Southeast

Mast Capital Acquires Mixed-Use Shopping Center in Fort Lauderdale for $43M

by Alex Tostado April 5, 2019

FORT LAUDERDALE, FLA. — Mast Capital has acquired The Quay, a 73,000-square-foot mixed-use shopping center in Fort Lauderdale. The Quay sits on seven acres along South 17th Street near the Stranahan River, three miles south of downtown Fort Lauderdale. The asset was fully leased at the time of the sale to tenants including Boatyard Restaurant, the United States Postal Service and Chipotle Mexican Grill. The property also includes a two-story office building and Boathouse of Fort Lauderdale marina. Hudson Capital Group Inc. sold The Quay. CIT Bank provided acquisition financing, and Roberto Susi of Axiom Capital Advisors arranged the sale.

April 5, 2019

Acquisitions Georgia Retail Southeast

Cushman & Wakefield Arranges Sale of 199,594 SF Retail Center in Metro Atlanta

by Alex Tostado April 5, 2019

SUWANEE, GA. — Cushman & Wakefield has arranged the sale of Brookwood Marketplace, a 199,594-square-foot retail center in Suwanee shadow-anchored by Super Target. The property is located at 2615-2635 Peachtree Parkway, about 34 miles north of downtown Atlanta in Gwinnett County. Brookwood Marketplace was 98 percent leased at the time of the sale to tenants including The Home Depot, Bed Bath & Beyond and OfficeMax. Fain Hicks and Mark Gilbert of Cushman & Wakefield represented the seller, Weingarten Realty, in the transaction. A private individual acquired the asset for an undisclosed price.

April 5, 2019

Loans Mississippi Multifamily Southeast

Dougherty Mortgage Provides $20.7M Refinancing Loan for Apartment Community Near Memphis

by Alex Tostado April 5, 2019

OLIVE BRANCH, MISS. — Dougherty Mortgage LLC has provided a $20.7 million Fannie Mae refinancing loan for The Plantation Apartment Homes, a 336-unit community in Olive Branch. The 12-year loan features a 30-year amortization schedule. Plantation Apartment Group LP was the borrower. The Plantation Apartment Homes is situated about 24 miles southeast of downtown Memphis and offers community amenities such as a stocked fishing lake, swimming pool, fitness center, playground, two clubhouses and laundry facilities.

April 5, 2019

Alabama Leasing Activity Office Southeast

Georgia Tech Leases 38,000 SF of Office Space in Huntsville

by Alex Tostado April 5, 2019

HUNTSVILLE, ALA. — Georgia Tech Research Institute has leased 38,000 square feet of office space within Redstone Gateway, a 76,000-square-foot building in Huntsville being developed by Corporate Office Properties Trust, which will also serve as the landlord. Georgia Tech’s focus in Huntsville is aero-space related reasearch. Redstone Gateway is a research park near U.S. Army post Redstone Arsenal, which is home to the U.S. Army Aviation and Missile Command (AMCOM), major components of the Defense Intelligence Agency and the NASA‐ George C. Marshall Space Flight Center. Redstone Gateway is expected to open this fall. Georgia Tech will consolidate 70 employees from offices around Huntsville to the new location, with plans to further expand. Dale Lewis and Mark Rosenthal of CBRE and Russ Russell Real Estate represented Georgia Tech in the lease negotiations. The landlord was represented internally by James Lomax.

April 5, 2019

Acquisitions District of Columbia Hospitality Southeast Top Stories

Metrovest Equities, BLDG Management Acquire 343-Room Hotel in Capitol Hill for $111M

by Kristin Harlow April 5, 2019

WASHINGTON, D.C. — A partnership between Metrovest Equities Inc. and BLDG Management has acquired the Liaison Washington Capitol Hill, a 343-room hotel in the Capitol Hill submarket of Washington, D.C., for $111 million. Located at 415 New Jersey Ave., the property is the closest hotel to the U.S. Capitol building. It is within walking distance of Union Station, the National Mall, Georgetown University Law Center and the Walter E. Washington Convention Center. Amenities include an on-site restaurant, swimming pool, patio with fire pit, meeting and event space, and fitness center. The buyer plans to convert the hotel into the Yotelpad Capitol Hill. Yotel is a lifestyle-oriented hospitality concept. This will be the first Yotel extended-stay project in Washington, D.C. Daniel Peek and Cyrus Vazifdar of HFF marketed the property on behalf of the seller, Pebblebrook Hotel Trust (NYSE: PEB). Scott Aiese and Chris Hew of HFF arranged a bridge loan with a life insurance company for the acquisition. Pebblebrook is a publicly traded real estate investment trust that acquires and invests in upscale, full-service hotels in urban markets. The Bethesda, Md.-based company owns 61 hotels totaling approximately 14,600 rooms. The company’s stock price closed at $31.60 per share on April …

