Southeast

NXT Provides $30M Refinancing for New Apartment Community in Atlanta’s Buckhead District

by Camren Skelton January 19, 2018

ATLANTA — NXT Capital has provided a $30 million first mortgage loan for the refinancing of Ardmore & 28th, a 165-unit apartment community located in Atlanta’s Buckhead district. Richard Jordan of CBRE arranged the loan through NXT on behalf of the borrower and developer, a joint venture between Enfold Properties and CF Real Estate Services. Construction on the property was completed at the end of 2016. Ardmore & 28th features apartment and townhome-style units, as well as a swimming pool with a sundeck, outdoor grilling kitchen, fitness center with yoga and Pilates room, clubhouse, coffee bar, car care facility, dog park and a dog washing station. In addition, the property is located adjacent to the Atlanta BeltLine’s Northside Trail.

January 19, 2018

Civic Louisiana Southeast

Roy Anderson to Lead $17M Construction Project at WWII Museum in New Orleans

by Camren Skelton January 19, 2018

NEW ORLEANS — Roy Anderson Corp., a subsidiary of Tutor Perini Corp., has unveiled plans to construct the Hall of Democracy at the National WWII Museum’s campus in New Orleans. The $17 million pavilion will total 34,800 square feet and will be dedicated to the museum’s research, WWII content, expertise and outreach. The pavilion will house a special exhibits gallery; the Institute for the Study of War and Democracy, which is expected to be the hub of World War II knowledge and education for the museum and the general public; a WWII Media and Education Center with production studios and broadcast capabilities; and a library. Construction on the project is expected to commence later this month or in early February, with completion slated for the summer of 2019.

January 19, 2018

Georgia Multifamily Seniors Housing Southeast

Watercrest, Waypoint to Develop 107-Unit Seniors Housing Community in Metro Atlanta

by Camren Skelton January 19, 2018

NEWNAN, GA. — A joint venture between Watercrest Senior Living Group and Waypoint Residential has unveiled plans for Watercrest Newnan Assisted Living and Memory Care Community in the Atlanta suburb of Newnan. The 107-unit, resort-style seniors housing community will be situated on nine acres. Groundbreaking is scheduled for next month, with an opening slated for spring 2019. Vero Beach, Fla.-based Watercrest specializes in the development and operations of assisted living and memory care communities, market repositioning and advisory services. The project represents Waypoint’s entry into the seniors housing sector, having previously worked as an investor in conventional multifamily and student housing. D2 Architecture designed the 92,000-square-foot project.

January 19, 2018

Healthcare North Carolina Southeast Top Stories

CBRE Arranges $142M Sale of Duke University Medical Office Building in North Carolina

by Kristin Harlow January 19, 2018

DURHAM, N.C. — CBRE has arranged the sale of Hock Plaza, a 327,160-square-foot medical and educational office building in Durham. Harrison Street Real Estate Capital LLC acquired the 12-story building from Hines. The sales price was $142 million, according to the Triangle Business Journal. Constructed in 2004, Hock Plaza is situated on more than 2.5 acres at 2424 Erwin Road, adjacent to Duke University Hospital. The building is home to 34 different Duke University medical institutes, centers and research functions, including Duke Cancer Institute, the Center for Autism and Brain Development, and the Center for Smoking Cessation. The property, which includes a 1,057-space parking garage, is located within North Carolina’s Research Triangle. Jay O’Meara, Will Yowell, Lee Asher, Chris Bodnar and Ben Kilgore of CBRE arranged the transaction on behalf of the seller. The sales price was a record price per square foot in the state of North Carolina, according to O’Meara. Chicago-based Harrison Street is a real estate investment management firm focused on the education, healthcare and storage sectors. The firm has approximately $12.8 billion in assets under management. Houston-based Hines is a privately owned global real estate investment, development and management firm with $100 billion in assets under management. — …

January 19, 2018

Alabama Industrial Southeast

Mazda, Toyota Select Huntsville for New $1.6B Auto Manufacturing Plant

by Camren Skelton January 18, 2018

HUNTSVILLE, ALA. — Mazda and Toyota leaders have selected Huntsville as the site of their new joint venture auto manufacturing plant. The automakers will invest $1.6 billion in the facility, located approximately 14 miles from Toyota’s existing Huntsville plant. The new plant will have the capacity to build 300,000 vehicles annually, with production split evenly between the two lines for each company to produce the Toyota Corolla and Mazda’s crossover model that will be newly introduced to the North American market. The facility is expected to create up to 4,000 jobs, and production is expected to begin by 2021. The joint venture plant marks the 11th U.S. manufacturing facility for Toyota.

January 18, 2018

Georgia Industrial Office Southeast

Granite, Third & Urban Form Development Partnership, Will Redevelop Warehouses in Atlanta’s West Midtown District

by Camren Skelton January 18, 2018

ATLANTA — Granite Properties has formed a long-term partnership with Third & Urban for the recapitalization and development of two warehouse properties in Atlanta’s West Midtown district. The partnership will create a portfolio to include the recapitalization of Complex, an adaptive reuse project Third & Urban unveiled in December 2016. The building is 80 percent leased to tenants including Proof of the Pudding, Bold Monk Brewing, Look Listen and LTX Solutions. The project is on track to be fully leased by June. In addition, the partnership will acquire and develop a group of warehouses located at 1218 and 1236 Menlo Drive, also in the West Midtown district. Similar to Complex, the new development — dubbed Inland Tract — will offer creative flex space for tenants that need both office and warehouse space.

