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

Development Maryland Multifamily Southeast

Washington Property Co. Tops Out 20-Story Multifamily Community in Metro D.C.

by Camren Skelton August 22, 2018

SILVER SPRING, MD. — Washington Property Co. (WPC) has topped out construction on Solaire 8250 Georgia Avenue, a 338-unit apartment community in Silver Spring. The community is located two blocks from the Silver Spring Metro station and roughly six miles north of Washington, D.C. The 20-story building will offer a mix of studio to two-bedroom units averaging 760 square feet. The building will also include three levels of below-ground parking and 15,000 square feet of ground-floor retail space. Individual units at Solaire 8520 will include quartz countertops, stainless steel appliances, wood flooring and private balconies. Community amenities will include a rooftop swimming pool, cyber café, grilling areas, fitness center, private courtyard and a game room. Lendlease is the general contractor for the project, and Baltimore-based Design Collective is the architect. Streetsense is handling the leasing assignment for the retail portion of the project. Slated to open in spring 2019, Solaire 8520 is WPC’s fourth Solaire-branded apartment community and its second in Silver Spring’s Ripley District, a former light industrial area-turned transit-oriented neighborhood. At full build-out, the Ripley District will include 2 million square feet of mixed-use development and house up to 3,000 people.

August 22, 2018

Acquisitions Florida Office Southeast

Avison Young Arranges $16.6M Sale of Office Building in Broward County

by Camren Skelton August 22, 2018

PLANTATION, FLA. — Avison Young has arranged the $16.6 million sale of Pointe 1801, a 99,255-square-foot office building located at 1801 N.W. 66th Ave. in Plantation. David Duckworth, John Crotty, Michael Fay, Greg Martin and Brian de la Fé of Avison Young arranged the transaction on behalf of the seller, a global private equity firm. Zaragon Inc. acquired the property. The transaction represents the final sale of a three-asset portfolio Avison Young listed on behalf of the seller. The three properties, including Southpointe and Pointe Broward, sold separately within one month for a total of $49.3 million. Pointe 1801 was fully leased at the time of sale to two tenants.

August 22, 2018

Florida Industrial Loans Southeast

NXT Capital Provides Acquisition Loan for 563,000 SF Industrial Building in Central Florida

by Camren Skelton August 22, 2018

LAKE MARY, FLA. — NXT Capital has provided a $14 million loan for the acquisition of Innovation Center, a 563,000-square-foot warehouse located in Lake Mary. Chris Drew of HFF arranged the loan on behalf of the undisclosed borrower. Located roughly six miles west of Orlando Sanford International Airport, the property features a fully insulated warehouse ceiling, heavy power and storage for 40 to 50 trailers.

August 22, 2018

Company News North Carolina Southeast

Grandbridge Real Estate Capital Appoints Matthew Rocco as New President

by Camren Skelton August 22, 2018

CHARLOTTE, N.C. — Grandbridge Real Estate Capital has promoted Matthew Rocco to president. Rocco will continue to serve as national production manager, overseeing the company’s national loan origination platform, but will take on additional responsibilities from a corporate perspective in his new role. In addition to overseeing Grandbridge’s loan origination efforts, Rocco will be responsible for the company’s Agency Underwriting (Fannie Mae, Freddie Mac and FHA) and Balance Sheet Closing groups. Rocco joined Grandbridge in 1998. He is a member of the company’s Board of Managers, senior leadership team and risk committee, as well as a member of BB&T’s senior leadership team. “Matt brings a wealth of knowledge and expertise to his new role,” said Thomas Dennard, chairman of the board and CEO of Grandbridge. “His leadership skills and commercial real estate finance background are tremendous assets to the company as we continue to grow and expand both our loan product offerings and staffing nationwide.” In addition to Rocco’s appointment, Grandbridge has promoted Joe Lovell to chief operating officer, Dan Husak as head of business systems and corporate operations and John Boone as senior vice president and head of asset management. John Randall will also be taking on an expanded role, …

August 22, 2018

Florida Hospitality Loans Southeast

Mission Capital Arranges $53M Refinancing of Waterfront Hotel in Tampa

by Camren Skelton August 21, 2018

TAMPA, FLA. — Mission Capital Advisors has arranged a $53 million loan for the refinancing of The Godfrey Hotel and Cabanas Tampa, a 276-room hotel located at 7700 W. Courtney Campbell Causeway in Tampa. The waterfront property was once owned by the New York Yankees and served as the team’s spring training home for several decades. Jordan Ray, Ari Hirt, Alex Draganiuk and Justin Hunt of Mission Capital arranged the non-recourse loan through Marathon Asset Management on behalf of the borrower, an affiliate of Oxford Capital Group. Oxford acquired the hotel in 2015 and transformed the property with the addition of 15 guestrooms, complete renovations of guestrooms and the lobby and the addition of the WTR Pool & Grill. WTR includes a pool, cabana club, bar and corporate event space overlooking Tampa Bay.

August 21, 2018

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