Southeast

St. John Properties to Build Office Building in Metro Baltimore

by John Nelson August 12, 2015

ANNAPOLIS JUNCTION, MD. — St. John Properties Inc., in partnership with Somerset Construction Co., has revealed plans for the development of a new 100,000-square-foot office building at 10170 Junction Drive in Annapolis Junction, roughly 18 miles south of Baltimore. The new four-story property will be located within Annapolis Junction Town Center, a mixed-use transit-oriented development situated adjacent to the Savage Maryland Rail Commuter Rail (MARC) station. The project represents the office component of the development, which will also contain 416 luxury apartment homes, a 150-room hotel, 17,450 square feet of retail space and the recently completed MARC Station with a 700-space commuter parking garage. Southern Management Corp. and Somerset Construction Co. are developing the residential and retail portions of Annapolis Junction Town Center and are seeking a partner for the hospitality component. St. John Properties is constructing the office building to satisfy LEED Silver specifications for Core and Shell. The exterior of the building will comprise brick and glass and will feature 25,000-square-foot floorplates. St. John Properties plans to deliver the property in fall 2016. The company recently assumed control of this project, which was formerly being developed by Corporate Office Properties Trust.

August 12, 2015

Florida Multifamily Southeast

Inland Private Capital Corp. Sells Naples Apartment Community for $20.3M

by John Nelson August 12, 2015

NAPLES, FLA. — Inland Private Capital Corp. (IPCC) has sold the 146-unit Berkshire Reserve Townhomes located at 3536 Winifred Row Lane in Naples for $20.3 million. IPCC, through its subsidiary, which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs. Constructed in 2000, Berkshire Reserve comprises three-bedroom, two and one-half bath townhome apartments. Each unit contains 1,300 square feet of livable space and energy-efficient appliances, private patios, washers and dryers and a gourmet kitchen. The 189,800-square-foot property is located in the northern portion of the Naples-Marco Island metropolitan area, and is approximately five miles northeast of the Naples central business district. The multifamily residential complex includes 37 two-story apartment buildings and a clubhouse building with a swimming pool, barbeque area and children’s playground.

August 12, 2015

Maryland Retail Southeast

Washington Property Co. Purchases Maryland Shopping Center for $9.5M

by John Nelson August 12, 2015

FREDERICK, MD. — Washington Property Co. (WPC) has acquired Ballenger Creek Plaza, a 75,527-square-foot shopping center located at 5830 Ballenger Creek Pike in Frederick, for $9.5 million. The property is fully leased to 13 tenants, including Wolf Furniture, Dollar General and Anytime Fitness. Andy Stape, Mat Adler and Vito Lupo of KLNB represented the seller, New York City-based Cohen Equities, in the transaction. WPC has tapped Paragon Commercial Property Management, the property management division of KLNB, to handle property management responsibilities.

August 12, 2015

Industrial North Carolina Southeast

Avison Young Arranges Sale of 124,213 SF Distribution Facility in Metro Charlotte

by John Nelson August 12, 2015

BELMONT, N.C. — Avison Young has brokered the sale of a 124,213-square-foot distribution center located at 2100 The Oaks Parkway in Belmont, a suburb of Charlotte. GCP Capital Group purchased the facility from an unnamed institutional fund advisor for an undisclosed price. The property is fully leased to Industrial Distribution Group Inc. for use by its IDG USA division, which specializes in the distribution of maintenance, repair and operations supplies to industrial customers. Erik Foster, Mike Wilson and Chris Skibinski of Avison Young represented the seller in the transaction.

August 12, 2015

Georgia Retail Southeast

Blanchard & Calhoun Brokers $19.5M Sale of Two Publix-Anchored Centers in Metro Atlanta

by John Nelson August 11, 2015

ALPHARETTA AND LOCUST GROVE, GA. — Blanchard & Calhoun Commercial has brokered the $19.5 million sale of two Publix-anchored shopping centers in metro Atlanta. The properties include the 82,905-square-foot Birmingham Village in Alpharetta and the 89,567-square-foot Shoppes at Locust Grove in Locust Grove. Birmingham Village was 78 percent leased and Shoppes at Locust Grove was 71 percent leased at the time of sale. Blanchard & Calhoun represented the buyer, an international REIT, in the transaction. The seller was the original developer of the two shopping centers.

