Property Type

Peachtree Hotel Group Sells AC Hotel by Marriott in Downtown Atlanta for $57.5M

by Camren Skelton August 11, 2017

ATLANTA — Atlanta-based Peachtree Hotel Group has sold the AC Hotel by Marriott in downtown Atlanta to Austin, Texas-based Summit Hotel Properties Inc. for $57.5 million. The 255-room hotel — a redevelopment of a former Holiday Inn — opened in May 2017 after undergoing approximately $20 million in renovations. The hotel features a health and fitness studio, outdoor patio, swimming pool and an enclosed Zen garden with greenery walls. Interstate Hotels & Resorts will manage the property. Situated at 101 Andrew Young International Blvd. in the heart of downtown Atlanta, the hotel is within walking distance to CNN Studios, Centennial Olympic Park, the Georgia Aquarium, the College Football Hall of Fame and the World of Coca-Cola.

August 11, 2017

Florida Loans Multifamily Southeast

Related Development Secures $52M in Construction Financing for Multifamily Project in Tampa

by Camren Skelton August 11, 2017

TAMPA, FLA. — Related Development LLC, an affiliate of Miami-based The Related Group, has secured $52 million in construction financing through SunTrust Bank for a 396-unit apartment community in Tampa’s Westshore neighborhood. Town Westshore will include 396 units situated on approximately eight acres of land. The four-story development will feature fitness and yoga studios, saunas, massage treatment rooms, dining rooms and concierge services.

August 11, 2017

Georgia Office Southeast

Wealth Management Firm to Relocate Headquarters to Three Alliance Center in Buckhead

by Camren Skelton August 11, 2017

ATLANTA — Homrich Berg, an Atlanta-based wealth management firm, will relocate its headquarters to Three Alliance Center in Atlanta’s Buckhead district. Andy Ghertner and Carla Williams of Cushman & Wakefield represented the tenant, and Chris Ahrenkiel represented the landlord, Tishman Speyer, internally in the lease transaction. Homrich Berg will lease 26,126 square feet in the 30-story tower. Constructed in 2016, Three Alliance Center is the final phase of the Alliance Center office complex and features an on-site fitness center, conference center, 24-hour security, covered parking, a glass curtain wall system and 360-degree, floor-to-ceiling windows.

August 11, 2017

Office Texas

Adolfson & Peterson Breaks Ground on New Office Project for Apache in Midland

by Taylor Williams August 11, 2017

MIDLAND, TEXAS — Adolfson & Peterson Construction has broken ground on a new office development in Midland for Houston-based oil and gas exploration firm Apache Corp. The project will deliver a three-story building adjacent to Apache’s existing offices on Veterans Airpark Lane. Designed by Kirksey Architecture, the new building will feature 70,750 square feet of office space and amenities such as a daycare, fitness center and a physician’s clinic. Substantial completion of the property is scheduled for the first quarter of 2018.

August 11, 2017

Office Texas

CBRE Arranges Sale of Preston Plaza in North Dallas

by Taylor Williams August 11, 2017

DALLAS — CBRE has arranged the sale of Preston Plaza, a 250,009-square-foot office property located at the intersection of Preston and Frankford roads in North Dallas. Built in 1986 and renovated in 2015, the property was 91 percent leased at the time of sale. Eric Mackey, Gary Carr, John Alvarado, Jared Chua and Robert Hill of CBRE represented the seller, Caddo Holdings, in the transaction. Houston-based Tanglewood Property Group purchased the asset for an undisclosed price.

August 11, 2017

Office Texas

HFF Negotiates Sale of 251,143 SF Office Building in Austin

by Taylor Williams August 11, 2017

AUSTIN, TEXAS — HFF has negotiated the sale of 3900 San Clemente, a 251,143-square-foot office property situated on 9.9 acres at 3900 N. Capital of Texas Highway in Austin. Completed in 2008, the property was 91 percent leased at the time of sale and anchored by Samsung, VMWare and Maxim Integrated. Amenities include a fitness center, curbside food truck service and a connected parking garage. HFF represented the seller, a partnership between a global real estate investment manager and Austin-based HPI Real Estate, and procured the buyer, California-based investment firm Menlo Equities. The company secured an undisclosed amount of acquisition financing for the buyer through a national bank.

August 11, 2017

Retail Texas

EDGE Brokers Sale of Retail Center in Conroe, Texas

by Taylor Williams August 11, 2017

CONROE, TEXAS — EDGE Capital Markets has brokered the sale of Montgomery Crossing, a retail property consisting of 69,000 square feet of inline space, three pad sites and a 2.3-acre development parcel. The property is located near the intersection of Interstate 45 and State Highway 105 in Conroe, about 40 miles north of Houston. Josh Jacobs and Burdette Huffman of EDGE represented the undisclosed seller in the transaction. Montgomery Crossing LLC/ShinMac Management purchased the asset for an undisclosed price.

August 11, 2017

Industrial Texas

Lee & Associates Negotiates 40,576 SF Industrial Lease Renewal in Arlington

by Taylor Williams August 11, 2017

ARLINGTON, TEXAS — Lee & Associates has negotiated a 40,576-square-foot industrial lease renewal at 417 113th St. in Arlington. Mark Graybill and Colton Rhodes of Lee & Associates represented the landlord, Global Logistics Property, in the lease negotiations. Jim Ferris of Bradford Cos. represented the tenant, JTM Ventures Inc., an Arlington-based defense contractor. The length of the lease renewal was not disclosed.

August 11, 2017

California Multifamily Western

Lowe, AECOM Capital, Rockwood Capital Start Construction on $300M Mixed-Use Development in Culver City

by Nellie Day August 11, 2017

CULVER CITY, CALIF. — Lowe, AECOM Capital and Rockwood Capital have begun construction on Ivy Station, a transit-oriented mixed-use development adjacent to the Culver City Station of the Los Angeles Metro Expo light-rail line in Culver City. Situated on 5.2 acres, the $300 million development will feature 200 apartments, 55,000 square feet of ground-floor retail and restaurant space, a 148-room boutique hotel and a 200,000-square-foot office building. Additionally, the project will feature 1,500 spaces of below-grade parking, 300 of which will be dedicated for use by Metro riders. Killefer Flammang Architects and EYRC are providing architectural services for the project, which is slated for completion in fall 2019. Bernards is serving as general contractor for the development.

August 11, 2017

California Restaurant Retail Western

SRS Real Estate Partners Brokers $5M Sale of Restaurant Property in Long Beach

by Nellie Day August 11, 2017

LONG BEACH, CALIF. — SRS Real Estate Partners has arranged the sale of a restaurant property located in Long Beach. An undisclosed buyer acquired the property for $5 million, or $1,685 per square foot. The newly constructed 2,967-square-foot property is occupied by Carl’s Jr., which opened in July. Matthew Mousavi, Patrick Luther, Garrett Colburn and Townsand Cropsey of SRS represented the undisclosed seller in the deal.

August 11, 2017

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