July 1, 2014 | Issue 244
Southeast Real Estate Business
Top Story

Washington Property Co. Breaks
Ground on Solaire Bethesda

Solaire Bethesda will feature 6,400 square feet of ground-floor retail space and a two-level underground parking garage upon completion in 2016.


BETHESDA, MD. -- Washington Property Co. (WPC) has broken ground on Solaire Bethesda, a 139-unit luxury apartment community along the Metrorail's Red Line in Bethesda. The $60 million property will be located at 7100 Wisconsin Ave. near Bethesda Row, Bethesda's popular shopping and dining destination.


Upon completion in 2016, the property will feature 6,400 square feet of ground-floor retail space and a two-level underground parking garage, as well as a residents' lounge with a bar and fireplace; club room; cyber café; fitness center; and outdoor terrace. WPC is financing Solaire Bethesda's construction through a $42 million construction loan from RBS Citizens Bank.

Atlas Crowdfunds Miami Mixed-Use Development Via Fundrise
Atlas Real Estate Partners is funding the build-out of 2301 N. Miami Ave. in Miami via Fundrise's crowdfunding campaign.


MIAMI -- Fundrise, a real estate crowdfunding platform, plans to raise capital for a 13,000-square-foot, mixed-use development in Miami's Wynwood Arts District in conjunction with Atlas Real Estate Partners. The project, located at 2301 N. Miami Ave., is a recently renovated property that is 50 percent leased, with the remaining two leases out for signature, which will bring the building to full occupancy. 


On why Atlas Real Estate Partners decided to crowdfund a portion of the project's funding, Arvind Chary, managing principal of Atlas Real Estate Partners, said, "We're excited to allow retail investors to play a role in and benefit from the growth of Wynwood. Atlas prides itself on creating projects that spur community growth and the Fundrise model of crowdfunding investment, particularly for innovative projects, fits well with our mission." 


Fundrise's platform makes real estate investments available to both high net worth and small-scale investors.

Holder Properties Breaks Ground
on One Eastover Center in Jackson

Baker Donelson will occupy the third, fourth and fifth floors of the five-story One Eastover Center in Jackson.


JACKSON, MISS. -- Holder Properties has begun constructing One Eastover Center, a 120,000-square-foot, Class A office building in Jackson. The property is located in the District at Eastover, a 21-acre mixed-use community. The law firm Baker Donelson will occupy the third, fourth and fifth floors of the five-story property. 


Holder expects to complete the project's shell by summer 2015. The project team includes architect Nelson Partners, general contractor Roy Anderson Corp. and leasing brokerage firm Duckworth Realty.

HFF Arranges $65M in Refinancing
for The View in Arlington

The View is a 17-story, 257-unit apartment tower in the Library Center enclave in Arlington, Va.


ARLINGTON, VA. -- HFF has arranged $65 million in financing for The View, a 17-story, 257-unit apartment tower at 4000 Wilson Blvd. in Arlington's Rosslyn-Ballston Corridor. The View is located in the Library Center enclave at the Ballston Metro Station. Liberty Center is a 2.3 million-square-foot mixed-use development. Delivered earlier this year, the LEED Silver-certified property has an amenity package that includes a concierge desk, fitness center, club room, private courtyard, movie screen, 9,000 square feet of retail space and a common area rooftop. 


Sue Carras, Walter Coker and Brian Crivella of HFF arranged the 15-year, fixed-rate loan through Prudential Mortgage Capital Co. on behalf of the borrower, Ashton Park Associates III LLC, an affiliate of The Shooshan Co. The borrower will use the loan's proceeds to retire existing construction debt on the property.

Sportswear Retailer to Open New Store
at Phillips Place in Charlotte

Phillips Place, a mixed-use development in Charlotte, features 133,059 square feet of retail space.


CHARLOTTE, N.C. -- J.McLaughlin, a sportswear and accessories retailer, is relocating its Charlotte store to Phillips Place, a mixed-use development in Charlotte featuring 133,059 square feet of retail space. Tenants at Phillips Place include Brooks Brothers and Dean & Deluca. The new J.McLaughlin store will open in the fall. Charlotte-based Lincoln Harris, owner of Phillips Place, inked the lease with J.McLaughlin.

Capital One Arranges $14.6M HUD
Loan for Seniors Housing Facility

Tequesta Terrace is a 100-bed assisted living and memory care facility in Tequesta, Fla.


TEQUESTA, FLA. -- Capital One Bank has provided a $14.6 million HUD 232/223(f) loan to refinance Tequesta Terrace, a 100-bed assisted living and memory care facility in Tequesta, about 21 miles north of West Palm Beach. The property has 71 assisted living units and 29 memory care units. Carolyn Whatley of Capital One Specialty Healthcare Real Estate arranged the 35-year loan on behalf of the borrower, Terrace Communities.

The Boulder Group Brokers $1.6M Sale
of Chipotle in Richmond
Chipotle Mexican Grill is located at 8955 Staples Mill Road in Richmond.


RICHMOND, VA. -- The Boulder Group has arranged the $1.6 million sale of a single-tenant Chipotle Mexican Grill in Richmond. The recently developed 2,215-square-foot property is located at 8955 Staples Mill Road. The restaurant is an outparcel to a Target-anchored shopping center and is located across the street from a Kroger-anchored shopping center that's currently under construction. Chipotle has approximately nine years remaining on its lease term. 


Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a real estate partnership based in North Carolina, in the transaction. The buyer was an investor based in Germany.


Bobcat Villas at East Georgia State College in Swainsboro, Ga., is part of the RFQ. (Photo courtesy of East Georgia State College)


ATLANTA -- The final three candidates for a request for qualified concessionaires (RFQ) to operate and develop a substantial portfolio of on-campus housing at campuses of the University System of Georgia (USG) were notified Monday, June 30.


USG is seeking a private partner to acquire and manage a portfolio of 6,195 on-campus beds on nine of its campuses; develop and manage up to 3,000 additional beds on seven campuses; and obtain additional rights to develop on all nine campuses. USG universities in the RFQ include Georgia State University;  Armstrong Atlantic State University; Abraham Baldwin Agricultural College; and the University of North Georgia. 


The RFQ is seen as the largest public-private partnership currently in play in the country. The three finalists as concessionaires to USG are Balfour Beatty Campus Solutions, Corvias Campus Living and EdR (Education Realty Trust).


-- Randall Shearin


KBS Reit I Inks Lease at Great Oaks Center in Alpharetta
Great Oaks Center is located at 11560 Great Oaks Way in Alpharetta, Ga.


ALPHARETTA, GA. -- KBS Real Estate Investment Trust (KBS REIT I), a non-traded REIT based in Newport Beach, Calif., has signed a new tenant to a 14,701-square-foot lease at its Great Oaks Center office park in Alpharetta. Ben Parker of Avison Young represented the tenant, Star & Shield Services LLC, in the lease transaction. Elliott Grand and Jeff Keppen of CBRE represented KBS REIT I. Great Oaks Center is located at 11560 Great Oaks Way.

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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