Southeast

Security Properties Buys Multifamily Community in Virginia for $31M

by John Nelson April 29, 2015

ASHBURN, VA. — Security Properties has purchased the 168-unit Grove at Flynn’s Crossing, an apartment community located at 21892 Blossom Hill Terrace in Ashburn, for $31 million. The acquisition marks Security Properties’ first acquisition in the northern Virginia/Washington, D.C. area. Built in 1999, the property contains a mix of one-, two- and three-bedroom apartments and includes washer and dryer hookups in each unit, a fitness center, clubhouse, pool and playground. The Grove at Flynn’s Crossing consists of affordable apartments for individuals and families earning up to 60 percent of area median income. Jeff Kunitz and Brandon Grisham of Marcus & Millichap represented the undisclosed seller in the transaction. Tim Leonhard of Oak Grove Capital arranged acquisition financing through Fannie Mae on behalf of Security Properties.

April 29, 2015

North Carolina Office Southeast

CBRE|Raleigh Brokers Sale of Office Campus in Raleigh

by John Nelson April 29, 2015

RALEIGH, N.C. — CBRE|Raleigh has brokered the sale of Grove Towers, a three-building, 115,413-square-foot office campus in Raleigh. The office park is located at 1001, 1100 and 1110 Navaho Drive in the Six Forks/Falls of Neuse office submarket. Nearby attractions include retail destination North Hills, downtown Raleigh, neighborhoods inside the beltline and Duke Raleigh Hospital. The buyers, Iron Point Partners and Hobbs Properties, purchased the office campus from GT Company LP for an undisclosed amount. Ben Kilgore, Jeff Glenn and Jim McMillan of CBRE|Raleigh represented the seller in the transaction.

April 29, 2015

Alabama Multifamily Southeast

Berkadia Brokers $4.1M Sale of Apartment Community in Birmingham

by John Nelson April 29, 2015

BIRMINGHAM, ALA. — Berkadia has brokered the $4.1 million sale of Element 26, a recently remodeled apartment community in Birmingham. The 66-unit property is located on 14th Avenue and 17th Street on Birmingham’s south side. Element 26’s units average roughly 650 square feet that rent for an average $1.11 per square foot. The asset was fully occupied at the time of sale. Element 26 LLC, an investment group based in Birmingham, purchased the asset from Birmingham-based Highland Ridge LLC for $61,742 per unit. Joshua Jacobs of Berkadia represented the seller in the transaction. The new owner has retained ArbourValley to manage Element 26.

April 29, 2015

Georgia Mixed-Use Restaurant Retail Southeast

Redstone Brings Retail Portion of 315 W. Ponce in Decatur to Full Occupancy

by John Nelson April 29, 2015

DECATUR, GA. — Redstone Investments has brought the retail portion of its mixed-use property in Decatur to full occupancy. The development is located at 315 W. Ponce de Leon Ave. and includes 10,000 square feet of street-level retail space, a 125,000-square-foot office building, shared parking deck and new multifamily residences. The property’s retail tenant roster includes Highland Bakery, Taziki’s and Orangetheory Fitness. The mixed-use project was jointly planned by Redstone Investments and Carter. The first phase of the residential component above the retail was completed in December 2014 and was 100 percent occupied within weeks of delivery. The final phase of the residential development will be completed this summer. Steve Wohl of Oakhurst Realty is the leasing agent for the property.

April 29, 2015

Florida Retail Southeast

HFF Closes $53.5M Sale of Whole Foods-Anchored Center in South Florida

by John Nelson April 28, 2015

WELLINGTON, FLA. — HFF has brokered the $53.5 million sale of Wellington Green Commons, a Whole Foods-anchored retail center in Wellington, a village in South Florida’s Palm Beach County. Built in two phases in 2008 and 2010, the 112,354-square-foot center was 98.5 percent leased at the time of sale to tenants such as AT&T, Chili’s Grill & Bar, Macaroni Grill, Jason’s Deli, Moe’s Southwest Grill, Massage Envy Spa, Orange Theory Fitness, AmTrust Bank, Posch Boutique, My Community Pharmacy and BP Amoco/Dunkin’ Donuts. Daniel Finkle, Luis Castillo, Nat Scarmazzi and Kim Flores of HFF represented the seller, Schmier & Feurring Properties, in the transaction. The buyer was Weingarten Realty Investors.

