June 24, 2014 | Issue 242
Southeast Real Estate Business
Top Story

Commonwealth Cooperative Acquires D.C. Apartment Community for $70M
Commonwealth Cooperative is planning an extensive two-year renovation of South Cathedral Mansions in Washington, D.C.

 

WASHINGTON, D.C. -- Commonwealth Cooperative, a newly formed group of multifamily investors, has made its first acquisition: the 131-unit South Cathedral Mansions, located at 2900 Connecticut Ave. in Washington, D.C.'s Woodley Park neighborhood. Commonwealth Cooperative is comprised of Commonwealth Residential and CAS Reigler, with Oculus Realty providing property management services and Snead Construction providing contractor services. 

 

The new ownership is planning an extensive two-year redevelopment of the property, which will include the addition of 29 new apartments, 17 of which will feature 20- to 30-foot ceilings. The landmark property, which is listed on both the National Register of Historic Places and the D.C. Inventory of Historic Sites, has traded hands only four times since its development in 1922.



Terwilliger Pappas Begins Mixed-Use Development Near Duke University
Solis Ninth Street in Durham will be a five-story wrap building that encloses a central courtyard with a saltwater pool, outdoor kitchen and cabana.

 

DURHAM, N.C. -- Terwilliger Pappas Multifamily Partners has broken ground on Solis Ninth Street, a mixed-use development located adjacent to Duke University's East Campus. The project, situated in Durham's Ninth Street District, will feature 229 apartment units and 10,000 square feet of restaurant/retail space. Solis Ninth Street will be a five-story wrap building that encloses a central courtyard with a saltwater pool, outdoor kitchen and cabana. The property will include an 8,000-square-foot clubhouse that features a lounge and 24-hour fitness center. 

 

The development team includes general contractor Balfour Beatty, architect J Davis Architects and Blue Ridge Realty. Cornerstone Real Estate Advisers LLC and Fifth Third Bank provided project financing. The project team expects to deliver the first units in September 2015 and the entire project in early 2016. Terwilliger Pappas is partnering with the Dickson family, which had previously owned the site for several years.

 


IDI Gazeley to Build Two Spec Industrial Buildings in Metro Atlanta

ATLANTA -- IDI Gazeley plans to begin developing more than 1 million square feet of speculative industrial space in metro Atlanta. The properties include Hamilton Mill Business Center Building C in Gwinnett County and Jefferson Distribution Center Building B in Jefferson County. 

 

IDI Gazeley plans to deliver the 196,000-square-foot Hamilton Mill property in the first quarter of 2015. The Hamilton Mill Business Center is 97 percent leased to tenants such as Office Depot, FedEx Freight, Daimler Trucks North America and Lund International. The 840,000-square-foot Jefferson Distribution Center facility is slated for a second-quarter 2015 delivery. IDI Gazeley is part of Brookfield Logistics Properties following Brookfield's acquisition of Atlanta-based IDI in 2013.

 

"IDI Gazeley was the first industrial developer to start new speculative development in metro Atlanta following the Great Recession and we are excited to build on that momentum this year," says Lisa Ward, vice president of leasing in IDI Gazeley's Atlanta market. "Our existing inventory space, combined with these new developments, will help us provide tenants with the competitive advantages of modern logistics space."
 

Holiday Inn Resort Lake Buena Vista
Near Disney World in Orlando Sells
The 503-room Holiday Inn Resort Lake Buena Vista is a Walt Disney Good Neighbor Hotel.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ORLANDO, FLA. -- HFF has brokered the sale of the Holiday Inn Resort Lake Buena Vista, a 503-room hotel located at 13351 S. Apopka Vineland Road in Orlando. The transaction is the largest hotel sale brokered in Orlando this year, according to Real Capital Analytics. The hotel is a Walt Disney Good Neighbor Hotel, with 7,000 square feet of meeting space, a resort-style outdoor swimming pool, a new Applebee's Neighborhood Grill & Bar, a fitness center, basketball court, children's club, gift shop and business center. ROCH Capital purchased the asset from Vista Hospitality Co. free and clear of debt. Michael Weinberg and Max Comess of HFF represented Vista in the transaction. 

 

The hotel is part of a three-property portfolio that HFF is marketing on behalf of Vista; the other properties include Crowne Plaza Orlando Downtown and the Holiday Inn Express & Suites Fort Lauderdale. Portfolio Hotels will manage the asset on behalf of ROCH Capital.

 

Phillips Edison-ARC Buys Florida Shopping Center Portfolio for $64M
The portfolio of five grocery-anchored shopping centers was
92.7 percent leased at the time of the sale.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MIAMI -- Phillips Edison-ARC Shopping Center REIT Inc. has purchased a portfolio of five grocery-anchored shopping centers totaling 347,478 square feet in Florida. The properties include Deerwood Lake Commons in Jacksonville; Heath Brook Commons in Ocala; West Creek Commons in Coconut Creek; Park View Square in Miramar; and St. Johns Commons in Jacksonville The portfolio is 92.7 percent leased and anchored by either Publix or Winn-Dixie. Casey Rosen, Dennis Carson and Cliff Taylor of CBRE represented the undisclosed seller in the transaction.

