CHARLOTTE, N.C. — The president and the executive vice president of Charlotte-based Capital Advisors have acquired the commercial mortgage banking firm from RBC Bank, its parent company. Formed in 1994, Capital Advisors was acquired by RBC in 1999; the firm has offices in Raleigh, N.C., Columbia, S.C., and Atlanta. Capital Advisors currently services more than $1.2 billion in loans for its insurance company lenders.
GEORGIA — Transwestern has been tapped to manage the more than 1.77 million square feet of property in RREEF's Georgia portfolio. The announcement is a step in RREEF's transition out of the third-party management business. Transwestern will officially take over management duties at the end of the year.
Multifamily brokers in Orlando are breathing a little easier this quarter. Officials certainly aren’t carefree, but the market is starting to gain traction and generate some forward momentum, which is a positive leap toward a recovery. Property occupancy levels have risen, and brokers have witnessed concessions getting smaller. Subtle rent growth is a present factor in the current market, which is more than anyone could say 6 months ago. “We feel a little better telling our story these days than we did at the beginning of the year,” says Shelton Granade of CB Richard Ellis’ Orlando office. “Over the last 90 to 120 days … we’ve been seeing and feeling some modest improvement.” During the summer, properties Granade took to market started getting attention from multiple buyers, a stark contrast to the lack of enthusiasm felt during the depths of the downturn. Most of the minimal sale activity is fueled by the private equity investment market because these firms have cash to pony up in a tight financial landscape. There has also been a bit of foreign investment, especially from Canadian and South American companies. “More people are entering the game,” he says. Tenants are looking to lease space and …
RICHMOND, VA. — Principal Financial Group has sold two Richmond apartment complexes — the 228-unit Culpeper Farms and the 220-unit Oaks at Gayton — to Colonial Court Apartments for $33.35 million. Culpeper, which was built in 1989, is located at 3450 Spendthrift Road; built in 1987, the Oaks is located at 12520 Gayton Road. Bill Roohan, Andy Boyer, Mike Muldowney, John Sheridan, Jonathan Greenberg, Michael Rudolph and Ben Margerum of CB Richard Ellis' Washington, D.C., office brokered the sale. The CB Richard Ellis team also brokered Principal's $19.25 million sale of Sundance Station to Harbor Group International of Norfolk, Va. The 300-unit apartment property is located at 3500 Sundance Way in Richmond.
CHARLOTTE, N.C. — Philadelphia-based Switzenbaum & Associates has purchased the 404-unit Tyvola Centre Apartments from a fund managed by DRA Advisors for $35 million. The property, which is 95 percent occupied, is located at 625 Cameron Walk Court in Charlotte. Amenities include a resort-style pool, a fitness center and a lighted tennis court. The buyer plans to upgrade Tyvola Centre, which was constructed in 2000. Blake Okland, Dean Smith, Sean Wood and John Heimburger of Apartment Realty Advisors' Charlotte office represented the seller in the transaction.
KENNESAW, GA. — A Montreal, Quebec-based party has purchased a 51,398-square-foot office building from a Florida-based investor for $9.65 million. Located at 1015 Cobb Place Blvd. in the Barrett Park Office Park in Kennesaw, the property is fully leased to Aaron Inc. Coro Realties' Ivan Copot represented the buyer. Jim Gibson of Stan Johnson Co.'s Houston office represented the seller.
BIRMINGHAM, ALA. — Inland Western Retail Real Estate Trust has sold a 44,271-square-foot Publix to Cole Capital – Cole Real Estate Investments for $6.1 million. The 5-year-old property, located at 3141 Overton Road in Birmingham, is leased to Publix through November 2024. Jim Hamilton of Holliday Fenoglio Fowler represented the seller.
ORLANDO, FLA. — Orlando Warehouse Portfolio has leased 135,640 square feet in the Beeline Distribution Center to three companies. The property is located at 2501 Investors Row in Orlando. Tech Packaging and Ralph's Transfer signed 5-year leases for 64,000 square feet and 58,800 square feet, respectively. GBH Four Star signed a 3-year lease for 12,840 square feet. Erik Schwetje of CB Richard Ellis' Orlando office represented the owner.
ARLINGTON, VA. — Ashton Park Associates I has borrowed a $98 million loan for the 352,740-square-foot Defense Advanced Research Projects Agency headquarters, which is currently being constructed in Arlington. The 13-story office building, located at 675 N. Randolph St., will deliver during the first quarter of 2012. Clark Construction Group is serving as general contractor; the property was designed to achieve LEED Gold status by RTKL.
LAUDERHILL, FLA. — The Fort Lauderdale-based companies Moss & Associates and D. Stephenson Construction have completed the $13.1 million Lauderhill Municipal Complex. The property, which was constructed to LEED Silver standards, is located at 5581 W. Oakland Park Blvd. in Lauderhill. The building houses officers for the mayor, the city manager and city commissioners as well as a 150-seat Commission Chamber. Green features include low-flow fixtures and low-emission paints.