Southeast

Morgan Breaks Ground on Multifamily Community in Fort Lauderdale

by Camren Skelton July 21, 2017

FORT LAUDERDALE, FLA. — Morgan, in conjunction with institutional investors advised by J.P. Morgan Asset Management, has broken ground on Pearl Flagler Village, a 350-unit apartment community located at 400 N.E. 3rd Ave. in Fort Lauderdale. Situated along the Wave Streetcar line within Flagler Village, a mixed-use development, the project will include a mix of studio, one-, two- and three-bedroom floor plans. The seven-story property will also feature a business center, fitness center, yoga studio, gas grill stations, dog park and a heated saltwater pool. The first units of the development are slated to open in the second half of 2018.

July 21, 2017

Retail Southeast Tennessee

Branch Properties Acquires 192,624 SF Kroger-Anchored Shopping Center in Metro Memphis

by Camren Skelton July 21, 2017

BARTLETT, TENN. — Atlanta-based Branch Properties LLC has acquired Bartlett Towne Center, a 192,624-square-foot, Kroger-anchored shopping center located at 6045 Stage Road in Bartlett, roughly 13 miles east of Memphis. Jim Hamilton and Richard Reid of HFF marketed the property on behalf of the seller, Houston-based Weingarten Realty Investors. The sales price was not disclosed. At the time of sale, Bartlett Towne Center was 94 percent leased to tenants including Petco, Dollar Tree, Shoe Carnival, Rent-A-Center, Sally Beauty, FedEx and Mattress Firm, among others.

July 21, 2017

Georgia Office Southeast

JGRE/CORFAC International Sells Office Building in Buckhead for $20M

by Camren Skelton July 21, 2017

ATLANTA — Joel & Granot Real Estate/CORFAC International (JGRE) has sold a 108,000-square-foot office building located at 550 Pharr Road in Atlanta’s Buckhead district. The property is situated at the northwest corner of Pharr and Piedmont roads. Alan Joel and Dan Granot of JGRE represented 550 Buckhead LLC, an entity made up of JGRE, its Dallas-based mezzanine partner Rainer and other investors, internally in the sale to Charlotte-based Stone Street Capital. JGRE and Rainer originally acquired the office building when it was vacant in 2013.

July 21, 2017

Office South Carolina Southeast

NAI Avant Brokers $11.3M Sale of Office Building in North Charleston

by Camren Skelton July 21, 2017

NORTH CHARLESTON, S.C. — NAI Avant has arranged the $11.3 million sale of 4221 Faber Place Drive, a 48,000-square-foot, Class A pharmaceutical manufacturing and testing facility located within the Faber Place Executive Park in North Charleston. Dexter Rumsey of NAI Avant represented the buyer, JEMA I LLC, in the transaction. CBRE’s Charlie Carmody represented the seller, The Medical University of South Carolina. At the time of sale, the building was leased long-term to a pharmaceutical testing company.

July 21, 2017

Southeast Tennessee

JE Dunn Construction to Break Ground on $120M Parking Garage at Nashville International Airport

by Camren Skelton July 20, 2017

NASHVILLE, TENN. — JE Dunn Construction has unveiled plans for a six-story, $120 million parking garage at Nashville International Airport, the first element of the airport’s $1.2 billion expansion plan. The project will replace an existing structure and provide 2,000 parking spaces, sensors to let drivers know what spaces are available and a passenger pick-up and drop-off hub for taxis, limos, shuttles and ride-sharing services. The garage will feature eco-friendly elements including an upper-level solar array, rainwater harvesting system and a green screen vegetation wall. Atkins is the architect of record for the project, which is slated for completion in fall 2018.

