Property Type

Terra, Turnberry Select Balfour Beatty to Construct 800-Room Hotel in Miami Beach

by John Nelson January 18, 2023

MIAMI BEACH, FLA. — Locally based co-developers Terra and Turnberry have selected Balfour Beatty to construct the new Grand Hyatt Miami Beach Convention Center Hotel. Located at the intersection of 17th Street and Convention Center Drive, the 17-story, 800-room hotel will serve as the central anchor of the Miami Beach Convention Center District. The design-build team also includes Arquitectonica, Stonehill Taylor and EoA. Early site work at the property is now underway, with vertical construction anticipated to start this year and be completed in 2025. Grand Hyatt Miami Beach will include 12 floors of guest rooms and suites, four floors of meeting spaces and ballrooms that will complement the Miami Beach Convention Center, which will be connected to the hotel via a sky bridge. Hotel amenities will include a resort-style pool deck, restaurant, lobby lounge and bar and ground-level retail space.

January 18, 2023

Development Florida Multifamily Southeast

13th Floor, Adler Deliver 37-Story Cascade Apartment Tower in Miami

by John Nelson January 18, 2023

MIAMI — A joint venture between locally based 13th Floor Investments and Adler Development, in partnership with global investment manager Barings, has delivered Cascade, a 37-story apartment tower located at 3050 SW 37th Ave. in Miami. The 421-unit community is the second residential high-rise to be delivered within the Link at Douglas, a seven-acre master-planned development. Cascade is situated adjacent to the Douglas Road Metrorail Station, U.S. Highway 1 and The Underline, a 10‑mile linear park, urban trail and public art destination. The property’s move-ins began this week and leasing is currently underway. Cascade’s apartments start from $2,600 per month and range from studios to three-bedroom floor plans sized from 510 to 1,323 square feet. Bozzuto manages the property. Designed by Arquitectonica, Cascade’s amenities include a resort-style pool on the 10th floor with lounge seating, cabanas and a poolside bar. Other amenities include an outdoor movie screen and a game room with a foosball table, billiards, shuffleboard and card tables, as well as a basketball half-court, yoga studio, grilling stations, lounge, outdoor kitchen, media room, kids’ playroom and an onsite dog run and wash.

January 18, 2023

Development Hospitality North Carolina Retail Southeast

CBL Properties, Vision Hospitality to Develop Element by Westin Hotel in Wilmington, North Carolina

by John Nelson January 18, 2023

WILMINGTON, N.C. — CBL Properties and Vision Hospitality Group have partnered to develop a 139-room Element by Westin hotel in Wilmington. The hotel will be part of Mayfaire Town Center, a 610,000-square-foot power retail center that CBL owns and manages. The center’s anchors and junior anchors include Belk, a 16-screen Regal movie theater, The Fresh Market, World Market, Pottery Barn, Ulta Beauty and Michael’s. Situated on International Drive, the new hotel will accommodate both short- and long-term stays with guestrooms that include kitchens and spa-inspired bathrooms. CBL and Vision, which are both based in Chattanooga, plan to raze a restaurant on the site to make way for the hotel, which is expected to open in spring 2024.

January 18, 2023

Development Florida Industrial Loans Southeast

JLL Arranges $45.1M Construction Loan for Industrial Project in Metro Orlando

by John Nelson January 18, 2023

OCOEE, FLA. — JLL has arranged a $45.1 million construction loan for Commerce 429, an eight-building industrial park located on a 40-acre site at 1290 Ocoee Apopka Road in the Orlando suburb of Ocoee. The borrower, locally based industrial developer McCraney Property Co., plans to develop Commerce 429 in two phases, the first of which will comprise six rear-load buildings with sizes ranging from 27,000 to 131,000 square feet. Phase II will feature two rear-load buildings spanning approximately 76,000 square feet and 95,000 square feet. Melissa Rose, Michael DiCosimo and Mateo Bolivar of JLL arranged the four-year loan through an undisclosed lender on behalf of McCraney.

