Southeast

Roseview-PMRG Fund I Acquires Nine-Story Office Building in Buckhead for $21.3M

by John Nelson July 10, 2015

ATLANTA — Roseview-PMRG Fund I LLC has purchased Peachtree Lenox, a Class A, nine-story office building in Atlanta’s Buckhead submarket, for $21.3 million. The 125,669-square-foot office building is located along Peachtree Street between the W and Westin hotels. Built in 1964, the office building was 81 percent leased at the time of sale to tenants such as BB&T; Bosley Medical; Randstad Staffing; Martenson, Hasbrouck & Simon; and Withrow, McQuade & Olsen. Roseview-PMRG Fund I is a $250 million discretionary fund formed by PM Realty Group and The Roseview Group. Peachtree Lenox is the first acquisition in Atlanta for the fund, which will invest several million dollars to renovate the lobby, common areas and HVAC and elevator systems.

July 10, 2015

Georgia Office Southeast

Hines Purchases Development Site in Atlantic Station for 200,000 SF Office Project

by John Nelson July 9, 2015

ATLANTA — Hines has purchased a commercial property site in Atlantic Station in Midtown Atlanta from CBRE Global Investors for an undisclosed amount. Hines plans to develop a 200,000-square-foot creative office building at the site. The Class A project will include bicycle lockers, a rooftop patio, collaborative lobby space and oversized windows. According to CBRE Global Investors, Atlantic Station has become an epicenter for technology companies in recent years, and Hines hopes to attract more tech and creative companies to the new office building. Construction is scheduled to begin in the first quarter of 2016 and is expected to be completed in the second quarter of 2017.

July 9, 2015

Loans Multifamily Southeast Virginia

Greysteel Arranges JV Equity Financing for Multifamily Acquisition in Metro D.C.

by John Nelson July 9, 2015

FALLS CHURCH, VA. — The Greysteel Co. has arranged joint venture equity financing for the acquisition of The Jefferson Apartments, a 310-unit mid-rise apartment community in Falls Church, 10 miles west of Washington, D.C. The buyer, Capital Investment Advisors LLC, purchased the apartment community from BVF-II Prestwick LLC, an affiliate of Berkshire Property Advisors. Matthew Schwartz and Mark Bittenbender of Greysteel arranged the joint venture equity financing on behalf of Capital Investment Advisors. The loan amount wasn’t disclosed, but sources estimate the amount to be roughly $10 million.

July 9, 2015

Glenfield Capital Peachtree Corners Concentrix

Georgia Office Southeast

Global Tech Firm Leases 55,000 SF in Metro Atlanta

by John Nelson July 9, 2015

PEACHTREE CORNERS, GA. — Glenfield Capital has inked a long-term office lease with global tech firm Concentrix Corp. for 55,000 square feet. The technology business solutions provider will occupy office space at 3795 Data Drive in Peachtree Corners, a northeast suburb of Atlanta. The building is part of the Lakeside at Spalding Triangle campus, which Glenfield Capital purchased in March 2014. Formerly an Avaya call center, the building is outfitted with Georgia Power’s Hi-Reli system that runs underground. Clint Glover of CBRE represented Glenfield Capital in the lease transaction.

July 9, 2015

Retail Southeast Virginia

Coldwell Banker Brokers $3.6M Sale of Retail Strip Center in Virginia

by John Nelson July 9, 2015

STAFFORD, VA. — Coldwell Banker Commercial Elite has brokered the $3.6 million sale of a multi-tenant retail strip center located at 125 Corporate Drive in Stafford. The 8,000-square-foot building was built in 2013 at the entrance to Quantico Corporate Center, an 85-acre mixed-use campus that is home to global defense corporations, universities and U.S. government offices. The retail strip center was fully leased at the time of sale to retailers such as Subway, I Luv Teriyaki, Pancho Villa, Dream Nails and a barber shop. A group of Northern Virginia investors based out of Fairfax Station purchased the retail property. Donny Self of Coldwell Banker Commercial Elite represented the seller, Quantico Retail Building LLC, in the transaction.

