Southeast

Allen Morris Signs Spaces to 56,121 SF Lease at Star Metals Offices in Atlanta’s West Midtown District

by Camren Skelton June 21, 2018

ATLANTA — The Allen Morris Co. has signed Spaces to a 56,121-square-foot lease at Star Metals Offices, the commercial component of the mixed-use Star Metals Atlanta development in Atlanta’s West Midtown district. The coworking company will occupy the seventh and eighth floors of the building, located at 1055 Howell Mill Road. The space will include a 5,642-square-foot ground-floor reception area, private business club and 8,000 square feet of outdoor amenity space for Spaces’ tenants. Benjamin Moss of JLL represented Regus, Spaces’ parent company, in the lease transaction, and JLL’s Jeff Bellamy, Brooke Dewey and Elizabeth Koteles represented Allen Morris Co. Star Metals Offices will offer approximately 230,000 square feet of office space, 25,000 square feet of ground-floor retail and a 5,000-square-foot rooftop restaurant and bar. Amenities will include landscaped outdoor terraces, tenant collaboration areas, a fitness center and a bike rack. Oppenheim Architecture and Warner Summers Architecture are designing the building, which is slated for completion in spring 2020.

June 21, 2018

Civic Development District of Columbia Office Southeast

Joint Venture Breaks Ground on Historic School Renovation Project, Adjacent Office Building in D.C.

by Camren Skelton June 20, 2018

WASHINGTON, D.C. — A joint venture between Akridge, Corporate Office Properties Trust (COPT) and Argos Group has broken ground on the redevelopment of Thaddeus Stevens Elementary School in Washington, D.C. Akridge and D.C. officials have collaborated for 19 years to establish a plan for the historic school, which was one of the District’s first public schools built for the education of African American children. As part of the redevelopment, the joint venture broke ground on a 190,000-square-foot office building, located at 2100 L St., on what previously served as the school’s playground. Designed by Martinez & Johnson Architecture, the building features floor-to-ceiling glass, 20,000-square-foot floor plates, a landscaped rooftop terrace and lounge, penthouse conference center, fitness center and an art gallery with outdoor terraces. The building will feature a rotating art gallery of works from African American artists, as well as a statue outside the building and a feature wall commemorating the property’s namesake, Thaddeus Stevens, who was a U.S. congressman. Law firm Morrison & Foerster LLP has preleased 43 percent of the building. The redevelopment will also include a renovation of the school building, which will reopen as a D.C. public school upon completion. The joint venture expects to …

June 20, 2018

Development Georgia Industrial Southeast

Red Rock Underway on 3 MSF Facility at Shugart Farms Industrial Park in Metro Atlanta

by Camren Skelton June 20, 2018

FAIRBURN, GA. — Red Rock Developments is underway on Shugart Farms Phase II, a three-building industrial campus totaling approximately 3 million square feet. The campus is located within Shugart Farms Industrial Park, which will eventually span 16 million square feet and 2,500 acres. The park is located along the Interstate 85 South industrial corridor in Fairburn, roughly 20 miles southwest of downtown Atlanta. Construction is currently underway on a 982,777-square-foot speculative building at the park. Two additional build-to-suit opportunities in Phase II will total roughly 1.5 million square feet and 485,381 square feet. Red Rock expects to wrap up construction on Phase II in the fourth quarter. The first phase of Shugart Farms Industrial Park was delivered last year and included two buildings totaling roughly 2 million square feet. The buildings are leased to Smucker’s and Duracell.

June 20, 2018

Acquisitions Data Centers Georgia Industrial Southeast

Carter Validus Sells Data Center in Metro Atlanta for $64M

by Camren Skelton June 20, 2018

ALPHARETTA, GA. — Carter Validus Mission Critical REIT Inc. has sold the Alpharetta Data Center II in the northern Atlanta suburb of Alpharetta for $64 million. Delaware-based Alpharetta DC LLC acquired the asset, which totals 165,000 square feet. The facility include 50,400 square feet of powered-shell enterprise data center space, 58,814 square feet of office and administration space and 59,746 square feet of supporting infrastructure space. Carter Validus is a REIT that invests in mission critical real estate assets located throughout the United States. Defined as purpose-built facilities designed to support the most essential operations of tenants, mission critical real estate includes data centers and medical facilities.

June 20, 2018

Acquisitions Office Retail Southeast Virginia

Westport Capital, Galaxy Investments Acquire Office, Retail Building in Metro D.C.

by Camren Skelton June 20, 2018

ALEXANDRIA, VA. — A joint venture between Westport Capital Partners LLC and Galaxy Investments has acquired Tavern Square, a 171,008-square-foot office and retail building located at the intersection of King and Royal streets in Alexandria, roughly eight miles south of Washington, D.C. Gerry Trainor of Transwestern arranged the transaction on behalf of the seller, Tavern Square LLC. The sales price was not disclosed. Developed in 1967, the property includes 130,000 square feet of office space, 41,008 square feet of ground-floor retail and a 326-space parking garage. The new ownership plans to renovate the property by modernizing the lobbies, common areas, building exterior and courtyard. Cambridge Holdings will provide construction services for the renovations. In addition, Cambridge will manage the property and handle the building’s leasing assignment.