January 18, 2023

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $10.3M Sale of Shopping Center in Hinesville, Georgia

by John Nelson January 18, 2023

HINESVILLE, GA. — Marcus & Millichap has brokered the $10.3 million sale of Hinesville Central, a 41,800-square-foot retail center located at 755 Oglethorpe Highway in Hinesville. The property is shadow-anchored by a Walmart Supercenter. Al Taf of Marcus & Millichap’s Atlanta office represented the seller, a 104-year-old private company based in Georgia, in the transaction. Brian Munn, also with Marcus & Millichap’s Atlanta office, procured the buyer, a private investor. Both parties requested anonymity. Hinesville Central’s tenant roster includes Hibbett Sporting Goods, Kay Jewelers, GameStop, Bath & Body Works, Shoe Show, Luxor Nails, Hong Kong Restaurant, 1st Franklin Financial Corp., High Life Tobacco and Vape, General Nutrition Corp., Surcheros, Polar Sweets and Golden Beauty Supply.

January 18, 2023

Leasing Activity New York Northeast Office

Cushman & Wakefield Negotiates 25,000 SF Office Lease in Manhattan

by Taylor Williams January 18, 2023

NEW YORK CITY — Cushman & Wakefield has negotiated a 25,000-square-foot office lease at 48 W. 25th St. in Manhattan’s Madison Square Park area. Originally constructed in 1920, the building rises 12 stories and totals 127,130 square feet. Ethan Silverstein, Theodora Livadiotis and Bruce Mosler of Cushman & Wakefield represented the landlord, locally based investment manager Savanna, in the lease negotiations. Anthony LoPresti, also with Cushman & Wakefield, represented the tenant, MediaCo Holding Inc. The space comprises the entire second and third floors and will house the broadcast operations of two of the tenant’s local radio stations.

January 18, 2023

Leasing Activity New York Northeast Office

Architecture Research Office Signs 10,000 SF Office Lease in Brooklyn

by Taylor Williams January 18, 2023

NEW YORK CITY — Architecture Research Office (ARO), a design and consulting firm, has signed a 10,000-square-foot office lease at 1 Willoughby Square in Brooklyn. Designed by FXCollaborative, which also serves as the anchor tenant, 1 Willoughby Square is a 34-story, 500,000-square-foot building in the downtown area. Nick Farmakis and Kate Walker of Savills represented ARO in the lease negotiations. Paul Amrich, Neil King, Zac Price, Alex D’Amario and James Ackerson of CBRE represented the landlord, JEMB Realty Corp.

January 18, 2023

Development Illinois Midwest Office

Skender Completes Renovation of 31-Story Office Tower in Chicago

by Kristin Harlow January 18, 2023

CHICAGO — Skender has completed a renovation of 225 W. Wacker Drive, a 31-story office tower totaling 651,000 square feet in Chicago’s West Loop. San Francisco-based Spear Street Capital owns the building. Valerio Dewalt Train served as architect and Kohn Pedersen Fox Associates was the designer. Skender began the process of renovating the building’s lower lobby and Franklin Street entrance, fourth-floor amenity space and roof deck in summer 2021. Connected to the fourth-floor interior space is a completely redesigned open-air terrace with gardens. Cushman & Wakefield served as manager and owner’s representative on the project. OvS served as landscape architect for the terrace.

January 18, 2023

Kansas Leasing Activity Midwest Office

Hill’s Pet Nutrition Relocates Headquarters to Aspiria Campus in Overland Park, Kansas

by Kristin Harlow January 18, 2023

OVERLAND PARK, KAN. — Hill’s Pet Nutrition has unveiled plans to relocate its global and U.S. headquarters to the Aspiria campus in Overland Park. The company is currently based in Topeka and will continue to invest in its science, technology and manufacturing hubs in Topeka. Hill’s expects to move offices in the fourth quarter of this year and will occupy roughly 100,000 square feet. Occidental Management owns Aspiria, which is the redevelopment of the former Sprint campus.

January 18, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $13M Sale of Multifamily Property in Suburban Chicago

by Kristin Harlow January 18, 2023

OAK LAWN, ILL. — Interra Realty has brokered the $13 million sale of reVerb Oak Lawn, an 84-unit multifamily property in the Chicago suburb of Oak Lawn. Located on South Harlem Avenue, the community was originally built in 1971 and renovated in 2017. The property was 97 percent occupied at the time of sale. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra represented the private seller and the undisclosed buyer.

January 18, 2023

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