Southeast

CBRE | Raleigh Arranges $20.3M Sale of Mixed-Use Property in Raleigh

by John Nelson January 17, 2017

RALEIGH, N.C. — CBRE | Raleigh has arranged the $20.3 million sale of Marketplace at Lake Boone, a mixed-use property located at the intersection of Lake Boone Trail and Gateway Access Point in Raleigh. Griffin Partners purchased the property from Singerman Real Estate. Marketplace at Lake Boone features 76,253 square feet of street-level retail space and second-story office space. According to Griffin Partners, the property was fully leased at the time of sale to tenants such as Ashton Woods, AT Allen Co., Sirius Computer Solutions, Greystone, Saracare, Buffalo Brothers, Guasaca, Bottle Revolution, Traditions Bridal and The Oaks. Ben Kilgore, Elliott Brewer and Leslie Holmes of CBRE | Raleigh represented Singerman Real Estate in the transaction.

January 17, 2017

Arkansas Industrial Southeast

Binswanger Brokers Sale of 268,514 SF Warehouse Property in Arkansas

by John Nelson January 17, 2017

ROGERS, ARK. — Binswanger has brokered the sale of a single-story, 268,514-square-foot manufacturing and warehouse facility located on 20 acres at 1301 N. Dixieland Road in Rogers. Superior Industries International Inc. sold the asset for an undisclosed price. Built in 1989 about 14 miles from Northwest Arkansas Regional Airport, the property features office space, four dock-high doors with seals, four covered dock doors, a 335-space parking lot, maintenance work space, a tool shop, sprinkler system and clear heights ranging from 23 to 30 feet. Holmes Davis of Binswanger’s Dallas office represented the seller, and Marshall Saviers of Sage Partners represented the undisclosed buyer in the transaction.

January 17, 2017

Hospitality Maryland Southeast Virginia

Hersha Hospitality Trust Sells Two Hotels in Metro D.C. for $62M

by John Nelson January 16, 2017

ALEXANDRIA, VA. AND GREENBELT, MD. — Hersha Hospitality Trust has sold the 203-room Courtyard by Marriott in Alexandria and the 120-room Residence Inn in Greenbelt for a combined $62 million. The two suburban Washington, D.C., hotels have an average age of 13 years. The Philadelphia-based lodging REIT sold the hotels to the undisclosed buyers at a 7.4 percent cap rate, based on the hotels’ net operating income for 2016. The company’s current portfolio spans 51 hotels totaling 7,675 rooms in New York, Boston, Philadelphia, Miami, select markets on the West Coast and Washington, D.C.

January 16, 2017

Alabama Florida Retail Southeast

Plaza Advisors Brokers $51M Sale of Shopping Center Portfolio in Florida, Alabama

by John Nelson January 16, 2017

TAMPA, FLA. — Tampa-based Plaza Advisors has brokered the $51 million sale of three Publix-anchored shopping centers totaling nearly 300,000 square feet in Florida and Alabama. The assets include Magnolia Plaza in Panama City Beach, Fla.; Palmer Ranch in Sarasota, Fla.; and Magnolia Place in Daphne, a suburb of Mobile, Ala. The shopping centers had an average occupancy rate of 98 percent at the time of sale. Jim Michalak and Mike Cvetetic of Plaza Advisors were the sole brokers involved and represented the seller, which developed all three shopping centers. The buyer was undisclosed.

January 16, 2017

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $15.2M Construction Financing for Affordable Housing Community in Tampa Bay Area

by John Nelson January 16, 2017

HOLIDAY, FLA. — KeyBank Real Estate Capital has provided $15.2 million in construction financing for Park at Wellington II, an affordable housing apartment community located in Holiday, a Tampa Bay area town in Pasco County. Combined with Phase I, the Low Income Housing Tax Credit property will span 110 units comprising one- to three-bedroom layouts. The units are designated for households earning 40 percent or 60 percent of the area median income. Set to open later this year, the four-story property will feature elevator service, shared amenities with Phase I of the development and supportive services, including financial literacy training, employment assistance and after-school programs on-site for children. Jeff Rodman and Kyle Kolesar of KeyBank arranged the financing, which included a $10.6 million tax-exempt construction loan and a $4.6 million Freddie Mac loan.

January 16, 2017

Georgia Retail South Carolina Southeast

Wheeler REIT Acquires Two Grocery-Anchored Shopping Centers in Georgia, South Carolina for $11M

by John Nelson January 16, 2017

ROYSTON, GA. AND SUMMERVILLE, S.C. — Wheeler Real Estate Investment Trust Inc. (Wheeler REIT) has acquired two BI-LO-anchored shopping centers located in Georgia and South Carolina for a combined $11 million. The acquisitions include Tri-County Plaza, a 67,577-square-foot shopping center located in Royston, Ga.; and Sangaree Plaza, a 66,948-square-foot shopping center located in Summerville, S.C. BI-LO recently executed lease extensions at both locations. Tenants at Tri-County Plaza include Maxway, Shoe Show and Snap Fitness. Tenants at Sangaree Plaza include H&R Block and Check Into Cash. Kyle Stonis and Pierce Mayson of SRS Real Estate Partners represented Wheeler REIT in the transaction.

