Southeast

FOUR FIRMS SIGN LEASES AT ONE PARK SQUARE AT DORAL

by admin August 5, 2013

DORAL, FLA. — New Boston Fund Inc. has finalized four new lease agreements totaling 12,500 square feet at One Park Square at Doral, a Class A office building located at 3470 N.W. 82nd Ave. in Doral, a submarket of Miami. The new tenants are diagnostics company Remasur USA, international travel agency TravelMax USA Corp., international business consulting firm MM Global Strategies and professional staffing and solutions firm Kforce Inc. One Park Square is an 11-story, 281,623-square-foot property located adjacent to Miami International Airport. Tere Blanca, Danet Linares and Andres del Corral of Blanca Commercial Real Estate represented New Boston Fund in the four lease transactions. Pablo Langesfeld of Transworld Business Brokers represented TravelMax USA, Jose Luis Vera of United Realty Group represented MM Global Strategies and Caroline Fleischer of Cushman & Wakefield represented Kforce.

August 5, 2013

Columbia Industrial Market Expects Improvement

by admin August 5, 2013

Columbia is is considered a tertiary market by definition, with more than 47 million square feet of industrial space. In the past few years, national and international companies have recognized Columbia as having a strategic position in the Southeast. While most markets struggled in the downturn, Columbia’s steady industrial announcements demonstrated stability. Today, the city’s industrial vacancy rate is hovering at 10 percent. The Columbia market has remained attractive due to its low cost of doing business, non-union affiliation and quality of life. The city’s employment base is diverse, ranging from traditional sectors such as agriculture and manufacturing to emerging sectors such as health services, insurance and financial markets. The region is home to the state government, Fort Jackson and the University of South Carolina. Rental rates for Class A industrial space have decreased significantly since 2008. Today, we have a 184,000-square-foot LEED-certified building with a quoted rate of $3.95 per square foot. At delivery, this building had a published rate of $4.75 per square foot. Another competing Class A property in the market is the former Lamson Sessions building, a 350,000-square-foot, cross-docked facility listed at $3.35 per square foot. The reduction in rates has been necessary to stay competitive …

August 5, 2013

Office Southeast

JOINT VENTURE ACQUIRES 1522 K ST. IN D.C. FOR REDEVELOPMENT

by admin August 2, 2013

WASHINGTON, D.C. — A joint venture between Atlanta-based Songy HighRoads and New York City-based Elliott Management Corp. has acquired an 11-story, 91,000-square-foot office building located at 1522 K St. in Washington, D.C. The partnership intends to redevelop the building but has not released any specific plans apart from a proposal to convert it into a hotel. The seller in the transaction was 1522 K Street LLC. The purchase price was not disclosed.

August 2, 2013

Industrial Southeast

POE & CRONK BROKERS $14.5 MILLION INDUSTRIAL SALE

by admin August 2, 2013

ROANOKE, VA. — Poe & Cronk Real Estate Group has brokered the sale of a 640,000-square-foot industrial property located at 5022 Hollins Road in Roanoke for $14.5 million. The buyer, Ardagh Metal Packaging USA, plans to use the facility as its new East Coast manufacturing facility. The Poe & Cronk team of Dennis Cronk and Matt Huff represented the undisclosed seller in negotiations.

August 2, 2013

Retail Southeast

REIT ACQUIRES MACON SHOPPING CENTER

by admin August 2, 2013

MACON, GA. — Phillips Edison-ARC Shopping Center REIT, a public, non-traded REIT sponsored by Phillips Edison & Co. and AR Capital, has purchased a Macon shopping center from New York City-based Nightingale Group. Rivergate Shopping Center is a 207,567-square-foot property located at the interchange of Interstate 75 and Tom Hill Sr. Boulevard. The shopping center was renovated in 2012 and is 86 percent leased to a tenant roster that includes Publix, Planet Fitness, Dollar Tree, Batteries Plus, Buffalo Wild Wings, Dunkin Donuts, IHOP, Panera Bread, Starbucks Coffee and Subway. Richard Reid and Jim Hamilton of Holliday Fenoglio Fowler represented the seller in negotiations.

