Southeast

Berkadia Brokers $10.5M Sale of Apartment Community in Augusta

by John Nelson March 23, 2015

AUGUSTA, GA. — Berkadia has brokered the $10.5 million sale of Georgian Place Apartments, a 324-unit multifamily community located at 1700 Valley Park Court in Augusta. The apartment property is located across the street from Georgia Regents University and roughly five miles from Augusta National Golf Course. The property features a swimming pool, playgrounds and a laundry facility. The buyer was a New York-based entity and the seller was a South Carolina-based entity. Mark Boyce, Andrew Mays and Paul Vetter of Berkadia brokered the transaction. Georgian Place Apartments was 96 percent occupied at the time of sale.

March 23, 2015

Florida Office Southeast

Crocker Partners Signs Law Firm to 24,000 SF Lease Renewal in Miami CBD

by John Nelson March 23, 2015

MIAMI — Crocker Partners has signed international law firm Hughes Hubbard & Reed LLP to a 24,000-square-foot lease renewal for the full 25th floor at Miami Center, a 34-story office tower in Miami’s central business district. Rashid Siapoosh of Newmark Grubb Knight Frank, along with Gerard Cruse and Fran Tuffy of Hughes Hubbard, represented the tenant in the 10-year lease renewal. Jon Blunk, Laurel Oswald and Cristina Glaria of Cushman & Wakefield represented the landlord.

March 23, 2015

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Strong Job, Population Growth Drives Flourishing Multifamily Market in Nashville

by John Nelson March 23, 2015

Nashville has quickly become one of the most active Southeast markets for multifamily, both in terms of development and sales. Driven by tremendous job growth, strong population increases, a pro-business climate and an educated workforce, Nashville’s remarkable multifamily growth is not overstated. From 2014 to 2017, more than 12,300 units are projected to enter the market, with another 9,000 that are planned or proposed. Concerns have arisen that Nashville’s supply will outpace the demand in the medium term. However, job growth indicators, sales activity and lease-up velocity indicate the contrary. Nashville’s economy has surpassed the $100 billion mark with a 5.1 percent unemployment rate and a 4.2 percent GMP growth rate that is double that of the rest of the nation. Notable recent expansions include General Motors (1,800 jobs), Under Armour (1,500 jobs), Magna International (357 jobs), and FedEx (347 jobs) — all of which were announced in the second half of 2014. In addition, Bridgestone America has announced that it will consolidate its operations in Nashville adding 600 jobs. These expansions combined with immense foreign direct investment continue to fuel the area’s growth. According to IBM’s 2014 Global Location Trends Report, Tennessee ranks first in the nation in terms …

March 23, 2015

Celebration Pointe Mixed-Use Gainesville Florida

Florida Mixed-Use Southeast

Vertical Construction Set to Begin on $200M Celebration Pointe in Gainesville

by John Nelson March 20, 2015

GAINESVILLE, FLA. — Vertical construction is set to begin on Celebration Pointe, a 225-acre, $200 million mixed-use development in Gainesville. The development team — comprising Gainesville-based Viking, Atlanta-based Ra Co Real Estate Advisors and Miami-based 1220G — will break ground on the public infrastructure improvement phase of the development, which is located at the intersection of I-75 and Archer Road. The 1 million-square-foot development will be anchored by a Bass Pro Shops and a new 10-screen theater. The property will also house 300,000 square feet of office space, which is partially pre-leased to Info Tech; approximately 1,000 Class A multifamily residences; a 120-room Hotel Indigo; and 400,000 square feet of retail, restaurant and entertainment space. Phase I of the development is slated to open in fall 2016. The project team for Celebration Pointe includes Avison Young, Front Street Commercial Real Estate Group, Starr Sales & Leasing, CUPKOVIC architecture llc, England-Thims & Miller Inc., Fishkind & Associates Inc., George Smith Partners Inc., Greeby, Hartman Simons & Wood LLP, Hoar Construction, Huie Design Inc., Identity PR, infinitee, NUE Urban Concepts and Site Solutions.

March 20, 2015

Office Southeast Virginia

Navy Federal Credit Union to Invest $114.6M to Expand Campus in Virginia

by John Nelson March 20, 2015

VIENNA, VA. — Navy Federal Credit Union plans to invest $114.6 million to expand its headquarters campus in Vienna, a city in Fairfax County. The credit union plans to add 600 employees as a result of the expansion. The investment will include a new four-story, 234,000-square-foot office building and parking deck on a 10.8-acre lot. The property will feature an elevated walkway that will connect the new building to the rest of the headquarters campus. The Fairfax County Economic Development Authority worked with the Virginia Economic Development Partnership to secure the project for Virginia. Virginia Governor Terry McAuliffe approved a $1 million grant from the Governor’s Opportunity Fund to assist Fairfax County with the project. Additional funding and services to support Navy Federal Credit Union’s employee training activities will be provided through the Virginia Jobs Investment Program.

