Southeast

MAC ASSEMBLES JV FOR MIXED-USE REDEVELOPMENT

by admin June 24, 2013

SILVER SPRING, MD. — MAC Realty Advisors has arranged a development joint venture for the redevelopment of the First Baptist Church located at 8415 Fenton St. in Silver Spring. Lead developer Grosvenor Americas is partnering with Lakritz Adler Real Estate Investments to replace the existing church with a more efficient building. The joint venture will also build a 259-unit apartment building with 19,000 square feet of street-level retail space and a two-story parking garage. The construction timetable was not released.

June 24, 2013

NET-LEASED DIALYSIS CLINIC TRADES FOR $2.49 MILLION

by admin June 24, 2013

KNOXVILLE, TENN. — Marcus & Millichap has completed the sale of a medical office building in Knoxville net-leased to dialysis provider Fresenius Medical Care for $2.49 million. The 10,440-square-foot building was constructed in 2001 and is located at 1740 Western Ave. Tim Giambrone of Marcus & Millichap’s Atlanta office represented the seller, a Tennessee-based limited liability company, and procured the buyer, a California-based private investor.

June 24, 2013

Retail Southeast

RIVER OAKS SHOPPING CENTER SELLS

by admin June 24, 2013

TARBORO, N.C. — Berkeley Capital Advisors has brokered the sale of River Oaks Shopping Center in Tarboro. The property totals 32,800 square feet. Its tenants include Dollar Tree, Shoe Show and Radio Shack. Walmart shadow anchors the center. The Berkeley team of Rob Carter, Alex Quarrier and David Webb arranged the deal between the two undisclosed parties.

June 24, 2013

District of Columbia Market Reports Southeast Market Reports

Jobs, Income Growth in Washington, D.C., Give a Boost to Retail Sector

by admin June 24, 2013

The Washington, D.C., area boasts the lowest unemployment rate among major metros, at 5.5 percent as of February 2013, which is about two percentage points below the total U.S. unemployment rate of 7.6 percent. In the 12 months prior to February 2013, the area fell only behind New York, Los Angeles Basin and Houston in terms of job growth, with 39,700 new jobs created. At the same time in 2012, retailers shed approximately 1,100 jobs. While the effects of sequestration legislation are still unknown, the projected job growth from 2013 to 2017 is estimated to average 48,100 per annum. Two rapidly growing industry sectors are cybersecurity and healthcare. The Washington area also has an average household income of $108,400, making it an impressive 59 percent higher than the U.S. average. Incomes grew by 43 percent from 2000 to 2012, compared to 20 percent nationally. By 2017, the area’s average income is estimated to rise 14 percent, still higher than 13 percent nationally. Retail inventory (all types) for the Washington metro area totals approximately 220 million square feet. As of March 2013, the overall vacancy rate was 4.8 percent — the lowest in the nation. The market has seen no overall …

June 24, 2013

Multifamily Southeast

UF STUDENT HOUSING COMMUNITY TRADES FOR $36.25 MILLION

by admin June 21, 2013

GAINESVILLE, FLA. — The Preiss Company has acquired a 770-bed student housing community serving students of the University of Florida for $36.25 million. The seller was a joint venture between New York-based Glenmont Capital Management and Birmingham, Ala.-based Arlington Properties. Canopy Apartments is located at 4400 SW 20th Ave. in Gainesville. Constructed in 2009, the property features five three-story residential buildings containing a mix of two- through four-bedroom units. Unit amenities include granite countertops, stainless steel appliances and nine-foot ceilings. Community amenities include a resort-style pool with a bar and grilling area, a fitness center, a clubhouse with a gaming area, an indoor basketball court, two sand volleyball courts, a virtual golf course, tanning beds, and a business center. Canopy Apartments was 95 percent occupied at the time of closing. The Holliday Fenoglio Fowler (HFF) team of Brian Kelly and Manny de Zarraga represented the seller. HFF also assisted Preiss in arranging acquisition financing for the property. HFF’s Timothy Joyce, Stephen Skok and Elliott Throne secured a $26.4 million acquisition loan through M&T Realty Capital Corp. The loan carries a 4.5 percent fixed interest rate and a 12-year term.

