CARY, N.C. — Dominion Realty Partners LLC, a multifamily developer and investor based in Raleigh, N.C., has broken ground on Parkside Place, a 294-unit apartment community. The Class A community will be located on a 13-acre tract at the intersection of Highway 55 and Highway 540 in Cary, which is within the Raleigh-Durham-Chapel Hill Triangle area. The community will feature a swimming pool with a sundeck and will be integrated with Parkside Town Commons, a 435,000-square-foot retail center whose tenants include Target, Harris Teeter, Frank Theatres, Field & Stream and Golf Galaxy. Dominion Realty will lease and manage the new community on-site. The new apartment community is expected to be delivered in the first quarter of 2015.
Southeast
COCONUT CREEK, FLA. — CBRE has arranged the sale of a 32,635-square-foot, two-story building at 3700 Coconut Creek Parkway in Coconut Creek. The South Florida Academy of Learning purchased the property from the Technological University of America for approximately $4.9 million. The property will be the new home for the South Florida Jewish Academy. The property was built in 1976 and renovated in 2008. It features 17 classrooms, two laboratories, a library, data center, auditorium, café and faculty room. Deanna Lobinsky, Dominic Montazemi, Travis Herring, Katherine Ridgway, Scott O’Donnell, Jason Hochman and Miguel Alcivar of CBRE brokered the transaction.
SANFORD, FLA. — NAI Realvest has arranged the $3 million sale of a 242,000-square-foot warehouse and distribution facility at 1201 Cornwall Road in Sanford. George Livingston, Christie Alexander, Drew Saphos and Paul Vera of NAI Realvest represented the seller, Columbus, Ohio-based Lake Mary Industrial Partners LLC. Colliers International represented the buyer, 1201 Cornwall LLC.
MORRISVILLE, N.C. — Duke Realty has signed Flextronics Americas LLC to a lease renewal for 322,699 square feet of space at 1000 and 1200 Innovation Avenue within Woodlake Center in Morrisville. Woodlake Center is a master-planned industrial park totaling 812,000 square feet. Jackson Rives of Cushman & Wakefield | Thalhimer, along with Duke Realty’s Hooker Manning, represented Duke Realty in the transaction.
FORT LAUDERDALE, FLA. — Greenspoon Marder, a full-service business law firm, has leased four floors at 200 E. Broward Blvd., a 21-story Class A office tower in downtown Fort Lauderdale. The law firm’s 64,964-square-foot lease and expansion is the largest law firm lease renewal and expansion in South Florida this year, according to Jones Lang LaSalle. Sandra Andersen of Jones Lang LaSalle represented the landlord, VV USA City LP, an entity represented by Invesco Real Estate. Thomas Capocefalo and Gregory Katz represented Greenspoon Marder in the transaction. With the lease, 200 E. Broward Blvd. is 88 percent leased.
The tide is changing for subcontracting in the Washington, D.C., multifamily market. In the past year, while much of the country has been in recovery, Washington construction managers experienced a white-hot market in wood-frame, market-rate apartments. Along with multiple building opportunities, there was an abundance of qualified subcontractors offering extremely competitive pricing. Currently, new properties continue to be developed, but reductions in the subcontracting pool and changes in building codes are creating a climate of increased pressure for construction managers. Subcontractor Capacity Recently, our industry has seen unprecedented subcontractor failures, workforce leaving the area and some company owners leaving the business altogether because they are not willing to risk their livelihoods anymore. Profits and cash flow were just too tight. At the same time, more than 20,000 units will be added to the D.C. market during the next two years. Affordable and tax credit markets have come back strong as well, and rent increases in the new ground-up apartments have created a booming submarket in Class B renovations. For example, Snell Construction Corp. of Arlington, Va., is repositioning two major properties: Southern Towers, a 2,500-unit, 1960s era high-rise community in Alexandria, and Monticello Gardens, with 794 apartments in Falls Church, …
ATLANTA — Cascade Investments, a privately owned investment arm of Bill Gates, has purchased Four Season Hotel Atlanta in Midtown Atlanta for an undisclosed amount. Cascade purchased the hotel from Host Hotels & Resorts, which has owned it since 1998. Four Seasons Hotel Atlanta opened in 1997 and features 244 guestrooms, 18 luxury suites, a 7,790-square-foot private spa and fitness center and two upscale restaurants. The hotel occupies the first 19 floors of a 54-story tower. Toronto-based Four Seasons Hotels & Resorts will continue to operate the hotel. Four Seasons Hotels & Resorts is owned jointly by Cascade, Kingdom Holding Co. and Triples Holdings. The transaction also includes the acquisition of 99,000 square feet of office space in the tower. The Four Seasons Hotel Atlanta is Cascade’s second Four Seasons acquisition in recent weeks.
CARY, N.C. — The Connor Group has purchased Amberwood at Lochmere, a 206-unit, garden-style apartment community located in Cary, part of the Raleigh-Durham metro area. The Connor Group purchased the property from Amberwood Apartment Associates LP for $18.1 million. The apartment community features tennis courts, a putting green, playground and walking/hiking trails.
MARIETTA, GA. — Jones Lang LaSalle has arranged the sale of Powers Ferry Plaza, an 86,401-square-foot shopping center located on Powers Ferry Road in Marietta, a suburb immediately north of Atlanta. The shopping center is anchored by Micro Center, a computer and technology retailer. Kris Cooper and Margaret Caldwell of Jones Lang LaSalle represented the seller, Equity One, in the transaction. An Atlanta-based investor purchased the center.
MEMPHIS, TENN. — Paramount Lodging Advisors has brokered the sale of Drury Inn & Suites, a 118-room hotel located in Memphis. A regional investor purchased the hotel and has rebranded it as a Quality Inn & Suites. Adam Montufar and Brent Clemens of Paramount represented the seller, DSW Inns LLC, in the transaction.