ATLANTA — Admiral Capital Real Estate Fund and SDM Partners have purchased the 160,000-square-foot 200 Ashford Center North, an office building located in Atlanta. Amenities include a fully equipped conference room, fitness center, on-stie cafe and covered parking. Steven Martin of SDM Partners represented the buyer in the transaction. Michael McDonald, Drew Barnette and Kennedy Hicks of Eastdil Secured represented the seller, a pension fund client of ASB Real Estate Investments.
Southeast
MONTGOMERY, ALA. — A 13,706-square-foot CVS/pharmacy, located at 3050 Zelda Road in Montgomery, has sold for $4.21 million. The company has 19 years remaining on its lease. Included in the sale was the assumption of a CMBS loan through Wells Fargo. Terry Marks of National Net Lease Realty represented the seller, a Southern California based limited liability company, in the transaction. A California-based broker represented the buyer.
NASHVILLE, TENN. — Beech Street Capital has secured $92.6 million in Freddie Mac Capital Markets Execution loans for the acquisition of a three-property multifamily portfolio, located in Nashville. The properties include the 627-unit Cherry Creek Apartments, the 346-unit Arbors at Brentwood Apartments and the 360-unit Cambridge at Hickory Hollow. Aaron Birnbaum of Meridan Capital Group originated the loans, which were financed by Beech Street as part of its correspondent relationship with Meridian. The seven-year loans have two years of interest-only payments.
NAPLES, FLA. — FTC Naples has sold the 161,000-square-foot Fifth Third Center, located at 999 Vanderbilt Beach Road in Naples, for $49.92 million. The property is the largest office building in Collier County. Premier Commercial represented the buyer in the transaction. Craig Timmins and Clint Sherwood of Investment Properties Corp. represented the seller.
NASHVILLE, TENN. — A joint venture between Adler Real Estate Fund and Kawa Capital Management has purchased the 135,653-square-foot Greenbriar Business Park, an office and flex property located at 2525 Perimeter Place Drive in Nashville. The property is 88 percent leased. Tenants include Honeywell International, Diebold, Dataium and Neopost USA. Steve Preston and Douglass Johnson of CBRE Group represented the seller, KBS REIT I, in the transaction. HFF secured a primary mortgage through SunTrust Bank on behalf of Adler Real Estate Fund.
ROCK HILL, S.C. — Weston Inc. has sold a 318,000-square-foot industrial building, located at 2751-2805 Commerce Drive in Rock Hill, to Rock Hill Commerce LLC for $5.15 million. The property is 58 percent leased to two tenants. Lester Osborn and Scott Hensley of Piedmont Properties/CORFAC International represented the seller in the transaction. Herb Krumsick of J.P. Weigand & Sons and Michael DiScala of M.F. DiScala & Co. represented the buyer.
GREENVILLE, S.C. — Four Springs Capital Trust has acquired a 14,465-square-foot Walgreens, located in Greenville, for $5.62 million. The initial 25-year lease on the property expires on Jan. 31, 2030. Additionally, there are 10 five-year renewal options at the end of the initial lease term.
KISSIMMEE, FLA. — NorthMarq Capital has arranged $20.55 million in first mortgage refinancing for the 384-unit Lake Tivoli Apartments, located at 851 Lake Tivoli Blvd. in Kissimmee. David Schofield and Robert Rothaug of NorthMarq secured the 10-year loan with a 30-year amortization schedule through Freddie Mac on behalf of the borrower, Lake Tivoli Apartments LLC.
During the last two quarters, vacancy rates for Class A and Class B office properties in Columbia have declined. So far in 2012, overall Class A vacancy rates have fallen from 12.2 percent to 11.4 percent, while Class B vacancy rates have fallen from 27.3 percent to 27.1 percent. However, as tenants have been taking advantage of the opportunity to upgrade their spaces, the overall vacancy rate has remained unchanged at 22.2 percent, as Class C vacancy rates have increased from 23.7 percent to 26 percent. The Cayce/West Columbia submarket saw the biggest statistical declines in vacancy during the last year. Class A vacancy declined from 27.6 percent to 17.3 percent. Class B vacancy rates declined from 25.7 percent to 13.8 percent. While the change demonstrates increased activity in the submarket, the submarket saw only 13,603 square feet of positive absorption for the year. Activity in the Central Business District has been muted. In 2012, vacancy rates have declined by 40 basis points. Tenants are upgrading to Class A spaces from Class B and C buildings. Vacancy rates for Class A buildings downtown declined 70 basis points to 11.8 percent. However, vacancies have increased in Class B spaces rising 40 …
HYATTSVILLE, MD. — Grady Management has broken ground on the 283-unit 3350 at Alterra, a luxury mid-rise multifamily building, located along Toledo Terrace in Hyattsville. Amenities will include a cyber cafe, lounge, game room, pool and fitness center. The project is the first phase of a mixed-use planned redevelopment.