Southeast

Brasfield & Gorrie Breaks Ground on $100M Expansion of Georgia Aquarium in Downtown Atlanta

by Camren Skelton September 14, 2018

ATLANTA — Brasfield & Gorrie has broken ground on a 104,100-square-foot expansion of the Georgia Aquarium in Atlanta. Dubbed Expansion 2020, the project costs will total $100 million, according to the Atlanta Business Chronicle. A 1 million-gallon “interactive and immersive” shark tank exhibit will be the focal point of the expansion. The project will also include a new entrance and exit, office spaces, retail spaces, loading dock and new ticketing services. Since the aquarium’s 2005 opening, Brasfield & Gorrie has completed multiple expansions, including the ballroom renovation, dolphin expansion, multiple marine life holding projects, sea lion exhibit and the café renovation. Birmingham, Ala.-based Brasfield & Gorrie is collaborating with Peckham, Guyton, Alberts & Viets Architects on the project, which is slated for completion in late 2020. The aquarium will remain open during construction.

September 14, 2018

Florida Loans Office Southeast

Berkadia Secures $25M Acquisition Loan for Office Complex in Jacksonville

by Camren Skelton September 14, 2018

JACKSONVILLE, FLA. — Berkadia has arranged a $25 million loan for the acquisition of Summit at Southpoint, a 260,664-square-foot office complex located at 6410 Southpoint Parkway in Jacksonville. Charles Foschini and Christopher Apone of Berkadia arranged the three-year loan through NXT Capital on behalf of the borrower, Rose & Berg Realty Group. Transwestern arranged the acquisition on behalf of the seller, Blue Rock Real Estate LLC, which sold the complex for $29.6 million. Summit at Southpoint includes four, three-story office buildings constructed between 1988 and 1998. The complex was 82 percent leased at the time of sale to tenants such as U.S. Bank/FSV Payment Systems, Chicago Title Insurance Co., BB&T, Windstream, Occenture and Keiser University.

September 14, 2018

Acquisitions Office Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $14.7M Sale of Office Building in Richmond

by Camren Skelton September 14, 2018

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has arranged the $14.7 million sale of 206,068-square-foot office building located at 6606 W. Broad St. in Richmond. Thalhimer Realty Partners (TRP), the investment and development subsidiary of Cushman & Wakefield | Thalhimer, acquired the asset from Southern States. TRP will rename the building Brookfield Place. The property, which was 70 percent leased at the time of sale, serves as the headquarters for Southern States Cooperative. Additional tenants include Virginia Urology, Wiley Wilson and Keener Communications. Brookfield Place will continue to serve as the headquarters for Southern States, which has signed a long-term lease with plans to renovate its office space. Evan Magrill and Baker Lynn of Cushman & Wakefield | Thalhimer will handle Brookfield Place’s leasing assignment, and Lindsay Mujacic of Cushman & Wakefield | Thalhimer will manage the property.

September 14, 2018

Acquisitions Florida Retail Southeast

Plaza Advisors Negotiates Sale of 114,071 SF, Walmart-Anchored Shopping Center in Central Florida

by Camren Skelton September 14, 2018

KISSIMMEE, FLA. — Plaza Advisors has arranged the sale of Vine Street Square, a 114,071-square-foot shopping center in Kissimmee, located roughly 30 miles south of Orlando. Jim Michalak and Keith Nurre of Plaza Advisors arranged the transaction on behalf of the seller, Phillips Edison & Co. A private equity group purchased the asset for an undisclosed price. Walmart Neighborhood Market anchors the center, which was 99 percent leased at the time of sale. Additional tenants include Humana, CAC FL Medical Centers, Mattress One, CosmoProf, Domino’s Pizza, H&R Block and MetroPCS.

September 14, 2018

Alabama Development Hospitality Southeast

Marshall Hotels & Resorts Opens 63-Room Hotel Indigo in Birmingham

by Camren Skelton September 14, 2018

BIRMINGHAM, ALA. — Marshall Hotels & Resorts has opened the 63-room Hotel Indigo Birmingham Five Points S-UAB. Located in the Five Points South area, Birmingham’s arts, entertainment and dining district, the hotel is near attractions including the Birmingham Botanical Gardens, McWane Science Center and the Birmingham Civil Rights Museum. In addition, the property is a half-mile from University of Alabama at Birmingham (UAB). The building was originally designed in the 1930s for medical offices and was converted into a hotel in the 1980s. Marshall Hotels completed a $5 million renovation to convert the hotel from the Hotel Highland Downtown to a Hotel Indigo, a chain of boutique hotels under the InterContinental Hotels Group umbrella. The hotel features the Rx lounge, a themed bar and restaurant that captures the building’s medical arts origins.

