Southeast

$54M Adaptive Reuse Apartment Community Opens in Winston-Salem

by John Nelson October 16, 2014

WINSTON-SALEM, N.C. — Co-developers Pennrose Properties LLC and C.A. Harrison Cos. LLC have opened Plant 64 Apartment Homes, a $54 million adaptive reuse project in downtown Winston-Salem. Originally built in 1916 as one of the oldest R.J. Reynolds tobacco buildings, the 423,000-square-foot project has been renovated to feature 242 one-, two- and three-bedroom apartments. Plant 64’s amenity package includes controlled access entry, a roof terrace with grills, outdoor theater, fitness center, swimming pool and a sports court. Bonaventure Property Management is managing Plant 64. Financing was provided by Bank of America N.A., Nationwide Insurance and Stonehenge Capital.

October 16, 2014

Florida Multifamily Southeast

ZOM, AIG Global to Build Lakefront Multifamily Community in Orlando

by John Nelson October 16, 2014

ORLANDO, FLA. — ZOM and its joint venture partner AIG Global Real Estate have completed the land purchase for the site of a new luxury lakefront multifamily community. The 483-unit property, known as Baldwin Harbor, will be located in the master-planned Baldwin Park community in Orlando. Baldwin Harbor’s amenity offerings will include a clubhouse with a resident’s lounge, an entertainment kitchen, pool with cabanas, summer kitchen and a golf simulator. J.P. Morgan Chase Bank provided construction financing for the project, and ZRS Management LLC will provide property management services upon completion. Pre-leasing for Baldwin Harbor will begin in the fall of 2015. CBRE’s Orlando office represented the seller in the land transaction.

October 16, 2014

North Carolina Retail Southeast

Lincoln Property, Lincoln Harris Arrange $31.5M Sale of Northlake Commons in Charlotte

by John Nelson October 16, 2014

CHARLOTTE, N.C. — Lincoln Property Co., along with its affiliate Lincoln Harris, has brokered the $31.5 million sale of Northlake Commons Shopping Center, a 78,839-square-foot retail property located at 9335 Center Lake Drive in Charlotte. The property was 92 percent leased at the time of sale to tenants such as Party City, Panera Bread, Chili’s, Olive Garden, On the Border, Red Robin, AT&T, Sprint, Moe’s Southwestern Grill, Shane’s Rib Shack, Men’s Wearhouse and Chick-fil-A. Chris Cotton of Lincoln Property and Chris Vasbinder and Johno Harris of Lincoln Harris represented the buyer, American Realty Capital-Retail Centers of America, in the transaction. Rob Carter of Berkeley Capital Advisors LLC represented the seller, Northlake Commons LLC, a partnership between Ferncroft Capital and Crow Holdings. Lincoln Harris will handle the leasing and management duties at Northlake Commons.

October 16, 2014

Loans North Carolina Southeast

Grandbridge Real Estate Capital Closes $30M Refinance for Seniors Facility in Metro Raleigh

by John Nelson October 16, 2014

CARY, N.C. — Grandbridge Real Estate Capital’s seniors housing and healthcare finance team based in Atlanta has arranged a $30 million refinance loan for Woodland Terrace of Cary. The 176-unit, 184-bed seniors housing community is located in Cary, about 12 miles west of Raleigh. The property features a four-story independent living building, a one-story Alzheimer’s/memory care building and 11 independent living duplex cottages. Woodland Terrace’s common areas include a lobby, main dining room, private dining room, craft/exercise room, library, small guest apartment, card room, billiards area, chapel, TV room, beauty/barber shop and six laundry rooms. The property was 98 percent occupied at the time of sale. Richard Thomas of Grandbridge originated the five-year, interest-only loan with a 30-year amortization schedule through Freddie Mac.

October 16, 2014

Florida Loans Southeast

Dockerty Romer & Co. Arranges $70M Loan for Upscale Multifamily Community in Boca Raton

by John Nelson October 15, 2014

BOCA RATON, FLA. — Dockerty Romer & Co. has arranged a $70 million loan for Broadstone North Boca Village, a newly constructed luxury multifamily community in Boca Raton. The property features 384 rental units in a variety of one-, two- and three-bedroom floor plans. The community’s amenity package includes an 11,000-square-foot clubhouse, movie theater, resort-style swimming pool with cabanas, pool pavilion bar, fireplace, outdoor billiards table, putting green, fitness center, gourmet demonstration kitchen and wine room. Craig Romer of Dockerty Romer & Co. arranged the Fannie Mae DUS loan on behalf of an unnamed institutional pension fund advisor. The permanent loan will replace the original construction loan, according to Romer.

