Southeast

Victory Point 14200 Park Meadow Drive Chantilly

Goldstar Group, CrossHarbor Capital to Buy Office Building in Metro D.C. for $16.4M

by John Nelson March 1, 2016

CHANTILLY, VA. — A joint venture between The Goldstar Group and Boston-based CrossHarbor Capital Partners LLC has purchased a three-story, 150,000-square-foot office building located within Westfields Office Park in Chantilly for $16.4 million. The property, known as Victory Point, is located at 14200 Park Meadow Drive and was 82 percent leased at the time of sale to tenants such as Travelers Insurance. The former owner, Carr Properties, recently invested more than $2 million to renovate the common area lobby, upgrade the building’s physical plant and install a fitness and health center. Eric Berkman and Steve Gichner of Cushman & Wakefield represented Carr Properties in the sale. Goldstar Group and CrossHarbor Capital were self-represented in the transaction.

March 1, 2016

Retail Southeast Virginia

Stewart Commercial Brokers $7.8M Sale of Rite Aid in Metro D.C.

by John Nelson March 1, 2016

VIENNA, VA. — Stewart Commercial Realty Services LLC has brokered the $7.8 million sale of a 12,200-square-foot retail property in metro Washington, D.C., that is fully leased to Rite Aid. The store is located at 215 Maple Ave. W. in Vienna. Toby’s Vienna LLC purchased the store from David L. Hunter at a 6 percent cap rate. Terrell Marsh of Stewart Commercial represented the seller in the transaction.

March 1, 2016

Georgia Loans Office Southeast

NorthMarq Capital Arranges $5.9M Acquisition Loan for Office Building in Metro Atlanta

by John Nelson March 1, 2016

MARIETTA, GA. — NorthMarq Capital has arranged a $5.9 million acquisition loan for a 106,000-square-foot office building located at 1090 Northchase Parkway in Marietta, a northern suburb of Atlanta. Johnny Rankin and Wanda Riggs Mack of NorthMarq Capital’s Atlanta office arranged the non-recourse loan through a local bank. The loan featured no pre-payment penalties and a 25-year amortization schedule.

March 1, 2016

District of Columbia Office Southeast

Investcorp Buys Office Building in D.C. for $180M

by John Nelson February 29, 2016

WASHINGTON, D.C. — Investcorp has purchased a 170,813-square-foot office building located at 733 10th St. in Washington, D.C.’s East End office submarket for $180 million. The Class A office building was fully leased at the time of sale. Investcorp purchased the property with its joint venture partner, ScanlanKemperBard. In the last 12 months, Investcorp’s total real estate acquisitions have exceeded $1.5 billion in gross asset value.

February 29, 2016

North Carolina Office Southeast

Dilweg Cos. Acquires Three Office Buildings in Charlotte for $43.9M

by John Nelson February 29, 2016

CHARLOTTE, N.C. — The Dilweg Cos. has purchased three Class A office buildings in Charlotte’s University/Northeast office submarket from two separate sellers. The sales price was undisclosed, but media outlets are reporting that the buildings sold for roughly $43.9 million. The properties, known as Resource Square I, II and V, total 335,593 square feet. Built between 1997 and 2000, the office buildings were 81 percent leased at the time of sale to tenants such as Brooks Equipment Co., FiServ, Huber Engineered Woods and Dassault Systems. Durham-based Dilweg Cos. has selected Charles Jonas and Karah Stumler of Foundry Commercial to lease the assets. Ryan Clutter of HFF represented the seller, a fund managed by DRA Advisors LLC, in the sale of Resource Square V.

February 29, 2016

Florida Multifamily Southeast

Index Investment, Eastwind Development Sell Apartment Community in Palm Beach County for $42M

by John Nelson February 29, 2016

JUPITER, FLA. — Dakota Abacoa Housing LLC, an entity jointly owned by Index Investment Group and Eastwind Development, has sold Dakota at Abacoa, a 190-unit apartment property in Jupiter. An affiliate of West Palm Beach-based Priderock Capital Partners known as PRCP-ABACOA INVESTMENT LLC purchased the community for $42 million. Index Investment and Eastwind Development developed the apartment complex, which opened in June 2014. The property features a pool, whirlpool spa, fitness center and clubhouse. The community includes one-, two- and three-bedroom units with rents starting at $1,370.