September 14, 2018

Development Florida Multifamily Seniors Housing Southeast

ZOM, Liberty Acquire 46 Acres in Palm Beach County for $180M Seniors Housing Development

by Camren Skelton September 13, 2018

WELLINGTON, FLA. — ZOM Senior Living, in a joint venture with Liberty Senior Living, has acquired a 46-acre lakefront site in Wellington, a village in Palm Beach County. The companies plan to build a $180 million, multi-phase, mixed-use seniors housing community on the plot. The site is located adjacent to 400,000 square feet of retail and restaurants, including The Mall at Wellington Green. When completed, the first phase of the community will offer 267 units of independent living, assisted living and memory care. Construction is scheduled to begin in first-quarter 2019. The centerpiece of the community will be a two-story, 65,000-square-foot clubhouse and amenity building. Units will be offered in a variety of formats, including single-story villas (with attached garages), three-story garden flats and residences within a six-story building attached directly to the main amenity building. At full build-out, the project is anticipated to include over 424 units. This will be the first project for ZOM Senior Living, which was recently formed by Orlando-based multifamily developer ZOM Living. It’s the first project in Florida for North Carolina-based operator Liberty Senior Living, a subsidiary of Liberty Healthcare. LS3P Architects and MSA Architects are providing design and architectural services, while Balfour Beatty …

September 13, 2018

Acquisitions Georgia Multifamily Southeast

American Realty Advisors Acquires High-Rise Apartment Community in Midtown Atlanta

by Camren Skelton September 13, 2018

ATLANTA — American Realty Advisors (ARA) has acquired Azure on the Park, a 329-unit, high-rise apartment community located at 1020 Piedmont Ave. N.E. in Atlanta’s Midtown district. The community overlooks the 189-acre Piedmont Park and is surrounded by more than 150 restaurants, art exhibitions and retail. Community amenities include a fitness center with a yoga and spin studio, rooftop pool, rooftop movie theater, sky club with billiards, bocce ball court, dog spa, dog park and a Starbucks Coffee bar. In addition, an overlook on the 22nd floor features an outdoor kitchen and grilling stations. Kris Mikkelsen of Walker & Dunlop arranged the transaction on behalf of the seller. Other terms of the deal were not disclosed.

September 13, 2018

Development Industrial North Carolina Southeast

Griffin to Build 147,000 SF Spec Facility within Industrial Park Near Charlotte

by Camren Skelton September 13, 2018

CONCORD, N.C. — Griffin Industrial Realty Inc. has unveiled plans to expand its Carolina Tradeport industrial park in Concord, a city roughly 25 miles northeast of Charlotte. Griffin acquired 22 acres of land at the site in July for the development of a 147,000-square-foot speculative building — the second within the development. The building will be located directly across from the first building, a 277,252-square-foot warehouse. Site work is scheduled to begin on the second building this month, with completion slated for May 2019. The building will feature 210-foot depth, a 60-foot speed bay, 32-foot clear heights, an ESFR sprinkler system, 42 loading docks, two drive-in doors, trailer parking and 172 auto parking spaces. The third building, which will total 136,000 square feet, is available for prelease. William Maxwell and Terry Brennan of Trinity Partners are handling Carolina Tradeport’s leasing assignment and managing the park.

September 13, 2018

Florida Industrial Loans Multifamily North Carolina Retail Southeast

Ready Capital Arranges $29M in Loans for Four Properties in Florida, North Carolina

by Camren Skelton September 13, 2018

NEW YORK — New York-based Ready Capital Structured Finance has arranged four loans totaling $29 million for properties located in Florida and North Carolina. The first loan, totaling $8.8 million, was for the acquisition, renovation and stabilization of an 86-unit multifamily property in Largo, Fla. The 36-month, floating-rate loan features interest-only payments and one 24-month extension option. The undisclosed borrower will initially acquire 61 units at the community, and will acquire the rest of the units over the next three years. The second loan was for the acquisition, renovation and lease-up of a 38,000-square-foot retail center in Belleair Bluffs, Fla., roughly 26 miles west of Tampa. The $7.1 million loan, 60-month loan features both a fixed interest rate and a floating rate. The name of the borrower was not disclosed. The third loan was a $6.5 million, floating-rate loan with a 24-month term that was used to fund the acquisition, renovation and lease-up of a 60,000-square-foot industrial/flex property in Hollywood, Fla. The name of the borrower was not released. The final loan was used to fund the acquisition, renovation and lease-up of a 41,000-square-foot shopping center in Charlotte. The $6.7 million, non-recourse loan featured a 48-month term with interest-only payments …

September 13, 2018

Acquisitions Florida Office Southeast

NKF Capital Markets Brokers $12M Sale of AT&T-Leased Office Building in Broward County

by Camren Skelton September 13, 2018

PLANTATION, FLA. — NKF Capital Markets has brokered the $12 million sale of a 130,549-square-foot office building located at 8601 W. Sunrise Blvd. in Plantation, a city in Broward County. Michael Lapointe and Michael Lohmann of NKF, along with Brian Bartlett and John Richardson of Newmark Phoenix Realty Group, arranged the transaction on behalf of the seller, FT-Florida Property LLC. Fifteen Group Capital LLC acquired the asset, which is home to an AT&T training center. AT&T has been the only occupant at the property since it was developed in 1985, according to NKF.

September 13, 2018

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