Southeast

Kessler Collection Breaks Ground on $110M Boutique Hotel in Uptown Charlotte

by Camren Skelton June 1, 2018

CHARLOTTE, N.C. — The Kessler Collection has broken ground on the Grand Bohemian Hotel Charlotte, a 254-room hotel located in Charlotte’s Uptown district. The 15-story hotel is expected to open in 2020 and will feature 32 suites, a signature Poseidon Spa, indoor and outdoor event spaces, an open kitchen restaurant concept and a rooftop bar on the 16th floor with views of the Charlotte skyline. In addition, the boutique hotel will feature an art collection that pays tribute to the culture of Argentina. The Charlotte Business Journal reports development costs for the project total $110 million. “The Kessler Collection is extremely pleased to be in Charlotte and a part of the fabric of this beautiful city’s hospitality services,” says Richard Kessler, chairman and CEO of The Kessler Collection. “We look forward to bringing energy and animation to the city, to our location and to the hospitality experience.” The Grand Bohemian Hotel is located within walking distance to museums, restaurants and retail space. JE Dunn Construction is the general contractor for the project. The Kessler Collection’s portfolio includes nine boutique hotels located throughout the Southeast and Colorado, including two sister properties in Charleston, S.C., and Asheville, N.C. The Grand Bohemian brand is part …

June 1, 2018

Development Georgia Industrial Southeast

LPC Southeast Breaks Ground on Fourth Building at Industrial Park Near Atlanta Airport

by Camren Skelton May 31, 2018

ATLANTA — Lincoln Property Co. Southeast (LPC Southeast) has broken ground on a fourth building at Airport-West Distribution Center, an industrial development located roughly five miles from Hartsfield-Jackson Atlanta International Airport. The facility — dubbed Building 400 — totals 108,202 square feet. Approximately 88,000 square feet is preleased to Pitney Bowes Presort Services Inc. The mail sorting and distribution services company will move from its current location at Airport-West’s Building 100 to the new facility upon its completion in November. Chick-fil-A, which already occupies 30,000 square feet at the industrial park, will fill the space currently occupied by Pitney Bowes. With the addition of Building 400, the four-building industrial park will total 507,000 square feet. LPC Southeast leads the land acquisition, development, leasing/marketing and disposition for Airport-West Distribution Center.

May 31, 2018

Development Florida Multifamily Southeast

Summit Contracting Group Starts Construction on $22.6M Apartment Community in St. Augustine

by Camren Skelton May 31, 2018

ST. AUGUSTINE, FLA. — Summit Contracting Group has started construction on Antigua Apartments, a $22.6 million multifamily community located in St. Augustine. The project team includes Atlanta-based developer Catalyst Development Partners and Dallas-based architect Humphreys & Partners Architects. The 249-unit community will be located adjacent to Antigua on Anastasia Island, a master-planned mixed-use development that Catalyst is also developing. Antigua Apartments will feature a resort-style pool, outdoor kitchen with grilling stations, clubhouse with media lounge, coworking spaces, dog grooming spa, dog park, fitness center and green spaces. The development team plans to wrap up construction on the community in summer 2019.

May 31, 2018

Development Louisiana Multifamily Southeast Student Housing

RISE, UL Lafayette to Deliver 600-Bed, On-Campus Student Housing Property

by Camren Skelton May 31, 2018

LAFAYETTE, LA. — RISE: A Real Estate Co., in partnership with University of Louisiana at Lafayette (UL Lafayette), has broken ground on a 600-bed student housing community located on the university’s campus in Lafayette. The five-building development will feature 5,000 square feet of retail space and will be catered toward upperclassmen. The community will feature two-, three- and four-bedroom apartments with full kitchens, bed-to-bath parity and in-unit washers and dryers. Community amenities will include a fitness center, business center, study rooms, game rooms, resident lounge, swimming pool, sand volleyball court and grilling stations. In addition, the community will offer direct connection to the UL Lafayette campus via a pedestrian bridge over an existing drainage canal. The Lemoine Co. is the project’s general contractor, and Niles Bolton Associates is the architect. The project will be financed through a partnership with Ragin’ Cajuns Facilities Inc., which will own the new community upon completion. The project is scheduled to deliver in advance of the fall 2019 semester.

May 31, 2018

Florida Loans Office Southeast

Aztec Group Arranges $5.9M Acquisition Loan for Office Building in Tampa

by Camren Skelton May 31, 2018

TAMPA, FLA. — Aztec Group Inc. has arranged a $5.9 million loan for the acquisition of Westshore Center, a 77,000-square-foot office building located at 405 N. Reo St. in Tampa’s Westshore submarket. Jason Shapiro and Sean Harrington of Aztec Group arranged the seven-year, fixed-rate loan on behalf of the borrower, Reo Center Tampa LLC. The company, which acquired the property for $9.5 million, is led by Allen de Olazarra, who is also chairman and CEO of Commercial Florida Properties and Equitable Real Estate Partners. The three-story building features 25,000-square-foot floor plates, a two-story parking deck and an on-site café. The new ownership plans to renovate and reposition the property.

