Southeast

Harvey Lindsay Arranges $8.5M Sale of 400,000 SF Industrial Facility in Virginia Beach

by John Nelson May 10, 2017

VIRGINIA BEACH, VA. — Harvey Lindsay Commercial Real Estate has brokered the $8.5 million sale of a 400,000-square-foot industrial development located at 1440 London Bridge Road in Virginia Beach. A local investment group purchased the facility from General Foam Plastics Corp. The property comprises two 200,000-square-foot warehouses on 33 acres, with 10 acres reserved for future development. Lindsay Himelright of Harvey Lindsay represented the seller in the transaction, and John Lee & Associates represented the buyer.

May 10, 2017

Georgia Multifamily Southeast

Berkadia Brokers $6.8M Sale of Apartment Community in Augusta

by John Nelson May 10, 2017

AUGUSTA, GA. — Berkadia has arranged the $6.8 million sale of Oak Hill, a 120-unit apartment community located at 817 Hickman Road in Augusta. Nashville, Tenn.-based Augusta Hickman Road Multifamily Partners LLC purchased the asset from Lakewood, N.J.-based Oak Hill 2008 LLC. Built in 1972, Oak Hill comprises all three-bedroom units with community amenities including two swimming pools, two laundry facilities, new windows and new roofs. The community was 94 percent occupied at the time of sale. Mark Boyce and Blake Coffey of Berkadia’s Charleston office and Jeremiah Jarmin of the firm’s Atlanta office represented the seller in the transaction.

May 10, 2017

District of Columbia Office Southeast

NGKF Arranges Three Office Leases in D.C.’s Capitol Riverfront District

by John Nelson May 10, 2017

WASHINGTON, D.C. — Newmark Grubb Knight Frank (NGKF) has arranged three lease deals totaling 26,332 square feet at a 10-story office building located at 1100 New Jersey Ave. S.E. in Washington, D.C.’s Capitol Riverfront district. The new tenants include The African Wildlife Foundation (AWF), law firm Watkinson & Miller and defense and government contractor Assett Inc. AWF has leased 15,024 square feet on the ninth floor, relocating from 1400 16th Street N.W.; Watkinson & Miller leased the remaining 8,630 square feet on the ninth floor, relocating from One Massachusetts Avenue N.W.; and Assett Inc. leased the remaining 2,678 square feet on the seventh floor. Owned by WC Smith, the newly renovated office building overlooks the Potomac River, U.S. Capitol, Canal Park and Nationals Park. WC Smith’s recent renovations at the Class A building include a new fitness center, bicycle storage and a new conference center. Brendan Owen, Rafael Notario and Morgan Monroe of NGKF represented WC Smith in the lease negotiations. Bill Zonghetti and David Hardcastle of NGKF represented AWF, Terry Amling of Lincoln Property Co. represented Watkinson & Miller and Neil Narcisenfeld and Sarah Frick of Ezra Co. represented Assett Inc.

May 10, 2017

Maryland Office Southeast

Marcus & Millichap Negotiates $4.2M Sale of Office Building in Downtown Baltimore

by John Nelson May 10, 2017

BALTIMORE — Marcus & Millichap has arranged the $4.2 million sale of The American Building, an 81,750-square-foot office building located at 231 E. Baltimore St. in downtown Baltimore. Built in 1905, the property served as the The Baltimore American newspaper’s headquarters until 1986. The office building was 51 percent leased at the time of sale to nonprofit organizations, government agencies, law firms and retailers. Robert Filley and Christian Beck of Marcus & Millichap represented the seller in the transaction.

May 10, 2017

Hospitality Southeast Tennessee

Songy Highroads to Develop Hyatt House Hotel in Nashville

by John Nelson May 9, 2017

NASHVILLE, TENN. — Atlanta-based Songy Highroads LLC plans to develop a new 15-story Hyatt House hotel in Nashville. The Hyatt House Nashville West End will be located at the intersection of Hayes Street and 21st Avenue, about a block from Vanderbilt University, Saint Thomas Medical and Centennial Medical Center. Wakefield Beasley & Associates designed the hotel, which will feature Hyatt’s signature H Bar concept and a pool and fitness center on the fifth floor. Songy Highroads and its joint venture partner, an affiliate of Hyatt, plan to deliver the 201-room hotel in early 2019.

