BRENTWOOD, TENN. — H.G. Hill Realty Co. and GBT Realty Corp. have unveiled plans for The Streets of Brentwood, a mixed-use development totaling 970,212 square feet of residential, office, retail, restaurant, theater and hotel space in Brentwood. The joint venture filed a request for a zoning change to the City Brentwood for the 16.98-acre development, which includes the former Tennessee Baptist Convention property at 5001 Maryland Way.
Southeast
MILLEDGEVILLE, GA. — Skanska USA has broken ground on Georgia Military College’s new 56,250-square-foot Health and Wellness Center in Milledgeville. The fitness center will include 9,000 square feet of weight and cardio training spaces and an elevated walking and running track. Skanska USA’s building business unit is managing the construction of the Health and Wellness Center.
STAUNTON AND TOANO, VA. — Boston Capital has invested in the rehabilitation of two seniors housing communities including the 98-unit Gypsy Hill House Apartments in Staunton and the 22-unit Burnt Ordinary Village Apartments in Toano. The developments will be rehabilitated with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. Boston Capital has invested in approximately 13,000 affordable housing units in Virginia.
ATLANTA — Situs, a provider of global commercial real estate services and consulting solutions, has plans to double the size of its Atlanta office. Situs currently employs 15 professionals in commercial real estate loan underwriting, bank loan evaluation and forensic accounting. The firm plans to double its Atlanta staff size by the first quarter of 2013, which it has also recently done in New York and Houston. Situs recently announced the acquisition of Deutsche Bank’s European commercial mortgage servicing business, making Situs one of the largest third-party servicers in Europe.
WASHINGTON, D.C. — MassCourt East End, a 371-unit luxury multifamily community in Washington, D.C.’s Mount Vernon Triangle neighborhood, has received $92.6 million in financing. The property at 300 Massachusetts Ave. is 96 percent leased and features studio, one- and two-bedroom units. Kevin MacKenzie and Cary Abod of HFF secured the financing on behalf of the borrower, TIAA-CREF, through M&T Realty Capital Corp. and Fannie Mae. TIAA-CREF used the financing to acquire MassCourt East End.
ATLANTA — The 212-unit Colonial Homes, a multifamily community built in 1947 in Atlanta’s Buckhead submarket, has been sold by Pope & Land to Pollack Shores Real Estate Group for $15 million. Bill Shippen and John Weber of Atlanta-based ARA and Rich Arroll of Major & Arroll LLC represented Pope & Land. Pollack Shores Real Estate Group will tear down and redevelop a newly zoned portion of the Colonial Homes site into a four- or five-story apartment building.
WASHINGTON, D.C. — Urban Investment Partners (UIP) has acquired the 21-unit The New Hampshire House, an apartment community, for $2.1 million in Washington, D.C. UIP plans to reposition the property, which is located on top of the Georgia Avenue/ Petworth Metro Station at the corner of New Hampshire Avenue and Quincy Street. Marty Zupancic of Marcus & Millichap’s Washington, D.C. office represented the seller, a private investor, and secured UIP as the buyer.
GERMANTOWN, MD. — Blacksburg, Va.-based Intrexon, a biotech company that produces products across multiple industries like human therapeutics, protein production, industrial products, agricultural biotechnology and animal science, has signed a 55,000-square-foot lease for laboratory and office space at 20358 Seneca Meadows Pkwy. in Germantown. Rockville, Md.-based Scheer Partners represented Intrexon in the lease transaction. Germantown-based Minkoff Development is the landlord for 20358 Seneca Meadows Pkwy.
GREENVILLE, S.C. — Convergent Property Group LLC, a real estate and property management company, has recently opened in Greenville. The firm specializes in residential property management, commercial and residential real estate brokerage, as well as commercial development consulting. James McKissick heads Convergent Property Group. He formerly worked for The Cliffs Communities and Lee & Associates- Greenville.
Using the turtle and the hare metaphor, it is appropriate to associate Atlanta’s medical office market with the turtle and the metro area’s general office market with the hare. With a few exceptions, Atlanta’s medical office market has continued a slow and steady expansion during the last 30 years. While the size of the medical office market is substantially smaller than the general office market, it has not experienced the booms and busts that have plagued general office market over the same 30 year period. On-campus and Class A medical office buildings have consistently enjoyed 85 percent or greater occupancy. The primary difference in the stability of the two segments of office space is that the demand for general office is driven by the state of the overall economy, while demand for medical office is driven more by the health and size of the general population. Metro Atlanta’s population has increased by more than 51 percent since 1990. The last few years have seen slower growth in the medical office market primarily due to the unknowns of the Affordable Care Act law (Obama-care). Initially, there was uncertainty over whether the law would pass or not. After the law passed, then …