Southeast

Tavistock Purchases Pier Sixty-Six Marina and Hyatt Regency Hotel in Fort Lauderdale for $163.3M

by John Nelson December 8, 2016

FORT LAUDERDALE, FLA. — Tavistock Development Co., an Orlando-based real estate development firm, has acquired the Pier Sixty-Six Marina and Hyatt Regency hotel in Fort Lauderdale. The sales price and seller weren’t disclosed, but the South Florida Business Journal reports that Tavistock purchased the assets from an affiliate of Blackstone (NYSE: BX) for $163.3 million. Situated on 22 waterfront acres along the Intracoastal Waterway, Pier 66’s 17-story tower features a rotating panorama rooftop. The property’s 127-slip yacht marina is one of the largest in the state and recently served as a host location of the 56th Fort Lauderdale International Boat Show. Tavistock has retained Interstate Hotels & Resorts to operate the 384-room hotel and marina. Pier Sixty-Six also has approved entitlements for the addition of 58 residential units in two 11-story buildings with 30,000 square feet of retail and office space. “When we first discovered that this special property was available, we knew there were incredible opportunities to leverage the collective experience of our teams and further establish this iconic hotel and marina as one of Fort Lauderdale’s defining destinations,” says James Zboril, president of Tavistock Development, which is owned by Tavistock Group. CBRE Group Inc. facilitated the deal between …

December 8, 2016

Conference Coverage Features Georgia Multifamily Southeast Top Stories

Pace of Apartment Construction Slows Due to Growing Supply, Cautious Bankers, Say InterFace Panelists

by John Nelson December 8, 2016

The multifamily industry has entered a phase in the development cycle where the velocity of starts and completions is decreasing. Through the first 10 months of 2016, multifamily starts nationally are down 1.8 percent year-over-year, according to the U.S. Census Bureau and the Department of Housing and Urban Development. Completions are down 3.1 percent during the same period. One of the governors on construction today is the ample supply of existing multifamily product in the top markets nationally, according to the development panel at the seventh-annual InterFace Multifamily Southeast conference. Alan Dean, region president of multifamily development firm Terwilliger Pappas Multifamily Partners, cited Nashville as an example of an overheated market. “Nashville delivered a record 5,300 units in the past 12 months. Next year, they’re going to deliver 10,000 units,” said Dean at the conference, which was held on Thursday, Dec. 1 at the Westin Buckhead in Atlanta. “Nashville in large part has been redlined by the financing community because of those supply numbers. Looking at it, it’s probably a healthy thing that the pipeline is slowing down and banks are pulling back.” Michael Blair, managing director of development at Atlanta-based Pollack Shores Real Estate Group, doesn’t believe overbuilding is …

December 8, 2016

Florida Seniors Housing Southeast

Bayshore Retirement Sells Seniors Housing Property in Tampa to Allegro for $74M

by John Nelson December 7, 2016

TAMPA, FLA. — Bayshore Retirement Living has sold Horizon Bay at Hyde Park, a 136-unit seniors housing community in the historic Hyde Park neighborhood of Tampa. The company sold the property to Allegro Senior Living and an undisclosed joint venture partner for $74 million. HFF represented Bayshore in the transaction and arranged a $48.6 million acquisition loan on behalf of the borrowers. Horizon Bay at Hyde Park features one- and two-bedroom independent and assisted living units averaging 714 square feet. Completed in 2011, the property is situated on 1.9 acres at 800 W. Azeele St. near Tampa’s Westshore Business District and downtown Tampa. The property was 98 percent leased at the time of sale and features a full-service bar and lounge overlooking Hillsborough Bay, restaurant-style dining room, coffee bar, fitness center, beauty and barber shop, chapel/theater, café, billiards, wellness center, heated swimming pool, library, media room and concierge services. Ryan Maconachy, Chad Lavender and Dave Fasano led HFF’s Dallas-based seniors housing team in brokering the transaction, with Zach Nolan of HFF’s Tampa office providing local market assistance. Sarah Anderson led the HFF team’s debt placement efforts for the borrowers.

December 7, 2016

Loans Retail Southeast Tennessee

NorthMarq Capital Arranges $28.8M Acquisition Loan for Shopping Center in Metro Nashville

by John Nelson December 7, 2016

SPRING HILL, TENN. — NorthMarq Capital has arranged a $28.8 million acquisition loan for The Crossings of Spring Hill, a 219,905-square-foot retail property located at 1001-1041 Crossing Blvd. and 1017-2020 Crossing Circle in Spring Hill, about 35 miles south of Nashville. The property’s tenant roster includes Ross Dress for Less, Dollar Tree, Rack Room Shoes, Ulta Beauty, Bed Bath & Beyond, rue21 and PetSmart. The 10-year loan features three years of interest-only payments and a 30-year amortization schedule. Chad Owens of NorthMarq Capital’s Houston regional office arranged the CMBS loan on behalf of the borrower, TCSH LLC, an entity controlled by Azad Commercial Realty Services.

