ATLANTA — KBS Real Estate Investment Trust III (KBS REIT III) has acquired a 21-story trophy office tower located at 171 17th St. in Atlanta’s Midtown submarket for $132.5 million. The tower is part of the larger 5.6 million-square-foot Atlantic Station mixed-use development. KBS REIT III purchased the Class A asset from JP Morgan. The 509,237-square-foot property was 89 percent leased at the time of the sale and was the world’s first LEED Silver Core & Shell-certified high-rise building, according to KBS.
Southeast
PLANTATION, FLA. — A pension fund advised by LPC Realty Advisors I LP, an affiliate of Lincoln Property Co., has purchased the Royal Palm office complex in Plantation from Duke Realty for $128 million. The Class A property consists of two buildings totaling 465,592 square feet. Lincoln Property has been retained to manage Royal Palm, which features amenities such as an on-site café, conference training center and a gym with locker room facilities. The site has two, four-level parking garages and 400 surface parking spaces. Lincoln Property has selected Blanca Commercial Real Estate to lease the project.
SUMMERVILLE, S.C. — Charlotte-based Ferncroft Capital has acquired North Main Market, a 455,000-square-foot shopping center located at the corner of I-26 and Highway 17 in Summerville, a suburb of Charleston, for $23.5 million. The property is 98 leased to tenants such as Belk, Walmart and Lowes Home Improvement. Ferncroft plans to make capital improvements to the property, such as new signage, lighting, facades and landscaping. The seller, Childress Klein Properties, was self-represented in the transaction and will continue to provide leasing and management services for the property. Bank of North Carolina provided debt financing on behalf of Ferncroft.
BESSEMER, ALA. — The Cooper Commercial Investment Group has brokered the $2.1 million sale of 59 West Shopping Center, a 39,500-square-foot shopping center in Bessemer, a suburb of Birmingham. The center is fully leased to Burkes Outlet, Hibbett Sports and Shoe Dept., and 59’s shadow anchors include Walmart, Dollar Tree, Big Lots and Aldi. Dan Cooper of Cleveland-based Cooper Commercial represented the seller, a private investment group based in Atlanta, in the transaction. Cooper also procured the buyer, a private investment group based in Texas, which purchased the property at an 8.66 percent cap rate.
KENNESAW AND ACWORTH, GA. — Lee & Associates has brokered two industrial leases totaling 207,000 square feet in the Northwest Atlanta submarket. Tommy Hiles and Billy Snowden of Lee & Associates represented the landlord of 2850 Barrett Lakes Blvd. in Kennesaw in the leasing of 150,000 square feet. Jack Haden and Mike Chambers of NAI Brannen Goddard represented the tenant, Atlanta Bonded Warehouse Corp. Hiles and Snowden also represented PrologicITS in the leasing of 57,000 square feet at 106 Northpoint Parkway in Acworth. The landlord, Majestic Realty Co., was represented internally by Will Lombard.
ATLANTA — The Marketing Directors LLC has unveiled 675 N. Highland, a mixed-used community in Atlanta’s Poncey Highland neighborhood. The project plans calls for 124 condominiums, 12,500 square feet of street-level restaurants and retail, 7,500 square feet of office space and 385 parking spaces. Joe Laster of Abraham Properties, the project’s developer, plans to break ground in January. The Marketing Directors is selling condominium units at the new development, and SRS Real Estate Partners is handling the leasing of the restaurant and retail space.
TUSCALOOSA, ALA. — Coldwell Banker Commercial Moore Co. has arranged six anchor leases for The Shoppes at Legacy Park, a $40 million power retail center in Tuscaloosa. The 175,000-square-foot development’s tenant roster includes Dick’s Sporting Goods, Fresh Market, Bed Bath & Beyond, Cost Plus, World Market, DSW Shoe Warehouse and PetSmart. The Shoppes at Legacy Park is set to break ground in September for an anticipated opening in October 2015. Coldwell Banker Commercial Moore Co. will continue to lease and manage the shopping center upon completion.
JACKSONVILLE, FLA. — CBRE has secured a $27.4 million acquisition loan for The Waterford at Mandarin Apartments, a 232-unit apartment property at 11247 San Jose Blvd. in Jacksonville’s Mandarin submarket. The property, built in 1990, features one- to three-bedroom units averaging 1,065 square feet. The community’s amenity package includes two swimming pools, racquetball and tennis courts, a laundry center, playground, fitness center, dog park and sand volleyball court. Christian Lee, Christopher Apone and Charles Foschini of CBRE’s Debt & Structured Finance group arranged the seven-year Freddie Mac loan on behalf of Norfolk, Va.-based Harbor Group International with two years of interest-only payments.
WEST MONROE, LA. — Lexerd Capital Management LLC has purchased Glenwood Townhomes, a 120-unit apartment complex in West Monroe, for an undisclosed amount. Lexerd will rebrand the property as Shadow Glen. First Choice Management Group will manage the property, which Lexerd purchased through its Lexerd Capital Partners High Yield Fund.
CHARLOTTE, N.C. — Lincoln Harris has arranged a 10,207-square-foot lease at Piedmont Town Center, an upscale mixed-use complex at 4725 Piedmont Row Drive in Charlotte’s SouthPark submarket. Piedmont Town Center includes two office buildings totaling 420,000 square feet, 87,500 square feet of retail space and 180 luxury apartment units. Campbell Walker of Lincoln Harris represented the landlord, Piedmont Row Drive LLC, in the transaction. Brent Royall and Brad Grow of Colliers International represented the tenant, Southeast Series of Lockton Cos. LLC.