Southeast

PLANS APPROVED FOR BANK OF AMERICA TOWER REDEVELOPMENT

by admin August 5, 2013

GREENVILLE, S.C. — The City of Greenville's Design and Review Board have approved Hughes Development Corp.'s plans to update and renovate the Bank of America Tower, located at 101 N. Main St. in Greenville. The multi-million dollar plan includes lobby renovations, upgraded elevators and 4,000 square feet of glass to serve as the building's new facade. The first floor will be designated retail space. The common areas will include outdoor patios and a basketball and bocce ball court. The office building will be surrounded by a new parking garage that will provide more than 1,300 parking spots. Hughes Development will be leasing the retail spaces on the first floor, and NAI Earle Furman will lease the office spaces on the second, third, fourth, ninth and 16th floors.

August 5, 2013

TWO APARTMENT COMMUNITIES COMING TO METRO BALTIMORE

by admin August 5, 2013

TOWSON, MD. — Chesapeake Realty Partners and Wood Partners have teamed up to develop The Winthrop, a 295-unit multifamily property located near Towson Town Center in Towson, a northern submarket of Baltimore. Lease-up of The Winthrop will begin starting May 2014. Additionally, Wood Partners and Taylor Property Group are developing a 175-unit community adjacent to The Winthrop. The four-story, separately operated communities will replace a 70-year-old apartment complex at the site. Both communities will include controlled-access parking garages, swimming pools, fitness centers and game rooms.

August 5, 2013

Multifamily Southeast

BERKADIA ORIGINATES $28M FOR PROPERTIES IN TENNESSEE, MISSISSIPPI

by admin August 5, 2013

KNOXVILLE, TENN. AND JACKSON, MISS. — The New York office of Berkadia Commercial Mortgage LLC has originated two loans totaling $28.8 million for a student housing property in Knoxville and a multifamily property in Jackson. Yuri Kletsman of Berkadia secured the loans through Berkadia's Fannie Mae program. Kletsman arranged a 10-year, $15.3 million refinance loan for The Tower at Morgan Hill in Knoxville on behalf of the borrower, Vols Equities LLC. The 340-bed community is located at 2521 Kingston Pike and features a movie theater, fitness studio and computer and recreation rooms. The property was 93 percent occupied at the time of sale. Kletsman also arranged a seven-year, $13.5 million acquisition loan for The Park at Moss Creek, located at 5000 Ridgewood Road in Jackson on behalf of the borrower, KBS Moss Creek LLC. The property was 95 percent occupied at the time of sale.

August 5, 2013

Retail Southeast

Q10NY ARRANGES $1.8M LOAN FOR RITE AID IN HICKORY, N.C.

by admin August 5, 2013

HICKORY, N.C. — Q10 | New York Realty Advisors (Q10NY) has closed a $1.8 million first mortgage loan on a free-standing Rite Aid drug store in Hickory. Q10NY worked with Q10 | Professional Mortgage of North Carolina, which represented the lender, an insurance company. Jeanne Cronin of Q10NY arranged the 15-year, self-liquidating loan on behalf of the borrower, a Midwest-based real estate family with a portfolio of single-tenant properties. Rite Aid's lease expires during the loan term. The lease has four five-year renewal options. Q10NY is a member of Q10 Capital LLC, a commercial mortgage banking company.

August 5, 2013

Office Southeast

FOUR FIRMS SIGN LEASES AT ONE PARK SQUARE AT DORAL

by admin August 5, 2013

DORAL, FLA. — New Boston Fund Inc. has finalized four new lease agreements totaling 12,500 square feet at One Park Square at Doral, a Class A office building located at 3470 N.W. 82nd Ave. in Doral, a submarket of Miami. The new tenants are diagnostics company Remasur USA, international travel agency TravelMax USA Corp., international business consulting firm MM Global Strategies and professional staffing and solutions firm Kforce Inc. One Park Square is an 11-story, 281,623-square-foot property located adjacent to Miami International Airport. Tere Blanca, Danet Linares and Andres del Corral of Blanca Commercial Real Estate represented New Boston Fund in the four lease transactions. Pablo Langesfeld of Transworld Business Brokers represented TravelMax USA, Jose Luis Vera of United Realty Group represented MM Global Strategies and Caroline Fleischer of Cushman & Wakefield represented Kforce.

