Southeast

ANDA Global, Fairlead Purchase Class A Office Building in Tampa

by John Nelson April 14, 2015

TAMPA, FLA. — ANDA Global Co. Ltd. has partnered with Fairlead Commercial Real Estate to purchase Sabal VI, a two-story, 97,527-square-foot office building located at 3611 Queen Palm Drive in Tampa. The partnership purchased the Class A asset for an undisclosed price with equity from ANDA Global and Fairlead’s investment fund, Mandalay-FCRE Fund I. Dale Peterson, Courtney Decker and Donald Jennewein of CBRE represented the undisclosed seller in the transaction. The asset was fully leased at the time of sale. ANDA Global is an affiliate of South Korea-based ANDA Asset Management Co. Ltd.

April 14, 2015

Industrial North Carolina Southeast

Crescent Communities Breaks Ground on Spec Industrial Building in Charlotte

by John Nelson April 13, 2015

CHARLOTTE, N.C. — Crescent Communities has broken ground on Air Park West Three, a 209,000-square-foot industrial building in the AirPark West industrial facility in northwest Charlotte. Merriman Schmitt Architects designed the property to achieve LEED certification and feature 32-foot clear heights, an ESFR sprinkler system, 60 mil TPO roof, 46 insulated overhead doors and two drive-in doors. The Class A front-loading building will be 200 feet deep. General contractor Myers & Chapman expects to complete the facility in September. AirPark West is located at I-85 and Sam Wilson Road and offers close proximity to I-485, Charlotte Douglas International Airport and the Charlotte Regional Intermodal Facility. The park features two fully leased industrial buildings, also developed by Crescent, that total 276,000 square feet.

April 13, 2015

Florida Multifamily Southeast

CBRE Brokers Sale of Central Florida Multifamily Portfolio

by John Nelson April 13, 2015

ORLANDO, FLA. — CBRE has brokered the sale of a four-property multifamily portfolio in Central Florida that totals 1,075 residential units. The portfolio includes Vinings at Hunter’s Green in Tampa and Heritage on Millenia, Summit at Metrowest and Legends at ChampionsGate in Orlando. The portfolio was acquired by affiliates of Dallas- and New York-based The Milestone Group LLC and Milestone Apartments Real Estate Investment Trust and represents the largest apartment transaction in Central Florida in 2015 to date, according to CBRE. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

April 13, 2015

Florida Retail Southeast

Glickman Retail Group Brokers $16M Sale of Shopping Center in Central Florida

by John Nelson April 13, 2015

TITUSVILLE, FLA. — Sean Glickman of Coldwell Banker Commercial NRT and Glickman Retail Group brokered the $16 million of Crossroads Marketplace, an 89,200-square-foot shopping center located at 3065 Columbia Blvd. in Titusville, a town in Central Florida. The asset was 95 percent leased at the time of sale to tenants such as Marshalls, Petco, Parish Medical, AT&T, GNC and Dollar Tree. The asset is also shadow-anchored by a Super Target. The buyer is an international investment firm. Glickman represented the seller, a 106-year-old family-owned company that owns shopping centers in 12 states in the Southeast.

April 13, 2015

Florida Retail Southeast

FA Commercial Brokers $10.5M Sale of Ground-Floor Retail in Miami’s Brickell District

by John Nelson April 13, 2015

MIAMI — FA Commercial has brokered the sale of retail spaces at Millecento, a 42-story mixed-use tower located at 1100 S. Miami Ave. in Miami’s Brickell neighborhood. A group of unnamed investors based in South America purchased the ground-floor retail spaces, totaling 17,500 square feet, for $10.5 million. Fabio Faerman of FA Commercial represented the buyer in the transaction. Since the sale, Faerman has leased the retail spaces to tenants such as Freddo Gelateria, Pizza Tonda, Prime Cigar and Level 1 Restaurant & Lounge.

