Southeast

HFF Brokers $6.7M Sale of Office Building in Charlotte

by John Nelson December 1, 2015

CHARLOTTE, N.C. — HFF has closed the $6.7 million sale of and arranged acquisition financing for One University Place in Charlotte’s University Place mixed-use development. The four-story, 80,891-square-foot office building is located at 8801 JM Keynes Drive within 1.5 miles of I-85. Originally built in 1986, One University Place is 66 percent leased to a mix of healthcare, technology, consulting and business services tenants. The largest tenants at the property are Bayada Home Health Care and University Radio. Origin Capital Partners purchased the asset free and clear of debt. Ryan Clutter led the HFF investment sales team in representing the seller, Financial Enterprises III, in the transaction. Travis Anderson and Cory Fowler led HFF’s debt placement team in placing acquisition financing through First Tennessee Bank on behalf of Origin Capital Partners.

December 1, 2015

Florida Southeast

MCSS Self Storage to Build 85,000 SF Facility in Broward County

by John Nelson December 1, 2015

PEMBROKE PINES, FLA. — MCSS Self Storage LLC, a developer of urban infill self storage facilities in South Florida, has closed on a land parcel at 1781 S. Park Road in Pembroke Pines, a city in Broward County. MCSS plans to develop an 85,000-square-foot self storage facility at the site, located in Pembroke Park, totaling 1,139 climate controlled storage units. The project will be managed by an unnamed self storage REIT. In addition to its most recent purchase, MCSS is developing several locations throughout Miami-Dade and Broward counties.

December 1, 2015

North Carolina Retail Southeast

Yale Realty Services Buys Shopping Center in North Carolina for $14.5M

by John Nelson November 30, 2015

WAYNESVILLE, N.C. — Yale Realty Services Corp. has purchased Waynesville Commons, a 126,901-square-foot shopping center in Waynesville, roughly 30 miles west of Asheville. Yale Realty purchased the center from CBL & Associates Properties Inc. for $14.5 million. Built in 2012, the shopping center’s tenant roster includes Belk, Michaels, PetSmart, Rack Room Shoes, SuperClips and US Cellular. Waynesville Commons is shadow-anchored by a 188,494-square-foot Walmart Supercenter. Alex Quarrier and Marc Ozburn of Berkeley Capital Advisors represented the seller in the transaction.

November 30, 2015

Florida Office Southeast

Marcus & Millichap Brokers $13M Sale of Office Building in Metro Miami

by John Nelson November 30, 2015

DORAL, FLA. — Marcus & Millichap has arranged the $13 million sale of Doral Commons, a four-story, 59,727-square-foot office building located at 8550 N.W. 33rd St. in Doral, a suburb of Miami. Built in 1999, the office building was 98 percent leased at the time of sale. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor from Boston, and the buyer, a limited liability company from Aventura, Fla., in the transaction.

November 30, 2015

Georgia Industrial Southeast

Gramercy Property Trust Acquires Two Industrial Buildings in Metro Atlanta for $12.5M

by John Nelson November 30, 2015

NORCROSS, GA. — Gramercy Property Trust Inc., a publicly traded REIT, has purchased two industrial buildings totaling 222,100 square feet in Norcross, a suburb of Atlanta in Gwinnett County. The properties were acquired all-cash for a purchase price of $12.5 million and have a weighted average remaining lease term of 8.9 years. One of the warehouses spans 142,100 square feet and is leased to a producer, servicer and supplier of diesel and gasoline engines. The second warehouse, comprising 80,000 square feet, is leased to the country’s largest distributor of tools, equipment and machinery to the stone fabrication industry.

November 30, 2015

Retail Southeast Tennessee

Next Realty LLC Acquires 64,000 SF Retail Property in Metro Nashville

by John Nelson November 30, 2015

FRANKLIN, TENN. — An affiliate of Next Realty LLC has acquired a 64,000-square-foot, two-tenant retail property at 1735 Galleria Blvd. in Franklin, roughly 15 miles south of Nashville. The property is situated within the 350,000-square-foot Cool Springs Crossing shopping center, which is located adjacent to the 1.1 million-square-foot Cool Springs Galleria mall. H.H. Gregg occupies 29,596 square feet at the property, and JumpStreet, an indoor trampoline park, occupies 34,404 square feet at the former Whole Foods Market location.

