Southeast

Landmark Brokers $22.8M Sale of Shopping Center in Tennessee

by John Nelson November 19, 2014

HIXSON, TENN. — Landmark Commercial Real Estate Services Inc.’s investment sales group has brokered the $22.8 million sale of Oak Park Town Center, a 178,384-square-foot shopping center in Hixson. The property’s tenant roster includes Marshalls, Gander Mountain, Burke’s, Office Depot, Petco and Shoe Carnival. A Walmart Supercenter shadow anchors the property. Kevin Baker and Daniel Kukes of Landmark Commercial Real Estate Services represented the buyer, a non-traded REIT, and the seller, a private developer based locally.

November 19, 2014

Georgia Retail Southeast

Crossman & Co. Brokers $8.8M Sale of Publix-Anchored Center

by John Nelson November 19, 2014

HOSCHTON, GA. — Crossman & Co. has brokered the $8.8 million sale of West Jackson Crossing, a Publix-anchored shopping center in Hoschton. The 68,649-square-foot center’s tenant roster includes Verizon Wireless, Pizza Hut and Great Clips. John Zielinski and Mark Thompson of Crossman & Co. represented the undisclosed seller in the transaction.

November 19, 2014

Multifamily Southeast Tennessee

Embrey Partners Breaks Ground on Apartment Community in Germantown Area

by John Nelson November 18, 2014

NASHVILLE, TENN. — Embrey Partners has begun construction on The Carillon, a 306-unit apartment community in Nashville’s Germantown neighborhood. The project will be located adjacent to First Tennessee Park, the new home of the Nashville Sounds, as well as a future library and archive campus. The four-story property will feature one- and two-bedroom units ranging from 599 to 1,704 square feet with rental rates ranging from $1,378 to $3,300 per month. The property will feature a 7,500-square-foot clubhouse with a fitness center, yoga studio, gaming center, presentation kitchen, private dining area, resort-style pool, grilling station, outdoor fireplace and a concierge system. The design team includes general contractor Embrey Builders, property manager Embrey Management Services, architect BGO Architects and engineer Littlejohn Engineering. Embrey Partners plans to deliver The Carillon in spring 2016.

November 18, 2014

Florida Multifamily Southeast

CBRE Brokers $62M Sale of Multifamily Portfolio in Jacksonville

by John Nelson November 18, 2014

JACKSONVILLE, FLA. — CBRE has brokered the sale of two multifamily communities in Jacksonville spanning 552 units. Olympus Property Management purchased the two adjoining properties from Atlanta-based Cortland Partners for $62 million. The communities include Mirador at River City located at 13100 Broxton Bay Drive and Stovall at River City located at 13000 Broxton Bay Drive. Brian Moulder and Dhaval Patel of CBRE represented Cortland Partners in the transaction.

November 18, 2014

Florida Restaurant Southeast

Marcus & Millichap Brokers $26.5M Sale-Leaseback of Wendy’s Portfolio in South Florida

by John Nelson November 18, 2014

MIAMI — Marcus & Millichap has brokered the $26.5 million sale-leaseback of 12 Wendy’s restaurants in South Florida. Adam Tiktin and Debra Franklin of Marcus & Millichap’s Miami office, along with Philip Rosen of Bloomgarden, Goudreau & Rosen PA, represented the seller, Starboard Group, in the transaction. Todd Cohen, Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the buyer, a Miami-based limited liability company. Farhan Kabani of Mark One Capital arranged a 10-year acquisition loan that amortizes over 30 years on behalf of the buyer. As part of the transaction, Starboard Group signed a new 20-year lease at the restaurants. The 12 Wendy’s restaurants are located at 831 Yamato Road in Boca Raton; 4950 Linton Road in Delray Beach; 15020 Jog Road in Delray Beach; 1197 S. Military Trail in Deerfield Beach; 10050 W. Sample Road in Coral Springs; 4676 N. University Drive in Coral Springs; 6375 W. Sample Road in Coral Springs; 9960 W. Oakland Park Blvd. in Sunrise; 14900 S.W. 31st St. in Miramar; 7560 N.W. 186th St. in Hialeah; 11925 N.W. 27th Place in Miami; and 1515 N.W. 7th St. in Miami.

