Southeast

Berkshire Group Acquires High-Rise Apartment Tower in D.C.

by John Nelson October 6, 2016

WASHINGTON, D.C. — Berkshire Group has purchased Berkshire 15, a newly built, 96-unit high-rise apartment tower located at 2011 15th St. N.W. in Washington, D.C.’s historic U Street corridor. The Boston-based multifamily investment firm purchased the asset from Bozzuto Homes Inc. for an undisclosed price. Globe Street reports the property traded for $53.6 million, or $558,33 per unit. The high-rise’s units feature European-style cabinets, quartz countertops and wood flooring. Community amenities include a ground-level patio, rooftop deck, parking garage, extra storage units and bicycle storage.

October 6, 2016

Kentucky Retail Southeast

Thompson Thrift Breaks Ground on 185,000 SF Retail Center in West Kentucky

by John Nelson October 6, 2016

HOPKINSVILLE, KY. — Thompson Thrift Development has begun construction on Hopkinsville Towne Center, a 185,000-square-foot, junior-anchored retail center in Hopkinsville. Situated on the northwest corner of Fort Campbell Boulevard and Lovers Lane, the asset’s tenant roster includes Hobby Lobby, TJ Maxx, Ross Dress for Less, rue 21, Ulta Beauty, Burke’s Outlet, Hibbett Sporting Goods, Rack Room Shoes, Maurice’s, Cato and Panera Bread. Hopkinsville Towne Center’s first tenants are expected to open in late 2017 or early 2018. Kevin Schreiber and Kevin Mayhugh of The Shopping Center Group are leasing the property on behalf of Thompson Thrift. The Shopping Center Group and Thompson Thrift have worked with city and county officials since 2012 to assemble and develop the 20-acre site.

October 6, 2016

Healthcare North Carolina Southeast

Duke Realty Breaks Ground on Medical Office Expansion for UNC REX Healthcare

by John Nelson October 6, 2016

HOLLY SPRINGS, N.C. — Duke Realty has begun construction on a 45,000-square-foot expansion of the UNC REX Healthcare campus in Holly Springs. Located at 617 Avent Ferry Road, the new three-story structure will be attached to an existing 30,370-square-foot medical office building via a three-story glass atrium. Duke Realty will develop, finance, own and manage the new space, which will be fully leased to UNC REX, a Raleigh-based healthcare system. The design team includes architect BSA LifeStructures and general contractor Brasfield & Gorrie. Duke Realty plans to deliver the new medical office building in December 2017. UNC REX also plans to build a new 50-bed community hospital on the Holly Springs campus beginning next year.

October 6, 2016

Office South Carolina Southeast

CBRE Brokers $25M Sale of Two Multi-Tenant Office Buildings in Greenville

by John Nelson October 6, 2016

GREENVILLE, S.C. — CBRE has brokered the sale of two multi-tenant office buildings located at 201 and 651 Brookfield Parkway in Greenville. Atlanta-based Fairlead Capital Partners purchased the two properties from Garrison Investment Group for a combined $25 million. Fairlead funded the purchase with its proprietary capital and equity from Bridge Investment Group Partners, manager of the ROC funds. Totaling 238,175 square feet, the assets are leased to tenants such as MetLife, GE Gas Turbines and Ahold USA. Patrick Gildea and Tripp Sellers of CBRE represented Garrison Investment Group in the transaction.

October 6, 2016

Florida Healthcare Southeast

Provision Healthcare, Hamlin Retail Partners to Develop Proton Therapy Center in Central Florida

by John Nelson October 6, 2016

ORANGE COUNTY, FLA. — Provision Healthcare and Hamlin Retail Partners, an affiliate of Boyd Development Corp. and Schrimsher Properties, have formed a joint venture to develop and operate a new proton therapy center as part of a medical campus in Hamlin, an 850-acre master-planned community in southwest Orange County. Situated at the interchange of State Road 429 and New Independence Parkway, the 25-acre medical campus will be part of Hamlin Town Center West, a 130-acre mixed-use development within Hamlin. The proton therapy center is projected to treat 800 to 900 cancer patients per year and create roughly 100 clinical and administrative jobs. The property will include three treatment rooms and use the proton systems technology of ProNova Solutions, an affiliate of Provision Healthcare. The Provision-Hamlin Retail joint venture will break ground on the center in the second quarter of 2017, and Provision will operate the property upon completion.

