Southeast

ALABAMA SELF-STORAGE PORTFOLIO SELLS FOR $18.3M

by admin February 26, 2013

HARTSELLE, ALA. — Marcus & Millichap has arranged the $18.3 million sale of A Storage Place, a nine-property, self-storage portfolio in Alabama. The 504,000-square-foot portfolio includes 3,272 units. The facilities are located in Hartselle, Madison, Huntsville, Florence, Lacey's Spring and Decatur. The facilities include security cameras, gated entries, interior and exterior units, climate and non-controlled climate units and recreational vehicle and boat storage. Michael Mele and Edwin Greenhalgh of Marcus & Millichap represented the seller, a limited partnership in the transaction. The buyer is a Florida-based limited partnership.

February 26, 2013

URDANG, CROCKER PARTNERS BUY 180,000 SF OFFICE PROPERTY IN TAMPA

by admin February 26, 2013

TAMPA, FLA. — Urdang, the real estate manager for BNY Mellon, and its joint venture partner Crocker Partners have acquired the Two Harbour Place office building and an adjacent 1.2-acre site in Tampa. Amstar/CNL Two Harbour LLC sold the office property and Lindell-Harbour LLC sold the adjacent site, which is zoned for multifamily development. Two Harbour Place is a Class A, 180,000-square-foot building constructed in 1998 and renovated in 2006. The property is 90 percent leased and located on Tampa's Harbour Island, an upscaled planned development that includes commercial, lodging and residential uses.

February 26, 2013

Multifamily Southeast

GRAND OPENING HELD FOR NEW $32.7M APARTMENT COMMUNITY NEAR DISNEY WORLD

by admin February 26, 2013

ORLANDO — Wood Partners has held a grand opening for its new apartment community, Alta at Lake Eve, a 264-unit property consisting of four, four-story buildings and two, two-story carriage home buildings, in Orlando. The property, located at 12515 Lake Square, is two miles from Walt Disney World and five miles from Universal Studios and Sea World. Community amenities include a private movie theater, fitness center and washer-dryer units in every residence. Wood Builders LLC was the builder and Charlan Brock & Associates was the architect. HSBC Bank USA provided construction financing for the $32.7 million project.

February 26, 2013

Multifamily Southeast

NORTHMARQ ARRANGES $30M REFINANCING LOAN

by admin February 26, 2013

TALLAHASSEE — NorthMarq Capital has arranged a $30 million loan for the refinancing of Victoria Grand Apartments, a 320-unit community located at 2350 Phillips Road in Tallahassee. Melissa Quinn and David Schofield arranged the 10-year loan on behalf of the borrower, Victoria Grand Acquisition, through Freddie Mac. The loan includes two years of interest-only payments and a 30-year amortization schedule.

February 26, 2013

Office Southeast

EQUUS BUYS FOUR-BUILDING LAB PORTFOLIO IN MARYLAND

by admin February 25, 2013

GAITHERSBURG, MD. — Equus Capital Partners has acquired a four-building, 282,523-square-foot office and lab portfolio in Gaithersburg for $41.4 million. The acquisition included a 4.9-acre parcel that can accommodate the development of 125,000 square feet of office and lab space. The buildings are 95 percent occupied to life science tenants, including Medimmune and Qjagen. The properties are located at 25, 35 and 45 W. Watkins Mill Road, near I-270. Jim Meisel, Dek Potts and Matt Nicholson of HFF as well as Robert Scheer and Matt Brady of Scheer Partners represented the seller in the transaction. Roy Perry and Kyle Turner of Equus also assisted in the deal.

February 25, 2013

Office Southeast

SC SCHOOL BOARD ASSOCIATION SELLS 10,000 SF OFFICE BUILDING

by admin February 25, 2013

COLUMBIA, S.C. — The University of South Carolina Development Foundation has acquired 1027 Barnewell St. in Columbia's central business district for $1.3 million. The 10,000-square-foot office building was formerly occupied by the South Carolina School Board Association. Dick Stanland of NAI Avant represented the seller in the transaction.

February 25, 2013

Industrial Southeast

NORTH PORT INNOVATION ACQUIRES 14 INDUSTRIAL CONDOS

by admin February 25, 2013

NORTH PORT, FLA. — North Port Innovation has acquired 14 bank-owned industrial condominiums, totaling 17,650 square feet, in the North Port Park of Commerce, located at 1050-1090 Innovation Ave. Gary Tasman and Shawn Stoneburner of Cushman & Wakefield, Commercial Property Southwest Florida LLC represented both parties in the transaction.

February 25, 2013

Market Reports North Carolina Southeast Market Reports

Charlotte's Apartment Market Grows Full Speed Ahead

by admin February 25, 2013

The Charlotte, N.C., apartment market is well into its recovery; 2012 proved to be a strong year with improving fundamentals, healthy transaction volume and the formation of a robust new development pipeline. The exceptional year that Charlotte experienced in 2012 was not fully anticipated at year’s end 2011. However, MPF Research’s second quarter report (July 2012) showed Charlotte’s year-over-year rent growth at 6.8 percent, placing it third in the top 10 markets for rent growth nationally (of the top 50 national markets). This trend was reinforced by MPF’s third quarter publication which reported year-over-year rent growth of 6.3 percent. This marked the fourth straight quarter of year-over-year rent growth in excess of 6 percent. In addition, the report showed overall market occupancy levels of 95.9 percent, the second highest achieved in 14 years. Such favorable news serves as confirmation that the Charlotte economy has remained strong through the financial crisis, as banking sector jobs have remained largely intact and the overall economy of Charlotte is more diverse than many once thought. As a result of the favorable market dynamics, Charlotte’s visibility amidst the national investment landscape has increased, causing investors, developers and lenders alike to take note. Charlotte has quickly …

February 25, 2013

Multifamily Southeast

CHANCE PARTNERS BREAKS GROUND ON TUSCALOOSA APT. COMMUNITY

by admin February 22, 2013

TUSCALOOSA, ALA. — Chance Partners has started construction on Green Bear Lofts, a 53-bed luxury apartment community at the intersection of Greensboro Avenue and Bryant Drive in Tuscaloosa. The project will also include 3,985 square feet of street-level retail space. Green Bear Lofts will offer one-, two- and three-bedroom units. Amenities will include on-site parking, a residents-only clubroom and a pocket park with water features. Rents will start in the low $700's per bed, per month. The project team includes The Preston Partnership, APEX Construction Services LLC and Walker & Associates Inc. Asset Campus Housing will manage the property.

February 22, 2013

Office Southeast

CROCKER PARTNERS ACQUIRES TWO FLORIDA OFFICE PARKS

by admin February 22, 2013

JACKSONVILLE AND ORLANDO, FLA. — Crocker Partners has acquired two recently foreclosed Florida office parks, adding more than 1.3 million square feet to the private equity company's portfolio. The company acquired Freedom Commerce Center, a 752,000-square-foot, seven-building complex in Jacksonville, for $28 million. Crocker also picked up Orlando University Center, a 386,000-square-foot, five-building center, for $33.5 million. Crocker Partners previously owned the assets and sold them in 2005 to a private equity firm. The buyer plans to reposition the assets.

February 22, 2013

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