ALPHARETTA, GA. — Fiserv Inc., a financial services technology firm, has selected tvsdesign to design a new lobby and the interiors of two six-story office buildings in Alpharetta. The 375,000-square-foot project will house more than 2,000 Fiserv employees who will be consolidated from several Fiserv offices in metro Atlanta. Completion on the project is slated for 2015. Fiserv chose to locate in Alpharetta because of the city’s reputation as a technology hub, with more than 600 technology companies located within city limits.
Southeast
When The New York Times has something positive to say about Birmingham, you know something really good is in the works — and that’s exactly what happened last August. The paper ran an article entitled “A Return to Downtown Birmingham” that highlighted Railroad Park, Regions Field, the new Westin Hotel and the renovation of Lyric Theatre. It quoted David Fleming, CEO of REV Birmingham, calling attention to the public enthusiasm that’s driving the revitalization. “There’s a feeling that [the downtown] is back, and that wasn’t true 10 years ago,” he said. This past March, Livability.com added to the buzz by ranking Birmingham 10th in the nation in its ranking of downtowns in small- and mid-sized cities. Developers Betting Big As a result, there’s a question that’s now on the minds of many apartment investors: Is the sky the limit for downtown Birmingham? It’s too early to tell, but an increasing number of developers are placing their bets on the Magic City. At the end of April, the Bristol Development Group announced plans to build 250 high-end apartments downtown, joining such local companies as Harbert Realty, Watts Realty, KRE Development Holdings, RGS Properties and Scott Bryant & Co. that have about …
WASHINGTON, D.C. — ARA has brokered the $176.5 million sale of Louis at 14th, a 268-unit, mid-rise apartment community located in Washington, D.C.’s U-Street Corridor. The nine-story property features a rooftop terrace with grilling stations, fire pits, lounge-style seating, residents lounge, fitness center with a yoga room, business center and concierge. Trader Joe’s occupies the ground-floor retail space at the property. Drew White and Ryan Ogden of ARA represented the seller, The JBG Cos., in the transaction. The buyer was TIAA-CREF.
CHATTANOOGA, TENN. — Housing Trust Group has opened the doors to Phase I of Forest Cove Apartments, a 120-unit resort-style multifamily community located at 7700 Aspen Lodge Way in Chattanooga. The development cost for Forest Cove is estimated at roughly $14 million. The property features one-bedroom units starting at $850 per month and two-bedroom units starting at $999 per month. Phase I units range in size from 750 square feet for one-bedroom units to 1,136 square feet for two-bedroom units. The community’s amenity package includes a saltwater swimming pool, heated Jacuzzi, clubhouse with free Wi-Fi, 24-hour fitness center, yoga studio, landscaped greenspace, playground, dog park and car care center. Riverstone Residential Group is providing property management services for the asset. The design team includes general contractor NorSouth and architect Michael Brady Inc. Walker & Dunlop provided construction financing for the project.
KENOVA AND CHARLES TOWN, W.VA. AND ABBEVILLE, LA. — Marcus & Millichap has arranged the $14.6 million sale of three CVS/pharmacy stores in West Virginia and Louisiana. The stores are located in Kenova and Charles Town, W.Va., and Abbeville, La. CVS has at least 23 years left remaining on its initial lease at all three stores. Bob Horvath and Todd Tremblay of Marcus & Millichap brokered the sale of all three assets.
NORFOLK, VA. — New York-based Eastern Union Funding has provided $11.4 million in acquisition financing for Town Point Center, a 131,259-square-foot, 12-story office building in Norfolk. The asset was 90 percent leased at the time of the sale to regional and local tenants. Marc Tropp and David Merkin of Eastern Union Funding arranged the five-year loan with a fixed 4.56 percent interest rate through an unnamed Wall Street lender on behalf of the borrower, Cohen Investment Group.
LADSON, S.C. — Cushman & Wakefield | Thalhimer has arranged a 78,000-square-foot lease of industrial space at 9016 Palmetto Commerce Parkway in Ladson, roughly 19 miles northwest of Charleston. The tenant, Anyware Express, is consolidating several locations and will move into the new space immediately. Mark Erickson and Philip Owens of Cushman & Wakefield | Thalhimer represented the landlord in the lease transaction.
SWEETWATER, FLA. — IKEA will open a new 416,000-square-foot store on Wednesday, Aug. 27 in Sweetwater, approximately 14 miles west of Miami. The store, dubbed IKEA Miami, will be the Swedish company’s second store in South Florida, fourth in the state and 39th in the United States. According to Selwyn Crittendon, IKEA Miami’s store manager, the new store will employ roughly 350 individuals. The property will feature 1,500 parking spaces and South Florida’s largest rooftop solar array. The store will offer 10,000 designed items, 44 room settings, three model home interiors, a children’s play area, 600-seat restaurant and baby care rooms.
CHARLOTTE, N.C. — Adler Kawa Real Estate Advisors has purchased four office buildings totaling 249,000 square feet in Charlotte. The properties are located at Oak Hill Business Park within Charlotte’s I-77 Corridor. The office properties were 68 percent leased at the time of the sale to tenants such as Wal-Mart Stores Inc., Paychex and Canon. Adler Kawa purchased the properties through the Adler Kawa Real Estate Fund II from a private equity firm. Patrick Gildea and Ralph Oldham of CBRE represented the seller in the transaction, and Charles Foschini and Christopher Apone of CBRE’s Miami office secured acquisition financing on behalf of Adler Kawa. Adler Kawa has selected Trinity Partners to lease the properties and affiliate Adler Realty Services to manage the assets on-site.
ORLANDO, FLA. — Berkadia Real Estate Advisors has arranged the $21.3 million sale of Arbour Apartments, a 292,000-square-foot multifamily community in Orlando. The property is located at 11000-11600 MacKay Blvd., which is within walking distance of the University of Central Florida. The apartment complex has two swimming pools, lighted tennis and basketball courts, a fitness center, billiard room and two 24-hour laundry centers. Cole Whitaker and Hal Warren of Berkadia, along with Robert Hold of Hold-Thyssen Inc., represented the seller, Arbour Apartments LLC, in the transaction. The buyer was New York-based BW Arbour Apartments LLC.