Southeast

STAN JOHNSON CO. OPENS SOUTH FLORIDA OFFICE

by admin August 15, 2013

FORT LAUDERDALE, FLA. — Stan Johnson Co., a real estate brokerage and advisory firm specializing in single tenant, net lease investment sales, has opened a new regional office at 6750 N. Andrews Ave. in Fort Lauderdale. Since 2008, Stan Johnson has expanded its footprint by opening regional offices in Atlanta, Chicago, Houston, Los Angeles, Phoenix, New York City and San Francisco. Stan Johnson Co. has hired Brian Buffone and Barry Wolfe as lead brokers. Before joining Stan Johnson, Buffone founded Park Manor Capital Partners and was a partners and chief financial officer of Compson Holding Corp. Wolfe's previous work experience includes stints as the vice president of investments at Marcus & Millichap and as senior director in Marcus & Millichap's national retail group and net leased properties group.

August 15, 2013

SIX MID-ATLANTIC APARTMENT COMMUNITIES TOTALING $250M BEGIN DEVELOPMENT

by admin August 14, 2013

OWINGS MILLS, MD. — Owings Mill-based Chesapeake Realty Partners and Washington, D.C.-based Bernstein Management Corp. have begun developing six new apartment communities totaling 1,250 units in Maryland, Virginia and Washington, D.C. The investment totals $250 million. Construction has commenced on four of the communities. The apartment communities include 2251 Wisconsin Avenue in the Glover Park neighborhood of Washington, D.C.; Paragon at Columbia Gateway in Columbia, Md.; 2 East Wells Street in south Baltimore; The Winthrop in Towson, Md.; 900 Thayer Ave. in downtown Silver Spring, Md.; and Accotink Village Fort Belvior in southeast Fairfax County, Va.

August 14, 2013

Retail Southeast

HINES ACQUIRES LIFESTYLE CENTERS IN TENNESSEE, FLORIDA

by admin August 14, 2013

JACKSONVILLE, FLA. AND MURFREESBORO, TENN. — Hines, an international real estate investment firm based in Houston, has acquired two retail centers in Tennessee and Florida through Hines Global REIT. The centers include The Markets at Town Center in Jacksonville and The Avenue Murfreesboro in Murfreesboro. The Markets at Town Center is a nine-building, 317,415-square-foot, upscale retail center that Hines purchased from Pinehill Investment Co. The Markets at Town Center is part of the St. Johns Town Center master-planned development and is 93 percent leased to tenants such as Toys R' Us, Nordstrom Rack, West Marine, REI, Best Buy and Gold Galaxy. Hines has retained Genesis Real Estate Advisers LLC as the property manager. The Avenue Murfreesboro is a 10-building, 747,497-square-foot center that Hines purchased from Faison & Associates and Cousins Properties. The center is 89 percent leased to 93 tenants including Belk, Dick's Sporting Goods, Haverty's, Barnes & Noble, Bed Bath & Beyond and Michael's. David Hocker & Associates will manage the center on behalf of Hines.

August 14, 2013

Retail Southeast

COLLIERS BROKERS $8.4M SALE OF PALM HARBOR RETAIL CENTER

by admin August 14, 2013

PALM HARBOR, FLA. — Colliers International has arranged the $8.4 million sale of the Commons at Twin Lakes, located at 31958 U.S. Highway 19 N. in Palm Harbor. Outback Steakhouse anchors the 53,000-square-foot retail center, which features tenants such as Massimo's Eclectic Fine Dining, North Pinellas Children's Medical Center and Select Medical Rehab. The property is 98 percent leased. Mike Milano and Ron Schultz of Colliers International's Tampa Bay office represented the seller, Commons at Twin Lakes LLC, in the transaction. Jim Michalak of Plaza Advisors Inc. represented the buyer, Realty Financial Corp.

August 14, 2013

Hospitality Southeast

NORTHMARQ ARRANGES $7M FOR FAIRFIELD INN & SUITES IN FREDERICK, MD.

by admin August 14, 2013

FREDERICK, MD. — NorthMarq Capital has arranged $7 million in first mortgage refinancing for the 105-room Fairfield Inn & Suites in Frederick. The hotel is located at 5220 Westview Drive. Brendan Scanlon and Gary McGlynn of NorthMarq's Washington, D.C., office arranged the loan through a CMBS lender.

