Southeast

Auburn Trace Apartment Homes Delray Beach

Marcus & Millichap Arranges $11.3M Sale of Affordable Housing Community in Palm Beach County

by John Nelson March 7, 2016

DELRAY BEACH, FLA. — Marcus & Millichap has brokered the $11.3 million sale of Auburn Trace Apartment Homes, a 152-unit affordable housing community located at 625 Auburn Circle W. in Delray Beach. Built in 1990 on a 20.2-acre parcel, the low income housing tax credit property features one-, two- and three-bedroom residences. Community amenities include a large clubhouse, playground, volleyball court, landscaped courtyards, onsite management offices, a leasing center and a laundry facility. The property also features an onsite daycare and learning center that is leased and operated by a third party. Evan Kristol, Still Hunter III and Brandon Rex of Marcus & Millichap’s Fort Lauderdale office represented the seller and developer, Auburn Trace Ltd., and procured the buyer, a private investment group based in New York. The buyer purchased the asset in a 1031 tax deferred exchange.

March 7, 2016

Florida Retail Southeast

CBRE Brokers $10.9M Sale of The Fresh Market in Florida

by John Nelson March 7, 2016

PLANTATION, FLA. — CBRE has brokered the $10.9 million sale of a single-tenant, 24,826-square-foot retail property leased to The Fresh Market in Plantation. Allegra Tribeca Inc. purchased the property from IMOB Investments LLC. Located at 12171 W. Sunrise Blvd., the property was formerly leased to Borders Books and now serves as an outparcel to Petsmart Plaza. The Fresh Market opened for business at the location in December 2014. Todd Weintraub and Christian Napolitano of CBRE’s Miami office represented the seller in the transaction.

March 7, 2016

Florida Loans Southeast

Walker & Dunlop Arranges $3.5M Loan for Self Storage Property in Broward County

by John Nelson March 7, 2016

POMPANO BEACH, FLA. — Walker & Dunlop Inc. has arranged the $3.5 million refinancing of Fort Knox Self Storage, a single-story, 833-unit self storage facility in Pompano Beach. Built in 1975, the property features an onsite U-Haul truck rental, electronic gate access and moving and packing supplies. The borrower has owned the property since 2002 and changed management in 2012. The facility was 87 percent occupied at the time of sale. Paul Ahmed led Walker & Dunlop’s team in arranging the five-year loan with a 30-year amortization schedule.

March 7, 2016

Market Reports North Carolina Retail Southeast Southeast Market Reports

Grocer Expansions, High-Profile Projects Keep Charlotte’s Retail Market Humming

by John Nelson March 7, 2016

The Charlotte MSA continues to experience a high level of retail activity as we go into the last quarter of 2015. With a regional inventory of 62 million square feet of retail space, the MSA has seen more than 8 million square feet of new development proposed. Vacancy rates are holding steady in the 8 to 9 percent range, and average rents have remained stable. Grocers Setting the Pace Retail development activity in the Charlotte area remains driven by grocery store expansion. Publix has opened units in Ballantyne, Matthews, Southeast Charlotte and, most recently, South End, with several new stores approved and in various stages of development. Some of the Publix activity has resulted from conversions of units it acquired from Bi-Lo, while the Ballantyne, Fort Mill and South End stores were new construction projects. Publix will open five more stores in the market in the coming year, bringing its MSA store count to 16. This will include Publix’s first stores in the Cabarrus County and Gaston County markets. Perennial market leader Harris Teeter remains the dominant traditional grocer in Charlotte with a 20 percent market share, which places it, Walmart and Food Lion in close proximity. Harris Teeter, which …

March 7, 2016

BankPlus The District at Eastover Jackson

Mississippi Mixed-Use Office Southeast

BankPlus to Anchor New Office Building Within The District at Eastover in Jackson

by John Nelson March 4, 2016

JACKSON, MISS. — BankPlus, a Mississippi-based bank with more than 60 locations and total assets exceeding $2.6 billion, will join The District at Eastover, a $125 million, 21-acre mixed-use development in Jackson. BankPlus will anchor a 67,000-square-foot office building that features traditional office space and a drive-thru banking facility on the ground floor. The ground floor of the BankPlus building will feature 17,000 square feet of retail and restaurant space with frontage on I-55 and The District Plaza. The District Land Development Co. is the master developer of the mixed-use project, which will feature loft apartments, office space, retail and restaurant tenants, a high-end movie theater and a Marriott Residence Inn. This month, Baker Donelson and Cosmich Simmons & Brown will move into their new office spaces in One Eastover Center, a 125,000-square-foot office building at The District that was completed in late 2015. The District Land Development plans to complete construction on the BankPlus project by April 2017. The new BankPlus office will house commercial lending, commercial real estate, cash management, private banking, wealth management, wealthplus and business development services.