November 18, 2014

Office Southeast Virginia

St. John Properties Buys Three Office/Flex Buildings in Virginia for $11.7M

by John Nelson November 18, 2014

STERLING, VA. — St. John Properties Inc. has acquired three office/flex buildings spanning 125,000 square feet for approximately $11.7 million. The properties are located at 21660, 21670 and 21680 Ridgetop Circle in the Loudoun Tech Center in Sterling, roughly eight miles northwest of Reston, Va. The properties were 36 percent leased at the time of sale. Steve Gichner and Eric Berkman of Cushman & Wakefield represented the undisclosed seller in the transaction. St. John Properties plans to make capital improvements to the properties to improve occupancy.

November 18, 2014

District of Columbia Multifamily Southeast

Kettler Sells New D.C. Apartment Development for $106.5M

by John Nelson November 17, 2014

WASHINGTON, D.C. — Kettler has sold its newly constructed apartment development located at 450 K St. N.W. in Washington, D.C. The apartment developer sold the 233-unit, high-rise residential community to Ogden CAP Properties LLC for $106.5 million. HFF brokered the sale. Located in Washington’s Mount Vernon Triangle neighborhood, the apartment community features 6,500 square feet of ground-floor retail space. The property’s amenity package includes a courtyard with a fountain, fitness center, bike storage and maintenance shop, as well as a rooftop club lounge and entertainment bar, swimming pool with lounge seating, outdoor kitchen and bar. Ogden CAP Properties has retained Kettler Management to manage the leasing activity of the property.

November 17, 2014

Office Southeast Tennessee

Brasfield & Gorrie Completes $59M HQs for Tractor Supply Co. in Metro Nashville

by John Nelson November 17, 2014

BRENTWOOD, TENN. — Brasfield & Gorrie has completed the new Tractor Supply Co. corporate headquarters in Brentwood, roughly 11 miles south of Nashville. The $59 million project includes two four-story buildings totaling 260,000 square feet, a two-story atrium connecting the two buildings and a four-level parking deck with 1,000 parking spaces. Approximately 900 Tractor Supply employees have begun working from the new headquarters, which has a total capacity for 1,200 employees. The design team, including Hastings Architecture Associates and Eakin Partners, is pursuing LEED Silver certification for the office campus.

November 17, 2014

Florida Loans Southeast

Cohen Financial Secures $48.8M Acquisition Loan for Empire World Towers Site in Miami

by John Nelson November 17, 2014

MIAMI — Cohen Financial has secured a $48.8 million land acquisition loan for 300 Biscayne Blvd. in downtown Miami, which will be the site of the Empire World Towers, two 93-story mixed-use towers. Kevin O’Grady, Daniel Sheehan and Eric McGlynn of Cohen Financial secured the loan through an unnamed global investment manager on behalf of the borrower, Property Markets Group (PMG). PMG purchased the two-acre, L-shaped site for $80 million.

November 17, 2014

Alabama Retail Southeast

Marvin’s Building Materials to Open 30,000 SF Store in Alabama

by John Nelson November 17, 2014

OZARK, ALA. — Marvin’s Building Materials and Home Centers has leased 30,000 square feet of build-to-suit retail space in Ozark, roughly 22 miles northwest of Dothan, Ala. The store is currently under construction at the new Mixon Plaza located at the intersection of Highway 231 and Deese Road. The store is expected to open in spring 2015. Upon completion, the store will feature a 30,000-square-foot home center and an attached lawn and garden center, as well as a drive-thru lumberyard. The project team includes developer Engineered Systems Inc., owner Martindale Properties and project manager Felton Woodham. Marvin’s currently operates 27 stores in Alabama, Mississippi, Georgia and Tennessee.

November 17, 2014

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