Southeast

Matthews Brokers $22M Sale of Retail Center Near Hilton Head

by Camren Skelton July 28, 2017

BLUFFTON, S.C. — Matthews Real Estate Investment Services has arranged the $22 million sale of Low Country Village, a 140,000-square-foot shopping center in Bluffton, roughly seven miles west of Hilton Head. Scott Henard of Matthews led the transaction on behalf of the seller, Retail Properties of America Inc. A private, California-based buyer acquired the property. At the time of sale, Low Country Village was fully leased to 14 tenants including Ross Dress for Less, Michaels, Cost Plus World Market, Big Lots and Pier 1 Imports. Constructed in 2001, the shopping center is situated between two Tanger Factory Outlet Centers.

July 28, 2017

Arkansas Loans Multifamily Southeast Student Housing

KeyBank Structures $29.5M Loan for Student Housing Property Near University of Arkansas

by Camren Skelton July 28, 2017

FAYETTEVILLE, ARK. — KeyBank Real Estate Capital has secured a $29.5 million loan for Sterling District, a 198-unit student housing community in Fayetteville, less than a half mile from the University of Arkansas campus. Caleb Marten of KeyBank structured the fixed-rate, first-mortgage loan with seven years of interest-only payments through a correspondent life company relationship. Sterling District features a swimming pool, hot tub, fitness center, study rooms, game rooms, cyber café and an outdoor courtyard with barbeque grills.

July 28, 2017

Georgia Multifamily Southeast

Audubon Communities Acquires Multifamily Property in North Georgia for $22M

by Camren Skelton July 28, 2017

GAINESVILLE, GA. — Audubon Communities has purchased Lenox Park, a 292-unit apartment community in Gainesville, for $22 million. The Atlanta-based firm plans to invest approximately $3 million in renovations to the property, which will be renamed Peaks at Gainesville. Improvements will include upgrades to the leasing office, pool and other amenity areas; addition of a fitness center; renovation and expansion of the existing playground; new fiber-cement siding; new lighting, exterior paint, signage and landscaping. Constructed in 2000, the community includes two- and three-bedroom floor plans that average 1,100 square feet.

July 28, 2017

Georgia Office Southeast

PGIM Real Estate Acquires 502,846 SF Office Tower in Midtown Atlanta

by Camren Skelton July 27, 2017

ATLANTA — PGIM Real Estate, the real estate investment business of PGIM, has purchased Regions Plaza, a 23-story office tower located at the northwest corner of West Peachtree and 14th streets in Atlanta’s Midtown district. Jim Mehalso led the transaction internally for PGIM on behalf of its institutional investor clients. Constructed in 2001, the 502,846-square-foot Regions Plaza is LEED Gold- and Energy Star-certified and features valet parking, a conference facility, on-site Flywheel and FlyBarre Studio, dry cleaning services, dining and on-site banking facility. The sales price and seller were not disclosed. PGIM is the global investment management business of Prudential Financial Inc.

July 27, 2017

Maryland Retail Southeast

PREIT Signs Belk to Anchor Valley Mall in Northwestern Maryland

by Camren Skelton July 27, 2017

HAGERSTOWN, MD. — PREIT has signed a lease with Belk to join Valley Mall in Hagerstown. The Charlotte-based department store is new to the Maryland market and will occupy 123,000 square feet, taking the place of Bon-Ton, which will close in February 2018. Slated to open in October 2018, Belk will join a mix of tenants including H&M, Pandora, Torrid and Mission BBQ. Valley Mall is also home to dining and entertainment options including Primanti Brothers, Red Robin, Noodles & Co., Starbucks Coffee and Regal Cinemas.

July 27, 2017

Georgia Office Southeast

Coyote to Occupy Nearly 50,000 SF of Office Space Within Atlanta’s Armour Yards Project

by Camren Skelton July 27, 2017

ATLANTA — Chicago-based Coyote, a logistics provider and subsidiary of UPS, has signed a lease for 47,986-square-feet of office space within Armour Yards, an adaptive reuse project situated between Atlanta’s Midtown and Buckhead districts. Coyote will lease the entire office portion at 255 Ottley, bringing the overall Armour Yards project to 86.4 percent leased. Gourmet coffee roaster East Pole Coffee Co. will also open at 255 Ottley later this month. Brooke Dewey of JLL represented the ownership group comprising Third and Urban and institutional investors advised by J.P Morgan Asset Management in the lease transaction. MB Real Estate’s David Burkards represented Coyote. The Armour Yards location will be the second Atlanta-area office for the logistics company and will create roughly 325 jobs. Coyote’s existing location is situated at 960 North Point Parkway in Alpharetta, roughly 25 miles north of Atlanta. Situated near the Atlanta BeltLine, Armour Yards comprises 28 buildings and is home to companies including Sweetwater Brewing Co., American Spirit Works, Atlanta Track Club and Fox Bros. Bar-B-Q. The project team includes Smith Dalia Architects and general contractor Gay Construction. Armour Yards’ loft-office portion is housed within four former industrial buildings totaling 190,000 square feet.

