Southeast

Praedium Group Acquires Apartment Community in Metro Atlanta for $43.2M

by John Nelson November 2, 2016

WOODSTOCK, GA. — The Praedium Group LLC has purchased Crest at Laurelwood, a 272-unit apartment community located in the northwest Atlanta suburb of Woodstock. Praedium Group bought the asset for nearly $43.2 million. Built in 2015, Crest at Laurelwood’s units feature nine- or 10-foot ceilings, cherry wood cabinetry, tiled backsplashes and private balconies. Community amenities include a cyber café, billiards room, two-story fitness center and yoga studio, resort-style swimming pool, outdoor fireplace with a TV, dog park and electric car charging stations.

November 2, 2016

Florida Retail Southeast

Cobb Theatres Set to Open 12-Screen Theater at One Daytona in December

by John Nelson November 2, 2016

DAYTONA BEACH, FLA. — Cobb Theatres is set to open the Cobb Daytona Luxury 12 Theatres in December at One Daytona, a mixed-use and entertainment development underway in Daytona Beach. International Speedway Corp. is developing One Daytona across from Daytona International Speedway, home of the Daytona 500 race. The 56,345-square-foot theater will feature 12 wall-to-wall screens, oversized electric reclining seats and a full-service restaurant and bar known as Cobbster’s Kitchen. International Speedway Corp. plans to open the rest of One Daytona, which includes a Bass Pro Shops, Fairfield Inn & Suites by Marriott and retail and restaurants, in 2017.

November 2, 2016

Hawks-Philips-Arena-renovation-rendering

Georgia Retail Southeast Top Stories

Atlanta Hawks, City of Atlanta Plan $192.5M Renovation of Philips Arena

by Haisten Willis November 2, 2016

ATLANTA — The Atlanta Hawks Basketball Club and the city of Atlanta have reached an agreement on key terms for a $192.5 million renovation of Philips Arena, the home stadium of the Atlanta Hawks in downtown Atlanta. Atlanta Mayor Kasim Reed committed to provide $142.5 million in public funds, with the Hawks to fund the remaining $50 million, to improve the city-owned facility. The Hawks also committed to an 18-year lease extension to remain in downtown Atlanta through 2046. “When our group became owners almost a year-and-a-half ago, we pledged to work diligently with the city of Atlanta to ensure that the club remained downtown,” said Tony Ressler, Atlanta Hawks principal owner and chairman. “We knew that a key part of producing a winning team, providing a superior fan experience and being a civic asset to the city of Atlanta required a renovation of our arena and a meaningful improvement to the downtown area of this city. Today’s announcement with the mayor is a significant step toward this goal.” The Hawks will begin renovations of Philips Arena during summer 2017, and the process will be completed by the start of the 2018-2019 NBA season. The Hawks will continue to play …

November 2, 2016

Georgia Mixed-Use Southeast

Jamestown, Clarion Partners Acquire Westside Provisions District in Atlanta for $130M

by John Nelson November 1, 2016

ATLANTA — A joint venture between Jamestown LP and Clarion Partners LLC has acquired Westside Provisions District, a mixed-use development located in Atlanta. The development was acquired for $130 million, according to reports by the Atlanta Business Chronicle. The 261,742-square-foot development consists of two projects, White Provision and Westside Urban Market, which are connected via a pedestrian bridge. Situated in Atlanta’s popular West Midtown district off Howell Mill Road, Westside Provisions District features retail and loft office space that will be managed by the joint venture. Jamestown acquired the White Provision portion of the development from Atlanta-based developers Michael Phillips and Kathleen Walker in 2007. This deal will unify the district under one ownership entity. Westside Provisions’ office tenants include Base Brands, Canstruction, Fried & Bonder, Knoll, Waypoint Homes, WestRock and the German American Chamber of Commerce of the Southern U.S. Inc. Retail tenants include Anthropologie, Free People, J. Crew, lululemon athletica, Warby Parker, Brick + Mortar, Peridot West and Crafted Westside. The project is also home to restaurants and bars such as Jeni’s Ice Creams, Little Trouble, Taqueria Del Sol, Bacchanalia Star Provisions and JCT Kitchen + Bar. Clarion Partners made its investment on behalf of a commingled fund …

November 1, 2016

Georgia Multifamily Southeast

Passco Purchases Apartment Community in Metro Atlanta for $72M

by John Nelson November 1, 2016

DUNWOODY, GA. — Passco Cos. has purchased Two Blocks, a Class A, 400-unit midrise apartment community located at 4000 Dunwoody Park in Dunwoody, a suburb of Atlanta in DeKalb County. Passco bought the asset for $72 million using a Fannie Mae acquisition loan arranged by Chris Black of KeyBank Real Estate Capital. Developed in 2008 by Atlanta-based Pollack Shores Real Estate Group, Two Blocks was more than 95 percent occupied at the time of sale. The property is situated near Atlanta’s Central Perimeter office submarket and within three miles of Atlanta’s Pill Hill hospital district. Passco plans to implement a series of upgrades to the interior and exterior of Two Blocks, including installing granite countertops in the kitchens and bathrooms, expanding and updating the fitness center and improving the property’s curb appeal. John Weber, Dan Phelan and Bo Moore of ARA Newmark’s Atlanta office represented the seller in the transaction.