June 21, 2013

Retail Southeast

UNIVERSITY COLLECTION SHOPPING CENTER SELLS FOR $18.4 MILLION

by admin June 21, 2013

TAMPA, FLA. — The Shopping Center Group (TSCG) has completed the sale of University Collection, a 107,198-square-foot neighborhood retail center located in Tampa, for $18.4 million. Constructed in 1984, the property was approximately 80 percent leased at the time of closing. Sweetbay Supermarket anchors the center, though the grocer was not included in the transaction. Additional University Collection tenants include Dollar Tree, Pet Supermarket, Chili’s, Tijuana Flats, Five Guys Burgers & Fries, Firehouse Subs, Jason’s Deli, Mattress One and FedEx Office. TSCG’s Anthony Blanco, Lenard Williams, Mallory Ham and Kris Kral represented the seller, a joint venture between Ram CRA Partners and Forge Capital Partners. The buyer was an institutional investment fund managed by Charlotte, N.C.-based Faison.

June 21, 2013

Multifamily Southeast

NORTHMARQ ARRANGES $14M MORTGAGE FOR TAMPA-AREA APARTMENT COMMUNITY

by admin June 21, 2013

PALM HARBOR, FLA. — NorthMarq has arranged a $14 million permanent loan for the refinancing of Landings at Boot Ranch, a 232-unit multifamily community located in the Tampa suburb of Palm Harbor. The borrower, an undisclosed national multifamily investor, had recently acquired the defaulted note on the property, which is located at 212 Katherine Blvd., and is in the midst of an extensive renovation. Robert Hernandez of NorthMarq’s Tampa office arranged the loan, which carries a 15-year term and a 25-year amortization schedule. The lender was an undisclosed life insurance company.

June 21, 2013

Office Southeast

CBRE BROKERS $5.3 MILLION DISTRESSED OFFICE SALE IN SOUTH FLORIDA

by admin June 21, 2013

LAUDERHILL, FLA. — CB Richard Ellis (CBRE) has brokered the sale of Executive University Courts, a distressed office property located in Lauderhill, for $5.3 million. The 102,120-square-foot, Class B property is situated at 4300 N. University Drive. It comprises six interconnected two-story buildings surrounding a landscaped courtyard with a water feature. The campus was constructed in 1987 and renovated in 1999. Occupancy was 62 percent at the time of closing. The CBRE team of Scott O’Donnell, Dominic Montazemi and Miguel Alcivar represented both the seller, 4300 Lauderhill LLC, and the buyer, KAS Partners LLC. The buyer also enlisted CBRE to lease the property. Deborah Fink is handling the assignment.

June 21, 2013

Industrial Southeast

COLLIERS COMPLETES SALE OF 72,000 SF FLEX PROPERTY

by admin June 21, 2013

CARY, N.C. — Colliers International has completed the sale of a flex industrial property in Cary. The 72,000-square-foot building is situated on 9.5 acres at 312 Gregson Drive. The buyer, Triad Educational Services, plans to renovate the property and open a school in it this fall. Triad also operates the Triangle Math & Science Academy charter school in downtown Raleigh. Lee Holder and Frank Quinn, both of Colliers, represented the seller, Saia-Burgess. The acquisition price was not released.

June 21, 2013

Multifamily Southeast

MARQUIS INVESTMENTS BUYS ATLANTA MULTIFAMILY PORTFOLIO FOR $49.5 MILLION

by admin June 20, 2013

ATLANTA — Atlanta-based Marquis Investments has purchased a nine-property multifamily portfolio for $49.5 million. The communities are all located in Atlanta on Buford Highway, in between the Brookhaven and Druid Hills submarkets. The portfolio contain a total of 1,187 units and includes: Continental Village, Cross Keys Cabana Apartments, Garden Grove, Hallmark Apartments, Majestic Terrace, Monaco Garden, Montego Garden, Parkview Terrace and Parkway Apartments. The $49.5 million sale price equates to an 8 percent capitalization rate. Paul Vetter and Andrew Mays of Marcus & Millichap’s Atlanta office represented the seller, a Yakima, Wash.-based real estate company.

June 20, 2013

Newer Posts

Older Posts