November 30, 2015

Florida Office Southeast

Fairlead, Bridge Investment Group Buy Four-Story Office Building in Broward County

by John Nelson November 30, 2015

DEERFIELD BEACH, FLA. — Fairlead Capital Partners and equity partner Bridge Investment Group Partners have acquired a four-story, 172,357-square-foot office building located at 800 Fairway Drive in Deerfield Beach, a city in Broward County. Fairlead purchased the asset for an undisclosed price through its second investment fund, Mandalay-FCRE SV II. Built in 1987, the office building was 78 percent leased at the time of sale. The property features a fitness center, café, secured parking deck and walking paths. Fairlead plans to upgrade the property’s building systems, improve tenant amenities and renovate common areas and restrooms. In addition to the office building and parking deck, the acquisition includes a two-acre parcel of land adjacent to the building that Fairlead will use to expand parking for tenants. CBRE represented the seller, American General Life Insurance Co., in the transaction. The buyers have retained Stiles Realty for on-site property management and engineering services. Travis Herring, Deanna Lobinsky and Katherine Ridgeway of Cushman & Wakefield’s South Florida office will market 800 Fairway Drive to prospective tenants.

November 30, 2015

Market Reports Retail Southeast Southeast Market Reports Virginia

Grocery Stores, Restaurants, Fitness Are Driving Richmond’s Retail Market

by John Nelson November 30, 2015

This year is shaping up to be very exciting and productive for the Richmond retail market. The Richmond retail market has started at a brisk pace for the first half of 2015, similar to the end of 2014 as it absorbed 111,889 square feet. The vacancy rate has continued to decline over the past 12 months as well. The overall retail vacancy rate in Richmond tightened to 6.6 percent, a 50 basis point improvement over last year. The main drivers of retail activity throughout the Richmond MSA continue to be grocery stores, fitness centers and restaurants. Early this year we saw the commencement of construction at two Wegmans-anchored developments in Richmond, one in Short Pump and another in Midlothian. The Midlothian Wegmans will anchor the new Stonehenge Village and is on pace to open in early 2016. The Short Pump Wegmans will join Cabela’s in the new West Broad Marketplace, a 400,000-square-foot development on the western edge of Short Pump. There has also been solid activity in the market from several other grocers, including Walmart Neighborhood Market and Aldi. Each of these concepts has opened four new stores in the market. Another grocer poised to enter the market is LIDL, …

November 30, 2015

Southeast Student Housing Tennessee

University of Tennessee at Chattanooga Breaks Ground on $70M Housing Complex

by John Nelson November 25, 2015

CHATTANOOGA, TENN. — The University of Tennessee at Chattanooga has broken ground on a new 600-bed, $70 million housing complex. The 231,959-square-foot development on the west side of campus will also include classrooms, a bookstore outlet, dining facility and a demonstration kitchen to help students transition to apartment living. The structure will feature 648 new parking spaces for cars and 22 motorcycle parking spaces. Each room will be wired for gigabyte service, as well as wireless connectivity. The facility is projected to open in fall 2018.

November 25, 2015

Florida Retail Southeast

Federal Realty Sells Neighborhood Shopping Center in Palm Beach County for $52.8M

by John Nelson November 25, 2015

WELLINGTON, FLA. — Federal Realty Investment Trust, a publicly traded REIT, has sold The Courtyard Shops at Wellington for $52.8 million. The grocery-anchored shopping center is located in Wellington, a town in Palm Beach County. Federal Realty acquired the 127,000-square-foot property in 2008 and since then has increased value for the property by activating formerly vacant spaces and outparcels. The shopping center’s tenant roster includes Publix, Leslie’s Swimming Pool Supply, Tijuana Flats, Bank of America and IHOP.

November 25, 2015

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