April 13, 2015

North Carolina Retail Southeast

Faris Lee Brokers $7.9M Sale of Hobby Lobby Store in North Carolina

by John Nelson April 13, 2015

JACKSONVILLE, N.C. — Faris Lee Investments has brokered the $7.9 million sale of a single-tenant retail property occupied by Hobby Lobby at 1290 Western Blvd. in Jacksonville. Hobby Lobby has just begun its triple-net, 15-year lease at the newly constructed 55,000-square-foot property. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented the buyer, a private equity fund based in New York, in the transaction. Mousavi and Luther also represented the seller, the North Carolina-based developer of the Hobby Lobby store. The buyer purchased the store at a 6.5 percent cap rate.

April 13, 2015

Market Reports Office Southeast Southeast Market Reports Tennessee

Memphis Office Market’s Pecking Order is Easily Visible During the Current Upturn

by John Nelson April 12, 2015

When it comes to grading commercial office space, there is no doubt that location is still king — and other factors such as price, architecture, functionality and amenities all take a back seat to the property’s location. Since we assign buildings letter grades (A and B), let’s take a look at what these letter combinations mean and the relationship of quality to location. In these scenarios, the first letter describes the building’s class (A or B) and the second letter represents the desirability of its location (A or B). The A/A designation refers to Class A buildings in Class A locations. It’s no surprise that this is the first category of office space absorbed when a market heats up and leasing volume intensifies. During this stage of the cycle, rental rates to inch upward, and more importantly, lease renewal terms tighten as landlords sense a shift toward the middle. For Memphis, Tenn., the total vacancy for Class A space in the East Memphis submarket decreased from 2.9 percent during third quarter 2014 to 2 percent in fourth quarter 2014. Almost 24,000 square feet of Class A office space in the East submarket was leased during fourth quarter 2014, and this …

April 12, 2015

Florida Multifamily Seniors Housing Southeast

Index Living to Develop Two Apartment Communities in Metro Orlando

by John Nelson April 10, 2015

ORLANDO, FLA. — Index Living plans to develop two apartment communities on Greenwald Drive near the northeast corner of Osceola and John Young parkways near Kissimmee. The combined development cost for the two properties is $47 million. The two properties, known as Monterey Pointe and Sonoma Pointe, will span a combined 366 units that feature nine-foot ceilings, wood plank flooring, stainless steel appliances, granite countertops, bedroom ceiling fans and energy and water conservation features. The properties’ community amenities will include community rooms, fitness centers, business centers and swimming pools with deck areas. Index Living, through its affiliate Index Investment Group and an unnamed developer based in Florida, plans to deliver Sonoma Pointe this September. No completion date has been announced for Monterey Pointe, which will be an independent living property for seniors over 55 years old.

April 10, 2015

Loans North Carolina Retail Southeast

Grandbridge Arranges $8.9M Acquisition Loan for Shopping Center in Charlotte

by John Nelson April 10, 2015

CHARLOTTE, N.C. — Grandbridge Real Estate Capital has closed an $8.9 million acquisition loan for Camfield Corners, a 69,857-square-foot shopping center in Charlotte’s Ballantyne area. The Bi-Lo-anchored center was 97 percent leased at the time of financing. Wesley Fricks of Grandbridge’s Raleigh office originated the loan through Starwood Mortgage Capital, a CMBS lender, on behalf of the New York-based borrower. The fixed-rate loan has a 10-year term and a 30-year amortization schedule.

April 10, 2015

Florida Loans Retail Southeast

Dockerty Romer & Co. Arranges $6.8M Acquisition Loan for Shopping Center in Broward County

by John Nelson April 10, 2015

DEERFIELD BEACH, FLA. — Dockerty Romer & Co. has arranged a $6.8 million acquisition loan for The Shoppes of Hillsboro, a 61,165-square-foot shopping center located along Hillsboro Boulevard in Deerfield Beach, a town in Broward County. The shopping center was 99 percent leased at the time of financing to tenants including Optimum Bank, Gentle Dental and Bank United. Bob Dockerty of Dockerty Romer arranged the 10-year loan through a New York-based CMBS lender on behalf of the borrower, BREF Hillsboro LLC. The loan was structured at an interest rate fixed below 4 percent and with five years of interest-only payments.

April 10, 2015

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