Southeast

Dadeland @ 9700 Dadeland Florida Eastern National Bank

Avison Young Brings Miami Office Building to Full Occupancy with 21,492 SF Lease

by John Nelson February 9, 2015

MIAMI — Avison Young has arranged a new 21,492-square-foot lease for the relocation of Eastern National Bank’s corporate headquarters relocation. The company is moving its footprint from Miami’s Brickell district to Dadeland @ 9700, an 11-story, 67,142-square-foot office building at 9700 S. Dixie Highway. The move brings the office building to 100 percent occupancy. Donna Abood, Joe Abood and Ericka Witkowski of Avison Young represented the landlord, Dadeland Executive Plaza LLC, in the transaction.

February 9, 2015

Market Reports North Carolina Southeast Southeast Market Reports

Three Distinct Trends are Driving the Raleigh-Durham Office Market

by John Nelson February 9, 2015

The Raleigh-Durham-Chapel Hill (Research Triangle) region has entered a period of vibrant market expansion. Overall Class A vacancy has fallen below 10 percent for the first time since the building boom of 2001, with rates as low as 2.2 percent in some of the region’s most desirable submarkets, where severe shortages have absorption extending into long-stagnant Class B product. Despite this auspicious environment for new construction, developers are still exercising substantial caution, underscoring the depth of the last downturn and its long-lasting impact on both the development and lending communities. However, recent successful Class A deliveries by REITs like Raleigh-based Highwoods Properties and Indianapolis-based Duke Realty signal a shift toward a more pronounced supply cycle, with lower pre-lease thresholds, and a Class A market that is clearly transitioning from a recovery cycle to a period of low supply. As the market picks up steam, here are three trends that we see emerging in the Raleigh-Durham office market, and the implications for the MSA going forward. The Rise of Live-Work-Play In the last decade, no trend has had a greater impact than the rise of the live-work-play model, a phrase that encapsulates many meanings, but always embodies the high value placed …

February 9, 2015

Loans Maryland Mixed-Use Southeast

Phillips Realty Capital Arranges $51M Construction Loan for Mixed-Use Development

by John Nelson February 6, 2015

GAITHERSBURG, MD. — Phillips Realty Capital (PRC) has structured a $51 million construction/permanent loan for the next phase of the 125-acre Watkins Mill Town Center in Gaithersburg. The Majestic at Watkins Mill will be a five-story structure with 243 residential units, 10,500 square feet of retail space, landscaped terraces with fountains, a dog wash and theater room. The design team includes developer BP Realty Investments LLC — a joint venture between Kline & Associates and Henry Investments — and Donohoe Construction Co. Stephen Shaw, Jr. and Daniel Shiff of PRC arranged the loan through Cardinal Bank and Burke & Herbert Bank on behalf of BP Realty Investments.

February 6, 2015

Florida Hospitality Loans Southeast

PCCP Provides $30.6M Acquisition/Renovation Loan for InterContinental Tampa

by John Nelson February 6, 2015

TAMPA, FLA. — PCCP LLC has provided a $30.6 million senior loan to The Arden Group for the acquisition and renovation of the InterContinental Tampa, a 323-key hotel in Tampa’s Westshore submarket. The Arden Group is investing $5.4 million in capital improvements, including upgraded guestrooms, bathrooms, meeting rooms, common areas, mechanical systems and elevators. Built in 1984 and located at 4860 W. Kennedy Blvd., the hotel underwent a major renovation that was completed in 2008 when it was converted to an InterContinental. It is part of the Urban Centre mixed-use complex, which includes more than 500,000 square feet of Class A office space.

February 6, 2015

Florida Industrial Southeast

CBRE Brokers $5.2M Sale of Industrial Portfolio in Riviera Beach

by John Nelson February 6, 2015

RIVIERA BEACH, FLA. — CBRE has brokered the $5.2 million sale of a 69,071-square-foot industrial portfolio located on four acres in Riviera Beach. An affiliate of KTR Capital Partners sold Flamingo Commerce Center, located at 7655 Enterprise Drive and 7656 Byron Drive, to Denholtz Riviera LLC. The property was 75 percent leased at the time of sale. Dominic Montazemi, Scott O’Donnell, Miguel Alcivar, Jeffrey Kelly, Robert Smith, Kirk Nelson and Jason Hochman of CBRE represented the buyer in the transaction.

