Southeast

Towne Place at Greenbrier Hampton Roads Chesapeake

Lingerfelt CommonWealth Buys Retail Center in Hampton Roads for $15.5M

by John Nelson May 19, 2016

CHESAPEAKE, VA. — Lingerfelt CommonWealth Realty Partners LLC has purchased Towne Place at Greenbrier, a 76,827-square-foot lifestyle retail center located in Chesapeake, a city within the Hampton Roads region. Built in 2007, the property was 94.7 percent leased at the time of sale to tenants such as Taste Unlimited, Jason’s Deli, Chico’s, Sola Salon, Jos. A. Bank, Moe’s Southwest Grill and Surf Rider Restaurant. Commonwealth Commercial Partners, Lingerfelt’s property management affiliate, will handle property management of the retail center, and S.L. Nusbaum will handle leasing and marketing.

May 19, 2016

Georgia Multifamily Southeast

Wendover Housing to Break Ground on Apartment Community in Downtown Lithonia

by John Nelson May 19, 2016

LITHONIA, GA. — Wendover Housing Partners plans to begin construction in August on Granite Crossing, a $14.7 million, 75-unit apartment community that will anchor Lithonia Plaza in downtown Lithonia, a southern suburb of Atlanta. According to Wendover, the multifamily property will be the first major construction in the city since 2009. To make way for Granite Crossing, demolition has begun on an 80,000-square-foot, city-owned building that has been vacant since 2009. Wendover Housing partnered with the state of Georgia, Lithonia Downtown Development Authority, the city of Lithonia and Bainbridge GP LLC on the project. Residents are expected to occupy Granite Crossing next summer. The property will comprise one-, two- and three-bedroom apartments with monthly rents ranging from $620 to $800. Amenities will include a clubhouse with a fitness center, computer lab and an activity room for after-school programming. Other amenities include an outdoor splash park and playground equipment.

May 19, 2016

Florida Retail Southeast

Office Depot Terminates Merger Agreement with Staples

by John Nelson May 18, 2016

BOCA RATON, FLA. — The merger agreement between Staples Inc. (NASDAQ: SPLS) and Office Depot Inc. (NASDAQ: ODP) has been terminated. As a result, Office Depot will receive a cash payment from Staples of $250 million on May 19, 2016. The news comes after Office Depot and Staples had recently agreed to extend their merger agreement termination date from February 4, 2016 to May 16, 2016. Staples had begun discussions to acquire Office Depot in September 2014. Simultaneously, Office Depot has successfully extended its asset-based credit facility for an additional 5 years. The new $1.2 billion facility will mature on May 13, 2021. The amended credit agreement reduces the overall fees and applicable spread on borrowing and modifies certain covenants to provide additional flexibility for incremental indebtedness, acquisitions, asset sales and restricted payments. Boca Raton-based Office Depot has annual sales of approximately $14 billion and has approximately 1,800 retail stores. The company operates under several banner brands including Office Depot, OfficeMax, Grand & Toy and Viking.

May 18, 2016

Florida Mixed-Use Southeast

Tavistock Selects Steiner + Associates as Partner for 100-Acre Lake Nona Town Center in Orlando

by John Nelson May 18, 2016

ORLANDO, FLA. — Tavistock Development Co. has named Columbus, Ohio-based Steiner + Associates as its retail planning, leasing and development partner for Lake Nona Town Center in Orlando. Phase I of the project opened in January, including an 85,000-square-foot office building, a Marriott Residence Inn, Courtyard by Marriott, 16,000 square feet of retail and restaurant space and a five-story parking structure. Upon completion, the 100-acre project will anchor the 11-square-mile, master-planned Lake Nona community, which has had more than $3 billion in construction in the last eight years spanning 7.1 million square feet of residential and commercial properties. Located adjacent to Orlando International Airport, Lake Nona features neighborhoods, schools, the Lake Nona Medical City and United States Tennis Association’s New Home of American Tennis facility, the largest of its kind in the world. Initial phases of Lake Nona Town Center will comprise more than 1 million square feet of retail, restaurant, entertainment, office and hotel space.

May 18, 2016

Multifamily South Carolina Southeast

Berkadia Brokers $24.5M Sale of Apartment Community in Columbia

by John Nelson May 18, 2016

COLUMBIA, S.C. — Berkadia has brokered the $24.5 million sale of The Crossroads Apartments, a 622-unit apartment community located at 716 Zimalcrest Drive in Columbia. Built in 1979, the property was 95 percent occupied at the time of sale. Apartment units include fully equipped kitchens, carpeting, hardwood floors, cable and wireless internet access and fireplaces and washer and dryer connections in select units. Community amenities include two swimming pools with sundecks, four tennis courts, two picnic and playground areas, a clubhouse, fitness center and a laundry facility. David Oakley, David Etchison, Mark Boyce and Blake Coffey of Berkadia brokered the transaction between the buyer, Asia Capital Real Estate Management LLC, and the seller, AMAC I Crossroads LLC.

