Southeast

Avison Young Arranges Sale of 75,191 SF Medical Office Park in Northern Virginia

by Camren Skelton August 24, 2018

ASHBURN, VA. — Avison Young has arranged the sale of Ashburn Farm Professional Plaza, a 75,191-square-foot medical office park in the Northern Virginia city of Ashburn. The three-building property is located at the center of Ashburn Park, a 1,200-acre planned, mixed-use community. Jim Kornick, Mike Wilson, Chip Ryan, Erik Foster, John Kevill and Mark Johnson of Avison Young arranged the transaction on behalf of the seller, Harrison Street Real Estate Capital LLC. A joint venture between MBRE Healthcare and Kayne Anderson Real Estate acquired the asset for an undisclosed price. The buildings at Ashburn Farm Professional Plaza were constructed between 1999 and 2002. Tenants at the park include family practices, pediatricians, OB-GYNs, radiology specialists, orthopedists, dentists and a daycare center. The property is located three miles from Inova Loudoun Hospital and less than 10 miles from StoneSprings Hospital Center.

August 24, 2018

Loans Multifamily Southeast Tennessee

Alliant Credit Union Provides $38.4M Acquisition Loan for Apartment Portfolio in Memphis

by Camren Skelton August 24, 2018

MEMPHIS, TENN. — Alliant Credit Union has provided acquisition financing for a six-property apartment portfolio in Memphis. The loan was structured with an initial funding of $31.7 million, with performance earn-out provisions up to $38.4 million. The borrower plans to renovate the communities, which include a total of 1,240 units. Community amenities across the portfolio include on-site parking, clubhouses, swimming pools, playgrounds and onsite laundry facilities. The name of the borrower and specific property names were not disclosed.

August 24, 2018

Hospitality Loans South Carolina Southeast

Mission Capital Secures $19M Refinancing for Hilton-Branded Hotel in Downtown Greenville

by Camren Skelton August 24, 2018

GREENVILLE, S.C. — Mission Capital Advisors has arranged a $19 million loan for the refinancing of the Home2 Suites by Hilton Greenville Downtown. The 117-room hotel is located at 350 N. Main St. in downtown Greenville. Beau Williams, Steven Buchwald and Justin Hunt of Mission Capital arranged the non-recourse loan on behalf of the borrower, Sycamore Investment Group, which used the funds to retire an existing construction loan. The extended-stay hotel opened in 2016 and features a Spin2Cycle fitness center, outdoor pool, outdoor patios with grills and fire pits and valet parking.

August 24, 2018

Acquisitions Georgia Office Southeast

HFF Brokers $96.5M Sale of Office Tower in Atlanta’s Buckhead District

by Camren Skelton August 23, 2018

ATLANTA — HFF has brokered the sale of Buckhead Tower, a 19-story office tower located at 3399 Peachtree Road N.E. in Atlanta’s Buckhead district. Richard Reid, Ed Coco, Ryan Clutter, Dek Potts and Ralph Smalley of HFF arranged the transaction on behalf of the seller, a joint venture led by Parmenter Realty Partners Fund IV. The team also procured the undisclosed buyer. Other terms of the deal were not disclosed, but the Atlanta Business Chronicle reports an affiliate of TPA Group acquired the asset for $96.5 million. Additionally, the HFF team arranged a floating-rate acquisition loan through MetLife Real Estate on behalf of the buyer. The 348,000-square-foot Buckhead Tower is directly connected to Lenox Square Mall and the JW Marriott Hotel and is located adjacent to the Buckhead MARTA station. The building features a full-service café, fitness center, structured parking and 24/7 controlled access. Buckhead Tower is home to tenants such as State Bank, Gables Residential, Applied Systems, Networx Systems and Crowe Hogarth.

August 23, 2018

Acquisitions Florida Industrial Southeast

Ridge Sells 490,000 SF Industrial Campus in Tampa Bay Area

by Camren Skelton August 23, 2018

LAKELAND, FLA. — Ridge, the industrial development arm of Transwestern Development Co., has sold Lakeland Logistics Center, a 490,000-square-foot industrial campus located at 2015-2025 W. Memorial Blvd. in the Tampa Bay community of Lakeland. Boston-based Cabot Properties acquired the two-building campus for an undisclosed price. Chris Riley and David Murphy of CBRE brokered the transaction. Each building at Lakeland Logistics Center totals 245,000 square feet and is divisible to 44,000 square feet. The buildings each feature front-load or cross-dock capability, 74 dock doors, 32-foot clear heights, 45 trailer parking spaces and a 3.5-acre staging base. Ridge broke ground on Lakeland Logistics Center in 2015 and fully delivered the facilities in early 2017. The project was 50 percent leased at the time of sale to Parksite Inc. and Recleim Nova LLC. Julia Silva Rettig and Jared Bonshire of Cushman & Wakefield are handling the property’s leasing assignment.

