Southeast

Crestlight Capital Buys 11-Story Office Building in Midtown Atlanta

by John Nelson June 13, 2017

ATLANTA — Crestlight Capital LLC has purchased an 11-story, 217,090-square-foot office building located at 730 Peachtree St. in Midtown Atlanta. The private real estate investment firm has tapped Hunter Henritze, Michael Howell and Caroline Cole of Lincoln Property Co. Southeast to lease and manage the Class B asset. The property was 92 percent leased at the time of sale and features loft office build-outs with exposed ceilings and modern finishes. The building is situated within walking distance of the Fox Theatre and the North Avenue and Midtown MARTA stations. The seller and sales price were undisclosed.

June 13, 2017

Mixed-Use Southeast Tennessee

Boyle, Northwestern Mutual, Northwood Ravin Break Ground on Capitol View Office Building in Nashville

by John Nelson June 12, 2017

NASHVILLE, TENN. — A joint venture between Boyle Investment Co., Northwestern Mutual and Northwood Ravin has broken ground on the office component of Capitol View, a 32-acre mixed-use development in Nashville’s North Gulch district. HealthStream Inc., a healthcare IT firm, will move its corporate headquarters to 65,000 square feet at the new office building, called Block E. The design team includes Hoar Construction, Barge Waggoneer Sumner & Cannon, Cooper Carry, Kiser Vogrin Design, RPM Transportation, TTL, TVG Environmental, Stansell Electric and Jones Brothers. Once completed, the $750 million Capitol View will feature 1.1 million square feet of office space, 130,000 square feet of retail and restaurant space, 650 multifamily residences, 170 hotel rooms and a 2.5-acre park connected to Nashville’s greenway system. In lieu of a groundbreaking ceremony for Block E, the principals of Capitol View presented a $5,000 check to the Arthur E. Newman Scholarship Fund.

June 12, 2017

Florida Mixed-Use South Carolina Southeast

Partnership to Develop Two Latitude Margaritaville Projects in Daytona Beach, Hilton Head

by John Nelson June 12, 2017

DAYTONA BEACH, FLA. AND HILTON HEAD, S.C. — A partnership between Sutton Properties, Margaritaville Holdings and Minto Communities plans to develop two Latitude Margaritaville projects in Daytona Beach and Hilton Head. Both developments will feature Margaritaville restaurants, an island-inspired food and beverage concept that launched in 1987 in Key West, Fla. The Daytona Beach community is currently under construction with 3,000 residences, and a future proposed expansion of up to 7,000 homes catering to residents 55 years and up. Sutton Properties is preleasing a total of 200,000 square feet of retail space at the entrance to Latitude Margaritaville on LPGA Blvd, just west of Interstate 95. The first phase will include a supermarket, along with retailers and restaurants. At the Hilton Head development, Margaritaville Holdings and Minto have broken ground on more than 3,000 homes on 2,739 acres. Sutton Properties acquired 72 acres for a three-phase, mixed-use development. Phase I will be located on Highway 278 at the community entrance located in Hardeeville, between I-95 and Hilton Head Island. Phase I will include a supermarket and other retail and restaurant tenants, and Phase II includes a hotel opportunity, followed by a mixed-use town center. The first homes at both developments …

June 12, 2017

Multifamily South Carolina Southeast

Graycliff Capital Purchases Apartment Community Near Charlotte for $41.3M

by John Nelson June 12, 2017

ROCK HILL, S.C. — Graycliff Capital Partners has purchased Gateway at Rock Hill, a newly built, 312-unit apartment community located in Rock Hill, a suburb of Charlotte in South Carolina. Gateway at Rock Hill LLC sold the asset to Graycliff Capital for $41.3 million, or roughly $132,211 per unit. Located behind Rock Hill Galleria Mall, Gateway at Rock Hill is the most recently delivered apartment community in the submarket as the City of Rock Hill placed a moratorium on all new construction of apartments, condos and townhomes. Built by Lucas Contractors, the property features a resort-style swimming pool, fitness center, clubhouse, movie theater, dog park and a playground. Austin Green, Andrew Klenk and Alex McDermott of Capstone Apartment Partners’ Charlotte office represented both the buyer and seller in the transaction.

June 12, 2017

Georgia Multifamily Southeast

Terwilliger Pappas Breaks Ground on Apartment Development in Gwinnett County

by John Nelson June 12, 2017

SUWANEE, GA. — Terwilliger Pappas has begun construction on Solis Town Center, a 240-unit apartment development situated adjacent to Suwanee Town Center in the Atlanta suburb of Suwanee in Gwinnett County. Set on six acres, the property will also feature 12,000 square feet of retail space. Terwilliger Pappas partnered with Carlyle Realty Partners and Cadence Bank on the development. The nearby Suwanee Town Center features a 10-acre, urban-style park, 100,000 square feet of retail space and 87,000 square feet of office space.

