Southeast

ARA Newmark Brokers $44.8M Sale of Central Florida Apartment Community

by John Nelson September 22, 2015

HEATHROW, FLA. — ARA Newmark has brokered the $44.8 million sale of Pure Living Heathrow, a 252-unit, garden-style apartment community in Heathrow, a suburb of Orlando. The property was 94 percent occupied at the time of sale. Built in 2009, the Class A community features nine- and 10-foot ceilings, granite countertops, stainless steel GE appliances, smoke-glass privacy walls and hardwood flooring in select units. The property’s amenity package includes 24-hour gated entry, on-site dry cleaning, a putting green, sand volleyball court, Zero Edge pool, Infinity Edge Champagne spa, rooftop clubroom, lounge and sun deck. Patrick Dufour, Kevin Judd, Scott Ramey, Marc deBaptiste and Dick Donnellan of ARA Newmark represented the seller, PME Providence LLC, in the transaction. Toronto-based Starlight Investments Ltd. was the buyer.

September 22, 2015

Georgia Multifamily Southeast

Wood Partners Opens Alta Belmont in Metro Atlanta

by John Nelson September 22, 2015

SMYRNA, GA. — Wood Partners has opened Alta Belmont, a new 274-unit apartment community in Smyrna, a northwest suburb of Atlanta. The luxury apartment community is the multifamily component of Belmont, a 48-acre mixed-use development that Halpern Enterprises is developing in Smyrna. Wood Residential Services, Wood Partners’ property management division, is managing the property. Alta Belmont is located within walking distance of The Shops at Belmont, the new Smyrna Elementary School and the Smyrna Community Center, which features indoor sports courts, a track, fitness area and game rooms. Alta Belmont features a saltwater aqua lounge, sun deck, grilling station, resident lounge and a fitness center. This project is Wood Partners’ 22nd multifamily community in Georgia, where the Atlanta-based national multifamily investment firm has added more than 6,500 units.

September 22, 2015

4151 Turtle Creek Drive Coral Springs PetSmart

Florida Retail Southeast

Colliers Brokers $6M Sale of Single-Tenant PetSmart Store in Coral Springs

by John Nelson September 22, 2015

CORAL SPRINGS, FLA. — Colliers International has brokered the $6 million sale of a 19,077-square-foot, single-tenant retail property in Coral Springs. Constructed in 2005, the freestanding retail building is located at 4151 Turtle Creek Drive. PetSmart currently occupies the property and has 11 years remaining on its lease. Steve Schroeder of Solid Investments represented the Chile-based buyer, Andyara Investments LLC, in the transaction. Jon Busse, Ron Schultz and Mike Milano of Colliers represented the seller, Burlingame Coastal LLC.

September 22, 2015

Georgia Office Southeast

SugarOak Holdings Acquires Office Building in Metro Atlanta for $5.4M

by John Nelson September 22, 2015

SANDY SPRINGS, GA. — Herndon, Va.-based SugarOak Holdings has purchased Roswell North, a 58,529-square-foot office building located at 8010 Roswell Road in Sandy Springs, a northern suburb of Atlanta. SugarOak purchased the asset from an unnamed private investor for $5.4 million. Built in 1986, the three-story office building was 94 percent leased at the time of sale. Kevin Markwordt and Todd Syprett of Transwestern represented the seller in the transaction.

September 22, 2015

Kentucky Office Southeast

Commercial Kentucky, Cushman & Wakefield Continue Alliance

by John Nelson September 22, 2015

LOUISVILLE, KY. — Cushman & Wakefield will continue to operate in the Louisville metro and surrounding areas through its Alliance partnership with Commercial Kentucky Inc. The Louisville-based commercial real estate brokerage firm was founded in 1973 as Scherer/Casper & Associates. Commercial Kentucky first began its relationship with Cushman & Wakefield in 1981 and expanded its capabilities to include market research, property management and appraisal services, in addition to office, industrial, retail and investment brokerage services. Earlier this year, Cushman & Wakefield entered into an agreement to sell the firm and merge with DTZ. The merger closed September 1, creating a global commercial real estate services provider with 43,000 employees across 60 countries. The merger impacted many major markets where both firms have a presence and client relationships. “We look forward to continuing our relationship with the new Cushman & Wakefield,” said Phil Scherer, president of Commercial Kentucky. “We have the same team dedicated to providing superior services and insight to our clients, backed by decades of local experience and market knowledge. As a Cushman & Wakefield Alliance partner, our capabilities and opportunities will only continue to grow.”