August 23, 2018

Georgia Leasing Activity Office Southeast

Avison Young Arranges 41,288 SF Office Sublease for Instacart at Ponce City Market in Atlanta

by Camren Skelton August 23, 2018

ATLANTA — Avison Young has arranged a 41,288-square-foot sublease for Instacart, an on-demand grocery service, at Ponce City Market in Atlanta. Phil Barry, Hilton Barry, Steve Cook and Jack Kerrigan of Avison Young represented the sub-landlord, Athenahealth, in the five-year lease transaction. Sam Pruitt of Site Selection Group, along with Michelle Galvani and Shan Morris of Wildmor Advisors, represented Instacart. The creative loft office space is located on the eighth floor and includes an outdoor deck area. The 2 million-square-foot Ponce City Market is an adaptive reuse of the 1920s-era Sears, Roebuck & Co. building on Ponce de Leon Avenue, which is located along the Atlanta Beltline’s Eastside Trail in Atlanta’s Old Fourth Ward district. In addition to creative office space, the mixed-use development includes a food hall, loft apartments and retail space. Founded in 2012, San Francisco-based Instacart operates as a same-day grocery delivery service. Customers select groceries through a web application from various retailers and the order is delivered by a personal shopper.

August 23, 2018

Acquisitions Florida Office Southeast

CBRE Negotiates $13.1M Sale of Office Building on Florida’s Space Coast

by Camren Skelton August 23, 2018

MELBOURNE, FLA. — CBRE has arranged the $13.1 million sale of Rialto Place, a 150,962-square-foot office building located at 100 Rialto Place in Melbourne, a city on Florida’s Space Coast. Ron Rogg and Chip Wooten of CBRE brokered the transaction on behalf of the undisclosed seller. The name of the buyer was not disclosed. The 10-story office building is home to tenants including Apple, Northrop Grumman, Thales and Leidos. The property is located adjacent to a 240-room Hilton hotel, which features a full-service restaurant and bar and a conference facility.

August 23, 2018

Acquisitions Kentucky Retail Southeast

NAI Isaac Secures $8.5M Sale of Shopping Center in Lexington

by Camren Skelton August 23, 2018

LEXINGTON, KY. — NAI Isaac has secured the $8.5 million sale of Stonewall Shopping Center, a 79,142-square-foot retail center located at 3101 Clays Mill Road in Lexington. Al Isaac of NAI Isaac arranged the transaction on behalf of the seller. Eli Mashni of Keller Williams represented the buyer. Other terms of the deal were not disclosed. Stonewall Shopping Center was 85 percent leased at the time of sale to tenants such as Bargain Hunt, Dollar Tree, Domino’s, Goodwill and Peoples Exchange Bank.

August 23, 2018

Company News North Carolina Retail Southeast Top Stories

Lowe’s to Close All 99 Orchard Supply Hardware Stores

by Camren Skelton August 23, 2018

MOORESVILLE, N.C. — Lowe’s Cos. Inc. (NYSE: LOW) has announced it will close all 99 of its Orchard Supply Hardware stores by Feb. 1. Founded in San Jose, Calif., in 1931 and acquired by Lowe’s in 2013, Orchard Supply Hardware operates locations in California, Oregon and Florida. Lowe’s is closing the stores to focus on its core home improvement business. “Our strategic reassessment is ongoing as we evaluate the productivity of our real estate portfolio and non-retail business investments,” said Marvin Ellison, president and CEO of Lowe’s, in an earnings statement. “While it was a necessary business decision to exit Orchard Supply Hardware, decisions that impact our people are never easy.” In addition to shuttering Orchard Supply stores, Lowe’s said it plans to “aggressively” tighten its store inventory, reducing lower-performing stock and increasing the depth of high-selling items. Mooresville-based Lowe’s increased sales 7.1 percent, year-over-year, in the second quarter of 2018. However, the company adjusted its full-year earnings and profits forecast to account for closing costs. The Orchard Supply closure is expected to cost the company between $390 million and $475 million. The company lowered the forecast for its full-year increase in sales from 5 percent to 4.5 percent. Store …

August 23, 2018

Acquisitions Georgia Multifamily Southeast

TriBridge, Sefira Capital Acquire Apartment Community in Midtown Atlanta for $35.8M

by Camren Skelton August 22, 2018

ATLANTA — TriBridge Residential, in partnership with Sefira Capital, has acquired Ivy Hall Apartments, a 110-unit multifamily community located at 625 Piedmont Ave. N.E. in Atlanta’s Midtown district. Other terms of the deal were not disclosed, but the Atlanta Business Chronicle reports Ivy Hall Apartments of Atlanta LP sold the asset for $35.8 million. Constructed in 2010, Ivy Hall includes a mix of studio, one- and two-bedroom floor plans with 10-foot ceilings, crown molding, granite countertops, stainless steel appliances and private balconies. Atlanta-based TriBridge and Miami-based Sefira plan to immediately upgrade the community’s two dog parks, poolside fitness center and all indoor and outdoor amenity spaces.

August 22, 2018

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