Southeast

Oberlin Capital Sells Office Building in Raleigh for $9.9M

by Camren Skelton July 19, 2017

RALEIGH, N.C. — Oberlin Capital Acquisition has sold the Occidental Building, a 56,043-square-foot office building located at 1001 Wade Ave. in Raleigh, for $9.9 million. Marcus Jackson of TradeMark Properties represented Oberlin Capital in the sale to Empire Properties. Constructed in 1956, the building is registered and certified with the National Register of Historic Places. At the time of sale, the property was fully leased to tenants including Coldwell Banker Howard Perry and Walston, TradeMark Properties, Wall Templeton and Louis Berger.

July 19, 2017

Maryland Retail Southeast

Marcus & Millichap Brokers $9M Sale of Harris Teeter-Occupied Property in Suburban Maryland

by Camren Skelton July 19, 2017

GERMANTOWN, MD. —Marcus & Millichap has arranged the $9 million sale of a 43,245-square-foot retail property leased to Harris Teeter in Germantown, about 27 miles northwest of Washington, D.C. Josh Ein and Dean Zang of Marcus & Millichap facilitated the transaction on behalf of the seller, a private local investor. The buyer, a local private family office, procured an 11-year, non-recourse CMBS loan for the acquisition. Constructed in 1997, the grocery store sits on a 10.6-acre parcel of land on Darnestown Road. Harris Teeter is a wholly owned subsidiary of The Kroger Co.

July 19, 2017

Florida Loans Multifamily Southeast

Greystone Provides $17.3M Acquisition Loan for Apartment Community in Palm Bay

by Camren Skelton July 19, 2017

PALM BAY, FLA. — Greystone has provided a $17.3 million bridge loan for the acquisition of The Pavilions at Monterey, a 271-unit, Class B multifamily property in Palm Bay. Leor Dimant of Greystone facilitated the two-year, fixed-rate loan through HUD on behalf of the borrower, Carabetta Cos., which purchased the property in June for $20.7 million. The Pavilions at Monterey features a fitness center and swimming pool.

July 19, 2017

Retail Southeast Top Stories

Inland Real Estate Group Arranges Sale of 49 CVS Pharmacy Properties in 16 States for $211M

by Nellie Day July 19, 2017

OAK BROOK, ILL. — Inland Real Estate Group has arranged the sale of 49 newly developed CVS Pharmacy properties across 16 states for more than $211 million. Inland handled the deal on behalf of the buyer, an affiliate of the company. The portfolio contains a total of 651,216 square feet. The CVS Pharmacy properties are located in Arizona, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Ohio, Oklahoma, Missouri, Nebraska, Tennessee, Texas, Utah and Vermont. “This was an attractive acquisition opportunity due to the fact that we were able to buy all 49 CVS stores in one transaction,” says Joe Cosenza, vice chairman of Inland Real Estate Group and president of Inland Real Estate Acquisitions, the purchasing arm for the company’s various entities. “I like CVS, I like the properties and the investment is good for Inland.” This portfolio acquisition follows on the heels of Inland’s October 2016 purchase of 24 additional newly developed CVS Pharmacy properties for more than $116 million. Those assets are located in Arkansas, Georgia, Illinois, Kentucky, Louisiana, Michigan, Minnesota, New York, Ohio, Pennsylvania, South Carolina, Texas, Virginia and Wisconsin. David Neboyskey and Kristin Orlando acted as in-house counsel for Inland in this latest portfolio transaction. The Inland …

July 19, 2017

North Carolina Office Southeast

Heritage Properties Begins Site Prep for $86M Office Building in Raleigh

by Camren Skelton July 18, 2017

RALEIGH, N.C. — Heritage Properties Inc. has commenced site preparation for One Glenwood, a 10-story, Class A office building in Raleigh. Located at Hillsborough Street and Glenwood Avenue, the $86 million project will total 227,500 square feet and include 15,000 square feet of street-level retail space. Amenities will include a rooftop terrace and lounge, fitness center, bike room and on-site parking with 730 spaces. Whiting-Turner, the project’s general contractor, has installed construction barriers and fencing and will soon begin demolition as part of a plan to shorten construction time. Heritage Properties has secured financing from Citizens Bank as the lead construction lender and M&T Bank as a participating lender. JDavis is the project architect, McAdams is the civil engineer and Trinity Partners will handle leasing of the property. Heritage and Trinity Partners also plan to construct a hotel at the project site.

