Southeast

Big V Capital Acquires Haywood Plaza Shopping Center in Greenville

by John Nelson December 23, 2016

GREENVILLE, S.C. — Big V Capital LLC has acquired Haywood Plaza, a 93,357-square-foot shopping center located in Greenville, for an undisclosed price. The property is located across from Haywood Mall, one of the three largest malls in South Carolina. The Local Cue, Bargain Hunt and Portofino’s restaurant anchor the center, which is also home to tenants including Asian Supermarket, Alpine Ski Center, Clothes Mentor, Sally Beauty, Tony’s Pizza and Reed’s Uniforms. The seller in the transaction was undisclosed.

December 23, 2016

Georgia Multifamily Southeast

RADCO Purchases Apartment Community in Atlanta for $60M

by John Nelson December 22, 2016

ATLANTA — The RADCO Cos. has purchased Legends of Dunwoody, a 532-unit, Class B apartment community located in Atlanta, for $60 million. The Atlanta-based multifamily investment firm will invest roughly $8.7 million on capital improvements and rebrand the property Radius Sandy Springs, the second community under RADCO’s Radius brand. RADCO Residential will manage the property, which is the 24th community that RADCO owns in metro Atlanta. RADCO financed the acquisition using a $50.4 million Freddie Mac loan and $21.6 million in private capital. The renovations will include unit interior upgrades, building repairs, a remodeled clubhouse, pool deck expansion, new pool, new dog park additions, exterior lighting upgrades, landscaping and a refurbished tennis court. Built in 1980, Radius Sandy Springs is situated in Atlanta’s Central Perimeter office submarket, home of State Farm’s new East Coast hub and the corporate relocation of Mercedes-Benz USA.

December 22, 2016

Florida Office Southeast

Cushman & Wakefield Arranges Wells Fargo’s Office Relocation, Expansion in Downtown Miami

by John Nelson December 22, 2016

MIAMI — Cushman & Wakefield has arranged a relocation and lease expansion for Wells Fargo at Wells Fargo Center in downtown Miami. The long-term, 54,160-square-foot expansion is valued at $32 million and is downtown Miami’s largest office lease in 2016, according to Cushman & Wakefield. Wells Fargo will relocate its personal banking, small business banking, commercial banking and investment advisory services from Southeast Financial Center in downtown Miami in November 2017. The move increases Wells Fargo’s existing footprint at Wells Fargo Center from 96,656 square feet to 150,816 square feet. Built in 2010, Wells Fargo Center is a 47-story, 752,488-square-foot office tower that adjoins the JW Marriott Marquis Hotel and Hotel Beaux Arts. Brian Gale, Andrew Trench, Ryan Holtzman and Jeannette Mendoza of Cushman & Wakefield represented the building owner, Metropolitan Life Insurance Co., in the deal. David Preve of JLL represented Wells Fargo.

December 22, 2016

Florida Multifamily Southeast

BRG Sells Apartment Property in Orlando for $52M

by John Nelson December 22, 2016

ORLANDO, FLA. — Bluerock Residential Growth REIT Inc. (BRG) has sold EOS Orlando Apartments, a 296-unit multifamily property located at 12221 E. Colonial Drive in Orlando. An undisclosed buyer purchased the asset from BRG for $52 million. The property includes studio, one- and two-bedroom residences featuring granite countertops, kitchen islands, wood flooring, washer and dryer units and balconies or patios in select units. Community amenities include a clubhouse with a kitchen and bar, cyber lounge, billiards, stand-up tanning bed, conference room, indoor mail center, pet walk and a two-story, 24-hour fitness center. Other amenities include courtyards with stack-stoned fireplaces, fountains, hammock havens and two “caves” with media zones and USB connectivity.

December 22, 2016

Maryland Multifamily Southeast

StoneBridge Investments Acquires Apartment Community in Maryland for $25.5M

by John Nelson December 22, 2016

COLUMBIA, MD. — Washington, D.C.-based StoneBridge Investments has purchased Beech’s Farm, a 135-unit apartment community located in Columbia, roughly 21 miles southwest of Baltimore. StoneBridge acquired the asset from an entity controlled by McDowell Properties for $25.5 million. Built in 1985 along Eden Brook Drive, the apartment community is situated across the street from King’s Contrivance Village Center, a Harris Teeter-anchored shopping center. StoneBridge plans to renovate the property’s apartment interiors and add a fitness center. ZRS Management, an affiliate of StoneBridge, currently manages Beech’s Farm. CBRE’s Mid-Atlantic multifamily represented the seller in the transaction.

