Southeast

Retail Properties of America Acquires Retail Portion of Downtown Crown in Metro D.C. for $162.8M

by John Nelson January 13, 2015

GAITHERSBURG, MD. — Retail Properties of America Inc. (RPAI) has purchased the retail portion of Downtown Crown, a Class A, mixed-use development in Gaithersburg, a suburb of Washington, D.C. RPAI purchased the 258,000 square feet of retail space from The JBG Cos. and JBGR Retail for $162.8 million. The retail component includes a Harris Teeter-anchored neighborhood center and a lifestyle center housing tenants such as Coastal Flats, Ted’s Montana Grill, Old Town Pour House and Ruth’s Chris Steakhouse. The retail portion of Downtown Crown opened in phases beginning in the fourth quarter of 2013 and is currently 77.5 percent leased.

January 13, 2015

Station Square at Cosner’s Corner Fredericksburg

Multifamily Southeast Virginia

Doster Construction to Break Ground on Multifamily Community in Virginia

by John Nelson January 13, 2015

FREDERICKSBURG, VA. — Doster Construction Co. has been selected to construct Phase II of Station Square at Cosner’s Corner, a 120-unit apartment complex in Fredericksburg. The project team, including developer MAA Communities and architect Davis Architects, will break ground on the apartment community in the first quarter. Upon completion, the property will feature upscale kitchens, crown molding, screened balconies and patios, washers and dryers, walk-in closets, a resort-style swimming pool, fitness center and a business center.

January 13, 2015

Alabama Retail Southeast

GBT Realty Corp. to Develop $18M Shopping Center in Alabama

by John Nelson January 13, 2015

ALBERTVILLE, ALA. — GBT Realty Corp. will soon begin developing The Shoppes of Albertville, an $18 million, 135,000-square-foot retail center located on a 13.2-acre tract of land in Albertville. The property is currently 92 percent pre-leased to tenants such as PetSmart, T.J. Maxx, Hobby Lobby, Ross Dress for Less and Hibbett Sports. GBT Realty expects to deliver the property in spring 2016. GBT entered into a development agreement with the city of Albertville whereby the city agreed to sell bonds to provide $5 million of funding to offset pre-development and development costs. Upon completion, a portion of the sales tax generated at the shopping center will pay off the bonds.

January 13, 2015

Alabama Restaurant Retail Southeast

STREAM Capital Partners Brokers $23.3M Sale-Leaseback of KFC Portfolio in Alabama

by John Nelson January 13, 2015

CHICAGO — STREAM Capital Partners, a sale-leaseback advisory group based in Chicago, has brokered the $23.3 million sale-leaseback of 18 KFC restaurants in Alabama. The locations are all under long-term triple-net leases to a KFC franchisee. Adam English, Jonathan Wolfe and Jordan Shtulman of STREAM Capital Partners advised the undisclosed seller in the transaction. The buyer was a public REIT.

January 13, 2015

North Carolina Office Southeast

Ziff Properties Sells Three Office/Industrial Assets in Charlotte for $10M

by John Nelson January 13, 2015

CHARLOTTE, N.C. — Ziff Properties Inc. has sold three office and light industrial assets in Charlotte for a combined $10 million. The assets include Arcade Square, Coffey Creek and Rubin Business Center II. Rob Cochran and Jared Londry of DTZ Charlotte represented Ziff Properties in the transaction. Christian Chamblee was the internal representation for Ziff Properties.

January 13, 2015

Georgia Retail Southeast

Atlanta’s Ponce City Market Reveals 13 New Retail Tenants

by John Nelson January 12, 2015

ATLANTA — Atlanta-based developer Jamestown has revealed 13 new retail tenants for its Ponce City Market development, a 2 million-square-foot, adaptive reuse project in Atlanta’s Old Fourth Ward neighborhood. Ponce City Market is a retrofitting of the 1920s-era Sears, Roebuck & Co. building on Ponce de Leon Avenue, which is located along the Atlanta Beltline. The property features a marketplace with a central food hall (opening in spring 2015), loft apartments and boutique office space. The retail tenant roster includes The Frye Company (4,135 square feet); Oakleaf & Acorn (700 square feet); The Jean Machine (1,200 square feet); Williams-Sonoma Home (9,251 square feet); Madewell (3,017 square feet); West Elm (13,750 square feet); Anthropologie (11,618 square feet); Mountain High Outfitters (6,900 square feet); Rejuvenation (6,000 square feet); Goorin Bros. Hat Shop (1,000 square feet); J. Crew (5,382 square feet); Michael Stars (1,539 square feet); and Lou Lou Accessories (1,200 square feet). The retailers will begin to open their stores in the spring in conjunction with the opening of the central food hall, according to the Atlanta Business Chronicle.

