Southeast

IPA Arranges $15M Sale of Office Building in Alpharetta

by John Nelson January 18, 2016

ALPHARETTA, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $15 million sale of Woodside Terrace, a 123,672-square-foot, Class A office building located at 3755 Mansell Road in Alpharetta, a northern suburb of Atlanta. Ravi Zacharias International Ministries purchased the office building from the undisclosed seller. Built in 1998, Woodside Terrace is a five-story, midrise office property that features masonic construction, two atriums, ribbon windows, a parking field, café, lakeside patio area and a fitness center. Bob Johnson, Gary Lee, Paul Johnson and Korey Prefontaine of IPA represented the buyer and procured the seller.

January 18, 2016

Florida Multifamily Southeast

Franklin Street Brokers $10.7M Sale of Apartment Complex in Tampa

by John Nelson January 18, 2016

TAMPA, FLA. — Franklin Street Real Estate Services has brokered the $10.7 million sale of Cedar Cove Apartments in Tampa. The 180-unit apartment community is located at 8741 Grove Terrace. The buyer, Delaware-based Southeast Residential Recovery Fund VIII LLC, plans to renovate unit interiors and upgrade the site and common areas. Matt Kesterson and James Reed of Franklin Street’s Jacksonville office represented the buyer in the transaction. Darron Kattan, Robert Goldfinger, Kevin Kelleher and Zach Ames of Franklin Street’s Tampa office represented the seller, Metis Brentwood LLC.

January 18, 2016

Kentucky Southeast Student Housing

PEP Buys Student Housing Community Near Western Kentucky University

by John Nelson January 18, 2016

BOWLING GREEN, KY. — Pierce Education Properties (PEP) has purchased a 756-bed, off-campus student housing community near the campus of Western Kentucky University in Bowling Green. The property, called College Suites, is a 216-unit community located just south of the campus. The garden-style brick project includes three- and four-bedroom units, each with bed-to-bath parity, full-size appliances including washers and dryers in every unit, private balconies, and a resort-style pool with sundeck and hot tub. Beginning in the spring, PEP will add large, flat-screen TVs in each unit. Community amenities include a 24-hour fitness center, basketball and volleyball courts, a stadium-seating movie theater, computer/media center, complimentary tanning beds and high-speed Internet. KeyBank Real Estate Capital provided acquisition financing on behalf of PEP.

January 18, 2016

Louisiana Retail Southeast

RCG Ventures Acquires Power Retail Center in Louisiana

by John Nelson January 18, 2016

LAFAYETTE, LA. — RCG Ventures has purchased Acadiana Square, a 244,768-square-foot power retail center in Lafayette. Located adjacent to Acadiana Mall, the retail center is anchored by T.J. Maxx, Party City, PetSmart and Office Depot. Scott Tarbet represented RCG Ventures internally, and Jim Hamilton and Richard Reid of HFF represented the undisclosed seller.

January 18, 2016

Georgia Market Reports Office Southeast Southeast Market Reports

Tech Firms are Bringing Atlanta’s Office Market Into the Modern Age

by John Nelson January 18, 2016

Atlanta’s office market offers key factors that are harder to come by in other top markets: stability and top universities. Because the city is so diverse, it is not reliant on any one type of business for survival. It’s less volatile, which is one factor that has allowed us to come back from the Great Recession, although slowly, in a more firm and healthy fashion. In line with the majority of the country, Atlanta is currently a landlord’s market. With continued occupancy gains and a shortage of new product, rents are increasing and will continue to do so until additional Class A product delivers and the price gap between existing buildings and new construction gets smaller. Overall office vacancy in Atlanta is as its lowest point in 14 years, with strong growth in rental rates. However, Atlanta still offers the best deal overall, as tenants, developers, owners and investors are able to take advantage of its low cost of living and operating costs, excellent quality of life and a rich local talent pool. Driving the Atlanta office market, we see the technology, advertising, media and information (TAMI) sector. CBRE recently released two tech-related reports that rank the top tech talent …