October 15, 2014

North Carolina Office Southeast

Beacon Partners Breaks Ground on Five-Story Office Building in Charlotte

by John Nelson October 15, 2014

CHARLOTTE, N.C. — Beacon Partners has broken ground on a new five-story, Class A office building located at 1616 Camden Road at the corner of Camden Road and Kingston Avenue in Charlotte’s South End submarket. The property, known as 1616 Center, will feature 10,000 square feet of retail space on the ground floor and 65,000 square feet of office space on the four floors above. Construction began on Oct. 14, which included the demolition of two existing buildings on the site. The project’s construction is estimated to wrap up in the third quarter of 2015. Architect David Furman of Centro Cityworks designed the property to feature a fitness center, locker rooms, a pedestrian plaza, patio space for the restaurants and retail space on the ground floor and an executive conference room overlooking the East/West Lynx Light Rail line. Boatsman Gillmore Wagner has signed a 12,000-square-foot lease at 1616 Center. The design team includes general contractor Edifice and architect Axiom. Charles Swanson and Kristy Venning of Beacon Partners will handle leasing 1616 Center’s office space, and Aaron Ligon of Ligon Commercial Real Estate will handle leasing the project’s retail space.

October 15, 2014

Florida Loans Southeast

KeyBank Provides $28M Loan for Motorola Florida Campus

by John Nelson October 15, 2014

PLANTATION, FLA. — KeyBank Real Estate Capital has closed a $28 million loan for Motorola Campus Building I and III, an office and research and development building in Plantation. The properties were built in 1982 and renovated this year. Michael Keach of KeyBank secured the loan, which was used to retire an existing KeyBank balance-sheet loan.

October 15, 2014

Florida Office Southeast

Investors Purchase 4.5 Acres of Commercial Space in Historic Downtown Pensacola

by John Nelson October 15, 2014

PENSACOLA, FLA. — One Palafox Place LLC, a group of investors managed by Robert Switzer, has entered into a purchase agreement to acquire a block of commercial space in the Palafox Historic District in downtown Pensacola. The 4.5-acre city corner is bound by Garden, Palafox, Romana and Baylen streets. The purchase includes a parking lot on the west side of Baylen Street and the historic Blount and Brent buildings. One Palafox Place LLC is purchasing the properties from Durnford Enterprises Ltd., which purchased the city block in 1980. The new ownership plans to honor all current tenants’ leases and contracts for their full term.

October 15, 2014

Loans North Carolina Southeast

NorthMarq Capital Arranges $18.8M Acquisition Loan for Colonial Plaza in Charlotte

by John Nelson October 15, 2014

CHARLOTTE, N.C. — NorthMarq Capital has arranged $18.8 million in acquisition financing for Colonial Plaza, a 202,810-square-foot, Class A suburban office building in Charlotte. Colonial Plaza is located at 2101 Rexford Road in Charlotte’s SouthPark submarket. Keith Braddish of NorthMarq Capital’s New York metro office arranged the balance sheet loan through GE Capital on behalf of the borrower, a joint venture between Highbrook Investment Management LLC and LRC Properties LLC.

October 15, 2014

Features Georgia Office Southeast Southeast Feature Archive

Atlanta Office Vacancies Tumble Toward Pre-Recession Levels

by Scott Reid October 14, 2014

The Atlanta office market’s decline in vacancies continued in the third quarter of 2014, with the quarter ending at 17.9 percent, according to a report by Cushman & Wakefield. This rate is the first drop below 18 percent since the first quarter of 2009. These gains in office occupancy represent a 130 basis point decrease in vacancy from the end of 2013 and a 150 basis point decrease year-over-year. The research presented by Cushman & Wakefield showed healthy absorption totaling more than 450,000 square feet during the third quarter of 2014, giving the Atlanta market 11 consecutive quarters of net occupancy gains. This quarterly absorption brings the total year-to-date to 1.7 million square feet, an increase of 54 percent compared to the pace during the same period in 2013. “Atlanta is seeing consistent momentum in terms of tenant activity and absorption,” says Logan Menne, the research manager of Cushman & Wakefield. “As vacancy continues to tighten, the supply of existing available options is becoming more and more limited. Additionally, due to the increased demand from tenants in the Atlanta market, many landlords are beginning to increase asking rents, particularly in high-demand submarkets like Buckhead and Central Perimeter.” Several large lease …

October 14, 2014

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