Southeast

Atlantic Realty Begins Construction Today on $72M Seniors Housing Project in Metro D.C.

by John Nelson May 8, 2017

RESTON, VA. — Atlantic Realty Cos. has kicked off construction today on Hunters Woods at Trails Edge Senior Living Community located at 2222 Colts Neck Road in Reston, about 22 miles west of Washington, D.C. The $72 million seniors housing facility will span 230,000 square feet on a 4.3-acre lot. The development team, which comprises Atlantic Realty, AEW Capital Management and IntegraCare, is demolishing the existing United Christian Parish Church to make way for the 210-unit community by January 2019. The property will feature 90 independent living, 81 assisted living, 15 special needs and 24 memory care units. The project will offer 20 percent of the independent living units as affordable units and 4 percent of the assisted living beds will be available for residents who are eligible for the Virginia Department of Aging and Rehabilitative Services Auxiliary Grant Program. Community amenities will include an arts studio, barbershop, salon, advanced security and communication technology and community-wide Wi-Fi. Jim Kornick of Avison Young’s Washington, D.C., office was the lead advisor bringing the project to fruition.

May 8, 2017

Hospitality North Carolina Southeast

Omni Charlotte Hotel to Undergo $26M Overhaul

by John Nelson May 8, 2017

CHARLOTTE, N.C. — Omni Hotels & Resorts has plans to implement a $26 million transformation of the 374-room Omni Charlotte Hotel located at the corner of South College and East Trade streets in Uptown Charlotte. Moncur Design Associates Inc. and CT + C Design Studio are spearheading the redesign, which features a new exterior, renovated lobby experience, updates to Trade Restaurant & Bar, new furniture in the guest rooms and suites, renovation of the 14th-floor club lounge and a rooftop pool deck and bar.

May 8, 2017

Loans Louisiana Southeast

CBRE Arranges $14M Construction Loan for Seniors Housing Community Near New Orleans

by John Nelson May 8, 2017

COVINGTON, LA. — CBRE has arranged a $14 million construction loan for Avanti Senior Living at Watercross, a 90-unit assisted living and memory care community in the New Orleans suburb of Covington. The borrower is a joint venture between Texas-based developer Avanti Senior Living and investment advisor Iron Point Partners. The property will sit within the Watercross Healthcare Campus, which includes the new Ochsner Medical Hospital. The projects sit within the larger, 171-acre Water Cross at Nor du Lac development, which includes Ochsner Health Center, an active adult community, a wellness center, professional medical offices, a skilled nursing/rehab community and luxury apartments. Aron Will of CBRE National Senior Housing arranged the floating-rate loan with four years of interest-only payments through a regional bank.

May 8, 2017

Georgia Industrial Southeast

Liberty Property Trust Inks 120,400 SF Industrial Lease in Metro Atlanta

by John Nelson May 8, 2017

BUFORD, GA. — Liberty Property Trust has signed ProCraft Cabinetry, a Nashville, Tenn.-based distributor of kitchen cabinets, to a 120,400-square-foot industrial lease at the REIT’s new 38-acre Liberty Business Center in Buford, a northeastern suburb of Atlanta. ProCraft Cabinetry will move into Building One, located at 3525 Gravel Springs Road, in June. Both of Liberty Business Center’s LEED Silver-certified buildings feature 50- by 54-foot column spacing, 32-foot clear heights, ESFR sprinkler systems and trailer parking. Matt Nelsen of Hughes Commercial Real Estate represented ProCraft Cabinetry, and Price Weaver and Lee Cardwell of Colliers International represented Liberty in the lease transaction.

May 8, 2017

Kentucky Loans Office Southeast

NorthMarq Capital Arranges $4.1M Refinancing for Office Park in Metro Cincinnati

by John Nelson May 8, 2017

FORT MITCHELL, KY. — NorthMarq Capital has arranged the $4.1 million refinancing for Chamber Office Park, a 67,552-square-foot office park located at 2101-2181 and 2500 Chamber Center Drive in Fort Mitchell, a Kentucky city located about six miles south of Cincinnati. Susan Branscome of NorthMarq’s Cincinnati office arranged the fully amortizing, 10-year loan through an undisclosed life insurance company.

