Southeast

Marcus & Millichap Brokers $18.8M Sale of Self Storage Facility in Florida

by John Nelson July 21, 2015

HOLLYWOOD, FLA. — Marcus & Millichap has brokered the $18.8 million sale of Emerald Hills Extra Closet Self Storage, a 1,970-unit self storage facility in Hollywood. The 128,797-square-foot facility sold for roughly $146 per square foot. The property is situated on approximately 7.4 acres at 3090 Sheridan St. near I-95. The sales price is the highest paid for a single self storage property in Florida to date, according to Marcus & Millichap. Constructed in 1991 and expanded in 1998, the Emerald Hills facility has climate-controlled and non-climate controlled units, business records storage, recreational vehicle parking, video surveillance and electronic gate access. Michael Mele and Luke Elliott of Marcus & Millichap’s Tampa office represented the seller and procured the buyer.

July 21, 2015

Riverwood 200 Atlanta Cumberland Galleria

Georgia Office Southeast

Delta Community Credit Union Leases 79,000 SF in Atlanta’s Cumberland/Galleria Area

by John Nelson July 21, 2015

ATLANTA — Delta Community Credit Union, the largest credit union in Georgia, has leased 79,000 square feet at Highwoods Properties’ Riverwood 200 in Atlanta’s Cumberland/Galleria submarket. The new lease follows Delta Community’s sale of its 78,151-square-foot office building at 1025 Virginia Ave. near Hartsfield-Jackson International Airport. The credit union will retain its retail space at the Virginia Avenue location. Kirk Diamond, April Parrish and Erin Smith of DTZ represented the credit union in the lease transaction. Jim Bacchetta and Mike Wells of Highwoods and Randy Holmes of Seven Oaks Co. represented Highwoods. Delta Community will relocate to Riverwood 200 upon completion of the 12-story, 299,000-square-foot office building, which is expected in mid-2017. With Delta Community’s lease signing, Riverwood 200 is now 66 percent pre-leased. The new Cumberland/Galleria office building is adjacent to the credit union’s existing office space at 3250 Riverwood Parkway. The two office buildings will be connected via a structured parking facility.

July 21, 2015

Florida Office Southeast

Uber, South Florida Business Journal Sign Leases at Brickell City Tower in Downtown Miami

by John Nelson July 21, 2015

MIAMI — Uber Technologies Inc. and the South Florida Business Journal have leased office space at Brickell City Tower, a 33-story office building located at 80 S.W. 8th St. in downtown Miami. The 287,000-square-foot tower is one of the premier office assets in Miami’s Brickell Financial District. Transportation tech firm Uber has leased 9,333 square feet for its Miami headquarters, and South Florida Business Journal will occupy 6,373 square feet office at the tower. Both transactions are the first office leases in Miami for both companies. Additionally, existing tenants Lamex Agrifoods, Inlingua Language School and Verizon have finalized their lease renewals at Brickell City Tower. Danet Linares and Alexander Cahlin of Blanca Commercial Real Estate served as exclusive leasing agents for Brickell City Tower’s ownership for all five lease deals. Shay Pope of CBRE represented Uber; Tere Blanca of Blanca Commercial Real Estate and Chase Monroe of JLL represented the South Florida Business Journal; and Andres del Corral of Blanca Commercial Real Estate represented Inlingua Language School. The Lamex Agrifoods and Verizon leases did not involve co-brokers.

July 21, 2015

North Carolina Retail Southeast

Avison Young Brokers $6.3M Sale of Office Depot-Anchored Center in North Carolina

by John Nelson July 21, 2015

HIGH POINT, N.C. — Avison Young has arranged the $6.3 million sale of Eastchester Shopping Center, a 63,306-square-foot shopping center anchored by Office Depot in High Point. The center is located at 274 Eastchester Drive. AJ Belt III and David Duckworth of Avison Young’s Fort Lauderdale, Fla., office represented the seller, MS Eastchester LLC, in the transaction. Verris Capital purchased the property. Tenants of the center include Dollar Tree, Plato’s Closet, Hooters and Dunkin’ Donuts.

July 21, 2015

Georgia Office 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

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