Southeast

Covenant Capital Sells Apartment Community in Raleigh for $20.8M

by John Nelson February 28, 2017

RALEIGH, N.C. — Covenant Capital Group has sold Regency Place Apartments, a 180-unit, garden-style apartment community located at 6210 St. Regis Circle in west Raleigh. Towne Properties purchased the property, its first acquisition in the Southeast, for $20.8 million free and clear of existing debt. Regency Place comprises nine three-story buildings with a mix of one- and two-bedroom units averaging 848 square feet. Covenant Capital Group upgraded the property’s amenities, exteriors and unit interiors over the past two years. Justin Good, Allan Lynch, Jeff Glenn and Jason Nettles of HFF represented the seller in the transaction.

February 28, 2017

Louisiana Retail Southeast

Transwestern Brokers $9M Sale of Shopping Center in Shreveport

by John Nelson February 28, 2017

SHREVEPORT, LA. — Transwestern has arranged the $9 million sale of East Side Plaza, a 78,761-square-foot shopping center located at 7460 Youree Drive in Shreveport. Dalton Street Properties purchased the shopping center from Eastside Dunhill. Built in 2004, the property’s tenant roster includes Michael’s, Guitar Center, Dollar Tree and Cato. Fred Victor of Transwestern represented Eastside Dunhill in the transaction.

February 28, 2017

Florida Multifamily Seniors Housing Southeast

Big Rock Partners to Open $105M Seniors Housing Community in Palm Beach County

by John Nelson February 27, 2017

LAKE WORTH, FLA. — Big Rock Partners has opened a welcome center and begun pre-leasing for Atria at Villages of Windsor, a $105 million independent living, assisted living and memory care community situated on a 22.5-acre site in the Palm Beach County city of Lake Worth. The community’s 186 units of independent living are scheduled to open this summer, followed by 80 assisted living units and 54 memory care units in the fall. Atria Senior Living will operate the community once completed. Gensler designed the property, while Moss & Associates served as construction manager. Walker & Dunlop arranged a $68.2 million construction loan for the project last year.

February 27, 2017

Multifamily North Carolina South Carolina Southeast Student Housing

ARA Newmark Arranges Two Student Housing Sales in the Carolinas Totaling More Than $50M

by John Nelson February 27, 2017

COLUMBIA, S.C. AND GREENSBORO, N.C. — ARA Newmark has arranged two sales of student housing assets near the University of South Carolina and the University of North Carolina at Greensboro. The sales totaled more than $50 million. In the first transaction, Pittsburgh-based Campus First Student Living purchased The Club at Carolina Stadium in Columbia from Aspen Square Management for $30.5 million. Situated directly across from Carolina Stadium, the 240-unit, 486-bed asset was fully occupied at the time of sale. In the second deal, Shanghai-based private equity fund OC Ventures and operating partner SkyeCroft Realty purchased Sterling Cottages at West End in Greensboro from Houston-based The Dinerstein Cos. for an undisclosed price. Built in 2011, the 176-unit, 600-bed asset was 93 percent occupied at the time of sale. Ryan Lang of ARA Newmark’s Student Housing group in Austin, Texas, represented the sellers in both transactions.

February 27, 2017

Georgia Loans Office Southeast

New York Life Insurance Provides $38.8M Loan for Two-Building Office Complex in Atlanta

by John Nelson February 27, 2017

ATLANTA — New York Life Insurance Co. has provided a $38.8 million loan for One and Two Perimeter Plaza, a two-building office complex located at 5605 and 5607 Glenridge Drive N.E. in Atlanta’s Central Perimeter office submarket. The recently renovated office buildings total 316,734 square feet and feature covered building access, structured parking, an exterior patio with barbeque grills, café, conference facility and a fitness center. The 11-story One Premier Plaza and the seven-story Two Premier Plaza were 81.4 percent leased at the time of sale to tenants such as McGriff, Siebels & Williams, Mozley, Finlayson & Loggins, FirstPRO, JMG Realty, Peachtree Hotel Group and The Gap. Ed Coco and Matt Casey of HFF arranged the floating-rate, three-year loan through New York Life on behalf of the borrower, Zeller Realty Group.

February 27, 2017

Georgia Retail Southeast

MEPT Purchases Shopping Center in Peachtree City, Georgia

by John Nelson February 27, 2017

PEACHTREE CITY, GA. — The $9.5 billion MEPT Fund, along with its affiliated funds, has purchased Kedron Village II, a 157,185-square-foot shopping center located in Peachtree City, about 30 miles southwest of downtown Atlanta. MEPT also owns the adjacent Kedron Village I, a 97,000-square-foot, grocery-anchored retail center. Built in 2006, Kedron Village II was 90 percent leased at the time of sale to tenants such as Ross Dress for Less, Bed Bath & Beyond and Petco. The weighted average remaining lease term for all tenants is nearly five years and 80 percent of the tenant base has been at the center for seven or more years. Bentall Kennedy, a Sun Life Investment Management company, advised MEPT in the transaction.

