Southeast

Pipeline Workspaces One Financial Center Fort Lauderdale

Pipeline Workspaces Leases Full Floor at One Financial Plaza in Downtown Fort Lauderdale

by John Nelson March 2, 2016

FORT LAUDERDALE, FLA. — Pipeline Workspaces, a company providing shared workspace utilized by entrepreneurs and start-ups, has entered into a 20-year lease for an entire floor at One Financial Plaza, a 28-story office tower located at 100 S.E. Third Ave. in downtown Fort Lauderdale. Pipeline Lauderdale will become the company’s fourth location in South Florida, following the recent opening of Pipeline in Doral’s business district, as well as existing locations in Miami’s Brickell Financial District and Coral Gables’ Central Business District. Pipeline Workspaces will provide shared office space, conference rooms, phone booths, dedicated desks and private offices. The company will join One Financial Plaza’s existing tenants, including Regions Bank, AXA Advisors, Fowler White Burnett and Tower Club. Shay Pope of CBRE represented Pipeline Workspaces in the lease transaction. Jon Blunk, Laurel Oswald and Cristina Glaria of Cushman & Wakefield represented the owner, Crocker Partners. Robert Rausch of Hunton & Williams provided legal counsel to Pipeline.

March 2, 2016

Florida Hospitality Mixed-Use Multifamily Office Restaurant Retail Southeast Top Stories

Construction Begins on $1.7B Miami Worldcenter Mixed-Use Development

by Haisten Willis March 2, 2016

MIAMI — Construction has begun on Miami Worldcenter, one of the largest urban mixed-use projects in the country, and its signature residential tower, Paramount Miami Worldcenter. This marks the start of the $1.7 billion, 27-acre development’s retail component. “You are literally going to see six blocks being developed all at the same time. This is basically step one of multiple steps in which you are going to see six buildings going vertical,” says Daniel Kodsi, developer and CEO of Paramount Miami Worldcenter. Miami Worldcenter will include Paramount and six other residential and office buildings, an 1,800-room Marriott Marquis and convention center, an intermodal hub and a retail and restaurant promenade. CoastalTishman, a joint venture between Miami-based Coastal Construction and New York-based Tishman Construction, is close to completing the installation of 400 pilings that will support the glass-clad tower designed by Elkus Manfredi Architects in collaboration with Paramount Miami Worldcenter’s in-house design team. Upon completion of the pilings, CoastalTishman will start building the tower’s foundation. The first phase of construction will focus on Paramount Miami Worldcenter, a 700-foot, 60-story residential skyscraper. The $500 million tower will feature one of the largest amenity decks in the country, spanning 90 feet above downtown …

March 2, 2016

Louisiana Retail Southeast

O’Connor Capital Acquires Shopping Center in New Orleans

by John Nelson March 1, 2016

NEW ORLEANS — O’Connor Capital Partners, a New York-based real estate investment and management firm, has acquired The Shops at Canal Place, a 260,000-square-foot shopping center located at the foot of Canal Street and the Mississippi River in New Orleans. O’Connor Capital purchased the property from an affiliate of two New Orleans-based companies, The Berger Co. and Ogden Development, for an undisclosed price. The Shops at Canal Place was 96 percent leased at the time of sale to tenants such as Saks Fifth Avenue, Tiffany’s, Armani Collezioni, L’Occitane, Michael Kors, lululemon athletica, Anthropologie, Brooks Brothers, J. Crew and Banana Republic. The shopping center also features the nine-screen Theatres at Canal Place, Chef Adolfo Garcia’s Gusto Cafe and Bar and a 1,600-space parking garage, which the seller will retain. Peter Bergner and Kate Gilbert of O’Connor Capital Partners’ Palm Beach office will be responsible for leasing the property.

March 1, 2016

Candler Hotel Atlanta, Curio Collection by Hilton

Georgia Hospitality Southeast

Hilton Worldwide Signs Candler Hotel Atlanta to Curio Collection

by John Nelson March 1, 2016

ATLANTA — Hilton Worldwide has signed a franchise agreement to bring Candler Hotel Atlanta to its Curio – A Collection by Hilton brand. REM Associates LP owns the property, which will open as Candler Hotel Atlanta, Curio Collection by Hilton in late 2017 following extensive renovations. The hotel is situated in downtown Atlanta and neighbors Woodruff Park, Georgia State University’s Balzer Theatre and Rialto Center for the Arts. REM has selected Highgate Hotels to manage the hotel, which was formerly known as the Candler Building, a 110-year-old office building and Atlanta’s first steel skyscraper. Development Services Group is developing the hotel, and REM is partnering with The Beck Group for design-build architecture and construction services and NICOLEHOLLIS for interior design. Upon completion, the hotel will feature 265 guestrooms, an outdoor rooftop space and a grand lobby with a white marble staircase, original Tiffany windows and a restaurant and bar.

