Southeast

Aztec Group Secures $24.5M Acquisition Loan for Publix-Anchored Center in Miami

by Camren Skelton January 11, 2018

MIAMI — Aztec Group Inc. has arranged a $24.5 million loan for the acquisition of Old Cutler Town Center, a 106,500-square-foot shopping center located at 20405 Old Cutler Road in Miami. Jason Shapiro and Sean Harrington of Aztec Group arranged the loan through Florida Community Bank on behalf of the undisclosed borrower, which acquired the property for $31.5 million. A 42,000-square-foot Publix anchors Old Cutler Town Center, whose other tenants include GNC, Ace Hardware, Florida Oncology, La Colonial Medical Center and Subway.

January 11, 2018

Florida Hospitality Southeast

BPG Acquires 238-Room Hilton-Branded Hotel in Melbourne, Florida

by Camren Skelton January 11, 2018

MELBOURNE, FLA. — The Buccini/Pollin Group (BPG) has acquired Hilton Melbourne Rialto Place, a newly renovated, 238-room hotel in Melbourne. Jordan Roeschlaub, Dustin Stolly, Bob Tonnessen and Jason Deck of NKF Capital Markets arranged a $26.6 million acquisition loan through Ladder Capital on behalf of BPG. The hotel, located one mile from Melbourne International Airport, recently underwent a $5 million upgrade. Hilton Melbourne Rialto Place features more than 12,000 square feet of function space, a business center, meeting rooms, fitness center, pool, tennis court and a basketball court. Washington, D.C.-based PM Hotel Group will operate the hotel.

January 11, 2018

Office Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges 54,000 SF Lease for Debt Collection Company in Roanoke

by Camren Skelton January 11, 2018

ROANOKE, VA. — Cushman & Wakefield | Thalhimer has secured a 54,000-square-foot lease for Atlantic Credit & Finance (ACF), a subsidiary of Encore Capital Group, at Franklin Plaza in downtown Roanoke. Located at 111 Franklin Road, the five-story office building is now 88 percent leased. Barry Ward and Price Gutshall of Cushman & Wakefield | Thalhimer’s Roanoke office represented the building owner, Times Equities Inc., in the lease transaction. ACF, a servicer of unsecured, consumer-distressed assets, will occupy two floors at Franklin Plaza. The lease is part of ACF’s plan to invest more than $4 million to expand its operations in Roanoke, relocating from its current location on Orange Avenue. The expansion will create more than 115 new jobs, increasing ACF’s employee base in Roanoke to 359 staffers.

January 11, 2018

Florida Multifamily Seniors Housing Southeast

Validus Receives $117.5M Line of Credit from SunTrust to Acquire Three Seniors Housing Assets in Southeast

by Camren Skelton January 10, 2018

TAMPA, FLA. — Tampa-based Validus Senior Living has closed a $117.5 million syndicated revolving line of credit with SunTrust Robinson Humphrey for the acquisition of three seniors housing communities located in Louisiana, Florida and Georgia. SunTrust Robinson Humphrey, a division of SunTrust Banks Inc. that provides investment banking services including mergers and acquisitions and private equity financing, served as the lead arranger and bookrunner for the deal, while SunTrust Bank acted as the lead participant and administrative agent. The five-year deal is renewable, and Validus will use the credit line to acquire Inspired Living at Ocoee in Ocoee, Fla., and Inspired Living at Kenner in Kenner, La. A third community, Inspired Living at Alpharetta in Alpharetta, Ga., is expected to close in the coming weeks. The communities offer both assisted living and memory care units. The two initial acquisitions will add more than 250 units to Validus’ existing portfolio.

January 10, 2018

Florida Multifamily Southeast

Lantower Residential Purchases Multifamily Community in Tampa Bay Area for $94M

by Camren Skelton January 10, 2018

BRANDON, FLA. — Dallas-based Lantower Residential has acquired Lantower Brandon Crossroads, a 450-unit apartment community in Brandon, for $94 million. Constructed in 2016, the community is located at 10440 Sanderling Shores Drive, roughly 12 miles east of downtown Tampa. Bainbridge Cos. developed and sold the property. Lantower Brandon Crossroads offers a mix of one-, two- and three-bedroom units with attached garages. Community amenities include two fitness centers, two resort-style pools with sundecks and two dog parks with pet washing stations.

