Southeast

HFF Brokers $33.7M Sale of Grocery-Anchored Shopping Center in South Florida

by John Nelson March 3, 2015

CORAL SPRINGS AND MARGATE, FLA. — HFF has brokered the $33.7 million sale of Coral Landings III, a 176,575-square-foot grocery-anchored retail center in South Florida. The shopping center is divided between the two towns of Coral Springs and Margate near Fort Lauderdale. The shopping center is 85 percent leased to HomeGoods, Best Buy, Jo-Ann Fabric & Craft and Aldi. Danny Finkle, Luis Castillo, Nat Scarmazzi and Kim Flores of HFF represented the seller, Stiles Corp., in the transaction. Additionally, Mark Remington, Jose Carrazana and Neil Campbell of HFF arranged the seven-year acquisition loan with five years of interest-only payments and a 30-year amortization schedule through Citizens Bank on behalf of the buyer, Madison Marquette Realty Services. The $22.8 million acquisition loan features an interest rate fixed at 3 percent.

March 3, 2015

Louisiana Mixed-Use Retail Southeast

Factor’s Row in New Orleans Undergoes Redevelopment

by John Nelson March 3, 2015

NEW ORLEANS — Corporate Realty has begun marketing the redeveloped Factor’s Row, a retail development located at the corner of Perdido and Carondelet streets in New Orleans. The ground-floor retail space has 14- to 17-foot ceilings and large storefront windows. The redevelopment project of Factor’s Row, which was built in 1858, will feature 9,484 square feet of ground-floor retail space and 50 upper floor luxury apartments. The redevelopment will also include upgrades to the adjacent Thiberge Building.

March 3, 2015

ECPI Building 4101 Doie Cope Road in Raleigh

North Carolina Office Southeast

CBRE | Raleigh Brokers Sale of Class A Office Building

by John Nelson March 3, 2015

RALEIGH, N.C. — CBRE | Raleigh has brokered the sale of the ECPI Building, a Class A office building located at 4101 Doie Cope Road in Raleigh. Constructed in 2001, the 51,903-square-foot property is fully leased with ECPI University occupying 42,637 square feet through February 2026. The buyer, Family Video, purchased the office building for an undisclosed price. Ben Kilgore of CBRE | Raleigh represented the seller, Robinson Development Group, in the transaction.

March 3, 2015

Hospitality Louisiana Southeast

Homewood Suites by Hilton Opens Eighth Hotel in Louisiana

by John Nelson March 3, 2015

HOUMA, LA. — Homewood Suites by Hilton has opened its eighth hotel in Louisiana: Homewood Suites by Hilton Houma. The 105-suite hotel is developed and owned by Ashi Houma Hotels LLC. The property is located at 142 Citiplace Drive and features complimentary internet access, hot breakfast dining, fully equipped kitchens, complimentary grocery shopping service, a fitness center, basketball court and outdoor grill.

March 3, 2015

Georgia Office Southeast

Regent Partners Finds Buyer for ‘King’ and ‘Queen’ Towers in Atlanta

by John Nelson March 2, 2015

ATLANTA — Atlanta-based Regent Partners has entered into an agreement with Stamford, Conn.-based Building and Land Technology to sell the “King” and “Queen” office buildings in Atlanta’s Central Perimeter submarket. The two towers are located in the 2.2 million-square-foot Concourse Corporate Campus, a mixed-use business park located at the confluence of I-285, Georgia 400, Hammond Drive and Peachtree Dunwoody Road. The Atlanta Business Chronicle is reporting that the deal could fetch $480 million to $500 million. Regent Partners, along with its investment partners, purchased Concourse Corporate Center in October 2012 for roughly $312 million.

March 2, 2015

Planet Hollywood Observatory Orlando Disney

Florida Restaurant Retail Southeast

Planet Hollywood to Transform Downtown Disney Restaurant into Planet Hollywood Observatory

by John Nelson March 2, 2015

ORLANDO, FLA. — Planet Hollywood plans to transform its Orlando flagship location into a four-story observatory set to debut in spring 2016. The reimagined Planet Hollywood Observatory will overlook Downtown Disney with a newly expanded outdoor terrace and bar. Elkus Manfredi Architects will spearhead the design and will align the new Planet Hollywood Observatory with the transformation of Downtown Disney into Disney Springs. Disney Springs will treat guests by day and night to dining, shopping and entertainment with open-air promenades, springs and waterfront charm.

