CHARLOTTE, N.C. — Marsh Aviation has purchased an approximately 25,000-square-foot freestanding retail property from Regions Bank for $1 million. Home South, a new home furnishings retail concept, is planned to operate at the site at 7220 Smith Corners Blvd. in Charlotte. Todd Harrelson of Cushman & Wakefield/Thalhimer represented the seller in the transaction.
Southeast
The uncertainty created by the nation’s current economic and fiscal conditions continues to dampen confidence for both government and private sector tenants resulting in increasing vacancy rates and declining net absorption in the D.C. market. In anticipation of the looming possibility that the government will fail to resolve its budget impasse, and so enforce mandated federal budget cuts (i.e., “sequestration”), companies that rely on federal spending are consolidating operations, discarding excess space and deferring leasing decisions. As a result, the Washington, D.C., vacancy rate, which has been in the mid-single digits for at least the last decade, has steadily increased since 2010 to over 12.5 percent as of the second quarter of 2012. The D.C. market’s leasing activity has been dominated by lease renewals, totaling 87 percent of all leasing activity in 2011 and 70 percent for the first half of 2012. Despite the economic uncertainty, the D.C. market continues to see new development activity, with nearly 2 million square feet currently under construction, and more than 70 percent of this space pre-leased. The 10-acre, mixed-use CityCenterDC project on the former Convention Center site has approximately 500,000 square feet of office space currently under construction, 77 percent of which has …
TAMPA, FLA. — The 521-room Hyatt Regency at 211 N. Tampa St. in downtown Tampa has sold. Daniel Peek, Paul Hsu and Max Comess of HFF represented the seller, AREA Property Partners. Driftwood Hospitality Management LLC purchased the property for an undisclosed price. The hotel features a restaurant and bar, 30,000 square feet of meeting space, heated outdoor pool, rooftop sundeck, fitness center and gift shop. Following a renovation, the hotel will be converted to the Hilton brand.
GREENVILLE, N.C. — Charlotte, N.C.-based SYNCO Properties Inc., on behalf of Greensboro, N.C.-based Richardson Properties, has acquired the 280-unit Pointe at Wimbledon Apartments in Greenville for approximately $22.5 million. The buyer assumed two existing first mortgages, on the project’s Phase I and II, that were originated with GE Capital Corp. and Housing & Healthcare Finance LLC (HUD). The multifamily community is located at 1530 Wimbledon Dr. and was developed in two phases in 2001 and 2004. The Pointe at Wimbledon features one-, two- and threebedroom luxury apartments ranging in size from 700 to 1,420 square feet. Amenities include two clubhouses, two pools, a fitness center, billiards room, business center, volleyball court, lighted tennis court, basketball court and pet park. It is the initial entry into the Greenville market for SYNCO Properties and Richardson Properties.
ACWORTH, GA. — CNL Healthcare Trust, a real estate investment offering focused on seniors housing and healthcare real estate, will invest $21.5 million in the development of Dogwood Forest of Acworth, a seniors housing community planned in Acworth. Solomon Senior Living Holdings LLC will serve as the project’s developer, and Trinity Lifestyles Management, Solomon’s affiliated management company, will manage the community under a long-term agreement with CNL Healthcare Trust. Dogwood Forest of Acworth will be a three-story building totaling nearly 85,000 square feet with 46 assisted living units and 46 memory care units. This is the second seniors housing development project for CNL Healthcare Trust.
NORTH PORT, FLA. — Heron Creek Towne Center, a 64,664-square-foot, Publix-anchored neighborhood shopping center in North Port, has sold for approximately $8.7 million to Phillips Edison-ARC Shopping Center REIT Inc. A Tennessee-based private investment group sold the property located at 1289 S. Sumter Blvd. Heron Creek Towne Center was built in 2001 and includes tenants Subway, The UPS Store and Sparkle Brite Pool Stores. Mark Shellabarger and Cliff Taylor of CBRE represented the seller.
MIAMI — W.P. Carey & Co. LLC has sold a 209,000-square-foot industrial and office property that houses B/E Aerospace to UBS for $26 million. The property includes a 156,820-square-foot bulk warehouse and a three-story, 52,180-square-foot office building. It was built in 2000 and is located at 1000 and 10000 N.W. 15th Terrace within International Corporate Park in Miami’s Airport West/Doral submarket. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s South Florida office and Chris Riley and Brian Budnick of CBRE’s Atlanta office represented W.P. Carey & Co. in the transaction.
CANTON, GA. — The 114,751-square-foot Hickory Flat Commons retail center has traded for $19 million at 6764-6776 Hickory Flat Highway in Canton, approximately 30 miles northwest of Atlanta. Connolly Realty Services sold the property to an affiliate of Cole Real Estate Investments. It was built in 2008 and anchored by Kroger. Other tenants include Anytime Fitness, Verizon Wireless, Little Caesars, Gymboree and Great Clips. Jim Hamilton and Richard Reid of HFF represented the seller, and Thomas Falatko represented Cole Real Estate Investments in house.
CUMMING, GA. — CNL Lifestyle Properties, a real estate investment trust, has acquired Laurel Creek Manor, a seniors living community in Cumming, for $7.5 million from an affiliate of Servant Investments. The property will be added to the Dogwood Forest family of four seniors living properties acquired by CNL Lifestyle Properties in the Atlanta area last May. Laurel Creek Manor is a needs-based community totaling 48 units, including 36 assisted living units and 12 memory care units. It opened in 2009 and was 100 percent occupied as reported at the end of last October. The property is located approximately 35 miles north of Atlanta.
ASHEVILLE, N.C. — Bell Partners Inc. has sold the 252-unit Westmount Commons apartment complex in Asheville to Trade Street Residential Inc. for an undisclosed price. Amenities include 24/7 fitness and business centers, a resort-style pool, coffee bar and clubhouse. Bell Partners acquired Westmount Commons in 2006 and added 72 units to the multifamily community in 2009.