Southeast

Colliers Brokers $21.5M Sale of Apartment Community in Metro Nashville

by John Nelson June 16, 2015

CLARKSVILLE, TENN. — Colliers International has brokered the $21.5 million sale of Renaissance at Peacher’s Mill, an upscale 216-unit apartment community in Clarksville, roughly 40 miles northwest of Nashville. PEM Real Estate Group purchased the asset from JA Murphy Group. Will Mathews, Ron Cameron and Bart Johnston of Colliers International’s Nashville office represented JA Murphy Group in the transaction. According to Colliers, the transaction is the highest price per unit trade in the history of Clarksville.

June 16, 2015

Mississippi Mixed-Use Southeast

Duckworth Realty Brokers Sale of 12-Story Mixed-Use Tower in Jackson

by John Nelson June 16, 2015

JACKSON, MISS. — Duckworth Realty Inc. has brokered the sale of the Plaza Building, a 12-story, 80,000-square-foot mixed-use tower in downtown Jackson. The property comprises ground-floor retail and restaurants, eight floors of office space and three floors of luxury apartments. The Plaza Building LLC purchased the tower for an undisclosed amount. John Michael Holtmann of Duckworth Realty Inc. represented the seller, GECMC 07-C1 Downtown Plaza LLC, a subsidiary of GECMC 2007-C1 Commercial Mortgage Trust that is specially serviced by Torchlight Loan Services. According to Duckworth, the Plaza Building was 71 percent occupied at the time of sale.

June 16, 2015

Georgia Multifamily Southeast Student Housing

Sanctuary Residential Breaks Ground on $33M Student Housing Project Near Georgia State University

by John Nelson June 15, 2015

ATLANTA — Sanctuary Residential has begun construction on 200 Edgewood, a $33 million student housing development located across the street from Georgia State University (GSU) in downtown Atlanta’s MLK Landmark district. According to Sanctuary Residential, the mixed-use urban infill property will be the closest student housing to GSU, including the school’s dormitories. 200 Edgewood will be situated on 1.2 acres near the Grady/Children’s Hospital Medical Complex and the new Sweet Auburn Curb Market streetcar station. The 144-unit, 254-bed community is designed to appeal to GSU students, as well as medical interns, nurses and doctors. The property’s amenity package will include a clubhouse, fitness center, meeting/study areas, central courtyard, 110 parking spaces and 12,000 square feet of commercial space. Sanctuary Residential plans to deliver 200 Edgewood by July 2016. The design team includes architect Gary Coursey & Associates, engineer Eberly & Associates and general contractor Shell McElroy. Asset Campus Housing will manage the property upon completion.

June 15, 2015

Florida Loans Multifamily Southeast

New York Life Provides $41M Acquisition Loan for Apartment Community in Broward County

by John Nelson June 15, 2015

PEMBROKE PINES, FLA. — New York Life Real Estate Investors has originated a $41 million acquisition loan for Phase II of Modera Pembroke Pines, a 278-unit Class A apartment community in Pembroke Pines, a town in Broward County. The loan is co-terminus with the Phase I financing that New York Life Insurance Co. provided in fall 2014. HFF’s Miami office arranged the financing on behalf of the borrower, New York-based AVR Realty Co.

June 15, 2015

Multifamily South Carolina Southeast

Capstone Brokers $20.3M Sale of Two Apartment Communities in South Carolina

by John Nelson June 15, 2015

BOILING SPRINGS AND SPARTANBURG, S.C. — Capstone Apartment Partners has brokered two sales of multifamily communities in South Carolina totaling $20.3 million. In the larger transaction, The Village at Mills Gap LLC sold the Village at Mills Gap to HKSK Corp. for $16.2 million. Built in 2014, the 208-unit property is located at 97 Mills Gap Road in Boiling Springs and was 80 percent occupied at the time of sale. Alex McDermott and Austin Green of Capstone’s Charlotte office brokered the transaction. In the second deal, Alliance sold Cross Creek Apartments to Elevation Financial Group for $4.1 million. Built in 1981, the 152-unit apartment community is located at 345 Bryant Road in Spartanburg and was 97 percent occupied at the time of sale. McDermott, Green and Beau McIntosh of Capstone represented the seller in the transaction.

