Southeast

MIG Real Estate Acquires Two Hilton-Branded Hotels in Savannah

by John Nelson August 6, 2015

SAVANNAH, GA. — MIG Real Estate has purchased two Hilton-branded hotels in Savannah’s midtown neighborhood for an undisclosed price. The two hotels, Hilton Garden Inn Savannah Midtown and Hampton Inn & Suites Savannah Midtown, are located on Abercorn Street roughly 3.5 miles from Savannah’s Historic District. Opened in 2007, the Hilton Garden Inn has nearly 3,500 square feet of meeting space and a heated outdoor pool and whirlpool, fitness center, restaurant and bar. The Hampton Inn & Suites opened in 2009 and offers 2,000 square feet of meeting space, as well as a fitness center and an indoor pool and spa. MIG has tapped Raleigh, N.C.-based Concord Hospitality Enterprises to operate the two hotels. Hodges Ward Elliott represented the seller, Atlanta-based North Point Hospitality, in the transaction.

August 6, 2015

Multifamily Seniors Housing Southeast Virginia

SLIB Arranges $28.5M Sale of Skilled Nursing Facility in Virginia

by John Nelson August 6, 2015

MARTINSVILLE, VA. — Senior Living Investment Brokerage (SLIB) has arranged the $28.5 million sale of Blue Ridge Nursing & Rehabilitation Center, a 300-bed skilled nursing facility in Martinsville. The adjacent assisted living community is also included in the transaction, but is awaiting approval for the assumption of the existing HUD-insured debt. The affiliated operator of the seller, Sovran Management, will continue to manage the communities through a long-term lease with the new owner, which was not identified. Bradley Clousing and Patrick Burke of SLIB handled the transaction.

August 6, 2015

North Carolina Retail Southeast

CBRE|Raleigh Arranges 45,500 SF Lease for H Mart

by John Nelson August 6, 2015

CARY, N.C. — On behalf of landlord Centrex Properties Inc., CBRE|Raleigh has arranged a 45,500-square-foot lease with H Mart, an Asian-inspired supermarket chain based in Queens, N.Y. The grocer will anchor the 79,000-square-foot Cornerstone Village, a shopping center located at the intersection of David Drive and High House Road in Cary, a suburb of Raleigh. Other tenants at Cornerstone Village include Sun Tan City, Doherty’s Irish Pub, Fantastic Sams and Eye Care Associates. H Mart plans to open its new store in the second quarter of 2016. Charlie Coyne and Reagan Crabtree of CBRE|Raleigh worked with Pam Hochmuth and Lynda Lange of Centrex Properties in the lease transaction.

August 6, 2015

Multifamily Southeast Virginia

Franklin Johnston Breaks Ground on $44M Apartment Community in Virginia Beach

by John Nelson August 5, 2015

VIRGINIA BEACH, VA. — Franklin Johnston Group has broken ground on Southern Pine Apartments, a $44 million, 240-unit luxury apartment community in Virginia Beach’s Princess Anne area. Upon completion, the property will feature a multi-story clubhouse with a fitness center, bowling alley and pool deck with grilling stations. Other amenities will include a resort-style swimming pool, walking trails and a dog park. The first units will begin leasing next spring, and occupancy will begin in late summer. Rents start at $1,100 per month.

August 5, 2015

Georgia Office Southeast

Grubb Properties Acquires Three Office Buildings in Atlanta’s Central Perimeter Submarket for $32.7M

by John Nelson August 5, 2015

ATLANTA — Grubb Properties has purchased three mid-rise office buildings in Atlanta’s Central Perimeter submarket from Atlanta Property Group for $32.7 million. The buildings, known as The Park at Perimeter Center East, total 284,500 square feet and are located north of I-285 and east of Ashford Dunwoody Road. Grubb Properties plans to invest $5.2 million in capital improvements for the office assets. This is the first office acquisition in the Atlanta area for Grubb Properties.

