Property Type

IHG, Chance Partners Break Ground on Hotel Indigo Tuscaloosa Downtown

by John Nelson September 14, 2015

TUSCALOOSA, ALA. — InterContinental Hotels Group (IHG) and Chance Partners have broken ground on Hotel Indigo Tuscaloosa Downtown, a 91-room hotel located at 120 Greensboro Ave. within Riverfront Village, a $60 million mixed-use development. Riverfront Village fronts Black Warrior River in downtown Tuscaloosa. The new hotel will be the first LEED-certified hotel in Alabama and Tuscaloosa’s first riverfront hotel. IHG and Chance Partners expect to open the hotel in winter 2016. Upon completion, the hotel will feature 1,000 square feet of executive meeting space, a fitness center, restaurant, rooftop bar, business center and a 2,500-square-foot outdoor terrace. Interstate Hotels & Resorts will manage the hotel upon completion.

September 14, 2015

Georgia Multifamily Southeast

RADCO Acquires Two Apartment Communities in Metro Atlanta Totaling $53.4M

by John Nelson September 14, 2015

ATLANTA — The RADCO Cos. has purchased two apartment communities in metro Atlanta totaling 554 units for a combined $53.4 million. The properties include Andover at East Cobb in Marietta and Crossing at McDonough in McDonough. Both properties offer apartments with one, two and three bedrooms. Community amenities include resort-style pools, fitness facilities and business centers with Wi-Fi. Each apartment complex is within one mile of I-75 and provides immediate access to major local corporations such as Dobbins Air Reserve Base in Marietta and Midland Industrial Park in McDonough. Atlanta-based RADCO will invest a combined $6.5 million to upgrade both properties through unit upgrades, amenity enhancements and exterior improvements. Andover at East Cobb will be rebranded as Winterset at East Cobb, and Crossing at McDonough will become Crossings at McDonough. RADCO purchased both assets from Wilkinson Real Estate Advisors Inc., and the two communities are now the third and fourth assets that RADCO and Wilkinson have traded together. CBRE brokered both transactions. RADCO’s portfolio now includes 44 multifamily assets with an additional 1,301 units under contract, which should close in September and October.

September 14, 2015

District of Columbia Mixed-Use Southeast

High Street Residential to Develop Mixed-Use Project in D.C.

by John Nelson September 14, 2015

WASHINGTON, D.C. — High Street Residential, the multifamily subsidiary of Trammell Crow Co., and its joint venture equity partner have teamed up with Central Armature Works (CAW) to redevelop an existing CAW electrical repair and supply warehouse at 1200 3rd St. N.E. in Washington, D.C. High Street Residential plans to transform the 2.5-acre parcel in Washington’s NoMa neighborhood into an apartment building, condominium building, outdoor public space, street-level retail and a hotel. The transit-oriented project will be located directly adjacent to the NoMa Metro station. HFF represented CAW in the land sale.

September 14, 2015

Mixed-Use Southeast Virginia

Rubenstein Partners Acquire Mixed-Use Development in Northern Virginia

by John Nelson September 14, 2015

ALEXANDRIA, VA. — Rubenstein Partners LP has purchased 2461 Eisenhower Avenue, a 360,000-square-foot mixed-use property in Alexandria. The project comprises a 14-story, 335,000-square-foot office tower wrapped by 25,000 square feet of retail and restaurants. The office building is currently gutted and is undergoing a 15-month transformation into a Class A property with a fitness center and conference facilities. Rubenstein Partners also purchased an adjacent retail pad at 2425 Eisenhower Ave. that is zoned for 7,500 square feet. The properties are located across the street from the National Science Foundation’s new 720,000-square-foot headquarters and the Eisenhower Avenue Station Metro within the 56-acre Hoffman Town Center.

September 14, 2015

Holiday Inn Express & Suites 1917 Bladensburg Road

District of Columbia Hospitality Loans Southeast

HFF Arranges $36.2M Financing for Two Hotels in D.C.

by John Nelson September 14, 2015

WASHINGTON, D.C. — HFF has arranged two loans totaling $36.2 million for the Holiday Inn Express & Suites and Fairfield Inn & Suites in Washington, D.C. The two adjacent hotels each have 126 guest rooms and feature a breakfast area, lobby, fitness center, swimming pool, business center and between 600 and 800 square feet of meeting space. The Holiday Inn Express & Suites (1917 Bladensburg Road) and the Fairfield Inn & Suites (2305 New York Ave. N.E.) share 251 parking spaces on approximately 3.6 acres at the intersection of Bladensburg Road and New York Avenue. Mark Remington of HFF arranged the $19.3 million loan for Holiday Inn Express & Suites and the $16.9 million loan for Fairfield inn & Suites through Burke & Herbert Bank on behalf of the borrower, Rocks Engineering Co. The fixed-rate loans each have a term of 10 years.

