MIAMI BEACH, FLA. — Rockpoint Group has purchased Aloft South Beach, a newly built, 235-room hotel located on Collins Avenue in Miami Beach’s South Beach district. JMH Development and Mitchell Hochberg sold the hotel to Rockpoint for $105 million. Rockpoint plans to rebrand the hotel, the largest Aloft hotel in the world, to The Gates Hotel, according to the Miami Herald. Doubletree by Hilton will operate the hotel.
ATLANTA — Dockerty Romer & Co. has arranged a $34.2 million permanent loan for a Class A, 13-story office building located at 2100 Riveredge Parkway in Atlanta. Situated by the Chattahoochee River National Recreation Area, the 264,374-square-foot building is currently 92 percent leased, with United Healthcare as its anchor tenant. Craig Romer and Chris Romer of Dockerty Romer arranged the two-year, floating-rate loan through NXT Capital on behalf of the borrower, Mainstreet Capital Partners.
GASTONIA, N.C. — Harris Teeter has opened a new 53,000-square-foot store at the Kendrick Crossing shopping center located at the intersection of Robinwood and Kendrick roads in Gastonia, roughly 22 miles west of Charlotte. The store will be open 24 hours and will feature a Starbucks, salad bar and drive-thru pharmacy. Harris Teeter is the first tenant to open at Kendrick Crossing, and other retailers opening soon include Hungry Howie’s Pizza, UPS Store, Great Clips and Lucky Nails. The development team for Kendrick Crossing includes developer MPV Properties, general contractor Cummings and architect ai Design.
WASHINGTON, D.C. — Marcus & Millichap has arranged the $2.3 million sale of Canal Inn, a boutique inn located at 1061 31st N.W. in Washington, D.C. The property is situated along the C&O Canal in D.C.’s Georgetown district. Built in 1831 and renovated in 2012, Canal Inn features 10 rooms and a third-story loft. Marty Zupancic, Peggy Brooks Smith and Christian Barreiro of Marcus & Millichap’s Washington, D.C., office represented the seller, an individual trust. The unnamed buyer plans to keep the property as an inn or bed and breakfast.
BETHESDA, MD. — Bethesda, Md.-based Walker & Dunlop (NYSE: WD) has secured a $469 million refinancing for a 13-property multifamily portfolio owned and operated by Cortland Partners. The financing is comprised of seven-year, floating-rate loans featuring two years of interest-only payments followed by 30-year amortization schedules. Stephen Farnsworth of Walker & Dunlop secured the refinancing on behalf of Cortland Partners through Freddie Mac. The 13 properties within the portfolio are comprised of 4,871 units located in Texas, Georgia and Florida. The specific multifamily communities included in the deal were undisclosed. Headquartered in Atlanta, Cortland Partners develops, owns and operates multifamily properties in Colorado, Florida, Georgia, Louisiana, North Carolina, Ohio, Texas and Virginia. Walker & Dunlop is one of the largest commercial real estate finance companies in the U.S., providing financing and investment sales to owners of multifamily and other commercial properties. The company’s stock price closed on Monday, Oct. 3, at $25.54 per share, down from $27.69 one year ago. — Katie Sloan
OWINGS MILLS, MD. — Baltimore-based Continental Realty Corp. has acquired Riverstone at Owings Mills, a 324-unit garden-style apartment community located in Owings Mills, for $61.6 million. Continental purchased the community via its Continental Realty Fund IV LP, marking the third multifamily purchase for the fund. Located at 4700 Riverstone Drive, Riverstone at Owings Mills consists of one-, two- and three-bedroom apartment units featuring 9-foot ceiling heights, open-style layouts, split master options, individual full-sized washer and dryers, and balconies or patios. The asset was nearly 96 percent occupied at the time of the purchase. Constructed in 2002, the property’s community amenities include a clubhouse with a fitness center, business center and resident lounge, as well as an outdoor swimming pool, hot tub and a tennis court. Continental Realty plans to continue the on-going renovation program, which includes the installation of granite countertops and stainless steel appliances. CBRE represented the seller, CIM Group, in the transaction.
MCDONOUGH, GA. — Tory Burch LLC, a women’s accessories and apparel retailer, plans to invest more than $60 million by 2020 for a new distribution center in McDonough, a south Atlanta suburb in Henry County. The distribution center will support Tory Burch’s e-commerce business and is expected to be fully operational by the end of 2017. The new facility is expected to create more than 150 jobs by 2020, including positions in management, administration, transportation, order processing, packaging and shipping. Tory Burch will fully occupy the 753,000-square-foot distribution center located in the Lambert Farms Logistics Park in McDonough. Tory Burch leased the space from the developer, Panatonni Development Co. Inc. Wit Truitt and Reed Davis of JLL represented Panatonni in the lease deal. The industrial facility features an adjacent pad site, which makes the development expandable up to 1.5 million square feet. Tory Burch is headquartered in New York and has 180 boutiques worldwide, including locations in Los Angeles, Shanghai, Milan and Paris, as well as nine e-commerce sites in six languages. The retailer sells clothing, shoes, handbags, accessories, watches, home and beauty items. Tory Burch worked with Josh Stephens of the Georgia Department of Economic Development, the Georgia Ports …
LOUISVILLE, KY. — Cushman & Wakefield/Commercial Kentucky has arranged the $41 million sale of Hurstbourne Business Center, a 418,000-square-foot, mixed-use development located in Louisville. The property comprises Hurstbourne Park and Hurstbourne Place, both office buildings, and Hurstbourne Plaza, a retail center. Cincinnati-based Viking Partners, a private equity real estate firm, purchased Hurstbourne Business Center from Dallas-based TIER REIT. Craig Collins of Cushman & Wakefield/Commercial Kentucky, along with Stewart Calhoun and Casey Masters of Cushman & Wakefield’s Atlanta office, represented the seller in the transaction.
RICHMOND, VA. — Dominion Realty Partners has purchased a three-building office portfolio totaling 288,416 square feet in Richmond for an undisclosed price. Situated within Boulders Office Park, the purchase of Boulders I, II and III will increase Dominion Realty’s Virginia office portfolio to 450,723 square feet. The portfolio was 76 percent leased at the time of sale to 34 tenants including Timmons Group and Tredegar Corp. Dominion Realty plans to make capital improvements to the portfolio, including upgrades of the common area lobbies, corridors and restrooms, parking lot resurfacing and landscaping improvements. Eric Robison of Cushman & Wakefield | Thalhimer represented the undisclosed seller in the transaction.
VICKSBURG, MISS. — NAI UCR Properties has brokered the $3.6 million sale of a 43,000-square-foot portion of the Pemberton Plaza Shopping Center in Vicksburg, roughly 45 miles west of Jackson. The buyer, an unnamed local investment group, added to the 27,000-square-foot portion of the center it already owned. Pemberton Plaza’s tenant roster includes T.J. Maxx, Citi Trends, Petsense, Newk’s Eatery, Bestway Rent to Own, Anytime Fitness and Little Caesar’s. The portion of the shopping center that was acquired was 100 percent leased at the time of sale. The buyer purchased the asset from RockStep Capital in an off-market transaction. Micah McCullough and Brett Bailey of Jackson-based NAI UCR Properties represented the buyer in the transaction. RockStep Capital was self-represented.