July 9, 2015

Alabama Office Southeast

Redstone Gateway Building 1100 in Huntsville Achieves LEED Silver Certification

by John Nelson July 9, 2015

HUNTSVILLE, ALA. — The U.S. Green Building Council has awarded the 120,000-square-foot Redstone Gateway Building 1100 in Huntsville with LEED Silver status. The office building was recently constructed by Hoar Construction and is currently owned by Corporate Office Properties Trust. The five-story office building is one of the first three buildings constructed at the Redstone Gateway development, an office complex located outside of Redstone Arsenal, a U.S. Army post. The office building’s sustainable components include a TPO membrane roof, indigenous plants in the landscaping, efficient mechanical systems, plumbing materials that reduce water usage by 35 percent and use of carpet and paint with low concentrations of volatile organic compounds. Hoar Construction used 26.4 percent recycled and 26 percent regional materials during construction.

July 9, 2015

Multifamily South Carolina Southeast

Steadfast Apartment REIT Buys Multifamily Community in Greenville MSA for $66.8M

by John Nelson July 8, 2015

MAULDIN, S.C. — Steadfast Apartment REIT has acquired Arbors at Brookfield, a 702-unit apartment community located in Mauldin, roughly eight miles from Greenville’s central business district. The $66.8 million purchase marks Steadfast’s entry into South Carolina. Constructed in four phases between 1989 and 1997 on 50 acres, Arbors at Brookfield comprises 35 two- and three-story buildings, in addition to multiple clubhouses, a fitness center, three swimming pools, sand volleyball court, business center, tennis courts, dog park and a media room. The apartment community is currently 94.9 percent occupied with an average rent of $766 per month. Steadfast plans to upgrade the units with new appliances, countertops, flooring, plumbing fixtures, hardware and new doors and cabinet boxes. In addition to interior upgrades, moderate enhancements will be made to the model unit, leasing office, volleyball court, tennis courts and fitness center. The REIT will also convert one of the clubhouses into a resident relations center. With this transaction, Steadfast has invested more than $687 million in 18 apartment communities in nine states.

July 8, 2015

Retail Southeast Virginia

KLNB Retail Brokers $55.5M Sale of Shopping Center in Northern Virginia

by John Nelson July 8, 2015

CENTREVILLE, VA. — The KLNB Retail Investment Sales Group has brokered the $55.5 million sale of Old Centreville Crossing, a 170,000-square-foot shopping center located at 13810-13860 Braddock Road in Centreville, a town in Northern Virginia. The shopping center was 98 percent leased at the time of sale to tenants such as H-Mart, Spa World, IHOP, Glory Days Bar & Grill and Woori American Bank. Andy Stape, Mat Adler and Vito Lupo of KLNB Retail represented the seller in the transaction. The buyer was JBG/Old Centreville LLC.

July 8, 2015

Florida Loans Multifamily Southeast

Berkadia Arranges $52.6M Loan for Luxury Apartment Community in Fort Lauderdale

by John Nelson July 8, 2015

FORT LAUDERDALE, FLA. — Berkadia has arranged $52.6 million in financing for New River Yacht Club, a 249-unit luxury apartment community located at 400 S.W. 1st Ave. in Fort Lauderdale. The apartment asset is located along New River in the center of Fort Lauderdale. The property features a covered pool deck pavilion, 24-hour fitness center, game room, clubroom and business conference room. The apartment community was 97 percent occupied at the time of sale. Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia’s South Florida team secured the 10-year loan through Fannie Mae. The loan features a sub-4 percent fixed interest rate and five years of interest-only payments. The borrower will use the loan to take out the construction loan on the property and return equity to the borrower.

July 8, 2015

Florida Industrial Southeast

McCraney Buys 66 Acres in Orlando for 1.1M SF Industrial Development

by John Nelson July 8, 2015

ORLANDO, FLA. — McCraney Property Co. has purchased 66 acres at the intersection of Taft Vineland Road and the Florida Turnpike, which is adjacent to the company’s existing Bent Oak Industrial Park in Orlando. The company plans to develop six buildings totaling 1.1 million square feet on the site. The project is officially Phase II of Bent Oak Industrial Park, which McCraney plans to deliver by the end of the second quarter of 2016. The design team for Phase II includes general contractor Edwards Construction Services Inc. and architect C4 Architecture LLC.

July 8, 2015

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