March 2, 2015

Columns on Wetherington Florence Kentucky Cincinnati

Kentucky Multifamily Southeast

Steadfast Apartment REIT Buys Kentucky Apartment Community for $25M

by John Nelson March 2, 2015

FLORENCE, KY. — Steadfast Apartment REIT has acquired Columns on Wetherington, a 192-unit apartment community located in Florence, roughly 15 miles outside of downtown Cincinnati. The REIT purchased the asset from an undisclosed seller for $25 million. The property was 92.7 percent occupied at the time of sale and in-place rents currently average $1,023. Completed in 2002, the apartment community features a clubhouse, fitness center, swimming pool, business center, outdoor basketball court, playground, putting green, car care center and access to a stocked fishing lake. Steadfast plans to improve the property’s interiors and common areas, including new signage, upgrades to the clubhouse, asphalt and concrete repairs and new pool furniture.

March 2, 2015

Florida Industrial Office Southeast

Marcus & Millichap Brokers $11.3M Sale of Wells Fargo Cash Transfer Station in Miami

by John Nelson March 2, 2015

MIAMI — Marcus & Millichap has brokered the $11.3 million sale of a 35,000-square-foot, one-story office and warehouse building in Flagler Station at 10325 N.W. 112th Ave. in Miami. The property is fully leased to Wells Fargo and acts as the bank’s primary cash transfer station in the South Florida region. Wells Fargo’s lease expires in February 2024. The building has 110 parking spaces and two loading docks. Completed in 2009, the property is surrounded by an eight-foot security fence with electronic and video surveillance. Douglas Mandel and Benjamin Silver of Marcus & Millichap’s Fort Lauderdale office represented the seller, DRA Advisors LLC, in the transaction. The Taylor-Zang-Dougherty Group and the MacLaren Group — part of Marcus & Millichap’s Philadelphia’s office — represented the buyer, an investor based in Philadelphia. Andrew Dansker of Marcus & Millichap’s Institutional Property Advisors’ capital markets division arranged $7.9 million in acquisition financing.

March 2, 2015

Westgate Apartments Spartanburg South Carolina

Loans Multifamily South Carolina Southeast

NorthMarq Arranges $2.8M Acquisition Loan for Apartment Community in Spartanburg

by John Nelson March 2, 2015

SPARTANBURG, S.C. — NorthMarq Capital has arranged $2.8 million in acquisition financing for Westgate Apartments, a 122-unit multifamily community in Spartanburg. Dave Stewart of NorthMarq’s Charlotte office arranged the 10-year loan with a 30-year amortization schedule through an unnamed Fannie Mae DUS lender.

March 2, 2015

Market Reports Mixed-Use Retail Southeast Southeast Market Reports Tennessee

New Mixed-Use Developments Will Change the Face of Nashville’s Retail Market

by John Nelson March 2, 2015

The Nashville retail market continues to gain momentum. With approximately 338,773 square feet of retail construction underway, Nashville remains in a growth and expansion phase, with nationally recognized retail that offers unique options for tourists and locals. In 2014, approximately 53 restaurants opened, most notably Chauhan Ale and Masala House, Sinema, Prima, Acme Feed & Seed, Adele’s, City Winery, Two Ten Jack, Moto Cucina + Enoteca, Epice and Party Foul. Most of these landed in hot neighborhoods — The Gulch, East Nashville, 12th South, SoBro and Germantown. Nationally and locally we’re seeing demand for grocery-anchored retail. Demand has outstripped supply by a long shot. Major grocers own much of their real estate, and Publix followed suit in 2014, acquiring some centers it anchors, leaving fewer investor opportunities that will drive pricing and also move some investors into opportunities anchored by regional or independent grocers, or shadow-anchored assets. We actually expect non-retail projects to change the dynamic in Nashville in 2015. Within the Downtown loop, retail was non-existent, but with 1,000 new hotel rooms, 2,493 residential units and several new office projects under construction, bringing 5,000 more workers downtown, retail will follow. The $232.6 million Highwoods development for Bridgestone’s U.S. headquarters …

March 2, 2015

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