Southeast

Novare Group, Batson-Cook Break Ground on 32-Story Atlantic House in Atlanta

by John Nelson February 4, 2015

ATLANTA — Novare Group and Batson-Cook Development Co. have broken ground on Atlantic House, a new 32-story luxury apartment tower located on the corner of 14th and West Peachtree streets in Midtown Atlanta. Designed by the architectural firm Smallwood, Reynolds, Stewart and Stewart, Atlantic House will feature elements of natural stone, precast concrete and glass. Atlantic House will feature two rooftop pools, a fitness center, clubroom, business center and outdoor patio space as well as a grilling area, tennis court and dog park on top of the attached parking garage. The project will also have 13,124 square feet of retail along 14th and West Peachtree streets. The luxury tower will have 407 units, ranging from studio to two-bedrooms that will feature nine-foot ceilings with floor-to-ceiling glass, granite countertops, hardwood floors, stainless steel appliances and ceramic tile. The top six floors will feature 68 one- and two-bedroom apartment homes featuring larger floor plans, 10-foot ceilings, quartz countertops, double-sink vanities and half baths. Novare Group and Batson-Cook Development are partnering with UBS Global Realty Advisors for Atlantic House. Wells Fargo is providing construction and permanent financing for the project, and NGI Investments LLC is providing equity. Batson-Cook Construction is the general contractor. …

February 4, 2015

Loans Multifamily North Carolina Southeast

Greystone Provides $30.5M in Acquisition Financing for Multifamily Portfolio in Piedmont Triad

by John Nelson February 4, 2015

GREENSBORO AND WINSTON-SALEM, N.C. — Greystone has provided $30.5 million in acquisition financing for four multifamily properties in the Piedmont Triad region of North Carolina. Vincent Langan of Greystone arranged the four Fannie Mae DUS loans on behalf of the borrower, Varden Capital Properties. The loan terms for all four properties include 10-year financing with 30-year amortization schedules and one year of interest-only payments. The apartment communities comprise a total 941 units and all offer amenities such as swimming pools, fitness centers, clubhouses and tennis courts. The properties in this portfolio include: Ashland Apartments in Greensboro; The Lakes on Meadowood in Greensboro; Ambercrest Apartments in Winston-Salem; and The Hunt Club Apartments in Winston-Salem.

February 4, 2015

Trace Station Shopping Center Ridgeland Mississippi

Mississippi Retail Southeast

Crossman & Co. Brokers $5.4M Sale of Shopping Center in Mississippi

by John Nelson February 4, 2015

RIDGELAND, MISS. — Crossman & Co. has brokered the $5.4 million sale of Trace Station Shopping Center, a 47,510-square-foot retail center located at 500 Highway 51 North in Ridgeland, part of the Jackson MSA. The three single-story buildings sitting on 6.5 acres were sold to a private investor. The property is positioned at the intersection of Jackson Street and Highway 51. The center was 96 percent leased at the time of sale to local and regional tenants such as Edible Arrangements, Fleet Feet, Lost Pizza Co. and Cazadore’s Mexican. Brian Carolan of Crossman & Co. represented the seller, a Wall Street loan pool, and partnered with Hugh Johnson of J. Walter Michel Agency, a Jackson-based company, during the transaction.

February 4, 2015

Industrial Maryland Southeast

St. John Properties to Develop Three Spec Buildings at Baltimore Crossroads

by John Nelson February 3, 2015

BALTIMORE — St. John Properties Inc. has plans to initiate construction on three new speculative office buildings totaling approximately 90,000 square feet at Baltimore Crossroads, a master-planned, 1,200-acre mixed-use park in the White Marsh section of Baltimore County. Baltimore Crossroads is configured to support more than 5 million square feet of office, research & development/flex, warehouse, industrial, retail and hotel space. St. John Properties leased more than 100,000 square feet of office/flex space to eight Baltimore Crossroads tenants in the fourth quarter of 2014. The new tenants include Pro Transport, Social Solutions, All-Pro Team Sports, Sovereign, Evolution Physiotherapy, Performance Contracting, Skillforce, The Mallow Bar and 24-Hour Dependable Medical Supplies.

February 3, 2015

Verandah Publix Super Markets Fort Myers

Florida Retail Southeast

Continental Realty Sells Shopping Center in Fort Myers for $14.4M

by John Nelson February 3, 2015

FORT MYERS, FLA. — Baltimore-based Continental Realty Corp. (CRC) has sold The Shops at Verandah, a 72,795-square-foot shopping center located at 11961 Palm Beach Blvd. in Fort Myers for $14.4 million. The Shops at Verandah was 98 percent leased to tenants such as Advance America, Principal Life Insurance, Subway, Pizza Hut, H&R Block, Beef O’Brady’s and Allstate. CRC sold the Publix-anchored shopping center to Publix Supermarkets Inc. Jim Michalak and Mike Cvetetic of Plaza Advisors represented CRC in the transaction. The Shops at Verandah was built in 2005 as part of Verandah, a 1,500-acre premier master-planned community that includes two 18-hole golf courses designed by Bob Cupp and Jack Nicklaus.

