Southeast

PRP Sells Office Complex in West Palm Beach for $20.5M

by John Nelson February 5, 2016

WEST PALM BEACH, FLA. — PRP LLC, a specialized real estate opportunity fund manager and value-add investor, has sold The Forum, a 278,367-square-foot, three-building office complex located in West Palm Beach. An undisclosed buyer purchased the asset for $20.5 million. Located at 1655-1675 Palm Beach Lakes Blvd., the office property is located a quarter-mile east of I-95 and three miles north of Palm Beach International Airport. PRP completed a substantial renovation of the three 10-story buildings in 2013. The Forum was 61 percent leased at the time of sale. Ike Ojala, Herman Rodriguez and Jorge Portela of HFF represented PRP in the transaction.

February 5, 2016

Georgia Industrial Southeast

TerraCap Buys Industrial Park in Metro Atlanta for $18.3M

by John Nelson February 5, 2016

KENNESAW, GA. — TerraCap Management LLC has purchased Bailey Park, a five-building, 198,475-square-foot industrial/flex park located in Kennesaw, a northern suburb of Atlanta. The private equity fund manager purchased the asset for $18.3 million, marking the first time the company has acquired a property outside of Florida. The park features 12-, 14- and 18-foot clear heights; grade-level and dock-high loading; surface parking and well-maintained landscaping. TerraCap has retained Lincoln Property Co. to provide leasing and management services to the park, which is currently 80 percent leased. Tom Shafer of CBRE represented the seller, J.W. Richardson Enterprises Inc., in the transaction.

February 5, 2016

Georgia Multifamily Southeast

PointOne Holdings Acquires Metro Atlanta Apartment Community for $18.1M

by John Nelson February 5, 2016

MCDONOUGH, GA. — PointOne Holdings has purchased Bridge Mill Vista, a 276-unit garden-style apartment community in McDonough, for $18.1 million. The company will rebrand the complex Hampton Point Apartments. PointOne assumed an existing Freddie Mac loan and obtained an acquisition loan from Freddie Mac to complete the purchase. Built in three phases between 1991 and 2000, Hampton Point was 93 percent occupied at the time of sale. The community’s residences average 1,130 square feet and feature security alarm panels, entry foyers, patio/balconies, large closet space and full-size washer/dryer connections. PointOne plans to invest $2 million to upgrade the unit interiors and the leasing and resident centers, as well as modernizing the community amenities including a new dog park, children’s playground, fitness center, cyber café, outdoor kitchens and fireplaces, new signage and a gazebo with picnic tables and outdoor grilling stations.

February 5, 2016

Mixed-Use Southeast Virginia

U.S. Navy Awards Hourigan-Sundt JV $36M Contract to Construct Facility in Virginia Beach

by John Nelson February 4, 2016

VIRGINIA BEACH, VA. — The U.S. Naval Facilities Engineering Command in Norfolk has awarded Hourigan-Sundt a $36 million contract to design, construct and renovate an Explosive Ordnance Disposal Consolidated Operations Complex in Virginia Beach. The 150,000 project will be situated within the Joint Expeditionary Base Little Creek-Fort Story. The facility will provide space for operations, logistics, storage and administrative support services. Hourigan-Sundt, a joint venture between Hourigan Construction and Sundt Construction Inc., expects to break ground on the project in mid-2016. Completion is slated for October 2018. Sundt has five other construction projects with the Navy, including the Camp Johnson Bachelor Enlisted Quarters at Camp Lejeune, N.C.

February 4, 2016

Baptist Oxford Medical Office Building Oxford

Healthcare Mississippi Southeast

Duke Realty to Develop 78,000 SF Medical Office Building in Oxford

by John Nelson February 4, 2016

OXFORD, MISS. — Duke Realty will soon begin developing the Baptist Oxford Medical Office Building in Oxford, about 80 miles south of Memphis and home of the University of Mississippi. The three-story, 78,000-square-foot medical office building will be located on the campus of the new replacement Baptist Memorial Hospital-North Mississippi at 1100 Belk Blvd. The 600,000-square-foot, five-story hospital has a completion date set for fall 2017. Duke Realty plans to deliver the medical office building in August 2017. About 49,000 square feet of the medical office building will house Baptist Memorial Hospital-North Mississippi services, including outpatient physical therapy, wound care, a sleep lab, education/simulation and administrative space. Baptist Medical Group physician offices will occupy approximately 8,200 square feet in the facility, and the Stern Cardiovascular Foundation will operate in roughly 6,000 square feet of space. The property will also house other medical specialty practices. The design team includes general contractor Robins & Morton, which is based in Birmingham, Ala., and architect Earl Swenson Associates, which is based in Nashville, Tenn.