August 11, 2015

Georgia Industrial Southeast

Performance Food Group Begins Expansion of Food Distribution Center in Georgia

by John Nelson August 11, 2015

OAKWOOD, GA. — Performance Food Group (PFG) has begun the expansion of its Performance Foodservice – Milton’s food distribution facility in Oakwood, a city in Hall County near Gainesville. PFG’s expansion project includes the construction of a new 174,000-square-foot building located at 3501 Old Oakwood Road. The new facility will feature a freezer, meat cutting operation, maintenance areas and space for fleet operations. The project is scheduled for completion in 2016 to be followed by the conversion of PFG’s existing freezer into a three-zone cooler section.

August 11, 2015

Florida Retail Southeast

Trinity Signs Walmart Neighborhood Market to Anchor Shopping Center in South Florida

by John Nelson August 11, 2015

PALM SPRINGS, FLA. — Trinity Place Holdings has executed a long-term lease with Wal-Mart Stores Inc. to bring a new Walmart Neighborhood Market to South Florida. The new 42,000-square-foot grocery store will anchor Trinity’s 112,000-square-foot Shoppes at Forest Hill, a shopping center located at the intersection of Forest Hill Boulevard and South Military Trail in Palm Springs. The Walmart Neighborhood Market is expected to open in the spring of 2016 and will bring approximately 95 new jobs to the area. David Lipp of Atlantic Commercial Group Inc. and David Emihovich of Katz & Associates were the broker and the agent, respectively, for the transaction.

August 11, 2015

Hospitality South Carolina Southeast

Hotel Development Partners, Ares Management Acquire Three Hotels in North Charleston

by John Nelson August 11, 2015

NORTH CHARLESTON, S.C. — Hotel Development Partners and funds managed by Ares Management LP have purchased three select-service hotels in North Charleston totaling 248 rooms. The properties include the Residence Inn by Marriott Charleston North/Ashley Phosphate, the Fairfield Inn & Suites by Marriott Charleston North/Ashley Phosphate and an unnamed Choice Hotels-branded hotel. Including this transaction, HDP and Ares Management have purchased 10 hotels together, with the other seven hotels located in the metro Atlanta area. HDP is an Atlanta-based joint venture between Hotel Equities and IRE Capital. Hotel Equities has assumed management of the three hotels.

August 11, 2015

Maryland Office Southeast

DTZ Arranges $7.4M Sale of Office Building in Baltimore’s CBD

by John Nelson August 11, 2015

BALTIMORE — DTZ has brokered the $7.4 million sale of a 61,655-square-foot office building located at 300 W. Pratt St. in Baltimore’s central business district (CBD). Baltimore-based Valstone Partners purchased the property from Guggenheim Real Estate LLC. The office building was 55 percent leased at the time of sale. Jonathan Carpenter, Nicole Keelty and Graham Savage of DTZ’s Baltimore capital markets team represented the seller in the transaction.

August 11, 2015

North Carolina Office Southeast

Portman Holdings Closes Financing for $122M Office Tower in Uptown Charlotte

by John Nelson August 10, 2015

CHARLOTTE, N.C. — Portman Holdings has secured financing for its $122 million office building located at 615 S. College Ave. in Uptown Charlotte. The financing included equity from China Orient Summit Capital and debt from PCCP LLC. The 371,000-square-foot office building will be constructed atop an existing parking garage, and upon completion in February 2017, the office tower will have an outdoor green space and direct access to the Lynx Blue Line. John Portman & Associates is providing architectural services, and Travis Garland of Portman Holdings is managing the leasing process, in conjunction with Trinity Partners. Portman Holdings will officially break ground on the office tower on Friday, Aug. 14.

August 10, 2015

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