CHARLOTTE, N.C. — Trinity Capital Advisors and joint venture partner DRA Advisors LLC, has acquired a 33-story, 584,315-square-foot office building located at 400 S. Tryon St. in downtown Charlotte for an undisclosed price. The building is 92 percent leased, with Duke Energy as its anchor tenant. Rob Cochran, Bill Collins, Jud Ryan and Craig Evans of Cassidy Turley represented the undisclosed seller in the transaction. Trinity Partners has been hired to lease and manage the asset.
CULLMAN, ALA. — Birmingham, Ala.-based Merchants Retail Partners has broken ground on the expansion of Cullman Shopping Center, bringing the retail asset to more than 325,000 square feet. New tenants coming to the center include Publix, PetSmart and a custom-designed Dick’s Sporting Goods. All three tenants are new entrants to the city of Cullman. Existing tenants at the shopping center include Belk, Books-A-Million and Shoe Dept.
LAKE COMO, N.J. — Four Springs Capital Trust, a privately traded REIT, has purchased five properties in the Southeast and Midwest for a combined $34 million. The assets include a 71,917-square-foot Academy Sports + Outdoors in Mt. Juliet, Tenn.; a 71,514-square-foot Academy Sports + Outdoors in Jonesboro, Ark.; two 9,026-square-foot Dollar Generals located in Yulee and Middleburg, Fla.; and a 226,756-square-foot industrial asset leased to Gander Mountain Co. Inc. in Lebanon, Ind. The properties are all subject to long-term triple net leases.
Atlanta is the economic engine of the Southeast, which is the fastest growing region in the country. With a population of 5.5 million across the 28-county metro area, the city is the ninth-largest metro nationally and is projected to be the sixth most populated by 2020. Atlanta’s high quality of life and low cost of living make it an ideal destination for young and educated talent around the region, as well as growing companies. Atlanta is home to 16 Fortune 500 companies and the busiest airport in the world — the recipe for a business boom and hot office real estate sector. According to Georgia State University’s Economic Forecasting Center, Atlanta is projected to add 305,000 new jobs between 2010 and 2016, with a drop in the unemployment rate to 5.7 percent in the same timeframe from the current rate of 7.5. That is a 13.5 percent increase in job growth over six years. The technology, homebuilding and service sectors are returning to health, if not climbing to new heights. According to CBRE’s U.S. Tech-Twenty research report, tech employment in Atlanta rose nearly 11 percent between 2011 and 2013. CBRE Research also finds that Atlanta’s recovery is underpinned by an …
WASHINGTON, D.C. — First Niagara’s commercial real estate group has closed on a $65 million loan with Mid-Atlantic Realty Partners (MRP Realty) for the construction of a 305-unit mixed-use apartment project. The property, known as The Waterfront, will be located along the Anacostia Waterfront across the street from Nationals Park in Washington, D.C. The development will feature ground-floor retail and underground parking space. Riverfront Holdings I LLC, a joint venture between MRP Realty and Florida Rock Properties, is overseeing the development of the project, which is slated for delivery by September 2016. The Waterfront will feature a rooftop swimming pool with an indoor lounge and kitchen area, local art gallery, fitness center, ground-level lounge with billiards, a bar area, outdoor seating with a fireplace, rooftop movie screen and an outdoor kitchen. Yvonne Ulrich of First Niagara originated the loan.
PORT ORANGE, FLA. — Marcus & Millichap has brokered the sale of two retail centers in Port Orange totaling $32.3 million. The properties include an 86,464-square-foot BJ’s Wholesale Club and fuel center and the 63,257-square-foot Altamira Village shopping center. Altamira Village’s tenant roster includes LA Fitness, CVS/pharmacy and Golden Corral. John Nuzman of Marcus & Millichap’s Detroit office represented the seller, Collett, a developer based in North Carolina, in both transactions. Robert Horvath and Todd Tremblay of Marcus & Millichap represented the buyer. Kirk Felici of Marcus & Millichap’s Miami office is the firm’s broker of record in Florida. The BJ’s is under a 20-year lease that began in September 2013, and LA Fitness has a 15-year lease that started this year.
GREENVILLE, S.C. — Passco Cos. LLC has purchased Vinings at Laurel Creek, a 244-unit, Class A apartment community, for $30.9 million. The multifamily community is located at 3434 Laurens Road near downtown Greenville. Delivered in 2013, the apartment property features a beach-entry pool, indoor/outdoor clubhouse, cyber café, dog park and fitness center. Passco plans to hold the asset for seven to 10 years or until the market dictates, according to Gary Goodman, senior vice president of acquisitions for Passco Cos.
DANIA BEACH, FLA. — The Goodman Co. has acquired the 165,000-square-foot Bass Pro Shops Outdoor World in Dania Beach. The property is located near the Fort Lauderdale International Airport and adjacent to the IGFA Fishing Hall of Fame & Museum.
UNION CITY, GA. — Capital One Multifamily Finance has provided an $8.6 million HUD 221(d)(4) loan for the construction of Providence at Parkway Village, a 150-unit affordable rental community for seniors. The age-restricted property will be located in Union City, part of the Atlanta MSA. Carolyn Whatley of Capital One originated the transaction on behalf of the developer, The Benoit Group. John Rucker at Merchant Capital was the bond underwriter for the loan, which features a construction period of 16 months and a 40-year amortization schedule. Providence at Parkway Village is Phase III of the master-planned Parkway Village, which includes two other multifamily properties delivered in 2009 and 2011. In addition to the HUD loan, the project is being financed through tax-exempt bonds, a tax credit equity investment facilitated by Raymond James and the Low Income Housing Tax Credit, a HOME loan from the Georgia Department of Community Affairs and a loan from the Housing Authority of Fulton County.
MIAMI — Miami-based developer Melo Group has secured $67.1 million to fund the construction of Melody, a 36-story luxury apartment building in downtown Miami. The 497-unit property will be located at 245 N.E. 14th St. The ground floor of the tower will feature restaurant space with outdoor seating opening onto a central plaza. Construction began in September and is expected to wrap up in early 2016.
