Southeast

ATLANTA-BASED RCG BUYS 107,200 SF POWER CENTER

by admin May 7, 2013

ATHENS, TENN. — RCG Ventures has purchased McMinn Plaza, a 107,200-square-foot power center in Athens. The property, located at 921 Decatur Pike, is 84 percent occupied and anchored by a 60,000-square-foot Ingles Supermarket and a 17,826-square-foot Badcock Furniture. The center is one mile from Athens Regional Medical Center, a 315-bed hospital. Helen Putterman and Vera Thomas of Cohen Real Estate represented the seller, Wheeler Interests, a Virginia Beach, Va.-based REIT, in the transaction. Putterman and Thomas also represented the Atlanta-based buyer.

May 7, 2013

Competition is Fierce for Prime Retail Space in Suburban Birmingham

by admin May 7, 2013

In the decade between 1997-2007, a massive amount of retail development swept the country, and Birmingham — like much of the Southeast — was considered a demographic sweet spot. During this 10-year period, the majority of the population was at a peak buying age, the economy was performing well and most of the population was experiencing higher income levels. In Alabama, developers and retailers alike scrambled to keep up with the growth by building new shopping centers anchored by big and junior box concepts in every major town across the state. Then the recession hit. As the market continued to slow, big and junior box retailers experienced decreasing sales and an overabundance of square footage brought new development pipelines to a halt. Despite a growing desire among today’s retailers to lease new space, the market is lacking supply. Now that big box development has largely stopped in Birmingham and retailers are starting to downsize, there is virtually no development pipeline for new shopping centers within the suburban markets. Competition for prime leasable space within these suburban locations has become fierce. Retailers, medical office tenants, and restaurants are all now vying for the same spaces that were built 10 years ago. …

May 7, 2013

Hospitality Southeast

FIRST EXTENDED-STAY HOTEL IN BALLSTON SUBMARKET OPENS

by admin May 6, 2013

BALLSTON, VA. — Donohoe Construction has completed the 183-roon Residence Inn by Marriott Arlington Ballston, located at 650 N. Quincy St. in Ballston. The hotel is a component of the Shooshan Cos. Founder's Square development, a four-building complex consisting of more than 1 million square feet of office, residential, retail and hotel space. Donohoe Hospitality will manage the property, which is the Ballston submarket's first extended-stay hotel. The property was built to LEED Gold standards and features a green roof, a 20 percent reduction in water use and a 44 percent reduction in energy consumption. Architect BBG-BBGM has also incorporated 1,880 square feet of retail space, 1,300 square feet of meeting space and 110 underground parking spaces.

May 6, 2013

Industrial Southeast

SEALY & CO. BUYS FEDEX PROPERTY FOR $5.8M

by admin May 6, 2013

ALPHARETTA, GA. — Sealy & Co. Inc. has purchased an 88,215-square-foot industrial property, located at 1525 Morrison Parkway in Alpharetta, for $5.8 million. The building is fully leased to FedEx Corp., which has five years remaining on its lease. Originally constructed as a build-to-suit, the property has been occupied by FedEx since 1998. Britton Burdette of Stan Johnson Co. represented both the buyer and seller, Wallace Enterprise, in the transaction.

May 6, 2013

Southeast

SENTRY SELF STORAGE UNDERGOES $1M RENOVATION

by admin May 6, 2013

MIAMI — Developer Rosemurgy Properties has completed a $1 million renovation to the 662-unit Sentry Self Storage, located at 3300 N.E. 2nd Ave. in Miami. A joint venture between Sentry Self Storage Management and Rosemurgy Properties acquired the 58,000-square-foot building in 2011. Upgrades to the property include office and entry remodeling, the installation of a security system and cameras and updated IT and access controls. On the exterior, crews installed a new roof and new lighting, signage and landscaping.

May 6, 2013

Industrial Southeast

THE SUPPLY SOURCE SIGNS 69,098 SF LEASE

by admin May 6, 2013

JACKSONVILLE, FLA. — The Supply Source, a supply chain management company, has signed a 69,098-square-foot industrial lease at the Deerwood Distribution Center, located at 8500 Baycenter Road in Jacksonville. The company plans to move its corporate headquarters to the new space this June. Patrick Thornton and Christian Harden of NAI Hallmark Partners represented the landlord, EastGroup Properties, in the transaction.

May 6, 2013

Industrial Southeast

REIT BUYS FLORIDA INDUSTRIAL PORTFOLIO FOR $39.3M

by admin May 3, 2013

SUNRISE, FLA. — Industrial Income Trust, a non-traded REIT based in Denver, has acquired a three-building, Class A industrial portfolio in Sunrise for $39.3 million. The properties are situated within the Sawgrass International Corporate Park at 900 International Parkway, 14599 N.W. 8th St. and 13801 N.W. 4th St. The three buildings total 401,650 square feet and are fully occupied by five tenants. The properties feature 24-to 26-foot clear ceiling heights. Christian Lee, Chris Riley, Charles Foschini, Tom O'Loughlin and Jose Lobon of CBRE represented the seller, Cobalt Capital Partners, in the transaction. According to Lee, the deal allows the buyer to expand on its existing footprint at Sawgrass. The company acquired two buildings at the site in 2011.

May 3, 2013

Multifamily Southeast

CLASS A APARTMENT COMPLEX IN S.C. SELLS FOR $10.3M

by admin May 3, 2013

SENECA, S.C. — Companion at Crescent Pointe, a 144-unit apartment complex in Seneca, has sold for $10.3 million. The Class A property, built in 2005, is 95 percent occupied. Investors from California, teamed with a regional management company, purchased the property. Tony Bonitati of NAI Earle Furman represented the seller in the transaction.

May 3, 2013

Multifamily Southeast

MRP, ANGELO TO SELL 17-STORY PARAMOUNT BUILDING

by admin May 3, 2013

ALRINGTON, VA. — MRP Realty and Angelo, Gordon & Co. have selected Cassidy Turley to market The Paramount, a 135-unit apartment property located at 1425 S. Eads St. in Arlington. The 137,010-square-foot tower is located near the Pentagon City and Crystal City Metro stations and Ronald Reagan National Airport. Amenities include a residents lounge, fitness center, yoga studio, gaming center and teleconferencing business center. The property also features 3,610 square feet of retail space. The ownership has completed approximately $4 million in renovations to the common areas and units in the past 48 months. Christopher Doerr, Bill Collins and Rachel Ley of Cassidy Turley will lead the sales efforts.

May 3, 2013

Hospitality Southeast

MERCURY PURCHASES 117-ROOM HOTEL

by admin May 3, 2013

JACKSONVILLE, FLA — Mercury Investment Co. has acquired the 117-room Hampton Inn and Suites Ponte Vedra in Jacksonville. Originally built in 2000, the Hampton Inn recently underwent a major renovation, including upgrades to the lobby, fitness facility and guestrooms. The new owner plans to make additional enhancements, including the addition of a shuttle and manager's reception. Integral Hospitality Solutions will manage the property. CBRE Hotels represented the seller in the transaction.

May 3, 2013

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