ATLANTA — PMZ Realty Capital LLC, a real estate investment/banking firm, has arranged a $20 million loan for The Glenn Hotel in Atlanta. The Glenn Hotel is a 110-room property located in downtown Atlanta’s Luckie Marietta district. The hotel is part of the Marriott Autograph Collection.
Southeast
NORTH CHARLESTON, S.C. — Cushman & Wakefield | Thalhimer has arranged a 101,500-square-foot industrial lease at 7391 Pepperdam Ave. in North Charleston. Philip Owens of Cushman & Wakefield | Thalhimer represented the tenant, Brown Distribution Centers Inc., a third-party logistics company.
FORT LAUDERDALE, FLA. — Berger Commercial Realty has brokered the sale of a 24,000-square-foot office building in downtown Fort Lauderdale for approximately $2 million. The four-story property is located at 955 S. Federal Highway. Sapphire Investment Fund LLC purchased the office asset from the AIDS Healthcare Foundation Inc. Sapphire plans to invest $2 million to renovate the office building.
MIAMI — Rilea Group, a Miami-based developer, has broken ground on The Bond on Brickell, the first condominium project planned for Brickell Avenue in Miami since the recession. The Bond will feature 328 units with one-, two- and three-bedroom floorplans, as well as loft and penthouse residences. The 44-story condo tower will be located at 1080 Brickell Ave. Rilea Group expects to deliver the tower in early 2016. Alicia Cervera Lamadrid of Cervera Real Estate is leading the sales efforts for the project. Architect Loguer Design is designing the project with a British theme, including vintage photographs of British celebrities and an original British Telecom phone booth on the outside of the project. Rilea Group is partnering with private equity firm MDR Toledo LLC, a subsidiary of MDR Americana, for the development.
HOOVER, ALA. — Red Capital Partners LLC has closed a $25 million balance sheet loan for Somerby St. Vincent’s One Nineteen, a 199-unit, Class A seniors housing facility located in Hoover, an affluent suburb of Birmingham, Ala. The facility offers independent living, assisted living and memory care services. The financing is anticipated to be refinanced by a Fannie Mae permanent loan. Dominion Partners LLC developed the seniors housing facility, while Somerby Senior Living Services LLC is operating the property.
GRIFFIN, GA. — Equity One, a shopping center developer and owner, has sold Spalding Village, a 235,000-square-foot neighborhood shopping center located in Griffin, approximately 40 miles south of Atlanta, for an undisclosed price. Mark Joines and Drew Fleming of Cassidy Turley’s Southeast retail group represented Equity One in the transaction. RCG Ventures LLC, a privately funded real estate investment group, purchased the center. Spalding Village’s tenants include Goodwill, Fred’s Stores, GNC and T-Mobile.
CHATTANOOGA, TENN. — HFF has secured $11.3 million in refinancing for Atrium Medical Office Buildings, a two-building, 102,705-square-foot medical office complex in Chattanooga. The medical office complex is located a half mile from Erlanger Hospital East Campus. Michael Klein of HFF arranged the three-year loan through Colony Capital on behalf of Diversified Realty Ventures.
ATLANTA — Comcast Spotlight Atlanta, a subsidiary of Comcast Communications Inc., has signed a full-floor lease at One Glenlake, a 353,000-square-foot office building located in Atlanta’s Perimeter submarket. Comcast Spotlight’s new office space is located at One Glenlake Parkway in Suite 1100. Michelle Galvani of Wildmor Realty represented Comast Spotlight in the lease transaction. PM Realty Group represented the landlord. Comcast Spotlight will move to One Glenlake after 18 years of occupying space at its previous location in Norcross, Ga.
The Raleigh industrial market dipped slightly in the third quarter of 2013 with negative net absorption, yet overall it improved from a year earlier, in part because of the general health of the North Carolina economy. Four factors are pushing the state’s economic recovery: a manufacturing revival, a construction surge, a boost of college graduates who are attracting knowledge-based industries and an influx of retirees, according to Dr. Michael L. Walden, a North Carolina State University professor and author of a report on the North Carolina economy that was published in the summer of 2013. The combination of factors led Dr. Walden to forecast that North Carolina’s Research Triangle, which includes Raleigh, would have an unemployment rate below 6 percent by the end of 2014. Ironically, some of the positive news for the state’s economy is putting pressure on the region’s industrial marketplace and driving these trends in Raleigh: • Net positive migration and population growth, year-after-year • The loss of industrial development opportunities to the homebuilding industry • Local pressure to prioritize live/work/play environments and de-emphasize industrial development • Constrained land supply • A lack of institutional grade space Consistently ranked by Forbes as one of the best places …
ATLANTA — Deutsche Asset & Wealth Management has acquired the Shops Around Lenox, a 120,000-square-foot retail center located adjacent to Lenox Mall in Atlanta’s Buckhead submarket. Deutsche purchased the property from a joint venture between Alex Brown Realty Inc. and Heather Weatherholtz Properties for approximately $71.8 million, according to Atlanta Business Chronicle. The seller purchased the retail center in 2009 and invested approximately $20 million to reposition the asset. Tenants of Shops Around Lenox include Crate and Barrel, Paper Source, lululemon athletica, Cosabella and Suit Supply.