Southeast

CBRE Arranges $64M Sale of Apartment Community in North Atlanta Suburb

by John Nelson March 30, 2016

KENNESAW, GA. — CBRE has brokered the $64 million sale of Mountain Park Estates, a 450-unit apartment community in Kennesaw, a northern suburb of Atlanta in Cobb County. White Oak Partners purchased the asset from Arenda Capital Management. White Oak plans to renovate the property with new flooring, lighting, hardware, granite countertops and stainless steel appliances. The apartment community is located directly across the street from a Whole Foods Market set to open later this year. Shea Campbell and Kevin Geiger of CBRE’s Southeast Multifamily Group represented Arenda Capital Management in the sale. Multifamily research firm Axiometrics reports that Kennesaw’s multifamily market has a 1 percent vacancy rate in its Class A subsector and as a whole the market will generate 22.9 percent in total rent growth over the next five years.

March 30, 2016

Centergate at Gratigny 6301 E. 10 Avenue Hialeah

Florida Industrial Southeast

Miller Construction to Build 602,657 SF Industrial Development in Miami-Dade County

by John Nelson March 30, 2016

HIALEAH, FLA. — Miller Construction Co. plans to build two twin industrial assets within Centergate at Gratigny business park totaling 602,657 square feet. The business park is located in Hialeah, a city within Miami-Dade County. Gibson Development Partners is the developer of the $27 million project, which will be located at 6301 E. 10 Ave. Gibson and Miller plan to deliver the asset by the end of the year. Boca Raton-based RLC Architects designed the two buildings, which will feature 32-foot clear heights, 54-foot column spacing, a 185-foot truck court and a 60-foot speed bay. Fairchild Partners is handling leasing on behalf of the owner, an unnamed institutional client.

March 30, 2016

Equitable Building 100 Peachtree Atlanta

Georgia Loans Office Southeast

Principal Global Investors Provides $43.3M Loan for Equitable Building in Atlanta’s CBD

by John Nelson March 30, 2016

ATLANTA — Principal Global Investors has provided a $43.3 million loan for 100 Peachtree, a 625,424-square-foot, Class A office tower in Atlanta’s central business district (CBD). Known locally as the Equitable Building, the 32-story office tower features a conference center with a boardroom, three conference rooms, a mock courtroom, fitness center, dry cleaner, florist, FedEx-Kinko’s, Dunkin’ Donuts, Starbucks and parking for 928 vehicles. The asset was 61 percent leased at the time of sale to tenants such as Koch Properties, Accenture, Fulton County Public Defender, Atlanta BeltLine Inc. and McGuire Woods LLP. Mark Sixour and Gregg Shapiro of HFF arranged the four-year, floating-rate loan on behalf of the borrower, an affiliate of Five Mile Capital Partners LLC, which plans to refinance an existing loan and provide funds for capital improvements, tenant improvements and leasing commissions.

March 30, 2016

Florida Loans Retail Southeast

Aztec Group Secures $26M Construction Loan for Phase II of Riverbend Marketplace in Fort Lauderdale

by John Nelson March 30, 2016

FORT LAUDERDALE, FLA. — Aztec Group has secured a $26 million construction loan for Phase II of Riverbend Marketplace, a 37-acre, Walmart-anchored development in Fort Lauderdale. The 189,000-square-foot Walmart Supercenter opened in January 2016 and sold earlier this month for $26.1 million. Phase II of Riverbend Marketplace will consist of 83,000 square feet of retail and restaurants and five outparcels. The borrower, an affiliate of Gatlin Development Co., broke ground on Phase II earlier this month. The new tenants joining Riverbend Marketplace include Planet Fitness, Chipotle, Lucky Me and T-Mobile. The new outparcel tenants will include Wawa, Krispy Kreme and McDonald’s.

March 30, 2016

one-wells-fargo-center-301-south-college-charlotte

North Carolina Office Southeast Top Stories

Starwood Capital, Vision Properties Sell One Wells Fargo Center in Charlotte for $284M

by Haisten Willis March 30, 2016

CHARLOTTE, N.C. — In one of the largest office building transactions ever in North Carolina, Starwood Capital and Vision Properties have sold One Wells Fargo Center in Charlotte’s central business district for $284 million. According to the Charlotte Observer, the buyer was a limited liability company tied to Dennis Troesh, a Nevada businessman who founded a concrete company in the 1970s that was later acquired by Tokyo-based Mitsubishi Materials Corp. Starwood and Vision purchased the building in 2013 for $245 million. One Wells Fargo Center opened in 1988 and is located at 301 S. College St. The 42-story tower, which spans more than 1 million square feet, is home to a mix of financial, legal and real estate firms. One Wells Fargo Center serves as the East Coast headquarters for Wells Fargo, the largest bank in the world in terms of market capitalization. The building was 98 percent occupied at the time of sale. The building features amenities such as covered parking, two restaurants, the Childress Klein YMCA, a coffee shop and a dry cleaner. It also serves as one of only two downtown buildings with direct access to the LYNX public transportation system. One Wells Fargo Center is on …

