Southeast

Continental Realty Purchases Apartment Community in Raleigh for $61M

by John Nelson May 25, 2017

RALEIGH, N.C. — Continental Realty Corp. has acquired The Edison Lofts, a 223-unit apartment community located at 131 E. Davie St. in Raleigh. The Baltimore-based firm purchased the asset from The NRP Group for $61 million. Sean Wood of ARA Newmark’s Charlotte office brokered the off-market transaction. Built in 2016 by NRP, The Edison Lofts is a seven-story midrise community featuring studio, one- and two-bedroom apartments ranging in size from 550 to 1,870 square feet. Community amenities include a garden courtyard, resort-style swimming pool, outdoor kitchen and grilling area, dog park, fitness center and clubroom with a resident lounge and billiards room. A direct access structured parking garage is available for both The Edison Lofts residents and visitors.

May 25, 2017

Georgia Industrial Southeast

CT Realty, PGIM, River Oaks to Develop 3.5 MSF Industrial Park in Atlanta

by John Nelson May 25, 2017

ATLANTA — CT Realty, through its affiliate Port Logistics Realty, and joint venture partners PGIM Real Estate and River Oaks Capital Partners have purchased 213 acres of land in Atlanta for the development of Palmetto Logistics Park, a 3.5-million-square-foot industrial park. The joint venture also has a purchase option on an adjacent 145 acres. Situated across from a CSX intermodal facility and near Interstate 85, Palmetto Logistics Park will be built in three phases with buildings ranging in size from 1 million square feet to 1.5 million square feet. Fifth Third Bank will provide construction financing for the first phase building of Palmetto Logistics Park. Ben Logue and Price Weaver of Colliers International’s Atlanta office will handle the park’s leasing assignment. No timeline for groundbreaking or delivery was disclosed. Dallas-based Port Logistics Realty is a partnership between CT Realty and Xebec Realty, two Southern California-based industrial development firms.

May 25, 2017

Alabama Southeast

Hollingsworth to Build 252,000 SF Industrial Property in Huntsville

by John Nelson May 25, 2017

HUNTSVILLE, ALA. — The Hollingsworth Cos. has broken ground on a 252,000-square-foot industrial facility within SouthPoint Industrial Park in Huntsville. The property will be SouthPoint’s fifth building, and Hollingsworth plans to commence construction on a sixth this summer. Situated along Interstates 65 and 565, the new property will feature 32-foot clear heights and 14 loading docks. Hollingsworth has completed a few industrial projects in the Southeast recently, including a 264,763-square-foot asset in Cookeville, Tenn.; a 183,618-square-foot expansion in Prince George, Va.; and a 127,950-square-foot manufacturing facility in Andersonville, Tenn.

May 25, 2017

Georgia Retail Southeast

Banyan Street Capital to Redevelop Retail Portion of Peachtree Center in Atlanta

by John Nelson May 25, 2017

ATLANTA — Miami-based Banyan Street Capital plans to implement large-scale renovations to the retail portion of Peachtree Center, a mixed-use, transit-oriented development located in downtown Atlanta. Situated over the underground Peachtree Center MARTA station, Peachtree Center comprises six office towers, three hotels, three parking garages and the Mall at Peachtree Center. Amy Fingerhut and Sara Pepper of CBRE have been tapped to lease the redeveloped retail center, which is currently home to over 50 restaurants, retailers and service tenants. Along with the addition of new restaurants and shops, renovations to the center will include changes to the indoor mall area and outdoor courtyard. Construction is set to begin this summer. Beck is serving as the architect on the project.

May 25, 2017

Florida Multifamily Southeast

Avesta Acquires Two Apartment Communities in Metro Orlando for $32M

by John Nelson May 25, 2017

ALTAMONTE SPRINGS, FLA. — Avesta has purchased two apartment communities in Altamonte Springs, about 11 miles north of Orlando, for a combined $32 million. Avesta has rebranded and operationally merged the two assets, known as Altamonte Villas and Palms at Altamonte, as East Pointe at Altamonte. Totaling 354 units, East Pointe at Altamonte features a mix of one- and two-bedroom apartments and townhomes. Community amenities include two swimming pools, a fitness center, sports court, dog park, central laundry facilities and select covered parking. Avesta will invest $5 million to renovate and upgrade the community’s interiors, exteriors and amenities.