March 20, 2015

Victoria's Secret South Beach Miami Beach

Florida Retail Southeast

IPA Brokers Sale of Two Retail Properties in Miami Totaling $45.8M

by John Nelson March 20, 2015

MIAMI — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Shoppes of Coral Way at 2690 S.W. 22nd St. in Miami and Victoria’s Secret South Beach at 745 Collins Ave. in Miami Beach. The two assets sold for a combined $45.8 million. Shoppes of Coral Way is a 48,993-square-foot shopping center that is fully leased to CVS/pharmacy, Office Depot, The UPS Store, Check ’n Go, GNC, Radio Shack and a local nail salon. Victoria’s Secret South Beach has 10,264 square feet of retail space on the first two floors and 2,867 square feet of office and storage space on the third floor. Victoria’s Secret has nine-and-a-half years remaining on its 15-year lease. Drew Kristol and Kirk Olson of IPA represented the seller of Shoppes of Coral Way, a limited liability company based in Coral Gables, Fla. The pair also represented the unnamed buyer and seller of Victoria’s Secret South Beach. Additionally, Christopher Marks of IPA’s capital markets group arranged a $12.7 million, 10-year acquisition loan for the Shoppes of Coral Way transaction through an unnamed life insurance company. The loan was structured with a fixed interest rate at 3.95 percent and a 30-year …

March 20, 2015

Multifamily South Carolina Southeast

Kassinger, Richardson Properties Break Ground on Waterfront Apartment Community

by John Nelson March 20, 2015

CHARLESTON, S.C. — Co-developers Kassinger Development Group and Richardson Properties have broken ground on Sweetwater, a 266-unit luxury apartment community located on Beresford Creek in Charleston. The property will be located across Daniel Island near I-526 via Clements Ferry and the Wando River via boat. Sweetwater Construction is the general contractor for the property. Every apartment unit at Sweetwater will feature a porch. Waterfront amenities include boat parking, a boat ramp, kayak and canoe launch and community docks. Sweetwater will also feature pet parks, a fitness center, gathering barn, waterfront swimming pool and greenhouses. Upon completion, the 50-acre site will also house an 18-room boutique inn and an event lawn. The development team expects to deliver the property’s first buildings in early 2016.

March 20, 2015

Florida Restaurant Retail Southeast

Flagler Realty & Development Breaks Ground on $21M Retail Center in Celebration

by John Nelson March 20, 2015

CELEBRATION, FLA. — West Palm Beach-based Flagler Realty & Development Inc. has broken ground on Shoppes at Celebration Place, a 43,500-square-foot shopping center in Celebration, a master-planned community near Orlando. The $21 million property will be leased to Walgreens, Chipotle Mexican Grille, Dunkin’ Donuts, Five Guys Burgers & Fries and additional retailers. Flagler expects to complete the property in the fall. Flagler Realty & Development is owned by principals Patrick Koenig, Richard Johnson Jr. and Scott Johnson. The Walt Disney Co. established Celebration in 2001 after breaking ground on the community in 1994. Celebration is a Census-designated place, or an unincorporated community.

March 20, 2015

1 N.E. 40th Street Miami Design District

Florida Restaurant Retail Southeast

RKF Brokers Three Retail Sales in Miami Totaling $86.8M

by John Nelson March 19, 2015

MIAMI — RKF has brokered three property sales in Miami’s Design District and Wynwood neighborhoods totaling $86.8 million. Brooklyn-based RedSky Capital purchased the three properties from three separate sellers. Ben Mandell, Drew Schaul and John Ellis of RKF represented RedSky in all three transactions. The assets included a two-story, 19,436-square-foot retail property located at the corner of North Miami Avenue and N.E. 40th Street in the Design District. RedSky purchased the asset from Hardor Corp. for $29.3 million. Hardor Corp. was represented internally in the transaction. The other Design District property was a three-story, 17,391-square-foot retail asset at 35 N.E. 40th St. that RedSky purchased from a limited liability company known as 35 NE 40th Street LLC for $28 million. Oak Tavern, a 140-seat bar and restaurant, currently occupies the space. Fran Clougherty of Douglas Elliman represented the seller in the transaction. Lastly, RedSky purchased Wynwood Block, an enclosed shopping center occupying a full city block at 2621 N.W. 2nd Ave. in Wynwood, for $29.5 million. Gaston Miculitzki of Brightway Properties represented the seller, Wynwood 2621 LLC, in the transaction.

March 19, 2015

Office Southeast Virginia

Atlantic Realty, Angelo, Gordon Purchase Four Virginia Office Buildings for $82M

by John Nelson March 19, 2015

RESTON, VA. — A partnership between Atlantic Realty Cos. and Angelo, Gordon & Co. has purchased four office buildings in Reston totaling roughly 500,000 square feet for $82 million. The portfolio was 50 percent leased to more than 40 tenants at the time of sale, including the Reston Association and Wal-Mart Stores Inc. Eastdil Secured brokered the transaction. The four properties include Reston Corner I at 12001 Sunrise Valley Drive, Reston Corner II at 12005 Sunrise Valley Drive, Reston Corner III at 12007 Sunrise Valley Drive and Parkridge V at 10780-10790 Parkridge Blvd. The new ownership plans to invest roughly $5 million to improve the properties’ interiors and outdoor common areas.

March 19, 2015

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