Southeast

Tech Firms are Bringing Atlanta’s Office Market Into the Modern Age

by John Nelson January 18, 2016

Atlanta’s office market offers key factors that are harder to come by in other top markets: stability and top universities. Because the city is so diverse, it is not reliant on any one type of business for survival. It’s less volatile, which is one factor that has allowed us to come back from the Great Recession, although slowly, in a more firm and healthy fashion. In line with the majority of the country, Atlanta is currently a landlord’s market. With continued occupancy gains and a shortage of new product, rents are increasing and will continue to do so until additional Class A product delivers and the price gap between existing buildings and new construction gets smaller. Overall office vacancy in Atlanta is as its lowest point in 14 years, with strong growth in rental rates. However, Atlanta still offers the best deal overall, as tenants, developers, owners and investors are able to take advantage of its low cost of living and operating costs, excellent quality of life and a rich local talent pool. Driving the Atlanta office market, we see the technology, advertising, media and information (TAMI) sector. CBRE recently released two tech-related reports that rank the top tech talent …

January 18, 2016

Georgia Office Southeast

Accesso Partners Buys Office Park in Alpharetta from Cousins for $92.2M

by John Nelson January 15, 2016

ALPHARETTA, GA. — Accesso Partners LLC has purchased North Point Center East, a four-building, Class A office park in Alpharetta, from Cousins Properties for $92.2 million. Located on 33 acres adjacent to North Point Mall, the 540,137-square-foot suburban office development was 88 percent leased at the time of sale. The park’s tenant roster includes Surgical Information Systems, Merrill Lynch, Wells Fargo Bank, Wells Fargo Wealth Management, Regus Business Centers, Amplify Education, IPSWITCH, Robert Baird & Co. and Nokia. Jay O’Meara, Will Yowell, John Shlesinger and Justin Parsonnet of CBRE’s Atlanta office represented Cousins Properties in the transaction.

January 15, 2016

The Bricks Perimeter Center 302 Perimeter Center North Atlanta

Georgia Loans Multifamily Southeast

Grandbridge Closes $52M Acquisition Loan for Apartment Community in Atlanta

by John Nelson January 15, 2016

ATLANTA — Grandbridge Real Estate Capital has arranged a $52 million acquisition loan for The Bricks Perimeter Center, a 448-unit apartment community located at 302 Perimeter Center North in Atlanta. Alan Tapie and Thomas Wiedeman of Grandbridge’s Atlanta office arranged the fixed-rate, non-recourse loan through BB&T Real Estate Funding, Grandbridge’s proprietary lending program. After the planned renovation, The Bricks will feature a new clubhouse, landscaping, common area improvements and upgraded unit interiors.

January 15, 2016

Florida Multifamily Southeast

CBRE Brokers $51.9M Sale of Apartment Complex in Orlando

by John Nelson January 15, 2016

ORLANDO, FLA. — CBRE has brokered the $51.9 million sale of Arium Barber Park, a 526-unit apartment community located at 5300 Lake Margaret Drive in Orlando. White Eagle Property purchased the property from Carroll Organization. Completed in 1989 and 94 percent occupied at the time of sale, Arium Barber Park features two pools, a large fitness center, game room, tennis courts and a business center. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented Carroll Organization in the sale.

January 15, 2016

SLS Lux Hotel & Residences Washington DC

District of Columbia Hospitality Southeast

Peebles Corp., sbe to Develop SLS Lux Hotel & Residences in D.C.

by John Nelson January 15, 2016

WASHINGTON, D.C. — The Peebles Corp. has partnered with sbe to develop SLS Lux Hotel & Residences, a luxury hotel and condominium project at 901 5th St. in Washington, D.C. This will be the first SLS property in the nation’s capital. The development will comprise 198 hotel rooms, 59 condominium residences and 7,600 square feet of retail space. Los Angeles-based sbe, and its real estate subsidiary, Dakota Development, will develop, manage and operate the mixed-use development, known as 5th and I. As part of its agreement with The District of Columbia, The Peebles Corp. will also develop workforce housing in an under-developed area east of the Anacostia River, on land it has long-owned. Peebles will also renovate two parks, Milian Park and Seaton Park.

