Southeast

KeyBank Secures $14.5M CMBS Loan for Hotel in Charleston, West Virginia

by Camren Skelton August 23, 2017

CHARLESTON, W.VA. — KeyBank Real Estate Capital has arranged a $14.5 million CMBS loan for Four Points by Sheraton, a 176-room hotel in Charleston. William Cassidy of KeyBank structured the 10-year, nonrecourse loan featuring a 30-year amortization schedule. The borrower used the loan to refinance existing debt. Constructed in 1966 and renovated in 2014, the 12-story Four Points by Sheraton comprises 158,576 square feet and includes 10,000 square feet of office space, eight residential condos and a 286-space parking garage. Hotel amenities include a business center, fitness center and an indoor heated swimming pool.

August 23, 2017

Retail Southeast Tennessee

NAI Secures $49.5M Sale of Walmart Neighborhood Market Portfolio in Tennessee

by Camren Skelton August 22, 2017

FORT LAUDERDALE, FLA. — NAI Rauch Weaver Norfleet Kurtz & Co., a Fort Lauderdale affiliate of NAI Global, has arranged the $49.5 million sale of a four-store Walmart Neighborhood Market portfolio located in Chattanooga, East Ridge, Murfreesboro and Knoxville. Frank Castoro of NAI represented the buyer, a series of special purpose entities (SPE). The sites were build-to-suit prototypes for the store and are triple-net-leased to Walmart Neighborhood Market for 15 years with 18 five-year options. Situated on a total of 27.3 acres, each site comprises approximately 44,000 square feet and includes a fuel station.

August 22, 2017

Georgia Retail Southeast

InvenTrust Acquires Publix-Anchored Center in Atlanta’s Midtown District for $31.8M

by Camren Skelton August 22, 2017

ATLANTA — InvenTrust Properties Corp. has purchased The Plaza Midtown, a 70,000-square-foot, Publix-anchored retail center in Atlanta’s Midtown district, for $31.8 million. The property is located roughly half a mile from the Georgia Institute of Technology. In addition to Publix, The Plaza Midtown is home to restaurants, fitness concepts and beauty retailers. The seller was not disclosed. With this acquisition, Downers Grove, Ill.-based InvenTrust owns and manages 85 retail properties totaling 15.2 million square feet.

August 22, 2017

Industrial North Carolina Southeast

GCP Purchases 464,947 SF Industrial Property in Charlotte for $22M

by Camren Skelton August 22, 2017

CHARLOTTE, N.C. — Birmingham, Ala.-based Graham Commercial Properties (GCP) has acquired 10000 Twin Lakes Parkway, a 464,947-square-foot industrial property in Charlotte, for $22 million. Constructed in 1992, the Class A property is situated at the junction of Interstates 77 and 485. At the time of sale, 10000 Twin Lakes was fully leased to Schleich North America, a German producer of hand-painted toys, and Ingersoll Rand, a Dublin, Ireland-based industrial supply company. The seller was not disclosed.

August 22, 2017

North Carolina Retail Southeast

SRS Arranges $11.2M Sale of Shopping Center in Metro Charlotte

by Camren Skelton August 22, 2017

INDIAN TRAIL, N.C. — SRS Real Estate Partners has brokered the $11.2 million sale of Union Town Centre, a 102,360-square-foot shopping center in Indian Trail, roughly 16 miles southeast of Charlotte. Kyle Stonis and Pierce Mayson of SRS represented the seller, Equity Investment Group, in the sale to Katz Properties LLC. Situated on 15 acres at 5850 Highway 74 West, Union Town Centre is anchored by Food Lion and Dollar Tree.

August 22, 2017

Maryland Multifamily Southeast

Greysteel Brokers $10.3M Sale of Multifamily Property in Metro DC

by Camren Skelton August 22, 2017

HYATTSVILLE, MD. — Greysteel has brokered the $10.3 million sale of Courtyard Park, a 94-unit apartment community in Hyattsville, roughly seven miles northeast of Washington, D.C. Signature Properties acquired the property from CRG Cos. Kyle Tangney, Herbert Schwat and Ari Azarbarzin of Greysteel negotiated the transaction. Located at 4201-4213 Oglethorpe St., Courtyard Park, constructed in 1948, comprises seven four-story buildings.

August 22, 2017

Georgia Southeast

Ardent Buys Five-Building Office Portfolio in Atlanta’s Buckhead District for $144M

by Camren Skelton August 21, 2017

ATLANTA — The Ardent Cos. has purchased five buildings within the 14-building Piedmont Center office park in Atlanta’s Buckhead district for $144 million. David Meline, Stewart Calhoun and Samir Idris of Cushman & Wakefield represented the seller, Northwestern Mutual, in the transaction. Gil Burstiner of Hartman Simons, a commercial real estate law firm, represented Ardent in the negotiations. KKR’s Real Estate Finance team financed the acquisition. Atlanta-based Ardent will invest in renovations to the portfolio, including enhancements to amenities and common areas, as well as increased connectivity and accessibility. Ardent acquired The Fountains at Piedmont Center, a four-building office portfolio within Piedmont Center, in October 2016 for $76.5 million. Ardent also owns an office building site within the center that is zoned for additional development.

August 21, 2017

Florida Multifamily Southeast

TH Real Estate Acquires Multifamily Community in Palm Beach County for $54M

by Camren Skelton August 21, 2017

DELRAY BEACH, FLA. — TH Real Estate, an affiliate of TIAA’s Nuveen, has acquired The Atlantic at East Delray, a 228-unit apartment community located at 650 Lavers Circle in Palm Beach County’s Delray Beach. The sales price was not disclosed, but the South Florida Business Journal reports the asset sold for $54 million. TH Real Estate purchased the property from a joint venture between Pollack Shores and its equity partner. Constructed in 1996, The Atlantic at East Delray features a swimming pool, dog park, business center, playground, fitness center, sand volleyball court and picnic areas with charcoal grills.

August 21, 2017

Hospitality South Carolina Southeast

Legacy Suites Opens $11M Hotel in Metro Charlotte

by Camren Skelton August 21, 2017

ROCK HILL, S.C. — Legacy Suites has opened a new hotel at 1835 Canterbury Glen Lane in Rock Hill, a South Carolina suburb of Charlotte. Built by MC Hotel Construction, the $11 million, four-story hotel comprises 64,000 square feet and includes 115 rooms. The extended-stay hotel features a kitchen and full-size appliances. Amenities include a gathering room, fitness center, laundry facilities, barbeque grills and a picnic area. MC Hotel Construction’s sister company, Midas Hospitality, will manage the new property. The Rock Hill location is the second Legacy Suites hotel in the country, the other being in Donaldsonville, La. A third Legacy Suites location is slated to open in Greenville, S.C., in summer 2018.

August 21, 2017

Hospitality Mississippi Southeast

CVH Airways Opens New Homewood Suites Location in Metro Memphis

by Camren Skelton August 21, 2017

SOUTHAVEN, MISS. — CVH Airways LLC has opened Homewood Suites by Hilton Southaven, a 99-room hotel located at 135 Homewood Drive in Southaven, roughly 13 miles south of Memphis in Mississippi. The hotel includes a mix of studio, one- and two-bedroom accommodations and features fully equipped kitchens and separate living and sleeping areas. Amenities include a fitness center, indoor pool, outdoor sports court and 468 square feet of meeting space. Vista Host Inc. will manage the property.

August 21, 2017

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