Southeast

Liberty Property Trust Breaks Ground on 171,600 SF Warehouse in Upstate South Carolina

by John Nelson November 3, 2016

GREER, S.C. — Liberty Property Trust has broken ground on Caliber North, a 171,600-square-foot warehouse situated within the Caliber Ridge industrial park in Greer. Located at I-85 and Green Road, the warehouse is situated near the BMW Manufacturing Plant and the South Carolina Inland Port. Set for an April 2017 completion, Caliber North will feature 7-inch concrete slab floors and 36-foot clear heights, the first warehouse in the market built to those specifications. The project team includes architect MCA Architecture, civil engineer blueWATER Civil Design and general contractor Harper Corp. Jaime Maldonado of Liberty Property Trust is Caliber North’s project manager, and Liberty’s Bryan Blythe is teaming up with Brian Young, Elliott Fayssoux and Kacie Jackson of Cushman & Wakefield | Thalhimer to market the project. Liberty is planning to build a second property at the site totaling 94,500 square feet.

November 3, 2016

District of Columbia Office Southeast

JBG Cos. Sells Class A Office Building in D.C.’s Georgetown District for $141.8M

by John Nelson November 2, 2016

WASHINGTON, D.C. — The JBG Cos. has sold a Class A, eight-story office building located at 1025 Thomas Jefferson St. in Washington, D.C.’s Georgetown district for $141.8 million. HFF represented JBG Cos. and procured the buyer, Alduwaliya Asset Management, a private investment vehicle based in the United Kingdom that represents a high net-worth family in Qatar. The 317,248-square-foot building is situated directly across from Georgetown Waterfront Park and Washington Harbour. The building was 96 percent leased at the time of sale to 22 tenants including Palantir Technologies, the American Institutes of Research, Carlton Fields, Education Development Center and Combined Properties. Built in 1984, 1025 Thomas Jefferson features two multi-level courtyards with fountains, a brick façade, fitness center, deli, Metrorail shuttle and 268 below-grade parking spaces. Jim Meisel, Dek Potts, Andrew Weir, Stephen Conley and Matt Nicholson led HFF’s investment sales team in the transaction.

November 2, 2016

Florida Office Southeast

Cushman & Wakefield Brokers $130M Sale of Office Campus in Metro Orlando

by John Nelson November 2, 2016

LAKE MARY, FLA. — Cushman & Wakefield has brokered the $130 million sale of Primera Towers, a five-building, 771,826-square-foot office campus in Lake Mary, a suburb of Orlando. Miami-based Parmenter Realty Partners purchased the portfolio from an ownership group including Miami-based Banyan Street Capital, Los Angeles-based Oaktree Capital Management and Munich-based Balandis AG. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller. The transaction is Orlando’s largest suburban office sale since the disposition of Heathrow International Business Center in 2002.

November 2, 2016

Florida Multifamily North Carolina Southeast

Walker & Dunlop Finances Cortland Partners’ Acquisitions with Two Loans Totaling $111M

by John Nelson November 2, 2016

ALTAMONTE SPRINGS, FLA. AND DURHAM, N.C. — Walker & Dunlop has closed two loans totaling $111 million to finance Cortland Partners’ acquisitions of two apartment communities in the Southeast. The properties include Camden Renaissance in Altamonte Springs and Arboretum at Southpoint in Durham. The financing comprised two Freddie Mac moderate rehab loans, which Cortland Partners will use to fund the acquisition and renovations. The loans include an initial three-year interest-only period with a floating interest rate, followed by a seven-year, floating-rate loan term with two years of interest-only payments. Stephen Farnsworth of Walker & Dunlop’s New Orleans office arranged the financing.

November 2, 2016

Georgia Multifamily Southeast

Praedium Group Acquires Apartment Community in Metro Atlanta for $43.2M

by John Nelson November 2, 2016

WOODSTOCK, GA. — The Praedium Group LLC has purchased Crest at Laurelwood, a 272-unit apartment community located in the northwest Atlanta suburb of Woodstock. Praedium Group bought the asset for nearly $43.2 million. Built in 2015, Crest at Laurelwood’s units feature nine- or 10-foot ceilings, cherry wood cabinetry, tiled backsplashes and private balconies. Community amenities include a cyber café, billiards room, two-story fitness center and yoga studio, resort-style swimming pool, outdoor fireplace with a TV, dog park and electric car charging stations.

November 2, 2016

Florida Retail Southeast

Cobb Theatres Set to Open 12-Screen Theater at One Daytona in December

by John Nelson November 2, 2016

DAYTONA BEACH, FLA. — Cobb Theatres is set to open the Cobb Daytona Luxury 12 Theatres in December at One Daytona, a mixed-use and entertainment development underway in Daytona Beach. International Speedway Corp. is developing One Daytona across from Daytona International Speedway, home of the Daytona 500 race. The 56,345-square-foot theater will feature 12 wall-to-wall screens, oversized electric reclining seats and a full-service restaurant and bar known as Cobbster’s Kitchen. International Speedway Corp. plans to open the rest of One Daytona, which includes a Bass Pro Shops, Fairfield Inn & Suites by Marriott and retail and restaurants, in 2017.

