Southeast

Goria, Richardson Properties to Break Ground on 300,000 SF Spec Industrial Project

by John Nelson January 7, 2015

GREENSBORO, N.C. — McConnell Center Two LLC, a joint venture between Goria Properties and Richardson Properties, will soon begin construction on a new 300,000-square-foot speculative industrial building in McConnell Center Industrial Park. This will be the third speculative industrial property in the park, which is located off I-40 near McConnell Road in Greensboro. The joint venture has selected Triad Commercial Properties to lease the asset. General contractor Windsor Commercial is expected to complete shell construction in July 2015.

January 7, 2015

Florida Office Southeast

Crocker, Cornerstone Acquire Boca Center Mixed-Use Development in Boca Raton

by John Nelson January 7, 2015

BOCA RATON, FLA. — Crocker Partners and Cornerstone Real Estate Advisers LLC have teamed up to acquire Boca Center, a 476,000-square-foot mixed-use development in Boca Raton. The development features three Class A office buildings totaling 360,000 square feet and a high-end retail center totaling 116,000 square feet. The office component was 91 percent leased at the time of sale to tenants such as FINRA, UBS and Sun Capital. The retail component was 98 percent leased to tenants such as Rocco’s Tacos, Morton’s, Joseph’s Classic Market and Total Wine. Boca Center also features a 256-room Marriott hotel, which wasn’t part of the transaction. Crocker and Cornerstone purchased Boca Center from TIAA-CREF for an undisclosed price.

January 7, 2015

Hospitality South Carolina Southeast

KBS Strategic Opportunity REIT II Buys Myrtle Beach Resort for $40M

by John Nelson January 7, 2015

MYRTLE BEACH, S.C. — KBS Strategic Opportunity REIT II has acquired Springmaid Beach Resort, a 30-acre hotel and campground property in Myrtle Beach, for $40 million. KBS purchased the asset in a joint venture partnership with an affiliate of Integrated Capital LLC. The resort features 491 hotel rooms, a 36,000-square-foot conference center, 187-unit recreational vehicle campground and a 1,060-foot pier. The property’s primary hotel towers were built in 1992, 1995 and 2001. The new owners will operate the property as an independent resort until Hilton Worldwide repositions the asset into a DoubleTree Resort, which is expected to occur in 2016.

January 7, 2015

North Carolina Office Southeast

Inland Sells BB&T Headquarters Office Tower in Winston-Salem for $25M

by John Nelson January 7, 2015

WINSTON-SALEM, N.C. — Inland Private Capital Corp. has sold BB&T headquarters, a 240,000-square-foot, 20-story office tower located in Winston-Salem, for approximately $25 million. Inland facilitated the sale of the property on behalf of one of its 1031 investment programs through a subsidiary, which serves as Inland’s asset manager.

January 7, 2015

Multifamily Southeast Virginia

Capstone Brokers $17.5M Sale of Apartment Community in Richmond

by John Nelson January 7, 2015

RICHMOND, VA. — Capstone Apartment Partners has brokered the $17.5 million sale of Ashton Square Apartments, a 372-unit apartment community located in Richmond. The property, originally built in 1964, was 95.4 percent occupied at the time of sale. Kohn Family Trust purchased Ashton Square from Weinstein Properties for roughly $47,151 per unit. Todd Conner, Jared Alcorn and Beau McIntosh of Capstone represented Weinstein Properties in the transaction.

January 7, 2015

Louisiana Retail Southeast

CBL & Associates, Stirling Properties to Break Ground on Louisiana Shopping Center

by John Nelson January 6, 2015

LAFAYETTE, LA. — CBL & Associates Properties Inc. and Stirling Properties have formed a joint venture to develop Ambassador Town Center in Lafayette. The 58-acre site at Caffery Parkway and Kaliste Saloom Road will house the 425,000-square-foot shopping center. The property’s tenant roster will include Costco, Dick’s Sporting Goods, Field & Stream, Marshalls, HomeGoods, Nordstrom Rack, Off Broadway Shoes, Chuy’s, Panera Bread and Freddy’s Frozen Custard & Steakburgers. Construction is set to begin this month and the property is slated to open in March 2016. Ambassador Town Center is expected to create 2,200 construction jobs and 1,000 permanent jobs.

January 6, 2015

North Carolina Office Southeast

Grubb Properties, New York Life Acquire Office Tower in Uptown Charlotte

by John Nelson January 6, 2015

CHARLOTTE, N.C. — Grubb Properties has partnered with New York Life Real Estate Investors to acquire a 19-story office building in Uptown Charlotte. The partnership purchased the 405,000-square-foot office tower located at 525 N. Tryon St. from Parkway Properties Inc. for an undisclosed price. The office tower is located adjacent to the new SkyHouse apartment tower that Grubb is developing with Novare Group and Batson-Cook Development Co. The office building features a conference center, café, on-site management, 24-hour security surveillance and a vacant restaurant site.

January 6, 2015

Hospitality Southeast Virginia

CBRE Hotels Brokers Sale of 11-Property Portfolio in the Southeast

by John Nelson January 6, 2015

NORFOLK, VA. — CBRE Hotels has brokered the sale of 11 upscale select-service and extended-stay hotels in the Southeast. Noble Investment Group purchased the portfolio from McKibbon Hotel Group Inc. for an undisclosed amount. The portfolio spans 1,308 rooms in five states and includes brand affiliations with Marriott and Hilton. McKibbon Hotel Management Inc. will continue to manage the portfolio. Doug Henkel, Lew Miller, Andy Wimsatt, Lisa Zaranek, Ron Danko and Kym Halsted of CBRE Hotels represented McKibbon Hotel Group in the transaction. CBRE Capital Markets provided acquisition financing on behalf of Noble Investment Group.

January 6, 2015

Multifamily North Carolina Southeast

ARA Brokers Sale of Raleigh Apartment Property

by John Nelson January 6, 2015

RALEIGH, N.C. — ARA has brokered the sale of Lexington Farms, a 188-unit garden-style apartment community in northwest Raleigh. The property is situated between Rex Healthcare and Crabtree Valley Mall near I-440. Sean Wood, Blake Okland, Dean Smith and John Heimburger of ARA represented the seller, Church Street Partners LLC, a private real estate investment firm based in Raleigh. The buyer, Chicago-based Redwood Capital Group LLC, purchased Lexington Farms for an undisclosed price. The apartment community was 96 percent occupied at the time of sale and 70 percent of the unit interiors were recently renovated. Redwood Capital plans to invest $800,000 to continue the renovations.

January 6, 2015

Florida Office Southeast

Law Firm Renews, Expands Office Lease in Downtown Miami

by John Nelson January 6, 2015

MIAMI — Stearns Weaver Miller Weissler Alhadeff & Sitterson PA has renewed and expanded its office footprint in Museum Tower, a Class A office building located at 150 W. Flagler St. in downtown Miami. The law firm has increased its office space to 110,000 square feet, a 7,000-square-foot expansion. Carol Brooks and Steven Hurwitz of CREC represented Stearns Weaver Miller in the lease transaction. Kirk Fetter of Gaedeke Group represented Museum Tower’s owner, Gaedeke Holdings Limited.

January 6, 2015

Newer Posts

Older Posts