May 25, 2017

Florida Multifamily Southeast

Allen Morris Co. Opens $73M Apartment Community in Tampa Bay Area

by John Nelson May 24, 2017

ST. PETERSBURG, FLA. — The Allen Morris Co. has opened The Hermitage Apartment Homes, a $73 million multifamily community located at 151 7th St. in downtown St. Petersburg. The Tampa Bay-area property features 348 studio apartments, as well as one- and two-bedroom units. The community also displays artwork in the lobby in homage to its namesake, the Hermitage Art Museum in St. Petersburg, Russia. Community amenities include a rooftop pool and spa, outdoor grilling area, fitness center, pet spa, bike shop and storage and private dining and meeting areas. The Hermitage is Allen Morris Co.’s 81st development.

May 24, 2017

North Carolina Office Southeast

Sealed Air Opens New Office, R&D Campus in Charlotte

by John Nelson May 24, 2017

CHARLOTTE, N.C. — Sealed Air Corp., the company behind brands such as Bubble Wrap and Cryovac, has opened its new office and research campus within LakePointe Corporate Center in Charlotte. Situated south of the Charlotte Douglas International Airport, the project features two office buildings totaling 220,000 square feet, a 170,000-square-foot research and development laboratory and two parking decks. Designed by Atlanta-based tvsdesign, the property is expected to house 1,300 of Sealed Air’s employees. Amenities at the campus include a fitness center, cafeteria and social spaces, including an outdoor pavilion.

May 24, 2017

Georgia Multifamily Southeast

Terwilliger Pappas Breaks Ground on 290-Unit Apartment Property in Metro Atlanta

by John Nelson May 24, 2017

DECATUR, GA. — Terwilliger Pappas has broken ground on Solis Decatur, a 290-unit apartment community that will be situated within the North Decatur Square mixed-use development in Decatur, a suburb of Atlanta. The property will be the multifamily component of the development, which will feature 89,000 square feet of retail and restaurant space leased to tenants including 365 by Whole Foods. Terwilliger Pappas partnered with SJ Collins Enterprises to develop Solis Decatur on an 11-acre parcel about a mile outside of downtown Decatur. JP Morgan and Atlantic Creek provided construction financing.

May 24, 2017

Georgia Loans Seniors Housing Southeast

BMO Harris Provides $44.2M in Financing for Seniors Housing Community Near Atlanta

by John Nelson May 24, 2017

DECATUR, GA. — BMO Harris Bank’s Healthcare Real Estate Finance group has closed $44.2 million in construction and mini-perm financing for Solomon Holdings. The capital will be used to build The Holbrook of Decatur, a 200-unit seniors housing community in the Atlanta suburb of Decatur. The community will feature 71 independent living units, 96 assisted living units and 33 memory care units. The upscale property is located near Emory University and will feature multiple dining venues, a spa and indoor pool. Choate Construction Co. will build the community, which CDH Partners designed. Once completed, Speak Life Management will be the operator. Construction began in April, and an estimated completion date has not yet been announced.

May 24, 2017

Mixed-Use North Carolina Office Southeast

F.N.B. Corp. to Anchor 22-Story Mixed-Use Tower in Downtown Raleigh

by John Nelson May 24, 2017

RALEIGH, N.C. — F.N.B. Corp., parent company of First National Bank, has signed on as the anchor tenant of a planned 22-story office and residential tower at 501 Fayetteville St. in downtown Raleigh. Named FNB Tower, the project will feature 150,000 square feet of Class A office space, 240 residential units and street-level retail space, including a branch of First National Bank. F.N.B. Corp. will occupy more than 40,000 square feet of office space with options to expand to accommodate future growth. The developer, Dominion Realty Partners, is aiming for FNB Tower to be LEED Platinum-certified. The groundbreaking for FNB Tower will take place this December, with delivery anticipated by the summer of 2019. CBRE | Raleigh will handle FNB Tower’s office and retail leasing responsibilities, and Dominion Realty will manage the property once complete. Gregg Broujos and Kathy Gigac of Colliers International and David Thor of JLL represented F.N.B. Corp. in the lease transaction.

May 24, 2017

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