Southeast

Sterling Organization Acquires Shopping Center in Metro D.C. for $42.5M

by John Nelson February 15, 2016

MANASSAS, VA. — Sterling Organization has purchased Westgate Shopping Center, a grocery-anchored shopping center located in the Washington, D.C., suburb of Manassas, for $42.5 million. The 171,909-square-foot property is located at the southeast corner of Sudley Road and Lomond Drive, roughly 25 miles west of downtown Washington, D.C. Westgate was 99 percent leased at the time of the sale to tenants such as Giant, CVS/pharmacy, Barnes & Noble, Total Wine, Pier 1 Imports, Panera Bread, Virginia ABC, Baja Fresh and Sleepy’s. Sterling purchased the shopping center through its institutional stabilized fund Sterling United Properties I LP from a subsidiary of Katz Properties.

February 15, 2016

Office Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $42M Sale of Office Tower in Richmond

by John Nelson February 15, 2016

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the sale of Bank of America Center, a 24-story, 513,479-square-foot office tower located at 1111 E. Main St. in downtown Richmond. The sales price and buyer weren’t disclosed, but some media outlets report the sales price was $42 million and the buyer was an undisclosed private investment group made up of principals from Washington, D.C., and New York City. Eric Robinson of Cushman & Wakefield | Thalhimer represented the seller, an institutional investor represented by Cornerstone Real Estate Advisers, in the transaction. The property was 71 percent leased at the time of the sale to tenants such as the Commonwealth of Virginia, Bank of America, Sands Anderson PC, McCandlish Holton and DurretteCrump Law Firm.

February 15, 2016

Florida Retail Southeast

CBRE Brokers $28.6M Sale of Power Retail Center in South Florida

by John Nelson February 15, 2016

ROYAL PALM BEACH, FLA. — CBRE has arranged the $28.6 million sale of Buckingham Plaza, a 91,000-square-foot retail power center in Royal Palm Beach in suburban Palm Beach County. The property was 100 percent leased at the time of sale to tenants such as T.J. Maxx, Michaels, Shoe Carnival and Tuesday Morning. The shopping center has cross connectivity with the Shoppes at Isla Verde. An affiliate of San Francisco-based Stockbridge Capital Group purchased Buckingham Plaza from an affiliate of Boca Raton-based PEBB Enterprises. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction.

February 15, 2016

Louisiana Market Reports Multifamily Southeast Southeast Market Reports

New Orleans’ Metro Multifamily Market is Humming an Upbeat Tune

by John Nelson February 15, 2016

There is a popular song from the HBO show Treme written and performed by Steve Earle titled “This City Won’t Wash Away”. Ten years ago the wind and water of Hurricane Katrina threatened to destroy almost a third of the multifamily market in metro New Orleans. After a decade of rebuilding, the multifamily market has emerged as one of the most dynamic and resilient markets in the country. For 10 straight years this world-class city has seen strong demand, increasing rents and stable occupancy. New Orleans is not only unique in its food, music and culture, but also its geography. The Crescent City is situated on the bend of the Mississippi River with Lake Pontchartrain to its north and wetlands to the east and west. The ability to increase inventory in Metro New Orleans is seriously impaired by a lack of land, as well as historic and demographic factors. Over the past 14 years the multifamily inventory in metro New Orleans has only increased by 10,500 units, an average of only 750 units per year. Included in that number is the rebuilding of existing inventory damaged by Hurricane Katrina. Fifty percent of the increase of inventory has been in downtown …

February 15, 2016

Florida Multifamily Southeast

Carter Breaks Ground on 23-Story Residential Tower in Tampa

by John Nelson February 12, 2016

TAMPA, FLA. — Atlanta-based Carter has begun construction on Nine15, a 23-story apartment tower located on North Franklin Street in Tampa. The project will feature 362 apartment residences and 8,000 square feet of street-level retail space. Community amenities will include a fitness center, eight-story parking garage and an amenity deck including a pool, garden area and clubroom. The design team includes DPR Construction and RJT+R Architecture. Carter expects to deliver the high-rise project in the fall of 2017.