August 14, 2013

Office Southeast

CPA FIRM JOINS OFFICE BUILDING UNDER RENOVATION IN DOWNTOWN BALTIMORE

by admin August 14, 2013

BALTIMORE — Ellin & Tucker, a CPA firm, has signed a 31,000-square-foot lease for office space at 400 E. Pratt St. in downtown Baltimore. The company is moving its Baltimore headquarters from 100 S. Charles St. into the 11-story office tower, which is undergoing renovations. The updates include a two-story, 24,000-square-foot addition and updates to the common corridors, lobbies, elevators and restrooms. Construction on the addition is underway. The addition is part of an open-space plan developed by the Downtown Partnership of Baltimore and supported by Baltimore City and the Baltimore Development Corp. to rejuvenate the downtown area and improve the north side of Pratt Street. The design team includes Peter Fillat Architects and construction manager Constantine Commercial Construction Inc. Ellin & Tucker's new office space will span the entire second floor and 7,000 square feet on the third floor, including a balcony above the new addition. The lease includes signage in the lobby and on the exterior southwest side on the second floor. Courtenay Jenkins of Cushman & Wakefield represented Ellin & Tucker and Whitney Nye represented the owner, PDL Pratt Associates LLC.

August 14, 2013

Retail Southeast

BENNING CONSTRUCTION BREAKS GROUND ON EPPS BRIDGE CENTRE

by admin August 13, 2013

ATHENS, GA. — Benning Construction Co., a regional general contractor, has broken ground on Epps Bridge Centre, a 68-acre retail and entertainment project located in Oconee County, minutes away from the University of Georgia in Athens. The project is located at the intersection of Paul Broun Parkway and the Oconee Connector. Epps Bridge Centre is the largest retail development begun in Georgia in nearly a decade, according to Benning Construction. The project's developer is Atlanta-based The Bishop Co. Several retailers have agreed to anchor the development, including Dick's Sporting Goods, Marshalls, PetSmart, Old Navy, Gap, Banana Republic, Ulta and Georgia Theatre Co.'s new flagship theater — the 16-screen GTC University 16 Cinemas.

August 13, 2013

Multifamily Southeast

ARA NEGOTIATES $43.8M SALE OF DURHAM APARTMENT COMPLEX

by admin August 13, 2013

DURHAM, N.C. — ARA has arranged the sale of the 328-unit Artisan at Brightleaf apartment community in Durham. Boston-based AEW Capital Management purchased the property on behalf of one of its institutional clients for $43.8 million. Greystar, a Charleston, S.C.-based apartment owner, developer and manager, developed the property in 2012 through a partnership with Prudential. Sean Wood, Blake Okland, Dean Smith and John Heimburger of ARA represented Greystar in the transaction.

August 13, 2013

Multifamily Southeast

CBRE CLOSES $16M SALE OF 210 MULTIFAMILY UNITS IN KISSIMMEE

by admin August 13, 2013

KISSIMMEE, FLA. —CBRE has arranged the sale of 210 units at Legacy Parc in Kissimmee for $16 million. The community was built in 1990 and was purchased for condominium conversion in 2005. A majority of the units were reverted to rentals, and the current buyer purchased 210 of the 320 units at the community. The 210 units were 98 percent occupied at the time of sale. Legacy Parc offers one-, two- and three-bedroom units averaging 1,001 square feet. The community's amenities include a swimming pool, fitness center, children's playground, two tennis courts and a sand volleyball court. Luke Wickham, Shelton Granade and Justin Basquill of CBRE's Orlando office represented the seller in the transaction.

August 13, 2013

Office Southeast

CASSIDY TURLEY BROKERS SALE OF CLASS A OFFICE BUILDING

by admin August 13, 2013

CHARLOTTE, N.C. — Cassidy Turley has arranged the sale of a Class A, 58,445-square-foot office building, located at 4500 Cameron Valley Parkway in Charlotte. The building is fully leased to several tenants, including Merrill Lynch, Grubb Properties, Yadkin Valley Bank and Trust Co., Lincoln National Life Insurance Co. and Scott & Stringfellow LLC. Rob Cochran, David Finger, Addison Montague and Jared Londry of Cassidy Turley represented the seller, a local investment group, in the transaction. The buyer was an affiliate of The Keith Corp.

August 13, 2013

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