Property Type

Selig Opens 70,000 SF Adaptive Reuse Office Building at The Works in Atlanta

by John Nelson July 13, 2022

ATLANTA — Selig Enterprises has opened 500 Chattahoochee Row, an adaptive reuse office building situated within The Works in Atlanta’s Upper Westside neighborhood. Located along Chattahoochee Avenue near Topgolf and several breweries, the 70,000-square-foot property is the redevelopment of an existing warehouse that dates back to the 1950s. The office building is one of two with The Works, an 80-acre mixed-use development. Atlanta-based Selig recently secured leases with Bread N Butter Content Studio, a locally based multimedia company known for operating the “Atlanta Eats” video series and website, and MacDermid Graphic Solutions, a flexographic and printing company that is relocating from the Buckhead district nearby. Bread N Butter will occupy 6,160 square feet, and MacDermid Graphic Solutions will occupy 45,000 square feet. Other uses at The Works include a 31-stall food hall, Scofflaw Brewing taproom, creative offices, restaurants, shops, a fitness center and a one-acre park for children to play and for live music and shows.

July 13, 2022

Acquisitions Georgia Hospitality Southeast

Peachtree Hotel Group Acquires 176-Room Canopy Atlanta Midtown Hotel

by John Nelson July 13, 2022

ATLANTA — Peachtree Hotel Group has purchased the Canopy Atlanta Midtown, a 176-room hotel that opened in December 2018. A joint venture between Greystar, Concord Hospitality and Whitman Pearson sold the hotel to Peachtree Hotel Group for an undisclosed price. Lou Plasencia, Robert Wiemer, Nick Plasencia and Chris Plasencia of The Plasencia Group represented the seller in the transaction. The hotel opened at the same time as the adjacent Ascent Midtown Apartments, which was also developed by Greystar. Canopy Atlanta Midtown features an onsite restaurant, fitness center, business center and meeting rooms.

July 13, 2022

Acquisitions Office Southeast Virginia

Avison Young Brokers $22M Sale of Office Building in Alexandria, Virginia

by John Nelson July 13, 2022

ALEXANDRIA, VA. — Avison Young has brokered the $22 million sale of a 110,047-square-foot office building located at 5680 King Centre Drive in Alexandria. Jim Kornick and Bill Evans of Avison Young represented the buyer, Burke & Herbert Bank & Trust Co., in the transaction, and the undisclosed seller was self-represented. The bank plans to consolidate a large swath of its workforce in the LEED Gold-certified building but maintain its headquarters at 100 S. Fairfax St. in Old Town Alexandria.

July 13, 2022

Acquisitions Multifamily North Carolina Southeast

Blaze Capital Purchases 240-Unit Fieldstone Apartments in Mebane, North Carolina

by John Nelson July 13, 2022

MEBANE, N.C. — Blaze Capital Partners, a multifamily investment firm based in Charleston, has purchased Fieldstone Apartments, a 240-unit, garden-style community in Mebane. This deal marks the first in the Triangle market for the investment firm. The seller and sales price were not disclosed. Blaze Capital plans to invest $2.5 million in property improvements at Fieldstone, including select unit interior enhancements and upgrades to landscaping and community amenities. Fieldstone offers one-, two- and three-bedroom residences with granite countertops, stainless steel appliances and outdoor patios and balconies. Community amenities include a 24-hour fitness center, resort-style pool and sundeck, coffee bar, dog park and a playground.

July 13, 2022

Hospitality Loans Multifamily New York Northeast Top Stories Walker & Dunlop

Walker & Dunlop Arranges $754M in Financing for Aman New York Luxury Residences

by Kristin Harlow July 13, 2022

NEW YORK CITY — Walker & Dunlop Inc. has arranged $754 million in financing for Aman New York, a luxury hotel and condo development in Midtown Manhattan. Aman New York occupies the top 20 floors of the 100-year-old Crown Building at the corner of 57th Street and Fifth Avenue, across the street from Trump Tower. OKO Group was the developer. The 95,000-square-foot residential portion includes 22 units, while the 117,000-square-foot hotel section contains 83 guest rooms and suites. The rooms are among New York’s largest, and the hotel is the only one in New York to offer working fireplaces in each room. The lower floors of the building remain retail space. The hotel portion is scheduled to open on Tuesday, Aug. 2. Reservations will be available beginning Monday, July 25. The development is Aman’s first U.S. urban residence project and provides special features for owners such as private entrances, plus access to three dining venues, a jazz club, wine room and 25,000-square-foot Aman Spa. Nearly all of the condos are pre-sold, with one of the units selling for $55 million, marking one of the priciest residential transactions in New York so far this year. Originally built in 1921, the Crown …

