Southeast

Feldman Equities, Two Roads Development to Build 50-Story Mixed-Use Tower in Downtown Tampa

by Katie Sloan March 22, 2018

TAMPA, FLA. — A partnership between Feldman Equities and Two Roads Development has announced plans for Riverwalk Place, a 50-story, mixed-use development located on Ashley Drive in downtown Tampa. The building will be the tallest on the west coast of Florida, according to the development team. The property will include 10 floors of office space and 33 floors housing more than 200 luxury condominiums accessed by private elevators. The property will also feature an integrated parking structure connected by plaza with up to five waterfront restaurants and retail tenants. The development may also feature an adjacent marina for use by residents. An existing building on the property has been vacated, and will be demolished soon in preparation for construction. A timeline for the development was not disclosed, and a rendering has not yet been released. Both parties of the joint venture have invested significant capital into the project, which is currently in the pre-construction phase. The next phase of development will include taking reservations and deposits, followed by going to market for construction funding. Reid Boren, managing partner of Two Roads Development, has noted that several banks are willing to provide financing prior to reservations being taken, but the developer prefers …

March 22, 2018

Features Georgia Hospitality Property Type Southeast Southeast Feature Archive

Battle for Market Share: Leading Hotel Companies Expand Via Acquisitions, New Brands

by John Nelson March 22, 2018

ATLANTA — The world’s largest hotel company, Wyndham Hotel Group, made a splash in January when parent company Wyndham Worldwide Corp. purchased La Quinta’s franchise and management business for nearly $2 billion. Speaking at the 30th annual Hunter Hotel Conference in Atlanta Wednesday, Geoff Ballotti, president and CEO of Wyndham Hotel Group, spoke about how the acquisition has helped expand the company’s platform. “It is our 21st brand. We’re the company that operates more hotels than any other company today at 9,100 hotels,” says Ballotti at the three-day conference, which is drawing 1,700 attendees. “La Quinta is a brand that franchises well — 85 percent of La Quinta’s franchisees score four stars or above on TripAdvisor. It’s a great value for our shareholders.” The past few years have seen mega transactions like this, none bigger than Marriott International’s $13 billion acquisition of Starwood Hotels & Resorts in 2016. Joining Ballotti on the stage during the President’s Panel, held at the Atlanta Marriott Marquis in downtown Atlanta, was Patrick Pacious, president and CEO of Choice Hotels International Inc. The Rockville, Maryland-based company is the second-largest hotel group by property count at 6,800 hotels in 40 countries. Similar to Wyndham, Choice Hotels …

March 22, 2018

Development Industrial South Carolina Southeast

Red Rock to Develop 5.9 MSF Industrial Park in Upstate South Carolina

by Camren Skelton March 21, 2018

SPARTANBURG, S.C. — Columbia-based Red Rock Developments has unveiled plans to develop Smith Farms Industrial Park, a 5.9 million-square-foot industrial project in Upstate South Carolina’s Spartanburg County. The development will be located on 475 acres at the intersection of Highway 101 and Reidville Road, roughly three miles from Interstate 85 and eight miles from the Greenville/Spartanburg International Airport. According to the developer’s site plans, the project could eventually include up to 11 buildings, ranging in size from 60,000 square feet to 1.6 million square feet. The company said it will soon reveal details of a speculative building to be constructed at the site. A construction timeline was not disclosed. Red Rock has tapped NAI Earle Furman to market and lease Smith Farms.

March 21, 2018

Development Georgia Hospitality Loans Southeast

Songy Highroads, Hyatt Close $32.9M Construction Loan for Hyatt Place Centennial Park in Downtown Atlanta

by Camren Skelton March 21, 2018

ATLANTA — Atlanta-based developer Songy Highroads LLC and Hyatt Hotels Corp. have closed on a $32.9 million construction loan for Hyatt Place Centennial Park, a 175-room hotel that will be located at 300 Luckie St. in downtown Atlanta. Designed by Wakefield Beasley, the 11-story hotel will be situated directly across the street from the Georgia Aquarium and one block from Centennial Olympic Park. Ed Coco led HFF’s team in arranging the loan through HSBC on behalf of the Songy Highroads-Hyatt joint venture. Set to open in August 2019, the hotel will feature a parking garage, pool, fitness center, 2,100 square feet of meeting space and retail facing Luckie and Marietta streets. General contractor Reeves Young is underway on construction, which included razing an existing two-story building at the site. Hyatt Place Centennial Park will mark Songy Highroads’ sixth Hyatt-branded development since 2014.

