Southeast

Cole Credit Property Trust Sells LA Fitness-Anchored Retail Center in Metro Atlanta

by Alex Tostado April 9, 2019

DOUGLASVILLE, GA. — Cole Credit Property Trust IV Inc. has sold Village at Chapel Hill, a 62,719-square-foot, LA Fitness-anchored retail center in Douglasville, about 20 miles west of downtown Atlanta. The asset was built in 2009 and was 97 percent leased at the time of the sale. The property is shadow-anchored by Aldi and includes other tenants such as Yogli Mogli, One Main Financial, Chapel Hill Dentistry and Blue Agave Mexican Restaurant. Jim Hamilton, Brad Buchanan, Mike Allison and Andrew Kahn of HFF represented the seller in the transaction. LBX Investments bought the retail center. The sales price was not disclosed.

April 9, 2019

Leasing Activity North Carolina Office Southeast

Avison Young Negotiates 56,556 SF Headquarters Lease for Automotive Tech Firm in Charlotte

by Alex Tostado April 9, 2019

CHARLOTTE, N.C. — Avison Young has negotiated a 56,556-square-foot lease for Transbotics to move its headquarters to 2205 Beltway Blvd. within Westpark85 in Charlotte. The tenant, which specializes in automatic guided vehicles (AGVs), is almost doubling its square footage with the move from its existing facility at 3400 Latrobe Drive in Charlotte. Transbotics expects to move into the space in June when the landlord, Foundry Commercial, completes the interior buildout of the space. Westpark85 is a 1.2-million-square-foot development being constructed in two phases on 107 acres near interstates 85 and 485. Christopher Skibinski, Henry Lobb and Tom Tropeano of Avision Young represented the tenant in the lease transaction. Fermin Deoca and Warren Snowdon of Foundry Commercial internally represented the landlord.

April 9, 2019

Development Maryland Multifamily Southeast

AvalonBay to Develop 437-Unit Residential Project at Foundry Row in Metro Baltimore

by Alex Tostado April 8, 2019

OWINGS MILLS, MD. — AvalonBay Communities Inc. will develop Avalon Foundry Row, a 437-unit multifamily community within Foundry Row in Owings Mills, a suburb of Baltimore. Avalon Foundry Row will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a fitness center, clubroom, coworking space, dog parks and a pool. AvalonBay expects to break ground this spring. Greenberg Gibbons and Vanguard are developing Foundry Row, a mixed-use project which includes a 110,000-square-foot Wegmans Food Market, LifeBridge Health, Old Navy, DSW Shoe Warehouse, LA Fitness, Ulta Beauty, HomeGoods, La-Z-Boy, Mission BBQ, Chipotle Mexican Grill and Panera Bread.

April 8, 2019

Acquisitions Georgia Multifamily Southeast

Berkadia Brokers $26M Sale of Multifamily Community in Atlanta

by Alex Tostado April 8, 2019

ATLANTA — Berkadia has brokered the $26 million sale of The Preserve at Collier Ridge, a 419-unit multifamily complex in west Atlanta. The property offers one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, playground and a picnic area. The buyer, Montreal-based Frankforter Group, plans to upgrade the fitness center and add a business center and community room. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia represented the seller, Atlanta-based DRI Legacy LLC, in the transaction.

April 8, 2019

Loans Maryland Multifamily Southeast

Hunt Real Estate Capital Provides $15.7M Green Acquisition Loan for Apartment Community in Baltimore

by Alex Tostado April 8, 2019

BALTIMORE — Hunt Real Estate Capital has provided a $15.7 million Fannie Mae acquisition loan for Park Raven Apartments, a 253-unit community in Baltimore. The 15-year loan includes eight years of interest-only payments and a 30-year amortization schedule. The asset was built in 1949 and renovated in 2006. The property comprises 23 two-story, garden-style buildings. The borrower, Park Raven DNB LLC, plans to implement on-site water and energy conservation measures as part of Fannie Mae’s Green Reward program. The goal is to save more than 30 percent of the combined water and energy usage, including a minimum of 15 percent energy savings. The seller was Park Raven Holdings LLC.