September 22, 2015

NorthPlace Sandy Springs Central Perimeter

Georgia Office Southeast

MidCity, Crocker to Develop Office Campus in Atlanta’s Central Perimeter Submarket

by John Nelson September 21, 2015

SANDY SPRINGS, GA. — MidCity Real Estate Partners and Crocker Partners have formed a joint venture to co-develop NorthPlace, a 3.7-acre office campus located in Atlanta’s Central Perimeter office submarket at Barfield Road and Mount Vernon Highway in Sandy Springs. The campus will be visible from GA 400 and will be situated one block from Mercedes-Benz USA’s new headquarters and two blocks from the Sandy Springs MARTA station. Plans for NorthPlace include two towers spanning 250,000 square feet and 100,000 square feet. The site can also house build-to-suit opportunities ranging from 20,000 to 100,000 square feet for companies wanting to own their own property. MidCity will sell and lease the campus, and Roger White of MidCity will oversee day-to-day construction operations. Crocker Partners owns the site, and Crocker and MidCity have retained Warner Summers as the base building architect. In addition to office use, the site is also zoned for ground-floor retail space.

September 21, 2015

Industrial Loans Southeast Virginia

HFF Arranges $23.6M Acquisition Loan for Industrial Complex in Northern Virginia

by John Nelson September 21, 2015

ALEXANDRIA, VA. — HFF has arranged $23.6 million in acquisition financing for a three-building, 246,145-square-foot industrial complex in Alexandria. The fully leased properties are located within Pickett Industrial Park at 841-929 S. Pickett St. The complex’s tenant roster includes General Services Administration, Commercial Carpets of America, Michael Baker Corp. and Habitat for Humanity of Northern Virginia. Sue Carras, Walter Coker and Brian Crivella of HFF arranged the 10-year, floating-rate loan through SunTrust Bank on behalf of the borrower, an affiliate of JBG Core Venture I LP — a joint venture between CBRE Global Investment Partners and The JBG Cos.

September 21, 2015

Cypress Run Marketplace Walmart Neighborhood Market Coral Springs

Florida Retail Southeast

Continental Realty Buys Retail Center in Coral Springs for $13.6M

by John Nelson September 21, 2015

CORAL SPRINGS, FLA. — Continental Realty Corp. has purchased Cypress Run Marketplace, an 85,000-square-foot retail center located at 10599-10667 W. Atlantic Blvd. in Coral Springs, for $13.6 million. Continental Realty purchased the asset from Game Properties Inc. on behalf of Continental Realty Fund IV LP, a value-add retail and multifamily fund. This was the second acquisition for the fund. Anchored by Walmart Neighborhood Market, the shopping center was 79 percent leased at the time of sale. Continental Realty has tapped Aileen Messinger of Katz & Associates to lease the center. Dave Donnellan and Dennis Carson of CBRE represented the seller in the transaction.

September 21, 2015

Industrial North Carolina Southeast

Monmouth Sells 160,000 SF Industrial Facility to Tenant for $9M

by John Nelson September 21, 2015

MONROE, N.C. — Monmouth Real Estate Investment Corp., a publicly traded equity REIT specializing in net-leased industrial properties, has sold its 160,000-square-foot industrial building in Monroe to its tenant for $9 million. The tenant, Charlotte Pipe and Foundry Co., is a plumbing systems manufacturer based in Charlotte. Monmouth’s portfolio now spans 13.8 million square feet of single-tenant, net leased industrial assets with a current occupancy rate of 97.6 percent.

September 21, 2015

Georgia Retail Southeast

Skyline Seven Brokers $5.1M Sale of Shopping Center in Metro Atlanta

by John Nelson September 21, 2015

BRASELTON, GA. — Skyline Seven Real Estate has brokered the $5.1 million sale of Mulberry Walk, a 31,186-square-foot shopping center in Braselton, a northeast suburb of Atlanta. The property comprises three buildings located across from the Chateau Elan Winery and Resort. Elliott Kyle of Skyline Seven represented the seller, the shopping center’s developer, in the transaction. Franklin Adams of Adams Development Co., represented the buyer, a large private investor. Mulberry Walk was 97 percent leased at the time of sale.

September 21, 2015

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