Southeast

Speak Life Management Breaks Ground on $73.7M Active Adult Community in Metro Atlanta

by Camren Skelton November 17, 2017

DECATUR, GA. — Speak Life Management has broken ground on The Holbrook Decatur, a $73.7 million active adult community in Decatur, roughly 10 miles northwest of downtown Atlanta. Slated to open in spring 2019 at 1880 Clairmont Road, the community is situated less than one mile from Emory University. Designed for the 50-plus, active lifestyle market, The Holbrook will feature 71 apartments and offer health- and wellness-focused amenities, including a saltwater pool, positive ion emission and aromatherapy, spa services, concierge physician and wellness services, yoga, Pilates, spin classes and art and ceramic classes. In addition, The Holbrook will offer wine bars, local taps, coffee bistros, multiple dining venues and grilling stations. Dogwood Forest, the assisted living brand under the Speak Life Management umbrella, will also be located on the property and will include 97 assisted living units and 32 memory care units. The Holbrook Decatur’s project team includes Solomon Development Services, Needle Development, Choate Construction Co., CDH Partners and Harrison Design.

November 17, 2017

Multifamily North Carolina South Carolina Southeast

NAI Earle Furman Brokers $60M Sale of Two Multifamily Properties in Carolinas

by Camren Skelton November 17, 2017

SUMTER, S.C. AND JACKSONVILLE, N.C. — NAI Earle Furman has arranged the $60 million sale of two multifamily properties in the Carolinas: Piedmont Plantation in Sumter and Plantation at Jacksonville in Jacksonville. Tony Bonitati, Kay Hill and Bern DuPree of NAI Earle Furman arranged the transactions on behalf of the seller, Greensboro, N.C.-based Berkley Hall Construction. Gastonia, N.C.-based Triangle Real Estate acquired both properties in separate transactions. Constructed in 2007, Piedmont Plantation includes 252 one-, two- and three-bedroom units. The Plantation at Jacksonville was constructed in 2014 and includes 360 one-, two- and three-bedroom units. Both properties feature a pool, fitness center, dog park, playground and a car care center. In addition, both properties were fully occupied at the time of sale.

November 17, 2017

Florida Office Southeast

CBRE Arranges $45.1M Sale of Six-Building Office Park in Tampa

by Camren Skelton November 17, 2017

TAMPA, FLA. — CBRE has arranged the $45.1 million sale of Tampa International Business Park, a six-building office park in Tampa’s Westshore submarket, roughly six miles north of Tampa International Airport. Dale Peterson, Zachary Eicholtz, Courtney Snell, Philip Weber and Hans Kaunath of CBRE arranged the transaction on behalf of the seller, TerraCap Management LLC. Real Estate Value Advisors LLC acquired the property. At the time of sale, the office park was 98 percent leased to tenants including WellCare, Gateway One Financial & Lending and MedHOK Health Care. The six buildings were constructed between 1980 and 1986 and renovated between 2014 and 2017. The property offers 1,816 parking spaces, accounting for a parking ratio of 5.61 spaces per 1,000 rentable square feet.

November 17, 2017

Industrial South Carolina Southeast

LRC Properties Acquires 1.1 MSF Industrial Asset in North Charleston for $42M

by Camren Skelton November 17, 2017

NORTH CHARLESTON, S.C. — LRC Properties has acquired Leeds Park, a 1.1 million-square-foot industrial complex located at 4500 Leeds Ave. in North Charleston, for $42 million. Dexter Rumsey, Shep Benjamin and Andie Edmonds of NAI Charleston arranged the transaction on behalf of LRC Properties. Amherst Capital Management provided debt financing for the acquisition and future renovations. The seller was not disclosed. Leeds Park is located on 72 acres off Interstate 526, near the Port of Charleston, Charleston International Airport and Boeing’s manufacturing facility. The center offers office, manufacturing and flex space and features a water treatment plant, air compressors, large electrical capacity, conditioned space and more than 1,200 parking spaces. At the time of sale, the property was 75 percent leased to tenants including MAHLE, American Axle & Manufacturing, Cumming, the Charleston Chamber of Commerce and Limestone College. LRC plans to invest approximately $15 million in infrastructure and aesthetic improvements, including a new façade on part of the building, added amenities and a new entrance, signage and landscaping. In addition, LRC will renovate roughly 40,000 to 50,000 square feet of office space to Class A standards and another 150,000 square feet of industrial space to create needed flex/industrial space. Interior …

November 17, 2017

Hospitality South Carolina Southeast

Chatham Lodging Trust Purchases Hotel in Metro Charleston for $20.2M

by Camren Skelton November 17, 2017

SUMMERVILLE, S.C. — Chatham Lodging Trust has acquired the 96-room Courtyard by Marriott Charleston Summerville for $20.2 million. The hotel, constructed in 2014, is located within Nexton, a mixed-use community under construction in Summerville, roughly 24 miles northwest of Charleston. Over the next decade, Nexton is projected to include approximately 10,000 homes, 8 million square feet of commercial space and a medical campus. Volvo’s new 2.3 million-square-foot facility will also be located near the development. In addition to the Marriott Charleston Summerville, Chatham Lodging Trust is under contract to acquire an adjacent hotel, the 96-room Residence Inn by Marriott, upon opening in the second quarter of 2018.

