Southeast

Fairlead Purchases Embassy Row Office Campus in Atlanta’s Central Perimeter Submarket

by John Nelson June 9, 2015

SANDY SPRINGS, GA. — Atlanta-based Fairlead Commercial Real Estate has purchased Embassy Row, a four-building office campus in Atlanta’s Central Perimeter office submarket, for an undisclosed price. Located on Peachtree Dunwoody Road in Sandy Springs, the 37-acre, 551,515-square-foot campus fronts GA 400 near Abernathy Road. Fairlead partnered with Bridge Investment Group Partners, manager of the ROC Funds, to purchase the office campus from ARES Management LLC. Embassy Row’s Building 100, which is occupied by the Art Institute of Atlanta, is not part of the transaction. Fairlead and Bridge Investment plan to invest $10 million to upgrade the buildings’ operating systems, common areas and tenant amenities. Will Yowell and Justin Parsonnet of CBRE represented ARES in the transaction.

June 9, 2015

Florida Retail Southeast Tennessee Virginia

Hanley Investment Group Brokers Sales of Four Shopping Centers Totaling $24M

by John Nelson June 9, 2015

IRVINE, CALIF. — Hanely Investment Group has negotiated the sales of four shopping centers in Oregon, Florida, Tennessee and Virginia totaling 372,000 square feet for a combined $24 million. Eric Wohl of Hanley Investment Group represented the seller, Cincinnati-based Phillips Edison & Co., in the four transactions. The shopping centers include the 100,762-square-foot Sandy Marketplace in Sandy, Ore.; the 115,198-square-foot Ferry Pass Plaza in Pensacola, Fla.; the 82,088-square-foot Rivergate Square in Madison, Tenn.; and the 73,788-square-foot Cross Pointe Marketplace in Chesterfield, Va. Hanley Investment Group has completed the sale of 11 Phillips Edison properties in eight months and currently has two additional Phillips Edison-owned retail properties in escrow totaling 248,767 square feet.

June 9, 2015

Florida Hospitality Loans Southeast

HFF Secures $11.3M Construction Loan for Hotel in South Florida

by John Nelson June 9, 2015

BOYNTON BEACH, FLA. — HFF has secured an $11.3 million construction loan for the development of a 116-room TownePlace Suites hotel in Boynton Beach, a coastal town in South Florida. The property will be built on a 2.8-acre site on Gateway Boulevard east of Congress Avenue and north of the Boynton Beach Mall. The hotel will have studio, one- and two-bedroom suites with full kitchens, a market for snacks and meals, swimming pool, fitness center and a putting green. Mike Kavanau, Elliott Throne and Alexandra Lalos of HFF arranged the loan through City National Bank of Florida on behalf of the borrower, North Boynton Beach Hospitality LLLP.

June 9, 2015

Multifamily North Carolina Southeast

Wood Partners Breaks Ground on Multifamily Community in Charlotte

by John Nelson June 8, 2015

CHARLOTTE, N.C. — Wood Partners LLC has broken ground on Alta Berewick, a 266-unit apartment community located on a 16-acre lot at 5503 Dixie River Road in Charlotte. Wood Partners expects to have apartments available for lease in February 2016, with construction slated for a December 2016 completion. This apartment community marks the 15th property that Wood Partners has developed in North Carolina. Architect Cline Design Associates has designed the property to comprise one- to three-bedroom units, each featuring stainless steel appliances, washers and dryers, granite countertops and faux wood flooring. The community’s amenity offerings include a fitness center, resort-style pool, clubroom, cyber café and a playground. Wood Partners purchased the lot from Berewick Town Center III for an undisclosed price. Wood Partners’ equity partner on the project is Sumitomo Corporation of the Americas, and the community’s general contractor is WP East Builders. Wood Residential Services will manage the community upon completion.

June 8, 2015

Florida Multifamily Southeast

CBRE Brokers $29M Sale of Apartment Community in Orlando

by John Nelson June 8, 2015

ORLANDO, FLA. — CBRE has brokered the $29 million sale of Laguna Oaks, a 360-unit lakeside apartment community located at 3211 S. Semoran Blvd. in Orlando. Avesta Communities purchased the gated apartment property from Ram Realty Services. Built in 1973 and renovated in 1997 and 2013, the multifamily community in situated near the 64-acre Lake Frederica. Laguna Oaks’ amenity package includes an onsite boat ramp and boat slips, two pools, an outdoor kitchen, clubhouse, community room, fitness center and covered parking. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller in the transaction.

