Southeast

Beacon Partners Breaks Ground on 309,536 SF Spec Industrial Facility in Charlotte MSA

by John Nelson January 12, 2016

CONCORD, N.C. — Beacon Partners has broken ground on a new 309,536-square-foot spec industrial facility within RiverOaks Corporate Center in Concord, a northern suburb of Charlotte. RiverOaks is a master-planned, 1.4 million-square-foot manufacturing and logistics park located at the corner of Poplar Tent and Derita roads near Concord Regional Airport. The new building (Building D) is slated for completion in the second quarter of 2016. The project team includes general contractor Choate Construction, architect Merriman Schmitt and civil engineer ColeJenest & Stone. Wells Fargo is financing the project.

January 12, 2016

Florida Loans Office Southeast

Ready Capital Structured Finance Closes $8.8M Acquisition Loan for Orlando Office Building

by John Nelson January 12, 2016

ORLANDO, FLA. — Ready Capital Structured Finance has provided an $8.8 million acquisition loan for a six-story, 82,892-square-foot Class B office building in Orlando’s central business district. The unnamed sponsor purchased the asset to renovate and upgrade the lobby and common areas, and to lease up the remaining vacant office space. The non-recourse loan features a three-year term with a one-year extension, which is inclusive of a facility to provide for future tenant improvements, leasing commissions and capital expenditures.

January 12, 2016

Loans Maryland Office Southeast

PCCP Provides $34.1M Acquisition Loan for Office Property in Metro D.C.

by John Nelson January 11, 2016

ROCKVILLE, MD. — PCCP has provided a $34.1 million loan for the acquisition and lease-up of Park Plaza I and II, a 264,285-square-foot office campus located in Rockville, a Maryland suburb of Washington, D.C. Park Plaza I was 86 percent leased at the time of sale to tenants such as Northrop Grumman and Monument Bank, and Park Plaza II was 14 percent leased at the time of sale, offering the only available contiguous block of Class A office in Rockville exceeding 100,000 square feet. John Campanella of Cushman & Wakefield arranged the loan through PPC on behalf of the borrower, an affiliate of Marcus Capital Partners Fund II LP.

January 11, 2016

Multifamily Southeast Virginia

Marcus & Millichap Brokers $23M Sale of Apartment Community in Metro Richmond

by John Nelson January 11, 2016

CHESTER, VA. — Marcus & Millichap has brokered the $23 million sale of Ashton Creek, a 232-unit apartment community located at 4201 Creek Way in Chester, a suburb of Richmond. Community amenities include a pool, clubhouse, fitness center and tennis and volleyball courts. Christopher Chadwick, Ian Ruel, Dawson Rinder and Josh Feldman of Marcus & Millichap’s Washington, D.C., office represented the seller, a private investor, in the transaction. The seller held the asset for 10 years, according to Chadwick. The Marcus & Millichap team also procured the buyer, a REIT. Bryn Merrey is Marcus & Millichap’s broker of record in Virginia.

January 11, 2016

Stonecrest Medical Office Building Lithonia DeKalb

Georgia Healthcare Southeast

Stage Equity Partners Acquires Medical Office Building in Metro Atlanta for $6M

by John Nelson January 11, 2016

LITHONIA, GA. — Chicago-based Stage Equity Partners LLC has purchased Stonecrest Medical Office Building, a 31,000-square-foot, hospital-sponsored property in Lithonia, a suburb of Atlanta in DeKalb County. Stage Equity purchased the Class A medical office building from a private investment group for $6 million in an off-market transaction. DeKalb Regional Health System anchors the two-story, multi-tenant property. MB Financial Bank provided acquisition financing for the medical office facility, which is located at 8225 Mall Parkway, across the street from The Mall at Stonecrest.

January 11, 2016

Florida Retail Southeast

Crossman & Co. Brokers $4.4M Sale of Publix-Anchored Shopping Center in Florida

by John Nelson January 11, 2016

OCALA, FLA. — Crossman & Co. has brokered the $4.4 million sale of Pearl Britain Plaza, an 82,216-square-foot, Publix-anchored shopping center in northeast Ocala. A private investor based in Coral Gables, Fla., purchased the shopping center and its 18.5-acre site from Troy, Mich.-based Pearl Britain Development. The property was 70 percent leased at the time of sale. Mark Thompson of Crossman & Co. represented the seller in the transaction. Thompson has recently negotiated the sale of two other Central Florida shopping centers: the Shoppes at Andover in Orlando and the Plaza Del Sol in Longwood.

