Southeast

Trammell Crow Signs D.C. Government to 164,110 SF Lease at Sentinel Square II

by John Nelson January 26, 2017

WASHINGTON, D.C. — Trammell Crow Co. (TCC) and its joint venture partners have signed the Department of General Services (DGS) of the District of Columbia to a long-term lease for office space at Sentinel Square II, a 280,000-square-foot office building located at 1050 First St. N.E. in Washington, D.C.’s NoMa district. The DGS signed the 164,110-square-foot lease on behalf of the District’s Office of State Superintendent of Education and Department of Insurance, Securities and Banking. Both departments will move into the first eight floors of Sentinel Square II by November. The office building is owned by a joint venture between TCC, Cottonwood Partners and a subsidiary of a private real estate fund advised by Crow Holdings Capital-Real Estate. Sheryl Ellison Ponds and Robert Cooper of DGS, along with Bill Quinby, Tim Foley and David Cornbrooks of Savills Studley, represented DGS in the lease transaction.

January 26, 2017

Louisiana Mississippi Retail Southeast

Schostak Brothers Acquires Retail Portfolio in Southeast, Texas

by John Nelson January 26, 2017

LIVONIA, MICH. — Schostak Brothers & Co. Inc., a metro Detroit-based real estate investment firm, has purchased a portfolio of six retail properties adjacent to Walmart Supercenters in Mississippi, Louisiana and Texas. The company purchased the assets, which total nearly 160,000 square feet, through SFP Pool Seven LLC for an undisclosed price. The properties include Eagle Plaza-Ruston at 1401 Eagle Drive in Ruston, La.; Eagle Plaza-Farmerville at 775 Sterlington Highway in Farmerville, La.; Eagle Plaza-Forest at 1303 Highway 35 South in Forest, Miss.; Eagle Plaza-Cleveland at 710 N. Davis Ave. in Cleveland, Miss.; Sulphur Marketplace at 301-341 N. Cities Services Highway in Sulphur, La.; and Stone Street Plaza at 1101 Stone St. in Kilgore, Texas. Occupancy for the six locations averages 92 percent, with tenants including Cato Fashions, Dollar Tree, Hibbett Sports, PetSense, Rue 21 and Shoe Show. With these transactions, Schostak Brothers has 73 shadow Walmart retail assets in its portfolio.

January 26, 2017

Florida Retail Southeast

Stiles Expands Retail Development Platform with New Senior Management Appointments

by John Nelson January 26, 2017

FORT LAUDERDALE, FLA. — Stiles, a Fort Lauderdale-based real estate development firm established in 1951, has made new appointments to its senior management team. The moves will expand the company’s retail development platform. Stiles has promoted Ryan Karlin, who has held roles in both retail brokerage and development throughout his 14-year career at Stiles, to president of Stiles Retail Group. Karlin will build on the company’s portfolio of approximately 4 million square feet of grocery-anchored shopping centers and power centers and will oversee the group’s operations, strategy, development and redevelopment activities. In addition, several Stiles veteran development associates have transitioned to Stiles Retail Group and will be responsible for project execution. Stiles has also promoted Justin Siemens to vice president and development officer within the firm’s Real Estate Investment Group (REIG), which oversees the retail, office and residential divisions. Siemens will be responsible for sourcing new opportunities and creating and proving feasibility of commercial development plans. Siemens started with Stiles in 2014 and has helped to originate new development transactions, including land acquisitions and properties for redevelopment. In recent retail news for Stiles, the company recently completed two grocery-anchored retail developments in Florida and three in North Carolina. Stiles, along …

January 26, 2017

Georgia Southeast

Avison Young Acquires Atlanta-Based Rich Real Estate Services

by John Nelson January 25, 2017

ATLANTA — Avison Young has acquired Rich Real Estate Services Inc., an Atlanta-based real estate brokerage firm. Established in 2001, Rich Real Estate Services specializes in third-party, landlord representation advisory services and provides brokerage and consulting services covering commercial and residential properties throughout the U.S. The company has represented more than 12 million square feet of commercial space over the past 15 years. Rich Real Estate Services now operates as Avison Young, and founder and president Kirk Rich has taken a post as principal of Avison Young. Also joining Avison Young from Rich Real Estate Services is Laurie Goin as a marketing assistant. Rich will work closely with Steve Dils, a principal of Avison Young and managing director of the firm’s Atlanta office, on expanding Avison Young’s landlord representation and agency leasing services locally, nationally and internationally.