April 28, 2015

Georgia Retail Southeast

RCG Ventures, DRA Advisors Buy Shopping Center in Kennesaw for $46.5M

by John Nelson April 28, 2015

KENNESAW, GA. — Atlanta-based shopping center owner RCG Ventures has formed a joint venture with DRA Advisors to purchase Cobb Place, a 335,190-square-foot shopping center located along Ernest Barrett Parkway in Kennesaw, a northern suburb of Atlanta. The joint venture acquired the center from an undisclosed seller for $46.5 million. The property’s tenant roster includes Bed Bath & Beyond, Cost Plus World Market, DSW Shoe Warehouse, Ashley Furniture and American Signature Furniture. CBRE represented the seller in the transaction, and RCG Ventures was represented internally by Matt Klump.

April 28, 2015

Florida Office Southeast

CBRE Brokers $13.1M Sale of Fort Lauderdale Office Campus

by John Nelson April 28, 2015

FORT LAUDERDALE, FLA. — CBRE has arranged the $13.1 million sale of Merrill Lynch Plaza, a 77,878-square-foot office campus located at 2601-2611 E. Oakland Park Blvd. in Fort Lauderdale. An unnamed equity investor from Israel purchased the asset from BE ML FLL LLC. The office campus was 84.9 percent leased at the time of sale to tenants such as Merrill Lynch, Centennial Bank, Africa Adventure Co., Exit Ryan Scott Realty and The Darwin Agency. Dominic Montazemi, Miguel Alcivar, Greg Miller, Jason Hochman and Scott O’Donnell of CBRE represented the seller in the transaction.

April 28, 2015

The Corporate Office Centre at Tysons II

Office Southeast Virginia

Lerner Enterprises Signs Capital One to 136,000 SF Lease in Northern Virginia

by John Nelson April 28, 2015

TYSONS, VA. — Lerner Enterprises has signed Capital One Financial Corp. to a 136,000-square-foot office lease in Tysons, roughly 14 miles outside of Washington, D.C. Capital One will occupy six full floors at The Corporate Office Centre at Tysons II, an 18-story Class A office tower located at 1750 Tysons Blvd. Capital One anticipates moving into its new offices in late 2015. Brian Tucker, Moe Hamilton and John Dragelin of Cushman & Wakefield’s Virginia office represented Lerner Enterprises in the lease transaction. Jeffrey Roman and John DiCamillo of CBRE represented Capital One.

April 28, 2015

TownePlace Suites by Marriott Arundel Mills BWI Airport

Hospitality Maryland Southeast

MCR Development Completes Renovation of Metro Baltimore Hotel

by John Nelson April 28, 2015

HANOVER, MD. — MCR Development LLC has completed the renovation of the TownePlace Suites by Marriott Arundel Mills BWI Airport in Hanover, roughly four miles from the Baltimore/Washington International Thurgood Marshall Airport. The 109-room hotel is located at 7021 Arundel Mills Circle. The renovation included updating the lobby with new furniture and carpeting, installing new lighting fixtures and updating the hotel’s signage. This is the eighth hotel in the metro Baltimore area that MCR Development has renovated in the past 10 months.

April 28, 2015

2144 California St. N.W. Washington, D.C.

District of Columbia Multifamily Southeast

CBRE Brokers $27M Sale of Apartment Community in Northwest D.C.

by John Nelson April 27, 2015

WASHINGTON, D.C. — CBRE has brokered the $27 million sale of The Envoy, now known as 2144 California St. N.W., a 113-unit multifamily community in northwest Washington, D.C.’s Kalorama Heights community. A joint venture between Federal City Property Investors LLC and CBD LLC purchased the asset from an undisclosed seller. Robert Meehling and Yalda Ghamarian of CBRE’s Washington, D.C., office represented the seller, along with CBRE’s Bill Roohan, Mike Muldowney, Michael Rudolph, Brian Margerum and Martha Hastings. HFF arranged the joint venture equity partnership and secured debt financing through United Bank. The HFF team included Brenden Flood, Alan Davis, Dave Nachison, Bret Thompson, Tim Stanton, Daniel McIntyre, Nicholas Demas, Chuck Berman and Tracey Appelbaum.

April 27, 2015

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