February 29, 2016

The Shoppes at Arts District Hyattsville

Maryland Retail Southeast

KLNB Retail Brokers $20.5M Sale of Shopping Center in Metro D.C.

by John Nelson February 29, 2016

HYATTSVILLE, MD. — KLNB Retail has arranged the $20.5 million sale of The Shoppes at Arts District, a 36,000-square-foot shopping center located at 5331 and 5501 Baltimore Ave. in downtown Hyattsville, roughly two miles outside of Washington, D.C. The property was fully leased at the time of sale to tenants such as Busboys & Poets, Yes! Organic Market, Elevation Burger, Essential Day Spa and Big Bad Woof. Andy Stape and Vito Lupo of KLNB Retail Investment Sales represented the seller, ADH Retail LLC, and also procured the buyer, Cedar Realty Trust.

February 29, 2016

Florida Healthcare Retail Southeast

Investment Properties Corp. Arranges $15.8M Sale of Medical Office in Naples

by John Nelson February 29, 2016

NAPLES, FLA. — Investment Properties Corp. has arranged the $15.8 million sale of 59,000 square feet of medical office and retail space in Naples. The property is located at 11121 and 11181 Health Park Blvd. within Collier Health Park. Farley White CHP LLC purchased the property from CHP Erie Investors LLC. David Stevens and Clint Sherwood of Investment Properties arranged the sale.

February 29, 2016

Hospitality Southeast Top Stories Virginia Western

Hilton to Spin Off Real Estate into 70-Property Hotel REIT

by Nellie Day February 29, 2016

MCLEAN, VA — Hilton Worldwide (NYSE: HLT) has announced plans to spin off the majority of its real estate business into a publicly traded REIT. The company also plans a second spinoff, putting its Hilton Grand Vacations timeshare business into a third publicly traded company. The company hopes the spinoffs will help focus Hilton Worldwide’s model on its core business. “The transactions we announced today will result in three pure-play companies, enabling dedicated management teams to fully activate their respective businesses,” says Christopher Nassetta, president and CEO of Hilton Worldwide. “We intend to have the appropriate leadership, strategies and capital structures in place to set up all three companies for further success.” If approved by the Securities and Exchange Commission (SEC), Hilton’s new REIT will include about 70 properties and 35,000 rooms, comprising one of the largest and most geographically diversified publicly traded lodging REITs. The REIT’s portfolio will contain luxury and upper-upscale assets in high-barrier-to-entry urban and convention markets, top resort destinations, select international regions and strategic airport locations. The new timeshare company will contain nearly 50 club resorts in the United States and Europe. The company will have a long-term license agreement with Hilton Worldwide to market, sell …

February 29, 2016

District of Columbia Market Reports Multifamily Southeast Southeast Market Reports

D.C. Multifamily Market Absorbing Massive Amount of New Supply

by John Nelson February 29, 2016

Over the last year, metropolitan Washington, D.C.’s multifamily market has seen staggering amounts of new construction deliver, with net absorption levels that have surpassed all expectations. This is likely a result of similarly unexpected rates of job growth in the area and the remarkable resiliency of the metro D.C. economy as a whole. Among the major metropolitan markets around the country, metro D.C. — with the sense of permanence lent by the presence of the federal government — has historically been the most stable year to year, making it one of the safest bets for investors. Yet, given the massive amount of supply in the pipeline in recent years, the multifamily market has suffered a degree of hesitancy from investors fearing supply would outpace demand. However, this trend has reversed in the last 12 months, during which a record-setting 13,800 Class A multifamily units were absorbed. That figure jumps to 16,484 with Class B product in the mix. For all investment-grade apartments, stabilized vacancy has dropped 50 basis points to 3.7 percent. Class B units in particular have experienced excellent rent growth, rising 3 percent annually, while Class A maintains a growth rate of between 1 and 2 percent. Although …

February 29, 2016

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