INDIAN LAND, S.C. — Cassidy Turley has brokered the $5 million sale of Catawba Commons, a 40,261-square-foot, Food Lion-anchored shopping center located at 8175 Charlotte Highway in Indian Land, part of the Charlotte MSA. The property was fully leased at the time of sale. Egan Family Partnership purchased the asset from Indian Land-FL LLC. Sam Young, Jared Londry and Rob Cochran of Cassidy Turley represented the seller.
LOUISVILLE, KY. – Doster Construction Co. has broken ground on the $45 million The Clubhouse Student Apartments in Louisville. The project will be located adjacent to the University of Louisville campus and consists of three five-story wood frame buildings. The new complex will have 758 beds and more than 400,000 square feet of living space. Amenities will include two courtyards, a swimming pool, a club room, fitness area, a theater, computer/study room and a hammock garden. The project also includes a five-and-a-half level parking garage that will accommodate more than 625 spaces. Buck Development Louisville LLC, affiliated with The John Buck Co., is the project’s developer, Doster is the general contractor and Henneman Engineering Inc. is the architect of record. Peak Campus Management will manage the asset.
MIAMI — Swire Properties Inc. has announced that Akerman LLP, a leading transactions and trial law firm, will be the lead office tenant of Brickell City Centre, a $1.05 billion, 5 million-square-foot mixed-use development underway in Miami. Akerman will occupy approximately 108,000 square feet once construction is complete in 2015. The law firm will occupy 80 percent of the Class A office space at Brickell City Centre Green, which is one of two office buildings under construction at the development. Brickell City Centre Green will be located at 98 S.E. Seventh St. Akerman’s Miami office employs 160 lawyers, making it the largest law office in Florida. The law firm has played a significant legal role in the development of Brickell City Centre as real estate and land use counsel to Swire Properties. Tere Blanca of Blanca Commercial Real Estate represented Akerman in the lease transaction. Alexander Cahlin and David Valdez of Blanca Commercial Real Estate assisted in the deal.
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.