Southeast

Capital Advisors Arranges $17.4M Loan for Two Retail Properties in South Carolina

by John Nelson December 18, 2014

BLUFFTON AND BEAUFORT, S.C. — Capital Advisors has arranged $17.4 million to refinance two retail properties in coastal South Carolina. The properties include Best Buy Center, a 95,041-square-foot retail center leased to Best Buy, Petco and Dollar Tree in Bluffton, and the Crossings at Beaufort, a 19,600-square-foot retail center leased to Jersey Mike’s Subs, Anytime Fitness and Wingstop in Beaufort. Matt Good of Capital Advisors’ Greenville, S.C., office arranged the non-recourse, 10-year loan with a fixed 4.625 percent interest rate and a 30-year amortization schedule. The loan was arranged through Cantor Fitzgerald, a CMBS lender, on behalf of the borrower, BC 170 LLC.

December 18, 2014

Multifamily North Carolina Southeast

Capstone Brokers $14.8M Sale of Apartment Community in Durham

by John Nelson December 18, 2014

DURHAM, N.C. — Capstone Apartment Partners has brokered the $14.8 million sale of Foxfire Apartments, a 354-unit multifamily community in Durham. Built in 1973, the asset was 93 percent occupied at the time of sale. Andrew Klenk and John Ackiss of Capstone’s Raleigh-Durham office, along with Brian Ford and Beau McIntosh of the firm’s Charlotte office, represented the seller, VTT Management Inc., in the transaction. The buyer, Lexerd Capital Management, purchased the property for roughly $41,667 per unit.

December 18, 2014

Georgia Retail Southeast

Ackerman & Co., Meddin Co. Broker Sale of Atlanta Retail Property for $11M

by John Nelson December 18, 2014

ATLANTA — Ackerman & Co., in partnership with The Meddin Co., has brokered the $11 million sale of Glenwood Park Retail in Atlanta. The seven-building, 48,515-square-foot property was more than 83 percent occupied at the time of sale to tenants such as Gunshow, Vickery’s and The Shed. Shea Meddin of Ackerman & Co., along with Stuart Meddin of The Meddin Co., represented the seller, Glenwood Park Builder LLC. The buyer was Coro Realty Advisors LLC.

December 18, 2014

North Carolina Office Southeast

Insite Properties Brokers Sale of Office Building in Raleigh

by John Nelson December 18, 2014

RALEIGH, N.C. — Insite Properties has brokered the sale of a 37,000-square-foot office building located at 5811 Glenwood Ave. in Raleigh. Built in 2000, the three-story office building was fully occupied by three tenants at the time of sale. Ben Kilgore and Jeff Glenn of CBRE | Raleigh, along with Ashton Williamson of CBRE | Hampton Roads, represented the seller, EOR-5811 Glenwood Avenue LLC. Insite Properties represented the buyer, an unnamed investment brokerage client, in the transaction.

December 18, 2014

Louisiana Mixed-Use Southeast

KTGY Group, JTS to Develop Alamo Drafthouse-Anchored Project in Baton Rouge

by John Nelson December 17, 2014

BATON ROUGE, LA. — KTGY Group Inc. and Baton Rouge-based JTS are planning to develop Rouzan Village in Baton Rouge. The project will feature 80,000 square feet of retail space anchored by a 33,000-square-foot Alamo Drafthouse Cinema and up to 220 residential units including live/work studios. Rouzan Village will be the commercial and retail center of Rouzan, a 120-acre master-planned development in Baton Rouge’s Southdowns neighborhood near the intersection of Perkins Road and Glasgow Avenue. Two parking structures and street parking will provide parking for roughly 900 cars. The theater is expected to begin construction next year and open in mid-2016. Rouzan Village’s residential component is expected to break ground in mid-2015 and take approximately 14-18 months to complete.