February 12, 2016

Office Southeast Virginia

Cushman & Wakefield Brokers $92.5M Sale of Trophy Office Building in Northern Virginia

by John Nelson February 12, 2016

TYSONS CORNER, VA. — Cushman & Wakefield has arranged the $92.5 million sale of Tysons Overlook, a 157,021-square-foot trophy office building in Tysons Corner, a northern Virginia suburb of Washington, D.C. The Pentagon Federal Credit Union purchased the asset from Logistics Management Institute. Built in 2014 within a mile from the new Tysons Corner Metro Station, the office building features a 3,500-square-foot fitness center, business lounge, on-site café and a furnished event terrace. Bill Collins, Paul Collins, Paul Darr, Dale Powell, James Cassidy, Jud Ryan and Drew Flood of Cushman & Wakefield represented the seller in the transaction.

February 12, 2016

Georgia Industrial Southeast Virginia

CenterPoint Properties Buys Industrial Portfolio in Georgia, Virginia

by John Nelson February 12, 2016

SAVANNAH, GA. AND SUFFOLK, VA. — CenterPoint Properties has acquired a 1.1 million-square-foot, three-building industrial portfolio in Savannah and Suffolk. The rail-served portfolio spans 94.4 acres and is situated in close proximity to ports. The two properties in Savannah feature 32-foot clear heights and were fully leased at the time of sale. The properties are located within four miles of the Port of Savannah and feature dual rail service. The Suffolk property is situated near the Port of Virginia and features 32-foot clear heights and trailer storage. Stewart Calhoun and Casey Masters of Cushman & Wakefield represented the seller, McDonald Development, in the transaction. This acquisition brings CenterPoint’s East Coast portfolio to 9.4 Million square feet across 65 buildings.

February 12, 2016

Florida Multifamily Southeast

Doster Construction Breaks Ground on Apartment Community in Central Florida

by John Nelson February 12, 2016

OCOEE, FLA. — Doster Construction has broken ground on Arbours at Crown Point, a new 240-unit apartment complex in Ocoee, roughly 12 miles west of Orlando. The property will feature one-, two- and three-bedroom units in 10 buildings. Arbour Valley Development LLC is the developer of the project, which is slated to deliver in the first quarter of 2017. Doster delivered more than 1,000 multifamily units in 2015 and has another project in the works in Florida — Crossings at Milestone in Pensacola.

February 12, 2016

Georgia Retail Southeast

Marcus & Millichap Brokers $6.5M Sale of Shopping Center in Atlanta

by John Nelson February 12, 2016

ATLANTA — Marcus & Millichap has arranged the $6.5 million sale of Tilly Mill Plaza, a 113,000-square-foot shopping center located at the intersection of Peachtree Industrial Boulevard and Tilly Mill Road in Atlanta. The property is situated one mile north of I-285 and across from a Home Depot. Kaufman Realty Group purchased the asset from a Tennessee-based developer. Kaufman plans to remerchandise the center. Zach Taylor and Don McMinn of Marcus & Millichap’s Taylor McMinn Group in Atlanta represented the seller in the transaction.

February 12, 2016

Mixed-Use North Carolina Southeast Top Stories

Federal Capital Partners Sells West Village Development in Durham for $187M

by Christina Cannon February 12, 2016

DURHAM, N.C. — Federal Capital Partners has sold the mixed-use development, West Village, for $187 million. The Connor Group purchased the development, which is located at 605 W. Main St. in Durham. West Village consists of 609 apartments and 104,000 square feet of commercial space, which is located less than two miles from Duke University. The apartments are comprised of 453 urban lofts and 156 luxury apartments. The 10 buildings that make up West Village were previously tobacco warehouses, with most of the buildings pre-dating 1920. The apartments at West Village range from studios to four-bedroom units, and amenities include swimming pools with sundecks, courtyards, a fitness center, business center, on-site Amtrak station, outdoor theater, clubhouse, game room, bike shop and patios with a TV and grills. Over the past few years, improvements throughout the community were made, including new branding, signage, Wi-Fi hotspots, and the fitness center was expanded to feature a yoga room and juice bar. West Village residents also have access to the Zipcar program. There are currently 45 restaurants within a half-mile radius of West Village, which has a Walk Score of 84, meaning most errands can be accomplished on foot. The residential portion of West …

February 12, 2016

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