BUFORD, GA. — Clarion Partners and Seefried Properties have started construction on Buford Mill Distribution Center, a $25 million industrial development in Buford, a northeast suburb of Atlanta. Situated on 43.1 acres near the Highway 20/I-985 interchange, the project will feature two distribution buildings totaling 422,140 square feet with 32-foot minimum clear heights, T-5 lighting and trailer parking. Clarion is co-developing the project on behalf of a commingled fund it manages.
WASHINGTON, D.C. — SIOR Foundation, a 501(c)(3) not-for-profit organization that solicits and accepts charitable donations for SIOR initiatives and communities, has named David Hagan as its new president for the 2016-2017 term. The announcement was made last week during the Society of Industrial & Office Realtors (SIOR) Fall World Conference in New York City. Hagan is a senior vice president of brokerage services with CBRE’s Greensboro, N.C., office. Hagan will take over the reins of SIOR Foundation from previous president Patricia Loveall, a partner and director of Kidder Matthews in the Seattle/Puget Sound metro area. Other top-tier positions at SIOR Foundation for the 2016-2017 term include president elect Bill Ginder of Caldwell Cos., vice president Aaron Barnard of NorthMarq Capital and treasurer Stan Kleweno of Transpacific Investments. SIOR Foundation’s mission is to promote and support initiatives that educate, expand and enhance the commercial real estate community. The Washington, D.C.-based organization plans to award grants totaling $162,000 for fiscal year 2017, which runs Sept. 1 to Aug. 31. The foundation’s charitable giving supports undergraduate and graduate college students who are in pursuit of degrees associated with commercial real estate.
TYSONS, VA. — Atlantic Realty Cos. and New York-based Angelo, Gordon & Co. LP have purchased Tysons Concourse, two Class A office buildings located at 1593-1595 Spring Hill Road in Tysons. The California State Teachers’ Retirement System (CalSTRS) sold the 347,684-square-foot complex for $78.8 million. Situated one block from the newly opened Spring Hill station on Metrorail’s Silver Line, Tysons Concourse features a café, lighted basketball courts, theater-style conference center, fitness center with spa-style locker rooms and covered and surface parking. The buildings, joined by a shared atrium, were 76 percent leased at the time of sale to tenants such as Frontpoint Security, Konica Minolta and MassMutual. The new ownership group plans to invest $6 million in capital improvement to Tysons Concourse. The property’s lobby will be upgraded with marble flooring, a concierge desk and interactive touchscreen directories. Renovations will also include upgrades to the front and rear entrances, new interior finishes and a redesigned tenant entertainment center. The improvement program will also include the transformation of part of the existing sports area into an outdoor lounge with seating and an additional court for playing paddle tennis. Eastdil Secured represented CalSTRS in the transaction. — John Nelson
Broward County’s office market continues to heat up like the South Florida summer. Vacancy is decreasing while office rental rates in the market increase. Broward County added 32,100 jobs in the past year, the 4 percent nonagricultural employment growth leading to a second quarter unemployment rate of 4.2 percent, outpacing the state (4.5 percent) and national (5.0) averages. “Many factors drive Broward County’s strong economy, including a talented and diverse workforce, our proximity to Latin America and the Caribbean, and access to three international airports and three seaports,” says Bob Swindell, president and CEO of the Greater Fort Lauderdale Alliance, the county’s public/private partnership for economic development. Broward County’s office sector performance is a big story in an area of very positive commercial real estate headlines. It can be argued that South Florida trails only the two Bay Area bellwethers, San Francisco and the Silicon Valley, in property performance nationwide. Office rental rates in the county — CoStar reported that the market’s average rate increased 1.4 percent during first quarter to $25.14 per square foot — are most likely reaching the top of the arc in the present economic cycle. “Some of our strongest job growth has been in high-wage …
CLARKSBURG, MD. — Simon has opened Clarksburg Premium Outlets, a 392,000-square-foot outlet mall located at 22705 Clarksburg Road in Clarksburg, about 30 miles north of Washington, D.C. Simon developed the property in a joint venture arrangement with New England Properties and Streetscape. Retailers operating at Clarksburg Premium Outlets include a Nike Factory Store, Under Armour, Ann Taylor Factory, Banana Republic Factory, Gap Outlet, Armani Outlet, Kate Spade New York, Michael Kors, Saks Fifth Avenue OFF 5th, All Saints and Tory Burch. The property is the country’s first two-story outdoor outlet shopping center and Simon’s second LEED-certified Premium Outlet center.
