CHARLOTTE, N.C. — Ally Financial has signed on to anchor a 742,000-square-foot mixed-use project in Uptown Charlotte. Crescent Communities will break ground on Ally Charlotte Center at 601 S. Tryon St. in the first quarter of 2018. Ally Financial will lease 400,000 square feet and is expected to move to the new space when the building delivers in 2021. In addition to office space, plans for the 26-story tower include ground-level retail and restaurant space, a parking garage and a hotel. The..
KISSIMMEE, FLA. — Axilla Capital LLC has arranged a $15.5 million loan for The Royale Parc Suites Hotel, a 224-room hotel located in Kissimmee, roughly 20 miles south of Orlando. Joel Mazur and Tom Fleming of Axilla Capital represented the undisclosed borrower in the transaction. Proceeds of the loan were used to finance the property’s acquisition and fund the hotel’s impending upgrades. Constructed in 1988, Royale Parc Suites Hotel is currently operating as a Choice Hotels-branded..
SPARROWS POINT, MD. — FedEx Ground, the small package delivery unit of FedEx Corp., has opened a new distribution facility at Tradepoint Atlantic, a 3,100-acre global logistics center in Sparrows Point, roughly 15 miles southeast of Baltimore. The 307,000-square-foot facility connects existing FedEx Ground stations located in White Marsh and Halethorpe, and will support approximately 275 full- and part-time jobs, as well as 150 contracted service providers. FedEx occupies 50 acres within the..
GAITHERSBURG, MD. — Buchanan Partners, in a joint venture with Elion Partners, has acquired a 700,000-square-foot industrial portfolio in suburban Washington, D.C. A joint venture between Ares Capital Corp. and Adler Group sold the assets for $81.2 million. The 14-building portfolio is spread across three different office parks along the Route 28 corridor in Northern Virginia: 3680-3863 Centerview Road in Dulles Business Park, 14420-14434 Albemarle Point Place in Westfields North and..
DAVIE AND TAMARAC, FLA. — TH Real Estate, an affiliate of Nuveen, has acquired two industrial properties in South Florida for $54 million. Principal Global Investors sold the properties, which include Pointe West in Davie and Westpoint in Tamarac. Constructed between 2001 and 2004, the warehouses were 93 percent leased at the time of sale to tenants including Daikin and Kapco Global.
CHARLOTTE, N.C. — Hospitality Properties Trust has purchased Crowne Plaza Charlotte Executive Park, a 300-room hotel in south Charlotte, for $44 million. Chris Lingerfelt, Cyrus Vazifdar and Brent Bowman of HFF represented the undisclosed seller in the transaction. Constructed in 1983, Crowne Plaza Charlotte Executive Park underwent a renovation in 2014, which included upgrades to guestrooms, public areas and meeting space, as well as the hotel’s restaurant and bar. The hotel features a..
NORCROSS AND PEACHTREE CORNERS, GA. — Cushman & Wakefield has arranged the $76.5 million sale of three apartment communities in Gwinnett County near Atlanta. Mike Kemether and Tyler Averitt of Cushman & Wakefield represented the seller, Audubon Communities, in the transaction. Sabra Property Management acquired Bella, a 318-unit community in Norcross; Hathaway Development LLC acquired Center at Peachtree Corners, a 272-unit community in Peachtree Corners; and Zavala Properties..
BIRMINGHAM, ALA. — Coastal Ridge Real Estate, in partnership with M Group, has acquired The Village at Lakeshore Crossings, a 264-unit apartment community located at 251 London Parkway in Birmingham, for $40 million. A Philadelphia-based private investor sold the property. Constructed in 2013, The Village at Lakeshore Crossings offers one-, two- and three-bedroom units with rents ranging from $1,067 to $1,512. Individual units feature hardwood floors, granite countertops and private porches...
MORRISVILLE, N.C. — Foundry Commercial, along with capital partner Hart Realty Advisers LLC, has purchased Concourse Lakeside I and II, a two-building office campus in the Raleigh-Durham community of Morrisville, for $24.2 million. Ryan Clutter, Scott Humphrey and Chris Lingerfelt of HFF represented the seller, a partnership between an affiliate of Banyan Street Capital and funds managed by Oaktree Capital Management. The HFF team also procured the buyer. Foundry and Hart plan on updating the..
CULPEPER, VA. — SunTrust Bank has provided an $18 million construction loan for the 125,000-square-foot expansion of The Culpeper, a retirement community in Culpeper, a town situated equidistant from Richmond, Va., and Washington, D.C. LifeSpire of Virginia, a provider of continuing care retirement communities, will build 133 new units in the community and offer additional care services to current and future residents. The updated Culpeper community will replace the previous building,..