JACKSON, MISS. — The Jackson office of law firm Baker, Donelson, Bearman, Caldwell & Berkowitz has leased the top three floors of a 120,000-square-foot office building at The District at Eastover, a mixed-use development in Jackson. The law firm signed the lease with owner The District Land Development Co. Demolition of the old buildings and underground infrastructure is now complete, including crushing the concrete of the old buildings, which will be used for road and parking lot bases throughout the new development. Mass grading, subgrade, road and new infrastructure work will commence at the end of March, and foundation work for Phase I will begin approximately 45 days thereafter. The District at Eastover The design team for the property includes architect Nelsen Partners and developer Holder Properties.
Southeast
BALTIMORE — HFF has secured $120 million in construction financing for the redevelopment of The Rotunda, a 661,872-square-foot mixed-use development in Baltimore. The Rotunda, which is expected to be delivered in 2016, will feature 379 luxury residential units, 170,675 square feet of retail space including a movie theater, 138,000 square feet of office space and more than 1,000 parking spots in a parking structure and surface lots. Thomas Didio, Cary Abod and Andrew Roland of HFF secured the 48-month financing through Wells Fargo Bank NA on behalf of the borrower, Grande Rotunda LLC, an entity owned by Hekemian & Co. Inc.
GREENVILLE, S.C. — Trade Street Residential has acquired The Aventine Greenville, a new 346-unit, Class A apartment community in Greenville for $42 million, or $121,000 per unit. The community is located at 97 Market Point Drive, adjacent to the Millennium Campus, a 500-acre master-planned corporate and research park. The Aventine Greenville’s amenity package includes a WiFi café, fitness center, pet park, business center, resort-style pool, pool pavilion with TVs and built-in grills. The community was 76 percent occupied at the time of sale. Trade Street obtained a $21 million mortgage to help fund the acquisition.
ATLANTA — Westin Buckhead Atlanta will begin Phase III of its hotel-wide renovation project — a $9 million upgrade to the 365 guestrooms. The hotel is located at 3391 Peachtree Road N.E. in Atlanta’s Buckhead submarket. The bathrooms in each room will be upgraded with new stone and walnut vanities and illuminated mirrors. Also, each unit will feature a 42-inch TV, LED lights in the headboards for reading and USB ports at each desk. The project will begin in April and wrap up in August. This is the final phase of the hotel’s renovation, which includes upgrades to the lobby and 30,000 square feet of meeting space.
MORRISVILLE, N.C. — Cushman & Wakefield | Thalhimer has brokered the sale of a 580,326-square-foot distribution facility located at 900 Aviation Industrial Center in Morrisville, near the Raleigh-Durham International Airport. Ares Management purchased the facility from Pearlmark Real Estate Partners for an undisclosed price. Chris Norvell and Scot Humphrey of Cushman & Wakefield | Thalhimer represented Pearlmark in the transaction. The property was 93 percent leased at the time of sale.
MAITLAND, FLA. — Crocker Partners has acquired a 174,048-square-foot office building located at 851 Trafalgar Court in Maitland, a northern suburb of Orlando. The property is currently 80 percent leased to tenants including Sprint/Nextel, Rasmussen College and Digital Risk. Crocker Partners will manage the property and CBRE will handle the building’s leasing responsibilities. The property will undergo a capital improvement program that will enhance the building’s elevator systems, signage and common area finishes. Including this acquisition, Crocker Partners owns more than 3.2 million square feet of office space in Florida.
The Raleigh-Durham-Chapel Hill market, known as the Triangle, has long been viewed as a market favorable for investors, due to very strong demand metrics. The state capital’s thriving economy and excellent demand drivers have made it a prime renter destination and the new darling for yield-chasing institutional investors. A skilled workforce, transitional student renter pool and national trend of millennials “de-nesting” have continued to keep the apartment market strong and attract institutional investors such as Redwood Capital Group, Guardian Life Insurance and Heitman. As one of the most active firms in the Carolinas, Cassidy Turley has witnessed the transition firsthand as the Triangle has transformed from a regional player into a national powerhouse that has attracted some of the world’s most savvy institutional groups. According to Reis, the apartment vacancy rate in the third quarter of 2013 stood at 3.9 percent, well below the greater South Atlantic region’s average of 4.9 percent. Furthermore, the vacancy rate has actually decreased 20 basis points since last quarter, demonstrating the strong momentum of the local market and the appeal to institutional investors. Contributing factors include: A 20 percent population growth in the Triangle over the last decade The area boasts a total student …
LAFAYETTE, LA. — Carter, a real estate development and advisory firm based in Atlanta, has been selected to oversee the design and construction of two projects at the University of Louisiana at Lafayette (UL Lafayette). Carter will oversee new construction and renovations at UL Lafayette’s Tier-1 Athletics Facilities Master Plan. The multi-phase plan includes a stadium expansion to Cajun Field (UL Lafayette’s football stadium), additions to the existing indoor practice facility and a new track and soccer facility. Carter expects to finish expansions and improvements to the stadium in the fall, while the company plans to deliver the facilities in mid-2015. The design team includes general contractor The Lemoine Co. and architects 360 Architecture and Architects Southwest. UL Lafayette also chose Carter to oversee the construction of a new 1,200-space mixed-use parking facility on the west side of campus. The facility will include 7,800 square feet of commercial space and 1,000 square feet of ground-level retail space, including a food service component. The Lemoine Co. will be the general contractor for this structure also, and Tim Haahs will serve as the architect. Carter expects to deliver the project in early 2015.
MIAMI BEACH, FLA. — Imperium Capital and Centurion Realty, both real estate investment firms based in New York City, have purchased a portion of the Lincoln Road Mall, an eight-block walkway in Miami Beach featuring shops, restaurants and cafes. Imperium and Centurion purchased 643-657 Lincoln Road, a 10,000-square-foot building with four retail tenants, for $33 million. The tenants include French Connection, Runway Swimwear, Sushi Siam and Ricky’s Cosmetics. Jay Goldman of USA Commercial represented the undisclosed sellers in the transaction.
CHARLOTTE, N.C. — The Connor Group has purchased The Apartments at Quarterside, a 184-unit apartment community located in Charlotte, for $31.2 million. The Connor Group purchased the community from Quarterside Charlotte Apartments LLC and GFDR Quarterside LLC. The property was built in 2009 and includes a resort-style swimming pool, fitness center, controlled access building entry and garages. The Apartments at Quarterside is The Connor Group’s third acquisition in Charlotte in the last 16 months.