Property Type

Old No. 77 Hotel & Chandlery New Orleans

Provenance Hotels Partners Buys Old No. 77 Hotel & Chandlery in New Orleans

by John Nelson June 6, 2016

NEW ORLEANS — Provenance Hotels Partners Fund I, an investment vehicle sponsored by Portland-based hotel operator Provenance Hotels, has purchased Old No. 77 Hotel & Chandlery in New Orleans for an undisclosed price. The 167-room boutique hotel is located at 535 Tchoupitoulas St. in New Orleans’ Warehouse Arts District. The hotel features Compère Lapin, a French and Italian restaurant helmed by chef Nina Compton. Provenance Hotels bought out the ownership stake in Old No. 77 from its partners — affiliates of New York-based GB Lodging and Dallas-based Woodbine Development Corp. The trio opened the hotel in August 2015.

June 6, 2016

Industrial South Carolina Southeast

Beacon Partners Delivers 40,000 SF Flex Facility in Metro Charlotte

by John Nelson June 6, 2016

ROCK HILL, S.C. — Beacon Partners has completed the construction of a 40,000-square-foot office and manufacturing facility at 1217 Apex Drive in Rock Hill, a southern suburb of Charlotte in South Carolina. The asset is situated within Waterford Business Park at the corner of Dave Lyle Boulevard and Waterford Park Drive. The tenant, Oerlikon Balzers Coatings USA Inc., has begun a phased move in, which will continue over the summer. The facility was originally a speculative shell industrial building that Beacon Partners purchased from the Rock Hill Economic Development Corp. Oerlikon is a supplier of surface technologies that improve the performance and durability of precision components and tools for the metal and plastics processing industries. Region’s Bank provided construction financing to Beacon Partners for the flex facility. Other project team members include architect Merriman Schmitt and general contractor J.M. Cope.

June 6, 2016

Florida Healthcare Southeast

Bull Realty Brokers $10.6M Sale of Medical Office Building in Florida

by John Nelson June 6, 2016

THE VILLAGES, FLA. — Atlanta-based Bull Realty has brokered the $10.6 million sale of the TLC Medical Arts building, a 32,000-square-foot medical office building located in The Villages. The property’s anchor tenant is TLC ASC, a surgical center joint venture between National Surgery Center Holdings Inc., a subsidiary of Tenet Healthcare and a group of regional physicians. Other tenants include The Orthopedic Institute, Olcott Spine Institute and Spine Intervention Specialists. Stage Acquisitions, an affiliate of Skokie, Ill-based Stage Equity Partners, purchased the property from Stanmore Development LLC. Michael Bull and Paul Zeman of Bull Realty represented the seller in the transaction.

June 6, 2016

Georgia Multifamily Southeast Top Stories

Cushman & Wakefield Acquires Multi Housing Advisors in the Southeast

by Nellie Day June 6, 2016

ATLANTA — Cushman & Wakefield has acquired Atlanta-based Multi Housing Advisors (MHA), creating one of the largest multifamily brokerage platforms in the Southeast. MHA has closed 23.8 percent of the Southeast’s total multifamily investment sales transactions this year, according to the company. The combined firms brokered nearly $3 billion in transactions, including 20 percent of all Southeastern multifamily sales in 2015. MHA co-founders Josh Goldfarb and Marc Robinson will serve as Cushman & Wakefield’s U.S. multifamily leaders. They will be based in Atlanta and Charlotte, respectively. Goldfarb and Robinson founded MHA in 2002. The company has produced transaction volume totaling more than $5.9 billion in the past five years. MHA has sold more than 140,000 multifamily units through more than 850 individual transactions since its inception. The firm brings 13 brokerage professionals and a staff of 35 to Cushman & Wakefield, and adds on-the-ground employees to the Southeast, with offices in Birmingham and Charlotte. “Adding MHA exemplifies Cushman & Wakefield’s commitment to growing our capital markets platform, especially in the multifamily sector,” says Noble Carpenter, Cushman & Wakefield president of capital markets for the Americas. “Strategically, we are deeper and positioned to serve clients across the spectrum of multifamily properties …

