Southeast

UNARCO Leases 155,390 SF in Duke Realty’s Nashville Business Center II

by John Nelson June 19, 2015

NASHVILLE, TENN. — Duke Realty Corp. has signed UNARCO Material Handling Inc. to lease 155,390 square feet of industrial space in Nashville Business Center II. UNARCO is a national manufacturer and distributor of structural and roll-formed pallet racking and warehouse storage systems. The company will use the building, located at 3438 Briley Park Blvd., as a product distribution center. UNARCO’s lease brings the building to 78 percent occupancy. Nashville Business Center II is a 501,300-square-foot building that features 32-foot clear heights, 42-foot by 50-foot bay spacing and auto and trailer parking around the building. Improvements made on behalf of UNARCO include constructing a demising wall, adding a new building entrance, establishing separate electrical service and reworking the office area. Charley Hankla of DTZ represented UNARCO in the lease transaction. Duke Realty was represented internally by Lonnie Russell.

June 19, 2015

Florida Multifamily Seniors Housing Southeast

Roger B. Kennedy Inc. Breaks Ground on $8.7M Independent Living Community in Tampa

by John Nelson June 19, 2015

TAMPA, FLA. — Roger B. Kennedy Inc. has begun construction on Haley Park Apartments, an $8.7 million seniors independent living community in Tampa. The 80-unit project will be located at 13045 N. 15th St. and will feature a swimming pool, outdoor gathering areas with benches, gazebo and a dog park. Roger B. Kennedy plans to wrap up construction in May 2016. The design team includes architect BDG Architects and developer NVC Haley Park Ltd.

June 19, 2015

Liv @ Jasper Live @ Jefferson Largo Clearwater

Florida Multifamily Southeast

Franklin Street Sells Two-Property Multifamily Portfolio in Florida for $2.8M

by John Nelson June 19, 2015

LARGO AND CLEARWATER, FLA. — Franklin Street Real Estate Services has brokered the $2.8 million sale of Liv @ Jefferson and Liv @Jasper. Liv @ Jefferson is a 20-unit garden-style apartment community, built in 1976, that is located at 55 Jasper St. in Largo. The property contains a unit mix of one-, two- and three-bedroom units ranging from 900 to 1,550 square feet. Liv @ Jasper is a 33-unit, garden-style apartment community, built in 1971, located at 121 N. Jefferson Ave. in Clearwater. The property offers studio, one-, and two-bedroom floor plans ranging from 415 to 770 square feet. Darron Kattan, Robert Goldfinger, Kevin Kelleher, and Zachary Ames of Franklin Street represented both the seller, DRW Real Estate Management LLC, and the buyer, a private investor from the West Coast. In addition to these properties, the buyer recently bought three other apartment communities of varying sizes in Pinellas County. The buyer plans to operate them all centrally out of one of the larger properties they acquired, according to Franklin Street. Liv @ Jefferson and Liv @Jasper were financed with a newer product being offered by Freddie Mac and Fannie Mae.

June 19, 2015

Florida Multifamily Southeast

LeCesse Development Breaks Ground on Apartment Community in Palm Beach County

by John Nelson June 18, 2015

BOYNTON BEACH, FLA. — LeCesse Development Corp. has begun construction on 500 Ocean, a luxury multifamily community in Boynton Beach. Located in Palm Beach County, the 341-unit asset will be situated at the corner of Federal Highway and East Ocean Avenue near the Intracoastal Waterway and Atlantic Ocean. Upon completion, the property will feature 20,000 square feet of commercial space, a 664-space integrated parking garage, clubhouse, fitness center, club room, theater, bowling alley, private dining room, cyber café/game room, lounge, summer kitchen and two courtyards. The project is a joint venture between LeCesse Development, Morgan Management, Drum Hill Partners, Kaali-Nagy Residential and Atlantic American Opportunities Fund. The project team includes architect MSA Architects, general contractor LandSouth Construction, engineer IBI Group and environmental consultant RunBrook. SunTrust Bank provided construction financing on behalf of LeCesse Development. Residences will become available for lease beginning in the fall of 2016.

