Southeast

Chesapeake Real Estate, USAA Real Estate to Build 571,000 SF Distribution Center

by John Nelson October 22, 2014

ABERDEEN, MD. — Baltimore-based Chesapeake Real Estate Group LLC and its financial partner, San Antonio-based USAA Real Estate Co., have acquired a 48.4-acre tract of land in Aberdeen for the development of Perryman Logistics Center. The 571,000-square-foot project will be located at 610 Chelsea Road. Chesapeake and USAA expect to deliver the distribution center in the summer of 2015. Bill Pellington, Toby Mink and Jon Casella of CBRE represented the buyers in the land transaction. Chesapeake and USAA have also retained the CBRE team to market and lease the property, which is being developed on a speculative basis. The seller was FO Mitchell Bro. Once complete, the property will feature 36-foot clear heights, 175 rear-loading docks, two drive-in docks, a 130-foot truck court and an adjacent 500-space parking lot.

October 22, 2014

Florida Loans Southeast

CBRE Arranges $39.5M Loan for Purchase of Tampa Office Portfolio

by John Nelson October 22, 2014

TAMPA, FLA. — CBRE Debt & Structured Finance has arranged a $39.5 million acquisition loan for nine office buildings in Sabal Park, a master-planned business park in Tampa. Sabal Park spans 1,000 acres near the interchange of I-4 and I-75 and features an office campus, five restaurants, three hotels, a dry cleaner, three banks and a childcare facility. Charles Foschini, Christopher Apone and Christian Lee of CBRE arranged the five-year, 65 percent LTV loan through BankUnited of Tampa on behalf of the borrowers/buyers, IP Capital Partners and Fir Tree Partners.

October 22, 2014

Loans Maryland Southeast

Dougherty Funding Provides $16.5M Construction Financing for Commons at Largo

by John Nelson October 22, 2014

UPPER MARLBORO, MD. — Dougherty Funding LLC has provided a $16.5 million construction bridge loan for the Commons at Largo, a multifamily development in Upper Marlboro. When complete, Commons at Largo will include approximately 1,600 Class A multifamily units, parking structures and ground-level retail space. Dougherty Funding provided the loan to Commons at Largo LP. Dougherty serves as the lead lender, disbursing agent and servicer for the loan.

October 22, 2014

Florida Loans Southeast

Cohen Financial Secures $12.6M Investment for Multifamily Development in Sarasota

by John Nelson October 22, 2014

SARASOTA, FLA. — Cohen Financial has secured a $12.6 million joint venture equity investment for Le Sereno, a 282-unit multifamily development in Sarasota. Daniel Sheehan, Kevin O’Grady and Eric McGlynn of Cohen Financial secured the equity investment with mckafka Development Group. The developer’s joint venture partner is Beneficial Communities. The joint venture is planning to break ground on Le Sereno, located at Electric Boulevard and Fruitville Road, in the first quarter of 2015. The developers expect to deliver the property in the summer of 2016.

October 22, 2014

Florida Office Southeast

NAI Rauch Weaver Norfleet Kurtz Brokers $6.8M Sale of Silver Lakes Professional Campus

by John Nelson October 22, 2014

PEMBROKE PINES, FLA. — NAI Rauch Weaver Norfleet Kurtz & Co. has brokered the $6.8 million sale of Silver Lakes Professional Campus, a 43,380-square-foot mixed-use property in Pembroke Pines. The office/retail asset is located at 17730 Pines Blvd. and 17782 S.W. 2nd St. Bill McConnell and Kenneth Kurtz of NAI Rauch Weaver Norfleet Kurtz, along with C-III Realty Services, represented the seller, LBUBS 2006-C6 Pembroke Campus LLC, a limited liability firm based in Florida. Continental Real Estate Cos. (CREC) represented the buyer, Continental Properties Acquisition Corp., an affiliate of CREC.

