Southeast

Carter, PCCP Purchase 10-Story Office Building in Midtown Atlanta

by John Nelson July 20, 2015

ATLANTA — A joint venture between Carter and PCCP LLC has purchased 715 Peachtree, a 10-story office building adjacent to the Fox Theater in Midtown Atlanta. Originally constructed as a regional headquarters for J.C. Penney, the building was most recently occupied by Bank of America. The property has remained vacant since 2012. Carter and PCCP purchased the asset in an off-market transaction from a Washington, D.C.-based investor. The sales price was undisclosed, but the Atlanta Business Chronicle reports that the sales price is expected to be more than $40 million. Carter has retained CBRE to market 715 Peachtree and ASD | SKY for design services. The joint venture is planning to make capital improvements to the property’s façade, lobby and common spaces.

July 20, 2015

Georgia Mixed-Use Southeast

Partnership Acquires Mixed-Use Project in Midtown Atlanta for $10M

by John Nelson July 20, 2015

ATLANTA — A partnership between Dion Meltzer of Meltzer Properties, Chaz Y. Lazarian Esq. of Insignia LLC and Gamma Real Estate has purchased Baltimore Row for $10 million. Baltimore Row is a 125,000-square-foot mixed-use property located between West Peachtree and Spring streets in Midtown Atlanta. Originally built as Atlanta’s first multifamily development in 1885, Baltimore Row is a National Historic Landmark. The property features 100,000 square feet of loft office space and 15 rooftop townhome apartments. The new ownership plans to invest $2.5 million in renovations, which are scheduled for a year-end completion. Lazarian represented the partnership in the transaction, and Del Creviston of Sperry Van Ness represented the seller, Baltimore Row LP. The partnership has selected Cushman & Wakefield as the office leasing agent and property manager for Baltimore Row.

July 20, 2015

Florida Seniors Housing Southeast

Enriched Community Development to Build Seniors Housing Community in Tampa

by John Nelson July 20, 2015

TAMPA, FLA. — Enriched Community Development LLC (ECD), a Tampa-based seniors housing developer, plans to break ground on an 80-unit assisted living and memory care facility in the Fishhawk area of southeast Tampa. The new community will be called Twin Creeks and will include 58 assisted living units and 22 memory care units in 62,000 square feet. ECD expects to break ground before the fourth quarter of 2015. Construction is expected to take approximately 11 months.

July 20, 2015

Office Southeast Tennessee

Maddox Property Brokers $6.7M Sale of Suburban Office Building in Knoxville

by John Nelson July 20, 2015

KNOXVILLE, TENN. — Maddox Property Management & Sales Inc. has brokered the $6.7 million sale of Century Park Building I, a 51,604-square-foot, Class A suburban office building in Knoxville. The property is located at the intersection of Interstate 40/75 and Pellissippi Parkway. Steve Maddox and Brandon Clark of Maddox Property represented the buyer and seller in the off-market transaction. The office building’s tenant roster includes University of Phoenix, New Horizons Learning Center and the Institute for Female Pelvic Medicine. Additionally, Functional Pathways LLC will soon relocate its headquarters to the top floor of Century Park. Maddox Property took over management of Century Park earlier this year and will continue to lease and manage the property moving forward.

July 20, 2015

Florida Retail Southeast

Swire Properties Signs Luxury Retailers Valentino, Chopard to Lease at Brickell City Centre

by John Nelson July 20, 2015

MIAMI — Swire Properties Inc., in partnership with retail co-developers Whitman Family Development and Simon Property Group, has signed two new luxury retailers to join Brickell City Centre’s 500,000-square-foot shopping center. The shopping center, set to open in fall 2016, is part of the $1.05 billion, 5.4 million-square-foot Brickell City Centre master-planned development in downtown Miami. The two new retailers are Valentino, an Italian fashion retailer, and Chopard, a Swiss Watch and jewelry designer. The two new retailers will join announced tenants Saks Fifth Avenue, Quinto La Huella restaurant and rooftop bar, Sugar — located within EAST, Miami Hotel — and luxury theater Cinemex. The condominium, office and hotel components of Brickell City Centre are set to open beginning at the end of 2015.

