TAMPA, FLA. — HFF has arranged the sale of a 36,900-square-foot building fully leased to Whole Foods Market in Tampa. Constructed in 2012, the building is situated on 6.3 acres in Tampa’s Carrollwood community. Daniel Finkle, Luis Castillo and Eric Williams of HFF represented the seller, Weingarten Realty Investors, in the transaction. The sales price and buyer were not disclosed.
ATLANTA — While speaking at the Oct. 5 luncheon hosted by the Atlanta chapter of Commercial Real Estate Women (CREW Atlanta), Emory University law professor Mindy Goldstein addressed some of the environmental issues facing Atlanta, namely the City of Atlanta Tree Ordinance and stormwater runoff in the metro area. “Stormwater runoff is a huge problem in Atlanta,” says Goldstein, who serves as director of the Turner Environmental Law Clinic at Emory University School of Law. The clinic provides 4,000 hours of pro bono environmental legal work per year. “When it rains, surging stormwater can overflood our sewer systems and flood properties, which drastically decreases property values in certain neighborhoods,” says Goldstein. Atlanta is one of the 100 cities around the world participating in 100 Resilient Cities (100RC), a global initiative to provide governance and operational infrastructure to 100 cities that prove they are working to improve conditions for their citizens. The campaign was launched in 2013 by The Rockefeller Foundation and after three rounds of applications, the final 100 cities were chosen in May 2016. Member cities within 100RC are working now to become more “resilient” by addressing both the city’s shocks, or one-time events like floods and earthquakes, and …
BETHESDA, MD. — AXA Investment Managers – Real Assets has acquired a majority stake in Montgomery Tower, a 367,000-square-foot office building in Bethesda, for $139.8 million. The firm acquired the interest from a joint venture between Rockpoint and MRP Realty, which will retain its ownership interest and continue to manage the property as AXA’s new joint venture partner. The 12-story, LEED Gold-certified building was constructed in 1980 and was recently renovated. Amenities include an updated lobby, breakout areas, conference center, 4,000-square-foot fitness center, modernized elevators, outdoor seating terrace, electric car charging stations and bike storage. Located six miles north of Washington, D.C., the asset is one block from the WMATA Bethesda Metro Station.
CHARLOTTE, N.C. AND ORLANDO, FLA. — GCP has acquired a 1.2 million-square-foot industrial portfolio in Charlotte and Orlando for $74 million. The portfolio includes two warehouses within Legacy Park West in Charlotte: a 126,000-square-foot facility fully leased to Elite Logistics and a recently completed, 432,000-square-foot building. Avison Young will handle the new building’s leasing efforts. The portfolio also includes Lake County Distribution Center, a 706,722-square-foot property in Orlando that is fully leased to Samsung SDS America and Niagara Bottling. The facility serves as Samsung’s new Southeast distribution center and as Niagara’s distribution hub that services its bottling facility less than a mile away.
CHARLOTTE, N.C. — ZOM Living has unveiled plans to develop Hazel SouthPark, a 203-unit multifamily community in Charlotte’s SouthPark neighborhood. The Orlando-based multifamily developer will break ground on the six-story community early next year. Located at 4401 Barclay Downs, the site includes a former 38,300-square-foot office building that will be redeveloped. ZOM recently acquired the 2.7-acre site for $13.2 million, and Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, a partnership of private investors. Amenities at Hazel SouthPark will include an attached parking garage and a rooftop pool deck. In addition, the community will feature 6,000 square feet of ground floor restaurant space, 8,000 square feet of ground floor retail and 8,400 square feet of amenity space. Hazel SouthPark is located adjacent to the SouthPark Mall and within walking distance to numerous dining, shopping and offices. ZRS Management LLC will manage the property. TD Bank and Santander Bank provided construction financing for the project. CBG Building Co. is the general contractor, and Cline Design Associates is the project’s architect. Hazel SouthPark is slated to deliver in the fourth quarter of 2019, with preleasing starting in the third quarter of 2019.
ATLANTA — Ready Capital Structured Finance has provided a $10.4 million loan for the acquisition and renovation of a historic office building in downtown Atlanta’s Farilie-Poplar Historic District. Known as The Grant Building, the 125,000-square-foot property is located at 44 Broad St. N.W. The undisclosed borrower will use the loan to update the property’s elevators and common areas, improve the ground floor retail space and address deferred maintenance. The 36-month loan features two extension options, flexible pre-payment options and is inclusive of a facility to provide for capital expenditures, leasing costs and interest and carry reserves.
