February 21, 2013 | ISSUE 109
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$100 Million Mixed-Use Project Moves Forward In Clayton County, Georgia
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| | A rendering of the 10-acre, $100 million University Station Towne Center. |
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ATLANTA -- The Development Authority of Clayton County and the Clayton County Office of Economic Development are moving forward with plans to develop the $100 million University Station Towne Center, a mixed-use project located four miles south of Hartsfield-Jackson International Airport. The development is the final component of University Station, a 155-acre site in Clayton County. The group expects the development to become a regional destination for Clayton State University, as well as the National and State Archives.
"Not only will University Station create jobs and offer investment opportunities, but the extensive impact in our community will also include visitor attraction from many areas, including archives researchers, Clayton State students and recurring visits by parents of those students," says Jeff Turner, chairman of the Clayton County Board of Commissioners.
The 10-acre town center will include more than 100,000 square feet of retail, a hotel, up to 50,000 square feet of office space and a senior living component. The first portion of the project to be built is a four-story office building that will house local economic development agencies and business groups. University Station Towne Center also features a 60,000-square-foot soundstage, which is already operational and was used to film portions of Scary Movie 5.
The Development Authority of Clayton County owns the development. Atlanta-based HGOR, a planning and design firm that was founded in 1992, is the master planner. Carter is serving as the development advisor.
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Publix-Anchored Mahan Village
Opens at Capital Circle in Tallahassee
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| | Mahan Village in Tallahassee |
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TALLAHASSEE, FLA. -- Cousins Properties Inc., with Watkins Retail Group and New Horizon Retail, has completed the development of the 147,000-square-foot Mahan Village in Tallahassee. The $26 million project is located at Capital Circle and Mahan Drive. A 67,664-square-foot Academy Sports + Outdoors, along with a 45,600-square-foot Publix, anchor the property. The Publix relocated to Mahan Village from a smaller store across the street from the project. The Academy Sports + Outdoors is the only location for the company in Tallahassee. Other tenants include Uncle Maddio's Pizza Joint, Bruegger's Bagels, Moe's Southwest Grill and H&R Block.
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Binswanger to Market 350,000 SF Industrial Facility in South Carolina
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| | 1091 Carolina Pines Drive in Blythewood, S.C. |
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BLYTHEWOOD, S.C. -- Pinchal & Co. LLC has named Binswanger the exclusive agent for the sale of a 350,000-square-foot industrial building on 23.5 acres at 1091 Carolina Pines Drive in Blythewood. Constructed in 1999, the building includes reinforced concrete floors, 31- to 35-foot clear ceiling heights, 70 dock doors and 8,280 square feet of office space. The property overlooks I-77 and is located eight miles from I-20.
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Joint Venture Acquires 312-Unit Jacksonville Apartment Community
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JACKSONVILLE, FLA. -- A joint venture between Behringer Harvard Opportunity REIT II and ApexOne Investment Partners has acquired Wimberly at Deerwood, a 312-unit apartment community, located at 9727 Touchton Road in Jacksonville. The apartments include one, two or three bedrooms, nine-foot ceilings, wood flooring in the kitchens and entryways and full-size washers and dryers. The units average 914 square feet. Community amenities include a swimming pool, fitness center, business center and 60-person theater room. Behringer Harvard Opportunity REIT II is the controlling partner.
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Redstone, Weaver & Woodberry Buy 125,000-Square-Foot Decatur Court
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DECATUR, GA. -- A partnership between Redstone Investments and Weaver & Woodberry has acquired Decatur Court, a 125,000-square-foot office building in downtown Decatur. Capmark Bank, which took ownership of the property through foreclosure in early 2012, was the seller. The building is 70 percent leased and sits on five acres.
Tony Swann of CBRE represented the seller in the transaction. Redstone was self-represented.
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Audubon Acquires Apartment
Properties in Decatur for $13 Million
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| | Sycamore Chase in Decatur, Ga. |
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DECATUR, GA. -- Audubon Communities has acquired Birch Grove and Sycamore Chase, two apartment communities totaling 332 units in Decatur, for $13 million. The properties are situated on a combined 28.3 acres, less than one mile apart at 3073 Cedar Creek Parkway and 3117 Cedar Brook Drive. The combined occupancy is 94 percent. Most of the units include two or three bedrooms with an average unit size of 1,142 square feet. Jason Nettles and David Wagner led the HFF team that represented the seller, an affiliate of Resource Real Estate, in the transaction.
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Crocker Purchases $33.2 Million Florida Office Building Via Auction.Com
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ORLANDO -- Crocker Partners has completed its purchase of Orlando University Center, a 386,521-square-foot office complex near the University of Central Florida, for $33.2 million. The property, sold via Auction.com, represents the second largest office sale of 2012. The five-building complex is 70 percent occupied with 56 tenants. Colliers International represented the seller, LNR, in the transaction. The buyer was self-represented. Archetype Mortgage Capital provided the auction financing.
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Construction Under Way on Hines' @1377 Residences in Atlanta
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| | A rendering of @1377 in Atlanta |
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ATLANTA -- Hines has started construction on @1377, a 215-unit multifamily complex on Dresden Drive in Atlanta. The development represents the company's first for-rent residential project in the region. The four-story building will have an attached multi-level parking garage. Amenities will include a swimming pool, fitness center, Internet cafe and sports lounge. The project will also feature studios, and one- and two-bedroom units ranging in size from 468 to 1,537 square feet. General Contractor Urban Oaks Builders expects occupancy of the first units this October with final completion in December of this year. The Preston Partnership of Atlanta designed the project.
