Southeast

ROCK CREEK TRANSFORMS PRIVATE SCHOOL NEAR WHITE HOUSE INTO OFFICE SPACE

by admin May 14, 2013

WASHINGTON, D.C. — Rock Creek Property Group has completed its redevelopment of 1100 16th St. N.W., a 28,366-square-foot property at the corner of 16th and L streets in Washington, D.C. In the past eight months, Rock Creek has transformed the former two-building private school into a four-and-a-half-story office building. The property is located three blocks from the White House and features space for up to 130 employees, exposed brick, multiple entrances, ceilings heights of 10 to 20 feet, garage parking and a 1,700-square-foot rooftop deck with views of the Washington Monument. The property will be offered for sale or lease to a single purchaser or tenant.

May 14, 2013

NORTHMARQ ARRANGES $6.2M REFINANCING LOAN

by admin May 14, 2013

PLANT CITY, FLA. — NorthMarq has arranged a $6.2 million loan for the refinancing of Townsgate Apartments, a 265-unit multifamily property at 1211 Goldfinch Drive in Plant City. Lee Weaver of NorthMarq arranged the financing on behalf of the borrower, Baker's Pond Group, through AmeriSphere Multifamily Finance LLC, a Fannie Mae DUS lender. The 10-year loan features a 30-year amortization schedule.

May 14, 2013

Multifamily Southeast

ROYAL ESTATES SELLS IN SHORT SALE

by admin May 14, 2013

JACKSONVILLE, FLA. — Marcus & Millichap has arranged the $3.5 million sale of Royal Estates, a 176-unit apartment property at 8050 Arlington Expressway in Jacksonville. The transaction was a lender-approved short sale. The property was 50 percent occupied at the time of sale, with “a tremendous amount of deferred maintenance,” according to Marcus & Millichap. The buyer plans to rehab the property. The property, constructed in 1973, includes a leasing center, two swimming pools, courtyards, playground areas, a basketball court, a tennis court and two laundry rooms.

May 14, 2013

Retail Southeast

DILLARD'S TO ANCHOR PHASE II OF FREMAUX TOWN CENTER

by admin May 13, 2013

SLIDELL, LA. — Dillard's has signed a 126,000-square-foot lease to anchor the second phase of Fremaux Town Center in Slidell. Phase I of the project, totaling 330,000 square feet, is currently under construction and will be anchored by Kohl's, Dick's Sporting Goods, Michaels, T.J. Maxx and Best Buy. Phase II will include up to 320,000 square feet of additional retail space. Phase I is scheduled for completion in March 2014, with construction of Phase II set to begin around the same time. The second phase is scheduled to open in spring 2015. CBL & Associates Properties Inc. and Stirling Properties are constructing the project.

May 13, 2013

Multifamily Southeast

POLLACK SHORES ADDS ORLANDO APARTMENTS TO PORTFOLIO

by admin May 13, 2013

ORLANDO — Pollack Shores Real Estate Group has acquired its second luxury apartment community in Orlando in the last three months: Sabal Palm Beach at Metrowest II. The 456-unit apartment community is located at 6101 Raleigh St., near Universal Studios and the 408 Expressway. The new owner plans to invest $1.5 million to upgrade the clubhouse, pools, landscaping and other amenities. Matrix Residential will manage the property. Pollack had also purchased the 252-unit Polo Glen Apartments in the Melbourne area in January. Jones Lang LaSalle arranged the debt financing for the transaction.

May 13, 2013

Retail Southeast

FIRST FLOOR & DECOR TO OPEN IN TENNESSEE

by admin May 13, 2013

MEMPHIS, TENN. — Floor and Decor Outlets of America Inc. has signed a 75,134-square-foot lease to open the first Floor & Decor in Tennessee this July. The hard surface flooring store will be located at Perimeter Shopping Center, near the intersection of Interstates 40 and 240 in Memphis. Belz Enterprises Inc. manages the 370,000-square-foot property. The site features a traffic count of more than 100,000 cars per day. The Shopping Center Group represented Floor and Decor Outlets of America Inc. in the transaction.

May 13, 2013

Retail Southeast

LUXURY THEATER IN THE WORKS ALONG GEORGIA 400 IN ATLANTA

by admin May 13, 2013

ATLANTA — Regal Entertainment Group has announced that the soon-to-be constructed Avalon Stadium 12 & RPX along State Route Georgia 400 in Atlanta will include upscale amenities. Every seat will be a recliner with a footrest. The theater will also include table areas for dining, along with a menu that will feature restaurant-quality food and drink selections, as well as traditional cinema snacks. The Avalon lobby will feature a lounge with soft-seating areas and table settings. The theater's largest auditorium will be equipped for the Regal Premium Experience, which will offer the “best in both sight and sound technology,” the company states. The new theater is scheduled to open in 2014.

May 13, 2013

Multifamily Southeast

KBS LEGACY BUYS MARYLAND APT. COMMUNITY FOR $44.9M

by admin May 13, 2013

FREDERICK, MD. — KBS Legacy Partners Apartment REIT has purchased Crystal Park at Waterford, a 314-unit garden-style apartment community in Frederick for $44.9 million. The 12-building complex is located on Route 15 and is 93 percent occupied. The seller, Federal Capital Partners, has invested in capital improvements to the common areas and clubhouse in recent years. Drew White, Ryan Ogden and Mike Marshall of ARA represented the seller in the transaction.

May 13, 2013

Florida Market Reports Southeast Market Reports

Tampa Bay Office Owners to See Relief from High Vacancies in 2013

by admin May 13, 2013

It looks like the worst may be over for the Tampa Bay office market, and 2013 is shaping up to be the best year for investment sales and leasing activity since before the start of the recession. The health of the local office market is directly tied to job growth, and professional and business services employment has increased over the past few years. With additional job growth forecast in 2013, tenant expansions could develop as the year progresses. Many tenants weighing moves to larger spaces in the near term will monitor available spaces and advance timetables in the event vacancy in their target locations falls rapidly. For owners of Tampa Bay office properties, the news comes at a great time, as they should see some relief from high vacancies in 2013. That said, additional tenant demand will be needed to make a significant dent in the overall vacancy rate and support more substantive rent growth. Overall, the Tampa/St Petersburg office market ended the fourth quarter of 2012 with a vacancy rate of 13.6 percent, which was down from the previous quarter. Net absorption totaled 356,991 square feet, which was a vast improvement over the negative 390,098 square feet recorded in …

May 13, 2013

Civic Southeast

$585M MUSIC CITY CENTER TO OPEN ITS DOORS THIS MONTH

by admin May 10, 2013

NASHVILLE — Music City Center, a 1.2 million-square-foot convention center, will open its doors Sunday, May 19 in Nashville. The $585 million project spans six city blocks and includes a modern exterior glass curtain wall and limestone panels. The center features 60 meeting rooms, two ballrooms, 32 loading docks and a garage for 1,800 vehicles. In terms of design, the facility's undulating roof “represents the rolling hills of Tennessee and the sound waves that can be overheard by musicians playing in clubs on Broadway,” according to architecture firm tvsdesign. tvsdesign, Tuck-Hinton and Moody Nolan designed the facility, and Bell/Clark/Harmony provided construction services. A grand finale event will be held May 20 with concerts by Sheryl Crow and Phil Vassar, among others.

May 10, 2013

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