January 25, 2017

Georgia Office Southeast

Spaces to Open Co-Working Office Locations in Midtown Atlanta, The Battery Atlanta

by John Nelson January 25, 2017

ATLANTA — Spaces, a co-working office space brand owned by Regus, plans to open a new location at 715 Peachtree in Midtown Atlanta. Situated across from the Fox Theatre, Spaces Midtown East will provide more than 100 private offices, 40 private desks, a 10,000-square-foot business club, hospitality-quality services and three meeting rooms available to Spaces members and community residents. The new Midtown location, the brand’s fourth in North America, is set to open on February 6, with co-working memberships starting at $199. In mid-2017, Spaces will open Spaces Atlanta-The Battery at SunTrust Park at The Battery Atlanta, a $1 billion mixed-use village surrounding SunTrust Park, the Atlanta Braves’ new ballpark in Cobb County. All Spaces locations provide 24/7 access to dedicated desks and office space for members, as well as access Monday through Friday to the business club.

January 25, 2017

Georgia Loans Multifamily Southeast

Bellwether Enterprise Secures $18.7M Refinancing for Multifamily Portfolio in Metro Atlanta

by John Nelson January 25, 2017

ATLANTA — Bellwether Enterprise has arranged the $18.7 million refinancing of a 12-property, 458-unit multifamily portfolio in the metro Atlanta area. Kelly Martone of Bellwether Enterprise’s Atlanta office arranged the financing on behalf of the borrower, Nelkin Real Estate. The financing includes a fixed-to-float hybrid lending structure, fixed 4.07 percent interest rate for 10 years and three years of interest-only payments.

January 25, 2017

Alabama Florida Seniors Housing Southeast

SLIB Brokers Sale of Two Seniors Housing Communities in Alabama, Florida

by John Nelson January 25, 2017

PRATTVILLE, ALA., AND ORMOND BEACH, FLA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of seniors housing communities in Alabama and Florida. In the first transaction, SLIB arranged the sale of Green Springs, a 32-unit assisted living community in the Montgomery suburb of Prattville. The 4.5-acre site will allow future expansion of the community. In the second transaction, SLIB arranged the sale of Seasons by Riviera, a 36-unit memory care community in Ormond Beach, a coastal town located between Jacksonville and Orlando. The buyer intends to re-open the vacant community. Bradley Clousing of SLIB brokered both transactions. The sales prices were undisclosed.

January 25, 2017

Louisiana Retail Southeast

Venture Commercial, SRSA Arrange Northern Tool + Equipment’s Lease in Lake Charles

by John Nelson January 25, 2017

LAKE CHARLES, LA. — Venture Commercial Real Estate and SRSA Commercial Real Estate, two real estate brokerage firms and members of X Team International, have arranged a 19,019-square-foot retail lease in Lake Charles. The tenant, Northern Tool + Equipment, will be situated within Park Plaza Shopping Center at 3031 Gertsner Memorial Drive. Clay Mote of Venture Commercial worked with Kirsten Early of SRSA Commercial to negotiate the 10-year lease deal on behalf of the retailer, and Seth Citron of Stirling Properties represented the landlord.

January 25, 2017

Retail Southeast Virginia

Wegmans to Open 130,000 SF Store at Town Center of Virginia Beach

by John Nelson January 24, 2017

VIRGINIA BEACH, VA. — Wegmans plans to open a new 130,000-square-foot grocery store at Town Center of Virginia Beach. Situated near the intersection of Virginia Beach and Independence boulevards, the store will feature a parking deck in front and a mezzanine level for café seating. Wegmans is expected to create hundreds of jobs and invest millions of dollars in the new store. The Rochester, N.Y.-based grocer currently has 10 other stores in Virginia.

January 24, 2017

Industrial North Carolina Southeast

Trinity Capital Buys Two Industrial Assets Totaling 404,351 SF in Charlotte

by John Nelson January 24, 2017

CHARLOTTE, N.C. — Trinity Capital Advisors has purchased 1001 Bond St., a two-building industrial property totaling 404,351 square feet in Charlotte’s Northwest industrial submarket. Trinity Capital acquired the property in a joint venture with SilverCap Partners for an undisclosed price. Both buildings are fully leased to Camber Ridge, a tire characterization research and development company. The properties are situated off of I-85 and feature direct access to I-485, I-77 and Charlotte Douglas International Airport via NC Highway 16.

January 24, 2017

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