Property Type

Innovatus Capital Buys Newly Built Office Building in Atlanta’s Cumberland/Galleria Submarket

by Camren Skelton September 11, 2018

ATLANTA — Innovatus Capital Partners LLC has acquired 3400 Overton, a 172,756-square-foot office building located in Atlanta’s Cumberland/Galleria office submarket. TPA Group and USAA Real Estate delivered the seven-story project in October 2017. The all-glass building is situated at the southeast corner of the Interstate 75 and I-285 interchange at the intersection of Akers Mill Road and Cumberland Boulevard. The sales price was not disclosed. The building is 80 percent leased to tenants including Synovus Financial Corp. and McGriff, Seibels & Williams Inc. Lincoln Property Co. is handling the property’s leasing assignment and management services. Onsite amenities at 3400 Overton include a modern lobby, fitness center, Synovus bank branch, café, grab-and-go coffee bar, indoor/outdoor Wi-Fi, covered parking and an open courtyard overlooking the Chattahoochee National Forest. A 140-room hotel planned by Intercontinental Hotels Group is scheduled to open adjacent to the property in 2019.

September 11, 2018

Development Multifamily North Carolina Southeast

Marsh Properties Breaks Ground on 263-Unit Apartment Community in Charlotte

by Camren Skelton September 11, 2018

CHARLOTTE, N.C. — Marsh Properties has broken ground on The Edge@Sedgefield, a 263-unit apartment community located within the Sedgefield mixed-use redevelopment in Charlotte. The community will include a mix of studio to two-bedroom apartment units ranging in size from 600 to 1,450 square feet. Community amenities will include five private courtyards, bike storage, a dog wash station, dog park, fitness center with yoga studio, pool, clubroom and a rooftop terrace with views of South End and Uptown Charlotte. The development team for The Edge@Sedgefield includes BB+M Architecture, Samet Corp. and LandDesign. BB&T is providing construction financing for the project. The first units at the community are expected to deliver in the spring of 2020. At full build-out, Sedgefield will include approximately 700 residential units, the redevelopment of 30,000 square feet of retail and the potential for 100,000 square feet of office space. Sedgefield Shopping Center, a 68,000-square-foot shopping center developed by Marsh in partnership with Aston Properties, opened at the development last year. The center is home to Harris Teeter, Nexter Juice Bar, Holler & Dash and The Waterman. The Edge@Sedgefield will be located adjacent to the retail center.

September 11, 2018

Florida Hospitality Loans Southeast

Berkadia Arranges $17.5M Construction Loan for New Hotel in Tallahassee

by Camren Skelton September 11, 2018

TALLAHASSEE, FLA. — Berkadia has arranged a $17.5 million construction loan for Hotel Indigo, a 143-room hotel that will be developed in Tallahassee. Brad Williamson and Kyle Ryan of Berkadia arranged the five-year, fixed-rate loan through a regional bank on behalf of the developer, Urban Street Development. The hotel will be one of the final pieces of the company’s Florida State University (FSU) CollegeTown District. The master-planned mixed-use community already includes 982 student housing beds, 60,000 square feet of retail and restaurant space and two parking garages. Urban Street broke ground on the $125 million project in 2013. Situated at 826 Gaines St., Hotel Indigo will be located adjacent to FSU and steps away from Doak Campbell Stadium, home to FSU’s Seminole football team. Designed by hospitality design firm ai3, the hotel will feature a contemporary design and an onsite restaurant and bar. Hotel Indigo is a chain of boutique hotels and part of InterContinental Hotels Group.

September 11, 2018

Development Florida Industrial Southeast

Flagler, Ware Malcomb Complete Build-to-Suit Industrial Facility in Miami-Dade County for Aerospace Firm

by Camren Skelton September 11, 2018

HIALEAH, FLA. — Construction is complete on the new KLX Aerospace Solutions global headquarters and distribution hub located in Hialeah, a city in Miami-Dade County. Ware Malcomb provided master planning and architectural design services for the 700,000-square-foot project, which is part of the first phase of the planed 95-acre Countyline Corporate Park, a logistics park developed by Flagler Global Logistics. KLX Aerospace Solutions is a distributor of aerospace hardware and provider of supply chain management solutions for Original Equipment Manufacturers (OEMs), Maintenance and Repair Operations (MROs) and airlines across the globe. The new facility features concrete tilt-up construction, metal canopy parking structure, electric car charging stations, a café, recreational area and outdoor seating. Turner Construction was the general contractor for the project.