November 1, 2016

Loans Multifamily North Carolina Southeast

Financial Federal Bank Arranges Two Loans Totaling $32M for Charlotte Apartment Communities

by John Nelson November 1, 2016

CHARLOTTE, N.C. — The Memphis office of Financial Federal Bank has arranged two loans totaling $32 million for Parkland Commons and Copper Creek, two apartment communities in Charlotte. Built in the late 1990s, the communities feature swimming pools, sports courts, playgrounds and car wash areas. Rick Wood and Jon Van Hoozer of Financial Federal Bank arranged the 12-year, fixed-rate loans on behalf of the borrower, which purchased the properties in 2015. The financing includes six and seven years of interest-only payments and 30-year amortization schedules.

November 1, 2016

Multifamily North Carolina Southeast

Blue Ridge, Richardson Properties to Develop Apartment Community in Greensboro, N.C.

by John Nelson November 1, 2016

GREENSBORO, N.C. —Blue Ridge Cos. and Richardson Properties have partnered to co-develop Country Park at Tall Oaks, a 216-unit apartment community located near the intersection of Lawndale Drive and Pisgah Church Road in Greensboro. The property will feature running and bike trails, a fitness center, bike storage and workshop, swimming pool and a dog park with a pet wash station. Blue Ridge and Richardson plan to open the project in spring 2017.

November 1, 2016

Retail South Carolina Southeast

Colliers Arranges $22.4M Sale of Shopping Center in North Charleston

by John Nelson November 1, 2016

NORTH CHARLESTON, S.C. — Colliers International has arranged the $22.4 million sale of The Shoppes at Centre Pointe, a 112,302-square-foot shopping center located in North Charleston. The property is fully leased to Field & Stream, Conn’s HomePlus and La-Z-Boy. Marc Bonilla of Colliers International represented the buyer, Rose FP LLC, in the transaction. Joey Odom of Stan Johnson Co. represented the seller, SC North Charleston CPD 2G-1 1B.

November 1, 2016

District of Columbia Maryland Mixed-Use Southeast Top Stories Virginia

Vornado to Spin Off D.C. Portfolio, Merge New Entity with JBG Cos. in $8.4B Transaction

by John Nelson November 1, 2016

WASHINGTON, D.C. AND NEW YORK — The board of trustees at Vornado Realty Trust (NYSE: VNO) has approved the tax-free spinoff of its Washington, D.C., portfolio and has agreed to the subsequent merger of the new entity with JBG Cos. The transaction is valued at $8.4 billion. The company, known as JBG Smith Properties, will be structured as a real estate investment trust (REIT). Vornado shareholders are expected to own roughly 74 percent of the new company, JBG’s limited partners are expected to own approximately 20 percent and JBG management is expected to own the remaining 6 percent. JBG’s senior management team will lead JBG Smith, which will have a portfolio totaling 50 office properties spanning 11.8 million square feet, 18 multifamily properties totaling 4,451 residential units and 11 other properties totaling about 700,000 square feet. The new company will be the largest landlord to the U.S. government in Washington, D.C. The portfolio is situated in Washington, D.C., as well as the suburban Maryland markets of Columbia and Bethesda and Crystal City, Pentagon City, Rosslyn, Arlington and Reston in Virginia. Additionally, JBG Smith will have a pipeline of projects under construction and land for future development that could span more …

November 1, 2016

District of Columbia Retail Southeast

PetSmart Opens First Store in D.C.

by John Nelson October 31, 2016

WASHINGTON, D.C. — PetSmart Inc. has opened a new 12,000-square-foot store at 2484 Market St. N.E. in Washington, D.C. The new store is the first location for the pet retailer inside the Washington, D.C., metro area. Located within The Shops at Dakota Crossing shopping center, the new PetSmart will feature pet food, pet products, training classes for dog owners and a full-service grooming salon for dogs and cats. PetSmart Inc. operates 1,477 pet stores in North America and employs roughly 53,000 associates.

October 31, 2016

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