office Activity Has Picked Up

by John Nelson January 23, 2017

New Orleans may be The Big Easy, but when it comes to understanding this unique Southern city’s commercial real estate marketplace, very little is easy or simple. The numbers, at least, are fairly straightforward. New Orleans currently has around 8.8 million square feet of Class A office space and 1.6 million square feet of Class B. Average rental rates are approximately $19.00 per square foot and $15.50 per square foot for Class A and Class B, respectively, with current occupancy rates at 89.5 percent for Class A and 71 percent for Class B. By way of comparison, the popular suburban Metairie market has around 2 million square feet of Class A and 1.5 million square feet of Class B office space, with occupancy rates at 93 percent and 88.2 percent, respectively (both down slightly from 2014 highs of 95 percent and 92 percent). Average rental rates are approximately $24.00 per square foot in Class A properties and $19.50 for Class B. The numbers in the suburban North Shore market are similarly healthy, with rates and occupancy numbers in the same general range as Metairie. Look beyond the surface numbers, however, and things get interesting, and a little more complicated. In …

January 23, 2017

Georgia Industrial Southeast

Z Gallerie to Open 225,000 SF Warehouse in West Atlanta

by John Nelson January 20, 2017

LITHIA SPRINGS, GA. — Z Gallerie, a Los Angeles-based furniture retailer, plans to open a 225,000-square-foot warehouse within Skyview Business Center in Lithia Springs, about 18 miles west of Atlanta via Interstate 20. The property will house the home furnishings retailer’s East Coast presence, as the company currently supports all 68 of its stores and online orders from one warehouse on the West Coast. Z Gallerie operates two stores in the Atlanta area: Atlantic Station and Perimeter Mall. The facility will feature office and warehouse space, 34 loading docks, two drive-in bays, 32-foot clear heights, an ESFR sprinkler system and T5 lighting. The property represents a $3.7 million investment on behalf of Z Gallerie. The company plans to be fully operational in 2019 and create 115 jobs at the new facility. Steve Grable and Barry Hill of JLL represented Z Gallerie in the lease negotiations. Trey Barry, Todd Barton and Greg Haynes of CBRE represented the landlord, Huntington Industrial Partners.

January 20, 2017

Georgia Multifamily Southeast

StoneBridge Acquires Apartment Community in Metro Atlanta for $31M

by John Nelson January 20, 2017

SANDY SPRINGS, GA. — Washington, D.C.-based StoneBridge Investments has acquired 550 Abernathy Apartments, a 228-unit multifamily property located at 550 Abernathy Road N.E. in Sandy Springs, a suburb of Atlanta in Fulton County. StoneBridge purchased the property from an entity controlled by Harbor Group for $31 million. 550 Abernathy is located within Atlanta’s Central Perimeter submarket, which features three major hospitals situated on “Pill Hill,” the 1.5 million-square-foot Perimeter Mall and more than 31 million square feet of office space, including the new East Coast hub for State Farm and the new headquarters for Mercedes-Benz USA, set to open in 2018. StoneBridge plans to upgrade the community’s interiors with granite countertops, more open floor plans and hard-surface flooring. The firm will also add to the property’s newly renovated clubhouse and pool with outdoor additions including poolside cabanas, a fire pit and an outdoor kitchen. Other planned upgrades include building exteriors and landscaping. Kevin Geiger of CBRE represented the seller in the transaction. ZRS Management, an affiliate of StoneBridge, will manage 550 Abernathy.

January 20, 2017

Industrial North Carolina Southeast

Reger Holdings Acquires 222,596 SF Industrial Property in Charlotte

by John Nelson January 20, 2017

CHARLOTTE, N.C. — Reger Holdings has purchased a 222,596-square-foot industrial building located at 1000 Exchange St. in Charlotte. The western New York-based investment firm plans to convert the freezer/cooler building into a dry warehouse property. The building is rail-served by CSX and features outdoor storage capabilities. Rob Speir and Don Moss of Colliers International’s Charlotte office brokered the transaction and will be retained as the property’s leasing agents. Reger Holdings owns more than 4 million square feet of industrial real estate space in the Carolinas. The sale price and seller were not released.