October 22, 2014

Georgia Mixed-Use Southeast

Wood Partners Breaks Ground on $100M Mixed-Use Development in Midtown Atlanta

by John Nelson October 21, 2014

ATLANTA — Wood Partners has begun construction on 33 Peachtree Place, a $100 million mixed-use development on West Peachtree Street in Midtown Atlanta. The project will include a 21-story high-rise and mid-rise apartment building totaling 369 residential units (including five penthouse suites) and 20,000 square feet of ground-level retail space. The project will be Atlanta’s first multifamily property to utilize natural gas for heating, cooling, water and cooking. The property’s amenity offerings include a dog-friendly resident park, resort-style pool deck, club rooms, half-acre private park and courtyard space and more than 500 parking spaces. Prudential Real Estate Investors (PREI) was the seller of the site, a former parking lot for the 10 Peachtree Place building. PREI is also Wood Partners’ equity partner for 33 Peachtree Place. The general contractor, Balfour Beatty, expects to complete the project by the third quarter of 2016.

October 21, 2014

Office Southeast Virginia

NAI KLNB Brokers $60.5M Sale of Office Portfolio in Metro D.C.

by John Nelson October 21, 2014

CHANTILLY, VA. — NAI KLNB has brokered the $60.5 million sale of a five-building office portfolio totaling 318,000 square feet in Chantilly, roughly 30 miles west of Washington, D.C. Hayden Maguire Real Estate Fund purchased the portfolio, which is located in Avion Business Park, from JPMCC 2006-CIBC14 Chantilly Office LLC. The Class A properties included MidRise I at 14500 Avion Parkway; MidRise II at 14520 Avion Parkway; Service Center III at 3650 Concorde Parkway; Avion Tech Center II at 14700 Avion Parkway; and Avion Tech Center III at 3635 Concord Parkway. Avion Business Park was originally developed by Trammell Crow Co. between 1987 and 2001. Kevin Goeller, Chris Kubler and Josh Simon of NAI KLNB, along with C-III Realty Services LLC, represented the seller in the transaction.

October 21, 2014

Kentucky Retail Southeast

Inland, PGGM Buy Metro Cincinnati Shopping Center for $23.6M

by John Nelson October 21, 2014

NEWPORT, KY. — Inland Real Estate Corp., in a joint venture arrangement with Dutch pension advisor PGGM, has acquired Phase II of Newport Pavilion, a shopping center located in Newport, part of the Cincinnati MSA. Inland and PGGM purchased the 115,000-square-foot asset for $23.6 million. Phase II’s tenant roster includes Dick’s Sporting Goods, T.J. Maxx, Buffalo Wild Wings, Panera Bread, Chipotle Mexican Grill, T-Mobile and Sport Clips. The Inland-PGGM joint venture purchased Phase I of Newport Pavilion earlier this year. The entire 337,300-square-foot power center is currently 96 percent leased.

October 21, 2014

Florida Retail Southeast

Plaza Advisors Brokers Sale of Two Orlando-Area Shopping Centers

by John Nelson October 21, 2014

ORLANDO AND CLERMONT, FLA. — Plaza Advisors has brokered the sale of two shopping centers in the greater Orlando area. The properties include Phillips Village in Orlando and East Towne Center in Clermont. The 66,218-square-foot Phillips Village was 95 percent leased at the time of sale to Planet Fitness, Dollar Tree, Mattress Firm, GameStop, Sally Beauty, Ideal Image and Sprint. Portland Investment Co. of America purchased the asset from Weingarten Realty Investors for roughly $18.8 million. The 69,840-square-foot East Towne Center was 92 percent leased at the time of sale to tenants such as Publix, Chase Bank, Pizza Hut, Hair Masters and The UPS Store. Publix Supermarkets purchased the property from Regency Centers for an undisclosed sales price. Jim Michalak, Mike Cvetetic and Nick Castellano of Plaza Advisors represented the sellers in both transactions. Plaza Advisors was the only brokerage firm involved in both deals.

October 21, 2014

Maryland Restaurant Retail Southeast

True Food Kitchen Leases Space on Ground Floor of Upscale Bethesda Apartment Building

by John Nelson October 21, 2014

BETHESDA, MD. — Washington Property Co. has signed True Food Kitchen to occupy street-level space at Solaire Bethesda, an upscale apartment building located at the corner of Wisconsin and Woodmont avenues in Bethesda. Solaire Bethesda broke ground this summer and is expected to open in 2016. The 6,400-square-foot restaurant will be True Food Kitchen’s second property in the Washington, D.C. metropolitan area. Lee Engle of Streetsense and Joshua Gurland of WPC represented WPC in the lease transaction. Tom Papadopoulos of Papadopoulos Properties represented Phoenix-based Fox Restaurant Concepts in the transaction.

October 21, 2014

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