Southeast

Reliable Heating & Air Kennesaw 1305 Chastain Road

Liberty Property Trust Signs 62,319 SF Industrial Lease in Metro Atlanta

by John Nelson July 30, 2015

KENNESAW, GA. — Liberty Property Trust has inked a 62,319-square-foot lease with Reliable Heating & Air at 1305 Chastain Road in Kennesaw, a northern suburb of Atlanta. The HVAC company’s lease brings the 116,500-square-foot industrial facility to full occupancy. The Kennesaw location will serve as Reliable’s headquarters. Reliable employs more than 320 professionals, manages a fleet of more than 175 trucks and operates a satellite location in Fayetteville, Ga. Kevin Mitchell of Benchmark Commercial represented Reliable in the lease transaction. Trey Barry and Mark Hawks of CBRE represented Liberty.

July 30, 2015

Florida Loans Retail Southeast

Berkadia Arranges $50M Loan for Mall in Fort Lauderdale

by John Nelson July 29, 2015

FORT LAUDERDALE, FLA. — Berkadia has arranged a $50 million loan for Coral Ridge Mall, a 500,000-square-foot retail center located at 3200 N. Federal Highway in Fort Lauderdale. The mall’s tenant roster includes AMC Dine-In Theatres, Target, Ross Dress for Less, Game Stop, T.J. Maxx, HomeGoods, Foot Locker, Jamba Juice, Old Navy and Publix. Joseph Schrage of Berkadia’s Miami office arranged the 10-year loan through J.P. Morgan on behalf of the borrower, property manager Gumberg Asset Management. The loan was structured with a fixed interest rate and a 30-year amortization schedule.

July 29, 2015

Maryland Office Southeast

HFF Arranges $29.4M Sale of Three Office Buildings in Metro D.C.

by John Nelson July 29, 2015

GAITHERSBURG, MD. — HFF has arranged the $29.4 million sale of three office buildings located at 25, 35 and 45 W. Watkins Mill Road in Gaithersburg, a Maryland suburb of Washington, D.C. The three office/lab buildings span 139,938 square feet and were cumulatively 95 percent leased at the time of sale to tenants such as MedImmune and Amplimmune, which are both wholly owned subsidiaries of AstraZeneca. Jim Meisel, Dek Potts, Andrew Weir, Stephen Conley and Matthew Nicholson of HFF represented the seller, an affiliate of Equus Capital Partners Ltd., in the transaction. In addition, HFF arranged $19.2 million in acquisition financing on behalf of the buyer, Tritower Financial Group. Cary Abod led HFF’s debt placement team to arrange the 10-year, fixed-rate loan through an unnamed life insurance company.

July 29, 2015

Office Southeast Virginia

Rubenstein, Griffith Purchase Office Building in Northern Virginia for $27.8M

by John Nelson July 29, 2015

TYSONS CORNER, VA. — A joint venture between Rubenstein Partners LP and Griffith Properties has purchased The Rappahannock Building, a six-story, Class A office building located at 1550 Westbranch Drive in Tysons Corner. The joint venture purchased the 152,000-square-foot office building from Corporate Office Properties Trust for $27.8 million. Built in 2001, the property has been fully leased to The MITRE Corp. since it was built, but the company plans to move to another office campus in Tysons Corner in 2016. Once vacated, Rubenstein and Griffith plan to renovate the office building to attract new tenants. Malcolm Schweiker of CBRE represented the joint venture in the transaction. Schweiker will also handle leasing the office building.

July 29, 2015

Maryland Multifamily Southeast

Enterprise Homes Breaks Ground on $22.3M Apartment Community in Downtown Baltimore

by John Nelson July 29, 2015

BALTIMORE — Enterprise Homes has begun construction on Mulberry at Park Apartments, a new $22.3 million apartment community located within the Bromo Tower Arts & Entertainment district in downtown Baltimore. The property will feature 34 one-bedroom, 27 two-bedroom and seven three-bedroom residences. Rents will range from $773 to $1,155 monthly. Upon completion, the apartment community will feature a cyber café, study room, fitness center and an outdoor terrace. Marks, Thomas Architects designed the community to meet Enterprise Green Communities Criteria and LEED Silver standards. The groundbreaking ceremony was attended by Baltimore City Mayor Stephanie Rawlings-Blake, Bank of America, representatives from HUD, city and state officials and local economic development corporations. The project was financed with $15.8 million in construction financing, tax credit equity and permanent financing from Bank of America, as well as $1.5 million from the State of Maryland Department of Housing and Community Development and $870,000 from Baltimore City.

