Southeast

JLL Brokers $49.8M Sale of Multifamily Community Near Savannah

by Camren Skelton August 2, 2018

POOLER, GA. — JLL has brokered the $49.8 million sale of Two Addison Place, a 325-unit apartment community in Pooler, roughly 14 miles west of Savannah. David Gutting, Derrick Bloom, Jim Sewell and Andrew Howard of JLL arranged the transaction on behalf of the seller, New York-based Wharton Realty, which originally acquired the property in 2016. Montgomery, Ala.-based B&M Management Co. LLC purchased the asset. Two Addison Place includes a mix of one-, two- and three-bedroom apartment units. The gated community is located less than five miles from the Tanger Outlets and features a saltwater pool, dog park, fitness center with a yoga room and a cyber café.

August 2, 2018

Acquisitions Industrial North Carolina Southeast

HFF, JLL Negotiate $49.2M Sale of Industrial Park, Future Development Sites in Metro Charlotte

by Camren Skelton August 2, 2018

CONCORD, N.C. — HFF and JLL have arranged the $49.2 million sale of RiverOaks Corporate Center, a two-building industrial park in Concord, roughly 25 miles northeast of Charlotte. Chris Norvell and Patrick Nally of HFF, in conjunction with JLL’s Pete Pittroff, brokered the transaction on behalf of the seller, Beacon Partners. Exeter Property Group acquired the property, which totals 453,206 square feet. The sale also included three land sites for future development. Completed in 2016, the existing buildings are located at 800 Derita Road and 8475 Automation Drive. The buildings feature 24- to 32-foot clear heights. The pre-graded development sites, located at 700 Derita and 8400 and 8500 Automation, would add nearly 900,000 square feet to RiverOaks Corporate Park, bringing the total square footage to approximately 1.4 million square feet. The park is located adjacent to Concord Regional Airport and 23 miles from Charlotte Douglas International Airport.

August 2, 2018

Georgia Leasing Activity Office Southeast

Shorenstein Signs Three Office Tenants at Bank of America Plaza in Midtown Atlanta

by Camren Skelton August 2, 2018

ATLANTA — Shorenstein Properties LLC has signed three tenants totaling 37,399 square feet to Bank of America Plaza in Atlanta’s Midtown district. The 55-story office tower, the tallest in the Southeast, recently underwent a $10 million renovation to the building’s west wing that delivered new workspaces and a food hall. Revel Systems, a San Francisco-based technology firm, signed a 25,547-square-foot, full-floor lease on the building’s 38th floor. The company will move into upgraded, loft-style offices that are part of the tower’s expanding spec suite program. The spec suites include open floor plans, creative lounge space and tech-enabled amenities. The next block of spec suite space, which totals approximately 15,000 square feet, is scheduled to come on line in the fall. Also as part of the spec suite program, Shorenstein signed Groundfloor, a real estate lending marketplace, to 7,746 square feet at the building. The landlord also signed Florence Healthcare, a company focused on improving clinical trial data flow to advance cures through software, to 4,106 square feet. Bank of America Plaza is home to tenants such as Anthem Inc., Display Data, Featurespace and Riskalyze. The tower is located adjacent to the North Avenue MARTA station and within five blocks of …

August 2, 2018

Acquisitions California Company News Florida Healthcare South Carolina Southeast Top Stories Western

HCP Forms $605M Medical Office Joint Venture With Morgan Stanley

by Camren Skelton August 2, 2018

IRVINE, CALIF. — Irvine-based real estate investment trust HCP (NYSE: HCP) has entered into a definitive agreement to form a new $605 million joint venture with Morgan Stanley Real Estate Investment (MSREI) on a 2 million-square-foot medical office building portfolio. MSREI will provide cash to the joint venture for a 49 percent stake, while HCP will contribute nine wholly owned medical office buildings valued at approximately $320 million. These assets, located primarily in Texas and Florida, comprise 1.2 million square feet of leasable space and are 80 percent occupied. The joint venture will use the cash contributed by MSREI to fund the $285 million acquisition of a medical office portfolio in Greenville, S.C. Healthcare Trust of America Inc. (NYSE: HTA) has agreed to sell the Greenville portfolio, which includes 16 medical office buildings totaling approximately 856,000 square feet. HTA originally acquired the portfolio in 2009 for $163 million as part of a sale-leaseback transaction. HCP and MSREI will immediately market for sale three of the smaller assets within the Greenville portfolio, leaving the venture with a combined 832,000 square feet of leasable space. Greenville Health System, the largest health system in South Carolina, occupies 94 percent of the portfolio’s square …

