BIRMINGHAM, ALA. — Cohen Commercial Properties has refinanced Roebuck Marketplace, a 193,481-square-foot, open-air shopping center located at 91920 Parkway E. in Birmingham. Cohen’s 10-year, $16.5 million loan is structured at 75 percent LTV with a 4.8 percent interest rate. The shopping center is 93.5 percent leased to tenants such as Planet Fitness, Citi Trends, Rite Aid, Dollar Tree, Harbor Freight Tools, Rainbow USA and It’s Fashion Metro. The property is shadow-anchored by a Walmart Supercenter.
Southeast
RESTON, VA. — Transwestern Investment Group (TIG) has acquired Parkridge III, a 107,400-square-foot office building located at 10701 Parkridge Blvd. in the Washington, D.C., suburb of Reston. TIG purchased the asset for an undisclosed price on behalf of Diversified International Partners, a private equity real estate fund for Latin American institutional investors. TIG is the fund manager. The asset was 91 percent leased at the time of sale. Jonathan Napper of TIG worked directly with the seller’s brokers: Eric Berkman and Steve Gichner of Cushman & Wakefield.
With a booming tourism industry driving economic expansion and a new owner/renter paradigm impacting apartment renter dynamics, Orlando is experiencing continued expansion in apartment development. Currently, development for more than 22 apartment communities totaling over 6,000 units is underway in just three hot submarkets. Demand has continued to keep up with this new supply, surging to a 10-year high in the second quarter of 2014, with market-wide occupancies topping 95 percent. Job Creation Metro Orlando is predicted to have an average annual growth rate of 4.1 percent from 2013 to 2020, putting it 13th for growth among American cities, according to a report from the U.S. Conference of Mayors. With an unemployment rate of 5.7 percent — well below both state and national unemployment averages — Orlando is outpacing much of the country in job creation and economic growth. Orlando’s $50 billion tourism industry has undeniably distinguished itself as the leader for growth in Central Florida, with the largest theme parks currently undergoing historic expansions. This will add thousands of jobs to Central Florida’s employment market over the next few years. For example, Disney World announced in early July that it is actively hiring for 1,000 new local jobs, and …
ATLANTA — Mission Capital Advisors LLC has arranged the sale of a $50 million loan secured by The Forum at West Paces, a nine-story trophy office tower in Atlanta’s Buckhead submarket. The 222,457-square-foot property is located within the 17-acre Piazza at Paces mixed-use development. Parkway Properties, a national REIT traded on the New York Stock Exchange, purchased the loan from an undisclosed seller. Will Sledge and Patrick Arnold of Mission Capital represented the seller in the transaction.
KNOXVILLE, TENN. — Southern Management and Development LP (SMD) has brokered the $26 million sale of the 520-unit Sunchase Apartments located at 790 N. Cedar Bluff Road in Knoxville’s Cedar Bluff neighborhood. Steven Levin led the SMD team that represented the seller, a limited partnership based in Tennessee, in the sale to a private fund. The apartment community was 94 percent occupied at the time of sale. Sunchase’s amenity package includes a clubhouse with indoor and outdoor swimming pools, a fitness center and tennis, basketball and volleyball courts.
BIRMINGHAM, ALA. — Heritage Town Center Partners LLC has purchased Heritage Towne Centre, an 85,289-square-foot shopping center at 873 Dennison Ave. S.W. in Birmingham, for $5.6 million. The property’s tenant roster includes Roses Express, Save-A-Lot, Rainbow Apparel, Subway and H&R Block. The seller was Heritage Towne Centre LLC. Michael Randman of Southpace Properties Inc. in Birmingham brokered the transaction on behalf of the seller.
CHARLOTTE, N.C. — Trinity Capital Advisors has brokered the sale of Perimeter Woods Business Park, a 313,407-square-foot business park in Charlotte. Stockbridge Capital Group purchased the mixed-use asset from Perimeter Woods Business Park LLC, a joint venture between Trinity Capital Advisors, Core Properties and Collet. Perimeter Woods is located across from Northlake Mall near the Harris Boulevard interchange with I-77. The property is 81 percent leased to tenants such as the American Red Cross, Black & Decker and the Charlotte Observer. Dunn Mileham of Trinity Partners represented the seller in the transaction, and Stockbridge was self-represented.
DURHAM, N.C. — Medalist Capital has arranged financing for more than 600,000 square feet of Class A office space within the American Tobacco Campus in Durham. The eight office buildings are 98 percent leased. Howard Brooks and Don Williams of Medalist Capital arranged the non-recourse loan through an unnamed life insurance company on behalf of the borrower, Capitol Broadcasting Co. Inc.
NASHVILLE, TENN. — Marcus & Millichap has arranged the $33.6 million sale of five A+ Storage facilities in middle Tennessee. The portfolio spans 2,800 units and 346,264 rentable square feet. The properties include a 555-unit facility in Franklin; a 597-unit facility in Hermitage; a 543-unit property in Gallatin; a 695-unit property in Clarksville; and a 408-unit property in Hendersonville. Michael Mele and Anne Williams of Marcus & Millichap represented the seller, Tommy Pierce, and the buyer, Kurt O’Brien. Simply Self Storage will manage the facilities.
MARIETTA, GA. — Atlanta-based Fairlead Commercial Real Estate has acquired Parkway Center, two 12-story, Class A office towers totaling 458,861 square feet in Marietta, a northern suburb of Atlanta. The properties are located on a 16-acre parcel directly off of I-75 and South Marietta Parkway. Fairlead and its equity partners, Bridge Investments Group Partners, managers of the ROC Funds, purchased the buildings directly from the seller for an undisclosed price. Fairlead plans to invest approximately $4.5 million to upgrade the towers’ operating systems, common areas and tenant amenities. Jeff Shaw, Jim Caswell and Stewart Thrash of Fairlead will handle leasing Parkway Center, which was 54 percent occupied at the time of sale.