June 18, 2015

Florida Office Southeast

Marcus & Millichap Brokers $18M Sale of Office Building in Palm Beach Gardens

by John Nelson June 18, 2015

PALM BEACH GARDENS, FLA. — Marcus & Millichap has brokered the $18 million sale of a three-story office building in Palm Beach Gardens that serves as TBC Corp.’s corporate headquarters. Built in 2007, the 44,415-square-foot office building was renovated in 2009 to become TBC Corp.’s headquarters. Preet Sabharwal and Britt Raymond of Marcus & Millichap’s Manhattan office represented the seller in the transaction. Marco Lala and Steven Siegel, also of Marcus & Millichap’s Manhattan office, procured the buyer. Kirk Felici of Marcus & Millichap’s Miami office is the firm’s Florida broker of record. Christopher Marks of Marcus & Millichap Capital Corp. arranged a 10-year, $9.2 million acquisition loan on behalf of the buyer. The loan has a fixed interest rate of 4.15 percent and a 25-year amortization schedule.

June 18, 2015

Georgia Loans Multifamily Southeast

Cushman & Wakefield Arranges $13.5M Loan for ATLofts at Atlantic Station in Atlanta

by John Nelson June 18, 2015

ATLANTA — Cushman & Wakefield has arranged the $13.5 million refinancing of 109 of the 155 apartment units at ATLofts at Atlantic Station in Atlanta. Mike Ryan, Telly Fathaly, Brian Linnihan and Jeff Walker of Cushman & Wakefield’s Atlanta office arranged the loan through GE Capital on behalf of the undisclosed owner, which will use the funding to refinance existing debt on the property, as well as purchase additional units at ATLofts. Atlantic Station is 1.4 million-square-foot mixed-use development in Midtown Atlanta that features Class A office towers, retail space, restaurants, entertainment venues, student housing, apartment residences, condominiums and a hotel.

June 18, 2015

Georgia Office Southeast

Pike Nurseries Relocates Headquarters to Duluth Office Center

by John Nelson June 18, 2015

DULUTH, GA. — Pike Nurseries, a popular garden and lawn retailer, has relocated its corporate headquarters to Duluth Office Center, an office building located at 3555 Koger Blvd. in Duluth, an eastern suburb of Atlanta in Gwinnett County. The garden chain will lease 9,000 square feet that will serve as its support center for its 15 stores in metro Atlanta, growing facility in Marietta, Ga., and its store in Charlotte, N.C. Pike’s former corporate headquarters was in the Park Summit building located at 2675 Breckinridge Blvd. in Duluth. Bennett Gottlieb and John Thornton of CBRE represented Pike Nurseries in the lease transaction. Stream Realty Partners represented the undisclosed landlord.

June 18, 2015

Georgia Industrial Southeast

Compass Self Storage Acquires Eighth Facility in Metro Atlanta

by John Nelson June 18, 2015

MCDONOUGH, GA. — Compass Self Storage, a member of the Amsdell family of companies, has purchased a 72,000-square-foot self storage facility at 2140 Jodeco Road in McDonough, a southern suburb of Atlanta. Compass Self Storage will continue to operate the property, which features drive up access, indoor climate controlled units, digital surveillance, electronic access, online payments, outdoor parking and a line of moving and packing supplies. The facility is the eighth Compass Self Storage location in the metro Atlanta area and the sixth store that Compass has opened under the Compass flag in 2015.

June 18, 2015

Hospitality North Carolina Southeast

Concord Hospitality Sells Two Hotels in Raleigh for $109M

by John Nelson June 17, 2015

RALEIGH, N.C. — Concord Hospitality has sold the Renaissance and Hyatt House Raleigh North Hills hotels in Raleigh for a combined $109 million. Companies owned by an unnamed global investment fund acquired the two hotels through cash and an assumption of debt. The two properties anchor North Hills, a 1 million-square-foot mixed-use development that serves as a live-work-play destination for Raleigh residents and businesses. Concord will continue to manage the two assets under a long-term management agreement. Mark Elliott of Hodges Ward Elliott and Tom Ives of CBRE Hotels represented the seller in the transaction.

June 17, 2015

Georgia Loans Retail Southeast

CBRE Arranges $78M Construction Loan for Whole Foods-Anchored Center in Metro Atlanta

by John Nelson June 17, 2015

KENNESAW, GA. — CBRE Capital Markets has secured $78 million in acquisition and construction financing for Kennesaw Marketplace, a 288,000-square-foot retail shopping center located in Kennesaw, a northern suburb of Atlanta. Located at the intersection of Barrett Parkway and Georgia Highway 41, Kennesaw Marketplace will bring Whole Foods, Academy Sports and a mix of national and local tenants to the area. Construction is expected to commence immediately and will be completed by the third quarter of 2016. Jeffrey Ackemann, Jonathan Rice and Robert LaChapelle of CBRE’s Atlanta office arranged the three-year, non-recourse loan through Heitman Real Estate on behalf of a joint venture between Fuqua Development and Batson-Cook Development.

June 17, 2015

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