Southeast

MJM Group to Build $45M Dual-Branded Marriott Hotel in Charlotte

by John Nelson September 22, 2016

CHARLOTTE, N.C. — Raleigh-based MJM Group plans to develop a new $45 million, dual-branded Marriott hotel project in Charlotte. Located at 9110 Harris Corners Parkway, the seven-story property will feature a 94-room Courtyard by Marriott and a 94-room Marriott Residence Inn. Construction is slated to begin this month and wrap up by March 2018. The 130,000-square-foot property will feature a shared lobby, bistro, two patio areas, outdoor swimming pool, exercise room and meeting rooms. The project team includes architect The Lawrence Group, interior designer Gray Design and general contractor Whiting-Turner Contracting Co. Paramount Lodging Advisors advised MJM Group in the development, and Live Oak Bank provided construction financing. Midas Hospitality will manage the hotel upon completion.

September 22, 2016

Florida Mixed-Use Southeast

Terra Closes on $15.9M Land Acquisition for Pines City Center Mixed-Use Project in Broward County

by John Nelson September 22, 2016

PEMBROKE PINES, FLA. — Terra has closed on its $15.9 million purchase of 17.2 acres of land in Pembroke Pines for Phase I of the 47-acre Pines City Center. Upon completion in 2017, the project will comprise 300,000 square feet of retail, entertainment and restaurant space, as well as apartment residences. The project will be built in two phases, with Phase I featuring 200,000 square feet of Publix-anchored retail space and Phase II featuring 100,000 square feet of commercial space and 385 apartments. Pines City Center will be situated at the southwest corner of Pines Boulevard and Palm Avenue, adjacent to a $60 million civic center the city of Pembroke Pines is building.

September 22, 2016

Florida Multifamily Southeast

Marcus & Millichap Brokers $30M Sale of Apartment Portfolio in Tampa

by John Nelson September 22, 2016

TAMPA, FLA. — Marcus & Millichap has brokered the $30 million sale of a four-property apartment portfolio in Tampa. The properties include the 70-unit Palm River Apartments, the 122-unit Laurel Chase, the 228-unit Rivertree Landing and the 232-unit Puritan Place. Michael Donaldson and Nicholas Meoli of Marcus & Millichap’s Tampa office represented the seller and procured the buyer.

September 22, 2016

Georgia Multifamily Southeast

Emma Capital Buys Two Apartment Communities in Metro Atlanta for $15.7M

by John Nelson September 22, 2016

MARIETTA, GA. — Emma Capital Investments Inc. has purchased two apartment communities in Marietta, a northern suburb of Atlanta, for a combined $15.7 million. The two properties include the 144-unit Somerpoint Apartments located at 1788 Austell Road and the 100-unit Brix on Beech located at 16 Beech Road S.E. Emma Capital plans to invest in upgrades for the two properties. This is Emma Capital’s 17th and 18th acquisitions in the United States and brings its total units acquired to date to approximately 4,000.

September 22, 2016

Mixed-Use Southeast Virginia

Retail Properties of America to Buy One Loudoun Downtown Mixed-Use Center in Metro D.C. for $163.1M

by John Nelson September 21, 2016

ASHBURN, VA. — Retail Properties of America Inc. (RPAI) has entered into a purchase agreement for One Loudoun Downtown, a 466,600-square-foot mixed-use development in Ashburn, about 35 miles outside of Washington, D.C. RPAI will purchase the project for up to $163.1 million from the master developers, Miller & Smith and North America Sekisui House LLC. RPAI will purchase Phase I and Phase II of One Loudoun Downtown separately. Phase I of One Loudoun Downtown spans 236,800 square feet of retail space and 105,200 square feet of office space, which are 85.6 percent and 89.7 percent leased, respectively. Existing tenants include Alamo Drafthouse Cinema, The Fresh Market, Great Gatherings, The Fitness Equation and Uncle Julio’s Rio Grande Café. Phase II is under construction and will feature 78,300 square feet of retail space and 46,300 square feet of office space, which are 71 percent pre-leased. One Loudoun Downtown is the retail and office component of One Loudoun, a 360-acre master planned development in Loudoun County. Miller & Smith and North America Sekisui House LLC will continue to serve as the master developers of One Loudoun.