January 18, 2018

Georgia Multifamily North Carolina Southeast

Hudson Capital Acquires Two Multifamily Properties in North Carolina, Georgia for $66.1M

by Camren Skelton January 18, 2018

CARY, N.C. AND NORCROSS, GA. — Hudson Capital Partners (HCP) has acquired two multifamily properties in North Carolina and Georgia for a combined $66.1 million. The New York-based company acquired Cary Reserve at Weston, a 288-unit property in the Raleigh-Durham metro of Cary, for $46.8 million, as well as the 224-unit Willow Trail, a community in the Atlanta suburb of Norcross, for $19.3 million. HCP plans to invest approximately $7 million to renovate both properties, including unit modernization and expanded amenity offerings. Constructed in 1995, Cary Reserve at Weston features carports, garages, a car care center, swimming pool, tennis courts, grilling areas, business center, dog park, playground and a fitness center. Willow Trail features a playground, pool with a sundeck, fitness center, community soccer field and on-site laundry facilities. In addition to renovating the property’s unit interiors, HCP will replace Willow Trail’s current in-place management with its third-party management firm, Dallas-based Westdale.

January 18, 2018

Loans Mixed-Use Office Restaurant Retail Southeast Tennessee

HFF Arranges $26.7M Construction Loan for Adaptive Reuse Project in Nashville

by Camren Skelton January 18, 2018

NASHVILLE, TENN. — HFF has arranged a $26.7 million construction loan for the adaptive reuse of the former May Hosiery textile mill in Nashville. The development is located at 425 to 431 Chestnut St. and 510 Houston St. in the city’s Wedgewood Houston neighborhood. Danny Kaufman and Christopher Knight of HFF arranged the two-year, floating-rate loan through LoanCore Capital on behalf of the borrower and developer, Chicago-based AJ Capital Partners. Proceeds of the loan will be used for the renovation and remaining lease-up of the property. Constructed in 1909, the 120,000-square-foot facility was originally home to May Hosiery, which made socks through most of the 20th century. AJ Capital Partners is redeveloping the property into a mixed-use space featuring 80,000 square feet of creative office space and 40,000 square feet of retail and restaurant space. In addition, the project will include a private rooftop terrace and central outdoor spaces. At the time of closing, the development was 47 percent preleased to Tuck-Hinton Architects, Southcomm Media, Dream Technologies, Parson’s Chicken & Fish and Blockhouse Barbers.

January 18, 2018

Alabama Multifamily Southeast

Cushman & Wakefield Brokers $28.3M Sale of Apartment Community in Birmingham

by Camren Skelton January 18, 2018

BIRMINGHAM, ALA. — Cushman & Wakefield has arranged the $28.3 million sale of Chace Lake Villas, a 264-unit apartment community in Birmingham. Jimmy Adams and Josh Jacobs of Cushman & Wakefield arranged the transaction on behalf of the seller, Bluerock Real Estate. Myers Apartment Group acquired the property. Constructed in 1996, Chace Lake Villas is situated within walking distance to more than 2 million square feet of retail space, including Riverchase Galleria and Patton Creek Shopping Center. Community amenities include a 24-hour fitness center, resort-style swimming pool, lighted tennis court, clothing care center and a car care center.

January 18, 2018

Georgia Hospitality Southeast

Public-Private Partnership Opens 330-Room Hotel at Avalon, Alpharetta Conference Center

by Camren Skelton January 17, 2018

ALPHARETTA, GA. — Developers of the Hotel at Avalon and Alpharetta Conference Center celebrated the grand opening on Tuesday, Jan. 16, marking the final phase of Avalon, the 2.4 million-square-foot mixed-use development in the northern Atlanta suburb of Alpharetta. The $112 million hotel and conference center were developed in a public-private partnership between Stormont Hospitality Group, Long Wharf Capital, North American Properties (NAP) and the City of Alpharetta. The 330-room hotel features a 24-hour fitness center, access to Club Avalon Concierge and proximity to the variety of shops, dining and entertainment venues offered within Avalon. The hotel’s food and beverage options, Fifth Group restaurant’s South City Kitchen Avalon and Starbucks Coffee, will open this month on the ground floor. The Hotel at Avalon and 65,000-square-foot Alpharetta Conference Center offer 44,000 square feet of adaptable event space, including a second-story pool terrace overlooking Avalon Boulevard. In addition, the development includes two ballrooms, an executive boardroom and smaller meeting rooms. Atlanta-based architect Cooper Carry led the design of the hotel, and Chicago-based Perkins + Will designed the hotel and conference center interiors. The Johnson Studio at Cooper Carry designed South City Kitchen Avalon, and Brasfield & Gorrie was the project’s general contractor.

January 17, 2018

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