July 15, 2014 | Issue 248
Southeast Real Estate Business
Trends Conferences
Top Story

42-Story Bank of America Tower 
in Jacksonville Sells for $88M
Bank of America Tower was the first office tower in Jacksonville, Fla., to achieve LEED certification.

JACKSONVILLE, FLA. -- Parmenter Realty Partners has sold the Bank of America Tower in Jacksonville for $88 million. Hertz Investment Group of Santa Monica, Calif., was the buyer, according to The Florida-Times Union. The 42-story, granite-clad, trophy office tower comprises 696,672 square feet and has been Jacksonville's perennial skyline landmark since its completion in 1990.


"During our ownership of the Bank of America Tower, we made significant improvements on the building's sustainability, and the building became the first office tower in Jacksonville to achieve LEED certification in 2011," says Darryl Parmenter, chairman and CEO of Parmenter Realty Partners. "Our investment in a number of physical and procedural improvements, and undertaking energy conservation measures, resulted in measurable utility savings for the building."


-- Matt Valley


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Phipps Plaza in Atlanta to Add Multifamily Component

ATLANTA -- Simon Property Group plans to add luxury residences to Phipps Plaza, an upscale shopping mall in Atlanta's Buckhead district. Simon will team up with Columbus Realty Partners Ltd. to develop the 319-unit mid-rise property, which will be named Domain at Phipps Plaza. The community's amenity package will include a yoga court, outdoor pool, health club, dog park and a rooftop terrace with a resident lounge. Construction will begin on the property in September and wrap up in fall 2015. Dallas-based JHP Architecture/Urban Design will serve as the architect for the project.


Williams Co. Southeast Breaks Ground on $30M Shopping Center


The Crosslands at Osceola Corporate Center will be located at Osceola Parkway and Orange Blossom Trail in Orlando.


ORLANDO, FLA. -- Williams Co. Southeast has begun construction on The Crosslands at Osceola Corporate Center, a $30 million, 427,000-square-foot shopping center. Construction of the retail center, which will be located at Osceola Parkway and Orange Blossom Trail in Orlando, is expected to add 1,000 temporary construction and permanent jobs. 


The Crosslands' tenant roster will include Hobby Lobby, Havertys, Boot Barn, Cheddar's Casual Café, Deals, Discovery Clothing, Marshalls/HomeGoods, Orange Theory Fitness, PetSmart, Ross Dress for Less and Starbucks Coffee. The project team includes ELEVEN18 Architecture, Tupperware Brands Corp., O'Connor Capital Partners and West Palm Beach-based businessman Peter Bergner.

Stiles, Rockefeller Group Break Ground on Fort Lauderdale High-Rise Multifamily


Floor plans at 215 S.E. 8th Ave. in Fort Lauderdale will span from 750 to 2,450 square feet.


FORT LAUDERDALE, FLA. -- Stiles Residential Group and The Rockefeller Group have begun construction on a new 254-unit high-rise apartment building. The property, located at 215 S.E. 8th Ave., will be the first luxury high-rise apartment building in Fort Lauderdale. 


In addition to views of downtown Fort Lauderdale and the Atlantic Ocean, the new property will feature a fitness facility, a bar and entertainment kitchen, elevated pool deck with cabanas, grill area, hot tub, pet spa, dog park and a limited number of private garages. Floor plans at the property will range from one to three bedrooms and will span from 750 to 2,450 square feet. Construction is slated to wrap up in December 2015.


"There is a growing demand for luxury multifamily living in urban areas throughout South Florida," says Jay Jacobson, president of Stiles Residential Group. "The Las Olas Boulevard corridor is in high demand due to its proximity to a number of single-family residential neighborhoods, exciting nightlife, abundance of restaurants and shops, depth of culture and accessibility to employment centers in downtown. This is the quintessential urban walking neighborhood that cannot be found anywhere else in Fort Lauderdale."

Cassidy Turley Arranges $41M Sale 
of Northern Virginia Office Building


Odin, Feldman & Pittleman P.C. is 1775 Wiehle Ave.'s largest tenant.


