Southeast

Richmond’s Industrial Market Fires on Most Cylinders, Save for Large Spec Projects

by John Nelson December 7, 2015

Greater Richmond’s industrial market is as strong as it has been in a generation. Given the overall growth of the economy, including industrial employment and investment, it appears that the engines driving industrial economic growth will remain steady and the need for industrial real estate will continue to be steady. Greater Richmond’s industrial market is moving fast and on most cylinders, with the only laggard being pure speculative development of high-bay large block industrial and small incubation flex product. All other cylinders are pumping, including industrial and flex leasing, design build-to-suits, land sales, freestanding occupier building sales and investment sales. Absorption and general growth activity is coming not only from local existing companies and start-ups, but also by companies outside of the area looking to relocate or open additional facilities here. The flavor of the demand has been relatively diverse reflecting the Greater Richmond area’s stable economy and Mid-Atlantic location with its superior logistic opportunities. Economic Trends Greater Richmond’s population is nearly 1.3 million people, and total employment is more than 650,000 in the Richmond metro area. The diverse economy includes 10 Fortune 1000 headquarters; pharmaceutical, chemical, biotech and other 21st century manufacturers; financial and information technology services; Fifth District …

December 7, 2015

District of Columbia Office Southeast

Cushman & Wakefield Brokers $107.9M Sale of Office Building in D.C.

by John Nelson December 4, 2015

WASHINGTON, D.C. — Cushman & Wakefield has brokered the $107.9 million sale of a 218,923-square-foot office building located at 1575 Eye St. in Washington, D.C. The property is located one block from the White House and adjacent to the McPherson Square Metrorail Station, Hay Adams, St. Regis, Capital Hilton and Hyatt Place. Two federal agencies anchor the office building: the Department of Veterans Affairs and the Federal Aviation Administration. The property’s amenities include a conference center, rooftop terrace, fitness center, parking garage and a deli. Bill Collins, Paul Collins, Drew Flood, Jud Ryan and James Cassidy of Cushman & Wakefield represented the seller, 1575 Eye Street Associates LP, in the transaction. The seller is majority-owned by the American Society of Association Executive, an anchor tenant and investor of the office building since it was delivered in 1979. Carr Properties, which manages the selling partnership, has been retained by the new owner to manage the office building.

December 4, 2015

Multifamily Southeast Tennessee

Bluerock Growth Fund Sells Downtown Nashville Apartment Community for $35.2M

by John Nelson December 4, 2015

NASHVILLE, TENN. — Bluerock Growth Fund has sold Artisan on 18th, a Class A, 153-unit apartment community in downtown Nashville, for $35.2 million. The property was delivered in June and was completely occupied at the time of sale. A joint venture between Stonehenge DCM LLC, which oversaw development of the property, and affiliates of Bluerock Real Estate purchased the development. Artisan on 18th features a landscaped courtyard with a sundeck, outdoor grilling area and fireplace, fitness center, cyber clubroom with a coffee bar and business center, pet park and a parking garage. Unit interiors feature granite countertops, high-end flooring, designer cabinetry, full-size washer/dryer units, private balconies and nine-foot ceilings.

December 4, 2015

Florida Office Southeast

Deutsche Asset & Wealth Acquires Office Complex in Metro Miami

by John Nelson December 4, 2015

CORAL GABLES, FLA. — Deutsche Asset & Wealth Management’s Alternatives and Real Assets division has purchased a Class A office complex in Coral Gables, a city in Miami’s metro area. The property, known as The Alhambra, spans 326,415 square feet and comprises two towers. The buildings, known as Alhambra Plaza and Alhambra West, are 14 stories and seven stories, respectively. Deutsche purchased the complex for an undisclosed amount on behalf of a foreign institutional investor.

December 4, 2015

Hilton Garden Inn Coliseum Central Hampton

Hospitality Southeast Virginia

MCR Development Renovates Hilton Hotel in Hampton Roads Area

by John Nelson December 4, 2015

HAMPTON, VA. — MCR Development LLC has completed the renovation of the 149-room Hilton Garden Inn Coliseum Central in Hampton. The renovation included updates to the hotel’s guestrooms and common areas. Each unit received new furniture and design décor, and the pool, meeting rooms, event space and fitness center were updated. The hotel is located off I-64 and in close proximity to the Boo Williams Sportsplex, NASA’s Langley Research Center and the headquarters of Riverside Health System.

