Southeast

Spirit Bascom Ventures Buys Apartment Community in Metro Atlanta

by John Nelson November 14, 2014

SANDY SPRINGS, GA. — Spirit Bascom Ventures, in conjunction with funds managed by Oaktree Capital Management LP, has purchased The Laurels at Overlook Park. The 232-unit apartment community is located along the Chattahoochee River at 415 Morgan Falls Road in Sandy Springs, a northern suburb of Atlanta. The property’s amenity package includes a large clubhouse, resort-style pool with gardens, fitness center and a trailhead leading to a hiking path through nearby Overlook Park and the Chattahoochee River. Andrew Feinberg, David Harte and Marc Schulder of Ackman-Ziff arranged acquisition financing on behalf of the buyers through Synovus Bank. JLL represented the undisclosed seller in the transaction. The new ownership is planning to renovate the property’s interiors and amenity offerings.

November 14, 2014

Office Southeast Virginia

Coretrust Capital, Normandy JV Buy Reston Metro Center One and Two

by John Nelson November 14, 2014

RESTON, VA. — A joint venture between Coretrust Capital Partners and Normandy Real Estate Partners has purchased Reston Metro Center One and Two in Reston. The two Class A office buildings located on Dulles Toll Road span a combined 185,480 square feet. Coretrust and Normandy is jointly managing the properties and has hired Jeff Roman and John DiCamillo of CBRE to provide leasing services. Reston Metro Center One and Two are located in close proximity to Silver Line’s Reston Town Center Metro Station that will open in 2018. Coretrust-Normandy financed the acquisition through a loan restructuring of the existing mortgage notes with LNR.

November 14, 2014

Mixed-Use Southeast Virginia

The Milgraum Center in Downtown Charlottesville Sells for $1.9M

by John Nelson November 14, 2014

CHARLOTTESVILLE, VA. — CBRE | Charlottesville has brokered the $1.9 million sale of The Milgraum Center, a 25,000-square-foot mixed-use building located at 310-312 E. Main St. in downtown Charlottesville. The property was 92.5 percent leased at the time of sale to tenants such as Silverchair Information Systems and Vita Nova Pizza. Milgraum Trust sold the property to Armory 310 East Main LLC. Rob Stockhausen of CBRE | Charlottesville represented the seller in the transaction, while Carolyn Shears of CBRE | Charlottesville represented the buyer.

November 14, 2014

Florida Office Southeast

HFF Brokers $112M Sale of Broward Financial Center in Fort Lauderdale

by John Nelson November 13, 2014

FORT LAUDERDALE, FLA. — HFF has brokered the $112 million sale of Broward Financial Center, a 324,429-square-foot, Class A office property in Fort Lauderdale. The property is located at 500 E. Broward Blvd. in Fort Lauderdale’s central business district. AGS Property Corp. purchased the 24-story office building clear and free of existing debt from DRA Advisors LLC. Hermen Rodriguez, Manuel De Zarraga, Ike Ojala and Jorge Portela of HFF represented DRA Advisors in the transaction. Broward Financial Center was 90 percent leased at the time of sale to tenants such as Sun-Sentinel Co., Fox Sports Net Florida Inc., Premiere Beverage Co. LLC, Northwestern Mutual, Morton’s Restaurant Group and Charles Schwab & Co. Inc. Additionally, HFF secured $61million in acquisition financing on behalf of AGS Property Corp. Chris Drew and Paul Stasaitis led HFF’s debt placement team to arrange the 10-year, fixed-rate loan through Morgan Stanley Mortgage Capital Inc.

November 13, 2014

Georgia Multifamily Southeast

W. P. Carey-Sponsored REIT Buys Two Metro Atlanta Apartment Communities for $46M

by John Nelson November 13, 2014

TUCKER AND CHAMBLEE, GA. — CPA: 18-Global, W. P. Carey’s non-traded REIT, has acquired a 97 percent interest in two metro Atlanta apartment communities for approximately $46 million. The two properties include the 217-unit Dupont Place Apartments in Tucker and the 227-unit Gentry’s Walk in Chamblee. Co-investment partners Silverpeak Real Estate Partners and Carroll Organization own the remaining interest in the two multifamily assets.

