Southeast

Transwestern Corporate Properties to Acquire State Farm Office Tower in Atlanta in Sale-Leaseback Deal

by John Nelson May 26, 2017

DUNWOODY, GA. — Transwestern Corporate Properties I has reached an agreement to purchase Park Center I, a 13-story office tower in Atlanta’s Central Perimeter submarket. Situated on four acres adjacent to the Dunwoody MARTA station, the 602,000-square-foot asset is fully occupied by State Farm Auto Insurance. KDC developed Park Center I, the first office building delivered within State Farm’s three-building, 2.2 million-square-foot campus. Transwestern will purchase the asset for an undisclosed price in a sale-leaseback transaction with State Farm. Transwestern also recently acquired the 2.2 million-square-foot State Farm campus in Richardson, Texas, which was also developed recently by KDC.

May 26, 2017

Georgia Multifamily Southeast

CBRE Brokers $47M Sale of Multifamily Portfolio in Metro Atlanta

by John Nelson May 26, 2017

STOCKBRIDGE, GA. — CBRE has brokered the $47 million sale of a multifamily portfolio in Stockbridge, about 20 miles south of Atlanta. The two adjacent properties, Carrington Ridge and The Retreat at Eagles Landing, total 490 units. Mesa Capital Partners purchased the communities from TIC Properties Management. Shea Campbell, Kevin Geiger and Ashish Cholia of CBRE’s Southeast Multifamily Group represented TIC Properties Management in the sale. Richard Jordan and Matt Forgione of CBRE’s Debt and Structured Finance team arranged acquisition financing on behalf of Mesa Capital Partners.

May 26, 2017

Florida Industrial Southeast

Easton Group Buys New Distribution Center in Metro Miami for $21.8M

by John Nelson May 26, 2017

MEDLEY, FLA. — An affiliate of The Easton Group has purchased a newly built, 182,000-square-foot distribution center in Miami’s Medley submarket for $21.8 million. The affiliate, EWE Airport North Logistics Center LLC, purchased the asset from the developer, Ridge Development, in an all-cash transaction. The Easton Group is handling leasing and management for the property, which is situated on 10 acres at the corner of 87th Avenue and 90th Street, about six miles north of Miami International Airport.

May 26, 2017

Industrial Office Southeast Virginia

Avison Young Arranges $19.9M Sale of Two Flex Buildings in Metro D.C.

by John Nelson May 26, 2017

CHANTILLY, VA. — Avison Young has arranged the $19.9 million sale of two flex buildings in Washington, D.C.’s Dulles South industrial submarket totaling 245,888 square feet. Beckham Gumbin Ventures purchased the buildings from CIM Group. Built in 1986, the assets are located within Sullyfield Business Park at 14320 and 14340 Sullyfield Circle in Chantilly, about 30 miles west of Washington, D.C. John Kevill, Chip Ryan, Bert Harrell and Jesse Martin of Avison Young represented CIM Group in the sale. Sullyfield Commerce Center I was 95 percent leased at the time of sale to seven tenants including Northrop Grumman, and Sullyfield Commerce Center II was 63 percent leased.

May 26, 2017

Kentucky Multifamily Southeast

Independence Realty Trust Acquires Apartment Community Near Lexington for $14.2M

by John Nelson May 26, 2017

GEORGETOWN, KY. — Independence Realty Trust Inc. has purchased a 160-unit apartment community in Georgetown, a city near Lexington in Scott County. The Philadelphia-based REIT purchased the community from an undisclosed seller for $14.2 million using cash and its available line of credit. Built in 2001, the property features one-, two- and three-bedroom units averaging 1,206 square feet. The asset was about 99 percent occupied at the time of sale and had an average effective rent per occupied unit of $874 per month.

