JACKSONVILLE, FLA. — American Commercial Realty Corp. (Amcom Realty) has purchased Highland Square, a 277,000-square-foot, Publix-anchored shopping center located along I-95 and Dunn Avenue in Jacksonville. Amcom Realty purchased the asset for $22.7 million. The property’s tenant roster includes CVS/pharmacy, dd’s Discounts, Family Dollar, Bealls Outlet, Baileys Powerhouse Gym, Rainbow, Starbucks Coffee, Chase Bank and BBVA Compass. Ironstone Partners advised Amcom Realty in the transaction.
KEY LARGO, FLA. — Ocean Reef Club Real Estate Co., which is owned and operated by Ocean Reef Club in Key Largo, has sold the three-story, 24,673-square-foot Plaza Building in Key Largo for $21.2 million. Mary Lee of Ocean Reef Club Real Estate represented both the buyer and Ocean Reef Club in the sale of the building, which was the largest commercial property for sale at the club. Ocean Reef Club is situated on 2,500 acres and features 65 commercial properties, a 275-room hotel, 30,000 square feet of indoor and outdoor meeting space, two 18-hole golf courses, a 175-slip marina, 12,000-square-foot spa and salon and 20 tennis courts.
KEY LARGO, FLA. — Ocean Reef Club Real Estate Co., which is owned and operated by Ocean Reef Club in Key Largo, has sold the three-story, 24,673-square-foot Plaza Building in Key Largo for $21.2 million. Mary Lee of Ocean Reef Club Real Estate represented both the buyer and Ocean Reef Club in the sale of the building, which was the largest commercial property for sale at the club. Ocean Reef Club is situated on 2,500 acres and features 65 commercial properties, a 275-room hotel, 30,000 square feet of indoor and outdoor meeting space, two 18-hole golf courses, a 175-slip marina, 12,000-square-foot spa and salon and 20 tennis courts.
LAVONIA, GA. — The Elrod Group, a brokerage division with Athens, Ga.-based Coldwell Banker Commercial Upchurch Realty, has arranged the $4.1 million sale of an industrial facility in Lavonia. The 746,735-square-foot warehouse development is situated on 55.8 acres along I-85. Brian Elrod of The Elrod Group represented the seller, Heritage Global Inc., in the transaction. The buyer was an unnamed automotive logistics user.
WASHINGTON, D.C. — Mast Capital has sold The Graham Hotel Georgetown, a 57-room upscale boutique hotel within Washington, D.C.’s Georgetown Historic District. The Miami-based real estate investment and development firm sold the asset to Legacy Hotel Group LLC for $37 million, or $649,000 per key, one of the highest price per key transactions ever in Washington, D.C. The hotel underwent a multimillion-dollar renovation in 2013, after which the hotel more than quadrupled its profitability, according to Mast Capital. Andy Wimsatt and Ian Banger of CBRE’s Washington, D.C., office, along with Christian Charre, Paul Weimer and Natalie Castillo of the firm’s Miami office, represented Mast Capital in the transaction. Nelson Migdal of Greenberg Traurig LLP executed the deal. Mast Capital originally purchased the hotel in 2011 for $16.4 million.
ATLANTA — Newk’s Eatery, a Jackson, Miss.-based fast casual restaurant chain, has signed a new development agreement with franchisee C^2 Investment Partners LLC for six new locations in the Atlanta area. The multi-unit operator will open the new restaurants within the next four years. The agreement is part of Newk’s growth plan to double in size in the next three years. The chain currently has more than 100 units in 13 states, predominantly in the Southeast. Owned by Brent Cann and Doug Cullinan, C^2 Investment Partners has purchased an existing Newk’s Eatery at 2566 Briarcliff Road N.E. in Atlanta. C^2’s operating partner, Lynn Townsend, a longtime resident of the Atlanta area, brings more than 20 years of hospitality and restaurant experience to the investment group.
JACKSONVILLE, FLA. — Newmark Grubb Phoenix Realty Group has brokered the $10.5 million sale of a 588,000-square-foot manufacturing and warehouse facility located at 5245 Commonwealth Ave. in Jacksonville. Situated on 28 acres within Jacksonville’s Westside submarket, the property is fully leased to two tenants, Fanatics and Dickinson Fleet Services. Woodland, Calif.-based Tower Investments LLC purchased the building from FT-WD Property LLC. John Richardson and Bryan Bartlett of Newmark Grubb Phoenix represented the buyer in the transaction. Newmark Grubb Phoenix has been the leasing agent for the property for more than 10 years.
NEWNAN, GA. — Capital One has arranged a $7.5 million acquisition loan for Brighton Farms Apartments, a 134-unit multifamily property in Newnan. Chad Thomas Hagwood of Capital One Multifamily Finance’s Birmingham, Ala., office originated the 10-year, fixed-rate loan on behalf of the borrower, a three-entity tenants-in-common ownership headed by Engel Realty Co. The financing features two years of interest-only payments followed by a 30-year amortization schedule. Charles Craig of Capital One Multifamily Finance managed the closing of the financing.
ATLANTA — SunTrust Banks Inc. (NYSE: STI) has named Kathy Farrell as head of the bank’s commercial real estate line of business, effective Aug. 1. Farrell will succeed Walt Mercer, who is retiring after nearly 10 years with the bank and more than 40 years in real estate banking and advisory. Farrell will be responsible for delivering banking and capital markets solutions to commercial real estate developers and investors in the SunTrust Commercial Real Estate lines of business, including regional real estate, REITs, institutional real estate, affordable housing and residential builders. Farrell will report to Mark Chancy, an executive with SunTrust Wholesale Banking. Farrell has more than 25 years of real estate finance and banking experience throughout the country, including origination, underwriting, capital markets, work out strategies and risk management. She has been with SunTrust since 2013, most recently serving as the executive risk officer for commercial real estate. Prior to joining SunTrust, Farrell was executive vice president and credit executive of commercial real estate for PNC Bank for four years. She also served as the managing director of debt capital markets at National City Bank for three years. Previously, she was vice president of real estate capital markets at …
It looks like 2016 is carrying on where 2015 left off. During 2014 and 2015, Atlanta set record after record for activity, positive net absorption and new construction; and the first quarter of 2016 didn’t disappoint. Activity during the first quarter of 2016 was over 13.5 million square feet, which contributed to a four-quarter total of 59.3 million square feet — the highest four-quarter total for activity ever seen in the Atlanta industrial market. We also witnessed the 16th consecutive quarter of positive net absorption with 3.1 million square feet of space absorbed during the quarter. Added to the last three quarters, net absorption totaled 16.5 million square feet of positive net absorption. Even with a large industrial inventory of 642 million square feet, that’s a significant achievement. Demand for warehouse and distribution space is fueled by Atlanta’s continued economic growth and employment. Unemployment in the Atlanta metro area is 6.1 percent and down from 6.3 percent that we reported last October (U.S. Bureau of Labor Statistics). Although construction slowed during the fourth quarter of 2015 with only 1.5 million square feet launched, it was only a short lull. New construction moved forward again for the first quarter of 2016 …
