Southeast

Cushman & Wakefield Arranges $93.5M Sale of Apartment Portfolio in Birmingham

by Alex Tostado May 13, 2019

BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $93.5 million sale of a three-property, 1,816-unit apartment portfolio in Birmingham. The three properties included in the sale are The Park at Buckingham, The Park at Callington and Carlyle. The Park at Buckingham was built in 1972 and offers 583 units. Amenities include tennis courts, a sand volleyball court, two swimming pools with sun decks and a theater room. The Park at Callington and Carlyle were built in 1978 and 1973, respectively, and total 1,233 units. Amenities include tennis courts, three pools with sun decks, volleyball court and a fitness center. Josh Jacobs and Jimmy Adams of Cushman & Wakefield represented the seller, a Texas-based real estate firm, in the transaction. Bloomfield Hills, Mich.-based Contour Development Group acquired the portfolio.

May 13, 2019

Florida Loans Multifamily Southeast

Regions Provides $54M Construction Loan for New Tampa Bay Apartment Development

by Alex Tostado May 13, 2019

BRANDON, FLA. — Regions Bank has provided a $54 million construction loan to Arlington Properties for Tapestry Town Center, a planned 287-unit apartment community in Brandon. The project is situated 11 miles east of downtown Tampa and will offer one-, two- and three-bedroom floor plans. The community will be located within walking distance of the Westfield Brandon Mall, which houses more than 190 retailers. A timeline for delivery was not disclosed.

May 13, 2019

Acquisitions Healthcare North Carolina Southeast

Flagship Healthcare Purchases 121,741 SF Medical Office Building Portfolio in Metro Charlotte

by Alex Tostado May 13, 2019

CHARLOTTE, N.C. — Flagship Healthcare Properties has acquired a 121,741-square-foot portfolio featuring six medical office buildings (MOBs) in metro Charlotte. Three of the MOBs are located in Concord, with the remaining three in Kannapolis, China Grove and Locust. The portfolio was 91 percent leased at the time of sale. Cabarrus Family Medicine, part of Atrium Health, occupies 75 percent of the portfolio’s total square footage. Flagship will provide property and asset management services, as well as accounting and lease administration for the buildings. Cliff Berryman internally represented the buyer. CFM Medical Properties LLC sold the portfolio. First National Bank provided financing for the transaction. The sales price was not disclosed.

May 13, 2019

Acquisitions Florida Multifamily Southeast

Balfour Beatty, ApexOne Acquire 278-Unit Multifamily Community in Metro Tampa

by Alex Tostado May 13, 2019

LARGO, FLA. — Balfour Beatty Communities and ApexOne Investment Partners have teamed up to acquire Waterchase Apartments, a 278-unit multifamily community in Largo, 23 miles west of downtown Tampa. Constructed in the 1980s, Waterchase spans 18 acres and was 94 percent occupied at the time of sale. The property offers studio, one- and two-bedroom floor plans, as well as three swimming pools, a dog park, fitness center and a newly renovated clubhouse. Balfour Beatty will deliver both property and asset management services for Waterchase. Patrick Dufour, Ryan Moody and Ryan Crowley of Newmark Knight Frank (NKF) represented the seller, Hudson Capital, in the transaction.

May 13, 2019

Acquisitions Retail Southeast Virginia

Bogese Sells Shopping Center in Richmond for $5.7M

by Alex Tostado May 13, 2019

RICHMOND, VA. — Bogese Cos. has sold The Shoppes at Belvedere, a 22,577-square-foot shopping center in Richmond, for $5.7 million. The shopping center was 90 percent leased to nine tenants at the time of the sale, including Firebirds Wood Fire Grill, Stavna Dance Academy and Wilson Lee Interiors. Klein Enterprises acquired the property, which was built in 2008. Catharine Spangler, Calvin Griffith, Pete Waldbauer and Nicki Jassy of Cushman & Wakefield | Thalhimer represented the seller in the transaction.

May 13, 2019

Acquisitions Georgia Office Southeast Top Stories

Piedmont Acquires Galleria 100 Office Building in Atlanta for $95.1M

by Taylor Williams May 13, 2019

ATLANTA — Piedmont Office Realty Trust Inc. (NYSE: PDM) has acquired Galleria 100, an 18-story office building located in Atlanta, for $95.1 million. The sale includes a 1.5-acre parcel for future development. Galleria 100, which spans approximately 414,000 square feet, was 91 percent leased at the time of sale. The property is located within The Galleria mixed-use development on the city’s northwest side. The property is connected via footbridge to the Atlanta Braves’ SunTrust Park and the surrounding entertainment destination known as The Battery. Piedmont already owns two office buildings that are adjacent to the acquired property within The Galleria, an 86-acre development with office and retail uses, as well as a hotel and convention center. Tenants at Galleria 100 include insurance giant Aflac, law firm Freeman Mathis & Gary and private dining venue The Georgian Club. With this acquisition, Piedmont, which is based in the northern Atlanta suburb of Johns Creek, now owns roughly 1.3 million square feet of office product within this submarket. The company’s total portfolio consists of nearly 17 million square feet of office space across eight major markets, holdings that are valued at roughly $5 billion. “This transaction underscores our overall strategy of acquiring and …

