Southeast

Lee & Associates to Lease 712-Acre Theme Park North of Atlanta

by John Nelson December 1, 2015

EMERSON, GA. — AVATRON USA Development LLC has selected Lee & Associates Atlanta to lease AVATRON Park, a 712-acre development housing a theme park and an adjacent hospitality and retail complex in Emerson, roughly 40 miles north of Atlanta. Slated for completion in early 2019, AVATRON Park will feature a theme park, 300,000-square-foot lifestyle shopping center, dining area, two hotels totaling 500 rooms and a 10,000-seat outdoor amphitheater. According to Joe Simpson of Lee & Associates Atlanta, the firm is primarily focused on hospitality and multifamily projects at the development and will work with New York–based Newmark Grubb Knight Frank on the retail projects. Attractions in development for the theme park will include newly created intellectual property along with gaming and movie industry intellectual property, most notably The Hunger Games franchise. In early November, movie studio Lionsgate announced its licensing, for the first time in North America, of the Hunger Games, Step Up and Now You See Me franchises as part of its partnership agreement with AVATRON.

December 1, 2015

Courtyard at Countryside Kohl's Clearwater

Florida Retail Southeast

North American Development Buys Retail Center in Clearwater for $25.5M

by John Nelson December 1, 2015

CLEARWATER, FLA. — An affiliate of North American Development Group has purchased Courtyard at Countryside, a retail center located at 2514-2532 State Road 580 in Clearwater, for $25.5 million. The center was fully leased at the time of sale to tenants such as Kohl’s, Total Wine & More, Panera Bread, EverBank, Salon Lofts, Sport Clips and Tijuana Flats. The center is directly across from Westfield Countryside, a 1.3 million-square-foot mall anchored by Dillard’s, Macy’s, JC Penney, Sears and Whole Foods Market. Michael Milano and Ron Schultz of Colliers International’s Tampa Bay office represented the seller, Skylark Plaza LLC, which developed the property in 2008.

December 1, 2015

Cedar East 3101 Poplarwood Court Raleigh

North Carolina Office Southeast

Lincoln Harris Arranges $7.5M Sale of Two Office Buildings in Raleigh

by John Nelson December 1, 2015

RALEIGH, N.C. — Lincoln Harris has brokered the $7.5 million sale of Cypress and Cedar East, two office buildings in Raleigh totaling 79,186 square feet. The properties are located at 3117 and 3101 Poplarwood Court and were 73 percent leased at the time of sale. Kaler Walker of Lincoln Harris represented the seller, Cedar East & Cypress LLC, in the transaction. Carter Worthy of Worthy Commercial represented the buyer, Debnam Properties, which owns two other buildings in the neighborhood. The buyer plans to occupy a portion of the buildings and continue leasing the rest.

December 1, 2015

North Carolina Office Southeast

HFF Brokers $6.7M Sale of Office Building in Charlotte

by John Nelson December 1, 2015

CHARLOTTE, N.C. — HFF has closed the $6.7 million sale of and arranged acquisition financing for One University Place in Charlotte’s University Place mixed-use development. The four-story, 80,891-square-foot office building is located at 8801 JM Keynes Drive within 1.5 miles of I-85. Originally built in 1986, One University Place is 66 percent leased to a mix of healthcare, technology, consulting and business services tenants. The largest tenants at the property are Bayada Home Health Care and University Radio. Origin Capital Partners purchased the asset free and clear of debt. Ryan Clutter led the HFF investment sales team in representing the seller, Financial Enterprises III, in the transaction. Travis Anderson and Cory Fowler led HFF’s debt placement team in placing acquisition financing through First Tennessee Bank on behalf of Origin Capital Partners.

December 1, 2015

Florida Southeast

MCSS Self Storage to Build 85,000 SF Facility in Broward County

by John Nelson December 1, 2015

PEMBROKE PINES, FLA. — MCSS Self Storage LLC, a developer of urban infill self storage facilities in South Florida, has closed on a land parcel at 1781 S. Park Road in Pembroke Pines, a city in Broward County. MCSS plans to develop an 85,000-square-foot self storage facility at the site, located in Pembroke Park, totaling 1,139 climate controlled storage units. The project will be managed by an unnamed self storage REIT. In addition to its most recent purchase, MCSS is developing several locations throughout Miami-Dade and Broward counties.

