CHARLOTTE, N.C. — Ziff Properties Inc. has sold three office and light industrial assets in Charlotte for a combined $10 million. The assets include Arcade Square, Coffey Creek and Rubin Business Center II. Rob Cochran and Jared Londry of DTZ Charlotte represented Ziff Properties in the transaction. Christian Chamblee was the internal representation for Ziff Properties.
ATLANTA — Atlanta-based developer Jamestown has revealed 13 new retail tenants for its Ponce City Market development, a 2 million-square-foot, adaptive reuse project in Atlanta’s Old Fourth Ward neighborhood. Ponce City Market is a retrofitting of the 1920s-era Sears, Roebuck & Co. building on Ponce de Leon Avenue, which is located along the Atlanta Beltline. The property features a marketplace with a central food hall (opening in spring 2015), loft apartments and boutique office space. The retail tenant roster includes The Frye Company (4,135 square feet); Oakleaf & Acorn (700 square feet); The Jean Machine (1,200 square feet); Williams-Sonoma Home (9,251 square feet); Madewell (3,017 square feet); West Elm (13,750 square feet); Anthropologie (11,618 square feet); Mountain High Outfitters (6,900 square feet); Rejuvenation (6,000 square feet); Goorin Bros. Hat Shop (1,000 square feet); J. Crew (5,382 square feet); Michael Stars (1,539 square feet); and Lou Lou Accessories (1,200 square feet). The retailers will begin to open their stores in the spring in conjunction with the opening of the central food hall, according to the Atlanta Business Chronicle.
ORLANDO, FLA. — HFF has brokered the $37.3 million sale of Colonial Landing, a 259,024-square-foot retail power center in Orlando. The property is located 2.2 miles from downtown Orlando across from Orlando Fashion Square Mall. Colonial Landing is fully leased to tenants such as Bed Bath & Beyond, Buy Buy Baby, PetSmart, Sports Authority, Jo-Ann Fabrics & Crafts, H.H. Gregg, Party City, Red Lobster, Smokey Bones, Fifth Third Bank and Pollo Tropical. Retail Centers of America, which was advised by Lincoln Retail REIT Services, purchased the property free and clear of existing debt. Brad Peterson, Whitaker Leonhardt and Anthony Frogameni of HFF led the investment sales team in representing the seller, a joint venture between Weingarten Realty Investors and other private investors.
CHAPEL HILL, N.C. — ARA has brokered the sale of Notting Hill, a 200-unit, Class A apartment community in Chapel Hill. Dean Smith, Blake Okland, Sean Wood and John Heimburger of ARA represented the seller, a Dallas-based private real estate fund advised by Crow Holdings Capital-Real Estate. Atlanta-based Carroll Organization purchased the apartment community in a joint venture agreement with AIMS Real Estate for an undisclosed price. Carroll Management Group will manage the apartment property, which was 95 percent occupied at the time of sale. The property’s amenity package includes a swimming pool, business center, fitness center, tennis court, playground, car care center, laundry center and coffee lounge. Built in 2000, the property is comprised of one-, two- and three-bedroom units.
ATLANTA — KBS Real Estate Investment Trust III (KBS REIT III) has signed a 24,829-square-foot office lease with Georgia Tech Research Corp. (GTRC) at 171 17th St. in Atlanta. The 21-story, Class A office tower at 171 17th St. is located in the Atlantic Station mixed-use development. The office building was the first LEED Silver Core and Shell-certified building in the world, according to KBS REIT III. Glenn Kolker and Sonia Winfield of Cassidy Turley represented KBS REIT III in the lease transaction.
The Southeast’s increasing relevance in the global marketplace is due in large part to the success of its ports. Internationally recognized companies like BMW, Boeing and Walmart have expanded in the Southeast to operate closer to the ports handling their imports and exports. According to JLL’s Port, Airport & Global Infrastructure research division, volume of twenty-foot equivalent units (TEUs) in 2013 at 13 seaports across the country was 3.3 percent higher than in 2007. TEU volume at West Coast seaports dipped by 6.8 percent in that period, while East Coast ports exceeded their 2007 volumes by 19.1 percent. The large spike of activity for East Coast ports in the past seven years has resulted in a windfall of industrial tenants expanding in and around the ports. Three of the largest Southeastern ports in terms of capacity are the Port of Charleston, PortMiami and the Port of Savannah. Each have been a boon to the industrial market in their respective state, and with the expansion and harbor deepening projects underway at each port, each should only escalate their importance in the coming years. In the Driver’s Seat The South Carolina Ports Authority (SCPA) is currently in a growth mode with container …
Jacksonville boasts the fourth-largest metro population and the largest city proper population in the state of Florida. It is the 14th most populous city in the United States, and with a breadth of approximately 841 square miles, it is the largest city in the contiguous United States by area. The county seat of Duval County, Jacksonville touts a population of approximately 900,000 people (2012 estimate) with a median household income of $50,701 and a median age of 31.4. The unemployment rate is presently on a downward trend decreasing 80 basis points from August to September 2014 to 5.8 percent, which was significantly lower than the previous year’s rate of 6.6 percent and Florida’s 6.1 percent. Jacksonville’s retail market remains strong despite the lack of available space in the mature Class A submarkets such as Town Center, Rivercity Marketplace, Mandarin, Orange Park, West Beaches and Beaches. National retailers and restaurants remain active seeking deals throughout Duval County, yet are still hesitant to consider Class B and C submarkets given their selective national site strategies. As most of the highly desirable spaces has been absorbed, there is more demand for new space than any time in recent memory. Although several redevelopments and …
PORT RICHEY, FLA. — Integra Real Estate Capital has secured a $22.5 million bridge loan for the acquisition of Embassy Crossing, a 333,850-square-foot shopping center in Port Richey. Embassy Crossing’s tenant roster includes Sports Authority, Bed Bath & Beyond, Ross Dress for Less, Michael’s, Books-A-Million, Lane Bryant, Bealls Outlet, Famous Footwear, Mercantile Bank, Petco, Scottrade, Chili’s Grill & Bar and Olive Garden. Meyer Perlman of Integra arranged the interest-only, non-recourse loan through an unnamed balance sheet bridge lender on behalf of the borrower, a New York-based buyer.
GOODLETTSVILLE, TENN. — Memphis-based Financial Federal Bank has arranged two refinance loans for apartment communities in Goodlettsville, roughly 14 miles north of Nashville. Steve Curnutte of Financial Federal Bank’s Nashville office arranged the $13.4 million refinance of the 434-unit Piccadilly Apartments and the $7.3 million refinance of the 200-unit Nottingham Apartments. Both apartment communities were more than 95 percent occupied at the time of refinancing. Curnutte arranged the two 10-year, fixed-rate loans through Freddie Mac. The loans feature interest rates below 4 percent, 30-year amortization schedules and five years of interest-only payments.
ORLANDO, FLA. — Franklin Street Real Estate Services has brokered the $10.4 million sale of Waterstone Apartments, a 208-unit multifamily community located at 5224 Long Road in Orlando. Constructed in 1991, the wood-frame complex is comprised of two-, three- and four-bedroom units. Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zachary Ames of Franklin Street represented both the seller, a private company based in California, and the buyer, FVP KP Waterstone LLC. The buyer used agency financing to fund the acquisition, according to Franklin Street.
