Southeast

Pollack Shores Announce Plans for Mixed-Use Property in Nashville’s Gulch Neighborhood

by John Nelson May 13, 2015

NASHVILLE, TENN. — Pollack Shores Real Estate Group has announced that its new mixed-use development in Nashville’s Gulch neighborhood will feature 376 upscale apartment units, 9,000 square feet of retail space and a parking garage. Pollack Shores recently closed on the purchase of the site, which spans an entire city block and contains the Gossett Building and several land parcels. The site is bordered by Church Street and 12th Avenue North. Pollack Shores plans to salvage and restore the vintage neon M.T. Gossett sign outside the building for future use in the development. The new development’s apartment units will be outfitted with quartz countertops, European cabinetry, plank flooring, under mount sinks and stainless steel appliances. Matrix Residential, Pollack Shores’ multifamily management division, will manage the asset upon completion. The first residential units are expected to be available beginning in spring 2018.

May 13, 2015

North Carolina Office Southeast

Rubenstein Partners, Grubb Properties Sell Office Property in Research Triangle for $14.8M

by John Nelson May 13, 2015

DURHAM, N.C. — Rubenstein Partners LP and Grubb Properties have sold Newcastle South, an 86,895-square-foot office asset located at 1015 Swabia Court Road in the Imperial Center business park in Durham’s Research Triangle submarket. Drawbridge Realty, a San Francisco-based real estate investment firm, purchased the asset for $14.8 million. In December 2014, the sellers net-leased the entire property to Nimble Storage, a tech company based in Northern California. Prior to the lease, Rubenstein and Grubb renovated and rebranded the property with a new landscaped courtyard, roof and HVAC equipment. Ben Kilgore and Jeff Glenn of CBRE|Raleigh represented the sellers in the transaction.

May 13, 2015

Alabama Mixed-Use Southeast

Retail Specialists Tops Out Mixed-Use Development in Montgomery

by John Nelson May 12, 2015

MONTGOMERY, ALA. — Birmingham-based Retail Specialists LLC has topped out 79C, its new mixed-use development located on Bibb Street between Commerce and Lee streets in downtown Montgomery. The development is located across from the Montgomery Convention Center. Upon completion, the development will feature 54 Class A multifamily units and 15,800 square feet of retail space on the ground floor. The retail space will house four to six retailers and Mellow Mushroom has already committed as a tenant. Golden Bell Capital and Iberia Bank provided construction financing for the development. The design team includes general contractor Brasfield & Gorrie, architect Live Design Group and engineer Goodwyn, Mills and Cawood. T.J. Wiliford of Partners Realty is handling the management and leasing for the multifamily portion of 79C, and David Plummer of Retail Specialists is handling the management and leasing responsibilities for the retail portion. The development team expects to deliver 79C in September 2015.

May 12, 2015

Florida Multifamily Southeast

CBRE Brokers $54M Sale of Apartment Community in Central Florida

by John Nelson May 12, 2015

WINTER SPRINGS, FLA. — CBRE has brokered the $54 million sale of The Park at Laurel Oaks, a 552-unit apartment property located at 1 Laurel Oaks Drive in Winter Springs, about 15 minutes outside of Orlando. New York-based White Eagle Property Group purchased the gated community from Laurel Oaks LLC. The property’s amenity package includes a fitness center, business center, tennis court, car care center, private garages and two swimming pools. The asset was 95 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquil of CBRE represented the seller in the transaction.

May 12, 2015

Georgia Loans Multifamily Southeast

JLL Secures $38.2M in Financing for Atlanta Apartment Community

by John Nelson May 12, 2015

ATLANTA — JLL has arranged a $38.2 million Freddie Mac loan for Walton Westside, a newly constructed 254-unit apartment community in Atlanta. The property is located in Atlanta’s West Midtown district and features a 2,000-square-foot rooftop terrace, onsite coffee shop, resort-style swimming pool, fitness center, outdoor grills and fire pits. Faron Thompson and John Bray of JLL arranged the loan on behalf of the borrower, Walton Communities.

