MIDLOTHIAN, VA. — Ingenuity Development LLC has acquired Archway Sixty Office Park, a 65,000-square-foot office complex in Midlothian, about 16 miles west of Richmond, Va. Ingenuity Development is an affiliate of Virginia Beach, Va.-based Divaris Real Estate Inc., which will lease and manage the office complex. Ingenuity Development plans to upgrade the property’s interior and exterior, as well as give the complex a new name.
Southeast
CHARLOTTE, N.C. — Marriott International Inc. has acquired the 438-room Charlotte Marriott Center City for $111 million, according to the Charlotte Business Journal. The hotel is located at 100 W. Trade St. in Uptown Charlotte. The company is reportedly planning an extensive renovation to the property and doesn't plan on owning the hotel for long. Marriott usually manages its hotels but typically does not own the properties. By purchasing the Charlotte Marriott Center City, the company can ensure it stays a Marriott-managed property and will also allow the company to try out new ideas, according to the report. The seller was a company managed by Cornerstone Real Estate Advisors.
ELKRIDGE, MD. — First Capital Realty has arranged the $44.1 million sale of Belmont Station, a 208-unit, Class A apartment community in Elkridge, about 11 miles southwest of Baltimore. The property, which was built in 2008, consists of five buildings, four townhomes and a 6,500-square-foot clubhouse. The new owner plans to invest in common area renovations and upgrades to the existing apartments. Plans include a redesign of the clubhouse interior, fitness center, landscaping and signage upgrades. Apartment upgrades will include granite countertops, upgraded flooring and designer paint schemes. Jeff Fabrikant of First Capital Realty represented the seller, and Jeff Coles of First Capital Realty represented the buyer, JRK Investors Inc., a Los Angeles-based investment group, in the transaction.
MIDWAY, GA. — Pacific Global Logistics Inc. (PACTRA) has signed a 502,824-square-foot lease at Tradeport East Building A in Midway, approximately 30 miles southwest of Savannah. PACTRA is a third-party logistics company for Hankook Tire America Corp., a subsidiary of Hankook Tire Co. Ltd. The lease brings the LEED Silver-certified building to full occupancy. The company plans to use the space for administrative work, as well as the storage and distribution of tires and related products. Other tenants in the Tradeport Business Park include Target, Tire Rack and Firth Rixon. Bryan Sohn of Atlanta Realty Advisors represented PACTRA in the lease transaction. The landlord, IDI, was represented in-house by Lisa Ward, along with Cliff Dales of Colliers International.
RALEIGH, N.C.— Cushman & Wakefield | Thalhimer has arranged the sale of Gresham Lake Distribution Center, a 235,404-square-foot industrial building located at 3401 Gresham Lake Road in Raleigh. Meridian Development Group purchased the 56 percent leased property for $9 million. Chris Norvell and Scot Humphrey of Cushman & Wakefield | Thalhimer’s capital markets group represented the seller, Roper Investments LLC, in the transaction. Cushman & Wakefield | Thalhimer was also awarded the leasing assignment for the marketing of the property, which Jackson Rives will lead.
SHREVEPORT, LA. — G. Archer Frierson III and Cecile Coutret of Vintage Realty Co. negotiated the sale of a 36,000-square-foot industrial building in Shreveport for more than $1 million. The buyer was Dallas-based Cardinal Capital Partners. Frierson and Coutret also negotiated a 10-year lease of the facility to P-Americas LLC, a wholly owned subsidiary of PepsiCo Inc.
The government shutdown impacted local economies and real estate dynamics in many U.S. markets, but none moreso than the Washington, D.C., region. With anywhere from a quarter to over a third of metro D.C.’s privately owned office leasing tied to the federal government, the inability of the federal government to engage in long-term real estate planning has serious implications for the office sector. Non-federal tenants in the region are impacted as well in that a significant portion of the region’s occupiers are reliant, at least in part, on government contracts and spending. In fiscal 2012 alone, more than $72.6 billion of federal contracting dollars were procured in Washington, D.C., and its suburbs. Possible repercussions in the contracting arena from the shutdown and continued budgetary uncertainty from the federal sector could include contract cancellations, delays in payments and scope reductions. With ongoing questions about government funding and spending, these companies, like the government itself, cannot plan for the future and make decisions in areas that affect their businesses such as staffing, office and facility needs and support infrastructure. The inevitable uncertainty due to the current stop-gap fiscal environment creates questions about where funding for fit out, technology and equipment will come …
ATLANTA — Cushman & Wakefield has arranged the sale of One and Two Premier Plaza, a two-building, Class A office complex located in Atlanta’s Central Perimeter submarket. The buildings total 316,269 square feet. David Meline, Stewart Calhoun, Samir Idris and Casey Masters of Cushman & Wakefield represented the sellers, CenterSquare Investment Management and Ackerman & Co., in the transaction. Cornerstone Real Estate Advisers purchased the office buildings, which were 78 percent leased at the time of sale.
ATLANTA — Manhattan Construction Co. has completed work on a $22 million, 10-story parking garage adjacent to the Georgia State Capitol in downtown Atlanta. The state of Georgia owns the 447,193-square-foot parking garage, which features 1,169 parking spaces and two helipads. The parking garage will be used by government employees. Matthew Widmaier of Manhattan Construction’s Atlanta office oversaw the construction of the facility, and Stevens & Wilkinson designed it.
TIFTON, GA. — HFF has arranged the sale of Publix Plaza, a 52,600-square-foot Publix-anchored shopping center in Tifton. Publix Super Markets Inc. purchased the property for approximately $7 million. Brad Peterson and Whitaker Leonhardt of HFF represented the seller, TMall Development LLC, an entity of Atlanta-based RCG Ventures, in the transaction. The property, which was built in 2012, was 98.1 percent occupied at the time of sale.