June 12, 2017

Florida Multifamily Southeast Student Housing

Preiss Acquires Student Housing Community Near University of Florida

by John Nelson June 12, 2017

GAINESVILLE, FLA. — The Preiss Company has acquired Cabana Beach Gainesville, a 1,488-bed student housing community located near the University of Florida in Gainesville. The property offers fully furnished units with bed-to-bath parity. Community amenities include a swimming pool, sand volleyball court, computer lab and study rooms. The new ownership, which also recently purchased the Cabana Beach San Marcos student housing community near Texas State University, intends to begin renovations on both properties’ units and common areas. The terms of the transaction and the seller were undisclosed.

June 12, 2017

Alabama Market Reports Office Southeast Southeast Market Reports

Consistency, Young Talent Lead to High Expectations for Birmingham Office Market

by John Nelson June 12, 2017

For the first time in quite a while, the Birmingham office market has experienced a rejuvenation and resurgence, catered around growth, a diversification of the tenant base and an effort to attract and retain bright young minds. Like many markets nationally, the city’s focus on urban renewal has made downtown Birmingham an attractive place to live, work and play, and thus will help companies attract talent to the market. Birmingham has entered a new era of industry and residential growth with one of the Southeast’s most dynamic markets after evolving from a historically steel and manufacturing-focused economy. Driven by a new generation of local leaders who have focused on developing biotechnology, life sciences and automotive sectors as catalysts for growth, Birmingham has witnessed a remarkable economic transformation. A preference for dynamic locations to live, work and play is occurring in Birmingham, as a significant amount of development has taken place in downtown Birmingham. While the bulk of this activity is occurring on the multifamily side, the same factors that draw people to live downtown are expected to positively impact the desire of employees to work downtown. In the long run, it is reasonable to expect office development to take off …

June 12, 2017

Florida Office South Carolina Southeast

CCP Commercial Real Estate Buys Two Office Buildings in Metro Greenville, Jacksonville for $39.2M

by John Nelson June 9, 2017

MAULDIN, S.C. AND JACKSONVILLE, FLA. — CCP Commercial Real Estate has purchased two office buildings in suburban Greenville and Jacksonville for a combined $39.2 million. CCP bought a 106,649-square-foot, single-story office asset near Greenville at 750 Brookfield Parkway in Mauldin for nearly $16.7 million. The Virginia Beach, Va.-based investor also acquired a five-story, 219,000-square-foot asset at 8800 Baymeadows Way West in Jacksonville for roughly $22.5 million. The Mauldin building was 92 percent leased at the time of sale, and the Jacksonville property was 81 percent leased. The identity of the seller(s) was not released.

June 9, 2017

Florida Loans Multifamily Southeast

CBRE Arranges $36.7M Financing for Apartment Community in Florida Panhandle

by John Nelson June 9, 2017

LYNN HAVEN, FLA. — CBRE Capital Markets has secured $36.7 million in financing for Arbor Trace, a 336-unit apartment community located in Lynn Haven, a town in the Florida Panhandle near the Gulf of Mexico. The loan involved a refinance of the community’s existing 168 units and a construction take-out loan for the newly built Phase II, which spans 168 units. Glenn Housman of CBRE’s debt and structured finance team in Orlando arranged the 10-year, floating-rate, Fannie Mae loan with two years of interest-only payments.

June 9, 2017

Retail Southeast Virginia

Sterling Sells Grocery-Anchored Shopping Center in Metro D.C. for $29.3M

by John Nelson June 9, 2017

WOODBRIDGE, VA. — Sterling Organization has sold Market at Opitz Crossing, a 157,724-square-foot, grocery-anchored retail center in Woodbridge, a suburb of Washington, D.C., in northern Virginia. Klein Enterprises purchased the asset from Sterling for $29.3 million. Price Rite anchors the center, which is located one mile east of Interstate 95 at the intersection of Jefferson Davis Highway and Opitz Boulevard. Other tenants include Advance Auto Parts, Dollar Tree, Checkers, Subway, BB&T Bank, Taco Bell, Edible Arrangements, Papa Johns, Hair Cuttery, Mariner Finance, Quest Diagnostics and T-Mobile. Geoffrey Millerd and Mat Adler of Newmark Grubb Knight Frank represented Sterling, which sold the asset through its institutional fund Sterling Value Add Partners LP. Marc Tropp of Eastern Union Funding arranged an acquisition loan through Apple Federal Credit Union on behalf of Klein Enterprises. Sterling purchased the asset in 2013 for $17.8 million and increased its occupancy rate from 77 percent to 96 percent. During its ownership, Sterling added an outparcel retail building leased to Chipotle Mexican Grill at the center.

June 9, 2017

Newer Posts

Older Posts