ATLANTA — Novare Group and Batson-Cook Development Co. plan to open Atlantic House, a 32-story high-rise apartment tower in Midtown Atlanta, in mid-November. Located on the corner of 14th and West Peachtree streets, Atlantic House will feature 407 residences, two rooftop pools, a 24-hour fitness center, clubroom, outdoor kitchen, laundry service, 24-hour concierge services, business center and outdoor patio space, as well as a grilling area, tennis court and dog park on top of the attached parking garage. All residences will feature private balconies. The project also features more than 13,000 square feet of ground-floor retail space fronting 14th and West Peachtree streets, with Einstein’s, Caribou and McCray’s Tavern scheduled to open in early 2017. Residents have started to move into their units ahead of the Nov. 17 grand opening.
LOUISVILLE, KY. — City Club Apartments LLC, a multifamily owner and developer led by Jonathan Holtzman, has opened 800 Tower City Apartments, a 29-story high-rise tower in downtown Louisville. Built in 1963 as The 800 Building, the 286-unit property is open following a year-long, $11 million renovation program. The tower’s top floor now features the Sky Club, which includes a gourmet kitchen, fireplace, TVs, lounge seating and an outdoor terrace with a dining and grilling station. The top floor also features a fitness center and Zen garden. The rooftop amenity deck, known as Sky Park, features a swimming pool, sun deck, firepit, outdoor kitchen, bar and outdoor TVs. Other amenities include Bar Vetti on the first floor, a conference room, theater, business center, café, dog park, parking garage and personal concierge services. The renovation included upgrades to the façade, a new pocket rotunda entry, landscaping, lighting and paint. About 80 percent of the apartment residences have been renovated with the rest slated for a late November completion.
ATLANTA — Atlanta-based Monarch Private Capital and Nashville-based BNA Associates have begun the redevelopment of Hotel Clermont in Atlanta’s Poncey-Highland neighborhood. The firms are renovating the iconic hotel using Historic Tax Credits. Upon opening, the new 94-room boutique hotel will feature a restaurant and some of the original hotel’s art-deco design. Monarch and BNA worked closely with the city of Atlanta and the Georgia General Assembly, which passed House Bill 308 last year, raising the maximum tax credit allowance for historic structures from $300,000 annually to $5 million. The Poncey-Highland Neighborhood Association also supported the renovation and preservation of the landmark hotel.
JACKSONVILLE, FLA. — Greystone’s Real Estate Advisors group has arranged the $21.5 million sale of Wyndham Lakes, a 245-unit independent living, assisted living and memory care community in Jacksonville. A private equity group purchased the property from a publicly traded REIT. Formerly operated by Brookdale Senior Living, Wyndham Lakes is situated on 14 acres of land. The community consists of 12 residential buildings and one common area structure. Mike Garbers and Cody Tremper of Greystone represented the seller in the transaction. Tremper also arranged non-recourse acquisition financing through a regional bank.
CARROLLTON, GA. — NorthMarq Capital has secured the $22.2 million refinancing of Flats at 316, a 240-unit student housing community located near the University of West Georgia in Carrollton. The transaction was structured with a three-year, interest-only term. Will James of NorthMarq Capital arranged the financing on behalf of the undisclosed borrower through a bridge lender. Flats at 316’s community amenities include a basketball court; cyber café; dog park; a lounge with a flat screen, pool table, ping pong, poker and other games; a resort-style swimming pool; sand volleyball court; coffee bar; fitness center; and shuttle service to and from campus.
