BROOKHAVEN, GA. — Colliers International has brokered the sale of The Clairmont, a 288-unit apartment community located at 3078 Clairmont Road in Brookhaven, a northeast suburb of Atlanta. New York-based GFI Capital Resources Group Inc. sold the asset to an affiliate of Equus Capital Partners Ltd., which will rename the property Madison Brookhaven. Equus plans to invest $3 million in capital improvements to the property, which was 95 percent occupied at the time of sale. The apartment community features a clubhouse, fitness center, two pools and a dog park. Equus affiliate Madison Apartment Group will manage the property. Ron Cameron and Will Matthews of Colliers International’s Atlanta office represented GFI Capital in the transaction.
MONROE, N.C. — Time Equities Inc. (TEI) has purchased Monroe Crossing Shopping Center, a 379,630-square-foot shopping center located at 2107-2133 W. Roosevelt Blvd. in Monroe, 25 miles southeast of Charlotte. The property’s tenant roster includes Belk’s flagship store, JC Penney, Sears, Hibbett Sports, Shoe Carnival, Buffalo Wild Wings and Planet Fitness. Cushman & Wakefield | Thalhimer represented the seller, Madison Marquette, in the transaction. TEI was represented internally by Ami Ziff and Jonathan Kim.
The Charleston office sector is robust, with movement in virtually every aspect of the market. Tenants have flocked to the city, leaving only a small number of available spaces for those looking to move or expand, particularly into larger spaces. What Renters Want Low vacancy citywide — in the Central Business District (CBD), the vacancy rate is under 5 percent — is driving an uptick in rents, with current rents ranging from $17 to $28 per square foot, depending on the age and location of the space. Landlord concessions are also falling off as space becomes tighter. The shift toward more open workspaces continues as technology advances, meaning a decrease in the number of private offices and an increase in community/collaborative spaces. With smaller computers, storage in the cloud instead of filing cabinets and the use of off-site printers, most offices in the city are down to less than 200 square feet per employee. Since Charleston has one of the highest overhead rates in the Southeast, cutting down on square footage is a priority for most companies. Development Underway More than $1 billion of projects across all property types are currently under construction on the Charleston peninsula alone, and for …
MIAMI — Skanska USA has signed a $101 million contract to build The Patricia & Phillip Frost Museum of Science in Miami. The 250,000-square-foot property will be located within the new Museum Park complex adjacent to the Perez Art Museum Miami overlooking Biscayne Bay and PortMiami. The new museum will include a planetarium, 500,000-gallon saltwater aquarium, five-story Innovation Center, sustainable roof with a hydroponic garden and exhibition galleries. The architect, Grimshaw Architects, is designing the museum to achieve LEED Platinum certification. Skanska USA plans to complete the museum in the summer of 2016.
NASHVILLE, TENN. — HFF has brokered the $54.3 million sale of Velocity in the Gulch, a 238-unit multifamily community in Nashville’s Gulch neighborhood. Nicol Investment Co. purchased the apartment property from a joint venture between a Chicago-based fund manager and a predecessor company run by David Levin. Velocity in the Gulch is located at the corner of 320 11th Ave. South and Pine Street. The property features a sky lounge with an outdoor fireplace, fitness center, courtyard with a fountain and fire pit, clubroom, coffee bar and bicycle racks. Jason Nettles and Megan Thompson of HFF led the investment sales team that represented the seller in the transaction.
ATLANTA — TPA Group has broken ground on two industrial facilities in metro Atlanta totaling roughly 1.7 million square feet. The properties include the 1.1 million-square-foot Fairburn Logistics Center in South Fulton County and the 614,000-square-foot Broadway Distribution Center in Braselton. Fairburn Logistics Center is a cross-dock building that will be located on Bohannon Road adjacent to the CSX Intermodal facility. The property features 36-foot clear heights and heavy trailer and car parking. Broadway Distribution Center will be located on Broadway Avenue with direct access to I-85. Both facilities will be built on a speculative basis. Mark Hawks and Todd Barton of CBRE will spearhead leasing efforts at the two properties.
HOLLYWOOD, FLA. — CBRE has brokered the $31.5 million sale of Emerald Place, a 300-unit apartment community located at 3910 N. 56th Ave. in Hollywood. The property includes a swimming pool, clubhouse, two tennis courts, children’s playground and night-time security. Emerald Place Apartments LLC purchased the asset from Emerald Place LLC. Calum Weaver and Robert Given led the CBRE South Florida Multifamily team in representing the seller.
ADAMSVILLE, ALA. — Marcus & Millichap has brokered the $2.7 million sale of Adamsville Town Center, a 26,026-square-foot strip retail center in Adamsville. Built in 2006, the property’s tenant roster includes Dollar General, Advance America, 1st Franklin, Papa John’s Pizza, Alfa Insurance and Alabama Power. Andrew Chason of Marcus & Millichap’s Mobile office represented the seller, a limited liability company based in Birmingham, in the transaction. The buyer was a private investment firm based in Birmingham.
BALTIMORE — Tribune Media Co. has sold its printing facility at 300 E. Cromwell St. in Baltimore for $46.5 million. The 60-acre property holds the printing facility for The Baltimore Sun, a Tribune-owned newspaper that currently has a long-term lease on the property. The net proceeds after transaction costs and taxes are slated to be roughly $30 million. The buyer was undisclosed.
MELBOURNE, FLA. — BishopBeale plans to construct Pineda Landings, a 50,000-square-foot, 17.5-acre retail development at the corner of Wickham Road and Jordan Blass Drive in Melbourne. The shopping center will be anchored by The Fresh Market, the first location for the specialty grocer in Brevard County. The shopping center is expected to open for business by the fall of 2015. BishopBeale will handle all leasing and development management for the project.