Southeast

Cushman & Wakefield | Thalhimer Brokers $57M Sale of ADP Building in Downtown Norfolk

by John Nelson May 2, 2017

NORFOLK, VA. — Cushman & Wakefield | Thalhimer has arranged the $57 million sale of The ADP Building, a 288,662-square-foot, Class A office building located at 2 Commercial Place in downtown Norfolk. ADP, a human resources management software firm, fully leases the building and has invested more than $32 million to establish the property as its “Small Business Headquarters.” The Hampton Roads Economic Development Authority calculates that ADP will generate $1 billion in economic activity each year for Virginia’s Hampton Roads region. The seller, developer Buddy Gadams of Marathon Development Group, also invested $16.5 million in capital improvements after acquiring the asset in 2016. An unnamed REIT based in Boston purchased The ADP Building. Eric Robison of Cushman & Wakefield | Thalhimer, along with Eric Berkman of Cushman & Wakefield’s Washington, D.C., office, represented the seller in the transaction.

May 2, 2017

Georgia Industrial Southeast

American Realty Advisors Buys 846,496 SF Distribution Center in Metro Atlanta from TCC, Allstate

by John Nelson May 2, 2017

MCDONOUGH, GA. — American Realty Advisors has purchased Phase I of King Mill Distribution Park, an 846,496-square-foot distribution center in the south Atlanta suburb of McDonough. Trammell Crow Co. (TCC) and Allstate sold the asset to American Realty Advisors for an undisclosed price. Wayfair, a furniture and décor e-commerce retailer based in Boston, fully leases the distribution center, which is being built on spec. The building will feature 36-foot clear heights, trailer storage, employee vehicle parking, ingress/egress at two separate entrances and a flexible design that can accommodate multiple tenants served by separate entrances. Frank Fallon and Chris Riley of CBRE’s Atlanta office represented the sellers in the sale.

May 2, 2017

Georgia Industrial Southeast

Duke Realty Expands Metro Atlanta Industrial Portfolio by 600,000 SF

by John Nelson May 2, 2017

ATLANTA — Duke Realty Corp. has expanded its metro Atlanta industrial portfolio by nearly 600,000 square feet. The Indianapolis-based REIT broke ground on Camp Creek 4505, a 336,960-square-foot warehouse within Camp Creek Business Center in East Point near Hartsfield-Jackson Atlanta International Airport. Camp Creek 4505 will be the 10th warehouse Duke Realty has developed in its 400-acre industrial park. Duke Realty also purchased a 250,000-square-foot industrial facility at 2601 Skyview Drive in Lithia Springs for an undisclosed price. With these transactions, Duke Realty now owns and manages more than 11.3 million square feet of industrial properties in the Atlanta metro area.

May 2, 2017

Georgia Industrial Southeast

Colliers Arranges $30M Sale of Industrial Park in Metro Atlanta

by John Nelson May 2, 2017

DECATUR, GA. — Colliers International has arranged the $30 million sale of Perimeter East Industrial Park, an eight-building, 775,339-square-foot development situated near Interstate 285 in Decatur. Shreveport, La.-based Sealy & Co. purchased the property from Boston-based High Street Realty Co. Dennis Mitchell and Matt Wirth of Colliers represented High Street Realty in the transaction.

May 2, 2017

Florida Multifamily Southeast

Marcus & Millichap Secures $24M Sale of Multifamily Community in Central Florida

by John Nelson May 2, 2017

WINTER HAVEN, FLA. — Marcus & Millichap has brokered the $24 million sale of Cypress Gardens Apartments, a 278-unit multifamily community located at 4200 Mahogany Run in Winter Haven, about two miles from the Legoland Florida Resort. Community amenities include two swimming pools with sundecks, a dedicated parking lot for boats and trailers and a paved picnic area with a pergola. All of the apartment interiors have received upgrades, including new or resurfaced countertops, stainless steel appliances and new bedroom carpeting. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer. Cypress Gardens was 93 percent occupied when the seller listed the property for sale.

