Southeast

Oak Coast, IMG Purchase Legacy Key Apartments in Metro Atlanta for $30M

by John Nelson November 11, 2014

SANDY SPRINGS, GA. — Oak Coast Properties and IMG have purchased Legacy Key Apartments, a 350-unit, Class B multifamily community in Sandy Springs, a northern suburb of Atlanta. Oak Coast and IMG purchased the asset from DRA Advisors LLC. Oak Coast is planning a $2 million capital improvement program for the property that includes a rebranding. Units average 959 square feet and are configured in both garden-style and townhome formats. Legacy Key’s amenity package includes controlled access gates, a clubhouse, business center, fitness center, two swimming pools, two lighted tennis courts, gazebo, picnic and grilling areas, car care center and a laundry facility.

November 11, 2014

Office Southeast Virginia

The Simpson Organization Purchased Office Portfolio in Richmond for $22M

by John Nelson November 11, 2014

RICHMOND, VA. — The Simpson Organization has acquired Westerre I and II, a Class A office portfolio in the Westerre Office Park in Richmond, for $22 million. The office assets total 163,290 square feet and are 92.1 percent leased to 26 tenants, including Tridium Inc., Interbake Foods LLC, Comcast and Batzli Stiles Butler Law Firm. Eric Robison of Cushman & Wakefield | Thalhimer’s Richmond office represented the undisclosed seller in the transaction. The Simpson Organization has hired Dean Meyer and Mac Wilson of Cushman & Wakefield | Thalhimer to lease the properties going forward.

November 11, 2014

Multifamily Southeast Virginia

ARA Brokers Sale of Infinity Apartments in Arlington

by John Nelson November 11, 2014

ARLINGTON, VA. — ARA has brokered the sale of Infinity Apartments, a 227-unit, mid-rise apartment community in Arlington. Washington, D.C.-based Capital Investment Advisors acquired the property from San Francisco-based Carmel Partners for an undisclosed price. Drew White, Mike Marshall and Ryan Ogden of ARA represented Carmel Partners in the transaction. Capital Investment Advisors plans to make upgrades to the common areas of the apartment community, which was constructed in 1959 and renovated in 2011. Occupancy at the time of the sale was 96.7 percent.

November 11, 2014

Georgia Loans Southeast

Berkadia Originates $73.7M Acquisition Loan for Apartment Community in Metro Atlanta

by John Nelson November 10, 2014

SUWANEE, GA. — Berkadia Commercial Mortgage has arranged $73.7 million in acquisition financing for the Residences on McGinnis Ferry, a 696-unit multifamily community in metro Atlanta. The property is located at 4021 McGinnis Ferry Road in Suwanee. Matt Greer of Berkadia arranged the 10-year, floating-rate loan through Berkadia’s Fannie Mae program on behalf of the borrower, STAR McGinnis Ferry LLC, a subsidiary of Steadfast Apartment REIT Inc. The loan structure features five years of interest-only payments and a 30-year amortization schedule. Steadfast Apartment REIT purchased the multifamily development for $98.5 million. The apartment community was more than 96 percent occupied at the time of sale.

November 10, 2014

Georgia Mixed-Use Southeast

Duke Land Group Unveils Plans for Riverwalk Village in Roswell

by John Nelson November 10, 2014

ROSWELL, GA. — Duke Land Group has unveiled preliminary plans for Riverwalk Village, a 104-acre mixed-use development in Roswell. The project will be located between Georgia 400 and Old Alabama Road. Approximately 43 percent of the land will be preserved as open space, including parks, public spaces, pedestrian-oriented zones and a system of walking and biking trails that will connect Riverwalk Village and surrounding neighborhoods to the Chattahoochee River. The project’s developers plan to construct open channel streams to an existing lake on the site, which will be surrounded with boardwalks, restaurants and retailers. The Atlanta Regional Commission (ARC) will review the proposed site plan, which calls for 1,500 residential units, including single-family attached, multifamily and active adult housing; 490,000 square feet of general commercial real estate including retail, restaurant, entertainment and grocery; 1.7 million square feet of office space; a 200-room hotel; and 200,000 square feet of civic and institutional space including the Swift School, a school for children with language-based learning differences. Pending zoning and permits, construction is expected to begin in the fourth quarter of 2015.

