Southeast

Sunrise Corporate Plaza Sawgrass International Corporate Park

Stiles Buys Office Building in Broward County for $18.9M

by John Nelson June 15, 2015

SUNRISE, FLA. — Stiles has purchased Sunrise Corporate Plaza, a three-story, Class A suburban office building, for $18.9 million. Developed in 1999, the 106,648-square-foot office building is located at 1300 Sawgrass Corporate Parkway within Sawgrass International Corporate Park in Sunrise, a town in Broward County. The asset was fully leased at the time of sale to tenants such as MacNeill Group and MEDNAX Services. Fort Lauderdale-based Stiles purchased the property through Stiles Property Fund, the company’s value-add real estate fund. Mike McDonald of Eastdil Secured represented the seller, FDG Sunrise Corporate Plaza, an affiliate of Florida East Coast Industries. Following the acquisition, Stiles will lease and manage the asset.

June 15, 2015

Georgia Industrial Southeast

Sealy & Co. Sells 209,210 SF Industrial Property in Metro Atlanta

by John Nelson June 15, 2015

MORROW, GA. — Dallas-based Sealy & Co. has sold a 209,210-square-foot industrial property in Morrow, roughly 14 miles south of Atlanta, for an undisclosed price. The company’s investment offefring, Sealy Strategic Equity Partners, executed the sale to enhance the fund’s key performance metrics.

June 15, 2015

Georgia Industrial Market Reports Southeast Southeast Market Reports

Expansion Imminent After Atlanta Industrial Sector’s Near-Historic Absorption in 2014, 2015

by John Nelson June 15, 2015

The Atlanta industrial market is in the beginning stages of its third growth cycle since 1990. Vacancy has declined over the past 18 quarters, and asking rates have seen a positive trend over the same time period, increasing by 14.9 percent. These improving metrics should come as no surprise to those familiar with the history of Atlanta’s industrial market. Although the Atlanta metro is the nation’s ninth-largest metropolitan area, its industrial market represents the fourth-largest by volume. Total vacant space in the market has fallen to a 13-year low 8.7 percent, meaning the metro is once again poised for industrial expansion. Cycles One, Two and Three Atlanta’s growth cycle in the 1990s lasted just under 8 years, from 1994 until 2002, where 135 million square feet of new product was added to the market. That constitutes almost a quarter of the total 549 million square feet in the metro today. Total vacancy had fallen to 9.2 percent in the middle of 1994 and asking rates hit what was then an all-time high of $3.26 per square foot. These factors triggered a 40 percent rise in construction volume. As this cycle closed in 2001, vacancy rose back above 10 percent in …

June 15, 2015

District of Columbia Office Southeast

CBRE Brokers $115M Sale of 12-Story Office Building in D.C.

by John Nelson June 12, 2015

WASHINGTON, D.C. — CBRE has brokered the $115 million sale of a 12-story, 165,752-square-foot office building located at 1750 K St. N.W. in Washington, D.C.’s Golden Triangle district. Mirae Asset Global Investments purchased the office asset from Sumitomo Corporation of Americas. Michael Blunt, Randall Heilig and Andrew Felber of CBRE’s Washington, D.C., office represented the seller in the transaction. The building is currently 95 percent leased with Wiley Rein LLP serving as the anchor tenant. Additional tenants include International Truck Association, ASKG Public Strategies and One-to-One Fitness. In 2010, the property underwent an extensive $4.5 million renovation that included significant upgrades to the mechanical systems and improvements to the anchor tenant’s space. The building has access to an onsite fitness center and parking garage and is within walking distance of the Farragut West and Farragut North Metro stations, Connecticut Avenue and Farragut Square.

June 12, 2015

1420 Sams Avenue Elmwood Business Park New Orleans

Industrial Louisiana Southeast

Cushman & Wakefield Arranges $15.5M Sale of 360,000 SF Distribution Center in New Orleans

by John Nelson June 12, 2015

NEW ORLEANS — Cushman & Wakefield has brokered the $15.5 million sale of a 358,060-square-foot distribution center located at 1420 Sams Ave. in Elmwood Business Park, a 33 million-square-foot industrial park in New Orleans. Built in 1984, the property was 95.6 percent leased at the time of sale. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller, Columbus Nova, in the transaction.