February 6, 2015

Georgia Loans Multifamily Southeast

Grandbridge Arranges $4.9M Loan for Two Apartment Communities in South Georgia

by John Nelson February 6, 2015

VALDOSTA, GA. — Grandbridge Real Estate Capital has arranged a $4.9 million loan secured by The Timbers Apartments and Heather Glen Apartments in Valdosta. Bill Mattice of Grandbridge arranged the refinance loan through Freddie Mac. The loan features a seven-year term, 30-year amortization schedule and one year of interest-only payments. Both properties are fully occupied, according to Mattice.

February 6, 2015

Hospitality Maryland Southeast

HREC Brokers Sale of Wyndham Baltimore

by John Nelson February 6, 2015

BALTIMORE — HREC Investment Advisors has brokered the sale of the 104-room Wyndham Baltimore in Baltimore’s Mt. Vernon district. Kevin Hanley, Ketan Patel and Geoff Davis of HREC represented the seller, Mt. Vernon Square Inc., in the transaction. The property is situated adjacent to the Walters Art Museum, Peabody Institute of Music at The John Hopkins University and the Washington Monument.

February 6, 2015

Georgia Multifamily Southeast

Blue Rock Partners, Rose Group Acquire Metro Atlanta Apartment Community for $15.8M

by John Nelson February 5, 2015

LITHONIA, GA. — A partnership between Tampa-based Blue Rock Partners LLC and Boca Raton, Fla.-based Rose Group has purchased Devon Place, a 415-unit apartment community located at 421 Meadowood Drive in the Atlanta submarket of Lithonia, for $15.8 million. The partnership will invest another $2.5 million in exterior and interior upgrades. Eastern Union Funding arranged acquisition financing on behalf of Blue Rock and Rose Group through The Bancorp. Multi Housing Advisors’ Atlanta office brokered the transaction. Devon Place is Blue Rock’s second Atlanta apartment acquisition in the past three months, having acquired the 240-unit Oak at Ellenwood apartments in November for $9.8 million.

February 5, 2015

Arkansas Multifamily Southeast Student Housing

GMH Capital Partners, PREI Acquire Sterling Frisco Near University of Arkansas

by John Nelson February 5, 2015

FAYETTEVILLE, ARK. — GMH Capital Partners has made the first acquisition of its new joint venture with Principal Real Estate Investors (PREI). GMH purchased Sterling Frisco, a LEED Gold-certified, Class A student housing community located near the University of Arkansas spanning 219 units and 640 bedrooms, each with its own private bathroom. Sterling Frisco has convenient access to both the university’s campus and downtown Fayetteville. The property features amenities including a 24-hour fitness center, computer lab, study lounges, pool with cabanas, a rooftop deck and a secured parking garage. Each of the units has its own washer and dryer as well as cable and internet included. GMH also plans on additional upgrades, including increased bandwidth, Wi-Fi in all student living areas, enhanced cable package with digital HD service and DVRs, upgraded card access and video surveillance system, as well as additional outdoor living features to the pool patio and rooftop terrace.

February 5, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $8.2M Sale of Multifamily Portfolio in Tampa

by John Nelson February 5, 2015

TAMPA, FLA. — Marcus & Millichap has brokered the sale of a two-property, 209-unit multifamily portfolio in Tampa. The properties, Country Square Villas and Candlewood I Apartments, sold for $8.2 million, which equates to $38,995 per unit. Country Square Villas is a 146-unit multifamily community built in 1981, and Candlewood I Apartments is a 63-unit apartment complex constructed in 1983. The assets are two miles apart. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and the buyer.

February 5, 2015

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