March 30, 2016

Bailey Power Plant Wake Forest Innovation Quarter Winston-Salem

Mixed-Use North Carolina Southeast

Wexford Science+Technology to Begin $40M Bailey Power Plant Redevelopment

by John Nelson March 29, 2016

WINSTON-SALEM, N.C. — As part of the Wake Forest Innovation Quarter, Wexford Science+Technology, a BioMed Realty company, plans to redevelop two-thirds of the Bailey Power Plant in Winston-Salem. The $40 million project is Phase I in the redevelopment of the entire plant, which ceased operations almost 20 years ago. Phase I includes the redeveloping of the plant’s main building and most of the surrounding grounds, including the iconic chimney stacks. Wexford will convert the five-story main building into 110,800 square feet of office, entertainment, retail and common space. Wake Forest Innovation Quarter plans to work with additional developers to repurpose two smaller buildings, the Morris Building and Building 23-1, on the southeast and southwest corners of the property. The city of Winston-Salem and Forsyth County have each agreed to provide $3 million through a combination of public infrastructure and economic assistance reimbursements, and Wexford will also utilize historic tax credits for the project. R.J. Reynolds donated the Bailey Power Plant lot and all structures on it to Wake Forest Baptist Medical Center in 2010, along with approximately $2 million for environmental abatement work, which was completed in 2013. Construction is expected to begin this spring. Portions of the main building …

March 29, 2016

Alabama Industrial Southeast

NAI Mobile Arranges 125,000 SF Warehouse Lease

by John Nelson March 29, 2016

SARALAND, ALA. — NAI Mobile has arranged a 125,000-square-foot lease for warehouse space at 252 Jacintoport Blvd. in Saraland, a suburb of Mobile. Situated within the Mobile River Industrial Park, the new facility is slated to open in April. The tenant, Danby Products, an appliance manufacturer, also plans to operate a small factory outlet retail store at the site. The company will employ 25 full-time workers once the facility is fully operational. David Dexter of NAI Mobile represented Danby Products in the lease transaction.

March 29, 2016

Georgia Office Southeast

Carter Validus Mission Critical REIT II Buys Data Center in Metro Atlanta for $15.8M

by John Nelson March 29, 2016

ALPHARETTA, GA. — Carter Validus Mission Critical REIT II Inc. has purchased Alpharetta Data Center III in Alpharetta, a northern suburb of Atlanta, for approximately $15.8 million. The property is a single-story, 77,322-square-foot colocation data center situated within 1,500 feet of a Georgia Power substation. The property is fully leased to Sungard Availability Services LP, an IT and cloud information services provider based in Wayne, Pa.

March 29, 2016

Florida Mixed-Use Southeast

Marcus & Millichap Brokers $8.7M Sale of Mixed-Use Property in South Beach

by John Nelson March 29, 2016

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $8.7 million sale of an 8,700-square-foot mixed-use property at 1609 Alton Road in Miami Beach’s South Beach neighborhood. Scott Sandelin and Alejandro D’Alba of Marcus & Millichap’s Miami office represented both the seller, a limited liability company based in Miami Beach, and the buyer, a limited liability company based in New York. The two-story asset comprises 4,500 square feet of retail space and 4,200 square feet of office space. The property was fully leased at the time of sale to a nail salon, liquor store and medical office tenant.

March 29, 2016

North Carolina Retail Southeast

Unison Realty Partners Acquires Shopping Center in Chapel Hill

by John Nelson March 29, 2016

CHAPEL HILL, N.C. — Unison Realty Partners has purchased Chatham Crossing, a 96,155-square-foot neighborhood shopping center in Chapel Hill. The property was 90 percent leased at the time of sale to tenants such as Lowes Foods and CVS/pharmacy. Unison Realty’s plans for the property include stabilizing existing tenants, updating the façade of the building and leasing up the shopping center’s remaining vacancies. Berkeley Capital Advisors brokered the acquisition. Chatham Crossing is Unison Realty’s first acquisition in North Carolina.

March 29, 2016

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