December 4, 2015

Office Southeast Virginia

Coldwell Banker Brokers $5.6M Sale of Free Lance-Star’s HQ Office Building in Fredericksburg

by John Nelson December 4, 2015

FREDERICKSBURG, VA. — Coldwell Banker Commercial Elite has brokered the $5.6 million sale of The Free Lance-Star’s headquarters in downtown Fredericksburg. The 90,000-square-foot office building is located at 616 and 620 Amelia St., and the property’s 2.9-acre parking lot, which is part of the sale, is located at 700 and 710 William St. Local developer William Vakos Jr. purchased the property. Sandton Capital Partners, owner of Free Lance-Star Publishing Inc., says the newspaper plans to continue to operate out of the building for another year. Ben Keddie and Heather Hagerman of Coldwell Banker Commercial Elite brokered the transaction.

December 4, 2015

Industrial Louisiana Southeast

Monmouth Purchases FedEx Industrial Facility in New Orleans MSA for $18.4M

by John Nelson December 3, 2015

COVINGTON, LA. — Monmouth Real Estate Investment Corp., a publicly traded industrial REIT based in Freehold, N.J., has purchased a 175,315-square-foot industrial facility for $18.4 million. Located at 450 Northpointe Court in Covington, a suburb of New Orleans, the distribution center is net-leased for 10 years to FedEx Ground Packaging System Inc. The property is situated on a 19.2-acre lot near I-12 and the Port of New Orleans. This is the first acquisition in Louisiana for Monmouth, which now owns 14.4 million square feet of industrial space in 29 states.

December 3, 2015

Retail Southeast Tennessee

GBT Realty to Develop $16M Retail Center in Metro Nashville

by John Nelson December 3, 2015

MURFREESBORO, TENN. — GBT Realty Corp. plans to develop The Shoppes of Northgate, a $16 million shopping center located along Memorial Boulevard in Murfreesboro. GBT Realty acquired the 13.1-acre site across from the Walmart Supercenter in November for $2.4 million. The new shopping center will feature a 30,000-square-foot Sprouts Farmers Market, as well as a PetSense, Liquor Barn and Newk’s Eatery. The new Sprouts store will be the fourth Sprouts that GBT Realty has developed this year. Construction on The Shoppes of Northgate is expected to begin this month, with store openings set for spring 2016. GBT Realty currently has $161 million of commercial space under development in the Nashville region.

December 3, 2015

Georgia Retail Southeast

SRS Brokers $16.4M Sale of Pleasant Hill Square Shopping Center in Metro Atlanta

by John Nelson December 3, 2015

DULUTH, GA. — SRS’ Southeast investment sales team has brokered the $16.4 million sale of Pleasant Hill Square, a 282,137-square-foot regional power center located in Duluth, an Atlanta suburb in Gwinnett County. Located at 2205 Pleasant Hill Road near the Satellite Boulevard intersection, the property is anchored by Toys “R” Us, Jo-Ann and Staples. Wells Fargo NA sold the shopping center to GW Real Estate of Georgia LLC. Kyle Stonis and Pierce Mayson of SRS, along with Tony Bartlett and Chip Sipple of Lincoln Property Co., represented Wells Fargo in the transaction. The buyer was self-represented.

December 3, 2015

Georgia Multifamily Southeast

RADCO Sells Apartment Community in Metro Atlanta for $7.2M

by John Nelson December 3, 2015

SANDY SPRINGS, GA. — The RADCO Cos. has sold Sierra Place, a 130-unit, Class B apartment community in Sandy Springs, for $7.2 million. RADCO originally purchased the 1970s era property in June 2012. The Atlanta-based multifamily investor sold the asset to a group of three investors. Multi Housing Advisors brokered the transaction. RADCO has four other properties under contract for sale and has three properties totaling 1,100 units in contract for acquisition.

December 3, 2015

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