June 15, 2015

Sunrise Corporate Plaza Sawgrass International Corporate Park

Florida Office Southeast

Stiles Buys Office Building in Broward County for $18.9M

by John Nelson June 15, 2015

SUNRISE, FLA. — Stiles has purchased Sunrise Corporate Plaza, a three-story, Class A suburban office building, for $18.9 million. Developed in 1999, the 106,648-square-foot office building is located at 1300 Sawgrass Corporate Parkway within Sawgrass International Corporate Park in Sunrise, a town in Broward County. The asset was fully leased at the time of sale to tenants such as MacNeill Group and MEDNAX Services. Fort Lauderdale-based Stiles purchased the property through Stiles Property Fund, the company’s value-add real estate fund. Mike McDonald of Eastdil Secured represented the seller, FDG Sunrise Corporate Plaza, an affiliate of Florida East Coast Industries. Following the acquisition, Stiles will lease and manage the asset.

June 15, 2015

Georgia Industrial Southeast

Sealy & Co. Sells 209,210 SF Industrial Property in Metro Atlanta

by John Nelson June 15, 2015

MORROW, GA. — Dallas-based Sealy & Co. has sold a 209,210-square-foot industrial property in Morrow, roughly 14 miles south of Atlanta, for an undisclosed price. The company’s investment offefring, Sealy Strategic Equity Partners, executed the sale to enhance the fund’s key performance metrics.

June 15, 2015

Georgia Industrial Market Reports Southeast Southeast Market Reports

Expansion Imminent After Atlanta Industrial Sector’s Near-Historic Absorption in 2014, 2015

by John Nelson June 15, 2015

The Atlanta industrial market is in the beginning stages of its third growth cycle since 1990. Vacancy has declined over the past 18 quarters, and asking rates have seen a positive trend over the same time period, increasing by 14.9 percent. These improving metrics should come as no surprise to those familiar with the history of Atlanta’s industrial market. Although the Atlanta metro is the nation’s ninth-largest metropolitan area, its industrial market represents the fourth-largest by volume. Total vacant space in the market has fallen to a 13-year low 8.7 percent, meaning the metro is once again poised for industrial expansion. Cycles One, Two and Three Atlanta’s growth cycle in the 1990s lasted just under 8 years, from 1994 until 2002, where 135 million square feet of new product was added to the market. That constitutes almost a quarter of the total 549 million square feet in the metro today. Total vacancy had fallen to 9.2 percent in the middle of 1994 and asking rates hit what was then an all-time high of $3.26 per square foot. These factors triggered a 40 percent rise in construction volume. As this cycle closed in 2001, vacancy rose back above 10 percent in …

June 15, 2015

District of Columbia Office Southeast

CBRE Brokers $115M Sale of 12-Story Office Building in D.C.

by John Nelson June 12, 2015

WASHINGTON, D.C. — CBRE has brokered the $115 million sale of a 12-story, 165,752-square-foot office building located at 1750 K St. N.W. in Washington, D.C.’s Golden Triangle district. Mirae Asset Global Investments purchased the office asset from Sumitomo Corporation of Americas. Michael Blunt, Randall Heilig and Andrew Felber of CBRE’s Washington, D.C., office represented the seller in the transaction. The building is currently 95 percent leased with Wiley Rein LLP serving as the anchor tenant. Additional tenants include International Truck Association, ASKG Public Strategies and One-to-One Fitness. In 2010, the property underwent an extensive $4.5 million renovation that included significant upgrades to the mechanical systems and improvements to the anchor tenant’s space. The building has access to an onsite fitness center and parking garage and is within walking distance of the Farragut West and Farragut North Metro stations, Connecticut Avenue and Farragut Square.

June 12, 2015

1420 Sams Avenue Elmwood Business Park New Orleans

Industrial Louisiana Southeast

Cushman & Wakefield Arranges $15.5M Sale of 360,000 SF Distribution Center in New Orleans

by John Nelson June 12, 2015

NEW ORLEANS — Cushman & Wakefield has brokered the $15.5 million sale of a 358,060-square-foot distribution center located at 1420 Sams Ave. in Elmwood Business Park, a 33 million-square-foot industrial park in New Orleans. Built in 1984, the property was 95.6 percent leased at the time of sale. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller, Columbus Nova, in the transaction.

June 12, 2015

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