February 3, 2015

Merrick Plaza Office Building Coral Gables

Florida Office Southeast

Merrick Plaza Office Building in Coral Gables Sells for $14M

by John Nelson February 3, 2015

CORAL GABLES, FLA. — Aquarius Capital LLC has purchased Merrick Plaza, an office building located at 2199 Ponce de Leon Blvd. in the heart of the Coral Gables financial district. Aquarius Capital plans to use the property for the corporate offices of Ascendant Commercial Insurance. Tere Blanca of Blanca Commercial Real Estate represented the buyer in the sale. John Lonardo of Sperry Van Ness Commercial Realty represented the seller, 1607 Ponce LLP.

February 3, 2015

North Carolina Retail Southeast

Ferncroft Capital Acquires Whole-Foods Anchored Shopping Center in Winston-Salem for $12M

by John Nelson February 3, 2015

WINSTON-SALEM, N.C. — Ferncroft Capital has purchased Miller Crossing in Winston-Salem for $12 million. The 40,292-square-foot shopping center is anchored by Whole Foods Market. The shopping center is located near the intersection of Miller Street and Stratford Road and is adjacent to the Wake Forest Baptist Hospital campus. Berkeley Capital represented the seller in the transaction while Bank of North Carolina provided acquisition financing. Meridian Realty will continue to handle management and leasing.

February 3, 2015

Office Southeast Virginia

American Real Estate Partners, Square Mile Capital Buy Reston International Center for $35M

by John Nelson February 2, 2015

RESTON, VA. — American Real Estate Partners and funds managed by Square Mile Capital Management LLC have formed a joint venture to acquire Reston International Center for $35 million. The property is a 15-story, 179,000-square-foot office building located at 11800 Sunrise Valley Drive in Reston. The office tower is located within the mixed-use Reston Heights development and is within walking distance of the planned Reston Parkway Silver Line Metrorail station. Upon completion, Reston Heights will contain approximately 400 multifamily units and 95,000 square feet of retail space in addition to the office building. The joint venture partners are planning a $10 million renovation of Reston International Center, including the addition of a three-and-a-half story parking deck, and will fully renovate the lobby and building common areas. The Reston International Center acquisition is American Real Estate Partners’ third investment through its American Real Estate Partners Strategic Office Fund.

February 2, 2015

Coral Gables Streetscape Project Mixed-Use

Civic Florida Mixed-Use Southeast

Coral Gables’ $20M Streetscape Design Phase Begins

by John Nelson February 2, 2015

CORAL GABLES, FLA. — The city of Coral Gables has selected Cooper, Robertson & Partners of New York to design its Streetscape Project in downtown Coral Gables. The selection marks the start of the design phase of the much-anticipated project, which will provide a facelift to Miracle Mile and Giralda Avenue. The approximately $20 million project, which received the go-ahead from the City Commission last August, will widen sidewalks, plant trees, create garden areas and add outdoor dining along newly landscaped curbs. The plan also calls for benches, kiosks, mid-block parks, intimate public spaces and plazas for events and gatherings. It will also feature better signage for businesses and parking garages, more welcoming connections to garages and alleyways and permanent valet stations.

February 2, 2015

Florida Multifamily Seniors Housing Southeast

Capital Health Group, Fortress to Build Memory Care Facility in St. Augustine

by John Nelson February 2, 2015

ST. AUGUSTINE, FLA. — Capital Health Group LLC and Fortress Ventures LLC have formed a joint venture to develop a 64-bed memory care community on nine acres of land located at 840 State Road 16 in St. Augustine. The land was purchased by the venture in December 2014, and the new facility is scheduled to open in the second quarter of 2016. Symphony Manor at St. Augustine will be a single-story facility with a secure memory care courtyard, large activity space, surround sound theater with an 80-inch screen and a dining room. Resident apartments will have cable TV, Wi-Fi, 24-hour emergency call systems, walk/roll-in showers and individual thermostats. Symphony Manor will also offer residents 24-hour staffing, dining services, concierge assistance, linen services, housekeeping, daily entertainment, fitness programming, educational services, social events and a private town car for resident appointments. Compass Pointe Healthcare System will manage Symphony Manor at St. Augustine.

February 2, 2015

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