April 8, 2019

Loans Multifamily Southeast Virginia

HFF Arranges $13.4M Acquisition Loan for Apartment Complex in Norfolk, Virginia

by Alex Tostado April 8, 2019

NORFOLK, VA. — HFF has arranged a $13.4 million acquisition loan for The Gates at West Bay Apartments, a 202-unit community in Norfolk. The 10-year, fixed-rate Freddie Mac loan includes five years of interest-only payments. The borrower was a partnership between Brick Lane and Enterprise Community Investment Inc. The Gates at West Bay Apartments comprises 10 two-story buildings and was 95 percent occupied at the time of the sale. Of the 202 units, 99 percent are affordable to low-income units.

April 8, 2019

Acquisitions North Carolina Office Southeast

Insite Properties Negotiates $12.6M Sale of Office Building in Charlotte

by Alex Tostado April 8, 2019

CHARLOTTE, N.C. — Insite Properties has arranged the sale of Forest Park 6, a single-story, 70,000-square-foot office building in Charlotte, for $12.6 million. The asset was fully occupied by three tenants — Camso, Paychex and Lending Tree — at the time of the sale. Built in 2000, the property is situated at 8215 Forest Point Blvd. in the south Charlotte airport submarket. Insite Properties represented the buyer, Longvalley II LLC, in the transaction. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, Stream Realty Partners. Insite Properties will provide property management and leasing services for Forest Park 6.

April 8, 2019

Market Reports Office Southeast Southeast Market Reports Tennessee

Corporate Relocations, Coworking Concepts Reshape Nashville’s Office Market

by Alex Tostado April 8, 2019

The Nashville office market continues to have positive momentum coming into 2019, following three years of record-setting leasing that brought several big name corporate tenants to the market — plus a recent surprise announcement that Amazon will soon be adding 5,000 employees to Nashville’s central business district (CBD) within the Nashville Yards development. The bulk of the activity is concentrated in CBD Class A office space, as tenants focus on real estate decisions that emphasize recruiting and employee retention. This trend mirrors activity occurring in many major markets across the country. Companies continue to seek the coveted urban work-live-play environments designed to attract the millennial population. Avison Young research shows that the CBD recorded 255,330 square feet of positive net absorption at year-end 2018. Among the large companies that signed notable leases in the urban core in 2018 are Philips, AllianceBernstein and Asurion, which is adding 400 tech employees and consolidating several locations into a new 550,000-square-foot headquarters at 11th Avenue North and Church Street in the Gulch. Construction is scheduled to begin this year on that headquarters, with completion slated by the end of 2021. Nashville’s strong business climate and robust office leasing activity have caught the attention of …

April 8, 2019

Georgia Loans Multifamily Southeast

Arbor Provides $47M Refinancing Loan for Multifamily Complex in Metro Atlanta

by Alex Tostado April 5, 2019

STONE MOUNTAIN, GA. — Arbor Realty Trust Inc. has provided a $47 million refinancing loan for 13Ten Apartment Homes, a 977-unit multifamily complex in Stone Mountain. The 12-year, fixed-rate Fannie Mae loan includes six years of interest-only payments. Stephen York of Arbor originated the loan on behalf of the undisclosed borrower. The asset, which is situated about 15 miles east of downtown Atlanta, was built in 1988 and renovated earlier this year. Community amenities include a fitness center, indoor and outdoor pools, business center, dog park, car-care center and a gazebo with a fishing pier. Local media outlets reported in April 2018 that there was a fire that destroyed 12 units within the apartment community. No details were provided if the refinancing is connected with the fire damage.

April 5, 2019

Acquisitions Florida Mixed-Use Retail 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

Newer Posts

Older Posts