Southeast

Marcus & Millichap Brokers $9.8M Sale of Shopping Center in Coral Springs

by John Nelson June 10, 2015

CORAL SPRINGS, FLA. — Marcus & Millichap has brokered the $9.8 million sale of Sample Row, a 90,552-square-foot retail property located at 7355 W. Sample Road in Coral Springs. Built in 2001, Sample Row comprises three one-story buildings housing home goods stores, medical providers and DaVita Dialysis. Douglas Mandel, Barry Wolfe and Alan Lipsky of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor based in Miami Beach. The buyer was a limited liability company based in North Miami.

June 10, 2015

Alabama Multifamily Southeast

Rock Apartment Advisors Brokers $3.1M Sale of Apartment Community in Alabama

by John Nelson June 10, 2015

HOMEWOOD, ALA. — Rock Apartment Advisors has brokered the $3.1 million sale of Oxmoor Ridge Apartments, a 96-unit multifamily community located in Homewood. Sanders RH LLC and Highland Homewood Investments LLC purchased the asset from New Lexington Properties II LLC. Justin Uffinger of Rock Apartment Advisors brokered the transaction.

June 10, 2015

Loans Multifamily North Carolina South Carolina Southeast

Capital One Closes $53.4M Refinancing of Four Apartment Communities in the Carolinas

by John Nelson June 9, 2015

NEW YORK — Capital One has provided four loans totaling $53.4 million for the refinancing of four apartment communities in North Carolina and South Carolina. Capital One provided the loans to Brookfield Strategic Real Estate Partners Fund, which used the loans to repay existing CMBS debt on the properties, according to Capital One. The refinanced assets in North Carolina include the 252-unit Chason Ridge in Fayetteville and the 194-unit Bridges at Mallard Creek in Charlotte. Brookfield received loans of $9.5 million and $11.1 million, respectively, for those assets. In South Carolina, the refinanced properties include the 240-unit Waverly Place in North Charleston and the 232-unit Paces Watch in Mount Pleasant. Brookfield received loans for $12.7 million and $20.6 million, respectively.

June 9, 2015

Alabama Loans Retail Southeast

Merchants Retail Partners Closes $50M Refinancing of Target-Anchored Center in Alabama

by John Nelson June 9, 2015

ALABASTER, ALA. — Birmingham-based Merchants Retail Partners has closed the $50 million refinancing of Alabaster Promenade, a Target-anchored shopping center in Alabaster. Located along I-65, the 450,000-square-foot property opened in 2007 and underwent renovations in 2014 to accommodate a new Dick’s Sporting Goods store. The other tenants that will join the shopping center this year include ULTA Beauty and Verizon Wireless. Merchants Retail Partners closed the loan on behalf of its unnamed investment partner.

June 9, 2015

Georgia Office Southeast

Fairlead Purchases Embassy Row Office Campus in Atlanta’s Central Perimeter Submarket

by John Nelson June 9, 2015

SANDY SPRINGS, GA. — Atlanta-based Fairlead Commercial Real Estate has purchased Embassy Row, a four-building office campus in Atlanta’s Central Perimeter office submarket, for an undisclosed price. Located on Peachtree Dunwoody Road in Sandy Springs, the 37-acre, 551,515-square-foot campus fronts GA 400 near Abernathy Road. Fairlead partnered with Bridge Investment Group Partners, manager of the ROC Funds, to purchase the office campus from ARES Management LLC. Embassy Row’s Building 100, which is occupied by the Art Institute of Atlanta, is not part of the transaction. Fairlead and Bridge Investment plan to invest $10 million to upgrade the buildings’ operating systems, common areas and tenant amenities. Will Yowell and Justin Parsonnet of CBRE represented ARES in the transaction.

