Southeast

Coldwell Banker Commercial Elite Brokers $5.9M Sale of Shopping Center in Virginia

by John Nelson March 24, 2015

FREDERICKSBURG, VA. — Coldwell Banker Commercial Elite has brokered the $5.9 million sale of a 40,654-square-foot shopping center located at 27 S. Gateway Drive within the Carter’s Crossing retail development in Fredericksburg. The asset was 71 percent leased at the time of sale to PetSmart, Anytime Fitness, Aladdin’s Mediterranean Restaurant and a nail salon. Grace Street Properties LLC/Boosalis Properties purchased the property from Silver Cos. Joe Pfahler of Coldwell Banker represented the seller in the transaction. Geoff Lindsay of Capital Realty Advisors represented the buyer in the transaction.

March 24, 2015

Maryland Office Southeast

COPT Acquires 24-Story Office Building in Baltimore for $63.5M

by John Nelson March 23, 2015

BALTIMORE — Corporate Office Properties Trust (COPT) has acquired a 24-story office building located at 250 W. Pratt St. in Baltimore’s Pratt Street Corridor for $63.5 million. The 368,200-square-foot property was approximately 95 percent leased at the time of sale to tenants such as Pandora, University of Maryland Faculty, University of Maryland Medical Systems and GSA-U.S. Probation and Parole Office. The office building has direct access to I-95 and sits caddy-corner to Oriole Park at Camden Yards. As of Dec. 31, 2014, COPT’s portfolio consisted of 173 office properties totaling 16.8 million square feet.

March 23, 2015

Airpark Business Center Richmond Virginia

Mixed-Use Southeast Virginia

First Potomac Realty Trust Sells Richmond Business Park Portfolio for $60.3M

by John Nelson March 23, 2015

RICHMOND, VA. — First Potomac Realty Trust has sold its Richmond portfolio of business parks for $60.3 million. The portfolio includes 19 single-story office, flex and industrial properties totaling 827,925 square feet. James Cassidy of DTZ represented First Potomac Realty Trust in the sale of the portfolio. The properties are located in business parks such as Chesterfield Business Center, Airpark Business Center, Pine Glen, Park Central, Virginia Technology Center and Hanover Business Center. Since January 2013, First Potomac has disposed of 33 properties for a total of $433 million. The REIT has successfully redeployed $218 million of those proceeds to acquire core properties, with the remainder of the proceeds used to pay down debt.

March 23, 2015

Multifamily North Carolina Southeast

Bluerock Residential Growth REIT Buys Charlotte Apartment Community for $30.7M

by John Nelson March 23, 2015

CHARLOTTE, N.C. — Bluerock Residential Growth REIT Inc. (BRG) has acquired a newly constructed apartment community in Charlotte’s South End neighborhood known as the Park & Kingston Apartments. BRG purchased the 168-unit asset in a joint venture with Bluerock Special Opportunity + Income Fund III LLC for roughly $30.7 million. BRG funded the acquisition with $6.3 million in equity and a five-year, $15.3 million Fannie Mae loan that features a fixed interest rate of 3.21 percent and five years of interest-only payments. Park & Kingston’s amenity package includes a rooftop terrace with uptown skyline views, internet cafes, coffee bars, private courtyards, pool and sundeck, outdoor fireplaces, dining and grilling stations, controlled access covered parking and a fitness studio. The seller was Park Kingston Investors LLC.

March 23, 2015

Georgia Multifamily Southeast

Berkadia Brokers $10.5M Sale of Apartment Community in Augusta

by John Nelson March 23, 2015

AUGUSTA, GA. — Berkadia has brokered the $10.5 million sale of Georgian Place Apartments, a 324-unit multifamily community located at 1700 Valley Park Court in Augusta. The apartment property is located across the street from Georgia Regents University and roughly five miles from Augusta National Golf Course. The property features a swimming pool, playgrounds and a laundry facility. The buyer was a New York-based entity and the seller was a South Carolina-based entity. Mark Boyce, Andrew Mays and Paul Vetter of Berkadia brokered the transaction. Georgian Place Apartments was 96 percent occupied at the time of sale.

March 23, 2015

Florida Office Southeast

Crocker Partners Signs Law Firm to 24,000 SF Lease Renewal in Miami CBD

by John Nelson March 23, 2015

MIAMI — Crocker Partners has signed international law firm Hughes Hubbard & Reed LLP to a 24,000-square-foot lease renewal for the full 25th floor at Miami Center, a 34-story office tower in Miami’s central business district. Rashid Siapoosh of Newmark Grubb Knight Frank, along with Gerard Cruse and Fran Tuffy of Hughes Hubbard, represented the tenant in the 10-year lease renewal. Jon Blunk, Laurel Oswald and Cristina Glaria of Cushman & Wakefield represented the landlord.

