ROCK HILL, S.C. — The Boulder Group has arranged the $3.1 million sale of a single-tenant Dollar General Plus store located at 1333 E. Main St. in Rock Hill, 25 miles south of downtown Charlotte. The 12,480-square-foot store is located across the street from a Food Lion approximately one mile from I-77. Dollar General has more than 13 years remaining on its lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate investment firm, in the transaction. The buyer, a South Carolina-based investor, purchased the asset in a 1031 tax-deferred exchange.
Southeast
ELKRIDGE, MD. — The U.S. Green Building Council (USGBC) has awarded LEED Platinum certification to Verde at Howard Square in Elkridge, making the 299-unit property the first LEED Platinum-certified apartment community in Maryland. The community’s sustainable features include a 43 percent reduction in water usage, 40 percent overall energy savings, diverting 91 percent of the construction waste, implementing a green cleaning program, employing an integrated pest management program and the use of solar panels, which generate 15 percent of the total power consumed. The property is owned by Howard Square Residential Holdings LLC, a joint venture between The Dolben Co. and Atapco Properties. Verde at Howard Square is the first multifamily property designed for the 47-acre Howard Square mixed-use development in Maryland’s Howard County.
Louisville is riding a wave of momentum after hosting its third PGA Championship at Valhalla Golf Club in August. In addition, the $2.5 billion Louisville-Southern Indiana Ohio River bridge projects are under construction and scheduled to open in 2016. This project adds two new bridges, an east end bridge connecting I-265 in Kentucky with I-265 in Indiana, and a second bridge located downtown as part of improvements to I-65. These significant infrastructure improvements are a game changer in the fact that they will improve accessibility to new retail trade areas such as southern Indiana and northeast Louisville. In anticipation of the Kentucky International Convention Center being dramatically expanded and remodeled, Louisville has five hotels under construction or planned for downtown. Omni Hotels & Resorts will build its first property in Kentucky in Louisville, a 600-room convention hotel at Third and Liberty streets. Estimated to open no later than 2017, the Omni will be adjacent to 200 apartments, a grocery store and retail shops. The project is a public-private partnership between Omni, Cordish Cos., metro government and the state of Kentucky. REI Real Estate Services and Poe Cos. are developing a 172-room Aloft Hotel located in the central business district at …
ATLANTA — OliverMcMillan has officially opened Buckhead Atlanta, a 1.5 million-square-foot mixed-use development in the heart of Atlanta’s Buckhead neighborhood. The completed district will include 300,000 square feet of upscale retail stores, restaurants and cafes, more than 100,000 square feet of office space and 370 luxury high-rise residences. The development is expected to employ approximately 800 people and house 600-625 residents. In the pipeline since 2006 as “Streets of Buckhead”, OliverMcMillan took the reins of the development in 2011 and rebranded it “Buckhead Atlanta”. The project was recently awarded the Project of the Year by the Atlanta District Council of the Urban Land Institute. The project features 36 confirmed tenants, such as Hermes, Jimmy Choo, Fado Irish Pub and Shake Shack. One restaurant or retailer is expected to open each week through the end of the year.
CHARLOTTE, N.C. — Lowe Enterprises Investors (LEI) has acquired the Aloft Charlotte Uptown @ the EpiCentre, a 175-room hotel located at 210 E. Trade St. in Charlotte’s Uptown district. LEI has tapped its affiliate Destination Management to manage the hotel, which will continue to operate under the Aloft brand. The hotel is within walking distance of Bank of America’s global headquarters, Bank of America Stadium, the NASCAR Hall of Fame and the Charlotte Convention Center. The property features a fitness center, indoor pool, 2,500-square-foot meeting facility, business center and the w xyz bar. Russell Munn of LEI led the acquisition team. Wells Fargo provided acquisition financing on behalf of LEI.
ORANGE COUNTY, CALIF. — The Orange County office of Berkadia Commercial Mortgage LLC has arranged $33.5 million for the refinancing of a portfolio of 15 retail properties in Louisiana and Mississippi. Ed Kim and Zane Sweet of Berkadia arranged the five-year, fixed-rate loan through Bank of America Merrill Lynch on behalf of the borrower, Kimble Development of Louisiana LLC. The loan is structured at 83 percent LTV with a 30-year amortization schedule. The properties, located in secondary markets such as Baton Rouge in Louisiana and Natchez in Mississippi, comprise nearly 500,000 square feet, and are collectively 92.5 percent occupied. Notable tenants include Rue21, Stage, Dollar Tree and Family Dollar.
ARLINGTON, VA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $25 million CMBS loan to refinance Hampton Inn Crystal City in Arlington. Keith Bauer of MMCC’s Washington, D.C., office arranged the 65 percent LTV loan with a fixed interest rate of 4.76 percent.
MIAMI BEACH, FLA. — The AIDS Healthcare Foundation has sold a 7,500-square-foot retail building and a three-unit apartment building at 1501 Alton Road in Miami Beach’s South Beach neighborhood for $4.6 million. Steve Hyatt of Berger Commercial Realty represented the AIDS Healthcare Foundation in the transaction. The property’s current tenant, an Out of the Closet thrift store, will continue to operate at the location under a short-term lease-back agreement.
FORT LAUDERDALE, FLA. — Steelbridge Capital has purchased Cypress Financial Center, an 11-story, Class A office tower in Fort Lauderdale, for $32.6 million. The 198,528-square-foot property is situated on I-95 at Cypress Creek Road. Steelbridge Capital’s principals were part of the prior ownership from 1998-2006 and were able to now buy the asset back from the owner it had sold the property to in 2006. Steelbridge is planning a multi-million dollar capital improvement program for the property and has tapped Kravit Architectural Associates to design the upgrades to the lobby, common area, exterior, landscaping and elevator systems. The property is currently 76 percent leased to tenants such as MetLife, TD Bank, BDO, Altadis and Marcus & Millichap. Steelbridge Real Estate Services will provide property management services for Cypress Financial Center. Hermen Rodriguez, Ike Ojala and Jorge Portela of HFF represented the seller, Tricony CFC LLC, in the transaction.
ABERDEEN, MD. — CBRE has brokered the $31 million sale of Advantage Business Park, a 528,780-square-foot industrial bulk warehouse at 504 Advantage Way in Aberdeen, part of Baltimore’s I-95 North industrial submarket. SK Realty Management purchased the property from 504 Advantage Way LLC. The property is fully leased to three tenants and anchored by Gordon Food Service. Jonathan Beard, Bo Cashman and Bill Pellington of CBRE’s Baltimore office brokered the sale.