July 20, 2015

Florida Market Reports Retail Southeast Southeast Market Reports

Tampa Bay is the Recipient of Smarter Retail Concepts, New Development

by John Nelson July 20, 2015

The business and employment gains in the Tampa Bay market are helping landlords attract new retail names to the market to fill space and subsequently raise rents. The area shows good signs of a healthy market, with strong leasing activity and a growing need for new development. The retail vacancy rate continues to drop, ending 2014 at 6.3 percent versus 6.9 percent in the first quarter of that year, according to CoStar. Rents are positively going the other way, rising to $13.73 per square foot from $13.57 per square foot over the same time periods. Space is extremely tight in some submarkets, just 2.1 percent in south Tampa and northeast Tampa, and 4.5 percent in the larger I-75 corridor at the end of last year, according to CoStar. The lack of space can be attributed in part to the slow pace of new construction. Developers and their lenders are being more cautious, having learned lessons from the last recession. At the same time, a number of new concepts, all of which are good for the market, are arriving in Tampa Bay. The current situation puts landlords in even more control than they had last year. They’re using this period to …

July 20, 2015

Florida Loans Mixed-Use Southeast

The Related Group Secures $137M Construction Loan for CityPlace Doral

by John Nelson July 17, 2015

DORAL, FLA. — The Related Group, in partnership with Prudential Real Estate Investors and Shoma Homes, has secured a $137 million construction loan for Phase III of CityPlace Doral, a mixed-use development located in Doral, west of downtown Miami. The third phase of development will include 304 residential units located above 250,000 square feet of retail space. CityPlace Doral is more than 60 percent pre-leased to tenants including The Fresh Market, CinéBistro-Cobb Theatres, Kings Bowling and 30 additional restaurants and retail shops. The first phase of CityPlace Doral is set to open in November 2016. Suffolk Construction is building the project, and Related Urban is in charge of leasing efforts.

July 17, 2015

Georgia Retail Southeast

CBRE Brokers $81.6M Sale of Lowe’s Portfolio in Metro Atlanta

by John Nelson July 17, 2015

ATLANTA — CBRE has arranged the $81.6 million sale of a four-asset portfolio comprising four freestanding, single-tenant Lowe’s Home Improvement stores in the Atlanta metropolitan area totaling approximately 532,735 square feet. Chris Bosworth, John Read, Will Pike, Philip Voorhees, Jimmy Slusher and Brian Pfohl of CBRE represented the seller, IRA Capital LLC, in the transaction. American Realty Capital Properties Inc. purchased the portfolio. Each Lowe’s location has a long-term lease, which was recently extended by 10 years with six, five-year options to extend.

July 17, 2015

Loans Multifamily North Carolina Southeast

KeyBank Arranges $34.9M in Financing for Multifamily Portfolio in Wilmington

by John Nelson July 17, 2015

WILMINGTON, N.C. — KeyBank Real Estate Capital has arranged a total of $34.9 million in Freddie Mac financing for a four-property, 694-unit multifamily in Wilmington. The apartment properties include Hawthorne at New Centre, Hawthorne Centre North, Hawthorne Commons and Hawthorne Lofts South. Charles Williams and Jeffrey Hunkele of KeyBank’s commercial mortgage group arranged the loans, which were used to pay off existing KeyBank balance sheet loans.

July 17, 2015

Loans Multifamily North Carolina Southeast

NorthMarq Arranges $20M Loan for Apartment Community in Asheville

by John Nelson July 17, 2015

ASHEVILLE, N.C. — NorthMarq Capital has secured a $20 million loan for Palisades Apartments, a 224-unit multifamily property located at 1100 Palisades Circle in Asheville. Bill Matone of NorthMarq’s Charlotte office arranged the fully amortizing, 20-year loan through an unnamed life insurance firm.

July 17, 2015

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