September 11, 2018

Acquisitions Multifamily Texas

Bascom Group Acquires 424-Unit Apartment Community in Frisco

by Taylor Williams September 11, 2018

FRISCO, TEXAS — California-based private equity firm The Bascom Group has acquired Jefferson Stonebriar, a 424-unit multifamily community in Frisco. The newly built, Class A property consists of one-, two- and three-bedroom units and offers amenities such as a pool, fitness center, business center, conference room and pet park. The seller was Irving, Texas-based multifamily developer JPI. Brian Murphy and Richard Furr of ARA Newmark represented JPI in the transaction. Tip Strickland and Braden Harmon of Berkeley Point Capital secured debt for the transaction, which marks Bascom’s 35th multifamily property closed in Texas. James D’Argenio and Chang Liu sourced and managed the acquisition for Bascom.

September 11, 2018

Development Industrial Self-Storage Texas

Jenkins to Develop 816-Unit Self-Storage Facility in North Austin

by Taylor Williams September 11, 2018

AUSTIN, TEXAS — The Jenkins Organization (TJO) has acquired land in north Austin for the development of Northgate Storage, an 816-unit self-storage facility. The property will span 127,000 gross square feet and will offer climate- and non-climate-controlled units, as well as gated entry and electronic security monitoring. The opening is currently slated for May 2019.

September 11, 2018

Acquisitions Industrial Texas

Ridge Sells 362,000 SF Spec Warehouse in Fort Worth

by Taylor Williams September 11, 2018

FORT WORTH, TEXAS — Ridge, the industrial development arm of Transwestern Development Co., has sold a 362,000-square-foot speculative warehouse in Fort Worth. The property is located within Railhead Industrial Park, a 633-acre, rail-served development. The building, which was completed in June, features 32-foot clear heights, 60 trailer parking spaces and 160 car parking spaces. An undisclosed institutional investor purchased the property after acquiring the adjacent, 299,810-square-foot property last year.

September 11, 2018

Acquisitions Industrial Texas

JLL Negotiates Sale of 270,084 SF Industrial Property in Rio Grande Valley

by Taylor Williams September 11, 2018

MISSION, TEXAS — JLL has negotiated the sale of a 270,084-square-foot industrial property located at 802 Trinity St. in Mission, a city in the Rio Grande Valley. Boston-based STAG Industrial acquired the warehouse property from Colimar Inc. for an undisclosed price. Dustin Volz, Zane Marcell and Grant Matthews of JLL, along with Edward Villareal of South Texas Commercial Real Estate, brokered the deal.

September 11, 2018

Loans Office Texas

iBorrow Provides $6M Loan for Coworking Office Building in Houston

by Taylor Williams September 11, 2018

HOUSTON — Private direct lender iBorrow has provided a $6 million loan for a two-story, 41,989-square-foot coworking office building located at 1512 Center St. N. in Houston. The loan will be used to renovate the property. Upon completion, the building will offer 50 open coworking spaces, 20 dedicated desks, 134 private offices and 40 parking spaces. The borrower was not disclosed.

September 11, 2018

Acquisitions Hospitality Midwest Missouri

MCR Sells 195-Room Hilton Hotel in Downtown St. Louis

by Kristin Harlow September 11, 2018

ST. LOUIS — MCR has sold the 195-room Hilton St. Louis Downtown at the Arch. The hotel is located at 400 Olive St. Amenities include a business center, bar area, fitness room and meeting rooms. The buyer was not disclosed. MCR, which purchased the property in December 2016, generated a 44 percent internal rate of return on its initial investment. The sales price was not disclosed, but the property has an appraised value of nearly $7 million, according to the St. Louis Post-Dispatch. MCR’s investment strategy is to purchase well-located hotels, improve operations and sell opportunistically, according to Tyler Morse, CEO and managing partner.

September 11, 2018

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