May 12, 2015

Retail Southeast Virginia

Finmarc Management Sells Shopping Center in Tysons Corner for $31.1M

by John Nelson May 12, 2015

TYSONS CORNER, VA. — Finmarc Management Inc. and its partners have sold a 40,000-square-foot neighborhood shopping center located at 8459 Leesburg Pike in Tysons Corner for $31.1 million. Retail Properties of America Inc. purchased the asset, which was fully leased at the time of sale. The shopping center’s tenant roster includes Golfsmith USA, Chick-fil-A, Chipotle Mexican Grill, Roti Restaurant and Hamilton Sofa & Leather Gallery. Ken Goldberg of Uniwest Realty represented the buyer in the transaction.

May 12, 2015

Georgia Retail Southeast

Carolina Holdings Opens Retail Strip Center Near Savannah

by John Nelson May 12, 2015

POOLER, GA. — Developer Carolina Holdings Inc. has opened Mill Creek Landing, a retail strip center located at 6 Mill Creek Circle in Pooler, roughly 10 miles outside of Savannah. The property is located at the intersection of Pooler Parkway and I-95 in front of Sam’s Club and adjacent to the new Tanger Outlets Savannah, which opened in April of this year. Mill Creek Landing’s tenant roster includes Chipotle Mexican Grill and Five Guys Burgers and Fries, the first locations in Pooler for both restaurants. The development team included architect McMillan Pazdan Smith, civil engineer LeCraw Engineering and general contractor Harper Corp. GrandSouth Bank provided construction financing for the project.

May 12, 2015

Civic Florida Southeast

Suffolk Construction Opens Miami-Dade Children’s Courthouse

by John Nelson May 11, 2015

MIAMI — Suffolk Construction has delivered the Judge Seymour Gelber and Judge William E. Gladstone Miami-Dade Children’s Courthouse to Miami-Dade County and the Eleventh Judicial Circuit. The 14-story, 371,500-square-foot courthouse is located at 155 N.W. 3rd St. The LEED Silver-certified courthouse features a multi-colored glass façade that was designed by HOK design. The building will be one of the only in the nation to house all court partners, as well as support agencies for the Juvenile Justice Community.

May 11, 2015

Multifamily Southeast Virginia

The Davis Cos. Acquires Multifamily Portfolio in Richmond for $37.4M

by John Nelson May 11, 2015

RICHMOND, VA. — The Davis Cos. (TDC) has acquired a portfolio of 29 apartment buildings spanning 441 units in Richmond’s Fan and Museum districts for $37.4 million. This purchase marks TDC’s first entry into the Richmond market. TDC owns and manages commercial and multifamily properties and has a long history of repositioning historic commercial office buildings and multifamily residences throughout the Eastern United States. TDC plans to invest significant capital in order to perform exterior and interior improvements to the residences. Work is scheduled to begin immediately and be fully complete by summer 2016. TDC is partnering with Richmond based Spy Rock Real Estate Group to develop and operate the residences. The residences are currently 70 percent occupied. TDC has appointed Bonaventure Property Management Services as the onsite property manager for the portfolio of properties.

May 11, 2015

Georgia Retail Southeast

Blanchard Real Estate to Develop Kroger-Anchored Power Center in Metro Atlanta

by John Nelson May 11, 2015

DAWSONVILLE, GA. — Blanchard Real Estate will develop a Kroger-anchored power center in Dawsonville, part of the Atlanta MSA. The Kroger Marketplace store will span 123,000 square feet and feature a fuel center. Blanchard has also secured commitments from national retail tenants totaling roughly 200,000 square feet. The new power center is located adjacent to the North Georgia Premium Outlets, which attracts roughly 7.5 million visitors annually. Blanchard is slated to break ground on the shopping center late this summer.

May 11, 2015

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