May 18, 2016

Florida Loans Multifamily Southeast

Grandbridge Arranges $23M Loan for Apartment Community in Orlando

by John Nelson May 18, 2016

ORLANDO, FLA. — Grandbridge Real Estate Capital has closed the $23 million refinancing of Azul at Baldwin Park, a 178-unit, Class A apartment community located in Orlando’s Baldwin Park district. The multifamily property features a swimming pool, spa, cyber café, business center, clubroom and a fitness center. Bill Mattice and Phillip Cox of Grandbridge arranged the five-year, interest-only loan through an unnamed insurance company on behalf of the borrower, a joint venture between Jefferson Apartment Group and Pacolet Milliken Enterprises Inc.

May 18, 2016

Anthropologie Grand Boulevard at Sandestin

Florida Retail Southeast

Anthropologie Opens New Store in Grand Boulevard at Sandestin in Northwest Florida

by John Nelson May 18, 2016

MIRAMAR BEACH, FLA. — National women’s retailer Anthropologie has opened a new 9,000-square-foot store in Grand Boulevard at Sandestin, a mixed-use development near northwest Florida’s beaches in Miramar Beach. The store features clothing, accessories and homewares. Grand Boulevard at Sandestin’s owners, Howard Group and Merchants Retail Partners, have recently signed leases with other retailers including Lilly Pulitzer, Vineyard Vines, J. McLaughlin, Starbucks Coffee, Jimmy John’s, The Craft Bar, Menchie’s Frozen Yogurt and Grand Fitness. Anthropologie’s new store is located in the new Center building, located on the west side of the development across from the Boulevard 10 Cinema.

May 18, 2016

Hospitality Maryland Mixed-Use Multifamily Office Retail Southeast Top Stories

Construction Begins on $750M Mixed-Use Development in Metro Baltimore

by Haisten Willis May 18, 2016

WHITE MARSH, MD. — Construction has begun on Greenleigh at Crossroads, a $750 million component of Baltimore Crossroads, a 1,000-acre mixed-use development in White Marsh in the eastern section of Baltimore County. The completed Greenleigh at Crossroads will contain 1,000 single-family homes and townhomes, 500 multifamily units, three mid-rise Class A office buildings spanning 300,000 square feet, 128,000 square feet of single-story office space, 116,000 square feet of retail and a 120-room SpringHill Suites by Marriott. The development team consists of St. John Properties, Somerset Construction Co. and Elm Street Development. “The integrated design of Greenleigh at Crossroads reflects and responds to the new urbanism trend that is sweeping the country, while also complementing the existing product mix that exists at Baltimore Crossroads,” says Edward St. John, chairman of St. John Properties. St. John Properties has broken ground on one of the office buildings, and should begin construction on the hotel in late 2016. Elm Street Development will soon begin building the single-family homes and townhomes, with models expected to open in spring 2017. Somerset Construction will begin work this fall on The Berkleigh, a luxury apartment community featuring 317 units. Located along Maryland Route 43 near I-95, Baltimore Crossroads is …

May 18, 2016

Multifamily Southeast Tennessee

Terwilliger Pappas to Build $64M Apartment Community in Nashville

by John Nelson May 17, 2016

NASHVILLE, TENN. — Terwilliger Pappas Multifamily Partners plans to build Solis North Gulch, a $64 million, 271-unit apartment community located in Nashville’s North Gulch district. Construction will start within 30 days, with the first apartments and amenities targeted for a late 2017 delivery. The five-story multifamily community will be built atop a two-level parking deck. Terwilliger Pappas is partnering with Clarion Partners on the development, and Citizens Bank of Providence, Rhode Island provided construction financing. Amenities will include a rooftop clubroom and terrace, resort-style swimming pool, club-grade fitness center and a pet park. Units will feature stainless steel appliances and quartz countertops. The project team includes architect and interior design firm Preston Partnership, landscape architect and civil engineer Littlejohn and general contractor Construction Enterprises Inc.

May 17, 2016

College Inn Raleigh North Carolina State University

Multifamily North Carolina Southeast Student Housing

The Preiss Co. Acquires Two Student Housing Properties in Raleigh in Joint Venture

by John Nelson May 17, 2016

RALEIGH, N.C. — The Preiss Co., in a joint venture with an undisclosed private investment group, has acquired two student housing communities near North Carolina State University (NCSU) in Raleigh. The acquisitions include College Inn, a 440-bed community located at 2717 Western Blvd., and University Village at 2505, a 288-bed community located at 2505 Red Lodge Place. Amenities at College Inn include a clubhouse, fully furnished units with washers and dryers, study rooms, fitness center and a game room. Preiss will oversee a redevelopment at the property beginning in the fourth quarter of this year, which will include substantial room upgrades, new lighting, appliances, cabinets, countertops and furniture with enhancements to the clubhouse, building exterior and landscaping. Amenities at University Village at 2505 include a clubhouse with an internet café, a fitness center, self-serve Starbucks Coffee bar, resort-style swimming pool, sand volleyball court and fully furnished suites with bed to bath parity and walk-in closets. University Village also offers a free shuttle to the main and centennial campuses of NCSU.

May 17, 2016

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