July 20, 2017

Office Southeast Virginia

Hogan Lovells to Relocate to New Office Tower in Northern Virginia

by Camren Skelton July 20, 2017

TYSONS, VA. — Hogan Lovells, an international law firm, will relocate its Northern Virginia office to Boro Tower, a new 20-story office tower under construction at The Boro, a planned 15-acre mixed-use development in Tysons. The first phase of The Boro will deliver 700 residential units, 260,000 square feet of retail space and Boro Tower. The Meridian Group and Rockefeller group are codeveloping the project, with the first phase slated for completion in 2019. Rob Faktorow and Terry Reiley of CBRE represented The Meridian Group in the lease transaction, and Rick Rome and Alexandra deVilliers of Savills Studley represented Hogan Lovells. The law firm will relocate from Park Place II in McLean, Va., and will occupy 44,500 square feet of office space at the new building beginning in June 2019. TEGNA, a digital media company, will lease approximately 46,000 square feet at Boro Tower as well.

July 20, 2017

Maryland Mixed-Use Southeast

Kimco Signs Cinépolis USA to Mixed-Use Development in Metro D.C.

by Camren Skelton July 20, 2017

GAITHERSBURG, MD. — Kimco Realty Corp. has signed a lease with Cinépolis USA, a Dallas-based movie theater chain, to bring its luxury theater concept to Kentlands Market Square in Gaithersburg, roughly 20 miles north of Washington, D.C. Kimco acquired the 250,000-square-foot, Whole Foods-anchored development in 2016 and has unveiled plans for redevelopment, including renovated facades, improved pedestrian access, upgraded lighting and landscaping and revitalization of the community’s main street. The 34,000-square-foot Cinépolis USA is the first step in the redevelopment process, and will feature 540 seats, fully reclining leather seat auditoriums, lounge-style lobby space, in-theater waiter service and a selection of beer, wine and liquor. Cinépolis Luxury Cinemas — Gaithersburg is slated to open in 2019 and will mark Cinépolis USA’s debut in the Maryland market. Cinépolis, the theater’s Mexico-based parent company, is the fourth largest movie theater exhibitor in the world.

July 20, 2017

Loans Louisiana Multifamily Southeast

KeyBank Arranges $33.9M Acquisition Loan for Multifamily Property in Baton Rouge

by Camren Skelton July 20, 2017

BATON ROUGE, LA. — KeyBank Real Estate Capital has provided a $33.9 million acquisition loan for Cypress Lake Apartments in Baton Rouge. Erik Storz of KeyBank arranged the 10-year loan with a 30-year amortization schedule and five years of interest-only payment through Fannie Mae Green Rewards. Constructed in 2003, the 314-unit, garden style property features two swimming pools, a lighted tennis court, clubhouse and an on-site car care center.

July 20, 2017

Loans Multifamily Seniors Housing Southeast Tennessee

Capital One Provides $27.2M in HUD Refinancing for Skilled Nursing Facilities in Tennessee

by Camren Skelton July 20, 2017

MCLEAN, VA. — Capital One has provided three loans totaling $27.2 million for the refinancing of three skilled nursing facilities in Tennessee. Joshua Rosen of Capital One originated the 35-year, fixed-rate loans through HUD 232/223(f) on behalf of the borrower, Strawberry Fields REIT. The portfolio includes the 109-bed Lakebridge, a Waters Community in Johnson City, Tenn., which received a $10.6 million loan; The Waters of Smyrna, a 91-bed facility that received an $8.4 million loan; and The Waters of Shelbyville, a 96-bed property that received an $8.2 million loan.

July 20, 2017

Multifamily North Carolina Southeast

ARA Newmark Closes $52.5M Sale of Multifamily Property in Metro Raleigh

by Camren Skelton July 19, 2017

CARY, N.C. — ARA Newmark has brokered the $52.5 million sale of Cary Greens at Preston, a 292-unit apartment community located in Cary, roughly 10 miles west of Raleigh. Dean Smith and Sean Wood of ARA Newmark arranged the sale on behalf of the seller, Dayton, Ohio-based The Connor Group. New York-based Rivendell Global Real Estate acquired the property. Constructed in 1996, Cary Greens at Preston includes a mix of one-, two- and three-bedroom units and features a resort style pool with a sundeck and cabana, 24-hour fitness center, business center and a playground area.

July 19, 2017

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