Southeast

CBRE Brokers $19.5M Sale of Grocery-Anchored Center in Gaithersburg

by John Nelson April 24, 2015

GAITHERSBURG, MD. — CBRE’s National Retail Investment Group has brokered the $19.5 million sale of Goshen Crossing, a 78,456-square-foot grocery-anchored shopping center in Gaithersburg. Giant Food anchors the center and master ground leases the entire property on a long-term triple-net basis, occupying the majority of the center and subleasing the remaining portion to a mix of national and local tenants. The center was fully leased at the time of sale. Jeffrey Dunne, David Gavin, Bill Kent and Ryan Sciullo of CBRE represented the seller, GC Gaithersburg LLC, an entity controlled by Ceruzzi Properties. The CBRE team also procured the buyer, a private investor based in New York that acquired the asset as part of a 1031 tax-deferred exchange.

April 24, 2015

Seniors Housing South Carolina Southeast

Graycliff Capital Develops New South Carolina Assisted Living Facility

by John Nelson April 24, 2015

SIMPSONVILLE, S.C. — Construction is underway on Fairview Park Assisted Living Facility, developed by Graycliff Capital Senior Housing, across a 10-acre parcel near Hillcrest Memorial Hospital in Simpsonville. Planned to accommodate 80 total beds, Fairview was modeled on Graycliff’s Spring Park concept and will comprise two residential assisted living wings containing common areas and 56 beds, as well as a 24-bed memory care wing with private common areas. Development cost is $11.2 million, and Graycliff expects to complete construction by November 2015.

April 24, 2015

Signal Mountain Chattanooga Ziff Properties

Retail Southeast Tennessee

Ziff Properties Acquires Chattanooga Shopping Center for $4.8M

by John Nelson April 24, 2015

CHATTANOOGA, TENN. — Ziff Properties Inc. has acquired Signal Mountain Shopping Center in Chattanooga for $4.8 million. The 61,284-square-foot center is anchored by a BI-LO grocery. Sharon Bands and Susan Bands of Marcus & Millichap represented the seller. Ziff Properties was self-represented by Christian Chamblee.

April 24, 2015

Georgia Loans Multifamily Southeast

Walker & Dunlop Arranges $43.6M Acquisition Loan for Apartment Community in Atlanta

by John Nelson April 23, 2015

ATLANTA — Walker & Dunlop Inc. has structured a $43.6 million acquisition loan for Solace of Peachtree, an apartment community located in Midtown Atlanta. Built in 1952 and renovated in 2009, the property includes a fitness center, underground parking garage, meeting rooms, business center, laundry facility and 34,628 square feet of retail space and vacant office space. The property’s retail tenant roster includes Baraonda Restaurant, Quizno’s and Scandinavian House Grocery Store. The borrower, Atlanta-based Cocke Finkelstein Inc. (CFI), and its affiliated management company CFLane plan to occupy the vacant office space. Will Baker led Walker & Dunlop’s team to structure the 10-year, fixed-rate acquisition loan through Freddie Mac on behalf of CFI. The loan features five years of interest-only payments and 80 percent loan-to-value. Walker & Dunlop teamed up with Michael Ryan and Jeff Walker of Cushman & Wakefield to structure the loan.

April 23, 2015

Florida Retail Southeast

Devonshire REIT Acquires Two Southwest Florida Shopping Centers for $39.5M

by John Nelson April 23, 2015

TAMPA AND FORT MYERS, FLA. — Devonshire REIT Inc. has purchased two shopping centers in Tampa and Fort Myers for a combined $39.5 million. The privately held REIT purchased The Cypress Shopping Center in Tampa for $24.6 million and The Shoppes at Plantation in Fort Myers for $14.9 million. Built in 2009, the 111,228-square-foot Cypress Shopping Center was 97.5 percent leased to tenants such as Winn-Dixie, LA Fitness, Five Guys Burgers and Fries, Scottrade, Nutrishop, Pita’s Republic and Eye Doctors Optical Outlet at the time of sale. The 71,429-square-foot Shoppes at Plantation was 96 percent leased to tenants such as Winn-Dixie, Great Clips, Jersey Mikes, Suncoast Federal Credit Union and China Dragon at the time of sale. With the two transactions, the REIT has surpassed $500 million in total assets under management.

