MONTGOMERY, ALA. — Multi Housing Advisors (MHA) has arranged the sale of the 224-unit Bell Station and the 28-unit Watchman Court, two contiguous apartment communities located at 3201 and 3301 Watchman Drive in Montgomery. The communities had an average 93 percent occupancy at the time of sale. The sales price was undisclosed. Jimmy Adams of MHA’s Birmingham, Ala., office represented the sellers, Tritex Real Estate Advisors and Watchman Court Ltd., in the transaction. EBSCO Watchman Dr. LLC was the buyer. Chad Hagwood of Beech Street Capital arranged a Freddie Mac acquisition loan.
Southeast
TAMPA, FLA. — Atlanta-based Industrial Developments International (IDI) has signed HD Supply Facilities Maintenance Ltd., a maintenance and repairs product supplier, to a 229,308-square-foot lease. HD Supply will lease space in Madison Business Center, a Class A industrial park in Tampa. The property features 30-foot clear ceiling heights and trailer storage. The tenant will use the space as a distribution center for janitorial suppliers. Brian Rettig and Kevin Hoover of CBRE represented HD Supply in the transaction. Rick Narkiewicz, also with CBRE, represented IDI.
BOCA RATON, FLA. — A joint venture partnership between Rosemurgy Properties, Giles Capital Group and Lewis Rental Properties has broken ground on University Park, the first purpose-built student housing project in Boca Raton. The 159-unit, 279,097-square-foot community will be located at 135 N.W. 20th St. The 598-bed community will feature units with modern furnishings, flat-screen TVs, washer/dryers and private bathrooms. The amenity package includes a two-story clubhouse, student lounge, juice bar, 24-hour fitness facilities, tanning beds, video gaming rooms, computer labs, study and conference rooms and vending areas. The off-campus community will serve students of both Florida Atlantic University and Palm Beach State College. The project team includes architect RLC Architects, general contractor Current Builders, interior designer Childs/Dreyfus Group and property manager Innovative Student Housing. HFF arranged construction financing for the development. University Park will open to students in the summer of 2015.
CHARLESTON, S.C. — Newmark Grubb Knight Frank (NGKF) has arranged the $16.1 million sale of North Charleston Center, a 236,025-square-foot shopping center located at 5900 Rivers Ave. in Charleston. The property was 87 percent leased at the time of sale to Northern Tool + Equipment, Petco, Dollar Tree, dd’s Discount and Citi Trends. Popeye’s Chicken and McDonald’s are outparcel tenants. Mark Hillis and Whitney Knoll of NGKF represented the seller, DDR Corp., in the transaction. Atlanta-based Monarch Investments Group purchased the property. Cantor Commercial Real Estate, a sister company of NGKF, provided acquisition financing.
ATLANTA — CBRE Global Investors has acquired Alexander on Ponce, which is located at 144 Ponce De Leon Ave. N.E. in Atlanta. The 330-unit apartment community features panoramic city views, two courtyard and garden areas, a fully-equipped fitness center and a business center. Equity Residential sold the property for an undisclosed price. Derrick Bloom and David Gutting of Jones Lang LaSalle's Capital Markets team represented the seller in the transaction.
WASHINGTON, D.C. — MAC Realty Advisors has arranged a $21 million investment from a private equity fund for the acquisition and development of 1600 Pennsylvania Avenue SE, an existing used car lot in Washington, D.C.’s Capitol Hill neighborhood. MAC also arranged a senior construction loan through a regional bank on behalf of the borrower, NOVO Development Corp. NOVO plans to build a five-story, 77-unit residential project with a one-level parking garage. Andrew McAllister, Bruce Levin and Ben Lazarus of MAC led the placement effort on the transactions.
JUPITER, FLA. — Starbucks Coffee has signed a long-term, 1,800-square-foot lease at Fisherman’s Wharf, a 5.5-acre shopping center in Jupiter. The shopping center, located on East Indiantown Road, is currently undergoing renovations. The Fresh Market has also recently signed on to anchor the center with a 20,900-square-foot store. Don DeWoody of Avison Young represented Starbucks in the lease transaction. Elizabeth Wright and Tom Godino of Atlantic Retail Properties represented the owner, Elion Partners.
With an economy that’s normalizing with improving fundamentals, the Atlanta retail market is on the right track for sustained growth. Throughout 2013, Atlanta experienced a drop in vacancy rates along with the unemployment rate. In addition, retail sales rose nearly 3.5 percent over last year, provoking a rise in consumer confidence. The unemployment rate in Georgia fell from 9 percent in 2012 to 8.3 percent in 2013. This is still a full point below the national average. For 2014, the unemployment rate in Georgia is expected to reach well under 8 percent. During the last 12 months, Atlanta has experienced job growth of 2.5 percent. Retail payrolls are also expected to continue improving in 2014, pushing a near 3 percent gain as a result of both increasing existing stores sales as well as modest new store opening growth. Vacancy Rates, Rent Growth Since the beginning of the year, overall metro retail vacancy rates have dropped below 11 percent, which is a 50 basis point decrease over last year. Neighborhood and community retail centers still maintain the highest vacancy of just under 15 percent. Power centers have experienced a strong year-over-year recovery, averaging a 7.5 percent vacancy across the region. Tenant …
LANDOVER, MD. — Capital Advisors has arranged $23.4 million in acquisition financing for The Library of Congress Annex, a 216,000-square-foot specialized industrial facility located at 1701 Brightseat Road in Landover, just outside Washington, D.C. The Library of Congress uses the facility to store rare books, valuable historical documents and archival records. Cooper Willis of Capital Advisors’ Charlotte, N.C., office arranged the 10-year loan with a 30-year amortization schedule through a CMBS lender. The loan features 24 months of interest-only payments.
ATLANTA — Bell Partners Inc. has acquired Heights at Stillhouse, a 302-unit apartment community in northwest Atlanta. Worthing Cos. developed the apartment community, which will be renamed Bell Vinings, in 2013. The project is LEED Silver certified and features resort-style saltwater pools, courtyards with fire pits, outdoor grilling stations, business centers and resident lounges. The units range from one-, two- and three-bedroom apartments averaging 1,085 square feet. The property was 95 percent occupied at the time of sale.