Southeast

Trinty Capital, SilverCap Partners Purchase 272,396 SF Warehouse in Durham

by John Nelson July 25, 2016

DURHAM, N.C. — A joint venture between Trinity Capital Advisors and SilverCap Partners has purchased Research Tri-Center North III and IV, a 272,396-square-foot warehouse and distribution facility located at 2910 and 2710 Weck Drive in Durham. The facility features 25 dock-high doors, 40-foot by 40-foot column spacing, an ESFR sprinkler system and a truck court with trailer parking. Trinity Capital plans to upgrade the facility with new T5 lighting, renovated office space and paved access off Alson Avenue, which will re-orient the property as a rear-loading facility. Bryan Everett of CBRE | Raleigh represented the seller, B F Properties II NC LLC, in the transaction. The joint venture has selected Trinity Partners to manage the property and Everett and Daniel Jackson, also with CBRE | Raleigh, to lease the project.

July 25, 2016

Alabama Retail Southeast

DRA Advisors Sells The Colonnade Shopping Center in Birmingham

by John Nelson July 25, 2016

BIRMINGHAM, ALA. — DRA Advisors LLC has sold The Colonnade, a 127,031-square-foot shopping center located at the intersection of Highway 280 and I-459 in Birmingham. The property is shadow-anchored by The Summit, Bayer Properties’ 981,714-square-foot regional mixed-use center. The Colonnade was 91 percent leased at the time of sale to tenants such as Gold’s Gym, Edgar’s Old Style Bakery, Taziki’s Mediterranean Café, Scottrade, Cracker Barrel, Johnny Ray’s BBQ, Jimmy John’s, Asian Rim Sushi Co., Drapery Studio, Teach Me Beauty and Schaeffer Eye Center. Richard Reid and Jim Hamilton of HFF’s Atlanta office represented DRA Advisors in the sale of the property to Colonnade Retail Partners LLC, a group led by Shannon Waltchack, a Birmingham-based commercial real estate management firm. Terms of the sale were not disclosed.

July 25, 2016

Georgia Market Reports Office Southeast Southeast Market Reports

Talent, Innovation Are Driving Today’s Real Estate Decisions in Atlanta

by John Nelson July 25, 2016

There has been a seismic shift in the way that companies throughout America make their relocation decisions, and it applies to Atlanta as well as its competitors. Companies are driven to locations that can provide a robust pipeline of talent and tight-knit innovative communities. This focus has created new demands on cities that want to build and sustain competitive economies. Companies have always taken talent into consideration but ultimately there was a belief that the talent would follow the company. This is no longer true. Millennials first choose where they want to live and then where they want to work. Today’s sought-after talent is closely tied to a city’s ability to provide a high quality of life. This means a connected transportation system, plenty of entertainment activities and accessible, affordable housing. All of this can be found in Atlanta. Companies that have recently chosen to call Atlanta home are a testament to this. From NCR (3,600 employees) to Kaiser Permanente (900 employees) to Worldpay (1,266 employees), all of these prestigious business newcomers have emphasized the critical role that access to highly qualified talent played in their decision to relocate here. Tight-knit, innovative communities do not just appear and cannot be …

July 25, 2016

Georgia Retail Southeast Top Stories

PGIM Real Estate Acquires 1.1 MSF Avalon Mixed-Use Center Near Atlanta

by Nellie Day July 25, 2016

ALPHARETTA, GA. — PGIM Real Estate has acquired Avalon, a 1.1 million-square-foot mixed-use lifestyle center in the Atlanta suburb of Alpharetta. North American Properties developed Avalon in 2014 at an estimated cost of $600 million. The sale price was not disclosed. PGIM acquired the center on behalf of institutional investors. The open-air lifestyle center contains 390,543 square feet of retail space, 105,364 square feet of Class A office space, 250 luxury apartment units and a 3.3-acre office development parcel. It is part of an 86-acre master-planned community about 20 miles north of Atlanta that features an additional 100 single-family homes, office tower, hotel, conference center and medical office building, which are all in various stages of construction. The retail and office components of Avalon are fully leased, while the apartments are 98 percent leased. PGIM Real Estate plans to also purchase a second phase of the development, which will include about 90,000 square feet of retail and 276 luxury apartment units. The second phase is under construction with a planned completion date of mid-2017. “Avalon is one of the premier mixed-use development projects in the United States,” says Kevin Smith, head of Americas at PGIM. “The acquisition provides our investors …

