Despite Pandemic, Investor Appetite for Strategic Property Remains Strong
August 17, 2020
Atlanta and Miami – Transwestern Real Estate Services (TRS) announces its Southeast Investment Services Group has facilitated nine investments sales transactions totaling nearly $250 million since the beginning of the year. The properties span office, multifamily, retail, medical, and land throughout Alabama, Georgia, Florida, and North Carolina.
“Though the pandemic has significantly impacted activity, commercial real estate remains one of the most attractive investment sectors for individuals, institutions and foreign investors,” said Transwestern Managing Director Jon Kleinberg. “We’ve proven that investors are still making strategic deals, and that transactions can be successfully completed during times like these when all parties are committed to working together.”
The transactions include:
- The Huntsville Office Portfolio, consisting of six institutional-quality properties totaling 1.03 million square feet in Huntsville, Alabama, sold in April to an undisclosed buyer for $83 million, or $81 per square foot. Transwestern Managing Directors John Bell and Kevin Markwordt represented the undisclosed seller in the transaction.
- Preferred Apartment Communities purchased Parkside at the Beach, a 288-unit luxury apartment community at 17225 Panama City Beach Parkway in Panama City Beach, Florida, in April for $57.3 million, or $198,785 per unit. The transaction represented the highest per unit sales price in Panama City Beach. Transwestern Managing Directors Mike McGaughy and Jon Kleinberg represented sellers Easlan Capital and The Ardent Companies in the transaction.
- Anchor Health Properties purchased Brookhaven Medical Center II, a 51,429-square-foot, Class A medical office building at 3929 Peachtree Road NE in Atlanta, Georgia, in July for $29.8 million, or $581 per square foot. Transwestern Senior Managing Director Steve Hall and Managing Director Kevin Markwordt brokered the disposition on behalf of the seller, G.H. Anderson & Company and The Gipson Company.
- TPG purchased TBC Place I and II, two single-story research and development office buildings totaling 177,236 square feet, located at 4021 and 4025 Stirrup Creek Drive in Durham, North Carolina, in April for $24.1 million, or $136 per square foot. Transwestern Managing Directors John Bell and Kevin Markwordt represented the seller, Starwood Property Trust, in the transaction.
- Stockbridge Capital Group purchased a 13.86-acre retail property occupied by Target and Taco Bell at North Druid Hills Road and Briarcliff Road in metro Atlanta in March for $19.7 million, or $129 per square foot. Transwestern Managing Director Jon Kleinberg and Senior Vice President Fred Victor represented the seller, Scarlett & Associates, in the transaction.
- New York-based Big V Property Group purchased North Logan Commons, a 175,969-square-foot retail power center at 4002 and 4022 Atlanta Highway in Loganville, Georgia, in June for $15.6 million, or $88 per square foot. Transwestern Vice President Fred Victor represented the seller, CIM Group, in the transaction.
- Florida-based partnership 101 Riverfront LLC purchased Plaza Del Rio, a seven-story, 78,553-square-foot office tower at 101 Riverfront Blvd. in Bradenton, Florida, in April for $8.6 million, or $109 per square foot. Transwestern Managing Director John Bell negotiated the transaction on behalf of the undisclosed seller.
- Anchor Health Properties purchased Walther Professional Center, an 18,471-square-foot, Class A medical office building at 766 Walther Road NW in Lawrenceville, Georgia, in April for $5.3 million or $287 per square foot. Transwestern Senior Managing Director Steve Hall and Managing Director Kevin Markwordt brokered the disposition on behalf of the undisclosed seller.
- Native Development Group and Crescent Communities purchased a 27.5-acre commercial tract at Interstate 4 and West Memorial Boulevard in Lakeland, Florida, in June for $2.3 million, or $83,636 per acre. Transwestern Managing Director Jon Kleinberg represented the undisclosed seller in the transaction.
Transwestern recently brought Manatee Village, a 103,309-square-foot shopping center in Tarpon Springs, Florida, to market. Initial investor interest has been strong for the 10.3-acre property at the epicenter of the city’s commercial district. At only 15% occupied, Manatee Village presents a prime opportunity for immediate redevelopment as retail, medical office, multifamily, senior living or mixed-use.
Atlanta’s multifamily team is negotiating the sales of two apartment communities, totaling more than $70 million, located in Atlanta and Montgomery, Alabama. Both properties are currently under contract.
Transwestern’s Southeast Investment Services Group combines capital markets and investment banking expertise, local market knowledge and proven transaction execution to provide strategic disposition services for multifamily, office, retail, industrial and land assets across the Southeast. Based in Atlanta with an office in Miami, the team has established a successful track record for maximizing value and creating long-term relationships with clients that range from local entrepreneurs to the largest corporations in the country.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.