January 9, 2014 | Issue 195
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Bernard Haddigan Joins CBRE as Senior Managing Director
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| Bernard Haddigan |
ATLANTA -- CBRE Group Inc. has hired Bernard Haddigan to join the company's capital markets group as its senior managing director. Haddigan, who is based in Atlanta, will work with Kevin Aussef to lead CBRE's private capital group. Haddigan has more than three decades of experience in the commercial real estate industry. He spent 28 years with Marcus & Millichap Real Estate Services, launching its national retail group in 1998. Haddigan is a member of the International Council of Shopping Centers and co-chairs its Open Air Committee webinar series.
"Increasingly, private capital is attracted to the strong risk-adjusted returns available from commercial property," says Aussef. "We are optimally positioned to match this capital with opportunity, and I look forward to Bernie's leadership in growing CBRE's presence in this market segment."
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Lowe Enterprise Investors Buys Royal St. Charles Hotel in New Orleans
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| Royal St. Charles features balconies overlooking St. Charles Avenue, part of the Mardi Gras parade route. |
NEW ORLEANS -- Lowe Enterprise Investors has acquired the Royal St. Charles, a 143-room hotel in New Orleans, on behalf of an investment client. The hotel is located at 135. St. Charles Ave., between the city's French Quarter and the New Orleans Convention Center. Destination Hotels & Resorts, an affiliate of Lowe Enterprise Investors, will manage the property as an independent, boutique hotel. The 10-story hotel features 2,610 square feet of meeting space, a fitness center and a PJ's Coffee and Caf� eatery. The hotel also features balconies overlooking St. Charles Avenue, which is on the primary Mardi Gras parade route.
Russell Munn of Lowe Enterprise Investors and Rick Rush of Lowe Hospitality Group led the acquisition team in the transaction. Larry Wolfe and Adam Etra of Eastdil Secured represented the seller, a joint venture between Clearview Hotel Capital and WHI Real Estate Partners.
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Inland Real Estate Income Acquires Mississippi Shopping Center for $33.9M
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| Wedgewood Commons Shopping Center is located in Olive Branch, Miss., a suburb of Memphis, Tenn. |
OLIVE BRANCH, MISS. -- Inland Real Estate Income Trust Inc. has acquired Wedgewood Commons Shopping Center, a 159,258-square-foot shopping center in Olive Branch, a suburb of Memphis, Tenn. Inland purchased the asset for $33.9 million. The property is fully leased to TJ Maxx, HomeGoods, Michaels, Rack Room Shoes, AT&T, TCBY, GNC and Sports Clips. Lou Quilici of IREIT Business Manager & Advisors Inc. assisted Matthew Tice of Inland in the acquisition. David Disney of The Disney Group represented the seller in the transaction.
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Cassidy Turley Arranges Sale of Office Tower in Baltimore
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| 36 S. Charles St. in Baltimore |
BALTIMORE -- Cassidy Turley has brokered the sale of a 25-story office tower located at 36 S. Charles St. in Baltimore's CBD. Los Angeles-based Laurus Corp. purchased the 294,274-square-foot office building from AREA 16B Associates LP. Jonathan Carpenter and James Wellschlager of Cassidy Turley represented the seller in the transaction.
"We anticipate additional momentum for office investment sales in Baltimore continuing into 2014 as the leasing market recovers and more institutional investors consider Baltimore's CBD as a viable marketplace to invest due to its strong population growth, educated workforce, and its transformation into a true live/work/play environment," says Carpenter.
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Jones Lang LaSalle Brokers Sale of Glenwood East Apartments in Atlanta
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| Glenwood East in Atlanta's Glenwood Park neighborhood features a clubroom, dog park and fitness center. |
ATLANTA -- Carter-Haston Holdings has purchased Glenwood East, a 236-unit multifamily community located at 390 Stovall St. in Atlanta's Glenwood Park neighborhood. Property amenities include a penthouse-level clubroom, outdoor courtyard, dog park and fitness centers. The mid-rise complex is also located in close proximity to the city's BeltLine. David Gutting and Derrick Bloom with Jones Lang LaSalle's capital markets team represented the sellers, Alliance Residential and Prudential Real Estate Investors, in the transaction.
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GrayRobinson Law Firm Signs Lease at Wells Fargo Center in Miami
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| GrayRobinson will move into its new space at Wells Fargo Center in downtown Miami in January 2015. |
MIAMI -- GrayRobinson, a law firm with 280 attorneys and 11 offices in Florida, is relocating its Miami office to Wells Fargo Center in downtown Miami. Wells Fargo Center is a 750,000-square-foot, Class A office tower located near Interstate 95 and Brickell Bridge. Taylor & Mathis signed the law firm to a 35,358-square-foot office lease on the 31st and 32nd floors. GrayRobinson is expected to move into its new office space in January 2015. Brian Gale and Ryan Holtzman of Taylor & Mathis represented the landlord, MetLife, in the lease transaction. Barbara Liberatore Black of Cresa South Florida represented GrayRobinson.
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National Design, Engineering Firm Opens Atlanta Office
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ATLANTA -- Bergmann Associates has opened a new office in Atlanta to be part of the city's retail and mixed-use resurgence. Bergmann Associates is a national architecture and engineering firm based in Rochester, N.Y., and specializes in retail and mixed-use development. The new Atlanta office is the company's 13th U.S. office. Janet Romanic, who was the former deputy project manger on the Georgia Multimodal Passenger Terminal, leads Bergmann's Atlanta office. Gary McCamy, who designed some Atlanta landmark retail developments such as Henry Town Center, Parkway Pointe and Windward Plaza, will also serve in the Atlanta office as design principal.
"The retail and mixed-use experience of this office will complement our skill sets in the Charlotte and Jacksonville offices," says Jim Nickles, vice president of retail business of Bergmann Associates. "Our proven track record and broad capabilities have enabled us to open our doors with new business in hand and in the pipeline."
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NAIOP Research Triangle: A Developer | Tenant Representative Panel
When: January 16, 2014
Where: PNC Arena
1400 Edwards Mills Road
Raleigh, NC 27607
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ICSC Southeast Retail Connection
When: January 16, 2014
Where: Wyndham Atlanta Galleria
6345 Powers Ferry Road NW
Atlanta, GA 30339
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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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