December 17, 2014

Georgia Multifamily Southeast

Berkshire Group Buys Crescent Terminus in Atlanta’s Buckhead Neighborhood

by John Nelson December 17, 2014

ATLANTA — An affiliate of Boston-based Berkshire Group has purchased Crescent Terminus Community, a luxury apartment community in Atlanta’s Buckhead neighborhood, from Crescent Communities for an undisclosed price. The 355-unit is a three-building complex that features two rooftop terraces with an outdoor fireplace and TV, saltwater resort-style swimming pool, outdoor kitchen, tech lounge with Mac stations, wireless printing and a coffee bar. Crescent Terminus is part of a nine-property portfolio totaling 2,667 units that sold for a gross purchase price approaching $700 million. The portfolio’s purchasers were UBS and an affiliate of the Berkshire Group.

December 17, 2014

Florida Office Southeast

CBRE Brokers $51M Sale of Office/Industrial Park in Deerfield Beach

by John Nelson December 17, 2014

DEERFIELD BEACH, FLA. — CBRE has arranged the $51 million sale of Quorum Business Center, a 408,000-square-foot distribution and office portfolio located in Fort Lauderdale’s Deerfield Beach submarket. The park is located at the intersection of S.W. 10th Street and Military Trail near I-95. Greenwich, Conn.-based Ivy Realty purchased the office/industrial park from New York-based KTR Capital Partners. Quorum Business Center was 87 percent occupied at the time of sale. KTR Capital has executed 154 leases and invested $4.5 million in tenant improvements since 2005. Christian Lee, Jose Lobon, Charles Foschini and Chris Apone of CBRE represented the seller in the transaction. Tom O’Loughlin of CBRE assisted the CBRE team with market leasing.

December 17, 2014

Louisiana Office Southeast

IBM Tops Off $30.5M Technology Center in Downtown Baton Rouge

by John Nelson December 17, 2014

BATON ROUGE, LA. — IBM has topped off its new nine-floor technology center under construction in downtown Baton Rouge that will cost $30.5 million to develop. The technology center, which will reportedly create 800 jobs, is part of a $55 million urban development project that will also feature 525 Lafayette, a 10-story residential tower. Commercial Properties Realty Trust, a REIT, is building the urban development project and Wilbur Marvin Foundation will own it. The property is scheduled for completion in May 2015. The topping off ceremony was attended by Gov. Bobby Jindal, IBM vice president Tim McLachlan, Baton Rouge Area Foundation president and CEO John Davies and Louisiana Economic Development (LED) secretary Stephen Moret. LED offered IBM a performance-based incentive package that includes grants totaling $29.5 million over 12 years.

December 17, 2014

Georgia Multifamily Southeast

MHA Brokers $21.2M Sale of Apartment Community in Macon

by John Nelson December 17, 2014

MACON, GA. — Multi Housing Advisors (MHA) has brokered the $21.2 million sale of Adrian on Riverside, a 224-unit apartment community located at 5243 Riverside Drive in Macon. Robert Stickel of MHA’s Atlanta office represented the seller, Adrian Park LLC, the developer of the community. PEM Real Estate Group was the buyer. The apartment community was 95 percent occupied at the time of sale. The property’s amenity package includes a putting green, theater, playground, covered car wash center, fitness center, billiard room and a pool with a sundeck and picnic pavilion.

December 17, 2014

Georgia Multifamily Southeast

Moran & Co. Southeast Brokers $55.6M Sale of High-Rise Apartment Community

by John Nelson December 16, 2014

SANDY SPRINGS, GA. — Moran & Co. Southeast has brokered the $55.6 million sale of The Vue at Park Towers, a 300-unit high-rise apartment community located at 789 Hammond Drive in Sandy Springs, a suburb of Atlanta. Built in 1999, the property features a swimming pool, renovated clubhouse and leasing office, fitness center, tennis court and convenience mart. Sean Henry, Joel Sasser and John Huckaby of Moran & Co. Southeast represented the seller, Crescent Heights, in the transaction. The buyer was Austin, Texas-based CWS.

December 16, 2014

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