Southeast

CBRE Brokers $51M Sale of Office/Industrial Park in Deerfield Beach

by John Nelson December 17, 2014

DEERFIELD BEACH, FLA. — CBRE has arranged the $51 million sale of Quorum Business Center, a 408,000-square-foot distribution and office portfolio located in Fort Lauderdale’s Deerfield Beach submarket. The park is located at the intersection of S.W. 10th Street and Military Trail near I-95. Greenwich, Conn.-based Ivy Realty purchased the office/industrial park from New York-based KTR Capital Partners. Quorum Business Center was 87 percent occupied at the time of sale. KTR Capital has executed 154 leases and invested $4.5 million in tenant improvements since 2005. Christian Lee, Jose Lobon, Charles Foschini and Chris Apone of CBRE represented the seller in the transaction. Tom O’Loughlin of CBRE assisted the CBRE team with market leasing.

December 17, 2014

Louisiana Office Southeast

IBM Tops Off $30.5M Technology Center in Downtown Baton Rouge

by John Nelson December 17, 2014

BATON ROUGE, LA. — IBM has topped off its new nine-floor technology center under construction in downtown Baton Rouge that will cost $30.5 million to develop. The technology center, which will reportedly create 800 jobs, is part of a $55 million urban development project that will also feature 525 Lafayette, a 10-story residential tower. Commercial Properties Realty Trust, a REIT, is building the urban development project and Wilbur Marvin Foundation will own it. The property is scheduled for completion in May 2015. The topping off ceremony was attended by Gov. Bobby Jindal, IBM vice president Tim McLachlan, Baton Rouge Area Foundation president and CEO John Davies and Louisiana Economic Development (LED) secretary Stephen Moret. LED offered IBM a performance-based incentive package that includes grants totaling $29.5 million over 12 years.

December 17, 2014

Georgia Multifamily Southeast

MHA Brokers $21.2M Sale of Apartment Community in Macon

by John Nelson December 17, 2014

MACON, GA. — Multi Housing Advisors (MHA) has brokered the $21.2 million sale of Adrian on Riverside, a 224-unit apartment community located at 5243 Riverside Drive in Macon. Robert Stickel of MHA’s Atlanta office represented the seller, Adrian Park LLC, the developer of the community. PEM Real Estate Group was the buyer. The apartment community was 95 percent occupied at the time of sale. The property’s amenity package includes a putting green, theater, playground, covered car wash center, fitness center, billiard room and a pool with a sundeck and picnic pavilion.

December 17, 2014

Georgia Multifamily Southeast

Moran & Co. Southeast Brokers $55.6M Sale of High-Rise Apartment Community

by John Nelson December 16, 2014

SANDY SPRINGS, GA. — Moran & Co. Southeast has brokered the $55.6 million sale of The Vue at Park Towers, a 300-unit high-rise apartment community located at 789 Hammond Drive in Sandy Springs, a suburb of Atlanta. Built in 1999, the property features a swimming pool, renovated clubhouse and leasing office, fitness center, tennis court and convenience mart. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. Southeast represented the seller, Crescent Heights, in the transaction. The buyer was Austin, Texas-based CWS.

December 16, 2014

Multifamily Southeast Virginia

CBRE Global Investors Buys Apartment Community in Metro D.C.

by John Nelson December 16, 2014

SPRINGFIELD, VA. — CBRE Global Investors has acquired the Residences at Springfield Station, a Class A, 631-unit garden and mid-rise apartment community in Springfield, a suburb of Washington, D.C. The property is located at 6802 Junction Blvd. adjacent to the Franconia-Springfield Metro Station. Springfield Station was 94 percent occupied at the time of sale. CBRE Global Investors plans to rehab the property’s interiors with updating lighting and plumbing fixtures, two-inch window blinds, stainless steel appliance packages, two-tone paint, new carpets, upgraded cabinets and hardware and new countertops. Common area improvements will include a modernized clubhouse and fitness center, enhancements to the resort-style pool deck, the addition of a dog park and improvements to the accessibility of mass transit.

