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.
Southeast
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.
ROCKVILLE, MD. — HFF has arranged the sale of two office buildings totaling 148,742 square feet in Rockville, located about 18 miles north of Washington, D.C. The buyer, NGP V Fund LLC, purchased the properties for $48.6 million in two separate transactions. Both properties are fully leased to the General Services Administration, which manages and supports federal agencies. Jim Meisel, Dek Potts, Andrew Weir and Stephen Conley of HFF represented the seller, The JBG Cos., in the transaction.
WINDSOR MILL, MD. — Jones Lang LaSalle has brokered the sale of a three-property, 500-unit multifamily portfolio located in Windsor Mill, a western suburb of Baltimore. The portfolio includes Cedar Tower Properties, Cedar Garden Property and Valley Terrace. Morgan Properties purchased the portfolio from a nationally recognized REIT. Al Cissel, Scott Melnick, Christine Espenshade and Robert Garrish of Jones Lang LaSalle’s capital markets team represented the seller in the transaction.
ATLANTA — Atlantic | Pacific Cos. (A | P Cos.) has purchased the 277-unit Townview Station and the 214-unit Clifton Apartments in Atlanta. Townview Station is located on Deering Road in Atlanta’s Midtown submarket and features a clubhouse, swimming pool with sundeck and a 24-hour fitness center. Clifton Apartments is located near the intersection of Briarcliff and Clifton roads, less than one mile from Emory University and the Centers for Disease Control and Prevention. The community features a swimming pool, fitness center and fenced dog park. A | P Cos. plans to make capital improvements to both apartment communities.
SPARTANBURG, S.C. — Berkadia Commercial Mortgage LLC has arranged a $5.6 million acquisition loan for Dillon Pointe Assisted Living and Memory Care in Spartanburg. Lisa Lautner of Berkadia’s seniors housing and healthcare group arranged the loan through Freddie Mac on behalf of the borrower, Capital Senior Living Corp., a national seniors housing operator.
WAKE FOREST, N.C. AND MEMPHIS, TENN. — Trade Street Residential Inc., a multifamily owner and operator, has acquired two apartment communities totaling 618 units for a combined $81 million. Trade Street acquired The Estates at Wake Forest in Wake Forest for $37.2 million and Miller Creek at Germantown in Memphis for $43.8 million. The Estates at Wake Forest was delivered in September 2013 and Miller Creek at Germantown was delivered in March 2013. Trade Street financed the acquisition of the Wake Forest community with an $18.6 million loan fixed at 3.9 percent and the Memphis community with a $26.3 million fixed at 4.6 percent.
MYRTLE BEACH, S.C. — Landmark Builders has begun construction on the new Hilton Garden Vacations Club in Myrtle Beach. The 24-story, 308,000-square-foot resort is the tallest high-rise under construction along the Mid-Atlantic coastline, according to Landmark. The resort will feature 220 residential units, 200-foot sky-lit atrium, five-story parking garage, fitness center, two full-service bars and multiple pools with direct access to the Myrtle Beach coastline. Landmark expects to wrap up construction in May 2015. Myrtle Beach-based Strand Capital is developing the property, and Garvin Design Group and tag Architecture are the project’s architects.