February 27, 2017

Office Southeast Virginia

Divaris Arranges Tech Firm’s Corporate Headquarters Office Lease in Virginia Beach

by John Nelson February 27, 2017

VIRGINIA BEACH, VA. — Divaris Real Estate Inc. has arranged a 39,000-square-foot office lease within Town Center of Virginia Beach, a 17-block mixed-use development in Virginia Beach. The tenant, Mythics Inc., an Oracle systems integrator and consulting firm, will occupy the top floor and majority of the eighth floor of a LEED-certified office building located at 4525 Main St. Mythics retained Vivian Turok of Divaris Real Estate to represent the firm in its search for new corporate headquarters. Mythics will relocate 143 full-time employees to the new headquarters, with plans to create an additional 30 full-time positions. Michael Divaris and Krista Costa, also with Divaris Real Estate, represented the landlord, TCA Block 11 Office LLC, in the lease deal. Town Center of Virginia Beach features seven office buildings totaling 900,000 square feet of office space, including 4525 Main, which was 95 percent leased at the time of the lease.

February 27, 2017

Office Southeast Top Stories Virginia

Meridian Group Purchases 763,965 SF Office Portfolio in Metro D.C. for $227M

by Taylor Williams February 27, 2017

MCLEAN, VA. — The Meridian Group has purchased Tysons Metro Center, a 763,965-square-foot development of Class A office space in McLean’s Tysons district, roughly 17 miles west of Washington, D.C., from an affiliate of Beacon Capital Partners for $227 million. The portfolio consists of four buildings: Tysons Metro Center I, a 168,006-sqaure-foot, 12-story building constructed in 1984 and renovated in 2012, features a rooftop terrace with outdoor seating, a fitness center and an on-site deli; Tysons Metro Center II, A 129,926-square-foot, six-story property built in 2002 and revamped in 2015, offers an exterior patio and a lounge and gaming center for workplace collaboration; Tysons Metro Center III, a 257,824-square-foot, 12-story site that was erected in 1980 and underwent $18.1 million in improvements in 2014, boasts a 2,800-square-foot café and locker rooms with showers; Tysons Metro Center IV, a 208,219-square-foot, 13-story building, was built in 1999 and later renovated. The four buildings share several amenities, most notably a tenants-only sports court equipped for basketball, short-court tennis and volleyball. The properties span the 8251-8285 stretch of Greensboro Drive, close to the Greensboro Metro station and two malls, Tysons Galleria and Tysons Corner Center. The complex is adjacent to two properties already owned …

February 27, 2017

Florida Market Reports Retail Southeast Southeast Market Reports

Jacksonville Retail Market Finally Makes Broad-Based Recovery from Downturn

by John Nelson February 27, 2017

While Florida as a whole was able to bounce back from the Great Recession relatively quickly, one market that had been lagging behind in that recovery was Jacksonville. However, a surge of new development and strong population growth has kicked Jacksonville’s retail market back into high gear. Occupancy rates have gone up year-over-year to 91.1 percent and the retail sector currently has 748,000 square feet of new space under construction, according to JLL’s 2016 Florida Retail Report. While this infusion of new space may have a small squeeze on asking rates — currently at $13.24 per square foot — the outlook for Jacksonville’s retail market remains strong. The St. John’s Town Center has had a transformative effect on the Northeast Florida market over the past decade. The shopping center saw huge success when it first opened its doors in 2005 and was relatively immune to the effects of the downturn. As the economy started to trend upward, the St. Johns area saw even greater shopper traffic and with that came expansion; in fact most of the 748,000 square feet of retail space currently under construction is in the St. Johns area. As St. John’s continues to fuel Jacksonville’s retail market, …

February 27, 2017

Georgia Industrial Southeast

Shaw Industries Opens $85M Carpet Tile Facility in Adairsville, Georgia

by John Nelson February 24, 2017

ADAIRSVILLE, GA. — Shaw Industries Group Inc., a carpet manufacturer, has opened its new $85 million carpet tile manufacturing facility located in Adairsville. Known as Shaw Plant T1, the property employs 170 associates and will create 500 new jobs once it reaches full capacity. The facility provides production capabilities for Shaw’s Patcraft, Philadelphia Commercial and Shaw Contract brands of carpet. The company also operates facilities in Cartersville, Ga., and Nantong, China.

February 24, 2017

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