Southeast

MOHR CAPITAL ACQUIRES FORMER SCHOLASTIC DISTRIBUTION CENTER

by admin May 31, 2013

MAUMELLE, ARK. — Dallas-based Mohr Capital has acquired the former Scholastic Books distribution center in the Little Rock suburb of Maumelle. The seller was Scholastic, which had already vacated the property. The building features 34- to 46-foot clear ceiling heights, rail access and ample trailer parking. Mohr, which enters the Little Rock market with this purchase, plans to reposition the property as Little Rock Logistics Center. It will complete major improvements to 200,000 square feet of the building to accommodate an incoming tenant and offer the remaining 300,000 square feet for lease. Little Rock-based Irwin Partners will handle the leasing assignment. Scott Henry and Gary Horn provided in-house representation on behalf of Mohr. Northmarq Capital and Protective Life Insurance Co. provided acquisition financing.

May 31, 2013

HFF BROKERS $9.63M INDUSTRIAL SALE NEAR DULLES AIRPORT

by admin May 31, 2013

DULLES, VA. — Holliday Fenoglio Fowler (HFF) has brokered the sale of two industrial buildings adjacent to Dulles International Airport for $9.63 million. The buildings total 83,086 square feet and are situated within NorthPointe, an industrial property located less than one-half mile from the airport’s cargo entrance. The two buildings are 87 percent leased to a tenant roster that includes The Richards Corporation. The HFF team of Bruce Strasburg and Samuel Fagelson represented the seller, Velsor Properties.

May 31, 2013

Multifamily Southeast

CRESCENT BUYS LAND FOR NEW MULTI-USE COMMUNITY

by admin May 31, 2013

CHARLOTTE, N.C. — Crescent Communities has acquired a 2.3-acre site in Charlotte’s Dilworth neighborhood for the construction of a more than $50 million multi-use community. Crescent Dilworth will contain 300 luxury apartments above street-level retail space. The apartments will comprise a mix of studio through two-bedroom units along with walk-up units and 2,600-square-foot deluxe units. The community will feature a clubhouse, pool, athletic facilities, bicycle storage and a repair center, and a rooftop terrace overlooking Sugarcreek Greenway. The seven-story building will be constructed at the corner of East Morehead Street and Harding Place, across from Carolinas Medical Center. Crescent is partnering with locally based Southern Apartment Group, which originally assembled the land parcels, for the project. BB+M Archiotecture will design Crescent Dilworth. Construction will begin this fall, and completion is expected in spring 2015.

May 31, 2013

Retail Southeast

MARCUS & MILLICHAP BROKERS CHASE GROUND LEASE SALE

by admin May 31, 2013

LARGO, FLA. — Marcus & Millichap has brokered the $2.45 million sale of the ground lease to a Chase bank branch located in Largo. The property was constructed in 2012 and is the outparcel to a Walmart Neighborhood Market. Chase occupies the property on a 20-year ground lease with rent escalations every five years. Sonny Molloy of Marcus & Millichap’s Atlanta office brokered the deal. The property traded at a 5.13 percent cap rate.

May 31, 2013

Office Southeast

CALKAIN BROKERS GSA BUILDING SALE

by admin May 30, 2013

ORLANDO — Calkain Cos. has brokered the sale of a single-tenant, approximately 28,000-square-foot office building located in Orlando for $6.33 million. The building is currently occupied by the U.S. Department of Homeland Security under a lease with three firm years remaining and a rolling termination option thereafter. Calkain’s Patrick Nutt and Brian O’Hear represented LNR Partners, which served as special servicer for the foreclosed property. The buyer was a Florida-based investor. The property traded for $225 per square foot at an 8.69 percent cap rate.

May 30, 2013

Civic Southeast

FIRST PROJECT UNDER WAY AT ST. ELIZABETHS EAST CAMPUS

by admin May 30, 2013

WASHINGTON, D.C. — Ground has broken for the first project at St. Elizabeths East Campus, a 183-acre campus located in southeastern Washington, D.C. The Gateway Pavilion will be a $5 million outdoor space that will provide venues for casual dining, a farmers market, and cultural and entertainment events while the rest of the campus is under development. The D.C. Office of Planning & Economic Development has proposed several adaptive reuse projects for Phase I of St. Elizabeths including: 500,000 square feet dedicated to academic and innovation-minded companies; a 400,000-square-foot, mixed-use town center; approximately 100,000 square feet of trophy office space; and civic space.

May 30, 2013

Multifamily Southeast

FORUM AWARDED APARTMENT DESIGN PROJECT

by admin May 30, 2013

CLERMONT, FLA. — Altamonte Springs, Fla.-based Forum Architecture & Interior Design has been selected to design Phase II of The Glen at Cagan Crossings. The project will add six three-story buildings to the Clermont multifamily community, bringing its total to 792. Forum also designed Phase I of The Glen at Cagain Crossings. Phase II construction will begin this fall. The Glen is part of the Cagan Crossings mixed-use community, which contains retail, restaurants and residences. Cagan Management Group is its owner and developer.

May 30, 2013

Multifamily Southeast

GRANDBRIDGE SECURES $13.59M MULTIFAMILY LOAN

by admin May 30, 2013

DECATUR, GA. — The Atlanta office of Grandbridge Capital has arranged $13.59 million in acquisition and bridge financing for two apartment properties located in the Atlanta suburb of Decatur. The two garden-style communities total 332 units and are named Birch Grove Apartments and Sycamore Chase Apartments. Tom Walsh secured the financing on behalf of the undisclosed borrower, which intends to undertake a major renovation project.

May 30, 2013

Multifamily Southeast

COCKE FINKELSTEIN COMPLETES LANE COMPANY ACQUISITION

by admin May 30, 2013

ATLANTA — Cocke Finkelstein has completed its previously announced acquisition of the assets of Lane Co. The combined company, named CFLane, now has 30,000 multifamily units under management in the Southeast, Midwest and Texas. CFLane will remain headquartered in Atlanta. Cocke Finkelstein co-founders Byron Cocke and Brett Finkelstein now serve as co-CEOs, and Lane Co. founder George Lane serves as chairman of the board.

May 30, 2013

Multifamily Southeast

TRYKO ACQUIRES 216-UNIT AFFORDABLE HOUSING COMMUNITY

by admin May 29, 2013

RICHMOND, VA. — New Jersey-based Tryko Partners has entered the Virginia market with its acquisition of a 216-unit affordable housing community located in Richmond. Midlothian Village was constructed in 1971. The community, which is situated at 4000 Midlothian Turnpike, contains a mix of one- and two-bedroom communities and features an on-site leasing office, laundry facilities and a playground. Tryko partnered with a Boston-based investment management firm on the acquisition, with Tryko serving as operating partner. The partnership assumed existing Freddie Mac and IRP loans as part of the deal. Jeff Kunitz, Spencer Hurst and Brandon Grisham of Marcus & Millichap’s Tax Credit Group arranged the purchase.

May 29, 2013

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