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

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

Retail Southeast

HFF ARRANGES $13.4 MILLION LOAN FOR FLORIDA POWER CENTER

by admin August 1, 2013

WINTER HAVEN, FLA. — Holliday Fenoglio Fowler (HFF) has arranged a $13.4 million senior loan for Winter Haven Citi Centre, a 185,705-square-foot power center located in Winter Haven. Situated on 29.5 acres at the intersection of Highway 17 and Avenue K, the center is anchored by Macy’s, Belk, Staples and Pier One Imports. Occupancy was 96.8 percent at the time of closing. The HFF team of Chris Drew and Jose Carrazana arranged the loan on behalf of the borrower, a joint venture between Schmier & Feurring Properties and Independencia Asset Management. The financing carries a 10-year term and was provided by a CMBS lender.

August 1, 2013

Healthcare Southeast

CBRE BROKERS $1.6 MILLION MEDICAL OFFICE SALE

by admin August 1, 2013

BOCA RATON, FLA. — CB Richard Ellis (CBRE) has brokered the sale of an 11,000-square-foot, multi-story medical office building located at 1450 S. Dixie Highway in Boca Raton. Dr. Alan Bauman purchased the property for $1.6 million and plans to relocate his practice, Bauman Medical Group, to the building. CBRE’s Dominic Montazemi, Scott O’Donnell and Miguel Alcivar represented the seller, 1450 Dixie LLC.

August 1, 2013

Hospitality Southeast

HISTORIC CAVALIER HOTEL SELLS FOR $35.7 MILLION

by admin July 31, 2013

VIRGINIA BEACH, VA. — A limited liability company led by Bruce L. Thompson has acquired The Cavalier Hotel in Virginia Beach from a court-appointed receiver for $35.7 million. Situated on 21.2 beachfront acres, the property features the original seven-story, 11-room hotel that opened in 1927; an 11-story, 282-room hotel that opened in the 1970s; and a 50,000-square-foot conference center. Amenities include an indoor pool in the original hotel, an outdoor pool adjacent to the newer hotel, outdoor tennis courts, a fitness center, a kids’ play room, food and beverage options at both hotels, and below-grade parking. The property also contains an owner/manager residence, employee housing and an automobile repair garage. The buyer is planning a $259 million capital improvements project that will include the restoration of the original hotel. Representing the receiver, Charles Goldstein of Protiviti, in negotiations was Mike Matlat of DJM Realty and the CBRE|Hotels team of Doug Henkel, Tom Ives, Lew Miller, Andy Wimsalt and Kym Halsted.

July 31, 2013

Office Southeast

INVESTMENT GROUP ACQUIRES 101,596 SF RIVERS BUSINESS COMMONS

by admin July 31, 2013

COLUMBIA, MD. — Fernau LeBlanc Investment Partners has purchased Rivers Business Commons from an affiliate of Greenfield Partners. The four-building office park is located at 8945-8975 Guilford Road in Columbia. It contains 101,596 square feet of class A office space. It was 87 percent leased to a tenant roster that includes St. Agnes Hospital, Black & Veatch, and Beazer Homes. Cristopher Abramson, Brian Kruger, Nicholas Signor and Jonathon Chalkley of Cushman & Wakefield represented the seller.

July 31, 2013

Newer Posts

Older Posts

Upcoming Events

Aug
06