Southeast Real Estate Business

OCT 2016

Southeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Southeast United States.

Issue link: http://southeastrealestatebusiness.epubxp.com/i/735102

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18 • October 2016 • Southeast Real Estate Business www.REBusinessOnline.com G E O R G I A G U L F S O U T H DANIEL CORP. ACQUIRES OFFICE BUILDING IN DOWNTOWN BIRMINGHAM BIRMINGHAM, ALA. — Daniel Corp. has purchased the Financial Center office building, an 18-story, 311,201-square-foot tower located in downtown Birmingham's Financial District. As part of the acquisition, Daniel Corp. will relocate its head- quarters to the office building. Built in 1982, Financial Center is located at 505 20th St. North at the intersec- tion of 20th Street and 5th Avenue. The seller was undisclosed, but AL.com reports Allegiance Realty Corp. purchased the asset in 2013 for an undisclosed price. BRANCH PROPERTIES BUYS TWO RETAIL CENTERS IN METRO BIRMINGHAM INVERNESS, ALA. — Branch Prop- erties LLC has acquired two shop- ping centers in the Birmingham suburb of Inverness from Bayer Properties. The acquisitions include Inverness Corners, a 242,635-square- foot shopping center anchored by Winn-Dixie and Kohl's; and In- verness Plaza, a 74,818-square-foot shopping center anchored by PGA Superstore and Planet Fitness. The adjacent centers were renovated last year. The sales price was not dis- closed. HUNTER BROKERS $13.3 MILLION SALE OF HILTON BIRMINGHAM PERIMETER PARK BIRMINGHAM, ALA. — Hunter Hotel Advisors has brokered the sale of the 205-room Hilton Birmingham Perimeter Park in Birmingham. The buyer, Atlanta-based Peachtree Ho- tel Group, purchased the eight-story hotel with plans to invest $10.5 mil- lion to renovate and reposition the property into a DoubleTree by Hil- ton hotel. The sales price and seller were undisclosed, but the Birming- ham Business Journal reports the sale price as nearly $13.3 million. ALPHARETTA, GA. — Rubenstein Partners LP, along with a minority eq- uity partner, has purchased Sanctuary Park, a 1.6 million-square-foot office park complex located in the northern Atlanta suburb of Alpharetta, for $265 million. The joint venture purchased the asset from J.P. Morgan. (NYSE: JPM), according to the Atlanta Busi- ness Chronicle. Sanctuary Park has been institu- tionally owned, developed and main- tained for nearly 20 years. The proper- ty comprises nine mid-rise buildings within a 152-acre, master-planned campus, which features three zoned development sites that can accommo- date an additional 750,000 square feet of build-to-suit office space. Sanctuary Park is currently 96 per- cent leased to tenants that include Delta Dental Insurance, Coca-Cola, Ernst & Young, Ciena Corp., Lease- Plan and Verizon Wireless. Verizon is expected to vacate its office space at the campus in the near future, which will lower Sanctuary Park's occupan- cy to approximately 75 percent. Onsite amenities at Sanctuary Park include three conference centers, a training room, two full-service cafes, two fitness centers, softball field and pavilion, two gated park entrances, complimentary shuttle service to and from the North Springs MARTA sta- tion and secured building access. Will Yowell, Justin Parsonnet and Jay O'Meara of CBRE marketed the property on behalf of J.P. Morgan. The joint venture worked closely with Patterson Advisory Group to arrange the acquisition financing. Jeff Bellamy and Adam Viente of JLL have been re- tained to lease Sanctuary Park. Since its founding, Rubenstein Part- ners has invested in more than 10 mil- lion square feet of office real estate assets on behalf of its investors and clients. John Nelson RUBENSTEIN PARTNERS-LED JV ACQUIRES 1.6 MILLION SF SANCTUARY PARK FOR $265 MILLION November 2-4 | Westin Buckhead | Atlanta 4 t h A n n u a l I n t e r F a c e ON-CAMPUS H O U S I N G Michael Wood Youth Expert The 747 Group Michael Wood as Keynote Speaker A very sought-after public speaker, Wood is a widely-recognized expert on the "youth market", something every on-campus housing professional needs to try and understand and market to. Over the course of his career, Wood has helped hundreds of the world's leading brands, organizations, colleges and universities better understand, manage and connect with the ever-changing youth market. InterFace On-Campus Housing brings together college and university housing, business, planning and auxiliary officers with on-campus student housing developers, operator/managers, architects, contractors and vendors. For speaking and sponsorship inquiries, please contact: RICHARD KELLEY | 914.468.0818 | rkelley@francemediainc.com For more information and to register, go to www.interfaceconferencegroup.com/och2016 Conference workshops, roundtables and panel sessions focus on • P3 Development Issues & Trends • How to Finance New Housing • Architecture/Design Trends • Best Practices for Operations & Management • Renovating/Retrofitting Existing Housing • Ensuring Your Housing Keeps Pace with Technology

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