Southeast

Berkadia Arranges $25.5M Sale of Apartment Community on Florida’s East Coast

by John Nelson May 16, 2017

PALM COAST, FLA. — Berkadia has arranged the $25.5 million sale of Pine Lake Apartments, a 184-unit multifamily community located at 121 Pine Lakes Parkway North in Palm Coast, a city on Florida’s east coast about 25 miles south of St. Augustine. Built in 2005, the property features one-, two- and three-bedroom floor plans. Community amenities include a resort-style pool, poolside fire pit, hammock lounge, grilling areas, a fitness center, detached garages and a dog park. Pine Lake Apartments is adjacent to the Indian Trails Sports Complex and roughly five miles from the Atlantic Ocean. Cole Whitaker, Mary Beale, Jason Stanton and Greg Rainey of Berkadia represented the seller, Massachusetts-based Palm Coast Waterchase LLC, in the transaction. The buyer was Missouri-based Pine Lake Acquisitions LLC.

May 16, 2017

Georgia Loans Office Southeast

SunTrust Provides $13.7M Loan to TPA Group for Crawford & Co.’s New Headquarters in Metro Atlanta

by John Nelson May 16, 2017

PEACHTREE CORNERS, GA. — SunTrust Commercial Real Estate, a division of SunTrust Banks Inc., has provided a $13.7 million loan to TPA Group for Crawford & Co.’s new global headquarters. TPA Group will use the loan to refinance and proceed with the renovation of the existing building at 5335 Triangle Parkway in Peachtree Corners, a Gwinnett County suburb of Atlanta. Crawford & Co., an independent claims management firm, expects to move its 500 employees from its existing office in Atlanta’s Central Perimeter submarket in November. SunTrust Commercial Real Estate was the sole lender for the new facility.

May 16, 2017

Retail Southeast Tennessee

CBL & Associates Sells Two Malls in Tennessee to Time Equities for $53.5M

by John Nelson May 15, 2017

MORRISTOWN AND MARYVILLE, TENN. — Chattanooga, Tenn.-based CBL & Associates Properties Inc. has sold College Square and Foothills Mall in Tennessee to New York-based Time Equities Inc. for a combined $53.5 million. Located at 2550 E. Morris Blvd. in Morristown, College Square’s tenant roster includes Belk, Kohl’s, T.J. Maxx, AMC Theatres, Dick’s Sporting Goods, AT&T, GameStop, GNC, Kay Jewelers, Longhorn Steakhouse, McDonald’s, Planet Fitness, Sprint, Subway and Verizon Wireless. Located in Maryville, Foothills Mall’s tenants include Belk, JC Penney, Sears, T.J. Maxx, Air Bounce!, Hallmark, Carmike Cinemas, Chick-fil-A, Finish Line, T-Mobile, Verizon Wireless and Vitamin World. CBL owns, holds interest in or manages 124 properties spanning 76.9 million square feet, including 81 regional malls/retail power centers.

May 15, 2017

Florida Loans Retail Southeast

CIT Group Provides $46M Loan to Menin for Shopping Center in Palm Beach Gardens

by John Nelson May 15, 2017

PALM BEACH GARDENS, FLA. — CIT Group Inc. has provided a $46 million loan to Menin Development for the refinancing of PGA Plaza Shopping Center, an open-air retail lifestyle center in Palm Beach Gardens. Menin will use the loan to refinance a $41 million permanent loan that CIT provided to Menin in May 2015 after the completion of its two-year renovation and remerchandising program. PGA Plaza is home to retailers including Trader Joe’s, Ulta Beauty, Marshalls, Flamingo Café and PurePoint Financial.

May 15, 2017

Industrial Southeast Virginia

COPT to Develop Two Build-to-Suit Industrial Projects in Northern Virginia Totaling 300,000 SF

by John Nelson May 15, 2017

ASHBURN, VA. — Corporate Office Properties Trust (COPT) has executed two long-term leases with a subsidiary of an unnamed Fortune 500 company for two build-to-suit industrial facilities totaling nearly 300,000 square feet. The buildings will be situated within Paragon Park in Ashburn, roughly 33 miles west of Washington, D.C. COPT plans to deliver one of the facilities by the end of the year and the second in the first quarter of 2018.

May 15, 2017

Florida Southeast

Tower Commercial Arranges 84,364 SF of Leases at Downtown Miami Office Tower

by John Nelson May 15, 2017

MIAMI — Tower Commercial Real Estate has arranged 84,364 square feet of leases at Citigroup Center, a 34-story, 802,974-square-foot office tower in downtown Miami. The lease deals include Harvard Maintenance signing for 23,540 square feet, law firm Kobre & Kim signing for 9,366 square feet and anchor tenant Citigroup expanding its office by 9,507 square feet, as well as opening a 6,250-square-foot bank branch on the ground floor. Additionally, Tower Commercial executed about 32,000 square feet of lease renewals for tenants including Apex Brasil, Black Srebnick Korspan Stumpf, Six Continents and Solowsky & Allen. Jonathan Kingsley and Stephen Rutchik of Colliers International represented Harvard Maintenance, which is relocating from One Biscayne Tower, and Clarissa Willis and Ryan Ackerman of CBRE represented Kobre & Kim. Citigroup Center’s owner, Crocker Partners, is underway on a $20 million makeover and rebranding of the building. Formerly known as Miami Center, Citigroup Center is the second largest Class A office tower in Florida.