July 18, 2017

Florida Office Southeast

TPA Group to Develop 330,000 SF Office Park in Broward County

by Camren Skelton July 18, 2017

PEMBROKE PINES, FLA. — Atlanta-based TPA Group has unveiled plans to develop The Edison Pembroke Pines, a 330,000-square-foot, Class A office park in Pembroke Pines. The project will include two, three-story buildings and a 5,000-square-foot central amenity building located along Interstate 75 at S.W. 145th Avenue. The buildings will feature high ceilings, surface parking, indoor and outdoor collaboration areas, a central clubhouse, gym, meeting space and a café. Greg Martin and Justin Cope of Avison Young will manage leasing and marketing of the property. The Edison Pembroke Pines will be constructed in two phases, and will mirror the aesthetic of TPA Group’s other projects under construction in Alpharetta, Ga., and Lake Mary, Fla.

July 18, 2017

Loans Multifamily Southeast Virginia

Capital One Secures $34.5M Loan for Refinancing of Multifamily Property in Northern Virginia

by Camren Skelton July 18, 2017

RESTON, VA. — Capital One has provided a $34.5 million loan for the refinancing of Springs at Reston, a 362-unit apartment community in Reston, approximately 23 miles west of Washington, D.C. Joel Willard and Michael Antonelli of Capital One secured the fixed-rate loan with 10 years of interest-only payments through Fannie Mae on behalf of the borrower, Lerner Enterprises. Constructed in 1972, Springs at Reston includes 27 three- and four-story garden-style apartment buildings and features a playground, picnic area and laundry facilities. All units are affordable for those making 80 percent or less of the area median income.

July 18, 2017

Alabama Multifamily Southeast

Cushman & Wakefield Arranges Sale of Multifamily Portfolio in Mobile

by Camren Skelton July 18, 2017

MOBILE, ALA. — Cushman & Wakefield has brokered the sale of Mobile Midtown, a multifamily portfolio in Mobile. The portfolio consists of three properties — Bel Air, Estates at Lafayette Square and Pine Bend & The Hamptons — totaling 1,329 units. Cushman & Wakefield’s Jimmy Adams represented the seller, Toronto-based Morguard North America Residential REIT, in the sale to New York-based Lightstone. The sales price was not disclosed.

July 18, 2017

Georgia Multifamily Southeast

Marcus & Millichap Brokers $5.3M Sale of Apartment Community in Brunswick, Georgia

by Camren Skelton July 18, 2017

BRUNSWICK, GA. — Marcus & Millichap has arranged the sale of Merritt Landing, a 128-unit multifamily community located at 5700 Altama Ave. in Brunswick, approximately seven miles west of St. Simons Island. Francesco Carriera, Michael Regan, Kurt McGarry and Rich Merryman of Marcus & Millichap represented the seller, a financial institution, and the buyer, a private investor. Michael Fasano of Marcus & Millichap also assisted in the transaction.

July 18, 2017

Industrial North Carolina South Carolina Southeast

CBRE Brokers $72.5M Sale of Industrial Portfolio in Carolinas

by Camren Skelton July 17, 2017

CHARLOTTE, N.C. — CBRE Group Inc. has arranged the $72.5 million sale of a 1.2 million-square-foot industrial portfolio along the I-85 corridor in the Carolinas. The portfolio includes four warehouse and distribution buildings — one in Charlotte and one in Greensboro in North Carolina and two in Greenville, S.C. Patrick Gildea, Matt Smith, Anne Johnson, Bryan Crutcher, Trey Pennington and Dodson Schenck of CBRE represented the seller, Charlotte-based Beacon Partners, in the transaction to New York-based Gramercy Property Trust. The properties were 87 percent leased at the time of sale to anchor tenants including HD Supply, BMW Manufacturing, LeSaint Logistics and XPO Logistics.

July 17, 2017

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