FRANKLIN, LA. — Saronic Technologies, an Austin-based manufacturer for the defense and space industries, has announced plans to invest $300 million to expand its existing shipyard in Franklin, a city in southern Louisiana’s St. Mary Parish. The shipyard first became operational in April. The new investment will allow Saronic to meet client demand for its fleet of autonomous ships, or Autonomous Surface Vessels (ASVs). The company broke ground last month on the expansion, which will add 300,000 square feet of manufacturing space to its site near the Atchafalaya River, which feeds into the Gulf of Mexico. The project will comprise three new slips, expand its existing warehouse and establish a production line for assembly of its ASVs, namely Marauder, the company’s 180-foot autonomous ship. Saronic worked with Louisiana Economic Development, St. Mary Parish and other government offices on the expansion, which will add 1,500 skilled jobs to the Gulf Coast region. Private partners on the design-build team include JacobsWyper Architects, P2S, KPFF, JE Dunn and Alberici. The project is slated for completion by the end of 2026, with expanded operations coming on-line in early 2027. Saronic is also planning its next-generation Port Alpha shipyard, details of which were not released.
Southeast
Allen Morris Co. Obtains $138.5M Construction Loan for Coconut Grove Mixed-Use Project in Miami
by John Nelson
MIAMI — Allen Morris Co. has obtained a $138.5 million construction loan for Ziggurat, a mixed-use development located at 3101 Grand Ave. in Miami’s Coconut Grove neighborhood. Faisal Ashraf of Lotus Capital Partners arranged the loan through BDT & MSD Partners and BHI, the U.S. bank of Israel-based Bank Hapoalim. Further details of the financing were not released. Designed by Oppenheim Architecture, Ziggurat will comprise two buildings featuring natural stone exteriors with gardens wrapping every level. The project will be situated on a 1.7-acre site at the intersection of Grand Avenue, Matilda Street and Florida Avenue. The property will include a five-story, 100,000-square-foot trophy office building with a rooftop restaurant and a three-story building that will comprise 18 for-sale luxury condominiums and 45,000 square feet of retail space on the ground level. The condominiums will range in size from 1,254 to more than 5,000 square feet. ONE Sotheby’s International Realty is handling sales, with prices ranging from $3.5 million to $15 million. Ryan Holtzman, Andrew Trench and Brian Gale with Cushman & Wakefield will manage office leasing alongside Thad Adams with Allen Morris Co. Daniel Cardenas and Michael Sullivan with Vertical Real Estate will lead the retail leasing efforts. Allen Morris …
Northstar REIS Arranges $44.5M Sale of Student Housing Community Near James Madison University
by John Nelson
HARRISONBURG, VA. — Northstar REIS has arranged the $44.5 million sale of Squire Hill Apartments, a 504-bed student housing community located at 1443 Devon Lane near the James Madison University campus in Harrisonburg. Jack Stead of Northstar REIS represented the buyer, North Beacon Capital, and the seller, The Michaels Organization, in the transaction. Squire Hill offers 189 units in one-, two-, three- and four-bedroom configurations. Shared amenities include a 24-hour fitness center, resort-style pool and hot tub, study area, picnic pavilion, coffee bar, clubhouse, conference space and a dog park.
SARASOTA, FLA. — Cushman & Wakefield has brokered the sale of Airport Commerce Center, an eight-building industrial park in Sarasota spanning 186,675 square feet. The Silverman Group purchased the project from Sound Capital for an undisclosed price. Rick Brugge, Mike Davis and Rick Colon of Cushman & Wakefield represented Sound Capital in the transaction. Airport Commerce Center is located at 7602 15th St. E, which sits near U.S. Highway 301 and I-75 and across from Sarasota-Bradenton International Airport. The small-bay industrial park was fully leased at the time of sale to a roster of 48 tenants. Suite sizes range from 1,177 to 12,283 square feet, with the eight buildings featuring a total of 74 grade-level doors and clear heights ranging from 16 to 20 feet.
