Southeast

FEDERAL REALTY RENOVATING THE CREST AT CONGRESSIONAL

by admin July 15, 2013

ROCKVILLE, MD. — Federal Realty Investment Trust has begun a renovation project at The Crest at Congressional Plaza, a 146-unit apartment community the REIT owns in Rockville. The project will include common area and unit upgrades. A new outdoor café area will be built along with a new swimming pool and lounge area. Units will receive new porcelain flooring, luxury kitchens, hotel-inspired bathrooms and designer lighting packages. Select units will also receive updated patios. The project team includes McInturff Architects, Lohre Interior Consultants, Lila Fendrick Landscape Architecture & Garden Design, and Ross Renovation & Construction Management. Completion is slated for summer 2014.

July 15, 2013

LANDQWEST COMMERCIAL BROKERS $1.2 MILLION OFFICE SALE

by admin July 15, 2013

FORT MYERS, FLA. — LandQwest Commercial has brokered the sale of a former Iberia bank branch in Fort Myers for $1.2 million. The two-story, Class A office building is located at 2225 First St. and contains 7,981 square feet of space. LandQwest’s Bryan Myers represented the undisclosed seller in the deal. The buyer was Palm Lee Properties.

July 15, 2013

Market Reports North Carolina Southeast Market Reports

Retail Developers Eye New Construction Opportunities

by admin July 15, 2013

Charlotte's retail sector has been robust with activity in the past several months, with positive signs on the horizon. Residential development in Charlotte has been driving a rise in retail projects, particularly in the city’s infill areas, such as SouthPark and the South End. For instance, more than 1,200 apartment units are under construction or planned in the South End area. This has led to more urbanized retail, including a 55,000-square-foot Publix that is under construction on four acres at South Boulevard and Iverson Way. The site will also include structured parking and additional shops. Publix has also announced a new location in Ballantyne Town Center, located at Providence Road West and Johnston Road, which is scheduled to open in early 2014. When Harris Teeter announced that it had hired JP Morgan to sell the company, rumors were rampant and there has been a lot of speculation that Publix was a likely buyer. Most industry insiders do not think that this is likely, so it will be interesting to see how this dynamic plays out. In the meantime, Publix continues to scour opportunities for new locations throughout the Charlotte market, adding a new player in the highly competitive grocery sector. …

July 15, 2013

Industrial Southeast

KTR ACQUIRES 504,000-SQUARE-FOOT WAREHOUSE

by admin July 12, 2013

MCDONOUGH, GA. — KTR Capital Partners has acquired a 504,000-square-foot distribution center located in the Atlanta suburb of McDonough. Situated at 220-230 Greenwood Court, the Class A building totals 504,000 square feet. It features 30-foot clear ceilings, 50-foot by 50-foot column spacing, cross-dock loading, ESFR sprinklers and trailer parking. It is currently vacant, but KTR plans to immediately reposition it. With this purchase, KTR’s Atlanta portfolio comprises six properties totaling 3.2 million square feet of space.

July 12, 2013

Industrial Southeast

LANDMARK ARRANGES $11.2 MILLION LOWE’S SALE

by admin July 12, 2013

OXFORD, ALA. — Landmark Commercial Real Estate Services has arranged the sale of the Lowe’s Home Improvement Warehouse located in Oxford for approximately. $11.2 million. The 135,197-square-foot property is situated at 1836 U.S. Highway 78 East. A non-traded REIT purchased it from a Toronto-based private investor. Daniel Kukes and Kevin Baker represented the buyer in the deal.

July 12, 2013

Multifamily Southeast

RESOURCE REAL ESTATE BUYS DISTRESSED APARTMENT COMMUNITY FOR $10.1M

by admin July 12, 2013

WINTER PARK, FLA. — Resource Real Estate has acquired a distressed apartment community in the Orlando suburb of Winter Park on behalf of its Resource Real Estate Opportunity REIT for $10.1 million. Nob Hill Apartments consists of 192 units within 10 buildings on 10 acres of land. Amenities include a swimming pool, fitness center, club room, business center, theater, sauna, and tennis and shuffleboard courts. Resource plans to complete a capital improvements project that will include individual unit and common area repairs and renovations as well as new exterior painting and landscaping. Resource acquired the property from a financial institution that had previously foreclosed on it.

July 12, 2013

Office Southeast

ST. JOHN PROPERTIES TO BRING 10 SPEC PROJECTS TO MARYLAND MARKET

by admin July 12, 2013

MARYLAND — St. John Properties has unveiled plans to begin construction on 10 office, R&D/flex and retail projects at six Maryland business communities by mid-September. The projects total 250,000 square feet and will be built on speculative basis with no pre-leasing commitments. The projects include: two flex office buildings on Easter Court in Owings Mills; a 12,675-square-foot retail building and a 14,280-square-foot office building in nearby Reistertown Crossing in Reistertown; an 8,125-square-foot retail building at 4001 N. Point Blvd. in Dundalk; a 24,190-square-foot office building at Route 100 Technology Center and a 13,325-square-foot retail building at BWI Technology Park, both located near Baltimore-Washington International Airport; and three one- and two-story office buildings totaling 100,000 square feet located within Annapolis Commons. Earlier this year, St. John commenced construction on five office, flex and retail buildings in Maryland totaling more than 320,000 square feet.

July 12, 2013

Multifamily Southeast

MARCUS & MILLICHAP BROKERS $7.6 MILLION MULTIFAMILY, HOTEL SALE

by admin July 12, 2013

ORLANDO — Marcus & Millichap has brokered the sale of a multifamily community and a hotel in Orlando for a combined $7.6 million. Universal Suites is located at 1200 Holden Ave. The apartment community includes a 140 one- and two-bedroom units. It sold for $4.3 million. Tranquility Inn is a 110-room extended-stay hotel located at 4855 S. Orange Blossom Trail. It traded for $3.3 million. Nicholas Meoli, Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the local seller. John Keeler of Marcus & Millichap’s Orlando office represented the Colorado-based buyer.

July 12, 2013

Retail Southeast

MGHERRING, TRICOM JV ACQUIRES 685,000 SF SHOPPING CENTER

by admin July 11, 2013

OCALA, FLA. — A joint venture between Dallas-based companies MGHerring Group and Tricom Real Estate Group has acquired Market Street at Heath Brook in Ocala, Fla. The outdoor, regional shopping center contains 685,000 square feet and is anchored by Dillard’s and Dick’s Sporting Goods. Tricom will oversee the asset management and leasing, and MGHerring Group will oversee the property management and development. The acquisition was one of the first transactions by the new joint venture, which was formed to acquire value-added regional malls and lifestyle centers throughout the United States. MGHerring and Tricom also purchased a 1 million-square-foot shopping center in Taunton, Mass., concurrent with this deal.

July 11, 2013

Hospitality Southeast

HOME2 SUITES BY HILTON OPENS NEW LOCATION NEAR NASHVILLE AIRPORT

by admin July 11, 2013

NASHVILLE, TENN. — Home2 Suites by Hilton has opened its newest hotel in Nashville. The five-story, 105-suite hotel is located at 832 Royal Parkway, one mile from Nashville International Airport. It features an indoor saltwater swimming pool, walking trails, a laundry and fitness area, and a convenience store. Pinnacle Nashville Airport GP owns the hotel, and Pinnacle Hospitality Partners manages it. The Home2 Suites by Hilton Nashville-Airport is the 19th U.S. location for the brand. Later this year, new Home2 Suites hotels will open in Querétaro, Mexico, and Edmonton, Canada. Future hotels are slated for the Houston, Atlanta, and Washington, D.C., markets.

July 11, 2013

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