May 2, 2017

Georgia Retail Southeast

Coro Realty Finalizes $47M Purchase of Retail, Parking Portfolio in Midtown Atlanta

by John Nelson May 1, 2017

ATLANTA — Atlanta-based Coro Realty Advisors has purchased The Shops at Spire, the final component of a portfolio in Midtown Atlanta comprising 87,905 square feet of ground-floor retail and over 600 parking spaces in five residential condominium buildings. Coro purchased the portfolio from The Loudermilk Cos., an Atlanta-based commercial real estate developer and owner. The purchase price was not disclosed, but the Atlanta Business Chronicle reports the portfolio traded for $47 million. The properties include retail space at 800 Peachtree, 805 Peachtree, Shops at Seventh, Shops at Spire and Shops at Viewpoint, as well as a nearby parking lot on Juniper Street. Tenants at these properties include Starbucks, BB&T, Einstein Brothers Bagels, Fresh 2 Order, World of Beer, Sprint and Atlanta’s first urban QuikTrip. When added to Coro Realty’s Gordon Biersch at 848 Peachtree St., the portfolio gives Coro Realty control over almost all of the public parking and retail on Peachtree Street between 5th and 7th streets. Kenny Holzer and Elliot Kyle of Skyline Seven brokered the sale of The Shops at Spire.

May 1, 2017

Maryland Multifamily Southeast

Continental Realty Launches $12M Renovation of Apartment Community in Baltimore County

by John Nelson May 1, 2017

PARKVILLE, MD. — Continental Realty Corp. has launched a $12 million improvement campaign for the interiors and exteriors at Kenilworth at Perring Park, a 567-unit apartment community located at 8951 Waltham Woods Road in Parkville, a city within Baltimore County. The renovations include the addition of a 1,573-square-foot community clubhouse that is expected to open in June. The clubhouse will feature a fitness center, sound system, open kitchen and vaulted ceilings. The swimming pool will also get a makeover with the addition of a splash pad, new pool deck and furniture. Continental Realty’s five-year interior upgrade campaign will include stainless steel appliances, granite countertops and an open kitchen concept. Continental Realty has selected Mullan Contracting Co. to handle general contracting services.

May 1, 2017

Florida Industrial Southeast

Cushman & Wakefield Brokers $7.5M Sale of Warehouse in Miami

by John Nelson May 1, 2017

MIAMI — Cushman & Wakefield has arranged the $7.5 million sale of the Econocaribe Building, a 164,432-square-foot warehouse distribution facility located at 2401 N.W. 69th St. in Miami. ECU Worldwide, an international transportation company formerly known as Econocaribe Consolidators, fully leases the cross-dock facility. RLF Acquisitions LLC purchased the property from the sellers, Econo1 LLC, Joseph P. Luchese Jr. and Michelle Gersten. The fenced facility comprises a one-story warehouse and two-story office and features 27 dock-high loading positions that can accommodate up to 40 trucks, a receiving ramp that can accommodate an additional 13 trucks and 22-foot clear heights. The site also includes 180 total parking spaces.

May 1, 2017

Florida Industrial Southeast

NAI Miami Arranges $4.4M Sale of Office Building in Coral Gables

by John Nelson May 1, 2017

CORAL GABLES, FLA. — NAI Miami has brokered the $4.4 million sale of the SAAM Building, a 24,039-square-foot office building located at 3195 Ponce De Leon Blvd. in Coral Gables. 3195 Ponce LLC purchased the asset from SAAM Building Inc. Tom Smith of NAI Miami represented the seller in the transaction.

May 1, 2017

Florida Southeast Student Housing

FourPoint Negotiates Sale of Student Housing Community Near the University of West Florida

by John Nelson May 1, 2017

PENSACOLA, FLA. — FourPoint Student Housing Investments has arranged the sale of College Vue, a 408-bed student housing community located near the University of West Florida in Pensacola. The property offers fully furnished two- and four-bedroom units. Community amenities include a modern clubhouse, fitness center and lap-style pool. Chris Epp, Chris Bancroft and Meredith Wolff of FourPoint led the sales effort on behalf of the seller, Next Chapter Development. A private buyer purchased College Vue for an undisclosed amount.

May 1, 2017

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