September 21, 2016

Georgia Office Southeast

Banyan Street Capital, Oaktree Purchase 32-Story Office Tower in Buckhead for $137.5M

by John Nelson September 21, 2016

ATLANTA — A joint venture between Banyan Street Capital and funds managed by Oaktree Capital Management LP have purchased Atlanta Plaza, a 631,808-square-foot office tower in Atlanta’s Buckhead district, for $137.5 million. The 32-story tower recently underwent $7.5 million of upgrades and renovations, which led to nearly 200,000 square feet of leasing activity over the past two years. Atlanta Plaza’s major tenants include the regional hub for Salesforce.com, Rubicon Global and the corporate headquarters for RentPath. Banyan Street and Oaktree are planning an additional $6 million in common area improvements to the main lobby, tenant elevator landings and corridors, elevator cabs, retail concourse and building signage. The joint venture has retained Chris Port, Nicole Goldsmith and Katherine Lynch of CBRE to lease the asset. Will Yowell, Justin Parsonnet, Jay O’Meara and Ryan Reethof of CBRE represented the seller in the transaction. Jeff Ackemann, Jonathan Rice and Porter McDonald of CBRE’s Debt & Structured Finance team sourced acquisition financing on behalf of Banyan Street and Oaktree. Banyan Street will manage the property directly.

September 21, 2016

Georgia Loans Mississippi North Carolina Retail South Carolina Southeast

HFF Arranges $62M Financing for Seven-Property Retail Portfolio in the Southeast

by John Nelson September 21, 2016

PITTSBURGH — Pittsburgh-based HFF has arranged $62 million in financing for a portfolio of seven retail centers totaling 805,803 square feet in North Carolina, South Carolina, Georgia and Mississippi. The portfolio includes a Walmart Neighborhood Market located at 10635 Dorchester Road near Charleston in Summerville, S.C.; Poplar Springs Plaza, located at 2153 E. Main St. in Duncan, S.C.; Tire Kingdom & Starbucks Coffee, located at 1820 N. Highway 17 near Charleston in Mount Pleasant, S.C.; Albany Square, located at 2707 Dawson Road in Albany, Ga.; East-West Commons, located at 1757 East-West Connector in Austell, Ga.; Morganton Heights, located at 400 Henredon Road in Morganton, N.C.; and The Ridge at Turtle Creek, located in Hattiesburg, Miss. The portfolio’s tenants include Publix, Academy Sports + Outdoors, Dick’s Sporting Goods, T.J. Maxx, Ross Dress for Less, Hobby Lobby and Bealls. Kevin Mackenzie, Greg Brown and Cory Fowler of HFF worked on behalf of the borrower-sponsor, Cole Credit Property Trust IV Inc., to place the seven-year, fixed-rate loan through Voya Investment Management. HFF will service the loan.

September 21, 2016

Florida Seniors Housing Southeast

Watercrest Opens 90-Unit Assisted Living Community in Jacksonville

by John Nelson September 21, 2016

JACKSONVILLE, FLA. — Watercrest Senior Living has opened Watercrest of San Jose, a 90-unit assisted living and memory care community in Jacksonville. The 79,000-square-foot, resort-style property offers 66 units of assisted living and 24 memory care apartments. Situated on the banks of Goodby’s Creek, the property features a signature spa (Spa W), wine bistro and multiple dining venues. Watercrest of San Jose will be co-owned by Starling Senior Living.

September 21, 2016

Southeast Virginia

Benning Construction Opens New Office in Richmond Led by Richard Heinkel

by John Nelson September 21, 2016

RICHMOND, VA. — Atlanta-based Benning Construction has hired Richard Heinkel to lead the general contractor’s new office in Richmond. As the firm’s director of East Coast operations, Heinkel will manage new and existing clients in Virginia and North Carolina. Heinkel has 40 years of commercial construction experience and is personally licensed in six states. Heinkel graduated from the University of Florida in 1981 with a bachelor’s degree in Building Construction.

September 21, 2016

California Florida Georgia Kansas Michigan Midwest Multifamily Southeast Student Housing Top Stories Virginia Washington Western Wisconsin

CA Ventures Delivers Eight Student Housing Communities for 2016/2017 School Year

by Haisten Willis September 21, 2016

CHICAGO — CA Student Living, the student housing investment and development division of Chicago-based CA Ventures, has completed eight student housing communities comprising nearly 4,000 beds across the U.S. Located in eight states, the properties are about 95 percent occupied and represent nearly 10 percent of the 47,700 off-campus student housing beds slated to deliver nationwide in 2016, according to the developer. Valued at more than $460 million, the new communities boost the size of CA Student Living’s portfolio to $1.5 billion. All offer fully furnished apartments with in-unit laundry and a 1:1 bed-to-bath ratio in most units. The newly delivered communities include: Uncommon Athens — Uncommon Athens is a five-story building located at 165 E. Dougherty St in Athens, Ga. It is within walking distance to both downtown Athens and the University of Georgia. The property’s 210 beds include a mix of one-, two- and four-bedroom floor plans, and the development contains 10,600 square feet of street-level retail space. Indoor amenities include a 24-hour fitness center, golf simulator, business center, study lounge, group meeting space, club room and coffee bar. Uncommon Charlottesville — Uncommon Charlottesville, a six-story building located at 1000 W. Main St. in Charlottesville, Va., is within …

September 21, 2016

Newer Posts

Older Posts