Southeast

CBRE|Raleigh Brokers $14.3M Sale of Eastgate 540 Industrial Park in North Carolina

by Alex Tostado May 8, 2019

KNIGHTDALE, N.C. — CBRE|Raleigh has arranged the $14.3 million sale of Eastgate 540, a 30-acre industrial site in Knightdale. The property houses a 150,000-square-foot industrial building with room for an additional 150,000-square-foot building on the parcel. Francini Marble occupied a portion of the existing building at the time of the sale. Eastgate 540 is situated at the intersection of Hodge Road and Spectrum Drive, 10 miles east of downtown Raleigh. Chester F. Allen, Barry Bowling, Carlton Midyette III and Tiffany Hilburn of CBRE|Raleigh represented the buyer, Trinity Capital, in the transaction. Scannell Properties was the seller.

May 8, 2019

District of Columbia Loans Mixed-Use Southeast Top Stories

MRP Realty Receives $191.8M in Development Financing for Mixed-Use Project in Washington, D.C.

by Kristin Harlow May 8, 2019

WASHINGTON, D.C. — MRP Realty has received $191.8 million in development financing for Phase I of Bryant Street, a mixed-use project in northeast Washington, D.C. Phase I includes three mid-rise buildings comprising 487 multifamily units, a nine-screen Alamo Drafthouse Cinema and an additional 38,482 square feet of ground-floor retail space. At full buildout, the 13-acre project will feature 1,500 residential units, 250,000 square feet of retail space, 1.5 acres of green space and up to 2,000 parking spaces. The transit-oriented development will be located in the Edgewood neighborhood, near the intersection of Rhode Island Avenue and Fourth Street, adjacent to the Rhode Island Metro Station. Bryant Street is a redevelopment of a former shopping plaza named Rhode Island Center. SK&I is the architect for the residential portions of the project. Construction began in February. Phase I is slated for completion in spring 2021. HFF worked on behalf of the developer to arrange a $59.8 million joint-venture equity partnership with FRP Development Corp. HFF also secured $132 million in construction financing through a national bank. Stephen Conley, Walter Coker, Brian Crivella, John Owendoff, Daniel McIntyre and Cary Abod led the HFF debt and equity placement team. Founded in 2005, MRP Realty …

May 8, 2019

Development Georgia Office Southeast

Serta Simmons Bedding Opens New Office Headquarters at $2B Assembly Yards Project in Metro Atlanta

by Alex Tostado May 7, 2019

DORAVILLE, GA. — Georgia Gov. Brian Kemp was onhand Friday at the site of the former GM plant in Doraville to officially open the new Serta Simmons Bedding headquarters. The mattress company now employs more than 500 people at its 210,000-square-foot office building situated adjacent to Third Rail Studios within the $2 billion Assembly Yards project. Joining Gov. Kemp were Doraville Mayor Donna Pittman, chairman and CEO of Serta Simmons Dave Smith and outgoing CEO of Serta Simmons, Michael Traub. In 2014, The Integral Group LLC acquired the land after GM closed its plant in 2008 and began working on Assembly Yards. The planned “city within a city” will offer 120,000 square feet of retail and entertainment space, 500,000 square feet of office space, more than 700 residential units and three miles of paved pathways at full buildout. “Assembly Yards is one of the things that really excites me about our metro area,” said Kemp during the event. Autonomous Transportation In addition to creating a place where people can work and live, Integral is also creating a technological hub by bringing in Georgia’s only autonomous shuttle bus operated by Navya that will be able to take employees from the campus to …

May 7, 2019

Development Georgia Office Southeast

Georgia Tech Research Institute Completes $42M Expansion in Marietta

by Alex Tostado May 7, 2019

MARIETTA, GA. — Georgia Tech Research Institute (GTRI) has completed a $42 million expansion that includes two buildings spanning 350,000 square feet in Marietta. The facilities are part of GTRI’s South Cobb Campus. In 20167, GTRI acquired four buildings on an unused, 52-acre Lockheed Martin site next to Dobbins Air Reserve Base. Renovations included transforming 205,500 square feet of retired office space into a research facility featuring computing and electronics laboratories. It also included the 144,500-square-foot renovation of a 403,500-square-foot high-bay industrial warehouse, which GTRI will also use for research. This space incorporates two, 10-ton cranes and a 30-ton crane to handle heavy equipment. The design team included McCarthy Building Cos. and Flad Architects. JLL’s project and development services division managed the design and construction phases.

