Southeast

CBRE Arranges Sale of 460,020 SF Office Tower in Columbia, South Carolina

by Camren Skelton October 5, 2017

COLUMBIA, S.C. — CBRE has arranged the sale of Capitol Center, a 460,020-square-foot office building in Columbia. The 25-story tower is the tallest building in South Carolina, and was 87 percent leased at the time of sale to tenants including Haynsworth Sinkler Boyd, BB&T, Alliance Consulting Engineers, Gallivan White & Boyd and the South Carolina Department of Commerce. In addition, Capitol Center is home to Capital City Club, the building’s private dining club. Justin Parsonnet, Will Yowell, Ryan Reethof, Patrick Gildea, Martin Moore and Aaron Dupree of CBRE represented the seller, a joint venture between M&J Wilkow and Intercontinental Real Estate Corp., in the transaction. Hamilton Equity Partners, which acquired the building for an undisclosed price, will update the building’s main lobbies, conference facilities, elevators and common areas. Hamilton Equity has retained CBRE as the exclusive leasing agent for Capitol Center.

October 5, 2017

Florida Hospitality Southeast

Hunter Hotel Advisors Closes $20.5M Sale of Comfort Inn Hotel in Orlando

by Camren Skelton October 5, 2017

ORLANDO, FLA. — Hunter Hotel Advisors has arranged the $20.5 million sale of Comfort Inn Orlando Lake Buena Vista, a 200-room hotel situated a half-mile east of Walt Disney World in Orlando. Hunter Hotel Advisors represented the seller, Sun Vista Hotels, in the transaction. AD1 Global acquired the hotel, along with adjacent land that is entitled to build an additional 150 rooms. The hotel features an outdoor pool with a water slide, fitness center and complimentary shuttle service to Walt Disney World.

October 5, 2017

Conference Coverage Features Seniors Housing Southeast Top Stories

Labor Issues, Growing Competition Are Top Seniors Housing Concerns, Say InterFace Panelists

by Kristin Harlow October 5, 2017

ATLANTA — Pressures for seniors housing owners come from many sources, but the top two are labor issues and increasing numbers of communities in a market, according to panelists at InterFace Seniors Housing Southeast. The comments were made during the “State of the Industry” panel at the event, which was held in late summer at the Westin Buckhead in Atlanta and drew more than 400 industry professionals. Katie Davis, chief strategy officer for Sherpa, moderated the panel, which included Doug Schiffer, president and COO of Allegro Senior Living; Scott Stewart, managing partner of Capitol Seniors Housing; Joe Weisenburger, vice president of seniors housing for Welltower; Andy Isakson, managing partner at Isakson Living; and Alan Plush, president and senior partner at HealthTrust. Schiffer cited a recent time when a competing property opened near an Allegro community and immediately offered pay raises to any employee who would switch communities. “People want to mine our fort and take our staff,” said Schiffer. “Everyone was offered a $2 per hour raise, which is a 20 percent increase for some. No matter how much you like us, that’s hard to turn down.” Allegro kept most of its employees by matching the offers, but this significantly …

October 5, 2017

Hospitality Southeast Tennessee

North Point Hospitality Tops Off $140M Tri-Branded Marriott Hotel in Nashville

by Camren Skelton October 4, 2017

NASHVILLE, TENN. — Atlanta-based North Point Hospitality Group has topped off construction of a 21-story, tri-branded Marriott hotel in Nashville’s SoBro neighborhood. The $140 million hotel, located at 410 5th Ave. S., includes a 125-room SpringHill Suites, a 136-room Residence Inn and a 209-room AC Hotel. The development is the country’s first tri-branded Marriott hotel. Guests of the three hotels will have access to the shared amenities, which will include an indoor/outdoor pool, pool bar, fitness center, 11,000 square feet of ground floor retail and restaurant space, 9,000 square feet of flexible meeting space and a top floor bar and patio with panoramic views of the Nashville skyline. North Point Hospitality will manage the property, and other project team members include architect Lindsay Pope Brayfield & Associates, interior designer Design Continuum Inc., general contractor JE Dunn Construction and construction management services provided by Acumen Development Partners. SunTrust Commercial Real Estate provided construction financing for the project. The hotel is slated to open to the public in the third quarter of 2018.

October 4, 2017

Multifamily North Carolina Southeast

Dominion Breaks Ground on $50M Green Apartment Development in Charlotte

by Camren Skelton October 4, 2017

CHARLOTTE, N.C. — Dominion Realty Partners has broken ground on Whitehall Village Apartments, a 318-unit multifamily community in Charlotte. The Raleigh-based developer plans to obtain a green designation from the National Association of Home Builders for the $50 million project, which will feature Energy Star appliances and light fixtures; low flow bathroom and irrigation fixtures; high grade insulation systems; and oversized windows and sliding doors to reduce lighting and energy usage. Community amenities will include a fitness center with a yoga studio, game room, saltwater pool, two dog parks and outdoor kitchen grilling areas. Dominion is partnering with Edge Principal Advisors on the project. First Tennessee Bank is providing construction financing. Other team members include project designer Rule Joy Trammell + Rubio, general contractor VCC and civil engineer Land Design. Capstone Apartment Partners brokered the land sale and HFF provided financial advisory services. Whitehall Village will be within walking distance to Whitehall Commons Shopping Center, Publix, Lowe’s Home Improvement, Walmart Supercenter and Topgolf. The first units are slated to deliver in the fall of 2018.