August 2, 2018

Acquisitions District of Columbia Mixed-Use Southeast

HFF Brokers $415M Sale of Riverfront Mixed-Use Project in D.C.’s Georgetown District

by Camren Skelton August 1, 2018

WASHINGTON, D.C. — HFF has brokered the $415 million sale of Washington Harbour, a 562,105-square-foot mixed-use project located along the Potomac River in Washington, D.C.’s Georgetown submarket. Stephen Conley, Jim Meisel, Andrew Weir, Matt Nicholson and Dave Baker of HFF represented the seller, Principal Real Estate Investors (PREI), on behalf of a consortium of South Korean-based investors. Simone Investment and Hana Alternative Asset Management acted as the managing members of the consortium. Eyal Ofer’s Global Holdings Group, an international alliance of real estate asset management and investment advisory companies, purchased the asset. Designed by Arthur Cotton Moore, Washington Harbour comprises two freestanding, Class A towers. The property underwent a $50 million renovation in 2013 that delivered new retail and street-level experiences, including a fountain with programmable light and water shows in the spring and summer that transforms into a 12,000-square-foot ice skating rink in the fall and winter months. The project was 98 percent leased at the time of sale to 31 tenants including Foley & Lardner, Kelley Drye & Warren, advertising firm GMMB Inc., and retail tenants such as Fiola Mare, Farmers Fishers Bakers, Bangkok Joe’s, Sequoia, Tony & Joe’s Seafood Place and Nick’s Riverside Grill.

August 1, 2018

Development Hospitality Southeast Tennessee

Pizzuti Cos. to Develop $168M Marriott-Branded Hotel in Nashville’s SoBro Neighborhood

by Camren Skelton August 1, 2018

NASHVILLE, TENN. — The Pizzuti Cos. has received financing for the development of The Joseph Nashville, a 297-room hotel that will be located in Nashville’s SoBro neighborhood. Development costs for the Luxury Collection Hotel, part of Marriott International, total $168 million. MSF Real Estate Capital arranged construction financing for the development, which included an $83.5 million senior construction loan from Centennial Bank NA, a $42 million mezzanine construction loan provided by Brevet Capital Management and project equity from Pizzuti alongside institutional and private investors. Additionally, the project financing included a $4.5 million Tax Increment Financing Package with capital commitments made by Marriott and the Convention Center Authority. Located at the corner of Korean Veterans Boulevard and Fourth Avenue South, The Joseph Nashville will feature a restaurant and bar offering Italian cuisine, 18,000 square feet of banquet and meeting space, elevated outdoor terrace, full-service spa, fitness center and a pool deck with a bar. In addition, the hotel will include a 180-space parking garage dedicated to the exclusive use of the Nashville Symphony. The original Joseph Hotel opened in downtown Columbus, Ohio, in 2015. A construction timeline for the Nashville location was not disclosed.

August 1, 2018

Acquisitions Maryland Multifamily Southeast

Broadtree Residential Acquires Three Apartment Communities in Baltimore, Pennsylvania for $137.5M

by Camren Skelton August 1, 2018

BALTIMORE AND CAMP HILL, PENN. — Broadtree Residential Inc. has acquired three multifamily communities located in Baltimore and Pennsylvania for $137.5 million. The multifamily REIT acquired the assets from affiliates of Chesapeake Realty Partners (CRP) as part of its inaugural Umbrella Partnership Real Estate Investment Trust (UPREIT) transaction. In an UPREIT transaction, property owners contribute real estate to the fund’s operating partnership on a tax-deferred basis in exchange for equity, in the form of operating partnership units. As a result of the transaction, the sellers contributed more than $25 million of equity into the operating partnership of Broadtree. In Baltimore, the sold portfolio included 1901 South Charles and 2 East Wells. Developed in 2012 by CRP, 1901 South Charles includes 193 units and features a mix of studio to two-bedroom floor plans. Constructed in 2015, 2 East Wells includes 152 units with a mix of studio, one- and two-bedroom layouts. In Camp Hill, roughly four miles southwest of Harrisburg, Broadtree acquired The Overlook. The 288-unit community was constructed in 2014 and includes a mix of one- and two-bedroom units. Community amenities across the portfolio include fitness centers, yoga studios, swimming pools, grilling stations and resident clubhouses.