Milan Hotel Group Purchases Two-Property Hotel Portfolio in Asheville, North Carolina
by John Nelson
ASHEVILLE, N.C. — Milan Hotel Group has purchased a two-property hotel portfolio in Asheville, including the 88-room SpringHill Suites by Marriott Asheville (built in 2002) and the 78-room Courtyard by Marriott Asheville (built in 1996). An institutional seller sold the hotels to Milan Hotel Group for an undisclosed price. Sophia Pittaluga of Hunter Hotel Advisors brokered the transaction. The hotels are situated along Buckstone Place near the city’s Tunnel Road retail district, approximately five west of downtown Asheville. SpringHill Suites features kitchenettes in every room, along with a complimentary hot breakfast, an indoor pool and a fitness center. Courtyard by Marriott features The Bistro restaurant and Starbucks coffee service, as well as an indoor heated pool and 24-hour fitness center. Many rooms at Courtyard by Marriott feature private balconies that offer views of the Blue Ridge Mountains.
Vastland Obtains $130M Construction Financing for VOCE Hotel & Residences Project in Nashville
by John Nelson
NASHVILLE, TENN. — Vastland Co. has obtained a $130 million construction loan for VOCE Hotel & Residences, a 25-story mixed-use development located at 1717 Hayes St. in Midtown Nashville. BayBridge Real Estate Capital arranged the loan through Atlanta-based Peachtree Group. Upon completion, VOCE Hotel & Residences will feature 192 private residences, 114 luxury hotel rooms, 60,000 square feet of boutique office space and more than 40,000 square feet of amenities, including a rooftop dining experience. The design-build team includes BL Harbert International (general contractor), The Preston Partnership (architect), ID & Design International (interior design), RH (custom design), Civil Site Design Group (civil engineer) and HDLA (landscape architect). Vastland and the project team plan to break ground next week and deliver the project in fall 2027. Christy Fewin of Vastland is leading sales for the residences, which at full capacity has a total sellout value of $360 million. Pre-sales have already eclipsed 50 percent of available units, according to Vastland.
CHAMBLEE, GA. — Atlas Real Estate Partners has opened The Hawkins, a 192-unit apartment community located at 3311 Hood Ave. in Chamblee, a northeast suburb of Atlanta. The property is situated adjacent to DeKalb-Peachtree Airport and is currently 63 percent occupied. The project team included FIDES Development, New South Construction, Nelson Architects and Banko Design, and Greystar is providing property management services. The Hawkins offers a mix of studio, one-, two- and three-bedroom residences, with monthly rental rates ranging from $1,558 to $3,069, according to Apartments.com. Amenities include a sky lounge overlooking the airport, coworking spaces, an indoor/outdoor fitness center, resort-style swimming pool and dog spa facilities. The Hawkins will eventually feature ground-floor retail space and a grab-and-go market, according to Atlas.
Seven Hills Realty Trust Provides $37.3M Financing for Student Housing Community Near University of Maryland
by John Nelson
COLLEGE PARK, MD. — Seven Hills Realty Trust has provided a $37.3 million loan for Mazza Grandmarc, a 628-bed student housing community located near the University of Maryland campus in College Park. The loan features an initial term extending through November 2028 with two 12-month extension options. The borrower was not disclosed. Seven Hills Realty Trust is managed by Tremont Realty Capital.
TEMPLE TERRACE, FLA. — SRS Real Estate Partners has negotiated the $10.5 million sale of Fountain Shoppes, a retail center in Temple Terrace totaling 18,110 square feet. Built in 2022, the four-building property is located on a 2.6-acre site at 8942 Bertha Palmer Blvd. Fountain Shoppes was fully leased at the time of sale to seven tenants, including Starbucks Coffee, Jersey Mike’s, Rocking Crab, The Joint Chiropractic, Hand & Stone, AT&T and Chase Bank. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based investor and developer, in the transaction. The buyer was a Florida-based private investor. Both parties requested anonymity.
BEL AIR, MD. — Marcus & Millichap Capital Corp. (MMCC) has arranged $3.9 million in acquisition financing for The Shoppes at James Run, a 13,189-square-foot retail property located in Bel Air, approximately 25 miles northeast of Baltimore. Jared Cassidy of MMCC secured the 7-year loan on behalf of a private client. The loan features a 5.64 percent interest rate and a 25-year amortization schedule. The Shoppes at James Run features a mix of tenants including Starbucks Coffee, Chipotle Mexican Grill, Olive Garden, LongHorn Steakhouse, a café and an urgent care office.
Newer Posts