August 5, 2013

Market Reports South Carolina Southeast Market Reports

Columbia Industrial Market Expects Improvement

by admin August 5, 2013

Columbia is is considered a tertiary market by definition, with more than 47 million square feet of industrial space. In the past few years, national and international companies have recognized Columbia as having a strategic position in the Southeast. While most markets struggled in the downturn, Columbia’s steady industrial announcements demonstrated stability. Today, the city’s industrial vacancy rate is hovering at 10 percent. The Columbia market has remained attractive due to its low cost of doing business, non-union affiliation and quality of life. The city’s employment base is diverse, ranging from traditional sectors such as agriculture and manufacturing to emerging sectors such as health services, insurance and financial markets. The region is home to the state government, Fort Jackson and the University of South Carolina. Rental rates for Class A industrial space have decreased significantly since 2008. Today, we have a 184,000-square-foot LEED-certified building with a quoted rate of $3.95 per square foot. At delivery, this building had a published rate of $4.75 per square foot. Another competing Class A property in the market is the former Lamson Sessions building, a 350,000-square-foot, cross-docked facility listed at $3.35 per square foot. The reduction in rates has been necessary to stay competitive …

August 5, 2013

Office Southeast

JOINT VENTURE ACQUIRES 1522 K ST. IN D.C. FOR REDEVELOPMENT

by admin August 2, 2013

WASHINGTON, D.C. — A joint venture between Atlanta-based Songy HighRoads and New York City-based Elliott Management Corp. has acquired an 11-story, 91,000-square-foot office building located at 1522 K St. in Washington, D.C. The partnership intends to redevelop the building but has not released any specific plans apart from a proposal to convert it into a hotel. The seller in the transaction was 1522 K Street LLC. The purchase price was not disclosed.

August 2, 2013

Industrial Southeast

POE & CRONK BROKERS $14.5 MILLION INDUSTRIAL SALE

by admin August 2, 2013

ROANOKE, VA. — Poe & Cronk Real Estate Group has brokered the sale of a 640,000-square-foot industrial property located at 5022 Hollins Road in Roanoke for $14.5 million. The buyer, Ardagh Metal Packaging USA, plans to use the facility as its new East Coast manufacturing facility. The Poe & Cronk team of Dennis Cronk and Matt Huff represented the undisclosed seller in negotiations.

August 2, 2013

Retail Southeast

REIT ACQUIRES MACON SHOPPING CENTER

by admin August 2, 2013

MACON, GA. — Phillips Edison-ARC Shopping Center REIT, a public, non-traded REIT sponsored by Phillips Edison & Co. and AR Capital, has purchased a Macon shopping center from New York City-based Nightingale Group. Rivergate Shopping Center is a 207,567-square-foot property located at the interchange of Interstate 75 and Tom Hill Sr. Boulevard. The shopping center was renovated in 2012 and is 86 percent leased to a tenant roster that includes Publix, Planet Fitness, Dollar Tree, Batteries Plus, Buffalo Wild Wings, Dunkin Donuts, IHOP, Panera Bread, Starbucks Coffee and Subway. Richard Reid and Jim Hamilton of Holliday Fenoglio Fowler represented the seller in negotiations.

August 2, 2013

Industrial Southeast

CBRE COMPLETES $8 MILLION SOUTH FLORIDA WAREHOUSE SALE

by admin August 2, 2013

WEST PALM BEACH, FLA. — CB Richard Ellis (CBRE) has completed the $8 million sale of a small-bay, Class A warehouse located in West Palm Beach. The 73,563-square-foot building was constructed in 2008 on 6.9 acres at 342-346 Pike Road. It was 90 percent occupied at the time of the sale. The CBRE team of Scott O’Donnell, Dominic Montazemi, Jason Hochman and Miguel Alcivar represented the seller, Pishon Pike Road LLC. The buyer was Hollywood, Fla.-based Tigertail Lake Warehouse Ltd.

August 2, 2013

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