August 1, 2018

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges Sales of Three Multifamily Assets in Metro Atlanta Totaling $70.5M

by Camren Skelton August 1, 2018

ATLANTA — Cushman & Wakefield has brokered the sales of three multifamily communities in metro Atlanta for a combined $70.5 million. In Cumming, roughly 40 miles northeast of Atlanta, AMF Fountains of Kelly Mill LLC sold the 46-unit Fountains at Kelly Mill for $10.7 million. Constructed in 2017, the property features townhome-style units with 1,620-square-foot floor plans. ALA Sugar Hill LLC sold Sugar Hill Overlook, located 38 miles northeast of Atlanta in Sugar Hill, for $25.8 million. The 131-unit community was completed in 2018 and features townhome-style units with an average size of 1,500 square feet. Nathan Swenson of Cushman & Wakefield arranged the transactions on behalf of the sellers, and Audubon Communities acquired both assets. In Lithia Springs, Cushman & Wakefield arranged the $34 million sale of Sweetwater Creek, a 240-unit community located roughly 18 miles west of Atlanta. Josh Goldfarb, Mike Kemether and Travis Presnell of Cushman & Wakefield arranged the transaction on behalf of the seller, a joint venture between M. Banks Realty Partners and Sage Equities. InterCapital Partners acquired the property. Constructed in 2002, Sweetwater Creek features a car care center, clubhouse, fitness center, laundry facility, business center, swimming pool, lighted tennis court and a walking/jogging trail.

August 1, 2018

Acquisitions Florida Retail Southeast

Franklin Street, CBRE Negotiate $23.2M Sale of Shopping Center in South Florida

by Camren Skelton August 1, 2018

CORAL SPRINGS, FLA. — Franklin Street and CBRE have arranged the $23.2 million sale of Magnolia Shoppes, a 114,118-square-foot shopping center in the South Florida community of Coral Springs. Bryan Belk and John Tennant of Franklin Street arranged the transaction on behalf of the buyer, a private investor based in Lexington, Ky. Casey Rosen and Dennis Carson of CBRE represented the seller, Regency Centers. In addition, Franklin Street arranged a $15.5 million acquisition loan through Citibank on behalf of the buyer. A recently renovated Regal Cinemas anchors Magnolia Shoppes, which was fully leased at the time of sale. Additional tenants include Dollar Tree, Ben & Jerry’s, Broward Health, Creative Child Learning Center, H&R Block and W Salon & Spa.

August 1, 2018

Development Georgia Mixed-Use Southeast

Gateway Ventures, Atlantic Capital to Develop $150M Mixed-Use Project in Atlanta’s West Midtown District

by Camren Skelton July 31, 2018

ATLANTA — Gateway Ventures and Atlantic Capital Partners have unveiled plans to develop 8West, a mixed-use project located at the corner of Howell Mill Road and 8th Street in Atlanta’s West Midtown district. The project will include 175,000 square feet of office space, 10,000 square feet of retail developed in collaboration with Cartel Properties, 264 apartment units developed by Trammell Crow Residential and a 680-space parking garage. Existing retailers fronting 8West will be integrated into the project, including Bocado, Bartaco, Arden’s Garden and A Ma Maniere. In addition, the project will feature a 4,000-square-foot, west-facing art wall. The project developers will partner with Hathaway Gallery to engage local artists through an outreach program for both public art and building artwork. The nine-story development will feature outdoor terraces with 360-degree views of the city, a fitness center, bike storage, common collaborative spaces and conference facilities, an outdoor public plaza and podcast recording rooms. Harvest Capital Group and Ellis, McQuary & Stanley are the project’s equity investors. BL Harbert International is the general contractor, and MSTSD and ASD/Sky are the architects. Stephen Clifton and Zach Wooten of PMRG are handling the project’s leasing assignment. Gateway and Atlantic Capital expect to wrap up …

July 31, 2018

Newer Posts

Older Posts