June 20, 2018

Acquisitions Arkansas Hospitality Southeast

CBRE Arranges Sale of 90-Room Courtyard by Marriott Hotel in Bentonville, Arkansas

by Camren Skelton June 20, 2018

BENTONVILLE, ARK. — CBRE has brokered the sale of a 90-room Courtyard by Marriott hotel located at 1001 McClain Road in Bentonville. Nate Sahn, James Foxx, Pravin Boteju and David Erstine of CBRE arranged the transaction on behalf of the seller, Hawkeye Hotels. CBRE’s Marc Sallette and Olga Lepow arranged acquisition financing on behalf of the buyer, SMC Hotels. Other terms of the deal were not disclosed. The hotel, located near downtown Bentonville, features an indoor pool, fitness center and onsite dining at The Bistro.

June 20, 2018

Acquisitions Florida Hospitality Southeast Top Stories

CBRE Brokers $170.6M Sale of Hilton Fort Lauderdale Marina

by David Cohen June 20, 2018

FORT LAUDERDALE, FLA. — CBRE Hotels has brokered the sale of the Hilton Fort Lauderdale Marina, a 589-room hotel located at 1881 17th St. in Fort Lauderdale. Situated along the Intracoastal Waterway, the nine-acre property is third-largest hotel in Broward County. The Blackstone Group sold the asset to Thayer Lodging Group, a subsidiary of Brookfield Asset Management, for $170.6 million, according to reports by the South Florida Business Journal. The hotel was built in 1980 and 1981, and has been renovated several times, most significantly in 2008. The property includes a 33-slip marina, business center, meeting rooms, fitness center, jogging track and a swimming pool. Christian Charre, Paul Weimer, Natalie Castillo and Jennifer Jin of CBRE arranged the transaction on behalf of the seller. “The Hilton Marina is a strategic property in an area with extremely high barriers to entry,” says Charre. “We encountered a great amount of interest from the investor community and had multiple rounds of competitive bidding.” Located in the Fort Lauderdale Marina, the hotel is surrounded by multiple demand generators that include the Greater Fort Lauderdale/Broward County Convention Center, Port Everglades and the Fort Lauderdale-Hollywood International Airport. “With tremendous potential for future redevelopment, this truly unique investment …

June 20, 2018

Acquisitions Hospitality Louisiana Restaurant Retail Southeast

VICI Properties to Acquire Margaritaville Resort Casino in Louisiana for $261M in Cash, Lease to Penn National

by Camren Skelton June 19, 2018

BOSSIER CITY, LA. — VICI Properties Inc., an experiential REIT that was recently spun off from Las Vegas-based Caesars Entertainment, has entered into a definitive agreement to acquire the land and real estate assets of the Margaritaville Resort Casino in Bossier City for $261 million in cash. VICI Properties will lease the property to Penn National Gaming Inc., a Pennsylvania-based operator of casinos and racetracks. The triple-net lease will have an initial total annual rent of roughly $23 million and an initial term of 15 years with four, five-year renewal options. In addition, Penn National will acquire the operating assets of the Margaritaville Resort Casino for approximately $115 million in cash. Constructed in 2013, the casino includes four acres of fee land and 30 acres of leased land. The hotel and casino built on the fee land include 26,500 square feet of casino space with 1,215 slots and 50 tables; 395 hotel rooms; an island-style escape theme; six restaurants and food and beverage outlets; and a 1,000-seat theater. The leased land includes 1,500 parking spaces. The transaction is expected to close in the second half of the year, subject to regulatory approvals and customary closing conditions. Goldman Sachs & Co. …

June 19, 2018

Development Georgia Industrial Southeast

Capital Development, Greenfield Break Ground on $125M Savannah Port Logistics Center

by Camren Skelton June 19, 2018

SAVANNAH, GA. — Capital Development Partners, in a joint venture with Greenfield Partners, has broken ground on the $125 million Savannah Port Logistics Center. The 2.3 million-square-foot campus is being developed to meet the needs of Port of Savannah’s import, export and e-commerce customers. Operated by the Georgia Ports Authority, the Port of Savannah is the largest single-container port in the United States. The 190-acre Savannah Port Logistics Center will offer dual rail service via Norfolk Southern and CSX Tier 1 railroads, and will include two buildings totaling 1.1 million square feet and 1.3 million square feet. Both buildings will feature 40-foot ceiling heights and cross-dock capability. Building I is slated for completion in April 2019, and developers expect to break ground on Building II later this year. Atlanta-based Capital Development Partners is a national developer of industrial infrastructure facilities. Greenfield Partners is a private equity real estate firm headquartered in Westport, Conn., with $3.3 billion in gross assets under management. To date, the company has invested more than $5 billion in equity across multiple sectors, including 25 million square feet of industrial.

June 19, 2018

Acquisitions Florida Office Southeast

Cushman & Wakefield Brokers $42.1M Sale of ADT’s Global Headquarters in Palm Beach County

by Camren Skelton June 19, 2018

BOCA RATON, FLA. — Cushman & Wakefield has brokered the $42.1 million sale of ADT Inc.’s 171,489-square-foot global headquarters located at 1501 Yamato Road in Boca Raton. ADT provides security and automation solutions for homes and businesses in the United States and Canada. Scott O’Donnell, Dominic Montazemi, Mike Davis, Greg Miller, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Philadelphia-based RAIT Financial Trust. A joint venture between Boca Raton-based PEBB Enterprises and Chicago-based Tortoise Properties LLC acquired the office asset. Cushman & Wakefield’s Jason Hochman arranged a $28.6 million, non-recourse acquisition loan on behalf of the new ownership. The building is located within The Park at Broken Sound, a 700-acre mixed-use park. Constructed in 1983, the office building features a skylit atrium, water feature, golf course views and a structured parking garage. The building is fully leased to ADT and was fully renovated in 2011 before the tenant took occupancy.

June 19, 2018

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