Southeast

CONSTRUCTION BEGINS ON $120M SKY HOUSE

by admin March 14, 2012

WASHINGTON, D.C. — Bethesda, Md.-based Urban Atlantic and Chevy Chase, Md.-based The JBG Companies have started construction on the $120 million, 530-unit Sky House, two residential buildings located at the intersection of 4th and M streets in Washington, D.C. The project is an adaptive reuse of two vacant commercial buildings. Urban Atlantic is the developer for the project, and The JBG Companies is the financial partner and will serve as the management company upon completion. Capitol One, TD Bank and Eagle Bank provided financing. Wiencek + Associates Architects + Planners DC designed the property and Hamel Builders of Washington is constructing the project. Completion is slated for fall 2013.

March 14, 2012

M&M SELLS APT. COMPLEX FOR $7.3M

by admin March 14, 2012

DUNEDIN, FLA. — Marcus & Millichap has arranged the $7.3 million sale of the 188-unit Logarto Apartments, located at 257 Milwaukee Ave. in Dunedin. The property is 70 percent leased. Michael Regan and Francesco Carriera of Marcus & Millichap's Tampa, Fla., office represented the seller, a partnership, in the transaction and procured the buyer, a private investor.

March 14, 2012

Office Southeast

NAI ISAAC ARRANGES TWO MOB SALES FOR $2.67M

by admin March 14, 2012

LEXINGTON, KY. — Lexington-based NAI Isaac has negotiated the $2.67 million sale of two medical office buildings, located at 1713 and 1721 Nicholasville Rd. in Lexington, totaling 11,110 square feet. Al Isaac of NAI Isaac represented the sellers, EW Nicholasville and 1713 Nicholasville, LLC, in the transaction. The buyer was an undisclosed investor.

March 14, 2012

Hospitality Southeast

ECONO LODGE IN RICHMOND SELLS

by admin March 14, 2012

RICHMOND, VA. — The 53-room Econo Lodge Airport, located at 5408 Williamsburg Rd. in Richmond, has been sold. Sita Properties, the buyer, plans to renovate the hotel. David Mumford of Mumford Co.'s Newport News, Va., office, along with Steve Kirby of the firm's Atlanta office, represented Allen Management, the seller, in the transaction.

March 14, 2012

Retail Southeast

TWO TENANTS LEASE RETAIL SPACE AT 11 GALLERIA

by admin March 14, 2012

GREENVILLE, N.C. — Bonefish Grill and Dick's Sporting Goods have signed leases totaling 54,800 square feet at HJ Brody's 11 Galleria, located on Memorial Highway in Greenville. Bonefish Grill leased 4,800 square feet, and Dick's Sporting Goods leased 50,000 square feet. Both tenants are slated to open in the fall/winter 2012.

March 14, 2012

Office Southeast

PARMENTER BUYS LENOX BUILDING FOR $59.3M

by admin March 13, 2012

ATLANTA — Parmenter Realty Partners has acquired the 350,000-square-foot Lenox Building, located at 3399 Peachtree Rd. NE in Atlanta, from Clarion Partners for $59.3 million, according to CoStar. The 19-story building includes a fitness center, structured parking, cafe and direct access to the MARTA Lenox station. John Davidson, Michael Holmes and Reginald Mackey of Cushman & Wakefield's Atlanta office represented the seller in the transaction. Cushman & Wakefield Sonnenblick Goldman arranged acquisition financing through GE Capital Real Estate.

March 13, 2012

Hospitality Southeast

MANDARIN ORIENTAL TO REBRAND ATL HOTEL

by admin March 13, 2012

ATLANTA — Mandarin Oriental Hotel Group has signed a long-term management contract to rebrand and operate the 42-story The Mansion on Peachtree, located at 3376 Peachtree Rd. NE in Atlanta. The hotel includes 127 rooms, a restaurant and lounge, meeting rooms, a 130-seat ballroom, fitness center, a 14-room spa, a 60-foot indoor swimming pool and 25 private, luxury homes. Robert A.M. Stern designed the hotel, which will be rebranded as Mandarin Oriental, Atlanta, in May.

March 13, 2012

Office Southeast

EBON FALCON ACQUIRES TENN. OFFICE FOR $8.7M

by admin March 13, 2012

NASHVILLE, TENN. — Ebon Falcon, an entity controlled by Dr. David Black, president of Aegis Sciences Corp., has purchased the 109,000-square-foot First Image building, located at 501 Great Circle Rd. in Nashville, for $8.7 million. Tenants include St. Thomas Health Services and Brown and Caldwell. Todd Alexander of Nashville-based Southeast Venture represented the seller, Embassy Square, in the transaction. Charley Hankla of Cassidy Turley's Brentwood, Tenn., office represented the buyer.

March 13, 2012

Multifamily Southeast

M&M BROKERS TWO APT. SALES TOTALING $3.15M

by admin March 13, 2012

FORT LAUDERDALE, FLA. — Marcus & Millichap has arranged the $3.15 million sale of two apartment complexes in Fort Lauderdale. The 25-unit The Andrews, located at 2520 N. Andrews Ave., sold for $2 million, and the 10-unit Granada Hall, located at 3000 Granada St., sold for $1.15 million. Joseph Thomas of Marcus & Millichap's Fort Lauderdale office represented the seller, a Fort Lauderdale-based private investor, in the transaction and procured the buyers. A Fort Lauderdale-based private investor purchased The Andrews, and a Delray Beach, Fla.-based private investor purchased Granada Hall.

March 13, 2012

Retail Southeast

NORTHMARQ ARRANGES $9.6M RETAIL LOAN

by admin March 13, 2012

PORT CHARLOTTE, FLA. — NorthMarq Capital has arranged $9.6 million in first mortgage refinancing for the 139,903-square-foot Heritage Plaza, a shopping center located at 18500-18714 Veterans Blvd. in Port Charlotte. David Garfinkel of NorthMarq's St. Louis office, along with Robert Hernandez of the firm's Tampa office, arranged the 15-year, fully amortized loan through a correspondent life company.

March 13, 2012

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