July 25, 2016

Georgia Mixed-Use Southeast

Development Team Reveals Plans for 234-Acre Mixed-Use Project Adjacent to Pinewood Atlanta Studios

by John Nelson July 22, 2016

FAYETTEVILLE, GA. — A development team comprising Chick-fil-A CEO and Fayette County resident Dan Cathy and Jim Pace of Pace Lynch Corp. has revealed plans for a new master-planned development located adjacent to Pinewood Atlanta Studios, a major movie studio spanning 700 acres and 12 sound stages. Dubbed Pinewood Forrest, the 234-acre mixed-use project will feature more than 1,300 residences, 300 hotel rooms and 275,00 square feet of commercial offices, street-level retail space and restaurants. In addition to Cathy and Pace, the development team includes town planner Lew Oliver of Whole Town Solutions; construction manager Rick Halbert of Halbert Development; and project director Bill Lynch of Pace Lynch Corp. Pinewood Forrest will be situated 24 miles from downtown Atlanta, eight miles from Peachtree City, five miles from downtown Fayetteville and close to the corporate headquarters for global employers such as Chick-fil-A, Delta Air Lines, Rinnai and Porsche Cars North America. The residential component will comprise single-family homes, micro cottages, multifamily flats, townhomes and “tree homes” developed from natural materials. The project will also feature more than 15 miles of trails and pathways, 118 total acres of public green space, community gardens, pools, playgrounds, a dog park, wellness center and shared …

July 22, 2016

Georgia Mixed-Use Multifamily Southeast

Carroll Organization, Bluerock REIT Buy Apartment Community in Atlanta’s West Midtown for $74.5M

by John Nelson July 22, 2016

ATLANTA — A joint venture between Carroll Organization and Bluerock Residential Growth REIT (BRG) has purchased Tenside Apartments, a mixed-use apartment complex in Atlanta’s West Midtown district, for $74.5 million. Built in 2008, the Class A community features 336 residences averaging 900 square feet, nearly 40,000 square feet of ground-floor retail space and a seven-level parking garage. The joint venture financed its acquisition using a $52 million Fannie Mae loan and an equity investment totaling $22 million from BRG, which will have a 90 percent ownership stake in the project. Carroll Organization purchased its 10 percent stake in Tenside through its newest investment vehicle, Carroll Multifamily Real Estate Fund IV LP. Carroll’s management division, Carroll Management Group, will manage Tenside, which will be rebranded as Arium Westside. The asset is situated near Georgia Tech and Georgia State University, as well as major employers such as Turner Broadcasting, Coca-Cola and SunTrust Bank.

July 22, 2016

Florida Industrial Office Southeast

Skanska Tops Out $71.4M Research Center in Metro Orlando

by John Nelson July 22, 2016

KISSIMMEE, FLA. — Skanska has topped out the Florida Advanced Manufacturing Research Center (FAMRC), a 109,000-square-foot advanced research and development laboratory facility in Kissimmee, an Orlando suburb in Osceola County. The total contract value for the design and construction of FAMRC is $71.4 million, according to Skanska. Situated on 20 acres near the intersection of U.S. 192 and Florida’s Turnpike, the project will provide semiconductor research and manufacturing of advanced products for the healthcare, transportation, agriculture and consumer products industries. The new center will partner with the University of Central Florida and the International Consortium for Advanced Manufacturing Research (ICAMR), a consortium for advanced sensors, phototonics and optics. The design team for FAMRC includes HOK and Abbie Gregg Inc., a global consultant to the advanced high technology industry sector. The Osceola County Board of Commissioners is helping lead the development of FAMRC, which Skanska plans to deliver in March 2017.

July 22, 2016

Retail South Carolina Southeast

GBT Realty to Develop First BJ’s Wholesale Club in South Carolina

by John Nelson July 22, 2016

SUMMERVILLE, S.C. — GBT Realty Corp. has recently purchased a 10.5-acre site in Summerville for South Carolina’s first BJ’s Wholesale Club, a membership warehouse retailer that will also include a BJ’s Gas Station. The Brentwood, Tenn.-based developer purchased the site for nearly $1.9 million. The project will span 87,800 square feet and will be situated at the southeastern quadrant of I-26 and North Main Street (U.S. 17). GBT expects to deliver the Summerville BJ’s Wholesale Club in 2017. BJ’s operates more than 200 locations in 15 states.

July 22, 2016

North Carolina Office Southeast

Origin Investments Acquires Office Building in Raleigh for $23.5M

by John Nelson July 22, 2016

RALEIGH, N.C. — Chicago-based Origin Investments has purchased Trinity Place, a four-story, 114,547-square-foot office building located at 1201 Edwards Mill Road in west Raleigh. Origin Investments acquired the Class A building via the $150 million Origin’s Fund 3 from an unnamed institutional real estate fund for $23.5 million. Trinity Place was fully leased at the time of sale and has maintained an average occupancy of 97 percent since 2003. Ryan Clutter and Scott Humphrey of HFF brokered the transaction. Origin Investments has retained Ed Pulliam and Brad Corsmeier of CBRE to market Trinity Place and Foundry Commercial to manage the asset.

July 22, 2016

District of Columbia Hospitality Southeast

Thor Equities Buys 10-Story Hotel in Georgetown for $53.4M

by John Nelson July 21, 2016

WASHINGTON, D.C. — Thor Equities has purchased a 10-story, 125,000-square-foot building at 3000 M St. in Washington, D.C.’s Georgetown district for $53.5 million. The property is surrounded by restaurants and bars in close proximity to Georgetown University and the main commercial intersection of Wisconsin Avenue and M Street. Thor plans to convert the former Lantham Hotel into a boutique hotel with up to 100 rooms, an upscale restaurant, food and beverage options and 27,000 square feet of retail space on the ground, lower and second levels of the property.

July 21, 2016

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