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Allianz Provides $100M Loan for Office Tower in Downtown Nashville

NASHVILLE, TENN. — Allianz Real Estate of America has provided a $100 million loan for The Pinnacle at Symphony Place, a 28-story, 520,000-square-foot office tower located in downtown Nashville. Built in 2010, the LEED Gold-certified building was 99 percent leased to 20 tenants at closing. Bat Barber of Medalist Capital arranged the loan through Allianz on behalf of the borrower, Highwoods Properties, a Raleigh-based REIT that purchased the office building in 2013 for $152 million. The..

April 27, 2017

Grandbridge Arranges $51M Refinancing for Office Building in Charleston

CHARLESTON, S.C. — Grandbridge Real Estate Capital has arranged the $51 million refinancing for Bank of America Place, a 144,000-square-foot, four-story office building along Meeting Street in Charleston. The office building features ground-floor retail space and an attached 355-space parking garage. Tenants include Bank of America, New York Life, Morgan Stanley, Wells Fargo Advisors, Parker Poe Law Firm and Resurgent Capital Services. Russ Balderson and Kevin French of Grandbridge arranged..

April 27, 2017

Paramount, Batson-Cook Break Ground on $43M Dual-Branded Hotel in Knoxville

KNOXVILLE, TENN. — Paramount Hospitality Management LLC and Batson-Cook Development Co. have broken ground on a $43 million dual-branded hotel at the corner of Church and State streets in Knoxville. The property will include a 144-room Courtyard by Marriott and an 88-room Residence Inn. The 166,544-square-foot hotel will feature a rooftop lounge, a bar and café in the lobby and a three-level parking deck. Paramount and Batson-Cook plan to complete the hotel in the third quarter of 2018.

April 27, 2017

Partnership to Develop 100,000 SF Self-Storage Facility in West Palm Beach

WEST PALM BEACH, FLA. — A partnership between SROA Capital, MacArthur Holdings and Live Oak Capital Partners plans to develop a 100,000-square-foot self-storage facility at 1620 Congress Ave. in West Palm Beach. Situated at the entrance of the Land of Presidents and the Palm Beach Outlet Mall, the three-story property will feature 830 climate-controlled units, 1,200 square feet of ground-floor retail space and 24-hour camera surveillance. The partnership plans to deliver the facility in the..

April 27, 2017

In-Rel Purchases Office Tower in Downtown Louisville from Torchlight Investors for $32M

LOUISVILLE, KY. — In-Rel Properties has acquired Meidinger Tower, a 26-story, 331,172-square-foot office tower located at 462 S. 4th St. in downtown Louisville. In-Rel purchased the asset from New York City-based Torchlight Investors for $32 million. Ralph Smalley and John Merrill of HFF, along with Mark Wardlaw and Lenisa Alvey of NAI Fortis Group, represented Torchlight in the sale. Renovated in 2006, Meidinger Tower was 97 percent leased at the time of sale to tenants such as..

April 27, 2017

BRP, CNY Group Break Ground on $407M Transit-Oriented Development in Queens

NEW YORK CITY — Developer BRP Cos. and general contractor CNY Group have broken ground on The Crossing at Jamaica Station, a $407 million, two-building development in downtown Jamaica in the Queens borough of New York City. The 669-unit affordable housing development will be situated at the Metropolitan Transit Authority’s (MTA) Jamaica Station, which features a link to AirTrain JFK, John F. Kennedy’s International Airport’s mass transit line. The Crossing will feature a..

April 27, 2017

Related Development Sells Multifamily Property in Broward County for $87M

PEMBROKE PINES, FLA. — Related Development has sold the recently completed Town at Pembroke Pines, a 356-unit apartment community located at 10700 City Center Blvd. in Pembroke Pines, a city in South Florida’s Broward County. Rockpoint Group, a Boston-based real estate private equity firm, purchased the property from the Miami-based developer for $87 million. Built in 2016, Town at Pembroke Pines features 33 units per acre and community amenities such as a resort-style pool deck with..

April 26, 2017

City of Atlanta Unveils Plans for $48M Grant Park Gateway Near Zoo Atlanta

ATLANTA — The City of Atlanta has unveiled plans for Grant Park Gateway, a $48 million underground parking and mobility facility located at an existing eight-acre surface parking lot adjacent to Zoo Atlanta in the city’s Grant Park district. The new LEED-certified property will feature a park on the roof of the facility with green infrastructure elements and a restaurant offering regional cuisine, as well as approximately 1,000 parking spaces. The overall project will complement Zoo..

April 26, 2017

Variety Wholesalers Leases 1.4 MSF for Distribution Center in Newnan, Georgia

NEWNAN, GA. — Variety Wholesalers has signed a 20-year, 1.4 million-square-foot lease for its new distribution center at 60 Herring Road in Newnan. LRC Properties owns and manages the property, which is a former Kmart distribution center. LRC purchased the building last August and made improvements to the facility's roof and parking lots, as well as refit the building to accommodate multiple tenants. Variety Wholesalers, which is the first tenant to move into the space, operates nearly 400..

April 26, 2017

Grubb Properties Reveals Design for Renovated Office Building in Charlotte

CHARLOTTE, N.C. — Grubb Properties has unveiled the design for a 10-story office building the company is renovating on Mockingbird Lane in Charlotte’s Montford Park submarket. Known as 1515 Montford Park, the updated office building will feature a full glass façade with expansive windows, high ceilings, open floor plans, an outdoor terrace and an amenities lounge on the fifth floor featuring table games, bar top, lounge seating, big-screen TV and a stocked kitchen area. Office tenants will..

April 26, 2017