MIAMI — Boston-based Rockpoint Group has purchased 1221 Brickell, a 408,423-square-foot office building located at Brickell Avenue and Coral Way in Miami’s Brickell Financial District. The sales price was undisclosed, but the South Florida Business Journal reports that the property traded for $155 million. The 26-story tower’s tenant roster includes Lydecker Diaz, Regus, Banco Do Brasil, Safra National Bank of New York and Clyde & Co. Tenant amenities include various restaurants, a conference facility, 24-hour security, dry cleaning services, a 5,000-square-foot daycare center, parking and a car wash facility. Hermen Rodriguez, Manny de Zarraga, Ike Ojala, Tracey Good and Christina Kong of HFF represented the seller, The Blackstone Group. HFF also brokered the sale of the office tower in 2006 on behalf of the previous owner, Equity Office Properties Trust, prior to Blackstone’s acquisition of the REIT later that year.
Southeast
CORAL SPRINGS, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $68.2 million sale of Forest Apartments, a 400-unit luxury multifamily community in Coral Springs. Built in 1989, the recently renovated property is surrounded by the 29-acre Sherwood Forest Park and features a lake with fountains, two resort-style swimming pools and a 24-hour fitness center. Steve Witten and Victor Nolletti of IPA, along with Evan Kristol of Marcus & Millichap, represented the seller, a Canadian limited partnership. The team also procured the buyer, a value-add institutional investor based in Manhattan.
FORT LAUDERDALE, FLA. — Berger Commercial Realty/CORFAC International has brokered the $14.8 million sale of East Port Center, a 108,500-square-foot industrial park located at 1881-1887 State Road 84 in Fort Lauderdale near Interstate 95. The property features 20-foot clear heights, parking, frontage on State Road 84, a glass façade on the storefront and rear dock-high loading. St. George Guardabassi and Judy Dolan of Berger Commercial represented the seller, EJP East Port LLC, in the transaction. The buyer, East Port Center LLC, has retained Berger Commercial to market East Port Center, which was fully leased at the time of sale.
Shopping Center Group Arranges Leases in Metro Columbia for Fresh Market, Hobby Lobby, Ulta Beauty
by John Nelson
LEXINGTON, S.C. — The Shopping Center Group, on behalf of developer Columbia Development, has signed three anchor leases at Lexington Marketplace, a 143,850-square-foot shopping center in Lexington. The Fresh Market, Hobby Lobby and Ulta Beauty have signed on at the shopping center, which will be situated at U.S. Highway 378 and Saluda Springs Road. This will be the second location in the metro Columbia area for The Fresh Market. Darrell Palasciano of The Shopping Center Group is seeking additional retail and restaurant tenants at the property, which is currently 70 preleased.
ATLANTA — SRS Real Estate Partners has formalized leadership in the Southeast for its Investment Properties Group, which focuses on multi-tenant investment sales. Managing principal Kyle Stonis and principal Pierce Mayson out of Atlanta will lead the multi-tenant investment sale activity, recruiting and expansion efforts in the region. Since joining in 2011, Stonis and Mayson have established their group as one of the top investment sales teams in the Southeast. The duo has completed over $1 billion in sales transactions across 15 states since joining SRS. SRS’ Investment Properties Group and National Net Lease Group have recently welcomed two more investment sales experts with the addition of Rob Whitmire, as senior vice president in north and central Florida, and Giles Stevens, as vice president in Atlanta.
WASHINGTON, D.C. — UNIZO Holdings Co. Ltd. has acquired two Class A office buildings in Washington for $259 million. The buildings, 1325 and 1341 G St., total 440,419 square feet and are located two blocks from the White House. Built in 1969 and renovated in 2017, 1325 G. St. consists of 307,705 square feet. Originally built in 1903 and also known as The Colorado Building, 1341 G. St. consists of 132,714 square feet of office and retail space. Andrew Weir, Stephen Conley, Jim Meisel, Dek Potts and Matt Nicholson of HFF arranged the sale on behalf of the sellers, Westbrook Partners LLC and TIER REIT Inc. HFF also procured the buyer. In June 2015, HFF arranged the joint venture between Westbrook and TIER REIT. The partners repositioned the properties with a lobby renovation. Westbrook is a real estate investment management company with more than $14 billion of equity in over $50 billion of real estate transactions. TIER REIT (NYSE: TIER) is a real estate investment trust based in Dallas with a focus on owning quality office properties. With this sale, TIER REIT has announced its exit from the Washington, D.C. market. UNIZO is a real estate company based in Tokyo. …
NASHVILLE, TENN. — Allianz Real Estate of America has provided a $100 million loan for The Pinnacle at Symphony Place, a 28-story, 520,000-square-foot office tower located in downtown Nashville. Built in 2010, the LEED Gold-certified building was 99 percent leased to 20 tenants at closing. Bat Barber of Medalist Capital arranged the loan through Allianz on behalf of the borrower, Highwoods Properties, a Raleigh-based REIT that purchased the office building in 2013 for $152 million. The Pinnacle at Symphony Place represents the first commercial mortgage in Nashville for Allianz Real Estate of America, which manages a $10.7 billion debt portfolio. Allianz Real Estate of America is the U.S. real estate lending arm of Allianz Group, a global asset management firm based in Munich.
CHARLESTON, S.C. — Grandbridge Real Estate Capital has arranged the $51 million refinancing for Bank of America Place, a 144,000-square-foot, four-story office building along Meeting Street in Charleston. The office building features ground-floor retail space and an attached 355-space parking garage. Tenants include Bank of America, New York Life, Morgan Stanley, Wells Fargo Advisors, Parker Poe Law Firm and Resurgent Capital Services. Russ Balderson and Kevin French of Grandbridge arranged the loan through AIG Global Real Estate on behalf of Charleston Financial Center LLC, a subsidiary of Oceanside Resorts Inc., which purchased Bank of America Place in 2004.
KNOXVILLE, TENN. — Paramount Hospitality Management LLC and Batson-Cook Development Co. have broken ground on a $43 million dual-branded hotel at the corner of Church and State streets in Knoxville. The property will include a 144-room Courtyard by Marriott and an 88-room Residence Inn. The 166,544-square-foot hotel will feature a rooftop lounge, a bar and café in the lobby and a three-level parking deck. Paramount and Batson-Cook plan to complete the hotel in the third quarter of 2018.
WEST PALM BEACH, FLA. — A partnership between SROA Capital, MacArthur Holdings and Live Oak Capital Partners plans to develop a 100,000-square-foot self-storage facility at 1620 Congress Ave. in West Palm Beach. Situated at the entrance of the Land of Presidents and the Palm Beach Outlet Mall, the three-story property will feature 830 climate-controlled units, 1,200 square feet of ground-floor retail space and 24-hour camera surveillance. The partnership plans to deliver the facility in the first quarter of 2018.