November 13, 2014

Louisiana Retail Southeast

Stirling Properties Brokers Sales of Three Retail Centers in Gulf South Totaling $15.2M

by John Nelson November 13, 2014

COVINGTON, LA. — Stirling Properties has brokered the sale of three retail centers in Louisiana and Alabama totaling $15.2 million. The three properties include a CVS in Baton Rouge, La., that sold for approximately $4.8 million; the Conn’s-anchored Park Plaza in Lake Charles, La., that sold for $6 million; and the 42,257-square-foot Woodmere Crossing in Montgomery, Ala., that sold for $4.4 million. A private New York-based investor purchased the CVS in Baton Rouge from a private Louisiana-based investor in a 1031 tax-deferred exchange. Patrick Luther and Matthew Mousavi of Faris Lee Investments assisted in the sale. A private investor based in Houston purchased Park Plaza from Weingarten Realty Investors. The property was 40 percent vacant at the time of sale. BV Belk Properties purchased Woodmere Crossing via auction. Jeff Barnes of Stirling’s Mobile office assisted in the transaction along with Auction.com. Woodmere Crossing’s tenant roster includes Petco, Books-A-Million, Jason’s Deli and Sally Beauty Supply. Beezie Landry of Stirling’s Covington office represented the seller in all three transactions.

November 13, 2014

Florida Retail Southeast

LA Fitness-Anchored Shopping Center in Deerfield Beach Sells for $12.3M

by John Nelson November 13, 2014

DEERFIELD BEACH, FLA. — Investments Limited has purchased Hillsboro Commons, an 82,000-square-foot shopping center located in Deerfield Beach, for $12.3 million. The two-story, LA Fitness-anchored retail center located at 1000 E. Hillsboro Blvd. was 98 percent leased at the time of sale. Investments Limited purchased the center from Hillsboro Capital LLC. Phil Bloom of Bellestar Partners LLC and Nancy Dockerty of Dockerty Romer & Co. co-brokered the transaction.

November 13, 2014

District of Columbia Loans Southeast

HFF Arranges $42M Loan for 11-Story Office Tower in D.C.’s East End

by John Nelson November 12, 2014

WASHINGTON, D.C. — HFF has secured $42 million in financing for 620 F St., an 11-story, 119,649-square-foot office tower in Washington, D.C.’s East End submarket. Sue Carras, Walter Coker, Brian Crivella and Nicole Snarski of HFF arranged the 25-year, fixed-rate loan through Prudential Mortgage Capital Co. on behalf of the borrower, BAC F Street LLC. Completed in 2006, the office tower is fully leased to tenants such as AARP and the International Union of Bricklayers and Allied Craftworkers. R.J. Davis of Pillsbury Winthrop Shaw Pittman LLP provided legal counsel of behalf of the owner.

November 12, 2014

North Carolina Office Southeast

Portman Holdings Unveils Plans for 19-Story Office Tower in Charlotte

by John Nelson November 12, 2014

CHARLOTTE, N.C. — Portman Holdings has shared its design details and renderings of 615 South College, a 19-story office tower in Uptown Charlotte. Portman has begun the permitting process and expects to break ground in June 2015. Travis Garland of Portman will work with Trinity Partners to lease and market the 370,000-square-foot tower, which is slated for a fourth quarter 2016 completion. The property will feature an elevated green plaza, two-story corner balconies, floor-to-ceiling windows, signage opportunities fronting I-277, a fitness center and a conference facility. The tower will be situated atop an underground parking garage. Architect John Portman & Associates is designing 615 South College to achieve LEED Gold certification.

November 12, 2014

Florida Industrial Southeast

PS Business Parks Buys Industrial Building in Metro Miami

by John Nelson November 12, 2014

DORAL, FLA. — PS Business Parks Inc. has purchased a 148,618-square-foot, Class A industrial building located in the Miami International Commerce Center. Dubbed 2323 at MICC, the industrial building is located at 2323 N.W. 82nd Ave. in Doral and is 100 percent vacant. The property features a two-story open office space, air-conditioned warehouse with 16- to 24-foot clear heights and a fully fenced parking lot.

November 12, 2014

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