Southeast

CapRidge Partners Acquires 27-Story Office Tower in Nashville for $105.3M

by David Cohen March 13, 2019

NASHVILLE— CapRidge Partners has acquired Nashville City Center, a 27-story office tower. Multiple media outlets reported the sales price as $105.3 million. Located at 511 Union St. in downtown Nashville, the 477,261-square-foot building features a fitness center, freestanding restaurant and an onsite music studio available for tenant use. The building is near the Tennessee Performing Arts Center and Bridgestone Arena as well as number of dining and entertainment options. Andy Scott and Jim Curtin of HFF worked on behalf of CapRidge Partners to secure a four-year, floating-rate acquisition loan through lender CIT Group. “We were pleased to arrange financing for the acquisition of this notable office property in Nashville, which is a vibrant market for commercial properties,” says Chris Niederpruem, managing director for CIT’s Real Estate Finance division. Will Yowell, Jay O’Meara, Morgan Hillenmeyer and Douglass Johnson of CBRE represented the seller, Alliance Partners HSP LLC, in the transaction. Since 2011, the property’s average occupancy is 95 percent. “This offering was a very rare opportunity to acquire one of Nashville’s most prominent office assets at an attractive basis and we received significant investor interest because of it,” says Yowell, vice chairman at CBRE. “Nashville City Center benefits from its location in the …

March 13, 2019

Development Retail Southeast Virginia

Life Time Athletic Opens 173,000 SF Gym Near Alexandria

by Alex Tostado March 12, 2019

GAINESVILLE, VA. — Life Time Athletic has opened a 173,000-square-foot gym in Gainesville, about 40 miles west of Alexandria. The new property features a 123,000-square-foot building and a 50,000-square-foot outdoor oasis. This is Life Time’s 143rd location in North America and seventh in the northern Virginia/Maryland market. The new site is located at 13978 Promenade Commons St. and will house 270 employees.

March 12, 2019

Alabama Loans Multifamily Southeast

Berkadia Arranges $16.8M Acquisition Loan for Apartment Complex in Hoover, Alabama

by Alex Tostado March 12, 2019

HOOVER, ALA. — Berkadia has arranged a $16.8 million acquisition loan on half of MAG Renaissance LLC for Renaissance Galleria, a 224-unit apartment complex in Hoover. Fannie Mae provided the 12-year, fixed-rate loan. Built in 1994, Renaissance Galleria offers one-, two- and three-bedroom floor plans across 16 buildings. Amenities include a swimming pool, 24-hour fitness center and a business center. The property was 94 percent occupied at the time of the sale.

March 12, 2019

Acquisitions Georgia Retail Southeast

HFF Arranges Sale of 105,847 SF Retail Center in Metro Atlanta

by Alex Tostado March 12, 2019

MARIETTA, GA. — HFF has arranged the sale of Olde Mill Plaza, a 105,487-square-foot retail center in Marietta, to Livingston Properties. Olde Mill Plaza is located at 3101 Roswell Road, 20 miles northwest of downtown Atlanta. The asset was 91 percent leased at the time of the sale to tenants including Walmart Neighborhood Market, Just Fitness 4U, Los Arcos Mexican restaurant, European Deli, Le Nails Spa2, K&G Tailors, Roxy Package Store and House of Ming. Outparcel tenants include McDonald’s and RaceTrac. The sales price was not disclosed.

March 12, 2019

District of Columbia Leasing Activity Office Southeast

WashREIT Signs EIG Global to 51,000 SF Office Lease in Washington, D.C.

by Alex Tostado March 12, 2019

WASHINGTON, D.C. — WashREIT has signed EIG Global, which provides institutional capital to the global energy sector, to a two-floor, 51,000-square-foot office lease at Watergate 600 in Washington, D.C. EIG Glboal is expected to move into the space in January 2020 and remain there for 17 years and eight months. WashREIT recently renovated the 12-story building, upgrading the entry way, lobby, elevators and common areas. The asset is situated at 600 New Hampshire Ave. NW, adjacent to the John F. Kennedy Center for the Performing Arts and about two miles from downtown.

March 12, 2019

Development Florida Retail Southeast

City Council Approves Retail Redevelopment of Historic Building in Downtown Orlando

by Alex Tostado March 12, 2019

ORLANDO, FLA. — Orlando’s City Council has approved the retail redevelopment and reposition One South Orange Building, which was built in the early 1900s. One Orange Development will lead efforts on the redesign, which will focus on 7,000 square feet of the ground floor retail space and deliver an updated canopy and glass wall system and outdoor lighting and signage. The project will also maintain the historic brick detailing from the original building’s design, as well as bringing in a Taco Bell Cantina, which will offer an open kitchen, appetizers and alcoholic beverages. JLL will handle leasing efforts.

March 12, 2019

Georgia Loans Office Southeast Walker & Dunlop

Walker & Dunlop Arranges $44.3M Refinancing Loan for Office Park in Metro Atlanta

by Alex Tostado March 11, 2019

MARIETTA, GA. — Walker & Dunlop Inc. has arranged a $44.3 million refinancing loan for Marietta Technology Center, a 347,500-square-foot office park in Marietta. Mark Strauss and Rob Quarton of Walker & Dunlop represented the borrowers, Praelium Commercial Real Estate and South Street Partners, in arranging the seven-year, fixed-rate loan with interest-only payments. The refinancing covers the asset’s four, single-story buildings, which were built between 1983 and 1985. The office park is situated at 2161 New Market Park Way, about 16 miles northwest of downtown Atlanta.

March 11, 2019

Acquisitions Multifamily Southeast Tennessee

Graycliff Acquires 240-Unit Apartment Community Near Nashville

by Alex Tostado March 11, 2019

WHITE HOUSE, TENN. — Graycliff Capital Partners LLC has acquired The Standard at White House, a 240-unit apartment community in White House. The Standard at White House offers one-, two- and three-bedroom floor plans ranging from 830 to 1,325 square feet. Amenities include a saltwater swimming pool, clubhouse, fitness center, courtyard and grilling stations. The property is located at 126 Madeline Way, about 26 miles north of downtown Nashville. The seller and sales price were not disclosed.

March 11, 2019

Acquisitions Office Southeast Virginia

Klein Enterprises Purchases Four-Building Office Park in Northern Virginia

by Alex Tostado March 11, 2019

CHANTILLY, VA. — Klein Enterprises has purchased Chantilly Plaza I-IV, a four-building, 150,000-square-foot property in Chantilly. Chantilly Plaza was 76 percent leased at the time of the sale to tenants including DaVita Kidney Care, Dulles GeoTech and United Bank. The asset is situated at 14225 Sullyfield Circle, about 20 miles west of downtown Arlington and about seven miles south of Dulles International Airport. Transwestern Commercial represented the seller, Veslor Properties, in the transaction. The sales price was not disclosed.

March 11, 2019

Florida Loans Multifamily Southeast

Coastline Buys Apartment Community in Tampa for $33M

by Alex Tostado March 11, 2019

TAMPA, FLA. — Coastline Management Group has acquired Park at Ravenna, a garden-style apartment community consisting of 300 units across 19 three-story buildings in Tampa. KeyBank Real Estate Capital has provided a $23.3 million loan for the buyer, which is using the loan to fund the acquisition and capital improvements. Robert Ginsberg of Eyzenberg & Co., structured and placed $6.9 million in equity with JCR Capital. Built in 1972, Park at Ravenna’s amenities include two swimming pools, a fitness center, clubhouse, playground, dog park and a business center. Alan Isenstadt of KeyBank originated the three-year loan, the terms of which were not disclosed.

March 11, 2019

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