Southeast

WOOD PARTNERS TO BUILD HIGH-RISE IN MIDTOWN ATLANTA

by admin September 12, 2013

ATLANTA — Wood Partners has plans to break ground on a new multifamily project in Midtown Atlanta that will be the first high-rise in the area to solely use natural gas for heating, hot water and cooking. The property will be located on West Peachtree Street and will include approximately 20,000 square feet of retail space. Wood Partners is working with Atlanta Gas Light on the project. The development is within walking distance to the Midtown MARTA station, as well as Piedmont Park, Georgia Tech and Midtown Atlanta's central business district. The property will feature a resort-style pool deck, club rooms and an urban park/courtyard. Wood Partners expects to break ground on the project in the first half of 2014.

September 12, 2013

LAW FIRM SIGNS 40,000 SF LEASE IN WEST PALM BEACH IN $25M DEAL

by admin September 12, 2013

WEST PALM BEACH, FLA. — Taylor & Mathis has arranged a 12-year lease deal with Akerman Senterfitt LLC, Florida's largest law firm, for 40,000 square feet of office space in downtown West Palm Beach. In the $25 million deal, the law firm is leasing space for two-and-a-half floors at Phillips Point, a 500,000-square-foot office and retail complex located in West Palm Beach's central business district. Other notable tenants of Phillips Point include Global Capital Econometrix LLC, BMO Harris Bank, Goldman Sachs, Squire Sanders, Morgan Stanley and Greenberg Taurig. Brian Gale of Taylor & Mathis, along with Matt Cheezem of CRESA Partners, brokered the lease transaction.

September 12, 2013

Multifamily Southeast

BLUE ROCK, KONOVER SOUTH BUY MADISON AT LAKE GIBSON FOR $12M

by admin September 12, 2013

LAKELAND, FLA. — Tampa, Fla.-based Blue Rock Partners LLC and Konover South LLC, have purchased the 220-unit Madison at Lake Gibson apartments in Lakeland for nearly $12 million. The property is located at 5233 U.S. Highway 98 N. and will be rebranded as The Park at Cortona. The partnership between Blue Rock and Konover South will spend approximately $1.8 million in exterior renovations in the next 12 months and interior renovations in the next 24 months. The partnership purchased the apartment community from Lake Gibson Apartment Associates LP. Cushman & Wakefield brokered the transaction. This is Blue Rock Partners' fifth Tampa Bay/Orlando acquisition in the past 12 months.

September 12, 2013

Multifamily Southeast

UC FUNDING PROVIDES $10.5M LOAN FOR APARTMENT COMPLEX IN DECATUR

by admin September 12, 2013

DECATUR, GA. — UC Funding has provided a $10.5 million loan to purchase a discounted mortgage note secured by a 1,069-unit, Class C, garden-style apartment complex in Decatur. The property consists of 41 two- and three-story buildings. The borrower, a repeat sponsor of UC Funding, will complete a $6.3 million renovation to the complex. The borrower has more than 35 years of real estate experience and its portfolio consists of 10,000 multifamily units 490 hotel rooms and 750,000 square feet of office space.

September 12, 2013

Industrial Southeast

CUSHMAN & WAKEFIELD | CORNERSTONE BROKERS $6M INDUSTRIAL SALE

by admin September 12, 2013

NASHVILLE, TENN. — Cushman & Wakefield | Cornerstone's capital markets group has arranged the $6 million sale of three distribution centers in Nashville. Atlanta-based Johnson Hailey Investments purchased the facilities from ProLogis-Nashville. The properties total 174,600 square feet and are located at 1416 and 1418 Antioch Pike and 1914-1919 Elm Tree Drive.

September 12, 2013

Retail Southeast

KITE REALTY GROUP ACQUIRES TORINGDON MARKET IN CHARLOTTE FOR $15.9M

by admin September 11, 2013

CHARLOTTE, N.C. — Kite Realty Group Trust has purchased Toringdon Market, a 60,000-square-foot grocery-anchored shopping center in Charlotte, for $15.9 million. The property is located near the intersection of Interstate 485 and Johnston Road. Earth Fare, a specialty grocer, anchors the center, which is 97 percent leased.

September 11, 2013

Retail Southeast

SHOPPING CENTER REIT BUYS STOCKBRIDGE COMMONS IN S.C. FOR $15.3M

by admin September 11, 2013

FORT MILL, S.C. — Phillips Edison-ARC Shopping Center REIT Inc. has acquired Stockbridge Commons, a 99,473-square-foot shopping center located in Fort Mill, about 18 miles south of Charlotte, N.C., for $15.3 million. Harris Teeter anchors the center, which is 96 percent leased. Harris Teeter is the No.1 grocer by market share in Charlotte, according to Phillips Edison-ARC Shopping Center REIT Inc. The Stockbridge Commons acquisition, along with the public non-traded REIT's purchase of the Dyer Crossing shopping center in Dyer, Ind., brings the REIT's portfolio to 55 properties in 20 states totaling about $801.5 million.

September 11, 2013

Office Southeast

CMT BUILDING IN DOWNTOWN NASHVILLE SELLS FOR $11.2M

by admin September 11, 2013

NASHVILLE, TENN. — The CMT Building, an iconic office tower anchored by Country Music Television (CMT) in downtown Nashville, has sold for $11.2 million. Commerce Street Nashville Partnership purchased the 114,038-square-foot, Class A office tower, located at 330 Commerce St. CMT, a wholly owned subsidiary of Viacom, recently signed a seven-year lease renewal for its 86,000-square-foot stake in the building. Cushman & Wakefield | Cornerstone represented the seller, Wells Real Estate Funds, in the transaction.

September 11, 2013

Industrial Southeast

WESTMOUNT REALTY CAPITAL BUYS EIGHT INDUSTRIAL ASSETS AROUND ATLANTA

by admin September 11, 2013

ATLANTA — Dallas-based Westmount Realty Capital has purchased eight industrial assets in and around Atlanta, totaling nearly 900,000 square feet. The properties are located near I-285 and vary in type, from flex to distribution. The properties are located at 2600/2650 Pleasantdale Road; 4300 Bankers Circle; 2732/2750 S. Cobb Industrial Blvd.; 4490/4492 Commerce Circle; 650 Selig Drive; 3495 Donald Lee Hollowell Parkway; and 3770 and 3735 Zip Industrial Blvd. The properties are around 90 percent leased, according to Westmount. Wilson, Hull & Neal has been retained to lease the properties, and Westmount will provide property management services.

September 11, 2013

Retail Southeast

CBRE ARRANGES SALE OF HENDRIX CROSSING IN S.C.

by admin September 11, 2013

LEXINGTON, S.C. — CBRE's national retail investment group has brokered the sale of Hendrix Crossing, a 61,712-square-foot, Publix-anchored shopping center in Lexington, a suburb of Columbia. Additional tenants of the center include Subway, Great Clips, Yogen Fruz and Bella Nails and Spa. Mike Burkard, Chris DeCoufle, Kevin Reavey and Steve Shields of CBRE represented the seller, Columbia-based EDENS, in the transaction. The buyer was Raleigh, N.C.-based Centrex Properties.

September 11, 2013

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