October 4, 2017

Mixed-Use North Carolina Southeast

Columbia Development Unveils Name, Plans for Mixed-Use Community in Triangle

by Camren Skelton October 4, 2017

CARY, N.C. — Columbia Development has unveiled the name of the new mixed-use development in Cary’s Eastern Gateway. The project will be named Fenton, after the town’s namesake Samuel Fenton Cary. The Wegmans-anchored community will feature 2.5 million square feet of Class A office space, street-level retail, restaurants, hotel and multifamily residences. Wakefield Beasley & Associates is Fenton’s principal architect, and McAdams and Glenda S. Toppe & Associates are providing planning services. McAdams is also the project’s landscape architect. Ron Pfhol and Dotan Zuckerman of Columbia, S.C.-based Columbia Development will handle the project’s retail leasing assignment. Fenton will feature a mix of national, regional and local retailers including a boutique movie theater, chef-driven restaurant concepts and wellness offerings including yoga, Pilates, indoor cycling and health spas. William Allen of Trinity Partners will oversee the office leasing portion.

October 4, 2017

Florida Multifamily Southeast

RADCO Acquires Multifamily Community in Central Florida for $36M

by Camren Skelton October 4, 2017

CASSELBERRY, FLA. — The RADCO Cos. has purchased Reflections Apartments, a 336-unit multifamily community located 15 miles north of Orlando in Casselberry, for $36 million. Atlanta-based RADCO will rename the property Radius Winter Park, with plans to invest $5 million in capital improvements. Constructed in 1984, Radius Winter Park offers one- and two-bedroom units averaging 792 square feet. Community amenities include a swimming pool, clubhouse, playground and a fitness center. Planned renovations include updated cabinetry, upgraded appliances, new flooring, modern lighting, clubhouse remodel, expansion of fitness center, addition of a fire pit and grilling area and the implementation of a package concierge system. RADCO will also replace all roofs and update the landscaping and exterior of the property. BBVA provided acquisition financing for the transaction. RADCO Residential will manage the property.

October 4, 2017

North Carolina Office Southeast

Somerset, ABR Sell Office Park in Raleigh for $17.8M

by Camren Skelton October 4, 2017

RALEIGH, N.C. — A partnership between Somerset Properties and Alex. Brown Realty Inc. (ABR) has sold Spring Forest Business Center, a three-building flex and office park in Raleigh, for $17.8 million. Chris Norvell, Scot Humphrey and Patrick Nally of HFF represented the seller in the transaction. Stolz Real Estate Fund VI purchased the asset. Located at 3100, 3150 and 3200 Spring Forest Road, the property is within walking distance to more than 15 restaurants and lifestyle amenities. Spring Forest Business Park, constructed between 1984 and 2002, totals 156,036 square feet and features floor-to-ceiling glass windows, patio areas, eight dock doors, four drive-ins and the ability to accommodate uses including office, research and development, showroom, call center or warehouse. The office park was 94.7 percent leased at the time of sale to 10 tenants including Critical Health Systems Inc., Allstate Insurance Co., Adreima and Liberty Home Care.

October 4, 2017

Florida Georgia Loans Retail Southeast Tennessee

HFF Arranges $110M in Financing for Six-Property Grocery-Anchored Portfolio Across Southeast

by Camren Skelton October 3, 2017

ATLANTA — HFF has arranged $110 million in financing for a six-property grocery-anchored portfolio located throughout Georgia, Florida and Tennessee. Chip Sykes and James Clingman of HFF worked on behalf of the borrowers, Branch Retail Partners LP and its affiliate Branch Properties LLC, to place the seven-year, fixed-rate loan through one of HFF’s life insurance company correspondents. The portfolio totals 876,153 square feet and is anchored by Publix, Kroger and Whole Foods Market.

October 3, 2017

Georgia Mixed-Use Southeast

Banyan Street Capital Unveils Plans for Peachtree Center in Downtown Atlanta

by Camren Skelton October 3, 2017

ATLANTA — Banyan Street Capital has unveiled plans to revitalize Peachtree Center, a mixed-use development in downtown Atlanta, with new restaurants, retail and entertainment tenants. The project will transform Peachtree Center’s three-story retail center and outdoor courtyard, rebranding the new space as “The Hub.” Atlanta-based developer and architect John Portman Jr. originally designed Peachtree Center, which comprises six buildings centrally located over the MARTA Peachtree Center Station. The development is home to 6,000 office tenants and connected to 4,000 hotel rooms via sidewalks and sky bridges. The Beck Group, an Atlanta-based construction firm, will modernize the 1960s-era development by redesigning the courtyard to better accommodate pedestrian foot traffic, upgrading all finishes and furnishings, updating lighting to brighten the space and modernizing entrances with backlit glass panels and steel canopies. Along with the renovations, The Hub will feature a new lineup of restaurants, shops, entertainment experiences and boutique services such as fitness and grocery. Amy Fingerhut of CBRE is overseeing the project’s retail leasing assignment. The project is slated for completion in spring 2019.

October 3, 2017

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