Southeast

Phillips Realty Capital Secures $18.7M Construction Loan for Residence Inn Adjacent to Virginia Tech

by John Nelson July 26, 2016

BLACKSBURG, VA. — Phillips Realty Capital has secured an $18.7 million construction loan for a new Residence Inn adjacent to the Virginia Tech campus in Blacksburg. The new Marriott-branded hotel will sit at the corner of University City Boulevard and Prices Fork Road. The six-story, 126-room hotel will feature fully equipped kitchens and living rooms, an indoor pool and a 24/7 workout room. The new hotel will help anchor University Crossroads, a mixed-use redevelopment near Virginia Tech’s visitors center and main entrance. Brian Boland of Phillips Realty Capital arranged the financing through a regional bank on behalf of the borrowers, Newport Hospitality Group Inc. and Collegiate Inn of Blacksburg LLC. The hotel is scheduled to open in mid-2018.

July 26, 2016

Georgia Office Southeast

Pope & Land Acquires Siemens Office Building in Metro Atlanta

by John Nelson July 26, 2016

ALPHARETTA, GA. — Pope & Land Enterprises Inc., with assistance from capital advisor Patterson Real Estate Advisory Group, has purchased a five-story, 113,000-square-foot office building located on a 10.2-acre parcel at 3333 Old Milton Parkway in Alpharetta. Siemens, which will be vacating the property in August, sold the asset to Pope & Land for an undisclosed price. Patterson arranged debt financing through The Brand Banking Co. for the office acquisition. The building is situated adjacent to 27 acres of land that Pope & Land owns, as well as a mile from Avalon and GA 400. Siemens has owned and operated the office asset since the company built it in 1987.

July 26, 2016

Florida Multifamily Southeast

Phoenix Realty, Park Row Equity Buy Apartment Community in Orlando for $34.9M

by John Nelson July 25, 2016

ORLANDO, FLA. — A joint venture between Phoenix Realty Group and Park Row Equity Partners has purchased The Element, an apartment community located at 2207 Lake Debra Drive in Orlando’s Metrowest master-planned neighborhood. The Element includes 27 independently owned condos, which were not included in the $34.9 million sale. Phoenix Realty Group will operate the apartment community and help administer the Homeowner’s Association. Built in 1996, The Element sits on 20.2 acres adjacent to the Metrowest golf course. Unit interiors include nine-foot ceilings and full-size washers and dryers. Community amenities include a resort-style swimming pool, sundeck and spa and a tennis court. The new ownership plans to renovate The Element’s amenities and interiors through a value-add investment program. John Alascio and Sridhar Vankayala of Cushman & Wakefield arranged a $26.3 million, fixed-rate, Fannie Mae acquisition loan through Capital One on behalf of Phoenix Realty Group.

July 25, 2016

Florida Multifamily Southeast

Berkadia Arranges $23.3M Sale of Apartment Community in Central Florida

by John Nelson July 25, 2016

WINTER SPRINGS, FLA. — Berkadia has arranged the $23.3 million sale of Columns at Winter Springs, a 208-unit apartment community situated on more than 16 acres at 1020 Chatham Pines in Winter Springs, roughly 16 miles northeast of Orlando. Built in 1991-1992, the property was 95 percent occupied at the time of sale. Hal Warren, Cole Whitaker and Jason Stanton of Berkadia represented the seller, Atlanta-based Seminole-Winter Springs Associates LLC, in the transaction.

July 25, 2016

Georgia Mixed-Use Southeast

Avison Young Brokers $14.4M Sale of Mixed-Use Property in Metro Atlanta

by John Nelson July 25, 2016

CUMMING, GA. — Avison Young has brokered the $14.4 million sale of Shoppes at Vickery Village, a 77,794-square-foot mixed-use project located at 5802-5854 N. Vickery St. in Cumming. The property is situated within the master-planned Vickery Village community. Built in 2006, Shoppes at Vickery Village comprises roughly 47,000 square feet of ground-floor retail space below office or residential units; a 1,000-square-foot ice cream shop; a 1,200-square-foot, freestanding salon; a 2,525-square-foot medical space above retail; three two-story office buildings totaling 15,550 square feet; and an outparcel site approved for a 2,300-square-foot retail building. A.J. Belt III and David Duckworth of Avison Young represented the seller, Vickery Village Holding LLC, an entity led by Atlanta-based Cannon Equities that owned the project for 18 months and sold it at a $3 million premium. Vickery Village Community LLC purchased the asset.

July 25, 2016

Industrial North Carolina Southeast

Trinty Capital, SilverCap Partners Purchase 272,396 SF Warehouse in Durham

by John Nelson July 25, 2016

DURHAM, N.C. — A joint venture between Trinity Capital Advisors and SilverCap Partners has purchased Research Tri-Center North III and IV, a 272,396-square-foot warehouse and distribution facility located at 2910 and 2710 Weck Drive in Durham. The facility features 25 dock-high doors, 40-foot by 40-foot column spacing, an ESFR sprinkler system and a truck court with trailer parking. Trinity Capital plans to upgrade the facility with new T5 lighting, renovated office space and paved access off Alson Avenue, which will re-orient the property as a rear-loading facility. Bryan Everett of CBRE | Raleigh represented the seller, B F Properties II NC LLC, in the transaction. The joint venture has selected Trinity Partners to manage the property and Everett and Daniel Jackson, also with CBRE | Raleigh, to lease the project.