May 8, 2017

Florida Multifamily Southeast

Eden Multifamily Breaks Ground on $87M Apartment Community in North Miami Beach

by John Nelson May 5, 2017

NORTH MIAMI BEACH, FLA. — Eden Multifamily has broken ground on NOMA North Miami Beach, an $87 million apartment community located at 2145 N.E. 164th St. in North Miami Beach. The 354-unit property will be situated on a 2.6-acre site near Biscayne Boulevard, Laurenzo’s Italian Market, Snake Creek Canal and the City of North Miami Beach greenway. The eight-story project is a joint venture between Eden Multifamily and Florida Value Partners. The joint venture will finance the development with debt from JPMorgan Chase and preferred equity from Related Real Estate Debt Strategies LLC. NOMA North Miami Beach will feature studio, one-, two- and three-bedroom units, as well as an inner courtyard pool, community rooms, fitness center, cyber café, gathering areas and fiber-connected Wi-Fi throughout the community. NOMA will also include seven adjacent two- and three-bedroom townhomes along the greenway and commercial space along N.E. 164th Street. The project is the first component of a mixed-use development that will serve as the new urban town center for the eastern part of North Miami Beach. The design team includes general contractor Coastal Construction, architect MSA Architects, landscape architect Bruce Howard Associates and interior designer IDDI Design International. Eden Multifamily expects to deliver …

May 5, 2017

Florida Multifamily Southeast

ARA Newmark Brokers $82.4M Sale of Multifamily Community in Metro Tampa

by John Nelson May 5, 2017

PALM HARBOR, FLA. — ARA Newmark has brokered the $82.4 million sale of Lansbrook Village, a 774-unit apartment community located in the Tampa suburb of Palm Harbor. The property features 152 individually owned units that weren’t part of the transaction. Pritzker Realty Group developed Lansbrook Village in three phases — Windsor in 1998, Cambridge in 2002 and Hampton in 2004. The development’s amenities include three swimming pools, two expansive clubhouses and gathering areas, a fitness center, business center, three new outdoor kitchens, two tennis courts, volleyball court, pet playground and a car-care station. Patrick Dufour, Scott Ramey and Ryan Crowley of ARA Newmark represented the sellers, Atlanta-based Carroll Organization and New York-based Bluerock Real Estate, in the transaction, which involved a loan assumption. Carroll Organization decided to buy back into the acquisition by replacing Bluerock as the equity. The company will continue to pursue buying Lansbrook Village’s individually owned units.

May 5, 2017

Industrial Kentucky Southeast

Kroger Buys 674,500 SF Spec Industrial Building Near Cincinnati for $33.8M

by John Nelson May 5, 2017

INDEPENDENCE, KY. — The Kroger Co. has acquired Park 536, a 674,500-square-foot industrial property located at 251 Mt. Zion Road in Independence, a town in Kentucky roughly 13 miles south of Kroger’s hometown of Cincinnati. Kroger purchased the asset, which was built on a speculative basis, from VanTrust Real Estate for $33.8 million. Built in late 2016, Park 536 is situated on 45 acres and features 36-foot clear heights, 68 docks and 336 parking spaces. John Gartner III and Norm Khoury of Colliers International’s Cincinnati office represented VanTrust in the sale, and Brian Leonard of JLL represented Kroger, which plans to create nearly 100 new jobs at the facility and will move in upon building out the interior to its liking. The grocer will use Park 536 as a “replenishment center” for the company’s distribution centers in the eastern part of the United States.

May 5, 2017

Mixed-Use Southeast Tennessee

PEBB Enterprises Acquires Mixed-Use Center in Memphis for $28M

by John Nelson May 5, 2017

MEMPHIS, TENN. — PEBB Enterprises has acquired Germantown Village Square, a 199,629-square-foot mixed-use development in Memphis. The Boca Raton, Fla.-based investor purchased the asset from Memphis-based Boyle Investment Co. for $28 million. The purchase of Germantown Village is PEBB’s largest acquisition to date by both dollar amount and square footage. Germantown Village Square features nearly 140,000 square feet of retail space leased to tenants such as T.J. Maxx, DSW and Petco, and more than 60,000 square feet of second-floor office space anchored by The West Clinic, a subsidiary of Baptist Memorial Health Services.

May 5, 2017

North Carolina Office Southeast

Education Tech Firm Expands Office Footprint in Downtown Raleigh

by John Nelson May 5, 2017

RALEIGH, N.C. — VitalSource Technologies, an education and technology firm, has expanded its footprint at 227 Fayetteville in downtown Raleigh. VitalSource, which moved into the mixed-use office building in 2015, will occupy an additional 11,163 square feet, resulting in a total of 33,151 square feet on three full floors. Other tenants at the office building include RATIO Architects, Cohera Medical, Indy Week and a newly announced, 26,000-square-foot YMCA. The owner of 227 Fayetteville, LRC Properties, recently completed a $14.5 million renovation of the 10-story building. Robin Roseberry Anders of NAI Carolantic represented the landlord in the lease deal.

May 5, 2017

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