January 15, 2016

Florida Mixed-Use Southeast

The Altman Cos. Sells Mixed-Use Apartment Development in Tampa for $46M

by John Nelson January 15, 2016

TAMPA, FLA. — The Altman Cos. has sold Altis Highland Park, a mixed-use apartment development in Tampa’s Westchase district, for $46 million. Located at 11571 Fountainhead Drive, the development comprises 239 apartment residences and 5,000 square feet of retail space. Utah-based Cottonwood Residential purchased the asset from The Altman Cos., which developed the project in 2014. Altís Highland Park offers studio, one-, two- and three-bedroom floorplans with average monthly rents ranging from $1,193 to $2,028. Community amenities include a poolside lounge with a demonstration kitchen and fireplace, 24/7 club-class fitness center, yoga and aerobics studio with on-demand virtual fitness programs, game center, dog park and private community garden. The main street of Altís Highland Park includes Kahwa Coffee and a self-service auto detail facility. Volume Hair Studio will move in later this year.

January 15, 2016

Florida Loans Multifamily Southeast

NXT Capital Provides $34.6M Acquisition Loan for Apartment Community in Florida

by John Nelson January 14, 2016

BRADENTON, FLA. — NXT Capital has provided a $34.6 million acquisition loan for Vista at Palma Sola, a 340-unit apartment complex located in Bradenton. Situated one mile from Palma Sola Bay, the property features a clubhouse, two tennis courts, fitness center, pool, volleyball court, playground and a movie theater. Dennis Jimenez of CBRE’s Orlando office arranged the loan through NXT Capital on behalf of the undisclosed borrower.

January 14, 2016

Florida Retail Southeast

Tanger Sells Fort Myers Outlet Mall to Dahlmann Properties for $26M

by John Nelson January 14, 2016

FORT MYERS, FLA. — Tanger Factory Outlets Center Inc. has sold the company’s 198,877-square-foot outlet mall in Fort Myers to Dahlmann Properties for $26 million. Built in 1993, the property’s tenant roster includes Brooks Brothers Factory Store, Crocs Outlet, Tommy Hilfiger, Adidas, Nike Factory Store, Under Armour, Island Java Café, Coach, Bath & Body Works and Zales The Diamond Store Outlet. Dahlmann Properties plans to rename the outlet mall Sanibel Outlets, due to its proximity to Sanibel Island.

January 14, 2016

The Shoppes at Centre Pointe North Charleston

Retail South Carolina Southeast

The Shopping Center Group Brokers $16.5M Sale of Shoppes at Centre Pointe in North Charleston

by John Nelson January 14, 2016

NORTH CHARLESTON, S.C. — The Shopping Center Group (TSCG) has brokered the $16.5 million sale of The Shoppes at Centre Pointe, a 140,000-square-foot shopping center located in North Charleston. An affiliate of Monarch Investments purchased the retail property from an unnamed private real estate investment firm. Anchored by Staples and Ashley Furniture, the shopping center’s other tenants include Dollar Tree, McAlister’s Deli, Qdoba Mexican Eats, Cici’s Pizza, Sally Beauty Supply, GameStop, Cricket Wireless and Dunkin’ Donuts. IHOP and Chick-fil-A also operate at the shopping center but were not included in the sale. Walmart and Sam’s Club shadow-anchor the center. Anthony Blanco, Lenard Williams and Mallory Ham of TSCG’s investment sales team, along with Jeff Yurfest and Michael Silverman of TSCG’s Charleston office, represented the seller in the transaction.

January 14, 2016

Loans Maryland Seniors Housing Southeast

Congressional Bank Closes Three Seniors Housing Loan Transactions Totaling $11.6M

by John Nelson January 14, 2016

BETHESDA, MD. — Congressional Bank, a Bethesda-based community bank, has closed five loans in three transactions for three seniors housing communities. The loans total roughly $11.6 million. The transactions include a $3 million bridge to HUD loan and a $1.5 million revolving line of credit for the acquisition and renovation of a 107-bed skilled nursing facility in New Bedford, Mass.; a $2.6 million bridge to HUD loan and a $500,000 revolving line of credit for the acquisition of a 67-bed skilled nursing and assisted living facility in Huntington, W.Va.; and a $4 million revolving line of credit in connection with the acquisition and operations of a 118-bed skilled nursing facility in Tucson, Ariz. Following its merger with American Bank with more than $800 million in assets, Congressional Bank becomes one of the 10 largest banks headquartered in Maryland, and one of the 15 largest banks headquartered in the metropolitan Washington, D.C., area.

January 14, 2016

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