May 31, 2018

Acquisitions Office Southeast Tennessee

Marcus & Millichap Brokers $4M Sale of Office Building Near Knoxville

by Camren Skelton May 31, 2018

OAK RIDGE, TENN. — Marcus & Millichap has brokered the $4 million sale of Victory Centre, a 38,000-square-foot office property located at 575 Oak Ridge Turnpike in Oak Ridge, roughly 25 miles west of Knoxville. Justin Fenn and Dan Yozwiak of Marcus & Millichap arranged the transaction on behalf of the seller, a partnership, and procured the buyer, a limited liability company. The two-story building was constructed in 2003. At the time of sale, the property was 95 percent leased to eight medical office, legal and consulting firm tenants.

May 31, 2018

Office Southeast Virginia

Bridge Investment Sells Office Park in Richmond for $62.4M

by Camren Skelton May 30, 2018

RICHMOND, VA. — Bridge Investment Group has sold SunTrust Center One and Two, a two-building office park located at 11011 and 11013 W. Broad St. in Richmond. Washington, D.C.-based FD Stonewater acquired the buildings, which total 419,653 square feet, from Bridge for $62.4 million. SunTrust Center One is fully leased to SunTrust Banks Inc. for 10 years. The building recently underwent a $30 million renovation that included a new lobby, fitness center, cafeteria, new glass storefront and collaborative workspaces. SunTrust Center Two is fully leased to five tenants: Magellan Health, SunTrust Banks, RetailData, Home Care Delivered and EMC Corp. Eric Robison of Cushman & Wakefield | Thalhimer and Eric Berkman and Williams Collins of Cushman & Wakefield’s D.C. office arranged the transaction on behalf of Bridge. Cushman & Wakefield | Thalhimer will manage the property and handle the buildings’ leasing assignments.

May 30, 2018

Acquisitions Florida Office Southeast

HFF Brokers $39.2M Sale of Two-Building Office Portfolio in Orlando

by Camren Skelton May 30, 2018

ORLANDO, FLA. — HFF has arranged the $39.2 million sale of Resource Square One and Three, a two-building office portfolio in Orlando. The buildings are located at 13501 Ingenuity Drive and 12001 Research Parkway within Orlando’s Central Florida Research Park, which is adjacent to the University of Central Florida. Hermen Rodriguez, Ike Ojala, Tracey Goo and Anthony Frogameni of HFF arranged the transaction on behalf of the sellers, an affiliate of Banyan Street Capital and funds managed by Oaktree Capital Management LP. The HFF team also procured the buyer, an affiliate of TerraCap Management LLC. The three-story Resource Square One totals 91,667 square feet and was built in 1999. Resource Square Three spans five stories and totals 152,882 square feet. The property was constructed in 2003. Collectively, the portfolio was 84.9 percent leased at the time of sale to tenants such as General Dynamics, AVNET, Cisco Systems and Raytheon.

May 30, 2018

Acquisitions Georgia Retail Southeast

NKF Negotiates Sales of Three Shopping Centers in Georgia Totaling More Than $36M

by Camren Skelton May 30, 2018

ATLANTA — NKF Capital Markets has arranged the sales of two Publix-anchored shopping centers and one fitness-anchored center in Georgia. The transaction totals more than $36 million and spans approximately 200,000 square feet. In Perry, a city in Central Georgia, Cypress Development sold Paradise Shoppes of Perry to Flag Wharf Inc. for $11.4 million. The 72,200-square-foot center was 96 percent leased at the time of sale to tenants such as Publix, Subway, Marco’s Pizza, El Jalisco Grille and T-Mobile. In Atlanta, Lakha Properties sold the 46,219-square-foot Shallowford Exchange to Shallowford LLC for $12.5 million. The center, located at 2558 Shallowford Road, was fully leased at the time of sale to tenants such as Publix, Subway, Marco’s Pizza, UPS Store and MetroPCS. In Alpharetta, located roughly 25 miles north of Atlanta, WB Holdings-Silos LLC acquired The Silos at North Farm Marketplace for $12.5 million. The 78,765-square-foot center was 97 percent leased at the time of sale to One Life Fitness, Alpine Bakery and Bach to Rock. Drew Fleming, Mark Joines and Henry Kushner of NKF arranged all three transactions.

May 30, 2018

Acquisitions Georgia Multifamily Southeast

Greystone Brown Closes $35.1M Sale of Multifamily Community in Metro Atlanta

by Camren Skelton May 30, 2018

MARIETTA, GA. — Greystone Brown Real Estate Advisors has brokered the $35.1 million sale of Pennington Pointe, a 268-unit apartment community located at 1716 Terrell Mill Road in Marietta, roughly 20 miles north of downtown Atlanta. Barden Brown and Chandler Brown of Greystone Brown arranged the transaction on behalf of the seller, Hallmark Pennington Pointe LLC, a subsidiary of The Hallmark Cos. Inc. DE Pennington Pointe Apartments LLC acquired the asset. Pennington Pointe is located less than two miles from SunTrust Park, the home ballpark of the Atlanta Braves. The community features a playground, picnic area with barbecue grills, clubhouse, fitness center, dog park, tennis courts and a swimming pool.

May 30, 2018

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