January 11, 2016

Hospitality Southeast Tennessee

CBRE Brokers $3.2M Land Sale in Downtown Memphis for New Cambria Hotel

by John Nelson January 11, 2016

MEMPHIS, TENN. — CBRE has arranged the $3.2 million sale of a 3.2-acre tract of land in downtown Memphis. The buyer, C&O Memphis LLC, an entity affiliated with Ceres Enterprises LLC and The Orlean Co., plans to build a 166-unit Cambria Hotel & Suites at the site. The seller of the vacant property was CCL Label. The land is located along Union and Gayoso avenues east of South Fourth Street and south of AutoZone Park. The parcel has been vacant since 2008. Choice Hotels International Inc., the parent company of the Cambria Hotels & Suites brand, provided a $3 million mortgage to fund the transaction. Lewis Miller of CBRE’s Atlanta office and Brian Whaley and Stephen Steinbach of CBRE | Memphis represented the buyer in the transaction.

January 11, 2016

Georgia Industrial Market Reports Southeast Southeast Market Reports

Atlanta’s Industrial Market Continues Historic Pace of Sales, Leasing Activity

by John Nelson January 11, 2016

Atlanta’s industrial market is hotter than the proverbial pistol. Second-quarter activity set a single-quarter record with more than 18.2 million square feet leased or sold. When added to the activity from the previous three quarters, Atlanta strung together more than 59.6 million square feet of completed transactions. This represents the second highest activity level ever recorded for a four-quarter period. There was more than 6.3 million square feet of positive net absorption. Combined with the previous three quarters, Atlanta shows a total of more than 19.7 million square feet of positive net absorption for the last four quarters. For the second quarter, the availability rate dropped one-tenth of a percent to 14 percent — the lowest it has been since the fourth quarter of 2000. And just four to five years ago, the overall availability rate was above 20 percent. Development and construction are absolutely booming. With more than 7 million square feet of new construction recorded during the second quarter, the market also set a record for new construction in a single quarter. When looking at the four-quarter total, we see more than 18.8 million square feet of new construction — a level not seen since 1998. Of that …

January 11, 2016

Georgia Office Southeast

Shorenstein Properties Acquires 1.3 Million SF Bank of America Plaza in Atlanta

by Christina Cannon January 8, 2016

ATLANTA — Shorenstein Properties LLC, acting on behalf of Shorenstein Realty Investors Eleven, has acquired the 1.3-million-square-foot Bank of America tower in Atlanta. According to the Atlanta Business Chronicle, the plaza was appraised at $236.5 million and that someone close to the deal indicated a $220 million purchase price. CWCapital, which acquired the building in 2012 after BentleyForbes lost the tower to foreclosure, was the seller. The 55-story building is currently the 11th tallest building in the United States. Built in 1992, the Bank of America Plaza is located at 600 Peachtree St. NE. The building is currently 45 percent leased and provides over 1,200 parking spaces and floor plates that range from 20,000 to 25,000 square feet. The 1,023-foot building was designed by Kevin Roche John Dinkeloo and Associates. Amenities include a conference center, 4,000-square-foot auditorium, bank with ATMs, Gallery Café and a 17,000-square-foot health club and spa. Shorenstein plans to make investments to the lobby and amenity areas, as well as cosmetic improvements and upgrades throughout the building.

January 8, 2016

Georgia Multifamily Southeast Tennessee

Bell Partners Sells Three Apartment Communities for $123.9M

by John Nelson January 8, 2016

GREENSBORO, N.C. — Bell Partners Inc. has completed the sale of three multifamily communities in late December 2015 for a cumulative sale price of $123.9 million. The properties include Bell BridgeMill in metro Atlanta, Bell Midtown in Nashville and Bell Wheeler Hill in metro Boston. Atlantic Pacific Real Estate Group purchased Bell BridgeMill, Olympus Property purchased Bell Midtown and CBRE Global Investors purchased Bell Wheeler Hill. In 2015, Bell Partners sold 24 properties for $800 million and acquired nine properties comprising 3,218 units for $670 million. This marks the second consecutive year that the Greensboro-based apartment investment and management firm was a net seller.

January 8, 2016

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