Southeast

Atlantic Realty, Angelo, Gordon Acquire Office Complex in Virginia for $78.8M

by John Nelson October 31, 2016

TYSONS, VA. — Atlantic Realty Cos. and New York-based Angelo, Gordon & Co. LP have purchased Tysons Concourse, two Class A office buildings located at 1593-1595 Spring Hill Road in Tysons. The California State Teachers’ Retirement System (CalSTRS) sold the 347,684-square-foot complex for $78.8 million. Situated one block from the newly opened Spring Hill station on Metrorail’s Silver Line, Tysons Concourse features a café, lighted basketball courts, theater-style conference center, fitness center with spa-style locker rooms and covered and surface parking. The buildings, joined by a shared atrium, were 76 percent leased at the time of sale to tenants such as Frontpoint Security, Konica Minolta and MassMutual. The new ownership group plans to invest $6 million in capital improvement to Tysons Concourse. The property’s lobby will be upgraded with marble flooring, a concierge desk and interactive touchscreen directories. Renovations will also include upgrades to the front and rear entrances, new interior finishes and a redesigned tenant entertainment center. The improvement program will also include the transformation of part of the existing sports area into an outdoor lounge with seating and an additional court for playing paddle tennis. Eastdil Secured represented CalSTRS in the transaction. — John Nelson

October 31, 2016

Florida Market Reports Office Southeast Southeast Market Reports

Broward County’s Office Sector is Operating at Peak Performance

by John Nelson October 31, 2016

Broward County’s office market continues to heat up like the South Florida summer. Vacancy is decreasing while office rental rates in the market increase. Broward County added 32,100 jobs in the past year, the 4 percent nonagricultural employment growth leading to a second quarter unemployment rate of 4.2 percent, outpacing the state (4.5 percent) and national (5.0) averages. “Many factors drive Broward County’s strong economy, including a talented and diverse workforce, our proximity to Latin America and the Caribbean, and access to three international airports and three seaports,” says Bob Swindell, president and CEO of the Greater Fort Lauderdale Alliance, the county’s public/private partnership for economic development. Broward County’s office sector performance is a big story in an area of very positive commercial real estate headlines. It can be argued that South Florida trails only the two Bay Area bellwethers, San Francisco and the Silicon Valley, in property performance nationwide. Office rental rates in the county — CoStar reported that the market’s average rate increased 1.4 percent during first quarter to $25.14 per square foot — are most likely reaching the top of the arc in the present economic cycle. “Some of our strongest job growth has been in high-wage …

October 31, 2016

Maryland Retail Southeast

Simon Opens Clarksburg Premium Outlets in Metro D.C.

by John Nelson October 28, 2016

CLARKSBURG, MD. — Simon has opened Clarksburg Premium Outlets, a 392,000-square-foot outlet mall located at 22705 Clarksburg Road in Clarksburg, about 30 miles north of Washington, D.C. Simon developed the property in a joint venture arrangement with New England Properties and Streetscape. Retailers operating at Clarksburg Premium Outlets include a Nike Factory Store, Under Armour, Ann Taylor Factory, Banana Republic Factory, Gap Outlet, Armani Outlet, Kate Spade New York, Michael Kors, Saks Fifth Avenue OFF 5th, All Saints and Tory Burch. The property is the country’s first two-story outdoor outlet shopping center and Simon’s second LEED-certified Premium Outlet center.

October 28, 2016

Georgia Multifamily Southeast

Novare, Batson-Cook to Open 32-Story High-Rise in Midtown Atlanta

by John Nelson October 28, 2016

ATLANTA — Novare Group and Batson-Cook Development Co. plan to open Atlantic House, a 32-story high-rise apartment tower in Midtown Atlanta, in mid-November. Located on the corner of 14th and West Peachtree streets, Atlantic House will feature 407 residences, two rooftop pools, a 24-hour fitness center, clubroom, outdoor kitchen, laundry service, 24-hour concierge services, business center and outdoor patio space, as well as a grilling area, tennis court and dog park on top of the attached parking garage. All residences will feature private balconies. The project also features more than 13,000 square feet of ground-floor retail space fronting 14th and West Peachtree streets, with Einstein’s, Caribou and McCray’s Tavern scheduled to open in early 2017. Residents have started to move into their units ahead of the Nov. 17 grand opening.

