Southeast

LINGERFELT ACQUIRES BANK OF AMERICA PLAZA TOWER FOR $41.8M

by admin July 22, 2013

NASHVILLE, TENN. — Richmond, Va.-based Lingerfelt Companies has purchased Nashville’s Bank of America Plaza Tower from Parkway Properties for $41.8 million. Located at 414 Union St. in the downtown submarket, the 21-story office tower contains 435,525 square feet of Class A space. Its anchor tenants, Bank of America and Louisiana Pacific Corp., occupy more than 50 percent of the tower. Total occupancy will be 70 percent by the end of the year. In the near term, Lingerfelt plans to complete capital improvements to the lobby and common areas as well as maintenance upgrades. Commonwealth Commercial Partners will manage the building, and CB Richard Ellis will handle leasing. This purchase more than double’s Lingerfelt’s Tennessee office portfolio, bringing it to 919,672 square feet.

July 22, 2013

PASSCO ACQUIRES DURHAM APARTMENT COMMUNITY FOR $28 MILLION

by admin July 22, 2013

DURHAM, N.C. — Passco Companies has acquired Encore at the Park, a Class A apartment community situated near Research Triangle Park in Durham, for $28 million. Constructed in 2001, the garden-style community is located at 2850 Country Creek Blvd. It contains 280 units in one- through three-bedroom configurations. Community amenities include a resort-style swimming pool, sundeck, business center, fitness center, car care center, picnic and grilling stations, and dog park. In the near term, Passco plans to complete minor interior and exterior upgrades to keep the property competitive in the marketplace. Sean Wood of ARA Investment Services represented both Passco and the seller, a joint venture between Atlanta-based Centennial Holding Company and Washington, D.C.-based The Carlyle Group. Riverstone Residential Group will take over management duties for the community.

July 22, 2013

Hospitality Southeast

MPI ACQUIRES SHERATON SUITES GALLERIA FOR $21 MILLION

by admin July 22, 2013

ATLANTA, GA. — Mall Properties Inc. (MPI) has acquired the Sheraton Suites Galleria hotel in Atlanta for $21 million. Constructed in 1990, the 17-story hotel is located at the intersection of interstates 75 and 285 in the city’s Cumberland submarket. It features 277 suites, 4,000 square feet of meeting space, full-service dining options, heated indoor and outdoor pools, 24-hour business center, fitness center and a five-story parking deck. It is connected via pedestrian bridge to the Cobb Galleria Convention Centre. MPI plans to complete a $9 million capital improvements program to the property that will include upgrades to all guest rooms, construction of a Sheraton Club lounge, expansion of the fitness center, and upgrades to all food and beverage facilities. The purchase represents MPI’s first hotel acquisition in the Atlanta area, but the company does own the Akers Mill Square retail center, which is located one mile from the Sheraton Suites.

July 22, 2013

Mixed-Use Southeast

CONSTRUCTION TOPS OUT FOR DOWNTOWN CROWN

by admin July 22, 2013

GAITHERSBURG, MD. — Construction has topped out for Downtown Crown, a new multi-use project under construction on 180 acres in Gaithersburg. JBG Rosenfeld Retail and The Bozzuto Group are currently developing seven buildings and three garages that will contain 260,000 square feet of retail space along with a 538-unit apartment community known as The Cadence at Crown. The apartments will begin pre-leasing in the fall. Some retail tenants will open sooner than the projects’ spring 2014 grand opening. Starbucks Coffee will open in September, LA Fitness will open by the end of the year, and Harris Teeter will open in January. Ruth’s Chris Steak House has also signed on at Downtown Crown.

July 22, 2013

Multifamily Southeast

METRO ATLANTA APARTMENT COMPLEX TRADES FOR $5.9 MILLION

by admin July 22, 2013

CLARKSTON, GA. — Marcus & Millichap has brokered the sale of Kristopher Woods Apartments, a 214-unit multifamily community in Clarkston, for $5.9 million. The property is located at 762 Jolly Ave. South and was 99 percent occupied at the time of the sale. Andrew Mays and Paul Vetter of Marcus & Millichap’s Atlanta office arranged the sale between the two undisclosed parties.

