Recent Acquisitions, Renewals Show Commercial RE on Upswing

Real estate management, investment, and development companies Sunbelt Holdings, Avison Young, and Parkway Properties recently made substantial commercial property investments, indicating that large-portfolio owners across the country are gaining confidence again. Sunbelt Holdings announced its acquisition of select real estate assets from the Arizona portfolio of SunCor Developments Co., which include retail, office building, and industrial property in Tempe, Goodyear, Avondale, and Litchfield Park, Ariz. The purchase also included a parking lot and one mixed-use property comprised of retail stores and condos. Sunbelt Holdings has developed projects in California, Texas, and Georgia, as well.

Avison Young recently acquired Atlanta-based Hodges Management and Leasing Company, a provider of third-party property management and leasing services. The deal has expanded Avison Young’s market coverage in the Atlanta region and increased the company’s North American property management portfolio, giving it the fourth largest portfolio in Atlanta.

Healthcare Trust of America, Inc. paid approximately $8,140,000 for a 100-percent-occupied medical office building property in Stockbridge, Ga., to complement other existing Healthcare Trust of America-owned medical office buildings in the area. The purchase is one of 14 acquisitions the company has made since January 1, 2010. Healthcare Trust of America’s portfolio totals about 8.6 million square feet and includes 182 medical office buildings.

Parkway Properties recently announced its renewal with The Travelers Indemnity Company for space in Charlotte, N.C. Travelers extended its lease for the 326,000-square-foot office complex for an additional five years through July 21, 2016. Parkway Properties also signed an 11-year lease with DeVry, Inc. The technical school will occupy an office property in the Mesa submarket of Phoenix, Ariz. Parkway Properties’ portfolio is now 86.1 percent occupied and 87.1 percent leased.