Southeast

Cushman & Wakefield Arranges $9.2M Sale of Office Building in South Florida

by Camren Skelton October 19, 2017

PALM BEACH, FLA. — Cushman & Wakefield has arranged the $9.2 million sale of 231 Royal Palm Way, an 11,576-square-foot, freestanding office building on Palm Beach’s Banker’s Row. Michael Osiecki and Mark Pateman of Cushman & Wakefield arranged the transaction on behalf of the seller, 231 Royal Palm Way LLC. Primary Properties Inc., a subsidiary of Procaccianti Properties, acquired the asset. Constructed in 1973, 231 Royal Palm Way features 29 on-site, covered parking spaces and was 67 percent leased at the time of sale to PNC Bank and Private Wealth Management.

October 19, 2017

Florida Multifamily Southeast

CBRE Arranges $47.7M Sale of Multifamily Community in Orlando

by Camren Skelton October 18, 2017

ORLANDO, FLA. — CBRE has arranged the $47.7 million sale of Arium Falcon Pines, a 300-unit apartment community in Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, a joint venture between Carroll Organization and Goldman Sachs Asset Management Private Real Estate, in the transaction. Los Angeles-based TruAmerica Multifamily acquired the asset. Located at 10200 Falcon Pine Blvd., Arium Falcon Pines is situated between Lake Nona’s Medical City, the Central Florida Research Park and the University of Central Florida. The property includes one- to three-bedroom units and features a pool, sundeck, outdoor kitchen and grill, fitness studio, walking trail, dog park and a business center. The community was 94 percent occupied at the time of sale.

October 18, 2017

Georgia Office Southeast

TPA Group, USAA Deliver 173,000 SF Office Building in Atlanta

by Camren Skelton October 18, 2017

ATLANTA — TPA Group, in partnership with USAA Real Estate, has completed construction of 3400 Overton, a 173,000-square-foot office building located at the intersection of Akers Mill Road and Cumberland Boulevard in Atlanta. The seven-story, all-glass building features a fitness center, car wash, landscaped plaza and parking for 650 cars. Synovus Financial Corp. is the anchor tenant of the building, occupying four floors and a retail branch on the ground level. CBRE is handling the building’s leasing efforts. Skanska USA was the project’s general contractor, and Heery International provided design services.

October 18, 2017

Multifamily North Carolina Southeast

FCP Acquires Apartment Community in Charlotte for $22M

by Camren Skelton October 18, 2017

CHARLOTTE, N.C. — Federal Capital Partners (FCP) has acquired Hunters Pointe Apartments, a 386-unit multifamily community in Charlotte, for $22 million. Capstone Apartment Partners represented the undisclosed seller in the transaction. FCP will invest more than $2 million in capital improvements and amenity enhancements, including the addition of a new swimming pool, new playground, dog park and grilling stations. The company will also upgrade the community’s entrance, leasing office, building exteriors, landscaping and green spaces. Hunters Pointe features townhome and loft-style apartment units with private patios.

October 18, 2017

Florida Loans Multifamily Southeast

HFF Arranges $35M Refinancing for Multifamily Asset in Broward County

by Camren Skelton October 18, 2017

POMPANO BEACH, FLA. — HFF has arranged $35 million in refinancing for Overlook Pointe, a 249-unit apartment community located at 4611 N. Federal Highway in Pompano Beach. John Brownlee and Elliott Thorne of HFF arranged the three-year, floating-rate loan with two one-year extension options through a life insurance company on behalf of the borrowers, M-M Properties and its institutional partner. Constructed in 2015 in South Florida’s Broward County, Overlook Pointe’s residences feature stainless steel appliances, granite countertops, in-unit washers and dryers and patios or balconies. Community amenities include a swimming pool, grilling areas, rooftop amenity deck, fitness center, game room, playground, billiards and a coffee bar.