May 9, 2017

Georgia Retail Southeast

Branch Properties Acquires 230,000 SF Retail Center in Gainesville, Georgia

by John Nelson May 9, 2017

GAINESVILLE, GA. — Atlanta-based Branch Properties has acquired Village Shoppes at Gainesville, a 230,000-square-foot retail center located at 879 Dawsonville Highway in Gainesville. Branch purchased the Publix-anchored asset from Retail Properties of America for an undisclosed price. Other tenants include Old Navy, Ross Dress for Less, Party City, Marshalls, Shoe Carnival, Starbucks Coffee, Wingstop, The UPS Store, Great Clips and AT&T.

May 9, 2017

Georgia Loans Southeast

Conlon Capital Arranges $11.9M CMBS Loan for Retail Center in Metro Atlanta’s Vinings District

by John Nelson May 9, 2017

SMYRNA, GA. — Conlon Capital has arranged an $11.9 million CMBS loan for the refinancing of Ivy Walk Shoppes, a 42,499-square-foot retail center located at 1675 Cumberland Parkway in Smyrna’s Vining district. The retail property is situated within a mixed-use development near SunTrust Park, the new home of the Atlanta Braves in Cobb County. Rushi Shah of Conlon Capital arranged the 10-year loan on behalf of the borrower, Atlanta-based MRE-Ivy LLC. The loan features a 75 percent loan-to-value ratio and interest-only payments for 18 months.

May 9, 2017

Florida Loans Office Southeast

Ready Capital Structured Finance Closes $11.9M Loan for Office Building in Fort Lauderdale

by John Nelson May 9, 2017

FORT LAUDERDALE, FLA. — Ready Capital Structured Finance has closed an $11.9 million acquisition loan for Courthouse Place, a 66,260-square-foot, eight-story office building located at 12 S.E. 7th St. in Fort Lauderdale’s central business district. Built in 2007 near the 20-story Broward County Courthouse, the office building features three stories of office space atop a five-story parking garage. The asset was 88 percent leased at the time of financing to tenants such as Krupnick Campbell Malone Buser Slama Hancock Liberman, Legacy Bank of Florida and Apex Reporting Group. Jason Hochman of Cushman & Wakefield arranged the fixed-rate, three-year loan through Ready Capital Structured Finance. HRE/SEFIREA Courthouse Place LLC purchased the office building from an affiliate of West Palm Beach, Fla.-based Morning Calm Management LLC known as Courthouse Place Building Owner LLC for $13.7 million. Scott O’Donnell, Dominic Montazemi, Greg Miller, Deanna Lobinsky and Travis Herring of Cushman & Wakefield represented the seller in the transaction.

May 9, 2017

Florida Office Southeast

JLL Arranges Office Relocation in Miami’s Brickell District for Banco do Brasil Americas

by John Nelson May 9, 2017

MIAMI — JLL has arranged a 17,000-square-foot lease on behalf of Banco do Brasil Americas, the U.S. branch of the Brasilia, Brazil-based bank, for its new corporate headquarters at 1221 Brickell Ave. in Miami’s Brickell district. The bank has leased the entire 22nd floor for its relocation from One Biscayne Tower in downtown Miami. Gavin Macphail and Randy Carballo of JLL represented Banco do Brasil Americas in the lease negotiations.

May 9, 2017

Market Reports Retail Southeast Southeast Market Reports Tennessee

Restaurants, Grocers, IKEA Headline Positive Retail Activity in Memphis

by John Nelson May 8, 2017

If it’s been several years since visiting Memphis, it’s time to come back and see the improvements. The city and suburbs have experienced large amounts of new construction and redevelopments, from the downtown Memphis Pyramid becoming the grandest Bass Pro Shops outside of their headquarters to the new Tanger Outlets in Southaven, Miss., and many more developments in between. The most active retail category continues to be restaurants, followed closely by grocers and service-oriented retailers. New restaurants have leased space across the market, varying from fast-casual options like Pimento’s Kitchen + Market to upscale options like Cheesecake Factory and Char, a steakhouse based in Jackson, Miss. In the grocery sector, Kroger, The Fresh Market and Whole Foods Market expanded their reach by adding new and redeveloped stores. Kroger, with its 125,000-square-foot Marketplace concept, is further solidifying market share and geographic footprint with Marketplace units in Hernando and Arlington and a 100,000-square-foot unit in Germantown. These locations were also joined by new-to-Memphis Sprouts Farmers Market. Trader Joe’s also announced plans to open a new store later this year. One of the most notable new Memphis-area retailers is IKEA, which opened its 271,000-square-foot store along Interstate 40 in late 2016. The store …

May 8, 2017

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