January 16, 2017

Maryland Office Southeast

Rubenstein, Trammell Crow Ink 33,000 SF of Leases at Maryland Trade Center in Metro D.C.

by John Nelson January 16, 2017

GREENBELT, MD. — Rubenstein Partners LP and partner Trammell Crow Co. (TCC) have closed nearly 33,000 square feet of leases at Maryland Trade Center III, a 192,000-square-foot office building in the Washington, D.C., suburb of Greenbelt. The Class A building is located at the intersection of the Capital Beltway and MD 295. The transactions include a 18,280-square-foot lease renewal with The Retina Group, a healthcare firm specializing in retinal and macular practices; a new 4,214-square-foot lease with Allstate Insurance Co.; and three additional leases totaling roughly 10,000 square feet. Since purchasing Maryland Trade Center III in 2012, Rubenstein and TCC have upgraded the building’s lobby, restrooms and mechanical systems and installed a new HVAC system. Niel Beggy of Avison Young, Bill Zonghetti of Newmark Grubb Knight Frank and Todd Bosley and Tim Jaeger of CBRE provided tenant representation for the transactions.

January 16, 2017

Georgia Market Reports Office Southeast Southeast Market Reports

Atlanta’s Office Market Experiencing Positively Boring, Safe Growth

by John Nelson January 16, 2017

The Atlanta office market has continued down a path of steady recovery and absorption, although the pace remains somewhat muted from prior recovery cycles. As outside investors have warmed up to the city of Atlanta, they have been comforted by a safe and positively boring period of growth. For the last couple of years, investors have been committed strongly to value-add opportunities throughout metropolitan Atlanta, including areas that have historically been out of favor like Alpharetta and Peachtree Corners. The fundamental improvements in the market rents and occupancy continue to support bullish forecasts for office space in Atlanta with significantly low vacancy and steady rent growth. Atlanta’s office market sits at 12.1 percent vacancy, 6 percent rent growth and 3.6 million square feet of positive net absorption after several years of consistent absorption and falling vacancy. With value-add being a buzz word throughout the Southeast, many investment sales brokers have taken core assets and found ways to present them as opportunities for value-add in an effort to reach a larger pool of investors. Investor appetite continues to be measured and very focused on downside risk versus upside potential. This has inflated the return expectations for very solid real estate, making …

January 16, 2017

Florida Retail Southeast

IRC Retail Centers, MAB American Retail to Develop Publix-Anchored Shopping Center in Metro Pensacola

by John Nelson January 13, 2017

GULF BREEZE, FLA. — IRC Retail Centers and joint venture partner MAB American Retail Partners LLC have purchased 16 acres along U.S. Highway 98 in the Pensacola suburb of Gulf Breeze for the development of a Publix-anchored shopping center. The 66,000-square-foot property, known as Tiger Point Pavilion, will feature a 45,600-square-foot Publix grocery store, 1,400-square-foot Publix Liquors store, additional inline retailers and three freestanding pad buildings on the site. The development will be situated adjacent to a Lowe’s Home Improvement store and a Walmart Supercenter. The IRC-MAB joint venture has developed other Publix stores in the Southeast, including Shoppes at Rainbow Landing in Rainbow City, Ala., Weaverville Plaza in Weaverville, N.C.; and Midtown Mobile in Mobile, Ala. Construction of Tiger Point Pavilion is expected to kick off in the next few weeks and wrap up in the first quarter of 2018.

January 13, 2017

Georgia Office Southeast

Avison Young Brokers $57M Sale of Milton Park in Metro Atlanta

by John Nelson January 13, 2017

ALPHARETTA, GA. — Avison Young has brokered the $57 million sale of Milton Park, a two-building office campus spanning 320,000 square feet in Alpharetta. Matt Tritschler of Avison Young represented the buyer, Adventus Realty Trust, in the transaction. The seller and sales price were undisclosed, but the Atlanta Business Chronicle reports that a venture between Talcott Realty Investors LLC and Greenstone Properties were represented by CBRE and sold the assets for $57 million. Milton Park is situated off North Point Parkway near North Point Mall and Avalon. The two six-story buildings were 88 percent leased at the time of sale to tenants such as Landis+Gyr, Pegasystems and Schneider Electric.

January 13, 2017

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