Southeast

Colliers Brokers $81M Sale of Three-Property Multifamily Portfolio in Richmond

by John Nelson July 15, 2016

RICHMOND, VA. — Colliers International has arranged the $81 million sale of a three-property, 818-unit multifamily portfolio in Richmond. The properties include Champions Club, Park West End and Hickory Creek. Will Mathews, Jason Hetherington, Bruce Milam and Jackie Noel of Colliers’ east region multifamily advisory group represented the seller, CORE Realty Holdings Management, in the transaction. Richmond-based McCann Realty Partners purchased the 294-unit Hickory Creek, while Irvine, Calif.-based MDO Capital purchased Champions Club and Park West End Apartments.

July 15, 2016

Georgia Office Southeast

Parkside Partners, Payscape to Purchase, Renovate Office Building in Midtown Atlanta

by John Nelson July 15, 2016

ATLANTA — Parkside Partners has formed a joint venture with Payscape, a financial technology firm that provides payment processing software for small to mid-size businesses, to purchase and renovate a 43,430-square-foot office building in Midtown Atlanta. The companies will renovate the two-story asset located at 1438 W. Peachtree St. for Payscape’s new headquarters. Payscape will triple its square footage following its move from its current location at 729 Lambert Drive in Atlanta. The joint venture purchased the property from Lyrasis, which signed a long-term lease prior to the sale for 9,200 square feet of office space at the property. Additionally, AlliedBarton Security Services currently occupies 11,475 square feet in a long-term lease. The asset will be 80 percent leased when Payscape takes occupancy in the fall. MSTSD is the architect of the $8 million renovation, which is expected to wrap up by the first quarter of 2017. The renovations include painting the building’s brick exterior, transforming the office suites to a loft-style design, renovating the lobby, installing skylights on the second floor and landscaping the grounds. Howard Boyd of Hailey Realty represented the joint venture in the purchase, and Iberia Bank provided acquisition financing on behalf of the new ownership. …

July 15, 2016

Mixed-Use South Carolina Southeast

NAI Avant, Sumter Partner on $7.5M Historic Rehab Project in Downtown Columbia

by John Nelson July 15, 2016

COLUMBIA, S.C. — NAI Avant and Sumter LLC are collaborating on a historic $7.5 million rehabilitation project for three vacant buildings in downtown Columbia. The assets are located at 1519 Sumter St. and 1222 and 1224 Taylor St. Once complete, the buildings will provide roughly 23,000 square feet of mixed-use space with 12-foot ceilings, exposed brick, stone work, spiral duct work and large windows. Phase I of the project will be the rehabilitation of 1519 Sumter, a building constructed in 1920 and known locally as the Powell Furniture building. The Boudreaux Group has pre-leased the entire second floor of the building with plans to move in by spring 2017. Phase II will be the renovation of the Taylor Street buildings, which will begin in the first quarter of 2017. NAI Avant and Sumter LLC will use state and federal tax credits for the renovation project. Sumter LLC comprises three entities — Robert Lewis and Chris Rogers of Rogers, Lewis Jackson Mann and Quinn Attorneys at Law; Heather Mitchell and Randy Huth of The Boudreaux Group; and a silent partner. Mashburn Construction will oversee the construction project.

July 15, 2016

Hospitality Southeast Tennessee Top Stories

North Point Hospitality Breaks Ground on $137M Marriott Hotel in Nashville

by Katie Sloan July 15, 2016

NASHVILLE, TENN. — Atlanta-based North Point Hospitality has broken ground on a $137 million Marriott Hotel in Nashville. The 470-room Marriott property will consist of a 209-room AC Hotel, a 136-room Residence Inn and a 125-room SpringHill Suites. Visitors to the hotel will enter through one main entrance. Once inside, the property will be divided amongst the three distinct brands. All guests of the hotels will have access to a wide variety of shared amenities, including a fitness center and six food and beverage options, including major restaurants at street level and an indoor/outdoor pool bar. A rooftop bar and patio will offer panoramic views of the Nashville skyline. The property will also feature 4,000 square feet of meeting space located on the top floor. North Point recently unveiled an original 300-pound model of the hotel made with 63,636 LEGO bricks. Award-winning artist Sean Kenney designed the model. The property, located next to the Music City Center convention facility, is scheduled for completion in mid-2018. North Point Hospitality is a hotel development and operations company. Currently, the company owns and operates seven Hilton- and Marriott-branded hotels in the Southeast, with an additional nine under construction or in active development, resulting …