November 2, 2016

Hawks-Philips-Arena-renovation-rendering

Georgia Retail Southeast Top Stories

Atlanta Hawks, City of Atlanta Plan $192.5M Renovation of Philips Arena

by Haisten Willis November 2, 2016

ATLANTA — The Atlanta Hawks Basketball Club and the city of Atlanta have reached an agreement on key terms for a $192.5 million renovation of Philips Arena, the home stadium of the Atlanta Hawks in downtown Atlanta. Atlanta Mayor Kasim Reed committed to provide $142.5 million in public funds, with the Hawks to fund the remaining $50 million, to improve the city-owned facility. The Hawks also committed to an 18-year lease extension to remain in downtown Atlanta through 2046. “When our group became owners almost a year-and-a-half ago, we pledged to work diligently with the city of Atlanta to ensure that the club remained downtown,” said Tony Ressler, Atlanta Hawks principal owner and chairman. “We knew that a key part of producing a winning team, providing a superior fan experience and being a civic asset to the city of Atlanta required a renovation of our arena and a meaningful improvement to the downtown area of this city. Today’s announcement with the mayor is a significant step toward this goal.” The Hawks will begin renovations of Philips Arena during summer 2017, and the process will be completed by the start of the 2018-2019 NBA season. The Hawks will continue to play …

November 2, 2016

Georgia Mixed-Use Southeast

Jamestown, Clarion Partners Acquire Westside Provisions District in Atlanta for $130M

by John Nelson November 1, 2016

ATLANTA — A joint venture between Jamestown LP and Clarion Partners LLC has acquired Westside Provisions District, a mixed-use development located in Atlanta. The development was acquired for $130 million, according to reports by the Atlanta Business Chronicle. The 261,742-square-foot development consists of two projects, White Provision and Westside Urban Market, which are connected via a pedestrian bridge. Situated in Atlanta’s popular West Midtown district off Howell Mill Road, Westside Provisions District features retail and loft office space that will be managed by the joint venture. Jamestown acquired the White Provision portion of the development from Atlanta-based developers Michael Phillips and Kathleen Walker in 2007. This deal will unify the district under one ownership entity. Westside Provisions’ office tenants include Base Brands, Canstruction, Fried & Bonder, Knoll, Waypoint Homes, WestRock and the German American Chamber of Commerce of the Southern U.S. Inc. Retail tenants include Anthropologie, Free People, J. Crew, lululemon athletica, Warby Parker, Brick + Mortar, Peridot West and Crafted Westside. The project is also home to restaurants and bars such as Jeni’s Ice Creams, Little Trouble, Taqueria Del Sol, Bacchanalia Star Provisions and JCT Kitchen + Bar. Clarion Partners made its investment on behalf of a commingled fund …

November 1, 2016

Georgia Multifamily Southeast

Passco Purchases Apartment Community in Metro Atlanta for $72M

by John Nelson November 1, 2016

DUNWOODY, GA. — Passco Cos. has purchased Two Blocks, a Class A, 400-unit midrise apartment community located at 4000 Dunwoody Park in Dunwoody, a suburb of Atlanta in DeKalb County. Passco bought the asset for $72 million using a Fannie Mae acquisition loan arranged by Chris Black of KeyBank Real Estate Capital. Developed in 2008 by Atlanta-based Pollack Shores Real Estate Group, Two Blocks was more than 95 percent occupied at the time of sale. The property is situated near Atlanta’s Central Perimeter office submarket and within three miles of Atlanta’s Pill Hill hospital district. Passco plans to implement a series of upgrades to the interior and exterior of Two Blocks, including installing granite countertops in the kitchens and bathrooms, expanding and updating the fitness center and improving the property’s curb appeal. John Weber, Dan Phelan and Bo Moore of ARA Newmark’s Atlanta office represented the seller in the transaction.

November 1, 2016

Loans Multifamily North Carolina Southeast

Financial Federal Bank Arranges Two Loans Totaling $32M for Charlotte Apartment Communities

by John Nelson November 1, 2016

CHARLOTTE, N.C. — The Memphis office of Financial Federal Bank has arranged two loans totaling $32 million for Parkland Commons and Copper Creek, two apartment communities in Charlotte. Built in the late 1990s, the communities feature swimming pools, sports courts, playgrounds and car wash areas. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the 12-year, fixed-rate loans on behalf of the borrower, which purchased the properties in 2015. The financing includes six and seven years of interest-only payments and 30-year amortization schedules.

November 1, 2016

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