August 2, 2013

Industrial Southeast

CBRE COMPLETES $8 MILLION SOUTH FLORIDA WAREHOUSE SALE

by admin August 2, 2013

WEST PALM BEACH, FLA. — CB Richard Ellis (CBRE) has completed the $8 million sale of a small-bay, Class A warehouse located in West Palm Beach. The 73,563-square-foot building was constructed in 2008 on 6.9 acres at 342-346 Pike Road. It was 90 percent occupied at the time of the sale. The CBRE team of Scott O’Donnell, Dominic Montazemi, Jason Hochman and Miguel Alcivar represented the seller, Pishon Pike Road LLC. The buyer was Hollywood, Fla.-based Tigertail Lake Warehouse Ltd.

August 2, 2013

Industrial Southeast

EASTERN UNION ARRANGES $30.6 MILLION REFINANCE, CONSTRUCTION LOAN

by admin August 2, 2013

CROSSVILLE, TENN. — Eastern Union Funding has arranged $30.6 million in financing for a 670,000-square-foot distribution center located in Crossville. The loan, which was provided by Natixis, carries a 10-year term and a 30-year amortization schedule. The undisclosed borrower plans to use $22.8 million of the proceeds to refinance existing debt, and the remaining $7.8 million will be used to construct a 270,000-square-foot addition to the property. Marc Tropp and Sam Begun of Eastern Union’s Bethesda, Md., office arranged the loan.

August 2, 2013

Office Southeast

PARMENTER SELLS GWINNETT COMMERCE CENTER FOR $20.5 MILLION

by admin August 1, 2013

DULUTH, GA. — Parmenter Realty Partners has sold the 10-story Gwinnett Commerce Center, a 213,563-square-foot, Class A office building in Duluth. The purchase price was $20.5 million, according to DataBank, an Atlanta-based provider of commercial real estate data. A joint venture between Biscayne Atlantic, Red Starr Investments and PointOne Holdings purchased the property, which is located approximately 22 miles northeast of downtown Atlanta. Gwinnett Commerce Center features a parking deck attached to the lobby by a covered walkway, a full-service cafe, conference facility, on-site management and 24/7 security. David Meline, Stewart Calhoun and Samir Idris with Cushman & Wakefield's Atlanta capital markets group represented the Miami-based seller in the transaction. Mike Ryan and Brian Linnihan with Cushman & Wakefield's equity, debt and structured finance group arranged acquisition financing on behalf of the buyer. The buyer has also selected Cushman & Wakefield to serve as the leasing agent and property manager for the building. Andy Sumlin and Aileen Almassy with the company's Atlanta office will lead the leasing efforts.

August 1, 2013

Multifamily Southeast

BLUE ROCK-KONOVER SOUTH JV BUYS APARTMENT COMMUNITY FOR $18.5M

by admin August 1, 2013

SANFORD, FLA. — A joint venture between Tampa, Fla.-based Blue Rock Partners and Deerfield Beach, Fla.-based Konover South has purchased a 256-unit apartment community in Sanford from Robbins Associates for $18.5 million. Sailpointe at Lake Monroe is located on 401 W. Seminole Blvd. The new owners plan to invest $1.8 million in the property to upgrade its appearance, unit interiors and amenities. The community will also be renamed The Park at Ravello. Shelton Granade of the Orlando office of CB Richard Ellis brokered the transaction, and Prime Capital provided acquisition financing. The purchase represents Blue Rock and Konover South’s 11th joint acquisition in the past four years in the Orlando and Tampa Bay markets.

August 1, 2013

Hospitality Southeast

ROCKWOOD BROKERS QUALITY INN SALE

by admin August 1, 2013

HIGH POINT, N.C. — New York-based Rockwood Real Estate Advisors has brokered the sale of a Quality Inn hotel located in High Point. The property contains 45 rooms and was constructed in 1998. Rockwood represented the seller, a Southeast-based regional financial institution. The buyer was High Point Hospitality LLC. The acquisition price was undisclosed.

August 1, 2013

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