Done Deals: Jan 9, 2019

Wednesday, January 9, 2019

Historic Landmark set for Revitalization in Atlanta

Former Waluhaje Hotel Apartment building
and later Atlanta Job Corp Headquarters
West End, Atlanta, GA

Daniel Latshaw

ATLANTA, GA—A historic landmark hotel with quite an Atlanta history has been sold with plans for extensive affordable senior housing redevelopment.

The former Atlanta Job Corp headquarters building in Atlanta’s West End was sold in late November to developer New Columbia Residential and Quest Community Development Organization.

Daniel Latshaw, Partner with Atlanta based brokerage firm Bull Realty, marketed and sold the property.

“We are pleased this historic property will be restored to its former glory instead of being torn down or run down. This will bring additional life to the revitalizing West End neighborhood,” added Latshaw.

Duke Ellington

The property was developed by Walter H. (Chief) Aiken as the Waluhaje Hotel Apartment building in 1951 where it welcomed entertainers such as Duke Ellington, Dizzy Gillespie, Ray Charles and James Brown in its ground floor night club.

The name, Waluhaje Hotel, came from combining the first two letters of the names of Mr. Aikens and his wife Lucy, and two of her siblings. Hazel and Jefferson in 1951.

The property later became home to the Atlanta Job Corps headquarters in 1969. Due to failed inspections, the Atlanta Job Corps vacated the building in November 2017.

Dizzy Gillespie

“Affordable housing including affordable senior housing is both a need and an opportunity. It’s exciting to see historically significant structures like this brought back to life,” says Michael Bull, CEO Bull Realty.

For more information, please contact Bull Realty at 404-876-1640 or Info@BullRealty.com.

Bull Realty, Inc. (www.BullRealty.com) is a commercial real estate brokerage and advisory firm headquartered in Atlanta, licensed in nine states providing acquisition, disposition, leasing and advisory services. The firm also produces America’s Commercial Real Estate Show (www.CREshow.com).

Ray Charles

CONTACT:

Susan Fortner,

Bowers PR & Marketing

Telephone: (614) 562-0054

E-mail: susan@bowerspr.com

Website: www.bullrealty.com

HFF announces sale of premier office asset in Charlotte, NC

Capitol Towers, Charlotte, NC

CHARLOTTE, NC –– HFF announces the sale of Capitol Towers, a state-of-the-art property featuring two newly constructed 10-story office towers totaling 477,704 square feet in Charlotte, North Carolina.

Sara Hogan

The HFF team represented the seller, Lincoln Harris, and procured the buyer, Preferred Office Properties.

Preferred Office Properties will be retaining Lincoln Harris for leasing and property management at Capitol Towers. Campbell Walker and Sara Hogan will continue to lease the property for the Lincoln Harris team.

Campbell Walker

The HFF investment advisory team representing the seller consisted of senior managing director Ryan Clutter, senior director Scot Humphrey, director Chris Lingerfelt and director Zack Drozda.

Capitol Towers is one of Charlotte’s premier office assets featuring high-quality new construction, best-in-class tenant buildouts and a prestigious SouthPark location.

Completed in 2015 and 2017, the property comprises two 10-story office buildings, a retail building housing Legion Brewing Company, a medical office building that is fully leased to Novant Medical Group, the upscale SouthPark Grill restaurant and a seven-level parking deck.

The LEED Gold property features a market-leading amenity package including a state-of-the-art fitness center, locker rooms with showers, an executive conference room, a co-working suite and a shared kitchen area.

Ryan Clutter

Capitol Towers is 88.5 percent leased and features an impressive tenant roster anchored by investment grade tenants such as Albemarle Corporation; Citizens Bank, N.A.; Sterling Capital Management LLC; Dixon Hughes Goodman LLP, and JPMorgan Chase Bank, N.A.

“Capitol Towers was a sought-after investment opportunity drawing significant interest from numerous institutional investors as well as foreign capital sources,” Clutter commented.

“The high quality of the real estate, coupled with the exceptional credit and lease term in the rent roll, was very appealing to investors.”

“The sale of these assets continues the longer-term trend of Charlotte and the Carolinas continuing to attract new and notable investment capital to the market,” Clutter added.

Scott Humphrey

Holliday GP Corp. ("HFF") is a North Carolina licensed real estate broker.

Lincoln Harris, together with Lincoln Property Company, provides clients with a national platform and unparalleled institutional resources, including commercial real estate development, investment and property management.

Based in Charlotte, Lincoln Harris takes great pride in its reputation as one of the region’s most accomplished full-service commercial real estate companies. Lincoln Harris’ multi-disciplinary team has a long history of working through complex transactions and adopting innovative approaches to real estate problems.

The firm takes pride in developing and implementing comprehensive national real estate programs for its clients and cultivating a sense of trust in the communities they serve and the individual transactions they service.

Chris Lingerfelt

To learn more about Lincoln Harris properties and services,

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.

HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.

HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).

For more information, please visit hfflp.comor follow HFF on Twitter @HFF.

CONTACTS:

RYAN CLUTTER