May 7, 2019

Acquisitions Multifamily Southeast Tennessee

Continental Realty Advisors Sells Multifamily Complex in Metro Memphis for $35.9M

by Alex Tostado May 7, 2019

GERMANTOWN, TENN. — Continental Realty Advisors (CRA) has sold The Preserve at Southwind Apartments, a 306-unit multifamily complex built in 2000 in Germantown, for $35.9 million. Denver-based CRA bought The Preserve in December 2014 and renovated the clubhouse, leasing center, fitness center and swimming pool area. The asset is situated one mile south of the FedEx Express World Headquarters and 21 miles southwest of downtown Memphis. Blake Pera of Newmark Knight Frank represented the seller in the transaction. The buyer was not disclosed.

May 7, 2019

Acquisitions Georgia Multifamily Southeast

Carter Multifamily Acquires Apartment Community in Savannah for $13.2M

by Alex Tostado May 7, 2019

SAVANNAH, GA. — Carter Multifamily has acquired Ascend at Savannah, a 159-unit community in Savannah, for $13.2 million. Ascend at Savannah was built in 1970 on 8.9 acres, seven miles south of downtown Savannah. Carter Multifamily plans to update unit interiors and communal areas including the swimming pool, clubhouse and recreational areas, as well as add a fenced-in pet park and dog spa, fitness center, internet café and outdoor gathering areas. The property offers one-, two- and three-bedroom floor plans ranging in size from 744 to 1,050 square feet. The seller was not disclosed.

May 7, 2019

Acquisitions Georgia Office Southeast

Newmark Knight Frank Arranges Sale of Office Building in Metro Atlanta for $10.8M

by Alex Tostado May 7, 2019

ALPHARETTA, GA. — Newmark Knight Frank (NKF) has arranged the $10.8 million sale of an 88,000-square-foot office building in Alpharetta. The property, situated at 5925 Cabot Parkway 25 miles north of downtown Atlanta, was built in 1999 and renovated in 2007. The asset offers 48 private offices, about 130 work stations, 11 conference rooms, two lounge areas and a full-service catering kitchen. Jason Schrago and Frank Clementi of NKF represented the seller, JM Family Enterprises, in the transaction. Tom Kirbo of SK Commercial Realty represented the buyer, The Woodbury Group.

May 7, 2019

Acquisitions Georgia Multifamily Southeast Top Stories

RADCO Sells Multifamily Portfolio in Newnan, Georgia for $104.9M

by John Nelson May 7, 2019

NEWNAN, GA. — The RADCO Cos. has sold a three-property apartment portfolio in the southwest Atlanta suburb of Newnan for $104.9 million. Totaling 789 units, the three properties posted an average occupancy rate of 94 percent at the time of sale. Dallas-based McDowell Properties purchased the largest community in the portfolio, the 561-unit Creekside at White Oak. Colorado-based Vukota Capital Management acquired the other two assets — Woodlands at White Oak and Ashford at Brown Ridge, both of which hold 114 units. Shea Campbell, Colleen Hendrix, Ashish Cholia and Kevin Geiger of CBRE represented RADCO in the transaction. “Newnan remains one of Atlanta’s most desired submarkets with nearly 3,000 jobs added in the specialized healthcare field since 2010 and a surging industrial corridor,” says Campbell, senior vice president at CBRE. “This is a great investment in an area with limited supply of new apartments on the horizon.” The buyers have the potential to significantly renovate the portfolio’s unit interiors. RADCO, a multifamily investment firm based in Atlanta, left about two-thirds of the portfolio’s units in “classic condition,” according to CBRE. RADCO purchased Creekside at White Oak in late 2015 from ECI Group for $53 million. A couple months later, the …

May 7, 2019

Acquisitions Georgia Office Southeast

KBS to Acquire Office Campus in Metro Atlanta for $91M

by Alex Tostado May 6, 2019

ALPHARETTA, GA. — KBS Strategic Opportunity REIT Inc. has entered into an agreement to acquire Georgia 400 Center, a three-building, 416,463-square-foot office campus situated on 24.4 acres in Alpharetta, for $91 million. Georgia 400 Center was built between 1998 and 2001 and is currently 85 percent leased to 31 tenants. The property is located at 2300 Lakeview Parkway, 25 miles north of downtown Atlanta. A date for the expected closing and the seller were not disclosed.

May 6, 2019

Acquisitions Florida Loans Multifamily Southeast Walker & Dunlop

Walker & Dunlop Negotiates $80M Sale of Apartment Complex in Sarasota, Florida

by Alex Tostado May 6, 2019

SARASOTA, FLA. — Walker & Dunlop has arranged the $80 million sale of The DeSota, a 180-unit apartment complex in Sarasota. The property includes 15,000 square feet of retail space, as well as amenities such as a swimming pool, outdoor kitchen, clubroom, bike storage, amenity deck, health center and a fitness center. The seller was Atlanta-based Carter, which also developed the property. Brian Moulder of Walker & Dunlop arranged the transaction on behalf of the buyer, Bluerock Residential, and seller.

May 6, 2019

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