March 21, 2018

Development Georgia Multifamily Southeast

Prestwick to Build Multifamily Community Along Chattahoochee River in Metro Atlanta

by Camren Skelton March 21, 2018

SMYRNA, GA. — Atlanta-based developer Prestwick Cos. has unveiled plans to build The Eddy at Riverview Landing, a 310-unit apartment community in Smyrna, roughly 17 miles north of downtown Atlanta. The community will be located along the Chattahoochee River within Riverfront Landing, an 82-acre mixed-use project under development by Ardent Cos. The Eddy is one of the first components to rise at the project. The community will offer one- to three-bedroom floor plans ranging in size from 632 to 1,435 square feet, and rents will start at $1,150 per month. Interiors will include granite countertops, hardwood plank flooring, high-end cabinetry and stainless steel appliances. Community amenities will include an infinity pool with cabanas, fitness center, dog wash, resident lounge and on-site bike storage. In addition, The Eddy will include a 12-acre park and 8,000 square feet of retail that will house a coffee shop, restaurant and coworking space. Prestwick Cos. will dedicate the waterfront park to the City of Smyrna upon completion. Residents at the community will have access to Riverview Landing’s amenities, which will include a kayak launch, public dock, observation decks and a community theater. Matrix Residential, a subsidiary of Atlanta-based multifamily investor and developer Pollack Shores, will manage …

March 21, 2018

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers Sales of Two Apartment Communities in Miami Beach Totaling $32.2M

by Camren Skelton March 21, 2018

MIAMI BEACH, FLA. — Cushman & Wakefield has brokered the sales of two apartment communities in Miami Beach totaling $32.2 million. The first transaction was for a six-story, 52,133-square-foot redevelopment property located at 550 9th St. ADME Real Estate LLC sold the property to 550 9th LLC for $17.6 million. The second transaction was for a 23,260-square-foot community located at 250 Collins Ave. Drago Capital Miami LLC acquired the 27-unit property from TwoFifth Collins LLC for $14.6 million. Calum Weaver and Perry Synanidis of Cushman & Wakefield represented the sellers in both transactions. The property at 550 9th St. was constructed in 1966 and previously operated as a 196-bed seniors housing community. The property has redevelopment potential for multiple uses including a hotel, apartments, office and medical space. The property at 250 Collins Ave. includes a mix of one- to three-bedroom units and features a rooftop pool and terraces or balconies in each unit.

March 21, 2018

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $3.5M Sale of CVS/Pharmacy-Leased Building in Metro Atlanta

by Camren Skelton March 21, 2018

MARIETTA, GA. — Marcus & Millichap has brokered the $3.5 million sale of an 11,370-square-foot property leased to CVS/pharmacy in Marietta. The property is located at 3051 Sandy Plains Road, roughly 26 miles north of downtown Atlanta. Don McMinn of Marcus & Millichap’s Taylor McMinn retail group arranged the sale on behalf of both the buyer, Agree Realty Corp., and the seller, Branch Properties. CVS/pharmacy had 11 years remaining on its lease at the time of sale.

March 21, 2018

Acquisitions Florida Loans Multifamily Southeast

Berkadia Closes $40.5M Acquisition Loan for Multifamily Community in Orlando

by Camren Skelton March 20, 2018

ORLANDO, FLA. — Berkadia has provided a $40.5 million acquisition loan for Art Avenue Apartment Homes, a 300-unit multifamily community located at 10201 Lee Vista Blvd. in Orlando. Mitch Sinberg, Matthew Robbins and Wesley Moczul of Berkadia originated the 10-year, Freddie Mac loan with five years of interest-only payments on behalf of the borrower, Robbins Property Associates. Colony NorthStar Inc. sold the property to Robbins for an undisclosed price. Art Avenue includes studio to three-bedroom apartment units with granite-look countertops, stainless steel appliances, faux-wood flooring and patios or terraces. Community amenities include an internet lounge, coffee bar, fitness center, children’s art room, resort-style pool and an outdoor fire pit.

March 20, 2018

Development Florida Loans Multifamily Southeast

HSF Provides $35.5M Construction Loan for Apartment Community in Tampa Bay Area

by Camren Skelton March 20, 2018

ST. PETERSBURG, FLA. — Hall Structured Finance (HSF) has provided a $35.5 million construction loan for the development of The Vantage, a 211-unit apartment community in St. Petersburg. Mike Lemon and Matt Shane of Q10 Lutz Financial Services arranged the loan on behalf of the project developer, Michigan-based DevMar Development. The 11-story apartment community will feature a rooftop pool, terrace and veranda, fitness center and a yoga room. The property is located one mile from downtown St. Petersburg within the EDGE district, a walkable community that houses retail, restaurants, nightlife and art galleries. DevMar Development expects to deliver The Vantage in September 2019.

March 20, 2018

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Brokers $27M Sale of Two Adjacent Apartment Communities in Triangle

by Camren Skelton March 20, 2018

DURHAM, N.C. — Cushman & Wakefield has brokered the $27 million sale of two apartment communities in Durham: Oaks at Northgate and Leon Court. The adjacent properties total 386 units. Watson Bryant, Jordan McCarley and Paul Marley of Cushman & Wakefield arranged the transaction on behalf of the seller, Artesia Real Estate. The name of the buyer was not disclosed. During its ownership, Artesia invested $1 million in capital improvements for the communities, including roof replacement, exterior paint, new office/clubhouse, outdoor common area upgrades and improved landscaping. Amenities at the properties include a clubhouse with a coffee bar, pet stations, playgrounds, fire pits, picnic/grilling areas and a sports field. The communities are located less than two miles from downtown Durham and are situated within walking distance to Costco, The Home Depot and Kroger.

March 20, 2018

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