Southeast

Crossman & Co. Brings Publix-Anchored Shopping Center to Full Occupancy

by John Nelson March 10, 2015

ORANGE CITY, FLA. — Crossman & Co. has arranged Affordable Hearing Solutions’ 2,000-square-foot lease at Crown Centre Plaza in Orange City. The Publix-anchored property is located at the corner of Enterprise Road and Saxon Boulevard, just off I-4. The new lease brings the shopping center to full occupancy. Other tenants include Bealls Outlet, UPS, Jersey Mike’s Subs and Great Clips. Craig Katterfield of Crossman & Co. represented the landlord, Publix Super Markets Inc., in the lease transaction. Melody Traeger of Coldwell Banker Commercial Al Group represented Affordable Hearing Solutions.

March 10, 2015

Maryland Multifamily Southeast

CBRE Brokers $71.8M Sale of Apartment Community in Metro D.C.

by John Nelson March 9, 2015

BOWIE, MD. — CBRE has brokered the sale of Meridian at Bowie, a 384-unit multifamily community in Bowie, a Maryland suburb of Washington, D.C. Friedkin Realty Group purchased the apartment community from an undisclosed seller for $71.8 million. Bill Roohan, Mike Muldowney, Andy Boyer, Brian Margerum, Michael Rudolph, Jonathan Greenberg and Martha Hastings of CBRE’s multifamily investment properties team in Washington, D.C., represented the seller in the transaction.

March 9, 2015

Azure Luxury Apartments St. Petersburg Tampa Bay

Florida Multifamily Southeast

Passco Cos. Acquires St. Petersburg Apartment Community for $54M

by John Nelson March 9, 2015

ST. PETERSBURG, FLA. — Passco Cos. LLC has purchased the 308-unit Azure Luxury Apartments, a Class A apartment community located at 540 Trinity Lane in St. Petersburg, a city within the Tampa Bay area. The newly constructed apartment community was 94 percent occupied at the time of sale. The property comprises one-, two- and three-bedroom units with stainless steel appliances, granite countertops and kitchen islands, plank wood flooring, washers and dryers, nine-foot ceilings and private patios and balconies. Azure’s amenity package includes a resort-style pool, fitness center, garages, sports lounge, dog park, outdoor fire pits, car washing stations and electric car charging stations. The seller was undisclosed.

March 9, 2015

Civic Louisiana Southeast

City of New Orleans to Auction 1,786 Adjudicated Properties Online

by John Nelson March 9, 2015

NEW ORLEANS — The city of New Orleans will sell 1,786 adjudicated properties across the city through a new online auction process. The sale will provide winning bidders with full ownership of each property and with guaranteed title insurance. A property is adjudicated to the city when its property taxes have not been paid — becoming delinquent — and the city is unable to sell the property at a tax sale. The city will only auction properties where five years have elapsed from the date of an attempted tax sale. The first online auctions are expected to take place this summer.

March 9, 2015

Florida Loans Retail Southeast

Integra Real Estate Capital Arranges $3M Refinance of Retail Property in Boca Raton

by John Nelson March 9, 2015

BOCA RATON, FLA. — Integra Real Estate Capital has arranged a $3 million refinance of City Plaza, an 11,000-square-foot retail property located in downtown Boca Raton. Igor Goldenberg of Integra arranged the seven-year loan through an unnamed regional balance sheet lender at a fixed interest rate. The recently renovated City Plaza’s tenant roster includes Tendler Orthodontics, Little Caesars Pizza, GK BloDryBar & Salon, The Seed Coffee | Juice and G+O2 Fitness.

March 9, 2015

Charlestowne Townhomes Portsmouth Hampton Roads

Multifamily Southeast Virginia

Growth Equity Group Acquires Townhome Community in Hampton Roads Region

by John Nelson March 9, 2015

PORTSMOUTH, VA. — Growth Equity Group has acquired the Charlestowne Townhomes, a 50-unit townhome rental community located at 1590 Darren Circle in Portsmouth, part of the Hampton Roads region. The property features two- to four-bedroom units ranging from 940 to 1,254 square feet. Charlestowne Townhomes is located near Norfolk Naval Shipyard, Bon Secour’s Medical Center and the Portsmouth Marine Terminals. Growth Equity Group has also recently acquired the 32-unit Midlands Townhomes in Williamsburg, Va., and the 178-unit Timberwoods in Newport News, Va. Terms of the transaction were not disclosed.