April 23, 2015

Florida Office Southeast

CBRE Brokers $23.8M Sale of Boutique Office Property in Boca Raton

by John Nelson April 23, 2015

BOCA RATON, FLA. — CBRE has brokered the $23.8 million sale of Glades Twin Plaza, a 98,312-square-foot boutique office building located at 2300 Glades Road in Boca Raton. Built in 1982 and renovated in 2010, the office property was 77 percent leased at the time of sale. Christian Lee, Jose Lobon, Charles Foschini, Chris Apone and Michael Erickson of CBRE represented the seller, a fund managed by BlackRock, in the transaction. The buyer was Dallas-based L&B Realty Advisors.

April 23, 2015

Florida Retail Southeast

Marcus & Millichap Brokers $9.7M Sale of Shopping Center in Miami Gardens

by John Nelson April 23, 2015

MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $9.7 million sale of Shoppes of Ives Dairy, a 24,597-square-foot shopping center located at 19801 N.W. 2nd Ave. in Miami Gardens. Constructed in 2006, the center’s tenant roster includes Chili’s Restaurant & Bar, Bank of America, Starbuck’s Coffee, Wells Fargo Bank, Amscot Financial and Foot Locker. Kirk Olson and Drew Kristol of Marcus & Millichap’s Miami office represented the seller, a Miami-based limited liability company, and the buyer, an investment group based in New York.

April 23, 2015

North Carolina Office Southeast

Frontier Capital to Occupy Top Floor of 19-Story Office Tower in Charlotte

by John Nelson April 23, 2015

CHARLOTTE, N.C. — Co-owners Grubb Properties and New York Life Real Estate Investors have signed Frontier Capital, a growth equity firm based in North Carolina, to a long-term lease for the top floor of 525 North Tryon Street, a 19-story office building in Uptown Charlotte. Frontier will use the 12,600-square-foot space as its new headquarters beginning in September. Andy Horsey of Cresa Charlotte represented Frontier Capital in the lease transaction. Jonathan Nance of Grubb Properties, along with Meredith Ball and Mark Holoman of Cushman & Wakefield | Thalhimer, represented the ownership group.

April 23, 2015

Kentucky Multifamily Southeast

Three Apartment Communities in Lexington Sell for $68M

by John Nelson April 22, 2015

LEXINGTON, KY. — Cushman & Wakefield and Commercial Kentucky Inc., a member of the Cushman & Wakefield Alliance, have teamed up to broker the sale of three apartment communities in Lexington totaling 1,108 units. Priderock Capital Partners purchased the 480-unit Raintree Apartments and the 232-unit Stoney Brooke Apartments for $28.2 million and $13.9 million, respectively. Nashville-based Covenant Capital Group purchased the 396-unit Stoney Falls Apartments for $25.9 million. Mike Kemether of Cushman & Wakefield’s Atlanta office and Craig Collins of Commercial Kentucky represented the seller, Sterling Properties, a New York-based fund, in all three transactions.

April 22, 2015

Maryland Multifamily Southeast

Wood Partners to Break Ground on $45M Multifamily Community in Downtown Columbia, Md.

by John Nelson April 22, 2015

COLUMBIA, MD. — Wood Partners LLC plans to break ground this month on Alta Wilde Lake, a $45 million, 230-unit multifamily community in downtown Columbia. The property will be located on 2.8 acres at 5420 Lynx Lane and be a component of the redevelopment at Wilde Lake Village Center. The property will feature two five-story apartment buildings connected via a three-level sky bridge over Lynx Lane. The property will feature a clubhouse with a sports lounge, café, business center, conference room, pet spa, bicycle storage and maintenance room, resort-style saltwater pool, fire pit, outdoor kitchen, grilling stations, fitness center and an aerobic studio. Alta Wilde Lake will also feature 5,000 square feet of ground-floor retail space. JDavis Architects designed the project, and Wood Residential Services will manage the property upon completion. Apartments will be available for lease in summer 2016.

April 22, 2015

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