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Florida Crystals Corp. Buys 33 Acres
in Delray Beach for Apt. Development
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DELRAY BEACH, FLA. -- Florida Crystals Corp. has acquired 33.1 acres in western Delray Beach for the development of 395 multifamily units for $8.5 million. The buyer plans to develop the property as rental apartments in two phases. The site is one mile from the Delray Marketplace, a 258,000-square-foot shopping center and entertainment destination, which includes a 12-screen movie theater and a Publix grocery store. The Boca Raton office of ARA represented the seller, Atlantic Commons Associates, in the transaction. ARA also secured the buyer.
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Consumer Demand Shaping a Brave
New World of Multichannel Distribution
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ORLANDO -- Retailers are using real estate to build efficient multichannel networks and to compete in a brave new world dominated by e-commerce. Kris Bjorson, head of retail e-commerce distribution services for Jones Lang LaSalle, discusses this topic at the Retail Industry Leaders Association conference held in Orlando, Feb. 17-20.
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Transaction Volume Not Likely to
be Harmed by New Taxes, Says Broker
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 | | Michael Bull |
Depending on their circumstances, investors in commercial real estate could face noticeably higher tax burdens in 2013 and the years ahead. However, having to fork over more money to Uncle Sam isn't likely to have a sizeable impact on transaction activity in the sector.
Those were some of the points made by accounting and real estate experts in a recent episode of the "Commercial Real Estate Show," a nationally syndicated weekly talk radio show about business and commercial real estate-related topics in the U.S. The episode provided a look at the many recent federal tax changes, such as increased income and capital gains tax rates, and provided detailed analysis of their potential effects on the commercial real estate sector. "Taxes aren't what's been motivating commercial real estate investors that have gotten back in the asset class in the post-recessionary period," says Mitch Roschelle, a partner at PricewaterhouseCoopers and the leader of the firm's U.S. Real Estate Advisory Group. "They like commercial real estate because of its durability of income over time."
"Any income-producing asset is going to have the same adverse tax consequences, and real estate is less volatile than perhaps stocks and bonds can be over time," Roschelle adds. To read more of Michael Bull's column, click here.
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Marcus & Millichap Capital Corp. Hires Bauer as Director in Washington D.C.
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 | | Keith Bauer |
WASHINGTON, D.C. -- Marcus & Millichap Capital Corp. has hired Keith Bauer as director in the firm's Washington, D.C. office. In his new position, Bauer will work with the firm's National Hospitality Group in arranging debt and equity financing for hotels and golf resorts. His experience in loan origination includes credit analysis, debt structuring, pricing strategy and transaction negotiations. Bauer spent more than nine years in the hospitality industry division of Capmark Finance, formerly GMAC Commercial Mortgage, where he participated in more than $1.5 billion in closed loans. During his tenure, he analyzed in excess of $4 billion in hospitality transactions throughout the U.S.
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Pfeifer Joins Maryland-Based Mackenzie Capital as Assistant Vice President
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BALTIMORE, MD. -- Jay Pfeifer has joined Mackenzie Capital as assistant vice president. In his new role, Pfeifer will assist President Glenn Ercole and Senior Vice President John Black in the arrangement and placement of real estate financing, both debt and equity. A graduate of Syracuse University, Pfeifer is a former member of the two-time NCAA National Championship lacrosse teams as starting goalie and team captain. He began his career in California, working for a direct real estate lender and later a full-service real estate company as an analyst and leasing broker.
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IFMA Atlanta: Friday, Feb. 22
2013 Atlanta Workplace Vendor Showcase Loudermilk Center 40 Courtland Street Atlanta, GA 30303 Click here for more information.
2013 Southeast Retail Connection
Thursday, March 7
Cobb Energy Performing Arts Centre
2800 Cobb Galeria Parkway Atlanta, GA Click here to register.
REIAC/GSU Distinguished Lecture Series
Wednesday, March 13
Speaker: Ewoud Swaak, founder of Westplan Investors The Rialto Center for the Arts
80 Forsyth St. NW
Atlanta, GA 30303 Click here for more information. NAIOP Million Dollar Club Awards Breakfast
Wednesday, March 13
With Keynote Speaker Gov. Nathan Deal Grand Hyatt Buckhead 3300 Peachtree Rd NE Atlanta, GA 30305 Click here to register for the event. InterFace Healthcare Real Estate West: Tuesday, Mar. 19 - Wednesday, Mar. 20 Los Angeles Click here for more information.
InterFace Net Lease West: Wednesday, Mar. 20 - Thursday, Mar. 21 Los Angeles Click here for more information.
IREM:
Saturday, April 6 - Sunday, April 10
13th Annual Leadership and Legislative Summit
Omni Shoreham Hotel 2500 Calvert St NW Washington, D.C. 20008 Click here for more information. 5th Annual InterFace Student Housing: Wednesday, Apr. 10 - Friday, Apr. 12 Hilton Austin Austin, Texas Click here for more information. Have an event that you would like to share with our readers? Send
an e-mail with the details to Southeast Real Estate Business
Editor Liz Burlingame at lburlingame@francemediainc.com. |
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