April 2, 2013 | ISSUE 120
Southeast Real Estate Business
Top Story
Jordache Investment Arm Acquires 175,000-Square-Foot D.C. Property 
The Bond Building in Washington, D.C. (Photo courtesy of Wikimedia Commons)
WASHINGTON, D.C. -- Nakash Holdings has closed on its purchase of 1400 New York Ave. N.W. in Washington, D.C., otherwise known as the Bond Building, for a reported $100 million. Nakash is a closely held investment company controlled by the founders of Jordache Enterprises, a company made famous in the 1980s with its designer jeans. The 175,000-square-foot property is leased to the Justice Department, which has agreed to sign a new lease and stay on another 15 years after its current lease expires next year. Located near the White House, the eight-story building was originally built in 1901.

Latest News
168,000-Square-Foot Office Building Breaks Ground in Washington, D.C. 
A rendering of 1200 17th St. in Washington, D.C.
WASHINGTON, D.C. -- Akridge and Mitsui Fudosan American have broken ground on a 168,000-square-foot office building at 1200 17th St. in Washington, D.C. The 11-story property will house Pillsbury Winthrop Shaw Pittman LLC, one of D.C.'s largest law firms. In late January, the firms signed a lease to occupy 105,000 square feet of the new building. The office building will feature floor-to-ceiling windows, a green roof and ground-floor retail. The project is slated for completion in the fourth quarter of 2014. 
Panther Acquires $75 Million Multifamily Portfolio In Two Southeast Markets
Villas at Grays Creek in Cordova, Tenn.
HUNTSVILLE, ALA. AND CORDOVA, TENN. -- Boston-based Panther Properties Investment LLC has acquired a three-property multifamily portfolio, totaling 740 units, for $75 million. The three Class A apartment communities include the 276-unit Huntsville Parc at the Arsenal in Huntsville, the 238-unit Villas at Grays Creek in Cordova and the 226-unit Carrington at Houston Levee in Cordova. The acquisition marks Panther's first investment in Alabama and second and third in Tennessee. The private equity real estate firm acquires, develops and manages Class A apartment communities in the Southeast.  

Chesapeake Lodging Trust Acquires
W New Orleans-French Quarter

NEW ORLEANS -- Chesapeake Lodging Trust has purchased the W New Orleans-French Quarter from Starwood Hotels & Resorts Worldwide Inc. for $25.5 million. Starwood has entered a long-term management contract to continue operating the hotel. The 97-room property is located on Chartres Street, near Jackson Square and many of the retail and jazz clubs of the French Quarter. The hotel also includes a fitness center and Creole cuisine restaurant.  
Kandu, Bloom Buy Two Seniors  
Housing Communities In South Carolina
Kandu Capital LLC and Bloom Senior Living have acquired two seniors housing communities in South Carolina: Carolina House of Bluffton and Carolina House of Hilton Head. The properties have been renamed Bloom at Bluffton (shown above) and Bloom at Hilton Head.
BLUFFTON AND HILTON HEAD, S.C. -- Kandu Capital LLC and its operating company, Bloom Senior Living, have acquired two seniors housing communities in Bluffton and Hilton Head, S.C., from Brookdale Senior Living for $7.2 million. The acquisition includes the Carolina House of Bluffton, a 59-unit assisted living and memory care community, which was built in 2000. The second property is Carolina House of Hilton Head, a 58-unit assisted living and memory care community built in 1999. Bloom plans to upgrade the properties.  
Central Pipe & Supply Buys New Headquarters Facility In Atlanta 
4335 Wendell Drive in Atlanta
Central Pipe & Supply has acquired a 195,000-square-foot industrial building at 4335 Wendell Drive in west Atlanta. The company will relocate its Doraville, Ga., headquarters to the new facility. The two-story property, formerly the headquarters of Printpack, features more than 140,000 square feet of warehouse space and 55,000 square feet of office space. Denton Shamburger of Lincoln Property Co. Southeast represented the seller, Printpack, in the transaction. Ed Riggins of Cresa Atlanta represented the buyer.  

Alliant Capital Arranges $45.3 Million Loan for Woodvale Apartments   

Woodvale Apartments in Silver Spring, Md.
SILVER SPRING, MD. -- Alliant Capital LLC has arranged a $45.3 million acquisition loan for Woodvale Apartments, a 376-unit multifamily property in Silver Spring. Mary Dee Clancy of Alliance originated the 10-year, fixed-rate loan, which features a 30-year amortization schedule. 

Carter Validus Acquires Data Center Property For $19.5 Million 

MORRISVILLE, N.C. -- Carter Validus Mission Critical REIT has acquired the Raleigh Data Center in Morrisville for $19.5 million. The 143,770-square-foot property, originally constructed in 1997, is fully leased to four tenants. The property is situated on 12.2 acres. 

Project Spotlight
Gvest Partners to Build Apartment Complex in Charlotte Arts District
A rendering of The Yards at NoDa in Charlotte, N.C.
CHARLOTTE, N.C. -- Gvest Partners plans to build a new 340-apartment community in Charlotte's historic arts district. Construction is expected to start soon on The Yards at NoDa, a $37 million development in the NoDa district, which is home to galleries, restaurants, bars and performing spaces. The property will include studio, one-, two- and three-bedroom apartments. Amenities will include a resort-style pool, fitness center, clubhouse and a dog park. Gvest is providing the equity investment for the new development and Wells Fargo provided the construction financing.

CORFAC International Alliance to Target Florida-Based Properties, Opportunities 
Ken Morris, principal of Fort Lauderdale, Fla.-based Morris Southeast Group/CORFAC International, and Todd Payne, principal of Danbury, Conn.-based Goodfellow Ahsmore CORFAC International.
FORT LAUDERDALE, FLA. -- Two CORFAC International companies have formed a strategic alliance to provide turnkey investment services on behalf of investors in the Northeastern U.S. The company's services will include commercial real estate property acquisition, leasing, construction management and property management in Florida.

Todd Payne, principal of Danbury, Conn.-based Goodfellow Ahsmore CORFAC International, and Ken Morris, principal of Fort Lauderdale, Fla.-based Morris Southeast Group/CORFAC International, are teaming up. The firms will initially target South Florida commercial property, particularly, office, retail and industrial buildings that have good fundamentals for investor returns. The alliance will also look for value-add acquisition opportunities.

"Our company has relationships with numerous private investors throughout the Northeast that have investment interests in Florida commercial property," says Payne. "Forming an alliance with Morris Southeast Group will provide us with 'boots on the ground,' local market knowledge and a well-known, trusted name in the South Florida business community. These are the elements that make out-of-state investors much more comfortable with their decision-making when purchasing commercial property." 
Bonds to Take on Highland Square Project as Carter's VP of Development 
Charles Bonds
Atlanta-based Carter, a development and advisory firm, has hired Charles Bonds as vice president of development. In his new role, Bonds will provide equity development project management with an emphasis on design and construction. Bonds will work on the $38 million Highland Square project, a 753-bed off-campus student housing development at the University of Mississippi, as well as several new equity development projects scheduled to start in 2013. He will focus on target markets for Carter, including Michigan, Texas and Atlanta. Bonds joins Carter from C.D. Moody Construction Co., where he was project manager.

Upcoming Events

CREW Atlanta
Thursday, April 4, 11:30 a.m. - 1:15 p.m.
April Luncheon: "All for one and one for all:
priorities for regional success"
The Loudermilk Center
40 Courtland St.
Atlanta, GA 30303
Click here for more information.


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.


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