ATLANTA — CBRE Global Investors has acquired Alexander on Ponce, which is located at 144 Ponce De Leon Ave. N.E. in Atlanta. The 330-unit apartment community features panoramic city views, two courtyard and garden areas, a fully-equipped fitness center and a business center. Equity Residential sold the property for an undisclosed price. Derrick Bloom and David Gutting of Jones Lang LaSalle's Capital Markets team represented the seller in the transaction.
Southeast
WASHINGTON, D.C. — MAC Realty Advisors has arranged a $21 million investment from a private equity fund for the acquisition and development of 1600 Pennsylvania Avenue SE, an existing used car lot in Washington, D.C.’s Capitol Hill neighborhood. MAC also arranged a senior construction loan through a regional bank on behalf of the borrower, NOVO Development Corp. NOVO plans to build a five-story, 77-unit residential project with a one-level parking garage. Andrew McAllister, Bruce Levin and Ben Lazarus of MAC led the placement effort on the transactions.
JUPITER, FLA. — Starbucks Coffee has signed a long-term, 1,800-square-foot lease at Fisherman’s Wharf, a 5.5-acre shopping center in Jupiter. The shopping center, located on East Indiantown Road, is currently undergoing renovations. The Fresh Market has also recently signed on to anchor the center with a 20,900-square-foot store. Don DeWoody of Avison Young represented Starbucks in the lease transaction. Elizabeth Wright and Tom Godino of Atlantic Retail Properties represented the owner, Elion Partners.
With an economy that’s normalizing with improving fundamentals, the Atlanta retail market is on the right track for sustained growth. Throughout 2013, Atlanta experienced a drop in vacancy rates along with the unemployment rate. In addition, retail sales rose nearly 3.5 percent over last year, provoking a rise in consumer confidence. The unemployment rate in Georgia fell from 9 percent in 2012 to 8.3 percent in 2013. This is still a full point below the national average. For 2014, the unemployment rate in Georgia is expected to reach well under 8 percent. During the last 12 months, Atlanta has experienced job growth of 2.5 percent. Retail payrolls are also expected to continue improving in 2014, pushing a near 3 percent gain as a result of both increasing existing stores sales as well as modest new store opening growth. Vacancy Rates, Rent Growth Since the beginning of the year, overall metro retail vacancy rates have dropped below 11 percent, which is a 50 basis point decrease over last year. Neighborhood and community retail centers still maintain the highest vacancy of just under 15 percent. Power centers have experienced a strong year-over-year recovery, averaging a 7.5 percent vacancy across the region. Tenant …
LANDOVER, MD. — Capital Advisors has arranged $23.4 million in acquisition financing for The Library of Congress Annex, a 216,000-square-foot specialized industrial facility located at 1701 Brightseat Road in Landover, just outside Washington, D.C. The Library of Congress uses the facility to store rare books, valuable historical documents and archival records. Cooper Willis of Capital Advisors’ Charlotte, N.C., office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender. The loan features 24 months of interest-only payments.
ATLANTA — Bell Partners Inc. has acquired Heights at Stillhouse, a 302-unit apartment community in northwest Atlanta. Worthing Cos. developed the apartment community, which will be renamed Bell Vinings, in 2013. The project is LEED Silver certified and features resort-style saltwater pools, courtyards with fire pits, outdoor grilling stations, business centers and resident lounges. The units range from one-, two- and three-bedroom apartments averaging 1,085 square feet. The property was 95 percent occupied at the time of sale.
WEST PALM BEACH, FLA. — Avison Young has arranged the sale of a 34,500-square-foot industrial property, located at 1711 Upland Road in West Palm Beach. Flagler Systems Management Inc. purchased the asset for $2.1 million. The property is located blocks away from Palm Beach International Airport. Michael Walters of Avison Young represented the seller, Claire Harrington, in the transaction.
ALPHARETTA, GA. — KBS REIT has signed Toyota Motor Sales U.S.A. Inc. to a 33,224-square-foot lease renewal at Great Oaks Center, part of a 157,902-square-foot office park in Alpharetta, a northern suburb of Atlanta. Jeff Keppen and Elliott Grand of CBRE represented KBS REIT in the transaction. Gary Waddell and Laura Stephens of Cushman & Wakefield represented Toyota Motor Sales. Lexus, a division of Toyota Motor Sales, will occupy the space.
JACKSON, CONYERS AND MCDONOUGH, GA. — Physicians Realty Trust, a healthcare REIT, has completed the $20.8 million sale-leaseback of four medical office buildings to an Atlanta-based family medical practice. The four facilities total 68,711 square feet and are fully leased. Two of the properties are located in McDonough and the other two are located in Jackson and Conyers. The four properties are subject to 15-year leases with Eagles Landing Family Practice, which has 34 physicians and more than 250 employees on staff in seven different offices.
ORLANDO, FLA. — Lee & Associates has arranged the sale of the Atrium Office Tower, located at 7680 Universal Blvd. in Orlando. The 106,611-square-foot office building sold for approximately $7.7 million. Robbie McEwan of Lee & Associates’ Central Florida office represented the buyer, Atrium Universal LLC, in the transaction. Douglas Mandel of Marcus & Millichap represented the seller, 7680 Universal Boulevard Holdings LLC.