October 6, 2016

Georgia Office Southeast

Starwood Capital-Led JV Buys 50-Story Office Tower in Midtown Atlanta

by John Nelson October 5, 2016

ATLANTA — A joint venture between Starwood Global Opportunity Fund X and Core Property Capital has purchased One Atlantic Center, a 50-story office tower located at 1201 W. Peachtree St. in Midtown Atlanta. The sales price was undisclosed, but the Atlanta Business Chronicle reports the price as likely being $300 per square foot, or $330 million. The LEED Gold-certified tower is the tallest office building in Midtown Atlanta. One Atlantic features 1.1 million square feet of office space and a 2,110-space parking garage. In a similar transaction last year, the joint venture acquired the TowerPlace office and retail complex in Atlanta’s Buckhead district in July 2015.

October 5, 2016

Georgia Mixed-Use Southeast

Ivy Creek Partners to Develop $180M Mixed-Use Project Near Mall of Georgia

by John Nelson October 5, 2016

BUFORD, GA. — Ivy Creek Partners LLC plans to build a 16-acre mixed-use development adjacent to the Mall of Georgia in Buford, a northeast suburb of Atlanta in Gwinnett County. Atlanta Falcons star Julio Jones and his business partner Jon Guven of Guven’s Fine Jewelry are the principal investors in what is predicted to be a $180 million venture. The project, which will be created in four stages, will include retail space, a grocery store, 21-story hotel/condo tower with a rooftop restaurant, office space and multifamily residential units. The development will also offer direct access to the Ivy Creek Greenway, which links to the Gwinnett Environmental and Heritage Center. The first phase, which is scheduled to begin in the second quarter of 2017, will include 23,000 square feet of street-level retail space and 336 multifamily units. Plans for the project’s additional stages include a 50,000-square-foot family entertainment center, bars, restaurants and music and comedy clubs. The entertainment center will feature an arcade, bowling, sports theater and meeting space. Ivy Creek Partners is the development manager and partner for the project, and Dunwoody, Ga.-based Phillips Partnership Architecture and Engineering is designing the development, which has yet to be named.

October 5, 2016

Georgia Seniors Housing Southeast

CBRE Arranges $50.5M Sale of Two Arbor Senior Communities in Georgia

by John Nelson October 5, 2016

PEACHTREE CITY AND MARIETTA, GA. — CBRE National Senior Housing has arranged the sale of Arbor Terrace Peachtree City and Arbor Terrace at East Cobb, two seniors housing communities located in Georgia, for $50.5 million. Arcapita Investment Management purchased the two communities, respectively located in the Atlanta suburbs of Peachtree City and Marietta, from Capitol Seniors Housing. The Arbor Co. will continue to operate the two communities. Arbor Terrace Peachtree City features 112 independent living units and 34 assisted living units. Arbor Terrace at East Cobb features 56 assisted living units and 34 memory care units. Lisa Widmier and Matthew Whitlock of CBRE represented the seller in the transaction. The firm’s Aron Will also arranged a seven-year, fixed-rate loan with 36 months of interest-only payments to fund the acquisition. The financing is secured through Freddie Mac.

October 5, 2016

Alabama Loans Office Southeast

Sentinel Asset Management Provides $32.4M Acquisition Loan for Office Building in Birmingham

by John Nelson October 5, 2016

BIRMINGHAM, ALA. — Sentinel Asset Management has provided a $32.4 million acquisition loan for Brookwood Office Center, a nine-story, 169,459-square-foot office building located at 569 Brookwood Village in Birmingham’s Mountain Brook/Midtown submarket. The office building is situated on 5.1 acres within the Brookwood Village mixed-use development. Built in 2007, the property is fully leased to tenants such as Kinder Morgan, Merrill Lynch and PricewaterhouseCoopers. Jos. A. Bank and O’Henry’s Coffees lease the office building’s ground-floor retail space. Ed Coco and Matt Casey of HFF led the debt placement team that represented the borrower, an indirect subsidiary of Preferred Apartment Communities Inc. The 15-year loan features a fixed 3.52 percent interest rate.

October 5, 2016

Florida Loans Southeast Student Housing

NorthMarq Arranges $10.1M Refinancing of Student Housing Community Near Florida State University

by John Nelson October 5, 2016

TALLAHASSEE, FLA. — NorthMarq Capital has arranged the $10.1 million refinancing of Villa Cristina, a 226-bed student housing community located near Florida State University in Tallahassee. The 10-year loan features two years of interest-only payments followed by a 30-year amortization schedule. Lee Weaver of NorthMarq Capital arranged the financing on behalf of the undisclosed borrower through Freddie Mac. The property offers a mix of one-, two- and three-bedroom units with washers and dryers. Community amenities include a resort-style pool and a computer lab.

October 5, 2016

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