July 29, 2015

Georgia Retail Southeast

Franklin Street Brokers Sale of Shopping Center in Athens

by John Nelson July 29, 2015

ATHENS, GA. — Franklin Street Real Estate Services has brokered the sale of Athens Plaza, a 119,633-square-foot shopping center located at 474 North Ave. in Athens. Built in 1972, the property is anchored by a Piggly Wiggly. Mac McCall, John Tennant and Bryan Belk of Franklin Street’s Atlanta office represented the seller, MB REO-GA RETAIL LLC, in the transaction. Cideco Development Co. Inc. purchased the property for an undisclosed price.

July 29, 2015

Florida Hospitality Southeast

Auction.com, HREC Arrange $87M Sale of Hotel Portfolio

by John Nelson July 28, 2015

ORLANDO, FLA. — Auction.com LLC and HREC Investment Advisors have arranged the $87 million sale of a five-property hotel portfolio in Florida, New Jersey and Illinois. The seller was Orlando, Fla.-based Alena Hospitality. The transactions included the $30.1 million sale of the 246-room DoubleTree Orlando East at 12125 High Tech Ave. in Orlando; the $27.9 million sale of a 246-room hotel at 12490 Apopka Vineland Road in Orlando; the $12.6 million sale of a 290-room hotel at 400 W. Livingston St. in downtown Orlando; the $10.5 million sale of a 148-room hotel at 50 Kenny Place in Saddle Brook, N.J.; and the $5.8 million sale of a 272-room hotel at 500 Hamilton Blvd. in Peoria, Ill.

July 28, 2015

Florida Multifamily Southeast

Franklin Street Brokers $5.6M Sale of Apartment Community in Tampa

by John Nelson July 28, 2015

TAMPA, FLA. — Franklin Street Real Estate Services has brokered the $5.6 million sale of Arbor Alley Apartments, an 80-unit garden-style apartment community located in South Tampa. Constructed in 1984, the property comprises two-bedroom/one-bath units with washer and dryer hookups. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zachary Ames of Franklin Street represented both the seller, a private partnership based out of Tampa, and the buyer, South Tampa Apartments LLC, an institutional real estate firm based out of Michigan.

July 28, 2015

Florida Retail Southeast

Colliers International Brokers $2.3M Sale of Retail Strip Center in Southwest Florida

by John Nelson July 28, 2015

CAPE CORAL, FLA. — Colliers International’s Southwest Florida office has brokered the $2.3 million sale of a 19,060-square-foot strip center located at 601 Del Prado Blvd. N. in Cape Coral, roughly nine miles outside of Fort Myers. West Virginia-based D&S Inc. purchased the asset in a 1031 tax-deferred exchange. The property’s tenant roster includes Century 21, Cabinet Depot and Petrucci Pianos. William Mankin of Colliers International Southwest Florida represented the buyer in the transaction. Phil Deems of Phil Deems Real Estate represented the seller, William J. Lader.

July 28, 2015

Office Southeast Tennessee

USGBC Awards Two Office Buildings in Nashville LEED Certification

by John Nelson July 28, 2015

NASHVILLE, TENN. — Dallas-based Gaedeke Group LLC has secured LEED certifications for two of its office buildings in Nashville’s Airport North submarket. The properties include the 12-story, 282,101-square-foot Highland Ridge Tower at 535 Marriott Drive, and the eight-story, 178,639-square-foot Highland Ridge III at 545 Marriott Drive. The U.S. Green Building Council (USGBC) has awarded Highland Ridge Tower LEED Gold certification and Highland Ridge III LEED Silver certification. Both projects are nearly 100 percent occupied and carry Energy Star designations. Gaedeke’s green programs at the properties encompass electronics waste disposal, battery recycling, environmentally friendly cleaning materials, native plantings, low-flow plumbing fixtures and e-friendly office finish-outs. The green initiatives have resulted in 56 percent of Highland Ridge III’s trash being diverted from landfills and 52.5 percent of Highland Ridge Tower’s. The USBCG also recognized Gaedeke’s efforts at keeping at least 25 percent of the site as undisturbed forest.

July 28, 2015

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