Southeast

Cushman & Wakefield/Commercial Kentucky Brokers $41M Sale of Mixed-Use Center in Louisville

by John Nelson October 3, 2016

LOUISVILLE, KY. — Cushman & Wakefield/Commercial Kentucky has arranged the $41 million sale of Hurstbourne Business Center, a 418,000-square-foot, mixed-use development located in Louisville. The property comprises Hurstbourne Park and Hurstbourne Place, both office buildings, and Hurstbourne Plaza, a retail center. Cincinnati-based Viking Partners, a private equity real estate firm, purchased Hurstbourne Business Center from Dallas-based TIER REIT. Craig Collins of Cushman & Wakefield/Commercial Kentucky, along with Stewart Calhoun and Casey Masters of Cushman & Wakefield’s Atlanta office, represented the seller in the transaction.

October 3, 2016

Office Southeast Virginia

Dominion Realty Partners Acquires Three-Building Office Portfolio in Richmond

by John Nelson October 3, 2016

RICHMOND, VA. — Dominion Realty Partners has purchased a three-building office portfolio totaling 288,416 square feet in Richmond for an undisclosed price. Situated within Boulders Office Park, the purchase of Boulders I, II and III will increase Dominion Realty’s Virginia office portfolio to 450,723 square feet. The portfolio was 76 percent leased at the time of sale to 34 tenants including Timmons Group and Tredegar Corp. Dominion Realty plans to make capital improvements to the portfolio, including upgrades of the common area lobbies, corridors and restrooms, parking lot resurfacing and landscaping improvements. Eric Robison of Cushman & Wakefield | Thalhimer represented the undisclosed seller in the transaction.

October 3, 2016

Mississippi Retail Southeast

NAI UCR Brokers $3.6M Sale of Shopping Center in Mississippi

by John Nelson October 3, 2016

VICKSBURG, MISS. — NAI UCR Properties has brokered the $3.6 million sale of a 43,000-square-foot portion of the Pemberton Plaza Shopping Center in Vicksburg, roughly 45 miles west of Jackson. The buyer, an unnamed local investment group, added to the 27,000-square-foot portion of the center it already owned. Pemberton Plaza’s tenant roster includes T.J. Maxx, Citi Trends, Petsense, Newk’s Eatery, Bestway Rent to Own, Anytime Fitness and Little Caesar’s. The portion of the shopping center that was acquired was 100 percent leased at the time of sale. The buyer purchased the asset from RockStep Capital in an off-market transaction. Micah McCullough and Brett Bailey of Jackson-based NAI UCR Properties represented the buyer in the transaction. RockStep Capital was self-represented.

October 3, 2016

Market Reports North Carolina Office Southeast Southeast Market Reports

Limited Office Construction in Triangle Area Bolsters Market Fundamentals

by John Nelson October 3, 2016

The Raleigh-Durham office market has not only recovered from the Great Recession, it is solidly in expansion mode, and tenants are facing market conditions not witnessed in 15 years. The current cycle has been marked by a prolonged period of limited development activity. While job growth in the local market has been rebounding for more than five years, the construction pipeline has only recently filled in a meaningful way, and a large portion of the development activity in 2014 and early 2015 was driven by build-to-suits. With Class A vacancy now at a 15-year low, speculative development is heating up again. While projects totaling 1.4 million square feet were underway in the first quarter, most of this product will not be delivered until 2017 or later, and approximately half of the space has already been spoken for. In the near term, the market heavily favors landlords. The Triangle office market began 2016 with strong activity as tenants absorbed 453,997 square feet, driving vacancy down by 40 basis points to 12.1 percent. This figure is down by 180 basis points on a year-over-year basis and has fallen from a cyclical high of 18.7 percent. Class A vacancy ended the first quarter …

October 3, 2016

Mixed-Use Southeast Virginia

Forest City, Arlington County Partner to Renovate Ballston Common Mall in Metro D.C.

by John Nelson September 30, 2016

ARLINGTON, VA. — Forest City Realty Trust Inc. and Arlington County have formed a public-private partnership to transform Ballston Common Mall into a mixed-use retail destination known as Ballston Quarter. The Arlington County board unanimously approved the development agreement at a recent meeting. Located four miles outside of Washington, D.C., Ballston Quarter will feature open-air retail and restaurant space, 406-unit residential tower, pedestrian bridge spanning Wilson Boulevard, public plaza, parking garage upgrades and enhanced streetscapes. The public-private partnership plans to open Ballston Quarter and the pedestrian bridge in September 2018, with pre-leasing for the residential tower to begin in late 2018. In November 2015, Arlington County approved a letter of intent with Forest City to fund up to $55.5 million in public infrastructure costs related to the project.