August 5, 2015

Industrial Southeast Virginia

Equus to Build 330,000 SF Spec Warehouse in Northwest Virginia

by John Nelson August 5, 2015

WINCHESTER, VA. — Equus Capital Partners plans to build a 330,000-square-foot spec industrial warehouse and distribution center within Stonewall Industrial Park in Winchester, a town located along I-81 roughly 75 miles west of Washington, D.C. Equus plans to break ground in August. The facility will sit on a 52-acre site, which can accommodate a second building up to 500,000 square feet. Upon completion in March 2016, the facility will feature 32-foot clear heights, T5 lighting, concrete floors, 50- by 50-foot column spacing, an ESFR sprinkler system and a 180-foot truck court. The property will be in close proximity to established industrial employers such as OHL (Red Bull), Rite Aid, Home Depot, Kraft Foods, McKesson and TREX. BPG Development Co. LP, the development arm of Equus, will oversee development and construction of the spec project. John Lesinski of Colliers International will oversee the property’s leasing and marketing efforts.

August 5, 2015

Industrial Maryland Southeast

Ridgeline Property Group to Develop Distribution Center in Metro Baltimore

by John Nelson August 5, 2015

HANOVER, MD. — Ridgeline Property Group has plans to develop Hanover Business Center, a 100,000-square-foot, Class A distribution center in Hanover, a southwest suburb of Baltimore. The property will be located on a 7.9-acre site at 1520 Stoney Run Road adjacent to the Baltimore-Washington International Airport. Construction is set to begin in the second quarter of 2016 and wrap up in the first quarter of 2017. Ridgeline Property Group’s capital partner on the project is Cabot Properties Inc. Upon completion, Hanover Business Center will feature 28-foot clear heights, ESFR sprinklers, a 120-foot truck court and separate entrances for cars and trucks. Since its inception in 2014, Ridgeline has developed projects totaling 5.9 million square feet.

August 5, 2015

District of Columbia Multifamily Southeast

UIP Acquires Multifamily Community in D.C. for $7.6M

by John Nelson August 5, 2015

WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased Rhode Island Gardens, a 81-unit apartment community located at 230 Rhode Island Ave. N.E. in Washington, D.C. UIP purchased the asset from Roydun Corp., an affiliate of DARO Realty, for $7.6 million. CBRE represented the seller in the transaction. Originally built in 1931, the apartment property is located in Washington’s Edgewood neighborhood a half mile from the Rhode Island Avenue Metro station. UIP coordinated the acquisition with the Rhode Island Gardens Tenant Association, and the two entities are planning a $7 million renovation that will be performed by UIP General Contracting Inc., a subsidiary of UIP.

August 5, 2015

Multifamily South Carolina Southeast

CBRE Brokers $44.7M Sale of Apartment Community in Downtown Greenville

by John Nelson August 4, 2015

GREENVILLE, S.C. — CBRE has brokered the $44.7 million sale of McBee Station Apartments, a 197-unit, Class A apartment community in downtown Greenville. The property is located adjacent to a Publix-anchored shopping center, the Swamp Rabbit Trail, Cleveland Park and Falls Park. Atlanta-based TriBridge Residential purchased McBee Station from an undisclosed seller. Phil Brosseau, Kevin Kempf and Malcolm McComb of CBRE represented the seller in the transaction. Steve Haffner and Nate Sittema of CBRE arranged $29 million in acquisition financing through Allianz Real Estate of America on behalf of TriBridge Residential.

August 4, 2015

North Carolina Office Southeast

Beacon Partners Breaks Ground on Office Building in Midtown Charlotte

by John Nelson August 4, 2015

CHARLOTTE, N.C. — Beacon Partners has begun construction on 500 East Morehead, a 180,000-square-foot office building on Morehead Street in Midtown Charlotte. The property will be located next door to the Dowd YMCA and adjacent to the Carson Boulevard light rail station, Southend Rail Trail, Little Sugar Creek Greenway and Latta Park. Upon completion, the asset will feature 15,000 square feet of retail space targeted for a coffee shop, lunch restaurant and an upscale restaurant. The property will also feature a 1,000-square-foot Sky Terrace, three private outdoor terraces, a lounge area with TVs, on-site fitness center, conference centers and an attached parking deck. Charlie Swanson and Kristy Venning of Beacon Partners are the leasing agents for 500 East Morehead. The design team includes architect BB+M and general contractor Balfour Beatty. Beacon Partners expects to deliver the asset in November 2016.

August 4, 2015

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