June 8, 2015

Georgia Industrial Southeast

Lincoln Property Arranges Three Leases at South Atlanta Industrial Property

by John Nelson June 8, 2015

MCDONOUGH, GA. — Lincoln Property Co. Southeast has arranged three leases totaling nearly 72,000 square feet at Westridge Logistics Center, a two-building industrial campus totaling 324,112 square feet. Westridge is located in the South Atlanta industrial submarket of McDonough. Denton Shamburger of Lincoln represented the landlord in all three transactions. The deals included Thom Sawyer Logistics Solutions signing for 26,286 square feet, Legacy Commissary Services signing for 15,172 square feet and an unnamed tenant signing for 30,343 square feet. Rusty Epperson of Wilson, Hull & Neal Real Estate represented Thom Sawyer Logistics Solutions, and Bob Robers of Transwestern represented Legacy Commissary Services in their lease transactions.

June 8, 2015

Starr’s Mill Academy Preschool and Childcare Senoia

Georgia Loans Southeast

Walker & Dunlop Closes $2.6M Loan for Preschool in Metro Atlanta

by John Nelson June 8, 2015

SENOIA, GA. — Walker & Dunlop Inc. has originated a $2.6 million loan for Starr’s Mill Academy Preschool and Childcare in Senoia, roughly 35 miles south of Atlanta. Warren Factor led Walker & Dunlop’s team to originate the refinancing through Wells Fargo’s U.S. Small Business Administration 7A loan program. The 25-year loan was structured at 85 percent loan-to-value and features a fixed 5.05 percent interest rate.

June 8, 2015

North Carolina Southeast

Piedmont Properties/CORFAC Brokers $2.1M Sale of Land in Metro Raleigh

by John Nelson June 8, 2015

MOORESVILLE, N.C. — Piedmont Properties/CORFAC International has brokered the $2.1 million sale of a 1.5-acre lot of land located at 223 Medical Park Road in Mooresville, a suburb of Raleigh. David Alexander of Mooresville purchased the property from Matthew Johnson of Mount Mourne Springs. Steve Gentry of Piedmont Properties/CORFAC represented the seller in the transaction.

June 8, 2015

Georgia Market Reports Retail Southeast Southeast Market Reports Uncategorized

Corporate Relocations to Atlanta Prove the City is a Destination Market

by John Nelson June 8, 2015

Atlanta is experiencing an influx of human capital, corporate relocations and development of distribution networks that are combining to create a robust expansionary cycle in our real estate markets. One of the most positive elements of this expansion is that it appears the underlying structure of the growth is creating stability for our city and state well into the future. It is the structure of the growth that will be a long-term difference maker. CNBC annually conducts a study and ranks the top states for doing business. These rankings are a result of assessing various criteria, including but not limited to the cost of doing business, workforce quality, access to capital and business friendliness. CNBC’s results in 2014 were very telling. Four of the top 10 states are located in the south. The South’s top 10 finalists in CNBC’s study were Georgia (1), Texas (2), North Carolina (5) and Virginia (8). In addition to these empirical studies, major corporations are voting as well. The verdict is that many organizations are choosing to relocate corporate headquarters to Atlanta. Recently, marquee brands such as Mercedes-Benz USA and State Farm all have made plans to open or expand major corporate centers in our …

June 8, 2015

Alabama Georgia Multifamily Southeast

Steadfast Apartment REIT Buys Two Apartment Communities in Alabama, Georgia for $88.5M

by John Nelson June 5, 2015

HOOVER, ALA. AND MARIETTA, GA. — Steadfast Apartment REIT has acquired two apartment communities in Alabama and Georgia in two separate transactions totaling a combined $88.5 million. The two properties total 900 apartment units and include the 720-unit Ridge Crossings Apartments in Hoover and the 180-unit Rosemont at East Cobb in Marietta, a northern suburb of Atlanta. The REIT purchased Ridge Crossings for $72 million, making it the company’s first acquisition in Alabama. The property’s units average 1,107 square feet with average in-place rents of $862 per month. Ridge Crossings’ amenities include two swimming pools, a tennis court, playground, fitness center, laundry center, car wash area, pet park and walking trail. The property is currently 94 percent leased. Steadfast purchased Rosemont at East Cobb for $16.5 million, making it the company’s fourth acquisition in Georgia. The property is currently 96 percent occupied with in-place rents averaging $824 per month and unit sizes averaging 1,056 square feet. The property’s amenity package includes a fitness center, business center, tennis court, volleyball court, swimming pool and barbecue area. Steadfast is planning to extensively renovate both properties in the near future.

June 5, 2015

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