July 15, 2016

Florida Hospitality Loans Southeast

Madison Realty Capital Provides $70M Construction Loan for Resort in Broward County

by John Nelson July 14, 2016

HOLLYWOOD, FLA. — Madison Realty Capital has provided $70 million in construction financing for the Melia Costa Hollywood Beach Resort, a six-story, 307-unit hotel and condominium property located on Hollywood Beach. The resort will be located at 777 N. Ocean Drive in Hollywood, a city in Broward County fronting the Atlantic Ocean. C.J. Danziger and Meir Kessner of Eastern Union Funding arranged the financing through Madison Realty on behalf of developer Moses Bensusan’s Liberty Grande LLC. The financing will be used to complete the construction of the $180 million project. The Meliá Costa Hollywood Beach Resort will feature studio, one-, two- and three-bedroom units. Amenities will include a fitness center and holistic spa, boutique stores and restaurants, a rooftop infinity-edge pool, sun deck, reflection pool, rooftop and lobby lounges and an open courtyard. The asset was 85 percent pre-sold at the time of financing. The property topped out last year and completion is expected by year’s end.

July 14, 2016

District of Columbia Multifamily Southeast

High Street Residential, Deutsche to Develop Apartment Community in D.C.

by John Nelson July 14, 2016

WASHINGTON, D.C. — High Street Residential has partnered with Deutsche Asset Management to develop a 288-unit, Class A multifamily community located at 1441 U St. N.W. in Washington, D.C. Situated in the city’s U Street Corridor adjacent to the Frank D. Reeves Center of Municipal Affairs, the luxury property will feature more than 15,000 square feet of retail space. The companies plan to break ground in the third quarter, with completion slated for mid-2018. The site will also contain Portner Flats, a 96-unit affordable housing complex developed by a joint venture between Somerset Development and Jonathan Rose Cos.

July 14, 2016

Florida Office Southeast

Cushman & Wakefield Brokers $27.4M Sale of Office Building in Metro Tampa

by John Nelson July 14, 2016

TEMPLE TERRACE, FLA. — Cushman & Wakefield has arranged the $27.4 million sale of Riverside at Telecom Park, a 167,744-square-foot, Class A office building located at 12470 Telecom Drive in Temple Terrace. Situated on a 16.8-acre site within Tampa Telecom Park, the property was fully leased at the time of sale to six tenants. Paul Carr and Rick Colon of Cushman & Wakefield represented the seller, Philadelphia-based Equus Capital Partners, which recently invested more than $2 million in capital improvements at the property. The buyer was St. Petersburg-based Cardinal Point Management.

July 14, 2016

Georgia Seniors Housing Southeast

LTC Purchases Assisted Living Community in Athens for $14.3M

by John Nelson July 14, 2016

ATHENS, GA. — LTC Properties Inc., a seniors housing and healthcare REIT, has acquired Village at Athens, a 70-unit assisted living and memory care community in Athens, for $14.3 million. The seller, Atlanta-based developer and operator Thrive Senior Living, finished construction of the community in May. Thrive will stay on to operate under the new ownership. This is the third seniors housing partnership between LTC and Thrive, and the companies expect to open two more developments by year’s end. Village at Athens features 50 assisted living units and 20 memory care units. Home of the University of Georgia, Athens is located approximately 70 miles east of Atlanta.

July 14, 2016

Florida Loans Multifamily Southeast

KeyBank Arranges $12.3M Loan for Apartment Complex in Jacksonville

by John Nelson July 14, 2016

JACKSONVILLE, FLA. — KeyBank Real Estate Capital has arranged a $12.3 million loan for City Ridge Apartments, a 288-unit property in Jacksonville that was built in 1972. Tom Peloquin of KeyBank’s commercial mortgage group arranged the loan, which was used to refinance a bridge loan used to acquire the property in September 2015.

July 14, 2016

Florida Industrial Southeast

Clarion Partners Purchases Industrial Complex in Broward County for $77.3M

by John Nelson July 13, 2016

POMPANO BEACH, FLA. — Clarion Partners has purchased Pompano Business Center, a four-building, 624,531-square-foot industrial complex in Broward County’s Pompano Beach. Clarion purchased the asset on behalf of a commingled fund advised by the firm for $77.3 million. The Class A industrial park is located near the Florida Turnpike and I-95. The project features clear heights ranging from 24 to 28 feet, parking and T5 lighting. Pompano Business Center was 95 percent leased at the time of sale.

July 13, 2016

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