Southeast

PRP Acquires Office Building in D.C.’s West End for $31.6M

by John Nelson December 9, 2014

WASHINGTON, D.C. — PRP LLC has purchased a 100,000-square-foot office building located at 2501 M St. N.W. in Washington, D.C.’s West End for $31.6 million. PRP acquired the property from the Association of American Medical Colleges on behalf of one PRP’s real estate funds in partnership with an institutional investor. PRP will convert the building into a 60-unit luxury residential condominium property with 11,475 square feet of retail space featuring outside dining. PRP plans to begin selling condo units in 2015 and deliver the finished homes by mid-2016.

December 9, 2014

Florida Multifamily Seniors Housing Southeast

Forest City Sells Independent Living Community in Florida for $18.5M

by John Nelson December 9, 2014

LAUDERHILL, FLA. — Forest City Enterprises Inc. has completed the $18.5 million sale of Forest Trace, a 322-unit independent living seniors apartment community in Lauderhill. Forest Trace, which includes 40 assisted living beds, was purchased by Pacifica Lauderhill LLC. The buyer also assumed the existing mortgage on the property. The property was originally developed in 1989 and was acquired by a subsidiary of Forest City in 2000.

December 9, 2014

Florida Office Southeast

CBRE Brokers Sale of Wells Fargo Center in Downtown Tampa

by John Nelson December 9, 2014

TAMPA, FLA. — CBRE has brokered the sale of Wells Fargo Center, a Class A, 389,608-square-foot office building located at 100 S. Ashley Drive in downtown Tampa. The 22-story LEED Gold-certified building was 93 percent leased at the time of sale to tenants such as Wells Fargo, UBS, USAA, Valet Waste, Phelps Dunbar, AllegiantMD, Warren Averett and Carlton Fields. Wells Fargo Center features a fitness center, café, full-service bank branch, ATM, new conference center and a complimentary shuttle service. Christian Lee, Dale Peterson, Charles Foschini and Marcos Minaya of CBRE brokered the transaction.

December 9, 2014

Florida Industrial Southeast

Calkain Cos. Brokers $9.6M Flex Building in Panama City Beach

by John Nelson December 9, 2014

PANAMA CITY BEACH, FLA. — Calkain Cos. has brokered the $9.6 million sale of a single-tenant office/industrial asset located at 1300 Thomas Drive in Panama City Beach. The 83,000-square-foot property is anchored by Booz Allen Hamilton. Stephen Counts and Brian O’Hear of Calkain Cos. represented the seller, Skyview Development, in the transaction.

December 9, 2014

Alabama Retail Southeast

The Shopping Center Group Brokers $10M Sale of Two Retail Assets in Alabama, Georgia

by John Nelson December 8, 2014

MERIDIANVILLE, ALA. AND MARIETTA, GA. — The Shopping Center Group (TSCG) has brokered the sale of two shopping centers in the suburbs of Huntsville, Ala., and Atlanta for nearly $10 million. Flint Crossing in Meridianville sold for $6.5 million and The Shoppes at Due West Pavilion in Marietta sold for $3.3 million. The 65,000-square-foot Flint Crossing is fully leased to tenants such as Publix, Rite Aid, Mattress King, Regis Salons, Subway, Domino’s Pizza, China One and Madison County Commission. TSGC represented the seller, Flint Crossing Market Center LLC, in the transaction. The buyer was Real SUB LLC. The 18,200-square-foot Shoppes at Due West Pavilion is 92 percent leased to tenants such as Nature’s Corner Market, Blimpie, Peace Love Pizza and Daily Grind. TSCG represented the seller, The Shoppes at Due West Pavilion LLC, in the transaction. The buyer was SCGV-Due West LLC, a private fund based in the Southeast.

December 8, 2014

Retail Southeast Virginia

S.L. Nusbaum Brokers $8.8M Sale of Virginia Shopping Center

by John Nelson December 8, 2014

FARMVILLE, VA. — S.L. Nusbaum Realty Co. has brokered the $8.8 million sale of The Shoppes at College Park, a 106,000-square-foot shopping center located on South Main Street in Farmville. The shopping center’s tenant roster includes Rite Aid, Dollar General, Goodwill, Advance Auto Parts and Buffalo Wild Wings. Nathan Shor of S.L. Nusbaum Realty represented the seller, Farmville Partners LLC, in the transaction. The buyer purchased the asset in a 1031 tax-deferred exchange. S.L. Nusbaum Realty is a Norfolk, Va.-based partner of X Team International, an international alliance of retail real estate advisors.

December 8, 2014

Florida Industrial Southeast

Colliers Brokers $5.3M Sale of Industrial Asset in Lakeland

by John Nelson December 8, 2014

LAKELAND, FLA. — Colliers International has brokered the $5.3 million sale of a 113,308-square-foot industrial property located at 5120 Great Oak Drive in Lakeland. Edward Miller and Dolores Seymour of Colliers International’s Tampa Bay office represented the seller, Great Oak Property Management LLC, which was conducting business under the moniker Structall Building Systems. The buyer was Brennan Investment Group LLC.

December 8, 2014

Multifamily Southeast Virginia

Capstone Brokers $2.1M Sale of Two Apartment Communities in Roanoke

by John Nelson December 8, 2014

ROANOKE, VA. — Capstone Apartment Partners has brokered the sale of two apartment communities in Roanoke known as Carefree Place and Ellsworth Place. Mid Atlantic Funding LLC purchased both properties from Rapp Properties LLC for $2.1 million, or $52,500 per unit. The communities had an average occupancy rate of 98 percent at the time of sale. Todd Conner and Beau McIntosh of Capstone represented Rapp Properties in the transaction.

December 8, 2014

Florida Retail Southeast

Plaza Advisors Brokers Sale of Shopping Center in Metro Orlando

by John Nelson December 8, 2014

WINTER PARK, FLA. — Plaza Advisors has brokered the sale of Aloma Square Shopping Center, a grocery-anchored shopping center in Winter Park, a suburb of Orlando. The property was 88.8 percent leased at the time of sale to tenants such as Aldi, Deal$, CARQUEST, Fresenius Medical Care, CosmoProf, Liberty Tax and Subway. Mike Cvetetic and Jim Michalak of Plaza Advisors represented the seller, Noble Properties, in the transaction. The buyer was Aloma Square WP LLC.

December 8, 2014

District of Columbia Market Reports Southeast Southeast Market Reports

New Restaurants, Hip Neighborhoods Suggest D.C. Has Found its Retail Identity

by John Nelson December 5, 2014

There was a time when retail in the District of Columbia was tired and unimaginative, but today things are changing. Today, D.C. competes with some of this country’s greatest retail cities. No longer do “food by the pound” cafes dominate fast casual lunch options, or tired steak houses fill the nights. A young generation of award winning chefs — the likes of Mike Isabella, Cedric Maupillier and Aaron Silverman — are driving a new culinary scene, which in turn is helping to boost retail growth across our city. Silverman’s Rose’s Luxury across from the Marine Barracks on Capitol Hill was just named 2014 best new restaurant in the country by Bon Appetit. With a population of less than 700,000, D.C. is still a relatively small city, but it doesn’t act like it. It is the focus of the nation’s — and the world’s — political eye. It is also blessed with a stable economy and the recent influx of a younger generation who seek to put their stamp on it. We are no longer just a government town. International corporations like Hilton, Marriott, Choice, and Host Hotels have chosen this market for their headquarters. Discovery and Travel channels have staked …

December 5, 2014

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