Southeast

Berkadia Brokers $27M Sale of Apartment Community in Metro Atlanta

by John Nelson December 5, 2014

SMYRNA, GA. — Berkadia Real Estate Advisors has brokered the $27 million sale of the 416-unit Mission Galleria Apartments in Smyrna, a suburb of Atlanta located in Cobb County. The property is located at 5000 S. Lincoln Trace Ave. N.E., near the site of SunTrust Park, the Atlanta Braves’ new ballpark that will open in 2017. Andrew Mays and Paul Vetter of Berkadia’s Atlanta office represented the buyer, RADCO Cos., in the transaction. David Oakley of Berkadia’s Birmingham office represented the seller, Mission Galleria LLC. Built in 1975 on more than 25 acres, Mission Galleria was 85 percent occupied at the time of sale.

December 5, 2014

Kentucky Retail Southeast

Landmark Brokers $18.6M Sale of Power Shopping Center in Bowling Green

by John Nelson December 5, 2014

BOWLING GREEN, KY. — Landmark Commercial Real Estate Services Inc. has brokered the $18.6 million sale of the Shoppes at Gary Farms, a 99,777-square-foot power shopping center in Bowling Green. Built in 2014, the property’s tenant roster includes Dick’s Sporting Goods, Bed Bath & Beyond, PetSmart, Kirkland’s and Lane Bryant. An unnamed, non-traded REIT purchased the property from an unnamed regional developer. Kevin Baker and Daniel Kukes of Landmark represented both the buyer and seller in the transaction.

December 5, 2014

Retail South Carolina Southeast

Phillips Edison-ARC Buys The Fresh Market Commons in Pawleys Island, S.C.

by John Nelson December 5, 2014

PAWLEYS ISLAND, S.C. — Phillips Edison-ARC Shopping Center REIT Inc. has acquired The Fresh Market Commons in Pawleys Island, located roughly 23 miles south of Myrtle Beach. The 32,594-square-foot shopping center is located at 11045 Ocean Highway. The property’s tenant roster includes The Fresh Market, Chico’s, Litchfield Books and Pawleys Island Swimwear.

December 5, 2014

Loans Mississippi Southeast

Financial Federal Bank Arranges $13.1M Refinance of Two Jackson Apartment Communities

by John Nelson December 5, 2014

JACKSON, MISS. — The Memphis, Tenn.-based office of Financial Federal Bank has arranged the $13.1 million refinancing of two apartment communities in Jackson. The properties, known as Somerset and Woodridge, were built in the 1980s and were both 95 percent occupied at the time of sale. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the seven-year, floating rate loans with one year of interest-only payments and a 30-year amortization schedule through Freddie Mac.

December 5, 2014

Georgia Office Southeast

Cousins Signs Veritiv Corp. to 68,315 SF Lease at Northpark Town Center

by John Nelson December 5, 2014

ATLANTA — Cousins Properties Inc. has signed Veritiv Corp. (NYSE: VRTV), a $9.5 billion Fortune 500 company, to a 68,315-square-foot office lease at Northpark Town Center in Atlanta. The business-to-business distribution firm plans to take occupancy at Northpark in the spring of 2015. With the addition of Veritiv, the office building in Atlanta’s Central Perimeter submarket is 91 percent leased. Sam Holmes, John Shlesinger and Ellen Stern of CBRE represented Veritiv in the lease transaction. Atlanta-based Cousins purchased Northpark in October 2014 from AEW Capital Management and the Bank of Ireland for $348 million.

December 5, 2014

Florida Office Southeast

CBRE Brokers $26.5M Sale of Single-Tenant Office Building in Orlando

by John Nelson December 4, 2014

ORLANDO, FLA. — CBRE has brokered the $26.5 million sale of a 124,500-square-foot, single-tenant office building in Orlando fully leased to Kaplan University. The two-story property is located in the Central Florida Research Park at 12650 Ingenuity Drive and features a 25-foot glass atrium, open spiral staircase and a cafeteria. Kaplan University signed a 13-year lease for the entire building in 2008. Ronald Rogg and Chip Wooten of CBRE represented the seller, RT Ingenuity LLC, in the transaction. City Office REIT Inc. purchased the property.

December 4, 2014

Florida Office Southeast

CREC Brokers $19.2M Sale of Office Building in Miami

by John Nelson December 4, 2014

MIAMI — Continental Real Estate Cos. (CREC) has brokered the $19.2 million sale of a 57,406-square-foot office building in Miami’s Edgewater neighborhood. The property is located at 3000 Biscayne Blvd., two blocks from Biscayne Bay. Peter Mekras and Andrew Remick of CREC represented the seller, Legal Services of Greater Miami, a nonprofit organization that has owned and occupied a large portion of the property since 1997. The buyer was 3000 Property LLC, which is managed by principals of Miami-based Crescent Heights. William Bloom and Shawn Amuial of Holland & Knight’s Miami office provided legal counsel to the seller. Robert Berrin of Capital Realty Services Inc. acted as the owner’s representative.

December 4, 2014

Florida Office Southeast

Riviera Point Development Group Breaks Ground on EB-5 Funded Office Building in Metro Miami

by John Nelson December 4, 2014

DORAL, FLA. — Riviera Point Development Group has begun construction on Riviera Point Business Center at Doral, a $9.5 million, 41,000-square-foot office building in Doral, an affluent suburb of Miami. Corrales Group Architects designed the two-story lakefront property, which is slated for completion in the first quarter of 2016. The office project is fully funded through the U.S. Immigrant Investor program, also known as EB-5. Under the U.S. Citizenship and Immigration Services (USCIS) program, the EB-5 program allows a foreign national interested in obtaining permanent U.S. residency to do so by investing in a commercial enterprise that generates at least 10 jobs for U.S. workers for two years. The qualifying investment for a project like Riviera Point Business Center at Doral is $500,000.

December 4, 2014

South Carolina Southeast

Landmark Builders to Renovate Historic Nickelodeon Theatre in Columbia

by John Nelson December 4, 2014

COLUMBIA, S.C. — Landmark Builders has been named the general contractor for Phase II of the historic Nickelodeon Theatre on Main Street in Columbia. The 9,700-square-foot renovation project will include renovations to the second floor movie theater, the renovation of existing office space on the second floor and the addition of an elevator. Landmark’s Thomas Brantley will serve as the project manager, and Terry Terranga will serve as the superintendent. The theater is scheduled for a first quarter 2015 completion, in time for the 2015 Indie Grits Film Festival. The design team includes construction manager LCK Construction Services and architect 1X1 Design.

December 4, 2014

Alabama Hospitality Southeast

Banyan, Investra Acquire Homewood Suites Hotel in Mobile

by John Nelson December 4, 2014

MOBILE, ALA. — Banyan Investment Group and Investra Investments have acquired an 86-room Homewood Suites hotel on Providence Park Drive in Mobile. The hotel features a business center, fitness center, outdoor pool, barbecue area, onsite convenience store and 400 square feet of meeting space. Loxi Hospitality provided advisory services with the transaction. Banyan and Investra plan to implement a $2.7 million renovation to upgrade the hotel.

December 4, 2014

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