February 4, 2016

Georgia Retail Southeast

WP Glimcher Sells Northlake Mall in Atlanta

by John Nelson February 4, 2016

ATLANTA — WP Glimcher, a publicly traded retail REIT based in Columbus, Ohio, has sold Northlake Mall, a nearly 1 million-square-foot regional mall located at 4800 Briarcliff Road N.E. in Atlanta. The REIT sold the mall and Forest Mall in Fond Du Lac, Wisc., for a combined $30 million. The buyers were undisclosed private real estate investors. Built in 1971 and formerly owned by Simon Property Group, Northlake Mall’s tenant roster includes Kohl’s, Macy’s, JC Penney and Sears. WP Glimcher received approximately $10 million in cash at closing for the two malls and provided $20 million in short-term seller financing.

February 4, 2016

Loans Maryland Multifamily Southeast

Greystone Closes $26M Acquisition Loan for Apartment Community in Metro Baltimore

by John Nelson February 4, 2016

DUNDALK, MD. — Greystone has provided a $26 million bridge loan for the acquisition of Three Garden Village Apartments in Dundalk, a suburb of Baltimore in Baltimore County. The borrower, The SilverBrick Group, will invest $4 million to renovate the 592-unit property, which will be renamed SilverBrick Townhomes. The real estate developer and investor plans to ultimately invest $12 million in multiple phases to overhaul the asset. Donny Rosenberg of Greystone arranged the two-year loan on behalf of SilverBrick Group. The loan features two six-month extension options.

February 4, 2016

Georgia Multifamily Southeast

Monument Capital Management Acquires Apartment Community in Athens for $13.5M

by John Nelson February 4, 2016

ATHENS, GA. — Monument Capital Management has purchased Legacy of Athens, a 240-unit apartment community located at 100 Ashley Circle in Athens, for $13.5 million. Built in 1970, the apartment community features a clubhouse, pool, playground, picnic area and a tennis court. The property is the third acquisition for Monument Capital’s recently launched Monument Opportunity Fund III. Monument Capital’s sister company, Monument Real Estate Services, will manage the property. Robert Stickel of Multi Housing Advisors’ coastal Georgia team represented the sellers, Hawthorne Residential Partners and IBUS USA Inc., in the transaction.

February 4, 2016

Retail Southeast Virginia

Publix Announces Entry into Virginia with Two New Leases

by John Nelson February 3, 2016

BRISTOL AND GLEN ALLEN, VA. — Publix Super Markets Inc. has signed two leases for stores in Virginia, which will be the first two stores in the state for the Lakeland, Fla.-based grocer. Publix has leased 54,000 square feet of space at the northeast corner of Lee Highway and Clear Creek Road in Bristol and 49,000 square feet at the northeast corner of Nuckols and Twin Hickory roads in Glen Allen. Grand opening dates for both locations have yet to be determined, but the Bristol store is tentatively planned to open in the fourth quarter of 2017, and the Glen Allen store will follow in 2018. David Crawford and Kevin South of CBRE|Richmond assisted Publix with market analysis, site selection and leasing for the Glen Allen location. Virginia will mark Publix’s seventh state of operation, and the company is looking ahead to aggressive growth within the state and in its current operating areas of Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina.

February 3, 2016

Multifamily South Carolina Southeast

RADCO Acquires Two Apartment Communities in Spartanburg for $60.9M

by John Nelson February 3, 2016

SPARTANBURG, S.C. — The RADCO Cos. has purchased two apartment communities in Spartanburg totaling 700 units for a combined $60.9 million. The properties, formerly named Chartwell at North End and Chartwell Oak Forest, have been renamed to Willows at North End and Parkside at Laurel West, respectively. RADCO financed the acquisition of the Class B portfolio using private capital and by assuming existing long-term financing from Fannie Mae. Cushman & Wakefield brokered the transaction. RADCO plans to spend an estimated $6.4 million to upgrade the amenity spaces, landscaping, paths and interior finishes at the two properties. The same developer built the two communities in several phases between 1996 and 2003. With these recent acquisitions, RADCO now owns 15,077 multifamily units in eight states, including five properties in Upstate South Carolina.

February 3, 2016

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