Southeast

CapasGroup, Cushman & Wakefield Broker $24M Sale of Development Site in West Palm Beach

by John Nelson November 23, 2015

WEST PALM BEACH, FLA. — CapasGroup Realty Advisors and Cushman & Wakefield have teamed up to broker the $24 million sale of a full city block at 419 Lakeview Avenue in downtown West Palm Beach. Known as Lakeview Centre, the 3.2-acre site is approved for nearly 1.1 million square feet of office, residential, hotel and retail uses. Brad Capas of CapasGroup and Mark Pateman and Rosendo Caveiro of Cushman & Wakefield teamed up to represent the seller, an offshore entity, in the transaction. The buyer is a private investor with existing holdings in the West Palm Beach area.

November 23, 2015

Shops at Dakota Crossing Washington, D.C.

District of Columbia Retail Southeast

Three National Retailers Sign Leases at Shops at Dakota Crossing in D.C.

by John Nelson November 23, 2015

WASHINGTON, D.C. — Three national retailers have signed leases for space at Shops at Dakota Crossing, a 430,000-square-foot, Class A retail center under construction in Washington, D.C.’s Fort Lincoln neighborhood. Dick’s Sporting Goods, PetSmart and an unnamed national retailer signed long-term leases to occupy a combined 85,500 square feet at the center, which is currently anchored by Costco and Lowe’s Home Improvement. This will be the first Dick’s Sporting Goods in Washington, D.C. Construction on the final phases of Shops at Dakota Crossing has started with a scheduled completion date in the fourth quarter of 2016. Following the lease deals, the retail center is more than 87 percent leased. Lisa Stoddard and Kristen Braun of CBRE are the leasing agents for Shops at Dakota Crossing on behalf of the developers, Trammell Crow Co., Fort Lincoln New Town Corp. and CSG Urban Partners.

November 23, 2015

Florida Loans Multifamily Southeast

Aztec Group Arranges $12.7M Construction Loan for Multifamily Property in West Palm Beach

by John Nelson November 23, 2015

WEST PALM BEACH, FLA. — Aztec Group Inc. has arranged a $12.7 million construction loan for a planned 105-unit multifamily community in West Palm Beach’s Northwood neighborhood. The 1.3-acre development site is located at 312 23rd St. north of downtown West Palm Beach. Jason Katz of Aztec Group arranged the loan through City National Bank of Florida on behalf of the developer, Parkland Cos.

November 23, 2015

Retail South Carolina Southeast

The Boulder Group Brokers $5M Sale of Walgreens in North Myrtle Beach

by John Nelson November 23, 2015

NORTH MYRTLE BEACH, S.C. — The Boulder Group has arranged the $5 million sale of a single-tenant property net leased to Walgreens at 4300 Highway 17 South in North Myrtle Beach. Walgreens has operated at the store, located at the intersection of Highway 17 and Windy Hill Road, since 2002 and has seven years remaining on its lease agreement. Randy Blankstein and John Feeney of The Boulder Group represented the buyer, a Midwest-based private investor, in the 1031 transaction. The seller was a private investor based in California.

November 23, 2015

Market Reports Multifamily Southeast Southeast Market Reports Virginia

Richmond’s Multifamily Market Couldn’t Look More Attractive to Investors

by John Nelson November 23, 2015

The Richmond metropolitan area, with a population of 1.3 million, is bursting with multifamily development. The growing MSA contains more than 72,000 apartments units (45 percent Class A) and has 2,018 units under construction with another 5,826 in various stages of pre-development. On top of all this activity, the overall market occupancy remains at 96 percent. The fuel for these conditions comes from the many amenities in the market, from the University of Richmond and a robust sports scene to the proximity to Atlanta, the Atlantic coast and Washington, D.C., as well as the encouraging employment picture. The city’s unemployment stands at 5 percent compared to the U.S. average of 6.3 percent; since 2000 the city’s population has grown by nearly 15 percent. These conditions allow property owners to leverage this diverse and sustainable market for multifamily investments. Richmond development also benefits from the attractive interest rates, which remain low despite having climbed 80 basis points since late January. Along with monitoring this upward trend, news earlier this month from the Federal Reserve of a rate hike will serve as a caution sign for investors. Whether we see this hike in the next couple of months, or not until 2016, …