July 27, 2017

Hospitality Loans North Carolina Southeast

Avison Young Arranges $19.2M Construction Loan for Hotel on North Carolina Coast

by Camren Skelton July 27, 2017

BEAUFORT, N.C. — Avison Young has arranged a $19.2 million construction loan for the development of a 133-unit Ascend Collection hotel in Beaufort. The hotel will be situated within the Front Street Village development on the coast of North Carolina. Bruce Whipple, Justin Piasecki and Ethan Blum of Avison Young structured the 18-month construction loan with interest-only payments and an interest rate of 5.5 percent. Following construction completion, the loan will convert to a three-year, fixed-rate, mini-permanent loan. At the end of the term, the loan will remain in place with a 25-year amortization schedule and the same interest rate of approximately 5.5 percent. Front Street Village is a 31-acre mixed-use property developed by Charles Oliver II, founder of Jetcraft. The three-story Ascend Collection hotel will feature an adjacent conference and special events space, bistro structure on the Front Street Village development, waterfront suites and 30,000 square feet of meeting space.

July 27, 2017

Florida Multifamily Southeast

Franklin Street Brokers $6.9M Sale of Apartment Community in Fort Lauderdale

by Camren Skelton July 27, 2017

FORT LAUDERDALE, FLA. — Franklin Street has arranged the $6.9 million sale of First Street Apartments, a 65-unit multifamily community located on Northwest 1st Avenue in Fort Lauderdale. Hernando Perez, Greg Matus, Dan Dratch, Kameron Djamal and Tony Gannacone of Franklin Street represented both the buyer, City View Colony LLC, and the seller, First Avenue Apartments LLC. Franklin Street’s Evan Seacat and Ryan Cassidy insured the asset for First Avenue Apartments, which acquired the property in 2015 for $3.8 million. City View Colony has plans to upgrade the unit interiors, convert the existing manager’s office into a fitness center and add a media room with computers for tenants.

July 27, 2017

Florida Hospitality Southeast Top Stories

Sunstone Acquires New Hotel, Marina in Key West for $175M

by John Nelson July 27, 2017

KEY WEST, FLA. — Sunstone Hotel Investors Inc. (NYSE: SHO) has purchased the 175-room Oceans Edge Hotel & Marina in Key West for $175 million. The newly constructed, oceanfront hotel and marina complex is situated across 20 land and water acres on Stock Island and is the largest purpose-built luxury resort and marina in Key West. Sunstone purchased the asset from the developer, Singh Resorts, a hotel development and management firm headed by Pritam Singh. The hotel, which opened in January, will operate as an independent property and be managed by Singh Hospitality. Oceans Edge has 86 suites, all of which have private balconies and views of the Atlantic Ocean. The hotel’s rooms are spread across four buildings and have an average size of 470 square feet, which are among the largest hotel rooms available in the Key West market, according to Sunstone. The hotel also features six swimming pools, a full-service restaurant, waterfront bar, on-site water sports and paddle shop and a fitness facility. As part of the transaction, Sunstone also acquired a combined 52 wet and dry boat slips and amenities in the attached marina, which offers direct deep channel access to popular fishing spots off the coast. …

July 27, 2017

Georgia Hospitality Southeast

Woodbine Legacy Investments Purchases W Atlanta-Buckhead for $73M

by Camren Skelton July 26, 2017

ATLANTA — Woodbine Legacy Investments (WLI) has acquired W Atlanta-Buckhead, a 12-story, 291-room hotel in Atlanta’s Buckhead district. The sales price was not disclosed, but the Atlanta Business Chronicle reports the Texas-based private real estate fund, created by Woodbine Development Corp. in June, acquired the asset for $73 million. Mark Elliott and Todd Ratliff of Hodges Ward Elliott brokered the transaction. W Atlanta-Buckhead is home to Whiskey Blue, a rooftop bar and Cook Hall restaurant. The hotel also features a 24-hour fitness center, yoga and barre classes, an infinity pool and 11,000 square feet of flexible indoor and outdoor meeting and event space. W-Atlanta Buckhead marks the second acquisition for WLI.

July 26, 2017

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