March 9, 2015

Market Reports Office Southeast Southeast Market Reports Tennessee

Thriving Economy Fuels New Class A Office Development in Nashville

by John Nelson March 9, 2015

Nashville is now an established growth leader regionally and nationally. The city was a national trailblazer as the U.S. economy recovered from the Great Recession. That head start positioned Nashville to take advantage of broader growth trends and stay ahead of the pack as the remainder of the region and country started to grow again. Moody’s Analytics places Nashville firmly in an expansion phase, with fourth quarter employment growth 330 basis points ahead of the prior year, in-migration driving single-family housing permits up 13 percent last year and accelerating wage growth. Quoting Moody’s, “With the commercial real estate market tightening quickly, the pace of hiring will soon be contingent on how quickly new offices can be built or renovated. Yet there is still a good chance office-using employment could beat expectations, especially after 2016.” Class A buildings continue to dominate growth. Overall absorption for 2014 totaled 666,639 square feet, while Class A absorption was 689,009 square feet. Absorption exceeded construction by over 200,000 square feet, and Class A vacancy dropped from 5 percent at the beginning of the year to 3.5 percent at year-end. Vacancy that low inhibits movement, as is obvious in Brentwood with only 45,000 square feet vacant, …

March 9, 2015

Florida Multifamily Southeast

Berger Commercial Realty Brokers $22.1M Land Sale for New Apartment Complex

by John Nelson March 6, 2015

FORT LAUDERDALE, FLA. — Berger Commercial Realty has brokered the $22.1 million purchase of 4.3 acres of land located at 1701 S.E. 17th St. in Fort Lauderdale. Alliance Residential Co. purchased the former Ocean World site from Art Institute Investments LLC. Alliance plans to develop a 394-unit, eight-story apartment community named Broadstone Harbor Beach at the site. The complex will feature a club room, swimming pool, putting green, fitness center, 2,700 square feet of retail space and a 4,600-square-foot retail outparcel. Alliance will break ground on Broadstone Harbor Beach in the second quarter. Steve Hyatt of Berger Commercial Realty represented Alliance in the land acquisition.

March 6, 2015

Florida Retail Southeast

Palmetto Park Breaks Ground on Inline Space at Walmart-Anchored Shopping Center

by John Nelson March 6, 2015

MIAMI GARDENS, FLA. — Palmetto Park has broken ground on the inline space at Palmetto Gardens Plaza, a 63,000-square-foot shopping center located at 3799 N.W. 167th St. in Miami Gardens. The shopping center is anchored by Walmart Neighborhood Market. The owners of Palmetto Gardens Plaza have secured T-Mobile, Cell Phone Repair and Lee Nails as tenants. Palmetto Park expects to wrap up construction in the third quarter. Palmetto Park is a joint venture between DZD Palmetto, owned by Zvi and Daniel Shiff of DZD Holdings and Alan Macken and Andrew Verzura of VCM Builders to develop the commercial property. VCM Builders is one of several affiliates of Macken Cos.

March 6, 2015

Shandon Crossing Columbia South Carolina

Multifamily South Carolina Southeast

Berkadia Brokers Two Multifamily Sales in South Carolina Totaling $7.3M

by John Nelson March 6, 2015

COLUMBIA AND GREENVILLE, S.C. — Berkadia has brokered the sale of two multifamily communities in Columbia and Greenville totaling $7.3 million. The transactions include the $5.5 million sale of the 152-unit Shandon Crossing in Columbia and the $1.8 million sale of the 37-unit Hampton Harbor in Greenville. Warrendale, Pa.-based DBC Shandon Crossing LP purchased Shandon Crossing from Atlanta-based Varden Capital Properties LLC. Mark Boyce, Andrew Mays and Paul Vetter of Berkadia brokered both transactions.

March 6, 2015

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