December 1, 2015

North Carolina Retail Southeast

Yale Realty Services Buys Shopping Center in North Carolina for $14.5M

by John Nelson November 30, 2015

WAYNESVILLE, N.C. — Yale Realty Services Corp. has purchased Waynesville Commons, a 126,901-square-foot shopping center in Waynesville, roughly 30 miles west of Asheville. Yale Realty purchased the center from CBL & Associates Properties Inc. for $14.5 million. Built in 2012, the shopping center’s tenant roster includes Belk, Michaels, PetSmart, Rack Room Shoes, SuperClips and US Cellular. Waynesville Commons is shadow-anchored by a 188,494-square-foot Walmart Supercenter. Alex Quarrier and Marc Ozburn of Berkeley Capital Advisors represented the seller in the transaction.

November 30, 2015

Florida Office Southeast

Marcus & Millichap Brokers $13M Sale of Office Building in Metro Miami

by John Nelson November 30, 2015

DORAL, FLA. — Marcus & Millichap has arranged the $13 million sale of Doral Commons, a four-story, 59,727-square-foot office building located at 8550 N.W. 33rd St. in Doral, a suburb of Miami. Built in 1999, the office building was 98 percent leased at the time of sale. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor from Boston, and the buyer, a limited liability company from Aventura, Fla., in the transaction.

November 30, 2015

Georgia Industrial Southeast

Gramercy Property Trust Acquires Two Industrial Buildings in Metro Atlanta for $12.5M

by John Nelson November 30, 2015

NORCROSS, GA. — Gramercy Property Trust Inc., a publicly traded REIT, has purchased two industrial buildings totaling 222,100 square feet in Norcross, a suburb of Atlanta in Gwinnett County. The properties were acquired all-cash for a purchase price of $12.5 million and have a weighted average remaining lease term of 8.9 years. One of the warehouses spans 142,100 square feet and is leased to a producer, servicer and supplier of diesel and gasoline engines. The second warehouse, comprising 80,000 square feet, is leased to the country’s largest distributor of tools, equipment and machinery to the stone fabrication industry.

November 30, 2015

Retail Southeast Tennessee

Next Realty LLC Acquires 64,000 SF Retail Property in Metro Nashville

by John Nelson November 30, 2015

FRANKLIN, TENN. — An affiliate of Next Realty LLC has acquired a 64,000-square-foot, two-tenant retail property at 1735 Galleria Blvd. in Franklin, roughly 15 miles south of Nashville. The property is situated within the 350,000-square-foot Cool Springs Crossing shopping center, which is located adjacent to the 1.1 million-square-foot Cool Springs Galleria mall. H.H. Gregg occupies 29,596 square feet at the property, and JumpStreet, an indoor trampoline park, occupies 34,404 square feet at the former Whole Foods Market location.

November 30, 2015

Florida Office Southeast

Fairlead, Bridge Investment Group Buy Four-Story Office Building in Broward County

by John Nelson November 30, 2015

DEERFIELD BEACH, FLA. — Fairlead Capital Partners and equity partner Bridge Investment Group Partners have acquired a four-story, 172,357-square-foot office building located at 800 Fairway Drive in Deerfield Beach, a city in Broward County. Fairlead purchased the asset for an undisclosed price through its second investment fund, Mandalay-FCRE SV II. Built in 1987, the office building was 78 percent leased at the time of sale. The property features a fitness center, café, secured parking deck and walking paths. Fairlead plans to upgrade the property’s building systems, improve tenant amenities and renovate common areas and restrooms. In addition to the office building and parking deck, the acquisition includes a two-acre parcel of land adjacent to the building that Fairlead will use to expand parking for tenants. CBRE represented the seller, American General Life Insurance Co., in the transaction. The buyers have retained Stiles Realty for on-site property management and engineering services. Travis Herring, Deanna Lobinsky and Katherine Ridgeway of Cushman & Wakefield’s South Florida office will market 800 Fairway Drive to prospective tenants.

November 30, 2015

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