May 15, 2017

Georgia Retail Southeast

Coro Realty Signs Aldi to 42,361 SF Lease at Buckhead Pavilion in Atlanta

by John Nelson May 15, 2017

ATLANTA — Coro Realty Advisors has executed a 42,361-square-foot lease with Aldi for a new grocery store at Buckhead Pavilion in Atlanta. The German-based discount grocer will replace the former Sports Authority space. Aldi, which operates 50 grocery stores in Georgia and 1,600 total across the country, plans to sublease a portion of its space, according to Coro. Situated at the intersection of Peachtree Road and Maple Drive, Buckhead Pavilion’s existing tenants include PetSmart, CVS/pharmacy, Modani Furniture and Berkshire Hathaway HomeServices. Kirk Buttle of CBRE represented Aldi in the lease deal, while Andrea Kenney represented Coro in-house.

May 15, 2017

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Memphis Expects to Bolster Its Stellar Industrial Reputation with Strong 2017

by John Nelson May 15, 2017

In 2015, the Memphis industrial sector reached a record-breaking 8.4 million square feet net absorption. Achieving absorption in 2015 at a level that was higher than before the recession would have seemingly set 2016 up for a downturn. However, industrial growth, with Memphis at the epicenter of world distribution, allowed the positive trajectory to continue. The Memphis MSA absorbed approximately 6 million square feet in 2016. Given ideal geographical positioning, Memphis is known as America’s Distribution Center, boasting unparalleled expertise in distribution and logistics. The Memphis International Airport houses the second-busiest cargo airport in the world. Companies recognize that Memphis offers reliable, cost-effective distribution, with the ability to reach 70 percent of the U.S. population within 24 hours. Moreover, Memphis is one of only three cities with five Class I Rail Systems and has the fifth largest inland port, as well as 10 major trucking companies utilizing interstates I-40 and I-55. It’s no wonder that FedEx World Hub makes Memphis its home, and UPS chose it as a major hub. With those constants in place, the most notable recent change is the expansion of the submarkets, and how they compete for the warehouse and distribution business. In the past, when …

May 15, 2017

Florida Mixed-Use Multifamily Southeast

Related Group Acquires Interest in Wynwood 25 Project in Miami from East End Capital

by John Nelson May 12, 2017

MIAMI — The Related Group has acquired a 50 percent interest in Wynwood 25, a planned mixed-use development in Miami’s Wynwood district, from East End Capital. Wynwood 25 will feature 289 multifamily residences, 31,000 square feet of retail space and 340 parking spaces. Related Group and East End Capital plan to break ground on the project this summer. Situated between 24th and 25th Streets near 2nd Avenue, the property will feature studio, one- and two-bedroom units with rents starting at $1,400 per month. Community amenities will include a fitness center with a yoga studio, co-working office spaces, coffee lounge, courtyard, bike storage, package storage, dog wash facilities and a rooftop terrace with a pool, grills, movie screen and outdoor and covered work areas.

May 12, 2017

Multifamily Southeast Virginia

Chesapeake Realty Partners Delivers Fitness-Centric Apartment Community in Metro D.C.

by John Nelson May 12, 2017

FORT BELVOIR, VA. — Chesapeake Realty Partners has opened Belvoir Square, a 282-unit apartment community located outside of Fort Belvoir’s Tulley Gate in Fairfax County, roughly 20 miles south of Washington, D.C. The fitness-focused development features the country’s only MyEquilibria outdoor gym, an outdoor workout center that was imported from Italy. Nicknamed the “fitness tree,” MyEquilibria is the centerpiece of the outdoor Fitness Park and supports rings, pull-up bars and parallel bars. Workout stations with box steps, parallettes, level and incline benches, a battle rope and rotating push up handles surround the feature. Belvoir Square also features a 24-hour indoor gym known as the FX Well Fitness Center, which is equipped with treadmills, elliptical machines, a Jacobs Ladder machine, full weight rack and free weights. Complimentary group yoga classes will be offered at the FX Well Fitness Center, and personal training will soon be available. Other community amenities include dry cleaning services, a pet salon, central courtyard with gas grills and lounges, resident clubhouse, game room, business center and a walking trail. Chesapeake Realty has selected Greystar to manage the property.

May 12, 2017

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