June 12, 2015

Alabama Retail Southeast

Colliers Brokers $10.9M Sale of Power Retail Center in Alabama

by John Nelson June 12, 2015

DECATUR, ALA. — Colliers International’s Southeast retail investment sales team has brokered the $10.9 million sale of The Market Shoppes, a power retail center located at 2407 6th Ave. in Decatur. Built in 2012, the Class A center was fully leased at the time of sale to tenants such as Kohl’s, Ulta Beauty, Lane Bryant and Mattress Firm. A family trust based in California purchased The Market Shoppes from Birmingham-based Blackwater Resources. Tony D’Ambrosio and Joe Montgomery of Colliers represented the seller in the transaction.

June 12, 2015

Pavilion Center 9755 Dogwood Road Roswell

Georgia Office Southeast

Atlanta Property Group Sells Three Class B Office Buildings in Metro Atlanta

by John Nelson June 12, 2015

SANDY SPRINGS AND ROSWELL, GA. — Atlanta Property Group, an investor and owner of office and industrial assets in the metro Atlanta area, has disposed of three Class B office assets in Sandy Springs and Roswell. The buildings total 125,283 square feet and include Hightower Centre I and II at 8300 and 8302 Dunwoody Place in Sandy Springs and Pavilion Center at 9755 Dogwood Road in Roswell. Kevin Markwordt and Todd Syprett of Transwestern’s Southeast investment sales group represented Atlanta Property Group in the transaction.

June 12, 2015

Southeast Tennessee

Berkadia Opens New Office in Chattanooga

by John Nelson June 12, 2015

CHATTANOOGA, TENN. — Commercial real estate services firm Berkadia has opened a new office in Chattanooga. Berkadia has hired Marcus Lyons, former president and CEO of The Lyons Group Inc., to head the new office and serve as director. Lyons will collaborate with partner David Oakley of Berkadia’s Birmingham, Ala., office to generate investment sales opportunities, work directly with new and existing clients and expand the company’s economic, investment and apartment market reporting/research in the Chattanooga area. Lyons has bachelor’s degrees in Finance and Accounting from The University of Tennessee at Chattanooga.

June 12, 2015

Florida Multifamily Southeast

ZOM Breaks Ground on 50-Story High-Rise Apartment Building in Miami

by John Nelson June 11, 2015

MIAMI — ZOM has broken ground on Solitair, a 438-unit, 50-story multifamily high-rise in Miami. The apartment tower is located at 86 S.W. 8th St. in Miami’s Brickell district, a block between Brickell City Centre and Mary Brickell Village. JP Morgan Chase and HSBC Bank USA provided construction financing for the project on behalf of ZOM and its joint venture partner, an affiliate of AIG Global Real Estate. The design team includes architect ADD Inc. and general contractor Balfour Beatty Construction. ZRS Management LLC will provide property management services for the tower upon completion, which is set for late 2017, according to ZOM.

June 11, 2015

Office South Carolina Southeast

Trinity Capital, Durlach to Develop Class A Office Building in North Charleston

by John Nelson June 11, 2015

NORTH CHARLESTON, S.C. — Trinity Capital Advisors has partnered with Durlach Associates to develop Faber Plaza, a Class A office building located in North Charleston’s Faber Place submarket. The 125,000-square-foot building will be located at 4400 Leeds Ave., at the entrance to The Executive Park at Faber Place and Leeds Park. Rob Cochran and Jared Londry of DTZ’s Carolinas Capital Markets group arranged construction financing on behalf of Durlach Associates. The design team includes architect LS3P Architects and general contractor Choate Construction. Trinity Capital and Durlach are planning to break ground in late July, with construction set for an April 2016 completion.

June 11, 2015

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