July 13, 2022

Healthcare Market Reports Texas Texas Market Reports

As Healthcare Supply-Demand Gap Grows in Austin, Lean Construction Methods Take Center Stage

by Taylor Williams July 13, 2022

By Jake Snyder, director of preconstruction, Hoar Construction Thanks to its rich culture, technology-friendly atmosphere and eclectic music scene, Austin has blossomed over the past decade into a hotspot for businesses and residents alike that are seeking to ride the wave of the city’s phenomenal growth story. Just last year, the U.S. Census Bureau reported that Austin is the fastest-growing major metro area in the country, posting a 3 percent increase in population between 2020 and 2021. Pair that recent growth with a global pandemic, and you have an urgent need for increased healthcare development to accommodate the number of people moving into the city. However, as with most other facets of commercial real estate, construction took a proverbial uppercut blow from COVID-19. Project delays, price hikes and material shortages have made every aspect of the construction life cycle more difficult, but not impossible. According to Associated Builders and Contractors, nearly 650,000 additional workers are currently needed to meet the demand for labor on construction sites, while an estimated 1.2 million will leave their jobs this year to work in other industries. A recent report from labor market research firm JobsEQ also found that the Austin area could be short …

July 13, 2022

Acquisitions Georgia Retail Southeast

CTO Realty Growth Acquires Madison Yards Retail Development in Atlanta for $80.2M

by John Nelson July 12, 2022

ATLANTA — CTO Realty Growth, a retail REIT based in Daytona Beach, Fla., has purchased Madison Yards, a new retail development in Atlanta’s Inman Park district. The developer, locally based Fuqua Development, sold the 162,500-square-foot project to CTO Realty Growth for $80.2 million. Located at 905 Memorial Drive along the Atlanta Beltline’s Eastside Trail, Madison Yards was 98 percent leased at the time of sale to tenants including anchors Publix and AMC Theatres. Other tenants include AT&T, First Watch and Orangetheory Fitness. Fuqua delivered the property in 2019, as well as an attached apartment community that was not part of the transaction.

July 12, 2022

Acquisitions Office Southeast Virginia

Northridge Capital Purchases 18-Story Gateway Plaza Office Tower in Downtown Richmond

by John Nelson July 12, 2022

RICHMOND, VA. — Northridge Capital LLC has purchased Gateway Plaza, an 18-story trophy office building located at 800 E. Canal St. in downtown Richmond. The Washington, D.C.-based investor acquired the 328,581-square-foot property from an affiliate of New York-based LXP Industrial Trust for an undisclosed price. Chris Lingerfelt, Daniel Flynn, Ryan Clutter and Andrew Weir of JLL represented the seller in the transaction. Additionally, the buyer has retained JLL for leasing and property management services. Built in 2015, Gateway Plaza was 97.6 percent leased at the time of sale to legal, banking, energy products, financial services, real estate and consulting firms, including anchor McGuireWoods.

July 12, 2022

Development Georgia Office Southeast

Crescent Communities, KB Venture to Redevelop Historic Alpharetta School as 160,000 SF Office Campus

by John Nelson July 12, 2022

ALPHARETTA, GA. — Crescent Communities and KB Venture Partners have formed a partnership for the adaptive reuse of the former Baily-Johnson School in Alpharetta. The duo will transform the formerly segregated school, which served black students in north Fulton County from its opening in 1950 to its closing in 1967, into a three-building office campus totaling 160,000 square feet. The office campus will include a new 120,000-square-foot mass timber office building, as well as the redevelopment of the main school building and gymnasium. The new campus, dubbed Garren, is named after the school’s namesakes, George Bailey and Warren Johnson. The 4.4-acre site was most recently used as a maintenance facility for Fulton County Schools. Once complete, tenants at Garren will be in close proximity to Avalon and downtown Alpharetta and have access to several amenities on the campus, including outdoor gathering areas, private tenant patios, a tenant lounge, fitness centers, locker room with showers and bike storage. John Zintak and Porter Henritze of Cushman & Wakefield are handling the leasing assignment. A construction timeline was not disclosed.

July 12, 2022

Florida Loans Multifamily Southeast

JLL Provides $76.7M Freddie Mac Loan for Apartment Property in West Tampa

by John Nelson July 12, 2022

TAMPA, FLA. — JLL has provided a $76.7 million Freddie Mac loan for the refinancing of Hamilton Point on Egypt Lake, a 638-unit apartment community located at 6900 Concord Drive in west Tampa. Elliott Throne and Kenny Cutler of JLL originated the 10-year, floating-rate loan on behalf of the undisclosed borrower. Situated near several public beaches and Hyde Park Village, Hamilton Point on Egypt Lake features one-, two- and three-bedroom units that average 858 square feet in size. Amenities include two swimming pools, a lakefront sand volleyball court, clubhouse that can be reserved for events, fitness center, two tennis courts, reserved covered parking, a children’s playground and an onsite laundry facility.

July 12, 2022

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