ARLINGTON, VA. — Transwestern has arranged the $69.5 million sale of Ballston Metro Center, a 235,568-square-foot office building located at 901 N. Stuart St. in Arlington, roughly five miles outside of Washington, D.C. A joint venture between PERSEUS Realty and ELV Associates purchased the asset from Ballston Metro Investors LLC. Gerry Trainor and Mark Glagola of Transwestern’s Mid-Atlantic capital markets group represented the seller in the transaction. The new ownership group plans to make capital improvements to the office building. Ballston Metro Center is situated directly above Ballston Metro Station and within one block of Ballston Common Mall, which is undergoing a $317 million renovation and repositioning into Ballston Quarter.
CHARLOTTE, N.C. — The Bissell Cos. has signed Wells Fargo to a full-building lease at the Brigham Building situated within Ballantyne Corporate Park in Charlotte. Located at 11625 N. Community House Road, the 10-story, 287,507-square-foot is under construction and set for completion in December. Wells Fargo will occupy the building starting in 2017. The Class A office building overlooks The Golf Club at Ballantyne and features a two-story lobby, glass exterior curtain walls and free structured parking. The Bissell Cos. is developing Brigham Building to achieve LEED Gold certification.
CHARLOTTE, N.C. — Stiles plans to develop a new Class A, 64,000-square-foot office building located at 300 W. Summit Ave. in Charlotte’s historic South End neighborhood. The three-story project will feature underground parking and a rooftop terrace. The asset will be situated within walking distance of the Bland Rail Station, less than one mile from the Dowd YMCA and three miles from I-85. Stiles’ Charlotte office has begun site work and will begin vertical construction in March 2017, with an expected delivery in first-quarter 2018. Charley Leavitt and Stephen Woodard of JLL are handling the office building’s leasing responsibilities.
GREER, S.C. — Liberty Property Trust has broken ground on Caliber North, a 171,600-square-foot warehouse situated within the Caliber Ridge industrial park in Greer. Located at I-85 and Green Road, the warehouse is situated near the BMW Manufacturing Plant and the South Carolina Inland Port. Set for an April 2017 completion, Caliber North will feature 7-inch concrete slab floors and 36-foot clear heights, the first warehouse in the market built to those specifications. The project team includes architect MCA Architecture, civil engineer blueWATER Civil Design and general contractor Harper Corp. Jaime Maldonado of Liberty Property Trust is Caliber North’s project manager, and Liberty’s Bryan Blythe is teaming up with Brian Young, Elliott Fayssoux and Kacie Jackson of Cushman & Wakefield | Thalhimer to market the project. Liberty is planning to build a second property at the site totaling 94,500 square feet.
WASHINGTON, D.C. — The JBG Cos. has sold a Class A, eight-story office building located at 1025 Thomas Jefferson St. in Washington, D.C.’s Georgetown district for $141.8 million. HFF represented JBG Cos. and procured the buyer, Alduwaliya Asset Management, a private investment vehicle based in the United Kingdom that represents a high net-worth family in Qatar. The 317,248-square-foot building is situated directly across from Georgetown Waterfront Park and Washington Harbour. The building was 96 percent leased at the time of sale to 22 tenants including Palantir Technologies, the American Institutes of Research, Carlton Fields, Education Development Center and Combined Properties. Built in 1984, 1025 Thomas Jefferson features two multi-level courtyards with fountains, a brick façade, fitness center, deli, Metrorail shuttle and 268 below-grade parking spaces. Jim Meisel, Dek Potts, Andrew Weir, Stephen Conley and Matt Nicholson led HFF’s investment sales team in the transaction.
LAKE MARY, FLA. — Cushman & Wakefield has brokered the $130 million sale of Primera Towers, a five-building, 771,826-square-foot office campus in Lake Mary, a suburb of Orlando. Miami-based Parmenter Realty Partners purchased the portfolio from an ownership group including Miami-based Banyan Street Capital, Los Angeles-based Oaktree Capital Management and Munich-based Balandis AG. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller. The transaction is Orlando’s largest suburban office sale since the disposition of Heathrow International Business Center in 2002.
ALTAMONTE SPRINGS, FLA. AND DURHAM, N.C. — Walker & Dunlop has closed two loans totaling $111 million to finance Cortland Partners’ acquisitions of two apartment communities in the Southeast. The properties include Camden Renaissance in Altamonte Springs and Arboretum at Southpoint in Durham. The financing comprised two Freddie Mac moderate rehab loans, which Cortland Partners will use to fund the acquisition and renovations. The loans include an initial three-year interest-only period with a floating interest rate, followed by a seven-year, floating-rate loan term with two years of interest-only payments. Stephen Farnsworth of Walker & Dunlop’s New Orleans office arranged the financing.
WOODSTOCK, GA. — The Praedium Group LLC has purchased Crest at Laurelwood, a 272-unit apartment community located in the northwest Atlanta suburb of Woodstock. Praedium Group bought the asset for nearly $43.2 million. Built in 2015, Crest at Laurelwood’s units feature nine- or 10-foot ceilings, cherry wood cabinetry, tiled backsplashes and private balconies. Community amenities include a cyber café, billiards room, two-story fitness center and yoga studio, resort-style swimming pool, outdoor fireplace with a TV, dog park and electric car charging stations.
DAYTONA BEACH, FLA. — Cobb Theatres is set to open the Cobb Daytona Luxury 12 Theatres in December at One Daytona, a mixed-use and entertainment development underway in Daytona Beach. International Speedway Corp. is developing One Daytona across from Daytona International Speedway, home of the Daytona 500 race. The 56,345-square-foot theater will feature 12 wall-to-wall screens, oversized electric reclining seats and a full-service restaurant and bar known as Cobbster’s Kitchen. International Speedway Corp. plans to open the rest of One Daytona, which includes a Bass Pro Shops, Fairfield Inn & Suites by Marriott and retail and restaurants, in 2017.
ATLANTA — The Atlanta Hawks Basketball Club and the city of Atlanta have reached an agreement on key terms for a $192.5 million renovation of Philips Arena, the home stadium of the Atlanta Hawks in downtown Atlanta. Atlanta Mayor Kasim Reed committed to provide $142.5 million in public funds, with the Hawks to fund the remaining $50 million, to improve the city-owned facility. The Hawks also committed to an 18-year lease extension to remain in downtown Atlanta through 2046. “When our group became owners almost a year-and-a-half ago, we pledged to work diligently with the city of Atlanta to ensure that the club remained downtown,” said Tony Ressler, Atlanta Hawks principal owner and chairman. “We knew that a key part of producing a winning team, providing a superior fan experience and being a civic asset to the city of Atlanta required a renovation of our arena and a meaningful improvement to the downtown area of this city. Today’s announcement with the mayor is a significant step toward this goal.” The Hawks will begin renovations of Philips Arena during summer 2017, and the process will be completed by the start of the 2018-2019 NBA season. The Hawks will continue to play …