January 20, 2017

Florida Healthcare Loans Southeast

Tremont Realty Capital Structures $16.3M Refinancing for Medical Office Building in Jacksonville

by John Nelson January 20, 2017

JACKSONVILLE, FLA. — Tremont Realty Capital, a subsidiary of The RMR Group LLC, has arranged a $16.3 million loan for the refinancing of Jacksonville Medical Plaza, a 132,488-square-foot, multi-tenant medical office complex in Jacksonville. The non-recourse, CMBS loan features a 10-year term, fixed 5.26 percent interest rate and a 30-year amortization schedule. The name of the borrower wasn’t disclosed.

January 20, 2017

Florida Retail Southeast

The Shopping Center Group, Avison Young Broker $12.6M Sale of Publix-Anchored Center

by John Nelson January 20, 2017

NORTH PALM BEACH, FLA. — The Shopping Center Group and Avison Young have teamed up to broker the $12.6 million sale of Northlake Promenade Shops, a nearly 83,000-square-foot shopping center located at the southwest corner of Northlake Boulevard and Federal Highway in North Palm Beach. Situated on 21 acres, the Publix-anchored shopping center includes outparcels occupied by CVS/pharmacy, Chase Bank and BP Gas. The property also features land available for development. Woolbright Development purchased Northlake Promenade Shops from a private investment firm based in Canada. Anthony Blanco of The Shopping Center Group and David Duckworth and A.J. Belt III of Avison Young represented the seller in the transaction.

January 20, 2017

District of Columbia Office Southeast

Trammell Crow Inks 473,000 SF Lease for New FCC Headquarters in D.C.

by John Nelson January 19, 2017

WASHINGTON, D.C. — Trammell Crow Co., along with joint venture partners Cottonwood Partners and a subsidiary of a private real estate fund advised by Crow Holdings Capital – Real Estate, has signed a long-term lease for nearly 473,000 square feet with the Federal Communications Commission (FCC). The U.S. General Services Administration (GSA) signed the lease on behalf of the FCC at Sentinel Square III, an 11-story office building that is under construction at 45 L St. N.E. in Washington, D.C.’s NoMa district. The FCC will occupy a portion of the first two floors and the entirety of floors three through 10 by November 2019. The 545,000-square-foot Sentinel Square III is part of the ownership’s 1.3 million-square-foot, mixed-use development. The building is designed to meet Level IV security protocols and LEED Silver standards. Kevin Terry of GSA and the CBRE team of Henry Chapman, Sara Dunstan, Richard Downey and Sarah Maxwell represented the FCC in the lease transaction. The FCC is the first committed tenant at Sentinel Square III.

January 19, 2017

Georgia Multifamily Southeast

Steadfast Apartment REIT III Buys Apartment Community in Metro Atlanta for $32.4M

by John Nelson January 19, 2017

LAWRENCEVILLE, GA. — Steadfast Apartment REIT III Inc. (STAR III) has purchased Reflections on Sweetwater, a 280-unit apartment community located in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County. STAR III purchased the asset from the undisclosed seller for $32.4 million. Built in 1996, Reflections features one-, two- and three-bedroom units averaging 933 square feet, with rents averaging $965 per month. Unit interiors include 9-foot ceilings, washer/dryer connections, crown molding, built-in bookshelves, breakfast bars, ceiling fans and private balconies or patios. Community amenities include a resort-style pool with a sundeck, 24-hour fitness center, playground, clubhouse with resident lounge, outdoor grills, business center, lighted tennis-courts, walking trail, on-site lake, car-washing station and detached garage parking. The property was 95.7 percent occupied at the time of sale. The previous owner upgraded half of the apartment units, and STAR III plans to renovate and paint the remaining units when turning the apartments between residents.

January 19, 2017

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