November 23, 2015

Florida Mixed-Use Southeast

NGKF Capital Markets Brokers Sales of Three Orlando Assets Totaling $92.2M

by John Nelson November 20, 2015

ORLANDO, FLA. — NGKF Capital Markets has recently completed three separate investment sale transactions in the metro Orlando area totaling nearly $100 million. Most recently, the company closed the $21.2 million sale of Vista Centre Shoppes, a 98,411-square-foot shopping center near Disney World. NGKF Capital Markets represented the buyer, GL Orlando Vista LLC, a real estate investment firm based in South Florida. Auction.com represented the seller, TSO Vista Centre. NGKF Capital Markets also brokered the sale of two multifamily communities on behalf of the seller, CWCapital Asset Management LLC. The properties, Victoria Place Apartments and Charter Pointe Apartments, sold at a combined $71 million. Adam Greenberg, Michael Lapointe, Michael Lohmann, Scott Gordon and Stephanie Ceballos comprise the NGKF Capital Markets team that brokered all three transactions.

November 20, 2015

Florida Multifamily Southeast

Monogram Residential Trust Opens Upscale Apartment Community in Miami’s Brickell District

by John Nelson November 20, 2015

MIAMI — Monogram Residential Trust Inc., a publicly traded operator and developer of luxury apartment communities, has opened SOMA, a new 418-unit multifamily community in downtown Miami’s Brickell district. Monogram Residential developed the eight-story boutique community in partnership with Alliance Residential Co. Monogram and Monogram Residential Master Partnership I LP, a joint venture between Monogram and PGGM Private Real Estate Fund, a real estate investment vehicle for Dutch pension funds, provided equity for the development of SOMA. The Class A property is located at 145 S.W. 13th St. within blocks of Mary Brickell Village, the Brickell Metrorail Station and Simpson Park. Community amenities include 24-hour package receipt and delivery via Luxer locker systems, electric car charging stations, an athletic center overlooking downtown Miami, yoga studio, big screen movie theater and a rooftop resort with a pool, grilling stations, lounge area and basketball court. Unit interiors feature epicurean kitchens, designer lighting, al fresco balconies, walk-in closets and Roman soaking tubs.

November 20, 2015

Florida Industrial Southeast

Liberty Property Trust Sells Industrial Facility in Orlando for $35.5M

by John Nelson November 20, 2015

ORLANDO, FLA. — Liberty Property Trust has sold a 713,585-square-foot industrial property located at 8201 Chancellor Drive in Orlando for $35.5 million. Liberty recently completed a long-term lease renewal with CVS at the facility. Frank Fallon, Mike Hines and David Murphy of CBRE represented Liberty in the transaction. Exan Capital LLC advised the undisclosed buyer. Liberty, an $8 billion, publicly traded REIT, currently owns and manages 3.6 million square feet of industrial space in Orlando.

November 20, 2015

North Carolina Office Southeast

Avison Young Arranges $14.4M Sale of Atlantic Business Park in Raleigh

by John Nelson November 20, 2015

RALEIGH, N.C. — Avison Young has brokered the $14.4 million sale of Atlantic Business Park, a two-building, 10-acre office campus located at 4401 and 4501 Atlantic Ave. in north Raleigh. The office campus totals 114,365 square feet and was fully leased at the time of sale to tenants such as Advance Auto Parts Inc., City of Raleigh Police Department and Regional Acceptance Corp., a division of BB&T. Braxton Anthony and Gary Lyons of Avison Young’s Raleigh office represented the sellers, SJ Co. LLC and SJ1 Co. LLC, in the transaction. William Allen of Trinity Partners represented the buyers, 4401 Atlantic Avenue LLC and 4501 Atlantic Avenue LLC.

November 20, 2015

Satilla Square Waycross Dollar General Market Big Lots

Georgia Retail Southeast

SRS Brokers $4.3M Sale of Shopping Center in South Georgia

by John Nelson November 20, 2015

WAYCROSS, GA. — SRS’ Southeast investment sales team has brokered the $4.3 million sale of Satilla Square, a 117,212-square-foot shopping center in Waycross. The property is located at 1803 Knight Ave. at the intersection of Knight Avenue and South City Boulevard. Dollar General Market and Big Lots anchor the center. Baer Asset Management Co. purchased the property from Satilla Square LLC, Henderson Satilla LLC and Satilla Land LLC. Kyle Stonis and Pierce Mayson of SRS represented the sellers in the transaction. The buyer didn’t have representation.

November 20, 2015

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