Southeast

American Landmark Acquires 1,212-Unit Multifamily Portfolio Across Three States

by Camren Skelton June 1, 2018

TAMPA, FLA. — American Landmark has acquired a four-property multifamily portfolio located in Florida, Georgia and South Carolina. In Florida, the Tampa-based multifamily owner and operator acquired Bella Apartment Homes, located at 3101 Segreto Lane in Kissimmee, roughly 22 miles south of Orlando. The 432-unit property was built in 2010 and was 96 percent occupied at the time of sale. American Landmark will rename the community The Aspect. In metro Atlanta, American Landmark acquired two properties: Arbor Terrace in Douglasville and Summerset in Conyers. The 300-unit Arbor Terrace, located at 1 Rocky Ridge Blvd., was built in 2003 and was 95 percent occupied at the time of sale. The community will be renamed One Rocky Ridge. Summerset, which will be renamed The Oxford, is located at 50 Greenleaf Road. The 240-unit property was constructed in 1999 and was 96 percent occupied at the time of sale. In Charleston, American Landmark acquired Arbor Village, a 240-unit community located at 10825 Dorchester Road. The community was built in 2014 and was 93 percent occupied at the time of sale. The name of the seller and sales price were not disclosed.

June 1, 2018

Hospitality Loans Maryland Southeast

Cronheim Secures $29.2M Acquisition Financing for Westin Hotel Near Baltimore/Washington Airport

by Camren Skelton June 1, 2018

LINTHICUM HEIGHTS, MD. — Cronheim Hotel Capital (CHC) has secured a $29.2 million loan for the acquisition and repositioning of the Westin Baltimore Washington Airport — BWI. The 260-room hotel is located two miles from Baltimore/Washington International Thurgood Marshall Airport. CHC arranged the three-year, non-recourse bridge loan on behalf of the borrower, Washington, D.C.-based Frontier Development. Crestline Hotels & Resorts — Frontier’s third party management company — is managing the property. The hotel was constructed in 2007 and features a complimentary airport shuttle, fitness center, 10,850 square feet of meeting space and an indoor swimming pool.

June 1, 2018

Acquisitions Retail South Carolina Southeast

Ziff Properties Sells Retail Center Near Columbia for $12.6M

by Camren Skelton June 1, 2018

LEXINGTON, S.C. — Ziff Properties Inc. has sold Lexington Towne Center, a 131,809-square-foot retail center in Lexington, for $12.6 million. The property is located at 934 N. Lake Drive, roughly 15 miles west of Columbia. Berkeley Capital and The Palomar Group arranged the transaction on behalf of Ziff Properties. A New York-based private buyer acquired Lexington Towne Center, which is home to tenants such as Food Lion, Stein Mart, Tuesday Morning, Urban Nirvana, Cold Stone Creamery, Moe’s Southwest Grill and Hibbett Sporting Goods.

June 1, 2018

Development Hospitality North Carolina Southeast Top Stories

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

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