January 12, 2015

Florida Retail Southeast

HFF Brokers $37.3M Sale of Power Retail Center in Orlando

by John Nelson January 12, 2015

ORLANDO, FLA. — HFF has brokered the $37.3 million sale of Colonial Landing, a 259,024-square-foot retail power center in Orlando. The property is located 2.2 miles from downtown Orlando across from Orlando Fashion Square Mall. Colonial Landing is fully leased to tenants such as Bed Bath & Beyond, Buy Buy Baby, PetSmart, Sports Authority, Jo-Ann Fabrics & Crafts, H.H. Gregg, Party City, Red Lobster, Smokey Bones, Fifth Third Bank and Pollo Tropical. Retail Centers of America, which was advised by Lincoln Retail REIT Services, purchased the property free and clear of existing debt. Brad Peterson, Whitaker Leonhardt and Anthony Frogameni of HFF led the investment sales team in representing the seller, a joint venture between Weingarten Realty Investors and other private investors.

January 12, 2015

Multifamily North Carolina Southeast

ARA Brokers Sale of Notting Hill Apartment Community in Chapel Hill

by John Nelson January 12, 2015

CHAPEL HILL, N.C. — ARA has brokered the sale of Notting Hill, a 200-unit, Class A apartment community in Chapel Hill. Dean Smith, Blake Okland, Sean Wood and John Heimburger of ARA represented the seller, a Dallas-based private real estate fund advised by Crow Holdings Capital-Real Estate. Atlanta-based Carroll Organization purchased the apartment community in a joint venture agreement with AIMS Real Estate for an undisclosed price. Carroll Management Group will manage the apartment property, which was 95 percent occupied at the time of sale. The property’s amenity package includes a swimming pool, business center, fitness center, tennis court, playground, car care center, laundry center and coffee lounge. Built in 2000, the property is comprised of one-, two- and three-bedroom units.

January 12, 2015

171 17th Street Atlanta Atlantic Station

Georgia Office Southeast

Georgia Tech Research Signs 24,829 SF Office Lease in Atlantic Station

by John Nelson January 12, 2015

ATLANTA — KBS Real Estate Investment Trust III (KBS REIT III) has signed a 24,829-square-foot office lease with Georgia Tech Research Corp. (GTRC) at 171 17th St. in Atlanta. The 21-story, Class A office tower at 171 17th St. is located in the Atlantic Station mixed-use development. The office building was the first LEED Silver Core and Shell-certified building in the world, according to KBS REIT III. Glenn Kolker and Sonia Winfield of Cassidy Turley represented KBS REIT III in the lease transaction.

January 12, 2015

Industrial Market Reports Southeast Southeast Market Reports

Servicing the Market on a Global Scale: Ports in the Southeast are Pursuing New Business, Boosting Region’s Industrial Market

by John Nelson January 12, 2015

The Southeast’s increasing relevance in the global marketplace is due in large part to the success of its ports. Internationally recognized companies like BMW, Boeing and Walmart have expanded in the Southeast to operate closer to the ports handling their imports and exports. According to JLL’s Port, Airport & Global Infrastructure research division, volume of twenty-foot equivalent units (TEUs) in 2013 at 13 seaports across the country was 3.3 percent higher than in 2007. TEU volume at West Coast seaports dipped by 6.8 percent in that period, while East Coast ports exceeded their 2007 volumes by 19.1 percent. The large spike of activity for East Coast ports in the past seven years has resulted in a windfall of industrial tenants expanding in and around the ports. Three of the largest Southeastern ports in terms of capacity are the Port of Charleston, PortMiami and the Port of Savannah. Each have been a boon to the industrial market in their respective state, and with the expansion and harbor deepening projects underway at each port, each should only escalate their importance in the coming years. In the Driver’s Seat The South Carolina Ports Authority (SCPA) is currently in a growth mode with container …

January 12, 2015

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