September 30, 2016

Multifamily North Carolina Southeast

Inland Affiliate Acquires Apartment Community in Charlotte for $31.7M

by John Nelson September 30, 2016

CHARLOTTE, N.C. — Inland Real Estate Acquisitions Inc. has facilitated the purchase of Vanguard Northlake, a newly built, 204-unit apartment community located at 11010 Northlake Landing in Charlotte. Matthew Tice of Inland Real Estate Acquisitions facilitated the transaction on behalf of an Inland affiliate. According to the Charlotte Business Journal, an affiliate of Covington Realty Partners sold the asset to Inland for $31.7 million. Vanguard Northlake’s unit interiors include granite countertops, 9-foot ceilings, walk-in closets, TVs built into the master bathroom mirrors, washer and dryer units and private balconies or patios. Community amenities include an outdoor saltwater pool, fitness center, outdoor grilling kitchen, fireside lounge, sundeck with cabanas, dog park, bicycle storage and a business center. The property was 95 percent occupied at the time of sale.

September 30, 2016

North Carolina Retail Southeast

Crosland Southeast, Childress Klein Acquire 8.5 Acres in South Charlotte

by John Nelson September 30, 2016

CHARLOTTE, N.C. — Crosland Southeast and Childress Klein have purchased an 8.5-acre site on Providence Road in south Charlotte from Crescent Communities. The joint venture plans to develop several single-tenant and multi-tenant retail buildings on the site. The site is adjacent to the planned Crescent Providence Farm apartment development and in close proximity to Waverly, a master-planned project that Crosland Southeast and Childress Klein are co-developing. Crosland Southeast and Childress Klein are partnering with the Matthews family on the project.

September 30, 2016

Arkansas Healthcare Southeast

Orion Capital Partners Breaks Ground on $8.5M Medical Office Building in Little Rock

by John Nelson September 30, 2016

LITTLE ROCK, ARK. — Orion Capital Partners has begun construction on Cornerstone Clinic for Women, a 43,000-square-foot medical office building situated on the Baptist Health campus in west Little Rock. General contractor Bailey Construction and Consulting plans to deliver the asset in late summer 2017. Cornerstone Clinic will occupy the first floor of the building, and the second floor is still available for lease. Dr. Orman Simmons and Dr. Douglas Smith, founding partners of the clinic, were on-hand at the groundbreaking ceremony for the clinic, which represents the first new construction on the Baptist Health campus since 1999.

September 30, 2016

Hospitality Loans Louisiana Southeast

Kennedy Funding Financial Closes $1.5M Acquisition Loan for Site of Future Hotel, Hostel in New Orleans

by John Nelson September 30, 2016

NEW ORLEANS — Kennedy Funding Financial has closed a $1.5 million acquisition loan for a 40,000-square-foot lot in the Bywater neighborhood of New Orleans. Fronting Charles Street and bounded by Mazant and Royal streets, the site houses a former seafood processing plant. The borrower, Pelican Royal LLC, plans to develop a 43-room, 32,000-square-foot hotel and hostel known as Stateside on the site. Slated to open in early 2018, Stateside will feature a laundromat, courtyard, pool, restaurant and bar and a coffee and juice shop.

September 30, 2016

North Carolina Office Southeast

CBRE Brokers $83.5M Sale of Trophy Office Tower in Downtown Raleigh

by John Nelson September 29, 2016

RALEIGH, N.C. — CBRE has brokered the sale of Charter Square, a 243,106-square-foot, Class A office tower located at 555 Fayetteville St. in downtown Raleigh. Highwoods Properties Inc. purchased the building from the seller, a joint venture between Dominion Realty Partners and a global real estate investment manager. The sales price was undisclosed, but the Triangle Business Journal reports that Highwoods plans to invest $83.5 million in the acquisition, including $5.1 million in capital improvements. The office building opened in June 2015 and was certified LEED Platinum earlier this year. The office building was 70 percent leased at the time of sale to 14 tenants, including three ground-floor restaurants: b.good, Living Kitchen and The Haymaker.

September 29, 2016

Newer Posts

Older Posts