ATLANTA — Walker & Dunlop has arranged acquisition financing for a Class A, 123,000-square-foot office building in Atlanta's Cumberland/Galleria submarket. The property is currently 88 percent leased. Hagan Dick of Walker & Dunlop's Atlanta office arranged the non-recourse loan through a national bank on behalf of the borrowers, Brookwood Investment Group and Noro Management Inc.
Southeast
NASHVILLE, TENN. — Miami-based Parmenter Realty Partners has sold Nashville City Center, a Class A, 27-story office building in downtown Nashville. The 482,407-square-foot tower houses tenants such as Waller Lansden and First Tennessee Bank. Prior to the sale, Parmenter renovated the lobby and floor common areas. Additionally, there is currently a 499-space underground parking garage under construction in close proximity to the office building.
PETERSBURG, VA. — Rendina Cos. has completed the new Southside Regional Medical Arts Pavilion, a two-story, 32,500-square-foot medical office building located in Petersburg. The new property is located on the campus of Southside Regional Medical Center, a Community Health Systems Hospital located at 200 Medical Park Blvd. The new property houses a cancer center, digital women's imaging center and general medical and obstetrical office space for physicians. The design team for the new facility includes Norfolk, Va.-based general contractor VIRTEXCO Corp. and Nashville, Tenn.-based architect Davis Stokes Collaborative.
TAMPA, FLA. — PinPoint Commercial LP and Thrive Senior Living have begun construction on The Legacy at Highwoods Preserve, a new assisted living and memory care facility in north Tampa. The 164-bed will feature telemedicine suites, oversized rooms, libraries, gaming areas, shops, beauty salons and multiple courtyards. PinPoint and Thrive's partnership with LG, a global technology corporation, will allow the facility to feature high-tech equipment to care for residents. The new facility is slated to wrap up construction in the fall of 2014.
BRADENTON, FLA. — CBRE has arranged the sale of a single-tenant, triple-net leased retail property located at 6521 State Road 64 in Bradenton. The buyer, Charlotte, N.C.-based Bayrock Investment Co., purchased the 1,816-square-foot property, which is leased to Starbucks Coffee, for approximately $1.9 million. CBRE's net lease property group represented the seller, HB Retail SR64, in the transaction.
AUGUSTA, GA. — Transwestern has brokered Bennett Distribution Services LLC's 237,500-square-foot lease renewal at 922 Molly Pond Road in Augusta. The tenant is an affiliate of McDonough, Ga.-based Bennett International Group LLC and operates more than 1.1 million square feet of warehouse/distribution space in Augusta. Buddy Hill of Transwestern represented the tenant in the lease deal. Scott Atkins of Meybohm Commercial Properties represented the landlord.
In 2013, Washington’s office market has been characterized by tenant-favorable conditions, lower-than-average deal volume and absorption reliant on a handful of major transactions. The metropolitan area has recovered its pre-recession employment levels; however, with the federal government being the region’s major economic driver, there has been considerable impact on the office market from BRAC (Base Realignment and Closure), sequestration, the recent government shutdown and the failure of Congress and the President to permanently resolve budget and debt-ceiling issues. And while sequestration technically took effect in 2013, many major tenants, in anticipation of cutbacks, began right-sizing their occupancy well in advance. Obviously any tenant whose revenues depend on government contracts led the charge in this proactive right-sizing movement. At the same time, federal tenants face a mandated reduction in their utilization rate, and private-sector tenants are looking for more densely packed, open-workspace floor plans as demonstrated by tenants leasing less space as they relocate. Notwithstanding the apparent economic headwinds, it is a remarkable time for confident tenants to lock in favorable terms. Concession packages, which comprise improvement allowances and rent abatement periods, are at all-time market highs, and landlords have demonstrated a willingness to restructure leases considerably in advance of expirations. …
VIRGINIA BEACH, VA. — Phillips Edison-ARC Shopping Center REIT Inc. has acquired Courthouse Marketplace, a 106,863-square-foot shopping center located in Virginia Beach, for $16.1 million. Harris Teeter anchors the property, which includes other tenants such as The UPS Store, Great Clips and Wendy’s. The property is located across the street from the Municipal Center and Courthouse Complex. Additionally, Phillips Edison-ARC has recently purchased two other grocery-anchored shopping centers: The Fresh Market Shopping Center in Normal, Ill., and Pioneer Plaza in Springfield, Ore.
RALEIGH, N.C. — Federal Capital Partners has purchased Tree Top Apartments, a 206-unit apartment community located at 1328 Steinbeck Drive in Raleigh. Federal Capital purchased the garden-style community for $10.5 million. The property’s amenities include a clubhouse with a club room and fitness center, a playground, volleyball court, lighted tennis court and swimming pool. Brandon Whitesell and Alex Brown of Cushman & Wakefield represented the seller in the transaction.
STOCKBRIDGE, GA. — The LaSalle Group has broken ground on Autumn Leaves of Stockbridge, a 26,000-square-foot memory care facility located at 100 Monarch Village Way in Stockbridge. The $10 million property is the first stand-alone memory care facility in Henry County. The LaSalle Group partnered with Silverado Interests and OmniAmerican Bank for the project. The memory care facility is expected in open in the summer of 2014.