January 10, 2018

Hospitality Loans Louisiana Southeast

HFF Arranges $51M Refinancing for 234-Room Ace Hotel New Orleans

by Camren Skelton January 10, 2018

NEW ORLEANS — HFF has arranged a $51 million loan for the refinancing of Ace Hotel New Orleans, a 234-room, recently opened hotel located at 600 Carondelet St. in downtown New Orleans. Christopher Peck, Peter Rotchford and Scott Findlay of HFF arranged the floating-rate loan through TPG RE Finance Trust on behalf of the borrower and developer, a partnership between Domain Cos. and Avenue Capital Group. Proceeds of the loan will be used to refinance an existing construction loan. Originally constructed in 1928, the building was renovated and redeveloped into the Ace Hotel New Orleans in 2016. Construction included the addition of a new four-story building on an adjacent lot. The hotel features 31,000 square feet of retail, restaurant, entertainment and meeting space, including a music venue, art gallery, 24-hour gym and locally inspired retailers. In addition, the hotel is situated within walking distance to the Mercedes-Benz Superdome, Smoothie King Arena, Ernest N. Morial Convention Center and the French Quarter.

January 10, 2018

Florida Industrial Southeast

IPA Brokers $32.5M Sale of 41-Building Industrial Portfolio in South Florida

by Camren Skelton January 10, 2018

WEST HIALEAH, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $32.5 million sale of West Hialeah Industrial Portfolio, a 376,016-square-foot industrial warehouse portfolio in West Hialeah, located roughly 11 miles northwest of Miami. The portfolio comprises 41 freestanding, multi-tenant buildings arranged in two separate clusters: one west of the Red Road corridor and north of the Hialeah Expressway and the other west of West 16th Avenue and north of Okeechobee Road. The buildings range in size from approximately 4,000 square feet to 28,000 square feet. Douglas Mandel and Benjamin Silver of IPA arranged the transaction on behalf of the seller, The Realty Associates Fund VII, an affiliate of TA Realty. The team also procured the buyer, Cofe Cix West Hialeah LLC. According to IPA, 95 percent of the portfolio’s leases have triple-net structures with annual rent increases that average roughly 4.5 percent.

January 10, 2018

Hospitality Kentucky Southeast

Huff, Niehaus & Associates Negotiates $3.9M Sale of Hotel in Northern Kentucky

by Camren Skelton January 10, 2018

FLORENCE, KY. — Huff, Niehaus & Associates Inc. has arranged the $3.9 million sale of the Microtel Inn & Suites Florence/Cincinnati Airport in Florence, a city in northern Kentucky. The 83-room, Wyndham-branded hotel is located roughly 15 miles from downtown Cincinnati. The hotel features complimentary breakfast, a fitness center, meeting room and a free airport shuttle. Brandt Niehaus of Huff, Niehaus & Associates arranged the transaction. Other terms of the deal were not disclosed.

January 10, 2018

Georgia Office Southeast

Trammell Crow, Partner to Deliver 16-Story Office Tower in Atlanta’s Central Perimeter District

by Camren Skelton January 9, 2018

ATLANTA — Trammell Crow Co. (TCC) and a joint venture partner advised by CBRE Global Investors have unveiled plans for Twelve24, a 16-story, transit-oriented office tower in Atlanta’s Central Perimeter submarket. The building will be directly connected to the Dunwoody MARTA station, and will include 334,000 square feet of office space and 11,000 square feet of ground-floor retail and restaurant space. Insight Global, an Atlanta-based national staffing services firm, has preleased 175,000 square feet at the building, which is expected to break ground in the summer and open in early 2020. Jodi Selvey and Emily Richardson of Colliers International arranged the lease transaction on behalf of Insight Global, and Eric Ross of CBRE represented the joint venture. Twelve24 will feature large, open floor plates with floor-to-ceiling glass, outdoor terraces, a lounge, conference center, fitness center and on-site restaurants. The development team, which includes design architect Duda Paine Architects and architect of record Wakefield Beasley & Associates, is seeking LEED Gold-certification. In addition, TCC is working with Concord Hospitality Enterprises to develop a 10-story, 180-room hotel directly connected to the new office tower.

January 9, 2018

Alabama Mixed-Use Retail Southeast

Topgolf Opens at $350M Mixed-Use Redevelopment in Huntsville

by Camren Skelton January 9, 2018

HUNTSVILLE, ALA. — Topgolf has opened at MidCity, a $350 million mixed-use redevelopment under construction at the intersection of University Drive and Research Park Boulevard in Huntsville. The global sports entertainment company is the first tenant to open at the 140-acre project — a redevelopment of the former Madison Square Mall. Alabama-based RCP Cos. is developing the project. The 53,000-square-foot, three-level Topgolf facility features 72 climate-controlled hitting bays that can host up to six players at a time, in addition to private event space. The project is also home to The Camp at MidCity, an outdoor entertainment venue that debuted its annual, three-day music festival in summer 2017. In addition, plans for MidCity include 345,000 square feet of ground-floor retail space and restaurants, 200,000 square feet of technical and creative office space, 500 hotel rooms and 900 multifamily units.

January 9, 2018

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