December 22, 2016

Retail Southeast Tennessee

Epic Real Estate Partners Acquires Shops of Forest Hill in Metro Memphis

by John Nelson December 22, 2016

GERMANTOWN, TENN. — Epic Real Estate Partners has acquired Shops of Forest Hill, a 343,855-square-foot retail center located in the Memphis suburb of Germantown. Sprouts Farmers Market, Marshalls and Malco Cinemas anchor the center, which is also home to Mattress Firm, Sally Beauty, Hallmark, GNC, Mellow Mushroom, Allstate Insurance and Sherwin Williams. Jim Hamilton, Richard Reid, Brad Buchanan and Mike Allison of HFF represented the seller, a partnership between Boyle Investment Co. and Milton Schaeffer, in the transaction. Gregg Shapiro and Kyle Spencer, also of HFF, arranged a five-year acquisition loan with Wells Fargo Bank on behalf of Epic Real Estate Partners.

December 22, 2016

Georgia Mixed-Use Southeast

Portman Holdings Breaks Ground on $400M Coda at Tech Square Project in Midtown Atlanta

by John Nelson December 21, 2016

ATLANTA — Portman Holdings has broken ground on Coda at Tech Square, a 770,000-square-foot mixed-use development at the edge of Georgia Tech’s campus in Midtown Atlanta. The development cost was undisclosed, but the Atlanta Business Chronicle reports the project as costing $400 million to construct. Upon completion in early 2019, Coda at Tech Square will feature advanced research facilities, a high-speed data center, dining options, outdoor gathering spaces and collaborative office space. The design team includes architect and engineer John Portman & Associates and general contractor DPR Construction.

December 21, 2016

Georgia Office Southeast

Sumitomo Corp. of Americas Acquires Atlanta Financial Center in Buckhead for $222.5M

by John Nelson December 21, 2016

ATLANTA — Sumitomo Corp. of Americas has closed its $222.5 million purchase of Atlanta Financial Center, a three-building, Class A office asset in Atlanta’s Buckhead district. The 914,774-square-foot property is located on Peachtree Road and sits directly atop the Buckhead MARTA station and has the GA 400 highway run directly underneath. Atlanta Financial Center was 85 percent leased at the time of sale to tenants such as SunTrust Bank and Morris, Manning and Martin. Situated blocks from Lenox Square mall and Phipps Plaza, the property includes a nine-level parking garage with 2,335 parking spaces. Sumitomo Corp. of Americas, a New York-based subsidiary of global Japanese investment firm Sumitomo Corp., plans to upgrade Atlanta Financial Center’s common areas, amenities and building systems and equipment, as well as re-landscape an on-site park. Eastdil Secured brokered the sale.

December 21, 2016

Florida Mixed-Use Southeast

ARA Newmark Arranges $109M Sale of Mixed-Use Development in South Florida

by John Nelson December 21, 2016

BOYNTON BEACH, FLA. — ARA Newmark has brokered the $109 million sale of Las Ventanas, a 15-acre mixed-use development in east Boynton Beach. Atlanta-based Pollack Shores Real Estate Group purchased the asset, which features 494 apartment units and 42,000 square feet of retail space. The residences are configured in one-, two- and three-bedroom layouts and rent for anywhere from $1,360 to $2,337 monthly, according to Apartments.com. ARA Newmark represented the seller, Epoch Residential and its joint venture partner, in the transaction.

December 21, 2016

District of Columbia Mixed-Use Southeast

Alamo Drafthouse Cinema to Open at Bryant Street Mixed-Use Development in D.C.

by John Nelson December 21, 2016

WASHINGTON, D.C. — Alamo Drafthouse Cinema is set to open its first location in Washington, D.C., at Bryant Street, a mixed-use project currently being developed by MRP Realty. The 44,000-square-foot theater will feature luxury recliners, food prepared in-house and an extensive selection of draft craft beers available both in the theater and a standalone bar named Glass Half Full. The location is set to open in 2019. Upon completion, the 13-acre Bryant Street development will feature 1,550 residential units and 245,000 square feet of retail and restaurant space.

December 21, 2016

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