NAI Avant Brokers $14.1M Sale 
of Myrtle Beach Shopping Center
Ocean Bay Market in Myrtle Beach, S.C., has sold for approximately $14.1 million.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MYRTLE BEACH, S.C. -- NAI Avant has arranged the $14.1 million sale of Ocean Bay Market, a 58,000-square-foot grocery-anchored shopping center in Myrtle Beach. Dail Longaker of NAI Avant represented the buyers, Randolph Freezer LLC and Red Sled Properties LLC, in the transaction. Carolina Forest Investment Group LLC, a partnership formed by Red Rock Developments LLC, recently developed the shopping center.

WinnCompanies, Roseview Group Buy Metro Atlanta Apartment Community
Carroll at Bethesda Park, a 222-unit apartment community in Lawrenceville, will soon be rebranded as Park156.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LAWRENCEVILLE, GA. -- WinnCompanies and The Roseview Group have acquired Carroll at Bethesda Park, a 222-unit apartment community in Lawrenceville, an eastern suburb of Atlanta. The multifamily property, built in 2001, is the only apartment community along Ronald Reagan Parkway, which connects Lilburn and Snellville, two suburbs in Gwinnett County. The property is situated near Bethesda Park, a 159-acre park with playgrounds, an aquatic center, running trails and soccer and baseball fields. Following the acquisition, WinnCompanies and The Roseview Group will rebrand the property as Park156.

Ziff Properties Sells Mixed-Use Property in Downtown Wilmington for $3.4M
The 10-story Murchison Building in downtown Wilmington was built in 1914.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
WILMINGTON, N.C. -- Mount Pleasant, S.C.-based Ziff Properties (ZPI) has sold the Murchison Building, a 60,000-square-foot mixed-use property in downtown Wilmington, for approximately $3.4 million. The 10-story property was built in 1914. John Hinnant of Maus, Warwick, Matthews & Co. represented the California-based buyer in the transaction. Patrick Gildea of CBRE represented ZPI.
 

AIA's Architecture Billings Index Posts Positive May Score; South is Top Region
Kermit Baker, chief economist of AIA

WASHINGTON, D.C. -- Following a negative posting in both March and April, the Architecture Billings Index (ABI) posted a score of 52.6, a three-point jump from April's 49.6 score. The score reflects an increase in design activity, with any score above 50 indicating an increase in billings.

 

A barometer of future non-residential construction activity, the ABI reflects the roughly nine- to 12-month lead time between architecture billings and construction spending. The index is produced by The American Institute of Architects (AIA) Economics & Market Research Group. The score is tabulated based on a monthly survey sent to a panel of AIA member-owned architecture firms.

 

"Volatility continues to be the watchword in the design and construction markets, with firms in some regions of the country reporting strong growth while others are indicating continued weakness," says Kermit Baker, AIA's chief economist. "However, overall, it appears that activity has recovered from the winter slump, and design professions should see more positive than negative numbers in the coming months."

 

The South region posted the highest three-month average ABI score (58.1) nationally, followed by the Midwest (51.3), Northeast (47.6) and West (46.9).

  

-- staff reports

  

Click here to read the full article.

 


Stiles Arranges 47,000 SF of Leases 
at Fort Lauderdale Office Campus
Commercial Place I & II in Fort Lauderdale spans 175,432 square feet.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FORT LAUDERDALE, FLA. -- Stiles Realty has arranged more than 47,000 square feet of new leases, expansions and renewals at Commercial Place I & II, a 175,432-square-foot office campus in Fort Lauderdale. Madelayne Garcia of Stiles Realty represented the landlord, Western National Life Insurance Co., in the lease transactions. New leases totaling 15,271 square feet include:

  • HDR Engineering Inc., an architectural and engineering firm, signed leases totaling 10,540 square feet. Keith Edelman and Scott Goldstein of JLL represented HDR in the transaction.
  • International Tourism Management Services LLC signed a new lease for 3,218 square feet. Zachary Wendelin of Cresa represented the tenant.
  • H5 Group, a wholesale importer of watches and jewelry, signed a new lease for 1,513 square feet. Barry Brizel of Raintree Properties & Investments represented H5.

Renewed leases totaling 31,808 square feet include:

  • Progressive Casualty Insurance has renewed 21,576 square feet and expanded for another 5,417 square feet. The national insurance provider signed a 64-month lease. Zachary Wendelin of Cresa represented Progressive.
  • Network solutions provider Presidio Networked Solutions Inc. renewed its lease for 4,815 square feet. Mary Catherine Washo of DTZ Americas represented Presidio.

ICSC Next Generation Atlanta: Game Night
When: July 8, 2014
Where: The Painted Pin
737 Miami Circle N.E.
Atlanta, GA 30324
InterFace Conference Group: Seniors Housing Southeast
When: August 20-21, 2014
Where: The Westin Buckhead
3391 Peachtree Road NE
Atlanta, GA 30326 
InterFace Conference Group: California Commercial Real Estate Trends
When: September 22-23, 2014
Where: The Omni Los Angeles Hotel at California Plaza
251 South Olive Street
Los Angeles, CA 90012 
InterFace Conference Group: Texas Commercial Real Estate Trends
When: October 1-2, 2014
Where: Intercontinental Dallas Hotel
15201 Dallas Parkway
Addison, TX 75001 

Have an event that you would to share with our readers? Send an email with the details to Southeast Real Estate Business editor John Nelson at jnelson@francemediainc.com.
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