Southeast

Trinity Capital Buys Two Industrial Assets Totaling 404,351 SF in Charlotte

by John Nelson January 24, 2017

CHARLOTTE, N.C. — Trinity Capital Advisors has purchased 1001 Bond St., a two-building industrial property totaling 404,351 square feet in Charlotte’s Northwest industrial submarket. Trinity Capital acquired the property in a joint venture with SilverCap Partners for an undisclosed price. Both buildings are fully leased to Camber Ridge, a tire characterization research and development company. The properties are situated off of I-85 and feature direct access to I-485, I-77 and Charlotte Douglas International Airport via NC Highway 16.

January 24, 2017

Georgia Office Southeast

Spaces to Open Co-Working Office Locations in Midtown Atlanta, The Battery Atlanta

by John Nelson January 24, 2017

ATLANTA — Spaces, a co-working office space brand owned by Regus, plans to open a new location at 715 Peachtree in Midtown Atlanta. Situated across from the Fox Theatre, Spaces Midtown East will provide more than 100 private offices, 40 private desks, a 10,000-square-foot business club, hospitality-quality services and three meeting rooms available to Spaces members and community residents. The new Midtown location, the brand’s fourth in North America, is set to open on February 6, with co-working memberships starting at $199. In mid-2017, Spaces will open Spaces Atlanta-The Battery at SunTrust Park at The Battery Atlanta, a $1 billion mixed-use village surrounding SunTrust Park, the Atlanta Braves new ballpark in Cobb County. All Spaces locations provide 24/7 access to dedicated desks and office space for members, as well as access Monday through Friday of the business club.

January 24, 2017

Office Southeast Virginia

Capital Square 1031 Sells Forest Office Park in Richmond for $24.1M

by John Nelson January 24, 2017

RICHMOND, VA. — Capital Square 1031 has completed the stabilization and sale of Forest Office Park, a 19-building, 710,000-square-foot office campus in Richmond, for $24.1 million. The firm served as a replacement sponsor and manager of NNN Forest Office Park LLC, a tenant-in-common (TIC) ownership. Forest Office Park was under TIC ownership for the past 11 years. Capital Square 1031 assumed sponsorship and management in February 2016, replacing the previous manager after more than a decade, to take over sponsorship, management and serve as loan guarantor for the TIC program. Forest Office Park is situated in Richmond’s West End at the corner of Three Chopt Road and Forest Avenue. Located within six miles of Short Pump and downtown Richmond, the property was approximately 95 percent leased at the time of sale. CBRE | Hampton Roads, CBRE | Richmond and the Atlanta office of CBRE Group Inc. brokered the sale on behalf of the TIC ownership.

January 24, 2017

Georgia Retail Southeast

Burroughs & Chapin Acquires Broughton Street Retail Property in Downtown Savannah

by John Nelson January 24, 2017

SAVANNAH, GA. — Burroughs & Chapin, a retail investment REIT based in Myrtle Beach, S.C., has acquired an 8,800-square-foot retail property located at 5-15 W. Broughton Street in downtown Savannah’s Historic District. Originally built in the 19th century, the property is fully leased to tenants including Ann Taylor LOFT, FedEx Office and Flying Monk, an Asian restaurant. The seller and sales price were undisclosed.

January 24, 2017

Loans Maryland Multifamily Southeast

Greysteel Arranges $8.9M Refinancing for Apartment Community in Metro D.C.

by John Nelson January 24, 2017

HYATTSVILLE, MD. — Greysteel has arranged the $8.9 million refinancing of Madison Park, a 91-unit apartment community located at 5902 31st Ave. in Hyattsville, about six miles northeast of Washington, D.C. Built in 1962, Madison Park’s units average 873 square feet. The borrower, Madison Park LLC, will use the loan proceeds to refinance a maturing CMBS loan. Greysteel arranged the 10-year loan with a fixed 4.65 percent interest rate and three years of interest-only payments followed by a 30-year amortization schedule.