December 16, 2014

Loans South Carolina Southeast

Grandbridge Closes $27.4M Loan for Multifamily Adaptive Reuse Project in Spartanburg

by John Nelson December 16, 2014

SPARTANBURG, S.C. — Grandbridge Real Estate Capital has closed a $27.4 million loan for the conversion of a historic textile mill in Spartanburg into Drayton Mills Loft Apartments. Bill Mattice and Phillip Cox of Grandbridge originated the 40-year loan. Tim Duncan led Grandbridge’s FHA/HUD team to utilize federal historic tax credits and South Carolina historic mill tax credits in conjunction with Grandbridge’s HUD 221(d)(4) construction to perm product. Drayton Mills Loft Apartments is a partnership between Pacolet Milliken Enterprises and TMS Development. Originally built in 1902, the repurposed property will house 279 apartment units and feature two historic water towers on the site. The property is located roughly one mile from downtown Spartanburg.

December 16, 2014

Florida Industrial Southeast

Marcus & Millichap Brokers $17.5M Sale of Industrial Warehouse Park in South Florida

by John Nelson December 16, 2014

AVENTURA, FLA. — Marcus & Millichap has brokered the $17.5 million sale of a 215,921-square-foot industrial warehouse park in Aventura, roughly 18 miles north of Miami. The nine-building park is located at 1600 N.E. 205th Terrace on the south side of Ives Dairy Road near I-95. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the seller, The Adler Group, and the buyer, an Aventura-based firm led by Mario Grosfeld and Jorge Linkewer.

December 16, 2014

Loans Southeast Tennessee

Love Funding Closes $14.1M Construction Loan for Knoxville Apartment Community

by John Nelson December 16, 2014

KNOXVILLE, TENN. — Love Funding has closed a $14.1 million HUD 221(d)(4) loan for the construction of River’s Edge Apartments, a proposed 134-unit multifamily property in Knoxville. The property will be located on a site next to the Tennessee River in Knoxville’s Island Home district. Tammy Tate of Love Funding’s Knoxville office originated the non-recourse loan on behalf of the developers, Atlanta-based Camden Partners and Knoxville-based Dominion Development Group. The loan has a fixed interest rate for the initial 14-month construction period and a subsequent 40-year term. Knoxville-based Empire Construction is the general contractor for the project.

December 16, 2014

Hospitality Southeast Tennessee

Pebblebrook Hotel Trust Acquires Union Station Hotel in Downtown Nashville for $52.3M

by John Nelson December 15, 2014

NASHVILLE, TENN. — Pebblebrook Hotel Trust has purchased Union Station Hotel, Autograph Collection in downtown Nashville for $52.3 million. The 125-room hotel is located on Broadway in Nashville’s central business district adjacent to the Frist Center for Visual Arts and Vanderbilt University. Pebblebrook has tapped Sage Hospitality to operate the hotel. The hotel first opened in 1900 as L&N Railroad Station and was converted into a hotel in 1986. The hotel underwent an $11 million renovation in 2007 and a $1.9 million renovation to convert the property to an Autograph Collection by Marriott hotel in 2012. The hotel features 12,000 square feet of meeting space, a grand lobby with a 65-foot barrel-vaulted ceiling, Prime 108 restaurant, fitness center, business center and valet parking. Pebblebrook plans to invest $5 million to $7 million to upgrade the hotel’s guestrooms and public areas.

December 15, 2014

Office Southeast Virginia

Carr Properties Begins Demolition, Pre-Construction on Arlington Office Building

by John Nelson December 15, 2014

ARLINGTON, VA. — Carr Properties has begun the demolition and pre-construction phase for a 175,000-square-foot, eight-story office building located at 2311 Wilson Blvd. in Arlington. The building, which is designed to achieve LEED Gold certification, will be ready for occupancy in 2017. The office building will feature street-level retail space, a conference room, restaurant and café, childcare facility, health club, bike room, rooftop terrace and an 18,000-square-foot urban park with gardens. Carr Properties has hired Spencer Stouffer, Krysta Herring and Phillip Thomas of Cassidy Turley to handle leasing the office building.

December 15, 2014

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