Property Type

Southpace Properties to Develop $11M Mixed-Use Building in Birmingham

by Alex Tostado July 11, 2019

BIRMINGHAM, ALA. — Southpace Properties will develop Macaroni Lofts, a mixed-use building in Birmingham’s Parkside District that will include 35 residential units and 6,000 square feet of retail space. Birmingham Business Journal reports the project will cost $11 million to complete. The residential units will span in size from 347 square feet to 1,750 square feet. Situated at the corner of 4th Avenue and 14 Street, Macaroni Lofts is a redevelopment of the former Birmingham Macaroni Co. warehouse, which was built in 1902. The building’s existing structure will remain intact with the addition of rooftop penthouse units with private terraces. The design also incorporates 12 newly constructed residential units on an adjacent lot with a community terrace between the two structures. The development team includes Fifth Dimension Architecture, Commerce One as the lender, Southpace Properties for the commercial space listing(s) and H2 Real Estate for the residential units. Completion is scheduled for summer 2020 with units becoming available for pre-sale this month.

July 11, 2019

Acquisitions Multifamily South Carolina Southeast Student Housing

Preiss, Crow Holdings Capital Acquire 598-Bed Student Housing Complex Near Clemson University

by Alex Tostado July 11, 2019

CLEMSON, S.C. — The Preiss Co. and a privately held fund advised by Crow Holdings Capital have acquired Aspen Heights Clemson, a 598-bed student housing complex near Clemson University. The buyers have rebranded the property as The Collective at Clemson and are underway on major renovations, including upgrading the clubhouse, study center, flooring, bringing in new furniture and painting the exterior. Other amenities include a swimming pool, hot tub, outdoor fireplaces, volleyball court, basketball court, fitness center and a game room. The property offers two- through five-bedroom floor plans and is located at 673 Old Greenville Highway, two miles north of Clemson University. The seller and sales price were not disclosed.

July 11, 2019

Acquisitions Florida Maryland Multifamily Southeast

Black Creek Acquires Two Multifamily Properties in Maryland, Florida Totaling 601 Units

by Alex Tostado July 11, 2019

ROCKVILLE, MD. AND WINTER PARK, FLA. — Black Creek Group has acquired two multifamily communities, one in Rockville and one in Winter Park. The Rockville property is The Daley at Shady Grove Metro, a 333-unit community that was 95 percent occupied at the time of sale. The Daley is situated at 8010 Gramercy Blvd., 25 miles north of downtown Washington, D.C. Communal amenities include a community lounge, fitness center, swimming pool, outdoor courtyard and grilling stations. The second property, Broadstone Winter Park, is a 268-unit asset that was 85 percent occupied at the time of sale. Broadstone offers studio through three-bedroom floor plans and communal amenities such as a fitness center, swimming pool, two-story resident clubhouse, business center and private storage units. The seller(s) and sales price(s) were not disclosed.

July 11, 2019

Acquisitions Arkansas Healthcare Southeast

Flagship Healthcare Acquires Medical Office Building in Little Rock for $34.8M

by Alex Tostado July 11, 2019

LITTLE ROCK, ARK. — Flagship Healthcare Properties has acquired Little Rock Diagnostic Clinic, a 96,692-square-foot medical office building (MOB). The sales price was not disclosed, although several local media outlets report the MOB traded for $34.8 million. The MOB was fully leased at the time of sale to Catholic Health Initiatives St. Vincent Medical Group. Little Rock Diagnostic Clinic is situated on Baptist Medical Center’s campus in the West Little Rock district. It offers an ambulatory surgery center; a comprehensive diagnostic imaging suite containing two MRIs, CT, ultrasound, X-ray and bone densitometry machines; a COLA Laboratory of Excellence-accredited lab; and an infusion therapy center. Flagship Healthcare Properties acquired the MOB from the physician partners of Little Rock Diagnostic Clinic on behalf of its private REIT, Flagship Healthcare Trust Inc. Brock Martin of Orion Capital Partners represented the buyer in the transaction. Todd Rice of Colliers International represented the seller. Capital Bank, a member of the First Horizon family of companies, provided acquisition financing for the transaction.