July 25, 2016

Alabama Retail Southeast

DRA Advisors Sells The Colonnade Shopping Center in Birmingham

by John Nelson July 25, 2016

BIRMINGHAM, ALA. — DRA Advisors LLC has sold The Colonnade, a 127,031-square-foot shopping center located at the intersection of Highway 280 and I-459 in Birmingham. The property is shadow-anchored by The Summit, Bayer Properties’ 981,714-square-foot regional mixed-use center. The Colonnade was 91 percent leased at the time of sale to tenants such as Gold’s Gym, Edgar’s Old Style Bakery, Taziki’s Mediterranean Café, Scottrade, Cracker Barrel, Johnny Ray’s BBQ, Jimmy John’s, Asian Rim Sushi Co., Drapery Studio, Teach Me Beauty and Schaeffer Eye Center. Richard Reid and Jim Hamilton of HFF’s Atlanta office represented DRA Advisors in the sale of the property to Colonnade Retail Partners LLC, a group led by Shannon Waltchack, a Birmingham-based commercial real estate management firm. Terms of the sale were not disclosed.

July 25, 2016

Georgia Market Reports Office Southeast Southeast Market Reports

Talent, Innovation Are Driving Today’s Real Estate Decisions in Atlanta

by John Nelson July 25, 2016

There has been a seismic shift in the way that companies throughout America make their relocation decisions, and it applies to Atlanta as well as its competitors. Companies are driven to locations that can provide a robust pipeline of talent and tight-knit innovative communities. This focus has created new demands on cities that want to build and sustain competitive economies. Companies have always taken talent into consideration but ultimately there was a belief that the talent would follow the company. This is no longer true. Millennials first choose where they want to live and then where they want to work. Today’s sought-after talent is closely tied to a city’s ability to provide a high quality of life. This means a connected transportation system, plenty of entertainment activities and accessible, affordable housing. All of this can be found in Atlanta. Companies that have recently chosen to call Atlanta home are a testament to this. From NCR (3,600 employees) to Kaiser Permanente (900 employees) to Worldpay (1,266 employees), all of these prestigious business newcomers have emphasized the critical role that access to highly qualified talent played in their decision to relocate here. Tight-knit, innovative communities do not just appear and cannot be …

July 25, 2016

Georgia Retail Southeast Top Stories

PGIM Real Estate Acquires 1.1 MSF Avalon Mixed-Use Center Near Atlanta

by Nellie Day July 25, 2016

ALPHARETTA, GA. — PGIM Real Estate has acquired Avalon, a 1.1 million-square-foot mixed-use lifestyle center in the Atlanta suburb of Alpharetta. North American Properties developed Avalon in 2014 at an estimated cost of $600 million. The sale price was not disclosed. PGIM acquired the center on behalf of institutional investors. The open-air lifestyle center contains 390,543 square feet of retail space, 105,364 square feet of Class A office space, 250 luxury apartment units and a 3.3-acre office development parcel. It is part of an 86-acre master-planned community about 20 miles north of Atlanta that features an additional 100 single-family homes, office tower, hotel, conference center and medical office building, which are all in various stages of construction. The retail and office components of Avalon are fully leased, while the apartments are 98 percent leased. PGIM Real Estate plans to also purchase a second phase of the development, which will include about 90,000 square feet of retail and 276 luxury apartment units. The second phase is under construction with a planned completion date of mid-2017. “Avalon is one of the premier mixed-use development projects in the United States,” says Kevin Smith, head of Americas at PGIM. “The acquisition provides our investors …

July 25, 2016

Georgia Mixed-Use Southeast

Development Team Reveals Plans for 234-Acre Mixed-Use Project Adjacent to Pinewood Atlanta Studios

by John Nelson July 22, 2016

FAYETTEVILLE, GA. — A development team comprising Chick-fil-A CEO and Fayette County resident Dan Cathy and Jim Pace of Pace Lynch Corp. has revealed plans for a new master-planned development located adjacent to Pinewood Atlanta Studios, a major movie studio spanning 700 acres and 12 sound stages. Dubbed Pinewood Forrest, the 234-acre mixed-use project will feature more than 1,300 residences, 300 hotel rooms and 275,00 square feet of commercial offices, street-level retail space and restaurants. In addition to Cathy and Pace, the development team includes town planner Lew Oliver of Whole Town Solutions; construction manager Rick Halbert of Halbert Development; and project director Bill Lynch of Pace Lynch Corp. Pinewood Forrest will be situated 24 miles from downtown Atlanta, eight miles from Peachtree City, five miles from downtown Fayetteville and close to the corporate headquarters for global employers such as Chick-fil-A, Delta Air Lines, Rinnai and Porsche Cars North America. The residential component will comprise single-family homes, micro cottages, multifamily flats, townhomes and “tree homes” developed from natural materials. The project will also feature more than 15 miles of trails and pathways, 118 total acres of public green space, community gardens, pools, playgrounds, a dog park, wellness center and shared …

July 22, 2016

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