RESTON, VA. -- Cassidy Turley has brokered the $41 million sale of a Class A office building located at 1775 Wiehle Ave. in Reston, about 22 miles west of Washington, D.C. First Potomac Realty Trust purchased the fully leased, 130,048-square-foot property from Normandy Real Estate Partners. The asset's largest tenant is Odin, Feldman & Pittleman P.C. Paul Collins, Bill Collins, James Cassidy, Drew Flood and Jud Ryan of Cassidy Turley represented Normandy in the transaction.

$24M Affordable Housing Community Opens in Miami's Little Havana
Amistad Apartments in Miami's Little Havana neighborhood is designated for formerly homeless and low-income residents.


MIAMI -- Co-developers Carrfour Supportive Housing and Pinnacle Housing Group have opened Amistad Apartments, a $24 million affordable housing community. The 89-unit property is located at 517 S.W. 9th St. in Miami's Little Havana neighborhood. The community is designated for formerly homeless and low-income residents. More than 1,500 people filled out resident applications to live in the new community, and a lottery was held to select from those applications.

Cuhaci & Peterson Completes Design 
of The Grove at Isleworth
The Grove at Isleworth in Orlando will feature roughly 125,000 square feet of retail and restaurant space.


ORLANDO, FLA. -- Cuhaci & Peterson Architects Engineers Planners has completed design work on the retail component of The Grove at Isleworth in Orlando. The mixed-use development, developed by Tavistock Group, is located on Apopka Vineland Road near Conroy-Windermere Road and features roughly 125,000 square feet of retail and restaurant space. The Grove's tenant roster includes Fifth Third Bank, LA Fitness, Panera Bread and Walgreens.

The RADCO Cos. Sells Metro Atlanta Apartment Community for $5M
Ashford Way is a 98-unit apartment property in the Atlanta suburb of Lawrenceville.


LAWRENCEVILLE, GA. -- The RADCO Cos. has sold Ashford Way, a 98-unit apartment property in the Atlanta suburb of Lawrenceville, for $5 million. KENCO Apartment Communities purchased the asset for approximately $51,02 per unit. The community features one- and two-bedroom floor plans averaging 752 square feet. ARA brokered the transaction. RADCO originally purchased the asset in December 2012 out of receivership for $29,000 per unit. After implementing a $1 million capital improvement plan, RADCO raised the occupancy rate from 71 percent to 97 percent.

Carolina Holdings Opens Verizon Store
in Chattanooga Suburb

HIXSON, TENN. -- Carolina Holdings Inc., a Greenville, South Carolina-based retail developer, has delivered and opened a new Verizon Wireless store in Hixson, about nine miles northeast of Chattanooga. Carolina Holdings and Verizon are jointly pursuing LEED certification for the new 4,585-square-foot property. The project team includes architect McMillan Pazdan Smith, civil engineer LeCraw Engineering and general contractor Dooley Mack Constructors. Certus Bank provided construction financing for the project. 


Veteran Office Property Team Joins Marcus & Millichap
Left to right: Paul Johnson, Gary Lee, Robert Johnson, Korey Prefontaine, Tanya Rader











ATLANTA -- The Atlanta office of Marcus & Millichap has hired a longstanding team of office and industrial property specialists. The team is led by 35-year veteran Paul Johnson and includes Gary Lee, Robert Johnson, Korey Prefontaine and Tanya Rader. Paul Johnson, Robert Johnson and Lee will be senior directors of the firm's national office and industrial properties group, while Prefontaine joins the firm as a director and Rader as an analyst. In their new positions, the team will focus on office and industrial property investment sales on behalf of institutional and private investors. Prior to joining Marcus & Millichap, Paul Johnson, Lee and Robert Johnson served at JJL Capital Markets Group.

Wheeler/Brand Adds Three 
to Regional Team in Atlanta 
Left to right: Rebecca Waters, Bre Wagner-Clagett, Tara Borysiak


ATLANTA -- Wheeler/Brand Management Co. has added three leasing professionals to its regional team. Rebecca Waters joined the company as executive vice president of leasing. Additionally, Tara Borysiak and Bre Wagner-Clagett joined Wheeler/Brand as leasing representatives. In her new role, Waters is responsible for directing the firm's leasing team and overseeing all associated activities. Borysiak and Wagner-Clagett are responsible for leasing third-party retail assets throughout metro Atlanta and the Southeast. Waters and Wagner-Clagett previous served at EDENS, and Borysiak joins from the company from Westplan.


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 

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