At the mid-year mark, the Richmond industrial market has continued to strengthen, closing with an overall occupancy rate of 91 percent in the categories being tracked — Class A, B and C vacant and investor-owned product with a minimum of 40,000 square feet of total rentable building area (RBA). Class A occupancy decreased slightly from 96 percent at the end of the first quarter to 95 percent at the end of the second quarter, and Class B occupancy has remained steady at 92 percent. The year-to-date net absorption is in excess of 1.5 million square feet, in part due to lower reported vacancies in the Class C former tobacco storage complex located south of downtown Richmond. The inventory of quality, freestanding facilities available for owner/users to purchase remains in short supply, with central locations in even greater demand and experiencing a shorter shelf life. CoStar reports overall industrial occupancy at 95 percent for products of all sizes, including investor-owned facilities, but excluding flex space (minimum 50 percent office). Richmond’s strategic Mid-Atlantic location along Interstate 95 provides access to 55 percent of the nation’s consumers within two days delivery by truck. In addition to being the northernmost right-to-work state on the …
BEVERLY HILLS, CALIF. — Sonnenblick-Eichner Co. has arranged a $135.8 million loan for the refinancing of 11 Hilton-branded hotels located in Florida, Tennessee and Michigan. The California-based company arranged the five-year, floating rate loan on behalf of Memphis, Tenn.-based Cooper Hotels. The portfolio includes the following Southeast properties: Hilton Naples in Naples, Fla.; Hilton Orlando/Altamonte Springs in Orlando, Fla.; Homewood Suites by Hilton Fort Myers Airport in Fort Myers, Fla.; DoubleTree by Hilton Memphis in Memphis; DoubleTree by Hilton Murfreesboro in Murfreesboro, Tenn.; DoubleTree by Hilton Oak Ridge in Knoxville, Tenn.; DoubleTree by Hilton Johnson City in Johnson City, Tenn.; and DoubleTree by Hilton Jackson in Jackson, Tenn. The Michigan hotels in the portfolio include Embassy Suites by Hilton Detroit Metro Airport, Hilton Garden Inn Detroit Metro Airport and Hampton Inn & Suites Detroit/Airport-Romulus, all of which are located in the Detroit suburb of Romulus.
BETHESDA, MD. — The Donohoe Cos. and USAA Real Estate have acquired 7101 Wisconsin Ave., a 230,904-square-foot office building in Bethesda, a suburb of Washington, D.C. HFF marketed the property on behalf of the seller, a joint venture between Brandywine Realty Trust and Allstate Investments, and procured the buyers. The Washington Business Journal reports the asset sold for $105.7 million. Situated a quarter-mile from the Bethesda Metrorail Station, 7101 Wisconsin was renovated in 2015 with an updated entrance, new lobby and updated conference facility and common areas. At the time of sale, the property was 97 percent leased to tenants including The Donohoe Cos. and Miller & Long Co. Inc.
ATLANTA — Origin Investments has acquired 675 North Highland Avenue, a 125-unit multifamily community located in Atlanta’s Poncey -Highland neighborhood. The sales price was undisclosed, but a source familiar with the transaction says Origin purchased the property for roughly $50.3 million. Atlanta-based Abraham Properties, the property’s developer, sold the property. Christopher Spain and Alex Brown of Cushman & Wakefield brokered the sale, and Mike Ryan and Richard Henry of Cushman & Wakefield arranged acquisition financing on behalf of Origin. The first phase of 675 North Highland was completed in 2016 and features a mix of one-, two- and three-bedroom units that average more than 1,000 square feet. Community amenities include a fitness center, clubroom, package concierge system, pool deck, bocce ball court and grilling stations. The community was 96 percent occupied at the time of sale. In addition, the property includes 20,000 square feet of ground floor retail space and an adjacent land site for development. At the time of sale, the retail portion was 82 percent leased to CO Sushi and Noodles, Ganek and Vita-Flo. Origin will break ground on Phase II of the project in early December. JM Wilkerson will serve as the project’s general contractor, and Brock …