January 18, 2016

Georgia Office Southeast

Accesso Partners Buys Office Park in Alpharetta from Cousins for $92.2M

by John Nelson January 15, 2016

ALPHARETTA, GA. — Accesso Partners LLC has purchased North Point Center East, a four-building, Class A office park in Alpharetta, from Cousins Properties for $92.2 million. Located on 33 acres adjacent to North Point Mall, the 540,137-square-foot suburban office development was 88 percent leased at the time of sale. The park’s tenant roster includes Surgical Information Systems, Merrill Lynch, Wells Fargo Bank, Wells Fargo Wealth Management, Regus Business Centers, Amplify Education, IPSWITCH, Robert Baird & Co. and Nokia. Jay O’Meara, Will Yowell, John Shlesinger and Justin Parsonnet of CBRE’s Atlanta office represented Cousins Properties in the transaction.

January 15, 2016

The Bricks Perimeter Center 302 Perimeter Center North Atlanta

Georgia Loans Multifamily Southeast

Grandbridge Closes $52M Acquisition Loan for Apartment Community in Atlanta

by John Nelson January 15, 2016

ATLANTA — Grandbridge Real Estate Capital has arranged a $52 million acquisition loan for The Bricks Perimeter Center, a 448-unit apartment community located at 302 Perimeter Center North in Atlanta. Alan Tapie and Thomas Wiedeman of Grandbridge’s Atlanta office arranged the fixed-rate, non-recourse loan through BB&T Real Estate Funding, Grandbridge’s proprietary lending program. After the planned renovation, The Bricks will feature a new clubhouse, landscaping, common area improvements and upgraded unit interiors.

January 15, 2016

Florida Multifamily Southeast

CBRE Brokers $51.9M Sale of Apartment Complex in Orlando

by John Nelson January 15, 2016

ORLANDO, FLA. — CBRE has brokered the $51.9 million sale of Arium Barber Park, a 526-unit apartment community located at 5300 Lake Margaret Drive in Orlando. White Eagle Property purchased the property from Carroll Organization. Completed in 1989 and 94 percent occupied at the time of sale, Arium Barber Park features two pools, a large fitness center, game room, tennis courts and a business center. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented Carroll Organization in the sale.

January 15, 2016

SLS Lux Hotel & Residences Washington DC

District of Columbia Hospitality Southeast

Peebles Corp., sbe to Develop SLS Lux Hotel & Residences in D.C.

by John Nelson January 15, 2016

WASHINGTON, D.C. — The Peebles Corp. has partnered with sbe to develop SLS Lux Hotel & Residences, a luxury hotel and condominium project at 901 5th St. in Washington, D.C. This will be the first SLS property in the nation’s capital. The development will comprise 198 hotel rooms, 59 condominium residences and 7,600 square feet of retail space. Los Angeles-based sbe, and its real estate subsidiary, Dakota Development, will develop, manage and operate the mixed-use development, known as 5th and I. As part of its agreement with The District of Columbia, The Peebles Corp. will also develop workforce housing in an under-developed area east of the Anacostia River, on land it has long-owned. Peebles will also renovate two parks, Milian Park and Seaton Park.

January 15, 2016

Florida Mixed-Use Southeast

The Altman Cos. Sells Mixed-Use Apartment Development in Tampa for $46M

by John Nelson January 15, 2016

TAMPA, FLA. — The Altman Cos. has sold Altis Highland Park, a mixed-use apartment development in Tampa’s Westchase district, for $46 million. Located at 11571 Fountainhead Drive, the development comprises 239 apartment residences and 5,000 square feet of retail space. Utah-based Cottonwood Residential purchased the asset from The Altman Cos., which developed the project in 2014. Altís Highland Park offers studio, one-, two- and three-bedroom floorplans with average monthly rents ranging from $1,193 to $2,028. Community amenities include a poolside lounge with a demonstration kitchen and fireplace, 24/7 club-class fitness center, yoga and aerobics studio with on-demand virtual fitness programs, game center, dog park and private community garden. The main street of Altís Highland Park includes Kahwa Coffee and a self-service auto detail facility. Volume Hair Studio will move in later this year.

January 15, 2016

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