Southeast

BEACH CLUB APARTMENTS IN LONG BEACH SECURES $12.3M LOAN

by admin February 12, 2013

LONG BEACH, MISS. — HFF has arranged a $12.3 million refinancing loan for Beach Club Apartments, a 220-unit, garden-style community in Long Beach. The property, located at 2012 W. 2nd St., is less than a half mile from the Gulf of Mexico. The 20-building community includes a fitness center, clubhouse, swimming pool and playground. Units average 1,061 square feet. Travis Anderson and Cory Fowler led the HFF team that arranged the 10-year, fixed-rate loan through M&T Realty Capital Corp. on behalf of the borrower, Dawn Properties Inc.

February 12, 2013

HC REAL ESTATE CAPITAL ARRANGES $5.5M LOAN FOR WEST PALM BEACH HOTEL

by admin February 12, 2013

WEST PALM BEACH, FLA. — Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $5.5 million in financing for The DoubleTree by Hilton hotel at 1808 S. Australian Ave. in West Palm Beach. The 175-room hotel was renovated in 2008 and is located near the Palm Beach International Airport. Commercial Bank placed the loan.

February 12, 2013

Office Southeast

KRAFT'S GLOBAL SNACKS BUSINESS TAKES SPACE IN CORAL GABLES

by admin February 12, 2013

CORAL GABLES, FLA. — Mondelez International, Kraft Foods' high-growth global snacks business, will occupy 15,600 square feet of Class A office space at 396 Alhambra's North Tower in Coral Gables, which will serve as the company's Latin American headquarters. 396 Alhambra, a new mixed-use office and retail complex developed by Agave Holdings LLC, is now 70 percent leased less than one year after delivering to market. Mondelez will relocate from nearby 355 Alhambra. Danet Linares and Andres del Corral of Blana Commercial Real Estate represented the landlord, 396 Alhambra LLC, in the transaction. Chris Porter and William Holly, formerly of Cushman & Wakefield and now with Pointe Group Advisors, represented the tenant.

February 12, 2013

Office Southeast

LAW FIRM RENEWS LEASE IN ATLANTA'S BANK OF AMERICA PLAZA

by admin February 12, 2013

ATLANTA — Law firm Hunton & Williams has signed a seven-year, 50,000-square-foot lease renewal at Bank of America Plaza, located at 600 Peachtree St. in Atlanta. The firm has maintained its Atlanta offices in the 55-story tower since 1993. The renewal is the first transaction closed in the building since the property went into foreclosure in February 2012. CW Capital Asset Management is the special servicer on the property. Lisa Dunavin and Will Porter of Cushman & Wakefield represented the landlord, CW Capital, in the transaction. Brad Armstrong and Keene Reese of Jones Lang LaSalle represented the tenant.

February 12, 2013

Multifamily Southeast

GRANDBRIDGE CLOSES $76M IN LOANS FOR THREE MULTIFAMILY PROPERTIES

by admin February 11, 2013

ALPHARETTA AND GREENVILLE, S.C. — Grandbridge Real Estate Capital has closed financing for three multifamily properties totaling $76 million. Mike Ortlip of Grandbridge arranged a $21 million first mortgage loan for Stoneleigh at Deerfield, a 370-unit community in Alpharetta. He also secured a $14 million acquisition loan for City Edge Apartments in Greenville, which was funded through BB&T Real Estate Funding. The three-year loan will also be used for the redevelopment of the property. Additionally, the company arranged a $39 million permanent loan for the Preserve at Travis Creek, a 608-unit community in Austin.

February 11, 2013

Civic Southeast

LAKEPOINT ACQUIRES 74.4 ACRES FOR SOUTH CAMPUS

by admin February 11, 2013

EMERSON, GA. — LakePoint Sporting Community & Town Center has acquired 74.4 acres of land in Emerson from Allatoona Distribution. The new acreage will be part of LakePoint's South campus, which will include a fast-pitch softball/junior baseball complex; Terminus Wake Park, the largest cable wake boarding park in North America; a track and field venue; and a 100,000-square-foot indoor sports pavilion. The project broke ground in November.

February 11, 2013

Industrial Southeast

ENVIRONMENTAL FIRM ACQUIRES MARYLAND INDUSTRIAL FACILITY

by admin February 11, 2013

ELKRIDGE, MD. — 6625 Selnick Drive LLC, an environmental engineering and consulting firm, has acquired a 30,000-square-foot industrial building at 6625 Selnick Drive in Elkridge for $2.3 million. The buyer will occupy a majority of the building, while leasing out the remainder. Alan Orman of Cassidy Turley represented the seller. Hayes Merkert of Cushman & Wakefield represented the seller, Bernstein Management Corp.

February 11, 2013

Office Southeast

MAGELLAN BEHAVIORAL HEALTH EXPANDS LEASE BY 17,688 SF

by admin February 11, 2013

ORLANDO — Magellan Behavioral Health Inc. has expanded its office and warehouse lease by 17,688 square feet at 6870 Shadowridge Drive in Orlando. The company, which already occupied Suites 10 and 11 in Building A, will additionally occupy Suites 7 through 9 for a total of 27,867 square feet. Jamie Barati of Colliers International and Jamie Smith of Cassidy Turley represented the tenant in the transaction. Robert Blackwell of NAI Realvest represented the landlord, Semoran Commerce Center LLC.

February 11, 2013

Market Reports Southeast Market Reports Tennessee

Major Developments Under Way to Meet Pent-up Office Demand

by admin February 11, 2013

The Nashville office market may have good cause to be the envy of the commercial real estate world. Despite a sluggish economic recovery for most of the United States, Nashville’s economy and office market have experienced a surge of growth fueled by a diverse business climate that includes healthcare firms, legal firms and corporate headquarters. That surge puts overall office vacancy at a 10-year low and Class A vacancy at record lows, 9.9 percent and 6.3 percent, respectively. Moreover, the types of development and transactions that are shaping the office market and economy are economic development homeruns, bringing or retaining growing firms’ corporate headquarters to Nashville and driving job growth. By any measure, 2012 was a banner year for Nashville’s office market. The CBD submarket has seen the most leasing activity, as many of Nashville’s major law firms and banks have secured homes for the next decade. Butler Snow’s deal at the Pinnacle building placed the 520,000-square-foot Class A office tower at 80 percent leased, and this building — which has the highest rents in the city — was closing in on full lease-up at the end of the year. Additionally, with the majority of downtown office space committed and …

February 11, 2013

Florida Market Reports Southeast Market Reports

Home Construction Lays Foundation for Retail Demand

by admin February 11, 2013

Retail operations struggled in the Jacksonville metro through the first half of 2012, but residential construction across the area will contribute to increased leasing activity in the coming months. In the bustling region around the already-expanding St. John’s Town Center, several new housing developments will add between 2,400 and 3,100 residential units, while more than 2,000 apartments are planned in the Arlington/Baymeadows/Mandarin submarket. High-end retailer Nordstrom has signed a lease to anchor the addition to St. John’s with a 124,000-square-foot store set to open in the fall of 2014, and another 30,000 square feet is planned for smaller stores. In other areas of the metro, retailer H&M has opened its first Jacksonville location at the Avenues mall. Winn-Dixie is planning six new stores, and retailers Family Dollar and Dollar General are poised to open a combined six new stores as well. These retailers moving into the region will help attract smaller tenants to nearby locations, filling in dark space and enabling owners to lift rents. After third quarter 2012, employment was down 500 positions although employers created 5,300 jobs during the third quarter. Employment over the quarter was broad-based, as 10 of the 11 sectors realized gains. Employment growth was …

February 11, 2013

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