June 9, 2015

Florida Retail Southeast Tennessee Virginia

Hanley Investment Group Brokers Sales of Four Shopping Centers Totaling $24M

by John Nelson June 9, 2015

IRVINE, CALIF. — Hanely Investment Group has negotiated the sales of four shopping centers in Oregon, Florida, Tennessee and Virginia totaling 372,000 square feet for a combined $24 million. Eric Wohl of Hanley Investment Group represented the seller, Cincinnati-based Phillips Edison & Co., in the four transactions. The shopping centers include the 100,762-square-foot Sandy Marketplace in Sandy, Ore.; the 115,198-square-foot Ferry Pass Plaza in Pensacola, Fla.; the 82,088-square-foot Rivergate Square in Madison, Tenn.; and the 73,788-square-foot Cross Pointe Marketplace in Chesterfield, Va. Hanley Investment Group has completed the sale of 11 Phillips Edison properties in eight months and currently has two additional Phillips Edison-owned retail properties in escrow totaling 248,767 square feet.

June 9, 2015

Florida Hospitality Loans Southeast

HFF Secures $11.3M Construction Loan for Hotel in South Florida

by John Nelson June 9, 2015

BOYNTON BEACH, FLA. — HFF has secured an $11.3 million construction loan for the development of a 116-room TownePlace Suites hotel in Boynton Beach, a coastal town in South Florida. The property will be built on a 2.8-acre site on Gateway Boulevard east of Congress Avenue and north of the Boynton Beach Mall. The hotel will have studio, one- and two-bedroom suites with full kitchens, a market for snacks and meals, swimming pool, fitness center and a putting green. Mike Kavanau, Elliott Throne and Alexandra Lalos of HFF arranged the loan through City National Bank of Florida on behalf of the borrower, North Boynton Beach Hospitality LLLP.

June 9, 2015

Multifamily North Carolina Southeast

Wood Partners Breaks Ground on Multifamily Community in Charlotte

by John Nelson June 8, 2015

CHARLOTTE, N.C. — Wood Partners LLC has broken ground on Alta Berewick, a 266-unit apartment community located on a 16-acre lot at 5503 Dixie River Road in Charlotte. Wood Partners expects to have apartments available for lease in February 2016, with construction slated for a December 2016 completion. This apartment community marks the 15th property that Wood Partners has developed in North Carolina. Architect Cline Design Associates has designed the property to comprise one- to three-bedroom units, each featuring stainless steel appliances, washers and dryers, granite countertops and faux wood flooring. The community’s amenity offerings include a fitness center, resort-style pool, clubroom, cyber café and a playground. Wood Partners purchased the lot from Berewick Town Center III for an undisclosed price. Wood Partners’ equity partner on the project is Sumitomo Corporation of the Americas, and the community’s general contractor is WP East Builders. Wood Residential Services will manage the community upon completion.

June 8, 2015

Florida Multifamily Southeast

CBRE Brokers $29M Sale of Apartment Community in Orlando

by John Nelson June 8, 2015

ORLANDO, FLA. — CBRE has brokered the $29 million sale of Laguna Oaks, a 360-unit lakeside apartment community located at 3211 S. Semoran Blvd. in Orlando. Avesta Communities purchased the gated apartment property from Ram Realty Services. Built in 1973 and renovated in 1997 and 2013, the multifamily community in situated near the 64-acre Lake Frederica. Laguna Oaks’ amenity package includes an onsite boat ramp and boat slips, two pools, an outdoor kitchen, clubhouse, community room, fitness center and covered parking. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

June 8, 2015

Georgia Industrial Southeast

Lincoln Property Arranges Three Leases at South Atlanta Industrial Property

by John Nelson June 8, 2015

MCDONOUGH, GA. — Lincoln Property Co. Southeast has arranged three leases totaling nearly 72,000 square feet at Westridge Logistics Center, a two-building industrial campus totaling 324,112 square feet. Westridge is located in the South Atlanta industrial submarket of McDonough. Denton Shamburger of Lincoln represented the landlord in all three transactions. The deals included Thom Sawyer Logistics Solutions signing for 26,286 square feet, Legacy Commissary Services signing for 15,172 square feet and an unnamed tenant signing for 30,343 square feet. Rusty Epperson of Wilson, Hull & Neal Real Estate represented Thom Sawyer Logistics Solutions, and Bob Robers of Transwestern represented Legacy Commissary Services in their lease transactions.

June 8, 2015

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