March 4, 2016

District of Columbia Office Southeast

Akridge, Alcion to Redevelop Former YMCA Property in D.C. to Trophy Office Building

by John Nelson March 4, 2016

WASHINGTON, D.C. — Akridge has purchased the former YMCA National Capital building located at 1711 Rhode Island Ave. N.W. in Washington, D.C. Akridge and its joint venture partner, Alcion Ventures LP, will transform the asset into a 100,000-square-foot boutique office building. Akridge and Alcion plan to rename the asset 1701 Rhode Island. The redevelopment includes infilling floor slabs where a gymnasium and racquetball courts reside, as well as converting a swimming pool into two levels of below-grade parking. Hickok Cole Architects will design the building with 14,000-square-foot floor plates. The trophy office building will include a two-story lobby and amenities such as a fitness facility with locker rooms; a landscaped, rooftop terrace; and an option for conference facilities on either the penthouse level or ground floor. The building’s upper floors feature views of Scott Circle, Connecticut Avenue and the Washington National Cathedral. Akridge and Alcion Ventures are targeting LEED Gold certification for 1701 Rhode Island. Akridge’s leasing team will begin leasing efforts immediately, and Akridge and Alcion have committed to begin construction by early 2017. The building is scheduled to be delivered in summer 2018.

March 4, 2016

Seniors Housing Southeast Virginia

Brandywine Starts Construction of Seniors Housing Community in Mixed-Use Development in Alexandria

by John Nelson March 4, 2016

ALEXANDRIA, VA. — Brandywine Senior Living has started construction on the Cameron Park Development in Alexandria, the first of five seniors housing communities the New Jersey-based developer and operator plans to build near Washington, D.C. The community will consist of 116 suites on six stories with ground-floor retail designed to complement the active lifestyle of the surrounding area. The Brandywine residence will be a part of JBG Cos.’ 722,000-square-foot Cameron Park development on Alexandria’s West End. The development also features 66 townhomes to be developed by PulteGroup Inc. and roughly 300 multifamily units.

March 4, 2016

Satellite Cinemas The Gallery at South DeKalb Decatur

Georgia Retail Southeast

Thor Equities to Open Satellite Cinemas Theater in The Gallery at South DeKalb in Decatur

by John Nelson March 4, 2016

DECATUR, GA. — Thor Equities, owner of The Gallery at South DeKalb in Decatur, plans to open a new 12-screen Satellite Cinemas movie theater at the mall in April. The 42,000-square-foot theater will join The Gallery’s more than 100 retailers and community services, including Macy’s, Fallas, Footlocker, DTLR, U.S. Post Office, Georgia Department of Drivers Services and GameStop. Urban Retail Properties manages the 800,000-square-foot mall. The theater, which will replace the former Screenworks theater, will feature in-auditorium dining, concessions, stadium seating and a 3D projection system.

March 4, 2016

Florida Office Southeast

Cushman & Wakefield Brokers $11.5M Sale of Office Building in Boca Raton

by John Nelson March 4, 2016

BOCA RATON, FLA. — Cushman & Wakefield has arranged the $11.5 million sale of Grove Centre, a 52,253-square-foot office building located at 21301 Powerline Road in Boca Raton. Built in 1983, the three-story property was 86.1 percent leased at the time of sale to tenants such as C3TS/Stantec, Sequoia Insurance & Financial Inc., Freedman & Spoont PA and Weisberg & Associates. The buyer, TJAC Development, plans to build a retail strip center on the south side of the 3.5-acre parcel that is currently being used for Grove Centre’s overflow parking. Scott O’Donnell, Dominic Montazemi, Miguel Alcivar, Greg Miller and Jason Hochman of Cushman & Wakefield represented the seller, SF Partners, in the transaction. Ayal Frist of Stateland Brown represented TJAC Development.

March 4, 2016

Georgia Retail Southeast

Edens Breaks Ground on $95M Moores Mill Development in Atlanta

by John Nelson March 3, 2016

ATLANTA — Edens, a Columbia, S.C.-based developer, owner and operator of shopping centers, has broken ground on Moores Mill, a 70,000-square-foot shopping center in Atlanta’s West Midtown District. The $95 million project will be anchored by Publix and feature a mix of retailers and restaurants, as well as apartment residences, according to the Atlanta Business Chronicle. Located on Moores Mill Road at Marietta Boulevard, Edens plans to deliver the property in June 2017. Edens held a groundbreaking ceremony on Wednesday, March 2 that was attended by Atlanta Mayor Kasim Reed, Edens executives, local government officials and economic development officers.

March 3, 2016

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