March 1, 2016

Victory Point 14200 Park Meadow Drive Chantilly

Office Southeast Virginia

Goldstar Group, CrossHarbor Capital to Buy Office Building in Metro D.C. for $16.4M

by John Nelson March 1, 2016

CHANTILLY, VA. — A joint venture between The Goldstar Group and Boston-based CrossHarbor Capital Partners LLC has purchased a three-story, 150,000-square-foot office building located within Westfields Office Park in Chantilly for $16.4 million. The property, known as Victory Point, is located at 14200 Park Meadow Drive and was 82 percent leased at the time of sale to tenants such as Travelers Insurance. The former owner, Carr Properties, recently invested more than $2 million to renovate the common area lobby, upgrade the building’s physical plant and install a fitness and health center. Eric Berkman and Steve Gichner of Cushman & Wakefield represented Carr Properties in the sale. Goldstar Group and CrossHarbor Capital were self-represented in the transaction.

March 1, 2016

Retail Southeast Virginia

Stewart Commercial Brokers $7.8M Sale of Rite Aid in Metro D.C.

by John Nelson March 1, 2016

VIENNA, VA. — Stewart Commercial Realty Services LLC has brokered the $7.8 million sale of a 12,200-square-foot retail property in metro Washington, D.C., that is fully leased to Rite Aid. The store is located at 215 Maple Ave. W. in Vienna. Toby’s Vienna LLC purchased the store from David L. Hunter at a 6 percent cap rate. Terrell Marsh of Stewart Commercial represented the seller in the transaction.

March 1, 2016

Georgia Loans Office Southeast

NorthMarq Capital Arranges $5.9M Acquisition Loan for Office Building in Metro Atlanta

by John Nelson March 1, 2016

MARIETTA, GA. — NorthMarq Capital has arranged a $5.9 million acquisition loan for a 106,000-square-foot office building located at 1090 Northchase Parkway in Marietta, a northern suburb of Atlanta. Johnny Rankin and Wanda Riggs Mack of NorthMarq Capital’s Atlanta office arranged the non-recourse loan through a local bank. The loan featured no pre-payment penalties and a 25-year amortization schedule.

March 1, 2016

District of Columbia Office Southeast

Investcorp Buys Office Building in D.C. for $180M

by John Nelson February 29, 2016

WASHINGTON, D.C. — Investcorp has purchased a 170,813-square-foot office building located at 733 10th St. in Washington, D.C.’s East End office submarket for $180 million. The Class A office building was fully leased at the time of sale. Investcorp purchased the property with its joint venture partner, ScanlanKemperBard. In the last 12 months, Investcorp’s total real estate acquisitions have exceeded $1.5 billion in gross asset value.

February 29, 2016

North Carolina Office Southeast

Dilweg Cos. Acquires Three Office Buildings in Charlotte for $43.9M

by John Nelson February 29, 2016

CHARLOTTE, N.C. — The Dilweg Cos. has purchased three Class A office buildings in Charlotte’s University/Northeast office submarket from two separate sellers. The sales price was undisclosed, but media outlets are reporting that the buildings sold for roughly $43.9 million. The properties, known as Resource Square I, II and V, total 335,593 square feet. Built between 1997 and 2000, the office buildings were 81 percent leased at the time of sale to tenants such as Brooks Equipment Co., FiServ, Huber Engineered Woods and Dassault Systems. Durham-based Dilweg Cos. has selected Charles Jonas and Karah Stumler of Foundry Commercial to lease the assets. Ryan Clutter of HFF represented the seller, a fund managed by DRA Advisors LLC, in the sale of Resource Square V.

February 29, 2016

Florida Multifamily Southeast

Index Investment, Eastwind Development Sell Apartment Community in Palm Beach County for $42M

by John Nelson February 29, 2016

JUPITER, FLA. — Dakota Abacoa Housing LLC, an entity jointly owned by Index Investment Group and Eastwind Development, has sold Dakota at Abacoa, a 190-unit apartment property in Jupiter. An affiliate of West Palm Beach-based Priderock Capital Partners known as PRCP-ABACOA INVESTMENT LLC purchased the community for $42 million. Index Investment and Eastwind Development developed the apartment complex, which opened in June 2014. The property features a pool, whirlpool spa, fitness center and clubhouse. The community includes one-, two- and three-bedroom units with rents starting at $1,370.

February 29, 2016

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