July 11, 2019

New York Northeast Office

Consulate General of Japan Signs 58,000 SF Lease Extension at 299 Park Avenue in Manhattan

by Alex Patton July 11, 2019

NEW YORK CITY — The Consulate General of Japan has signed a 58,000-square-foot lease extension at the Plaza District tower owned by Fisher Brothers in Manhattan. The lease extension will keep the consulate at 299 Park Ave. until 2036. The office provides protection to Japanese nationals within the United States and promotes trade and investment with Japan. Fisher Brothers, which constructed the building in 1967, is set to initiate a capital improvement program to upgrade the lobby and entrance, and incorporate a new exterior lighting system. Since announcing the renovation plans in 2017, Fisher Brothers has secured 316,000 square feet of new leases and renewals at the tower, including investment firms One William Street Capital and GoldPoint Partners.

July 11, 2019

Georgia Leasing Activity Office Southeast

WeWork Leases Total of 150,000 SF of Space in Metro Atlanta

by Alex Tostado July 11, 2019

ATLANTA — WeWork has signed three office leases in metro Atlanta totaling 150,000 square feet. In the first lease, WeWork will occupy 35,000 square feet and all three stories of office space within a mixed-use project located at 120 W. Trinity Place in downtown Decatur. The space will accommodate 540 members. Atlanta-based Cousins Properties is developing the project, which will include 18,000 square feet of retail and restaurant space, 329 residential units and a parking deck, in addition to WeWork’s office space. Construction is expected for the first half of 2020. WeWork’s second lease is in Atlanta’s Central Perimeter district in Sandy Springs. The coworking company will lease 70,000 square feet of office space at 1155 Perimeter Center W. WeWork will occupy three floors and will accommodate 1,200 members. The space is expected to open in early 2020. WeWork also signed a 45,000-square-foot lease spanning two floors along the Atlanta BeltLine’s Eastside Trail near Ponce City Market. WeWork will occupy the space within the 725 Ponce project by the end of this year. Developer New City Properties plans to open 725 Ponce this fall. The project will comprise 370,000 square feet of office space and include an urban prototype Kroger …

July 11, 2019

Hospitality Massachusetts Northeast

Knighthead Provides $37.7M Loan for Hotel Conversion Project Near Boston

by Alex Patton July 11, 2019

CAMBRIDGE, MASS. — Knighthead Funding LLC, a Connecticut-based private lender, has provided a $37.7 million construction loan for the completion of a hotel conversion project in Cambridge, located across the Charles River from Boston. The project involves the conversion of a four-story multifamily building into a 67-room hotel that will house ground-floor retail space and features a rooftop lounge. Hay Creek will manage the new hotel, which is slated to open in the first quarter of 2020. Knighthead provided the 24-month loan to a local partnership operating as Sean Casey LLC.

July 11, 2019

Hospitality Massachusetts Northeast

Related Beal Opens 65-Room Whitney Hotel in Boston’s Beacon Hill Area

by Alex Patton July 11, 2019

BOSTON — Locally based developer Related Beal has opened a 65-room Whitney hotel located at the corner of Charles and Cambridge streets in Boston’s Beacon Hill neighborhood. The luxury boutique hotel also houses four premium suites and is attached to a new Mediterranean-style restaurant called Peregrine. Other amenities include a fitness studio, outdoor courtyard and rentable sailboats and bikes. Boston-based Hacin + Associates was the project architect, and Harrisburg, Pa.-based Hersha Hospitality Management will operate the property.

July 11, 2019

Acquisitions New Jersey Northeast Office

Marcus & Millichap Brokers $4M Sale of Medical Office Building in Metro Philadelphia

by Alex Patton July 11, 2019

CHERRY HILL, N.J. — Marcus & Millichap has brokered the $4 million sale of South Jersey Medical Center, a 33,426-square-foot medical office building located in Cherry Hill, located just outside Philadelphia in New Jersey. The property features 14 suites and 425 feet of frontage along State Route 70, which has a daily traffic count in excess of 53,000 cars. David Beyel, Lawrence Gariano and Michael Hinchman of Marcus & Millichap’s Philadelphia represented the undisclosed seller and procured the buyer, a Pennsylvania-based partnership that will upgrade the property’s common areas.

July 11, 2019

Acquisitions Connecticut Multifamily Northeast

Northeast Private Client Group Negotiates $3.6M Sale of Two Multifamily Assets in Connecticut

by Alex Patton July 11, 2019

BRIDGEPORT, CONN. — Northeast Private Client Group (NPCG) has negotiated the $3.6 million sale of a pair of multifamily assets in Bridgeport, located on Connecticut’s southern coast. The properties total 44 units. Brad Balletto, Rich Edwards and Jeff Wright of NPCG represented the seller, a local owner-operator, and procured the buyer, a Connecticut-based investor. The deal closed at a capitalization rate of roughly 7 percent.

July 11, 2019

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