October 18, 2017

Industrial Self-Storage Southeast Tennessee

Marcus & Millichap Arranges Sale of Six-Property Self-Storage Portfolio in Metro Memphis

by Camren Skelton October 18, 2017

MEMPHIS, TENN. — Marcus & Millichap has arranged the sale of a six-property self-storage portfolio in metro Memphis. Charles LeClaire and Adam Schlosser of Marcus & Millichap arranged the transaction on behalf of the seller, Amsdell Cos., and procured the buyer, Merit Hill Capital. Anne Williams of Marcus & Millichap also assisted in closing the transaction. Three of the properties are located in Tennessee and the other three are located in northern Mississippi. The portfolio totals 337,846 square feet and includes 2,391 units and 297 outdoor parking spaces. Constructed between 1983 and 2006, the single-story, drive-up buildings feature a mix of climate- and non-climate-controlled units. Amenities include perimeter fencing, electronic gate access, 24-hour video surveillance and onsite leasing offices. The portfolio also includes two billboards, one cell tower and a commercial tenant generating additional revenue.

October 18, 2017

North Carolina Retail Southeast

Regency Centers, ITB Holdings to Break Ground on Wegmans-Anchored Center in Raleigh

by Camren Skelton October 17, 2017

RALEIGH, N.C. — Regency Centers, in partnership with ITB Holdings LLC, will break ground this month on Midtown East, a new retail center in Raleigh. A 120,000-square-foot Wegmans will anchor the property, which will include an adjacent 400-space, elevated parking deck and five additional retail buildings. Williams Co. Southeast is the project’s construction manager. Gensler designed the center, and McAdams is the project’s civil engineer. Midtown East is slated to open in the second quarter of 2019.

October 17, 2017

Florida Office Southeast

JV Starts Construction of 55,000 SF Office Building Near University of Florida

by Camren Skelton October 17, 2017

GAINESVILLE, FLA. — Concept Cos., in partnership with Gateway Development Services and Harvest Capital Group, has broken ground on 800 Second at Innovation Square, a 55,000-square-foot office building located adjacent to the University of Florida in Gainesville. The first floor of the building will include a bistro and coffee shop, as well as a work studio with a variety of spaces, including individual office suites, co-working/shared offices and conference rooms. The top three floors will contain office space. The building will be part of Innovation Square, a 25-acre mixed-use project that will support the technology and research ventures of the University of Florida and the greater Gainesville community. The project is being developed in a public-private partnership. 800 Second is slated for completion in the third quarter of 2018.

October 17, 2017

Georgia Multifamily Southeast

Cushman & Wakefield Brokers $58.6M Sale of Multifamily Property in Metro Atlanta

by Camren Skelton October 17, 2017

MCDONOUGH, GA. — Cushman & Wakefield has arranged the $58.6 million sale of Trees of Avalon, a 500-unit apartment community in McDonough, 30 miles south of Atlanta. Chris Spain and Alex Brown of Cushman & Wakefield represented the seller, Watkins Real Estate Group, in the transaction. Fairfield Residential acquired the property. Constructed in 2009, Trees of Avalon includes one- to three-bedroom units and features a swimming pool, fitness center, lighted tennis court and a car care center.

October 17, 2017

Loans Office Southeast Virginia

HFF Arranges $47M Refinancing of Two-Building Office Portfolio in Metro D.C.

by Camren Skelton October 17, 2017

RESTON, VA. — HFF has secured $47 million in loans for the refinancing of Reston Metro Center One & Two, a two-building office portfolio in Reston, roughly 20 miles west of Washington, D.C. Cary Abod and Robert Carey of HFF secured the floating-rate loan through AllianceBernstein on behalf of the borrower, a joint venture between Coretrust Capital Partners LLC and Normandy Real Estate Partners. The portfolio totals 185,671 square feet and is located at 12120 and 12180 Sunrise Valley Drive, within walking distance to the future Reston Town Center Silver Line Metrorail Station. At the time of sale, Reston Metro Center Two was fully leased. Together, the portfolio was 35 percent leased.

October 17, 2017

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