November 17, 2017

Multifamily North Carolina Southeast

Cushman & Wakefield Arranges $32.7M Sale of Multifamily Community in Charlotte

by Camren Skelton November 16, 2017

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $32.7 million sale of Tryon Park at Rivergate, a 202-unit apartment community in Charlotte. Jordan McCarley, Marc Robinson and Watson Bryant of Cushman & Wakefield arranged the transaction on behalf of the seller, Charlotte-based White Point Partners. Raleigh-based Chaucer Creek Capital acquired the asset. Tryon Park at Rivergate features a business center, saltwater swimming pool, fitness center with a yoga and Pilates studio, car care center, dog park, grilling stations and detached garages.

November 16, 2017

Loans Multifamily Seniors Housing Southeast Virginia

Westminster Canterbury Receives $38.2M Loan for Seniors Housing Project in Central Virginia

by Camren Skelton November 16, 2017

LYNCHBURG, VA. — Westminster Canterbury-Lynchburg, a nonprofit provider of residential and healthcare services for older adults, has received a $38.2 million construction loan from SunTrust Bank to develop a new, six-story seniors housing project. The new building will be located on the retirement community’s existing 42-acre campus, and will feature 84 private, neighborhood-style rooms, and two floors dedicated to parking and administrative offices. Construction on the new center is slated for completion by late spring 2019. In addition to the new facility, Westminster Canterbury-Lynchburg will renovate its three main dining areas and redesign its wellness center. The upgrades are slated for completion next year.

November 16, 2017

Loans Louisiana Multifamily Southeast

CBRE Arranges $29M Bridge Loan for New Apartment Community in Baton Rouge

by Camren Skelton November 16, 2017

BATON ROUGE, LA. — CBRE has arranged a $29 million bridge loan for River House Apartments, a 224-unit multifamily community under construction in Baton Rouge. In addition to residential units, the property will include 35,000 square feet of office space and 16,000 square feet of retail space upon completion. Jonathan Rice of CBRE arranged the loan through Benefit Street Partners on behalf of the borrowers, Emanuel Organek and Marc Blumberg. River House is located roughly one mile from Louisiana State University and a half-mile from downtown Baton Rouge. The property is adjacent to the Water Campus, a 35-acre Mississippi riverfront research park dedicated to the study of coastal restoration and sustainability.

November 16, 2017

Georgia Hospitality Southeast

Legacy Ventures Completes $16M Renovation of Historic Hotel in Downtown Atlanta

by Camren Skelton November 16, 2017

ATLANTA — Legacy Ventures has completed the $16 million renovation of The American Hotel, a 315-room hotel operating as a DoubleTree Hilton in downtown Atlanta. Originally constructed in 1962, the hotel has hosted public figures including Elvis Presley, Carol Channing, Jimmy Carter, James Brown, Nelson Rockefeller and Dr. Martin Luther King Jr. The renovation embraces mid-century modern furnishings and design and includes 60s car-themed headboards and an Airstream trailer serving as the poolside bar. The hotel’s renovated meeting and banquet space can accommodate up to 500 guests, and the updated fitness facilities include virtual fitness classes. The American Hotel is also home to The Cloakroom Kitchen & Bar, which pays tribute to the Cold War. In addition, the hotel is situated within walking distance to the Tabernacle concert hall, Centennial Olympic Park and the new Mercedes-Benz Stadium.

November 16, 2017

Florida Hospitality Southeast

WoodSpring Hotels Opens 123-Room Extended-Stay Hotel Near Miami

by Camren Skelton November 16, 2017

RICHMOND HEIGHTS, FLA. — WoodSpring Hotels has opened a new location at 16055 S.W. 117th Ave. in Richmond Heights, roughly 23 miles south of Miami. The 123-room WoodSpring Suites Miami Southwest offers three room layouts, each with an in-room kitchen equipped with full-size refrigerator, two-burner stovetop and a microwave. WoodSpring Suites also features guest laundry and a fitness center. Gold Coast Premier Properties LLC owns the hotel, and Hotel Management & Consulting LLC (HMC) will manage the property. Gold Coast Premier also plans to complete seven more WoodSpring Suites in the South Florida area.

November 16, 2017

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