September 14, 2015

Market Reports North Carolina Retail Southeast Southeast Market Reports

Food Fight Among New, Established Grocers Highlights Charlotte’s Retail Activity

by John Nelson September 14, 2015

As Charlotte’s job growth has returned, so has traffic into Uptown during rush hour, a new apartment project on every corner, healthy single-family demand and a food fight. Currently there is an all-out war for grocery market share between behemoths Harris Teeter, Publix and Walmart Neighborhood Market, all adding stores at a record rate, while Whole Foods Market continues to expand within the market on a measured basis. Newcomers Sprouts Farmers Market and Lidl, a German-based supermarket grocer offering discount items, are set to make market entries between 2016 to 2018, with Food Lion planning to refurbish a number of their stores in the market. Pappas Properties has begun construction on a Harris Teeter at Berewick and Raley Miller in a joint venture with Levine Properties, and has filed a rezoning petition to add another Harris Teeter at the corner of Fairview and Providence. Harris Teeter has recently added a store in Cornelius, as has Publix. Publix has recently opened a new store in the booming South End submarket located along the transit line on South Boulevard and has won zoning approval for a store to be constructed at Cotswold. A grocer is also rumored to be scouting a redevelopment …

September 14, 2015

Retail Texas

Endeavor to Invest $27.5M in Renovation for San Marcos Shopping Center

by Katie Sloan September 11, 2015

SAN MARCOS, TEXAS — Endeavor Real Estate Group has announced plans to invest $27.5 million to revamp Springtown Shopping Center, a retail center with low occupancy along I-35 in San Marcos between Austin and San Antonio. Endeavor purchased the center in November, at which point it was 10.5 percent occupied and split among four separate owners. The developer has signed leases with two anchor tenants. EVO Entertainment Group leased 34,000 square feet to build a dine-in luxury movie theater, bowling alley and event venue called The Spot. Gold’s Gym has leased 42,000 square feet.

September 11, 2015

Multifamily Student Housing Texas

Vesper Acquires 864-Bed University Courtyard Near Texas Tech

by Katie Sloan September 11, 2015

LUBBOCK, TEXAS — Vesper Holdings has purchased the 864-bed University Courtyard student housing community near Texas Tech University in Lubbock. Vesper purchased University Courtyard from a group of tenant-in-common owners “at a steeply discounted price,” the company says. The property was acquired through an off-market transaction. Vesper is planning to execute a complete renovation of University Courtyard and intends to invest $4.5 million in capital expenditures. Property improvements will include a renovation of the units and amenities, as well as enhancements to the property’s exteriors and technology upgrades throughout the complex. Completed in 2005, University Courtyard is located in close proximity to Texas Tech University. University Courtyard contains 12 three-story residential buildings and a clubhouse spread across a 30-acre site. The property’s unit mix consists of two-, three-, and four-bedroom floor plans. All of the units have a one-bed-to-bath ratio. All apartments are fully furnished and feature black appliance packages and large, fully equipped kitchens. All units at University Courtyard have private, full-sized washers and dryers, along with high-speed Internet connection in every bedroom. University Courtyard amenities include a movie theatre, fitness center, business center, game room, basketball court, free tanning salon, lighted jogging track and two swimming pools.

September 11, 2015

California Office Western

Ivanhoé, Callahan Acquire PacMutual Office Property in Downtown LA

by Nellie Day September 11, 2015

LOS ANGELES — Ivanhoé Cambridge and its partner Callahan Capital Properties have acquired a full interest in the PacMutual office property in Downtown Los Angeles for $200 million. The property is located at 523 W. 6th St. The three buildings contain a total of 464,000 square feet. They are interconnected. PacMutual is situated near the 7th Street retail corridor, L.A. LIVE entertainment complex, Staples Center arena, Broadway Theater District, South Park neighborhood, and mixed-use developments like the Bloc and Wilshire Grand.

September 11, 2015

California Loans Office Western

Hines Receives $100M in Financing to Acquire, Redevelop Offices in Irvine

by Nellie Day September 11, 2015

IRVINE, CALIF. — The Quintana office campus, a 421,935-square-foot office campus in Irvine, has received $100 million in financing. The floating-rate debt package will finance the acquisition, redevelopment and re-tenanting of the Class A property, which Hines purchased in August. The four-building Quintana campus is situated at the intersection of Main Street and Von Karman Avenue in the Irvine Business Complex. One of the buildings is fully leased to StrataCare, a wholly owned subsidiary of Xerox Corporation. The remaining three are vacant. Quintana represents the largest block of contiguous office space currently available for a large user in Orange County. It is also the only remaining big block in the airport area, according to New York Life Real Estate Investors, which originated the funds on behalf of institutional investors. HFF’s Kevin MacKenzie worked on behalf of Hines. The floating rate debt package has a total available term of five years.

September 11, 2015

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