June 6, 2016

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Memphis Reaffirms Its Industrial Prowess with Strong 2015 Performance

by John Nelson June 6, 2016

To say 2015 was a good year for the Memphis industrial market would be an understatement. The Memphis market, which comprises approximately 220 million square feet spread across seven submarkets and three states (Mississippi, Tennessee and Arkansas), set a new record in 2015 with absorption exceeding 8.4 million square feet. This total is nearly double what the market recorded in 2014 and an impressive 2 million square feet more than the record set in 2006. Vacancy also dipped into single-digit territory for the first time ever, falling below the 10 percent mark to a new record low of 9.8 percent. Vacancy fell 370 basis points in 2015 alone, the most significant year-over-year vacancy decrease in market history. The market’s central U.S. location, quadra-modal transportation infrastructure (river, road, runway and rail) and abundant labor force are just a few of the benefits that make it an ideal location for distribution tenants. A total of 18 Class A deals were completed in 2015 by notable companies like Nike, Post, Cummins, Dayco Products, AmerisourceBergen, T.J. Maxx and Coca-Cola, to name a few. Class A buildings made up 6.3 million square feet, or 75 percent, of total absorption. There were five deals north of …

June 6, 2016

Hospitality Indiana Midwest

LaSalle Hotel Properties Agrees to Sell 622-room Marriott Indianapolis Downtown for $165M

by Christina Cannon June 3, 2016

INDIANAPOLIS — LaSalle Hotel Properties has entered into a definitive contract to sell the 622-room Marriott Indianapolis Downtown to affiliates of White Lodging Services Corp. and REI Investments for $165 million. LaSalle acquired the property in 2004 for $106 million and expects the transaction to close in the third quarter of this year. The transaction is subject to customary closing conditions, and proceeds from the deal will be used to reduce borrowings on LaSalle’s senior unsecured credit facility. The hotel features amenities such as a restaurant and bar, indoor pool, fitness center, on-site Starbucks, safe deposit boxes, business center, room service, on-site laundry and 40,000 square feet of meeting space.

June 3, 2016

Illinois Midwest Multifamily Student Housing

University of Chicago to Sell Portfolio of 11 Properties and Six Land Sites

by Christina Cannon June 3, 2016

CHICAGO — The University of Chicago has tapped HFF to market for sale a portfolio consisting of 11 properties and six land sites in Chicago. The portfolio consists of six graduate student housing properties, four faculty and staff buildings, one retail property and six land sites. The residential properties are 95.9 percent occupied overall, and comprise a total of 520 beds and approximately 272,593 square feet. The portfolio is located in Hyde Park within walking distance to campus, six miles south of Chicago’s central business district. The university will only accept offers for the portfolio in its entirety. Brian Kelly and Michael Higgins will lead the HFF investment sales team representing the University of Chicago.

June 3, 2016

Loans Midwest Nebraska Retail

Q10 | Daisley Ruff Arranges $6.2M Loan for Shopping Center in Lincoln

by Christina Cannon June 3, 2016

LINCOLN, NEB. — Q10 | Daisley Ruff Financial has arranged a $6.2 million refinancing loan for South Ridge Shopping Center, a 100,000-square-foot shopping center in Lincoln. A Nebraska-based developer was the borrowing entity. The fully occupied South Ridge Shopping Center, which was built in 1999, includes tenants such as Super Saver, HuHot Mongolian Grill, Five Guys Burgers & Fries and Platos Closet. Steve Ruff and Eric Petersen arranged the fixed-rate, fully amortizing loan through a national life insurance company.

June 3, 2016

Illinois Midwest Office

Marcus & Millichap Brokers $5M Sale of Office Property in Suburban Chicago

by Christina Cannon June 3, 2016

OAKBROOK TERRACE, ILL. — Marcus & Millichap has brokered the sale of a 91,844-square-foot office property in Oakbrook Terrace, approximately 20 miles west of Chicago, for over $5 million. Summit Oaks Office is located at 1S450 Summit Ave. John Abuja of Marcus & Millichap listed the property on behalf of the seller, a partnership. Abuja also secured and represented the buyer, a limited liability company.

June 3, 2016

Hampton-Inn-Suites-Downtown-Dallas-Texas

Hospitality Texas

Hampton Inn & Suites Opens in Downtown Dallas

by Haisten Willis June 3, 2016

DALLAS — Hampton Inn & Suites Dallas Downtown is now open. NewcrestImage manages the hotel, which is located at 1700 Commerce St. in the former Allen Building. The renovated space is located near the Majestic Theatre, the Dallas Convention Center, Dealey Plaza and the Dallas World Aquarium. American Airlines Center is two miles away, and the Dallas/Fort Worth International Airport is 20 miles away. The hotel provides a breakfast of eggs, oatmeal and waffles, in addition to Hampton’s On the Run breakfast bags that feature multi-grain bars, apples, breakfast bread loaves and bottles of water. Amenities at the hotel include free Wi-Fi, a 24-hour business center, 500-square-foot boardroom, indoor pool and a fitness center. Guestroom amenities include a 49-inch TV, microwave, refrigerator and coffee maker.

June 3, 2016

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