GREENSBORO, N.C. — HREC Investment Advisors has arranged the sale of a 116-room Sleep Inn in Greensboro. The hotel is located at the intersection of Interstate 40 and Route 62 near the Piedmont Triad International Airport, University of North Carolina-Greensboro and Greensboro Coliseum. Monty Levy, Ketan Patel and Scott Stephens of HREC Investment Advisors represented the seller, an institutional loan servicer, in the transaction.
Southeast
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 …
CHARLOTTE, N.C. — A joint venture between Cambridge Development and USAA Real Estate Co. has broken ground on 1100 South, a 331-unit apartment community at 1100 S. Blvd. in Charlotte’s South End District. The new community’s amenities will include four courtyards, a rooftop terrace, clubhouse, fitness center, cycle room, cyber lounge with sidewalk café seating, a pool with Jacuzzi, electric vehicle charging stations, bike storage and complimentary cruiser bikes. The project team includes Dallas-based architect Humphrey & Partners and Birmingham, Ala.-based general contractor Capstone Building Co. SunTrust is providing construction financing for the project. The joint venture expects to deliver its first units in November 2014.
ATLANTA — SRS Real Estate Partners’ Southeast investment sales team in Atlanta, led by Kyle Stonis and Pierce Mayson, has executed five retail sales transactions since Aug. 21 totaling more than $60 million. Stonis and Mayson, along with Ray Uttenhove and Scott Tiernan of SRS, represented an entity affiliated with Cypress Equities in the acquisition of Promenade Tannehill Shopping Center, a regional power center consisting of approximately 347,000 square feet in Bessemer, Ala., from Colonial Properties Trust. The property is located at 4965 Promenade Parkway, within the Birmingham–Hoover metropolitan area. The shopping center is anchored by Publix, Michaels, JC Penney, PetSmart and Ross Dress for Less. The Suwanee Jubilee Shopping Center in Suwanee, Ga., was purchased by Urbana Suwanee Jubilee LLC, which Stonis and Mayson represented. The 73,521-square-foot neighborhood shopping center, located at 1500 Peachtree Industrial, is anchored by The Fresh Market. Miller Group Investment Corp. sold 14 Monticello Road in Weaverville, N.C., which is currently occupied by a 23,627-square-foot Tractor Supply Co., to Cole Credit Property Trust IV Inc. The property is located about 10 miles north of Asheville, N.C. Stonis and Mayson represented the seller in the transaction. Cole Real Estate Investments Inc. was represented internally by Dan …
SIMPSONVILLE, S.C. — Fitesa Simpsonville Inc., a nonwoven fabric solutions designer and manufacturer, will invest $50 million to upfit and remodel its existing 190,000-square-foot manufacturing facility. The property is located at 840 S.E. Main St. in Simpsonville. The investment is expected to generate at least 32 new jobs, which the company will begin to hire in the spring. Fitesa Simpsonville expects to finish the facility improvements in November 2014.
HYATTSVILLE AND BRENTWOOD, MD. — Marcus & Millichap has brokered the sale of two apartment communities in Prince George’s County in Maryland. The two apartment communities — the 213-unit Newbury Square in Hyattsville and the 115-unit Finchley Square in Brentwood — sold for more than $23.7 million combined. David Weber, Daniel Cunningham, Derek Gibbs and Tal Frydman of Marcus & Millichap represented both the buyer and the seller, two limited liability companies, in both transactions.
ATLANTA — NXT Capital has provided a $39.3 million first mortgage loan for the acquisition and renovation of Park at Briarcliff Apartments, a 982-unit, Class B apartment community located in Atlanta’s Druid Hills submarket. The apartment was 92 percent occupied at the time of the sale. Richard Jordan and Robert LaChapelle of CBRE Capital Markets’ Atlanta office arranged the three-year loan with two years of interest only payments on behalf of the borrower, The RADCO Cos.
ORLANDO, FLA. — McCraney Property Co. has signed a contract to purchase a 39-acre industrial development site with more than 1,200 feet of Florida Turnpike frontage in metro Orlando. The industrial real estate developer plans to build Bent Oak Industrial Park, a 700,000-square-foot warehouse and distribution center complex. The property will feature 32-foot clear ceiling heights, ESFR sprinklers and trailer storage. McCraney plans to complete the industrial park in the third quarter of 2014. Matthew Sullivan, Wilson McDowell and Bobby Isola of Colliers International’s Central Florida office are marketing the new property.
FORT LAUDERDALE, FLA. — HFF has closed the sale of Pinnacle Corporate Park I & II, two Class A office buildings totaling 262,434 square feet at 500 and 550 W. Cypress Creek Road in Fort Lauderdale. A joint venture between Banyan Street Capital and DRA Advisors purchased the buildings for $38.1 million. The properties are 85 percent leased to tenants such as University of Phoenix, CastlePoint Insurance, Oracle and Fannie Mae. Herman Rodriguez, Ike Ojala and Jorge Portela of HFF represented the seller, Northwestern Mutual, in the transaction.
JONESBORO, GA. — Multi Housing Advisors (MHA) has brokered the $20.2 million sale of Aslan on the River, a 324-unit apartment community in the Atlanta suburb of Jonesboro. Hamilton Point Investments, based in Old Lyme, Conn., purchased the property, which was built in 2001. Josh Goldfarb with MHA represented the seller and was the sole broker in the transaction.