May 13, 2019

Market Reports Retail Southeast Southeast Market Reports Tennessee

Memphis Retail has Momentum With New Developments, Retailers, Restaurants

by Alex Tostado May 13, 2019

In January, during his annual State of the State address, Memphis Mayor Jim Strickland emphatically exclaimed, “Memphis has momentum!” Memphis, the biggest little town in America, is definitely in a period of unparalleled economic growth. Memphis has momentum on its side with the $10 billion, nine-year expansion at St. Jude Hospital and an infusion of hospitality that includes a new convention center and no fewer than 17 new hotels, which all started, will start or will be completed in downtown in 2019. Additionally, $4 billion in building permits have been awarded in the last few months with another $5 billion planned by developers. Most importantly, the highly anticipated Memphis 3.0 plan — the first comprehensive growth strategy for the city in 30 years — will ensure growth is sustained for many years to come. What are others saying about Memphis? Many respected publications are putting Memphis back on the map. Food & Wine put Memphis in its top 50 places to go and eat in 2019. Frommer’s Travel named the city the best place to visit in 2019. TravelChannel.com lists Memphis as the hottest Southern destination in 2019. And Forbes stakes Memphis as the best bet for real estate investments. …

May 13, 2019

Development North Carolina Office Southeast

Northwood Office Breaks Ground on 328,000 SF Office Building in Charlotte’s Ballantyne District

by Alex Tostado May 10, 2019

CHARLOTTE, N.C. — Northwood Office has broken ground on an 11-story, 328,000-square-foot office building located at 13146 Ballantyne Corporate Place in Charlotte’s Ballantyne district. The building will offer a 2,500-square-foot fitness center, 10 stories of office space with the top floor featuring a rooftop terrace with tables, seating, a fire pit, audio/visual and provisions for outdoor food and beverage service. Northwood Office also plans to add an apartment tower in collaboration with its affiliate firm Northwood Ravin. The office portion is expected to deliver in early 2021. Ballantyne Corporate Park is a 535-acre master-planned business park that Northwood Investors acquired from The Bissell Cos. Inc. in March 2017 for $1 billion. The new building will join an existing 4 million square feet of office space and 600 hotel rooms within the business park. This is the first new office tower to be built under Northwood’s ownership. Northwood Development will manage the office project, working with architectural firm LS3P Associates and general contractor Rodgers Builders.

May 10, 2019

Leasing Activity North Carolina Office Southeast

Law Firm to Occupy 86,000 SF of Office Space Within Legacy Union in Charlotte

by Alex Tostado May 10, 2019

CHARLOTTE, N.C. — Charlotte-based Parker Poe will occupy 86,000 square feet of office space across three floors at 620 S. Tryon, the first phase of Legacy Union in Charlotte. Parker Poe is expected to move into the space in mid-2020 and have signage on the 33-story, 850,000-square-foot building. Amenities at 620 S. Tryon will include an indoor/outdoor entry plaza for gatherings, fitness center and a walkable promenade lined with restaurants and retailers. A pedestrian bridge above Church Street will provide tenants with direct access to the building. Lincoln Harris is developing Legacy Union, which spans two city blocks and will feature offices, retail shops, restaurants, hotels, residences, a parking garage, public green space and a pedestrian promenade. Ridr Knowlton and Campbell Walker internally represented the developer in the lease transaction. Taylor Senter of Newmark Knight Frank (NKF) represented the tenant.

May 10, 2019

Acquisitions Alabama Multifamily Southeast

Intercapital Group Sells 825-Unit Multifamily Portfolio in Hoover, Alabama

by Alex Tostado May 10, 2019

HOOVER, ALA. — Intercapital Group has sold three multifamily properties totaling 825 units in Hoover. The portfolio includes the 431-unit The Park at Galleria, the 150-unit The Place at Galleria and the 244-unit The Renaissance at Galleria. The properties are situated within 3.5 miles of each other. Sunbelt Residential acquired Park at Galleria, BAF Associates bought Place at Galleria and Myers Apartment Group purchased The Renaissance at Galleria. According to Jimmy Adams of Cushman & Wakefield, each property will undergo renovations in the near future. Adams and colleague Josh Jacobs represented the seller in the transaction. Sales prices for the properties were not disclosed.

May 10, 2019

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