April 5, 2019

Acquisitions Georgia North Carolina Retail Southeast

Branch Properties Acquires Two Grocery-Anchored Shopping Centers for $57M

by Alex Tostado April 4, 2019

ROSWELL, GA. AND LELAND, N.C. — Branch Properties has acquired two grocery-anchored shopping centers in the Southeast. The first, Roswell Market Place, is a 95,522-square-foot shopping center anchored by Sprouts Farmers Market. Branch Properties bought the asset for $32 million. The center, which is located at 10800 Alpharetta Highway, 24 miles north of downtown Atlanta, was built in 1986 and renovated two years ago. Roswell Market Place was 88 percent leased at the time of the sale. The second property is Waterford Village, a 108,249-square-foot shopping center anchored by Harris Teeter that was purchased for $25 million. Waterford Village sits on 15.8 acres at 2013 Olde Waterford Way in Leland, nine miles west of downtown Wilmington. The asset was 90 percent leased at the time of the sale.

April 4, 2019

Georgia Leasing Activity Office Southeast

FleetCor Technologies to Relocate Headquarters to Atlanta’s Buckhead District

by Alex Tostado April 4, 2019

ATLANTA — FleetCor Technologies Inc. will move its headquarters to Atlanta’s Buckhead District by the end of the year. Currently occupying 100,000 square feet in Norcross, Ga., FleetCor will move into a 46,000-square-foot space within Terminus 100 formerly occupied by Bain & Co. Terminus 100 is a 27-story, 660,000-square-foot office tower situated 10 miles north of downtown Atlanta. Kevin Carroll of CBRE represented FleetCor in the lease negotiations.

April 4, 2019

Acquisitions Georgia Multifamily Southeast

Marcus & Millichap Arranges $42M Sale of Apartment Complex in Central Georgia

by Alex Tostado April 4, 2019

WARNER ROBINS, GA. — Marcus & Millichap has arranged the $42 million sale of Sandpiper Apartments, a 34-building, 530-unit multifamily complex in Warner Robins. Built in 1986 and located on Leisure Lake Drive about seven miles from Robins Air Force Base, the property offers one- and two-bedroom floor plans. Amenities include a mini-movie theater, swimming pool, 24-hour fitness center and a dog park. Sandpiper Apartments was 97 percent occupied at the time of the sale. Dana Newton and Mike Maxwell of Marcus & Millichap’s Philadelphia office represented the buyer in the transaction. The seller was not disclosed.

April 4, 2019

Georgia Industrial Leasing Activity Southeast

Canadian Produce Company to Lease 140,000 SF of Warehouse Space in Metro Atlanta

by Alex Tostado April 4, 2019

COLLEGE PARK, GA. — Canadian produce company EarthFresh will lease 140,000 square feet of warehouse space in College Park beginning in September. More than 100 employees will work at the packing plant and distribution center. EarthFresh delivers potatoes and other food items in Canada and the United States, and the new location will serve the Southeastern and Southcentral U.S. Four Colliers International teams assisted EarthFresh in its search. Chris Cummings, Turner Wisehart and Sam Campbell represented EarthFresh in the site selection and lease transaction. Lee Cardwell and Darren Ross represented the landlord, Oakmont Industrial Group, in the lease transaction. John Walden assisted with comparative site analyses and incentives negotiations. Suzan Talley will assist with construction and build-out.

April 4, 2019

Acquisitions Florida Multifamily Southeast

Uptown Ambrus Investments Acquires Multifamily Community in Tampa for $23.5M

by Alex Tostado April 4, 2019

TAMPA, FLA. — Uptown Ambrus Investments LLC has acquired University Gardens, a 292-unit multifamily complex in Tampa’s University Square submarket, for $23.5 million. A local limited liability company sold the asset. The asset features studio, one-, two- and three-bedroom floor plans. Built in phases between 1969 and 1974, the property offers amenities such as a courtyard, swimming pool, playground, volleyball court, pet play area and a picnic area. Darron Kattan, Kevin Kelleher, Zachary Ames and Avery Jordan of Franklin Street represented both the buyer and seller in the transaction. Casey Siggins and Ben Miller of Franklin Street Capital Advisors provided acquisition financing for the buyer.

April 4, 2019

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