January 24, 2017

Florida Office Southeast

Ytech International Buys Office Building in Miami’s Brickell District for $26.5M

by John Nelson January 23, 2017

MIAMI — Ytech-1428 Brickell LLC, an investment affiliate of Ytech International, has acquired the 100,762-square-foot BankUnited Office Building located at 1428 Brickell Ave. in Miami’s Brickell district. The purchase includes $26.5 million for the real estate and “tens of millions of dollars more” to settle claims and non-real estate matters. The transaction also includes development rights for up to 80 stories and 825,000 square feet of mixed-use space. Ytech provided the immediate capital to stave off the impending foreclosure, and in a series of separate transactions and agreements involving both the real estate and non-real estate matters, Ytech and its outside general counsel, Stuart Kapp of Kapp Morrison LLP, negotiated to bring an end to years of litigation that included claims by neighboring property owner Walter DeFortuna, lender ESJ Capital Partners and New York investor Shahab Karmely. Ytech International is a Miami-based real estate investment and development company that has invested in, developed and redeveloped more than 7,000 residential units in the Southeast over the past decade.

January 23, 2017

Georgia Retail Southeast

Avison Young Arranges Sale of Two Shopping Centers in Metro Atlanta

by John Nelson January 23, 2017

MABLETON AND LAWRENCEVILLE, GA. — Avison Young has arranged the sale of two shopping centers located in metro Atlanta. The dispositions include The Village Shoppes at Creekside, a 212,654-square-foot shopping center located in Lawrenceville, which sold for $18.5 million; and The Plaza at Mableton, a 63,367-square-foot shopping center located in Mableton. Theresa Johnson of Avison Young represented the seller, Torchlight Investors, in the Lawrenceville transaction. Johnson also represented the seller, Plaza of Mableton LLC, in the Mableton transaction. The buyers and purchase price of Plaza at Mableton were undisclosed.

January 23, 2017

Florida Multifamily Southeast

Berkadia Brokers $12.8M Sale of Apartment Community in Jacksonville

by John Nelson January 23, 2017

JACKSONVILLE, FLA. — Berkadia has arranged the $12.8 million sale of Avesta Townsend, a 208-unit, garden-style apartment community located at 3450 Townsend Blvd. in Jacksonville’s Arlington neighborhood. HH Townsend LLC purchased the property from 3450 Townsend LLC, an entity controlled by Avesta Communities. Built in 1970, the property features a community swimming pool, laundry facility, clubhouse with a recreation room and fitness center, tennis court and a playground. The seller has invested nearly $3 million in interior and exterior renovations at Avesta Townsend since 2012. Greg Rainey, Cole Whitaker, Tal Frydman and Jason Stanton of Berkadia represented the seller in the transaction. Justin Ownby of Berkadia assisted in the acquisition financing on behalf of the buyer.

January 23, 2017

Affordable Housing Loans Multifamily Southeast Tennessee

NorthMarq Arranges $6.1M Acquisition Loan for Affordable Housing Community in Metro Nashville

by John Nelson January 23, 2017

MURFREESBORO, TENN. — NorthMarq Capital has arranged a $6.1 million acquisition loan for Abbington at Stones River, a 96-unit affordable housing community located at 1335 Bradyville Pike in Murfreesboro, a suburb of Nashville. John Reed of NorthMarq’s Omaha office arranged the 18-year loan with two years of interest-only payments followed by a 35-year amortization schedule. The loan was financed through Freddie Mac’s Tax-Exempt Loan program and includes a facility for a moderate rehab of the property.

January 23, 2017

Georgia Retail Southeast

Bull Realty Brokers $5.5M Sale of Retail Portfolio in Atlanta’s Grant Park Neighborhood

by John Nelson January 23, 2017

ATLANTA — Atlanta-based Bull Realty has brokered the $5.5 million sale of three retail properties totaling nearly 21,000 square feet in Atlanta’s Grant Park neighborhood. Graveyard Retail LLC purchased the assets from Hangar LLC and White Front LLC. Located at 415 and 421 Memorial Drive and 304 Oakland Ave., the properties are leased to tenants such as Tin Lizzy’s, Ria’s Bluebird Café, Java Cat, Express Cleaners, My Friend’s Growler Shop, Mezcalito’s and House of Blended Ink Studios. The properties are situated across the street from the Historic Oakland Cemetery and nearby mixed-use residential developments including The Leonard, Oakland Park and The Jane. Andy Lundsberg of Bull Realty represented the sellers in the transaction.

January 23, 2017

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