Southeast

BRIDGEVIEW BUYS $8M OFFICE PORTFOLIO

by admin April 26, 2013

CHARLESTON, S.C. — Bridgeview Properties has acquired an office portfolio of three properties at 4275 Bridgeview Drive, 4355 Bridgeview Drive and 4340 Corporate Road in Charleston, for $8 million. Built in the late 1980s, the properties total more than 112,000 square feet. Two tenants, Serco and NCO, occupy 60 percent of the space. The buyer plans to completely gut and upgrade the interior of 4340 Corporate Road. R. Milton Thomas of Lee & Associates represented the buyer and seller, the Estate of Morton Needle, in the transaction.

April 26, 2013

OAKWOOD VILLAS SELLS FOR $8.4M

by admin April 26, 2013

JACKSONVILLE, FLA. — Marcus & Millichap has arranged the $8.4 million sale of Oakwood Villas, a 200-unit apartment property in Jacksonville. The property, located at 8201 Kona Ave., consists of 50, four-unit buildings. Kevin Morris of Marcus & Millichap represented the seller, a limited liability company, in the transaction.

April 26, 2013

Retail Southeast

COLE ACQUIRES $4.6M GROCERY STORE IN SALEM

by admin April 26, 2013

SALEM, N.C. — COLE Capital has acquired a 21,018-square-foot grocery store in Salem, which will be occupied by The Fresh Market, for $4.6 million. The property is part of the Mount Tabor Place Development near Wake Forest University. Sean Patrick and Jason Powell of Ackerman & Co. represented the seller, Mount Tabor Place II LLC, in the transaction.

April 26, 2013

Mixed-Use Southeast

CARTER TO BUILD $40M MIXED-USE PROJECT

by admin April 25, 2013

DECATUR, GA. — Atlanta-based Carter plans to develop 315 West Ponce, a $40 million mixed-use project in Decatur. The five-story property will include 223 apartment units and 10,000 square feet of street-level retail. The project will target young professionals with a mix of one-, two- and three-bedroom units. Amenities will include a pool, clubhouse, fitness center and two outdoor courtyards. The development will also include a structured parking deck to be shared between the new retail and residential buildings. The Decatur Downtown Development Authority has approved the site plan for the project. The Preston Partnership is the project architect and Brasfield & Gorrie is the contractor. Construction is slated to begin later this summer.

April 25, 2013

Multifamily Southeast

CROW HOLDINGS SECURES $86.8M ACQUISITION LOAN

by admin April 25, 2013

FAIRFAX, VA. — Crow Holdings Capital Partners LLC has secured an $86.8 million acquisition loan for Monument Park, a 460-unit Class A apartment community in Fairfax. The property is located at 4457 Oakdale Crescent Court and units average 1,014 square feet. Community amenities include a clubhouse, resort-style swimming pool, fitness center, pub room and jogging trails. Whitaker Johnson, Andy Scott and Cary Abod led the HFF team that arranged the 10-year, fixed-rate loan through TIAA-CREF.

April 25, 2013

Seniors Housing Southeast

KEYBANK PROVIDES $11M LOAN FOR NEW SENIOR LIVING FACILITY

by admin April 25, 2013

JACKSONVILLE, FLA. — KeyBank Real Estate Capital has provided an $11.6 million loan to Legend Senior Living for the construction of a new assisted living and Alzheimer's residence in Jacksonville. The property, The Windsor at San Pablo, will consist of 94 units. This is the second senior living facility Grant Saunders, senior vice president of KeyBank's Senior Housing and Healthcare Group, has arranged for the borrower this year.

April 25, 2013

Multifamily Southeast

AFFORDABLE SENIORS HOUSING COMMUNITY OPENS IN BALTIMORE

by admin April 25, 2013

BALTIMORE — The Greens at Irvington Mews, a 100-unit residential community for seniors and adults with disabilities, has opened in the Irvington neighborhood of southwest Baltimore. Enterprise developed the four-story property, which includes 5,000 square feet of common area space, a fitness center, TV lounge, computer center and community room. The $16 million property is located across from Mount Saint Joseph High School. Hord Coplan Macht designed the development, which includes energy-efficient features, such as Energy Star appliances and water-conserving plumbing features. Harkins Buildings Inc. served as contractor. The project was financed largely through the federal Low-Income Housing Tax credit program.

April 25, 2013

Industrial Southeast

BRIGGS BUYS 122,800 SF PROPERTY IN AIRPORT SOUTH SUBMARKET

by admin April 25, 2013

ATLANTA — Briggs Equipment, a provider of materials handling equipment, has acquired a 122,800-square-foot warehouse at 4695 Aviation Parkway in Atlanta for $5.9 million. The property is located within the International Airport Park, a master-planned industrial campus totaling nine buildings. Briggs will fully occupy the facility once the build-out is complete. The property features 24-foot clear ceiling heights, 31 dock-high doors and 215 parking spaces. Julian Brown and Brent Datson of Transwestern represented the seller in the transaction. James Wiant of Wiant Commercial Real Estate represented the buyer.

April 25, 2013

Retail Southeast

KITE ACQUIRES TENNESSEE CENTER FOR $37.5M

by admin April 24, 2013

FRANKLIN, TENN. — Kite Realty Group Trust has acquired the 224,000-square-foot Cool Springs Market in Franklin for $37.5 million. The center is 95 percent occupied and anchored by Dick's Sporting Goods, Marshalls, JoAnn Fabrics, Staples and a non-owned Kroger. It is located near the intersection of I-65 and Cool Springs Boulevard. The average household income within a five-mile radius of the center is $124,000 per year, and the population density is 85,200. The purchase is part of Kite's strategy to grow its portfolio in cities in the Southeast, Midwest and Texas.

April 24, 2013

Office Southeast

WELLS FARGO SELLS THREE-PROPERTY OFFICE PORTFOLIO

by admin April 24, 2013

LAKE WORTH, FLA. — Wells Fargo has sold a three-property office portfolio, totaling 198,000 square feet, in Florida for $12.55 million. The properties include the 92,000-square-foot Wellington Commons in Lake Worth, the 60,427-square-foot Vista Park Commons in West Palm Beach and the 46,000-square-foot Stuart Commons in Stuart. Developed by Crexent Business Centers in 2007, the properties include state-of-the-art telecommunications, meeting/conference rooms, personal mail delivery and a private gym. Douglas Mandel of Marcus & Millichap represented the seller in the transaction. Mandel and Benjamin Silver, also of Marcus & Millichap, represented the buyer.

April 24, 2013

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