October 28, 2016

Kentucky Multifamily Southeast

City Club Apartments Opens 800 Tower City Apartments in Downtown Louisville

by John Nelson October 28, 2016

LOUISVILLE, KY. — City Club Apartments LLC, a multifamily owner and developer led by Jonathan Holtzman, has opened 800 Tower City Apartments, a 29-story high-rise tower in downtown Louisville. Built in 1963 as The 800 Building, the 286-unit property is open following a year-long, $11 million renovation program. The tower’s top floor now features the Sky Club, which includes a gourmet kitchen, fireplace, TVs, lounge seating and an outdoor terrace with a dining and grilling station. The top floor also features a fitness center and Zen garden. The rooftop amenity deck, known as Sky Park, features a swimming pool, sun deck, firepit, outdoor kitchen, bar and outdoor TVs. Other amenities include Bar Vetti on the first floor, a conference room, theater, business center, café, dog park, parking garage and personal concierge services. The renovation included upgrades to the façade, a new pocket rotunda entry, landscaping, lighting and paint. About 80 percent of the apartment residences have been renovated with the rest slated for a late November completion.

October 28, 2016

Georgia Hospitality Southeast

Monarch Private Capital, BNA Associates Break Ground on Hotel Clermont Redevelopment in Atlanta

by John Nelson October 28, 2016

ATLANTA — Atlanta-based Monarch Private Capital and Nashville-based BNA Associates have begun the redevelopment of Hotel Clermont in Atlanta’s Poncey-Highland neighborhood. The firms are renovating the iconic hotel using Historic Tax Credits. Upon opening, the new 94-room boutique hotel will feature a restaurant and some of the original hotel’s art-deco design. Monarch and BNA worked closely with the city of Atlanta and the Georgia General Assembly, which passed House Bill 308 last year, raising the maximum tax credit allowance for historic structures from $300,000 annually to $5 million. The Poncey-Highland Neighborhood Association also supported the renovation and preservation of the landmark hotel.

October 28, 2016

Florida Seniors Housing Southeast

Greystone Arranges $21.5M Sale of Seniors Housing Community in Jacksonville

by John Nelson October 28, 2016

JACKSONVILLE, FLA. — Greystone’s Real Estate Advisors group has arranged the $21.5 million sale of Wyndham Lakes, a 245-unit independent living, assisted living and memory care community in Jacksonville. A private equity group purchased the property from a publicly traded REIT. Formerly operated by Brookdale Senior Living, Wyndham Lakes is situated on 14 acres of land. The community consists of 12 residential buildings and one common area structure. Mike Garbers and Cody Tremper of Greystone represented the seller in the transaction. Tremper also arranged non-recourse acquisition financing through a regional bank.

October 28, 2016

Georgia Loans Southeast Student Housing

NorthMarq Secures $22.2M Refinancing of Student Housing Property Near University of West Georgia

by John Nelson October 27, 2016

CARROLLTON, GA. — NorthMarq Capital has secured the $22.2 million refinancing of Flats at 316, a 240-unit student housing community located near the University of West Georgia in Carrollton. The transaction was structured with a three-year, interest-only term. Will James of NorthMarq Capital arranged the financing on behalf of the undisclosed borrower through a bridge lender. Flats at 316’s community amenities include a basketball court; cyber café; dog park; a lounge with a flat screen, pool table, ping pong, poker and other games; a resort-style swimming pool; sand volleyball court; coffee bar; fitness center; and shuttle service to and from campus.

October 27, 2016

Georgia Retail Southeast

Morgan Construction Underway on $24.1M Kroger-Anchored Center in Metro Atlanta

by John Nelson October 27, 2016

CARTERSVILLE, GA. — Morgan Construction Co. is nearing completion of Main Street Market Place, a Kroger-anchored shopping center in Cartersville, roughly 43 miles north of Atlanta. The total construction costs for the development is $24.1 million, excluding the cost of the Kroger Fuel Center. The 53-acre development includes a Kroger Marketplace and fuel center, AT&T, Pacific Dental, Vision Works, Panera Bread, Sport Clips, Las Palmas Mexican Restaurant, Willy’s Mexicana Grill. Phase II of the future development will allow 85,000 square feet for co-anchor space. The Kroger store opened to the public on Oct. 5, but the remaining retail space remains under construction. The development team is led by R.H. Ledbetter Properties of Rome, Ga. The design team includes architects CR Architecture & Design, Buckle Design Group and Schaefer Inc.; and landowner Dellinger.

October 27, 2016

Office Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $10.8M Sale of 16-Story Office Building in Norfolk

by John Nelson October 27, 2016

NORFOLK, VA. — Cushman & Wakefield | Thalhimer has brokered the $10.8 million sale of a 16-story, 230,316-square-foot office building located at 500 E. Main St. in Norfolk’s central business district. Richmond, Va.-based Riverstone Properties LLC purchased the asset from the undisclosed seller. The building was 59 percent leased at the time of sale to 32 tenants. BB&T anchors the property and operates a full-service bank branch on the ground floor. Other tenants include Hampton Roads Chamber of Commerce, Hunton & Williams and Brown & Brown. Eric Robinson and John Duffy of Cushman & Wakefield | Thalhimer brokered the transaction.

October 27, 2016

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