July 22, 2013

Georgia Market Reports Southeast Market Reports

Economic Development Steers Growth in Central Perimeter Office Market

by admin July 22, 2013

From farmland in the early 1970s to a major economic center in Georgia and the Southeast today, Central Perimeter has evolved into the dominant office submarket in metro Atlanta and an employment center larger than the downtowns of Nashville, Charlotte or Jacksonville. A corporate hub, Central Perimeter contains the headquarters of nearly 50 companies, including four that are Fortune 500s. During 2012, Central Perimeter also was the most active submarket in metro Atlanta, accounting for more than half of the region’s total office space absorption at 1.7 million square feet. The largest lease transaction in metro Atlanta in 2012 was in Perimeter. State Farm opened a new customer service center in nearly 500,000 square feet of space in two buildings in Dunwoody, which created 500 jobs. Metro Atlanta’s largest office sale in 2012 was the $300 million purchase of the 2.1 million-square-foot Concourse Corporate Center that includes the landmark King and Queen buildings. Additionally, Cox Enterprises added two buildings totaling 600,000 square feet to its Perimeter campus, delivering the largest office construction project last year. Central Perimeter is maintaining this strong activity in 2013, with State Farm leasing nearly 200,000 square feet of additional office space, adding 800 jobs. Also, …

July 22, 2013

Retail Southeast

NET-LEASED WHOLE FOODS SELLS FOR $19.8 MILLION

by admin July 19, 2013

MIAMI — CB Richard Ellis (CBRE) has brokered the sale of a newly constructed Whole Foods Market in Miami for $19.8 million. Completed this past May, the 36,000-square-foot, freestanding building is located on a three-acre site at 12150 Biscayne Blvd. It is solely occupied by Whole Foods on a net lease. Happiness Inc. purchased the property from a Miami-based real estate development firm, which was represented by the CBRE team of Dennis Carson, Casey Rosen, David Donnellan and Todd Weintraub.

July 19, 2013

Healthcare Southeast

NEW UNC WELLNESS CENTER OPENS

by admin July 19, 2013

CARY, N.C. — UNC Health Care and Pacolet Milliken have opened the new UNC Wellness Center at Northwest Cary. The 60,000-square-foot facility, which is owned by Pacolet Milliken and leased to UNC, is located at 350 Stonecroft Lane in Cary. The wellness center combines preventative health care, fitness facilities, physical therapy and surgical recovery in a single roof. It features climbing and bouldering walls, a seven-lane swimming pool, a teaching kitchen and classroom, TRX suspension training, an outdoor turf training field, a whirlpool and sauna, a cushioned indoor track, and group exercise studios.

July 19, 2013

Retail Southeast

PHASE II ANNOUNCED FOR THE GROVE AT ISLEWORTH

by admin July 19, 2013

WINDERMERE, FLA. — Tavistock Development Co. has announced plans to develop Phase II of The Grove at Isleworth, an open-air, multi-use center located in Windermere. Construction will begin this summer for two buildings totaling 82,000 square feet that will feature street-level retail space with medical and professional office space above. The buildings will front a tree-lined plaza. Tenants already signed for Phase II include Dexter’s, Jeremiah’s Italian Ice, BurgerFi, Marilyn Monroe Spa, Cali Chic Boutique, Salt Scene and Soul Mates Boutique. Phase I of The Grove at Isleworth is anchored by Publix and LA Fitness. When complete, the center will contain more than 200,000 square feet of retail and office space.

July 19, 2013

Retail Southeast

MARCUS & MILLICHAP BROKERS $5.1 MILLION CVS SALE

by admin July 19, 2013

INDIALANTIC, FLA. — Marcus & Millichap has brokered the sale of a 15,525-square-foot retail building net-leased to CVS/pharmacy in Indialantic for $5.1 million. Michael Lombardi of Marcus & Millichap’s New Jersey office represented the seller, a developer based in the Northeast United States. Lombardi partnered with Preet Sabharwal of Marcus & Millichap’s Manhattan, New York, office to represented the buyer. Kirk Felici assisted with the transaction.

July 19, 2013

Newer Posts

Older Posts