Southeast

FRANKLIN STREET ACQUIRES 999 PEACHTREE FOR $157.9 MILLION

by admin July 3, 2013

ATLANTA — Franklin Street Properties Corp. has acquired a 28-story office building located in Atlanta’s Midtown submarket from Jamestown Properties for $157.9 million. Situated at 999 Peachtreet St., the property was constructed in 1987 and contains approximately 621,000 rentable square feet and a parking garage. Occupancy was 95 percent at the time of closing. Jamestown first purchased the tower in 2007 and since then has made improvements that resulted in the 2009 LEED-EB certification of the building. Jamestown also repositioned the tower’s street-level retail space with tenants that include restaurant Empire State South. Eastdil Secured represented Jamestown in the deal.

July 3, 2013

OMNI ACQUIRES TWO SOUTHEASTERN RESORTS

by admin July 3, 2013

ASHEVILLE, N.C., AND HOT SPRINGS, VA. — Omni Hotels & Resorts has acquired two resort hotels from KSL Capital Partners. The newly christened Omni Grove Park Inn is located in Asheville. It contains 514 guestrooms and features restaurants, a golf course, a tennis and fitness center, a 40,000-square-foot spa and convention facilities. It is currently undergoing a $25 million renovation, which will be complete this summer. The second property is the renamed Omni Homestead Resort, which is located on 2,000 acres in Hot Springs. The 483-room resort features 72,000 square feet of meeting space, restaurants, golf courses, a water attraction, a downhill ski area and an equestrian center. It is currently in the midst of a $26 million renovation. The two resorts were part of a five-property, 2,362-room portfolio purchase that also included resorts in Texas and California. The acquisition price was not disclosed.

July 3, 2013

Multifamily Southeast

COSTA HOLLYWOOD BREAKS GROUND

by admin July 3, 2013

HOLLYWOOD BEACH, FLA. — Liberty Grand LLC has broken ground for Costa Hollywood, a 307-unit luxury condominium project located at 777 N. Ocean Drive in Hollywood Beach. The units will feature seven floor plans in studio through two-bedroom layouts ranging in size from 400 to 1,500 square feet. Residences feature private glass-railed terraces with oceanfront views. Community amenities include butler service, a rooftop pool, a cigar lounge, a day spa and a gym. Units are priced from $220,000 to $800,000. Completion is slated for spring 2015.

July 3, 2013

Healthcare Southeast

CARTER VALIDUS REIT ACQUIRES SURGICAL HOSPITAL FOR $22.6 MILLION

by admin July 3, 2013

FAYETTEVILLE, ARK. — Carter Validus Mission Critial REIT has acquires Physicians Specialty Hospital in Fayetteville for $22.6 million The short-term, acute care surgical hospital totals 55,740 square feet. It contains 20 beds along with four operating rooms, one procedure room, an emergency department, an in-house diagnostic lab and a radiology department. The property was most recently renovated in 2009, when it was converted into a surgical hospital. The seller’s name was not released.

July 3, 2013

Retail Southeast

CONSTRUCTION ADVANCING FOR GLENSFORD WAY SHOPPING CENTER

by admin July 3, 2013

FAYETTEVILLE, N.C. — Construction is advancing for Glensford Way, a new 183,000-square-foot shopping center located in Fayetteville. Anchor BJ’s Wholesale Club has already opened its doors within the center, which is located at the intersection of Glensford Drive and Campground Church Road. When complete in spring 2014, the center will contain two junior anchor spaces, approximately 20,000 square feet of small-shop space and three outparcels, one of which has already been leased to Bonefish Grill. The Shopping Center Group is handling leasing for the project. The owner is Armstrong Ventures 2 LLC.

July 3, 2013

Industrial Southeast

LINCOLN PROPERTY ACQUIRES 847,000 SF BUSINESS PARK

by admin July 2, 2013

MIAMI — Dallas-based Lincoln Property Co., acting on behalf of a large pension-fund client, has purchased an 847,000-square-foot business park in Miami. Medley International Business Park West comprises 11 buildings that are located at the intersection of 105th Avenue and Okeechobee Road. The property was 93 percent occupied at the time of closing. Lincoln Property plans to reposition in the asset in the near term and has retained Americas Industrial Realty Corp. to lease the remaining space. With this purchase Lincoln Property now controls an industrial portfolio in south Florida totaling 1.3 million square feet. The seller in this transaction was TA Associates.

July 2, 2013

Office Southeast

SOUTH FLORIDA OFFICE BUILDING TRADES FOR $6.5 MILLION

by admin July 2, 2013

BOCA RATON, FLA. — Avison Young has brokered the sale of Gallery Center, a 64,565-square-foot office building located at 604-622 Banyan Trail in Boca Raton. The Class B property, which recently underwent a capital improvements and repositioning plan, traded for $6.5 million. David Duckworth, Keith O’Donnell and Jonathan Senn, all of Avison Young’s south Florida office, represented the seller, First Southern Bank. The buyer’s name was not disclosed.

July 2, 2013

Industrial Southeast

COMPASS ROSE FOUNDATION TO OPEN AUTO VOCATIONAL SCHOOL

by admin July 2, 2013

JACKSONVILLE, FLA. — Compass Rose Foundation has acquired the former Mercedes-Benz Vehicle Processing Facility located in Jacksonville for $5.2 million. The 168,000-square-foot, single-story warehouse is located on 16 acres along Interstate 95 at 8813 Western Way. The buyer plans to convert the facility into a vocational school focusing on automotive technology, heavy equipment repair, manufacturing technologies, commercial truck driving and logistics management. Bruce Jackson of CB Richard Ellis represented Compass Rose in the deal. The seller was COFE Fund One-Western Way LLC.

July 2, 2013

Multifamily Southeast

PRG BROKERS 192-UNIT DISTRESSED MULTIFAMILY SALE

by admin July 2, 2013

LOUISVILLE, KY. — PRG Investments has brokered the sale of Colonial Oaks Apartments, a bank-owned multifamily property located at 101 Colonial Oaks Court in Louisville. The Class C community contains 192 units in nine buildings as well as a clubhouse. PRG’s Reed Winberg and Fred Sutterlin represented the seller. The buyer was a New York-based investment firm.

July 2, 2013

Multifamily Southeast

LOWE ENTERPRISES BEGINS REDEVELOPMENT OF WHEATON OFFICE

by admin July 1, 2013

WHEATON, MD. — Lowe Enterprises has started the redevelopment of 11411 Georgia Avenue, an existing five-story office building in Wheaton, into an apartment building. The company will add seven stories to the existing building, creating a 12-story apartment tower with 194 residences with a mix of studio, one- and two-bedroom units designed to appeal to young urban professionals. Construction began in mid-June with completion scheduled in 2014. Whiting Turner is the contractor for the project with Bonstra Haresign as the architect. Lowe Enterprises Investors acquired the property on behalf of a pension fund client in September 2011. Lowe currently manages nearly 2 million square feet of commercial property in the Washington, D.C., area.

July 1, 2013

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