May 26, 2017

Multifamily North Carolina Southeast

Continental Realty Purchases Apartment Community in Raleigh for $61M

by John Nelson May 25, 2017

RALEIGH, N.C. — Continental Realty Corp. has acquired The Edison Lofts, a 223-unit apartment community located at 131 E. Davie St. in Raleigh. The Baltimore-based firm purchased the asset from The NRP Group for $61 million. Sean Wood of ARA Newmark’s Charlotte office brokered the off-market transaction. Built in 2016 by NRP, The Edison Lofts is a seven-story midrise community featuring studio, one- and two-bedroom apartments ranging in size from 550 to 1,870 square feet. Community amenities include a garden courtyard, resort-style swimming pool, outdoor kitchen and grilling area, dog park, fitness center and clubroom with a resident lounge and billiards room. A direct access structured parking garage is available for both The Edison Lofts residents and visitors.

May 25, 2017

Georgia Industrial Southeast

CT Realty, PGIM, River Oaks to Develop 3.5 MSF Industrial Park in Atlanta

by John Nelson May 25, 2017

ATLANTA — CT Realty, through its affiliate Port Logistics Realty, and joint venture partners PGIM Real Estate and River Oaks Capital Partners have purchased 213 acres of land in Atlanta for the development of Palmetto Logistics Park, a 3.5-million-square-foot industrial park. The joint venture also has a purchase option on an adjacent 145 acres. Situated across from a CSX intermodal facility and near Interstate 85, Palmetto Logistics Park will be built in three phases with buildings ranging in size from 1 million square feet to 1.5 million square feet. Fifth Third Bank will provide construction financing for the first phase building of Palmetto Logistics Park. Ben Logue and Price Weaver of Colliers International’s Atlanta office will handle the park’s leasing assignment. No timeline for groundbreaking or delivery was disclosed. Dallas-based Port Logistics Realty is a partnership between CT Realty and Xebec Realty, two Southern California-based industrial development firms.

May 25, 2017

Alabama Southeast

Hollingsworth to Build 252,000 SF Industrial Property in Huntsville

by John Nelson May 25, 2017

HUNTSVILLE, ALA. — The Hollingsworth Cos. has broken ground on a 252,000-square-foot industrial facility within SouthPoint Industrial Park in Huntsville. The property will be SouthPoint’s fifth building, and Hollingsworth plans to commence construction on a sixth this summer. Situated along Interstates 65 and 565, the new property will feature 32-foot clear heights and 14 loading docks. Hollingsworth has completed a few industrial projects in the Southeast recently, including a 264,763-square-foot asset in Cookeville, Tenn.; a 183,618-square-foot expansion in Prince George, Va.; and a 127,950-square-foot manufacturing facility in Andersonville, Tenn.

May 25, 2017

Georgia Retail Southeast

Banyan Street Capital to Redevelop Retail Portion of Peachtree Center in Atlanta

by John Nelson May 25, 2017

ATLANTA — Miami-based Banyan Street Capital plans to implement large-scale renovations to the retail portion of Peachtree Center, a mixed-use, transit-oriented development located in downtown Atlanta. Situated over the underground Peachtree Center MARTA station, Peachtree Center comprises six office towers, three hotels, three parking garages and the Mall at Peachtree Center. Amy Fingerhut and Sara Pepper of CBRE have been tapped to lease the redeveloped retail center, which is currently home to over 50 restaurants, retailers and service tenants. Along with the addition of new restaurants and shops, renovations to the center will include changes to the indoor mall area and outdoor courtyard. Construction is set to begin this summer. Beck is serving as the architect on the project.

May 25, 2017

Florida Multifamily Southeast

Avesta Acquires Two Apartment Communities in Metro Orlando for $32M

by John Nelson May 25, 2017

ALTAMONTE SPRINGS, FLA. — Avesta has purchased two apartment communities in Altamonte Springs, about 11 miles north of Orlando, for a combined $32 million. Avesta has rebranded and operationally merged the two assets, known as Altamonte Villas and Palms at Altamonte, as East Pointe at Altamonte. Totaling 354 units, East Pointe at Altamonte features a mix of one- and two-bedroom apartments and townhomes. Community amenities include two swimming pools, a fitness center, sports court, dog park, central laundry facilities and select covered parking. Avesta will invest $5 million to renovate and upgrade the community’s interiors, exteriors and amenities.

May 25, 2017

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