March 23, 2015

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Strong Job, Population Growth Drives Flourishing Multifamily Market in Nashville

by John Nelson March 23, 2015

Nashville has quickly become one of the most active Southeast markets for multifamily, both in terms of development and sales. Driven by tremendous job growth, strong population increases, a pro-business climate and an educated workforce, Nashville’s remarkable multifamily growth is not overstated. From 2014 to 2017, more than 12,300 units are projected to enter the market, with another 9,000 that are planned or proposed. Concerns have arisen that Nashville’s supply will outpace the demand in the medium term. However, job growth indicators, sales activity and lease-up velocity indicate the contrary. Nashville’s economy has surpassed the $100 billion mark with a 5.1 percent unemployment rate and a 4.2 percent GMP growth rate that is double that of the rest of the nation. Notable recent expansions include General Motors (1,800 jobs), Under Armour (1,500 jobs), Magna International (357 jobs), and FedEx (347 jobs) — all of which were announced in the second half of 2014. In addition, Bridgestone America has announced that it will consolidate its operations in Nashville adding 600 jobs. These expansions combined with immense foreign direct investment continue to fuel the area’s growth. According to IBM’s 2014 Global Location Trends Report, Tennessee ranks first in the nation in terms …

March 23, 2015

Celebration Pointe Mixed-Use Gainesville Florida

Florida Mixed-Use Southeast

Vertical Construction Set to Begin on $200M Celebration Pointe in Gainesville

by John Nelson March 20, 2015

GAINESVILLE, FLA. — Vertical construction is set to begin on Celebration Pointe, a 225-acre, $200 million mixed-use development in Gainesville. The development team — comprising Gainesville-based Viking, Atlanta-based Ra Co Real Estate Advisors and Miami-based 1220G — will break ground on the public infrastructure improvement phase of the development, which is located at the intersection of I-75 and Archer Road. The 1 million-square-foot development will be anchored by a Bass Pro Shops and a new 10-screen theater. The property will also house 300,000 square feet of office space, which is partially pre-leased to Info Tech; approximately 1,000 Class A multifamily residences; a 120-room Hotel Indigo; and 400,000 square feet of retail, restaurant and entertainment space. Phase I of the development is slated to open in fall 2016. The project team for Celebration Pointe includes Avison Young, Front Street Commercial Real Estate Group, Starr Sales & Leasing, CUPKOVIC architecture llc, England-Thims & Miller Inc., Fishkind & Associates Inc., George Smith Partners Inc., Greeby, Hartman Simons & Wood LLP, Hoar Construction, Huie Design Inc., Identity PR, infinitee, NUE Urban Concepts and Site Solutions.

March 20, 2015

Office Southeast Virginia

Navy Federal Credit Union to Invest $114.6M to Expand Campus in Virginia

by John Nelson March 20, 2015

VIENNA, VA. — Navy Federal Credit Union plans to invest $114.6 million to expand its headquarters campus in Vienna, a city in Fairfax County. The credit union plans to add 600 employees as a result of the expansion. The investment will include a new four-story, 234,000-square-foot office building and parking deck on a 10.8-acre lot. The property will feature an elevated walkway that will connect the new building to the rest of the headquarters campus. The Fairfax County Economic Development Authority worked with the Virginia Economic Development Partnership to secure the project for Virginia. Virginia Governor Terry McAuliffe approved a $1 million grant from the Governor’s Opportunity Fund to assist Fairfax County with the project. Additional funding and services to support Navy Federal Credit Union’s employee training activities will be provided through the Virginia Jobs Investment Program.

March 20, 2015

Victoria's Secret South Beach Miami Beach

Florida Retail Southeast

IPA Brokers Sale of Two Retail Properties in Miami Totaling $45.8M

by John Nelson March 20, 2015

MIAMI — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Shoppes of Coral Way at 2690 S.W. 22nd St. in Miami and Victoria’s Secret South Beach at 745 Collins Ave. in Miami Beach. The two assets sold for a combined $45.8 million. Shoppes of Coral Way is a 48,993-square-foot shopping center that is fully leased to CVS/pharmacy, Office Depot, The UPS Store, Check ’n Go, GNC, Radio Shack and a local nail salon. Victoria’s Secret South Beach has 10,264 square feet of retail space on the first two floors and 2,867 square feet of office and storage space on the third floor. Victoria’s Secret has nine-and-a-half years remaining on its 15-year lease. Drew Kristol and Kirk Olson of IPA represented the seller of Shoppes of Coral Way, a limited liability company based in Coral Gables, Fla. The pair also represented the unnamed buyer and seller of Victoria’s Secret South Beach. Additionally, Christopher Marks of IPA’s capital markets group arranged a $12.7 million, 10-year acquisition loan for the Shoppes of Coral Way transaction through an unnamed life insurance company. The loan was structured with a fixed interest rate at 3.95 percent and a 30-year …

March 20, 2015

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