November 10, 2014

Industrial North Carolina Southeast

Beacon Partners Buys Industrial Park in Charlotte’s Northwest Submarket

by John Nelson November 10, 2014

CHARLOTTE, N.C. — Beacon Partners has purchased four fully leased industrial building in Charlotte’s Northwest submarket totaling 386,000 square feet. Beacon Partners has re-branded the park “NorthWest Industrial Park” and has planned capital improvements to the property, including enhancements to the building entrances, truck loading areas, building exteriors, signage, landscaping, parking lots and lighting. The industrial park is rail-served and features outside storage, trailer storage and 22- to 28-foot clear heights with dock-high and drive-in loading. Pete Pittroff and Brad Cherry of JLL represented the seller, Carlson Real Estate, in the transaction. Wells Fargo provided acquisition financing. Pete Kidwell of Beacon Partners will handle NorthWest Industrial Park’s leasing responsibilities.

November 10, 2014

North Carolina Retail Southeast

Westwood Financial Signs Publix as Anchor of Steele Creek Crossing in Charlotte

by John Nelson November 10, 2014

CHARLOTTE, N.C. — Westwood Financial Corp. has signed Publix to occupy a 47,000-square-foot footprint at Steele Creek Crossing, a 77,301-square-foot shopping center located at 12810 S. Tryon St. in Charlotte. The shopping center’s tenant roster includes Rite Aid, Five Guys Burgers and Fries, Little Caesars Pizza, Nationwide Insurance and H&R Block. Westwood Financial’s Steele Creek Crossing was fully leased following Publix’s lease. Steele Creek Crossing is one of seven former Bi-Lo locations that Publix has taken over in the Charlotte area.

November 10, 2014

Maryland Multifamily Seniors Housing Southeast

Cassidy Turley Brokers Sale of Seniors Housing Community in Maryland

by John Nelson November 10, 2014

BERLIN, MD. — Cassidy Turley has brokered the sale of Gull Creek Senior Living Community in Berlin. The 86-unit seniors housing property is composed of 39 independent living units, 37 assisted living units and 10 memory care units. Allen McMurtry, Megan Fetter and David Kliewer of Cassidy Turley represented the undisclosed seller in the transaction. The buyer was an affiliate of WMD Asset Management LLC.

November 10, 2014

Mixed-Use North Carolina Southeast

Pappas Properties Breaks Ground on $60M Harris Teeter-Anchored Center in Charlotte

by John Nelson November 7, 2014

CHARLOTTE, N.C. — Pappas Properties has commenced construction on Berewick Town Center, a Harris Teeter-anchored shopping center in Charlotte’s Steele Creek neighborhood. The asset will be located at the intersection of Dixie River Road, Steele Creek Road and Shopton Road West. The $60 million Phase I of Berewick Town Center includes a town center structure with a 53,000-square-foot Harris Teeter, Walgreens drug store, retail space, restaurants and a hotel. Pappas Properties plans to deliver Phase I in summer 2016. Phase II will feature medical office space, office space, multifamily residences and additional retail space. Shelco is the general contractor, and Shook Kelley and LandDesign are providing architecture and engineering services for the project. Brian Roth of Pappas Properties is handling outparcel sales and office space interest for Berewick Town Center, while Gwen Glaeser of CNL represents the development and its retail and shop space leasing needs.

November 7, 2014

Florida Office Southeast

Avison Young Brokers $33M Sale of Office Campus in Boca Raton

by John Nelson November 7, 2014

BOCA RATON, FLA. — Avison Young has brokered the $33 million sale of 595 Financial Center, a two-building, Class A office portfolio totaling 116,000 square feet. The properties are located at 555 and 595 S. Federal Highway in Boca Raton. Keith O’Donnell and Jonathan Senn of Avison Young represented the buyer, Pinnacle Holdings Inc., in the off-market transaction. Pinnacle Holdings purchased the office campus in a 1031 tax-deferred exchange. Charles Shane of Bryason Realty Corp. represented the unnamed seller. Morgan Stanley is the anchor tenant of 595 Financial Center.

November 7, 2014

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