December 7, 2016

Retail South Carolina Southeast

Ziff Properties Buys Shopping Center in Greenville for Self Storage Conversion

by John Nelson December 7, 2016

GREENVILLE, S.C. — Ziff Properties Inc. has purchased Buncombe Plaza, a mostly vacant, 52,000-square-foot shopping center located in Greenville’s Water Tower district. Ziff Properties will convert the asset to a 67,500-square-foot self storage facility comprising 777 controlled climate and non-controlled climate units. The property will also provide RV and boat parking. Ziff Properties will begin the redevelopment project in spring 2017.

December 7, 2016

Florida Industrial Southeast

Transwestern Arranges 93,000 SF Industrial Lease for Clarion Partners in Metro Miami

by John Nelson December 7, 2016

DORAL, FLA. — Transwestern has arranged a 93,000-square-foot industrial lease at Westpointe Business Park, a 285,000-square-foot, Class A industrial park located at 8901 N.W. 33rd St. in Doral, a suburb of Miami. Thomas Kresse, Ben Eisenberg, Walter Byrd and Carlos Gaviria of Transwestern’s South Florida industrial team represented the landlord, New York-based Clarion Partners, in the lease deal. Clarion is acting on behalf of a commingled fund managed by the firm. Carlos Velasquez and Tommy Gil of Vivo Real Estate Group Inc. represented the tenant, Colour Republic, a flower distributor.

December 7, 2016

Georgia Mixed-Use Southeast

Ponce City Market in Atlanta Now Listed on the National Register of Historic Places

by John Nelson December 7, 2016

ATLANTA — Ponce City Market, the 2.1 million-square-foot adaptive reuse of the former Sears Roebuck building in Atlanta’s Old Fourth Ward District, has earned a spot on the National Register of Historic Places. Originally built in 1926 on the site of the former Ponce de Leon Amusement Park, the mixed-use project now features 550,000 square feet of Class A loft office space, 300,000 square feet of retail and restaurants and 259 residential flats. Situated along the Atlanta Beltline, Ponce City Market is owned by Jamestown and is the largest adaptive reuse project in Atlanta’s history, as well as the largest brick building in the Southeast. The National Park Services placed Ponce City Market on the registry because of its historical significance to Atlanta. The building opened as a nine-story regional distribution center and retail destination for Sears and was surrounded by freight and trolley lines, as well as the Atlanta Crackers baseball field. Sears closed the retail component in 1979 but operated the regional office until 1987. The city of Atlanta purchased the property in 1991 and used it to house administrative offices until mid-2010 before selling it to Jamestown in 2011. In addition to its historical status, Ponce City …

December 7, 2016

Georgia Mixed-Use Southeast

Air Realty, H.J. Russell to Open Phase I of $80M Mixed-Use Project Near College Park MARTA Station

by John Nelson December 6, 2016

COLLEGE PARK, GA. — Air Realty LLC and H.J. Russell & Co. are set to open Phase I of ThePad On Harvard, an $80 million mixed-use development within 400 feet from the College Park MARTA Station. Phase I will feature 109 apartment residences and will open at the end of the month. ThePad On Harvard’s multifamily component is the first new apartment development in College Park in 40 years. Situated at 1777 Harvard Ave. two blocks from downtown College Park, the transit-oriented development will be built in four phases. Upon completion, the project will feature multifamily residences, retail space and an Aloft hotel. Phase II is the Aloft hotel and will break ground in the first quarter of 2017. Rod Mullice, co-founder and managing partner of Air Realty, will be honored by the College Park Business and Industrial Development Authority as its New Business Developer of the Year this Thursday at College Park City Hall.

December 6, 2016

Office South Carolina Southeast

LPL Financial Opens New Corporate Campus in Metro Charlotte

by John Nelson December 6, 2016

FORT MILL, S.C. — LPL Financial has opened its new Carolinas campus in Fort Mill, a suburb of Charlotte in South Carolina. Designed by tvsdesign, the 27-acre campus includes 450,000 square feet of office space in two buildings and features net-zero water design strategies, tree save areas, efficient HVAC systems and natural light. The Atlanta-based architect expects the campus to receive LEED Gold certification. The campus consolidates LPL Financial’s 1,400 employees previously working in four separate locations in metro Charlotte. Situated within the Kingsley Park mixed-use development, LPL’s campus includes sit-to-stand adjustable work stations, a fitness center, health clinic, cafeteria, two miles of walking trails, community garden, outdoor sports court, game room, waterfront plaza, 12 EV charging stations, bicycle storage and a bicycle sharing program.

December 6, 2016

Industrial Southeast Virginia

GID Investment Advisors Sells Windsor Business Park in Richmond for $33.3M

by John Nelson December 6, 2016

RICHMOND, VA. — Boston-based GID Investment Advisors has sold Windsor Business Park, a 341,960-square-foot, six-building industrial park located on a 62-acre tract at 8550-8570 Magellan Parkway in Richmond. Bethesda, Md.-based Fernau LeBlanc and co-investor John B. Levy & Co. Inc. purchased the asset from GID for $33.3 million. John B. Levy & Co. was the debt advisor and placed the majority of the equity through its affiliate Pickwick Capital. Eric Robison, Evan Magrill and Dean Meyer of Cushman & Wakefield | Thalhimer represented the seller in the transaction. Windsor Business Park was 97.5 percent leased at the time of sale to tenants such as Bon Secours Health System, CVS and GPM Investments.

December 6, 2016

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