Southeast

Dilido Beach Resort Receives $210M Refinancing for The Ritz-Carlton South Beach

by Katie Sloan March 29, 2016

MIAMI — Dilido Beach Resort LLC, a joint venture between Lionstone Development and Flag Luxury, has received a $210 million loan for the refinancing of The Ritz-Carlton South Beach. Greenberg Traurig and Eastdil Secured arranged the loan, which will be used for planned capital improvements to the hotel, through lenders Cantor Commercial Real Estate (CCRE) and Societe Generale. The 375-room luxury hotel was originally built in 1953, and has been restored to reflect the original Morris Lapidus design. Located within walking distance of Ocean Drive and Lincoln Road in Miami, the hotel features an oceanfront infinity pool with private day beds, the DiLido Beach Club, two restaurants, a $2 million art collection featuring established and emerging artists, a 16,000-square-foot spa and 20,000 square feet of conference space. The resort underwent a $10 million renovation in 2012, according to reports by the South Florida Business Journal. The restoration, led by Miami-based interior designer Linda Zarifi, included the redesign of its 375 guest rooms. “We are very pleased to secure this financing for our flagship hotel,” says Paul Kanavos, CEO and chairman of Flag Luxury. “South Beach is a vibrant and diverse hospitality market and we are proud to be the leaders …

March 29, 2016

Creekside at Langford Distribution Corridor

Georgia Industrial Southeast

Solution Property Group to Build 538,500 SF Distribution Center in Metro Atlanta

by John Nelson March 28, 2016

EAST POINT, GA. — Atlanta-based Solution Property Group has purchased a former General Services Administration warehouse in East Point, a town roughly seven miles south of Atlanta, for an undisclosed price. The company plans to demolish the 55-year-old building and replace it with a new 538,500-square-foot project known as Creekside at Langford Distribution Corridor. The industrial property will be the closest bulk distribution center to Atlanta’s central business district, according to Solution Property Group, which plans to deliver the facility in the early fall of this year. Solution Property Group has selected Pat Murphy, Ray Stache and Spencer Green of Cushman & Wakefield to lease Creekside at Langford Distribution Corridor.

March 28, 2016

Georgia Seniors Housing Southeast

Enlivant Buys Two-Property Seniors Housing Portfolio in Georgia for $10M

by John Nelson March 28, 2016

ROME AND CEDARTOWN, GA. — Enlivant has purchased two assisted living and memory care communities, both located in rural Georgia, from affiliates of Winthrop Senior Living for $10 million. The two properties are Winthrop West in Rome and Winthrop at Polk in Cedartown. The two towns are near to each other, approximately 70 miles northwest of Atlanta. Winthrop West was built in 1999 and comprises 42 memory care units in a 25,591-square-foot facility on 3.7 acres. Winthrop at Polk was built in 1991 and added 20 memory care units in 2014 to its existing 29 assisted living units. The 27,715-square-foot community is situated on 2.4 acres. Senior Capital Advisors, a brokerage firm based in Florida, represented the seller in the deal. Enlivant is a Chicago-based owner/operator. These acquisitions expand its regional presence to seven communities between Chattanooga, Tenn., and Atlanta.

March 28, 2016

Alabama Multifamily Southeast

Berkadia Brokers $8.1M Sale of Apartment Community in Montgomery

by John Nelson March 28, 2016

MONTGOMERY, ALA. — Berkadia has arranged the $8.1 million sale of Woodmere at the Lake, a 200-unit apartment community located in Montgomery. Built in 1978, the garden-style property has an average unit size of 870 square feet. Woodmere Apartment Partners LLC purchased the community from ABACO Partners LLC. Josh Jacobs and David Oakley of Berkadia’s Birmingham office represented the seller in the transaction.

March 28, 2016

Industrial Loans North Carolina Southeast

Revere Capital Provides $4.8M Loan for Future Port of Wilmington Cold Storage Facility

by John Nelson March 28, 2016

WILMINGTON, N.C. — Dallas-based Revere Capital has provided $4.8 million in financing for a new industrial cold storage facility that will be situated on land owned by the state of North Carolina at the Port of Wilmington. Construction is underway on the 101,000-square-foot project, which is the newest cold storage facility in the area and is the first phase of a potential two-phase warehouse operation. The Port of Wilmington is a full-service deep-water port and marine terminal handling more than 400 vessels annually with an annual import/export cargo tonnage of more than 3 million tons. Owned and operated by the North Carolina State Ports Authority, the port offers facilities serving container, bulk and break-bulk operations and is 26 miles from the open sea on the Cape Fear River. CSX Transportation provides direct rail access to the port, which is one of only two ports in North Carolina.

March 28, 2016

Industrial Mississippi Southeast

NAI KLNB Brokers $3.3M Sale of Warehouse Facility in Metro Baltimore

by John Nelson March 28, 2016

ABINGDON, MD. — NAI KLNB has brokered the $3.3 million sale of a two-building, 51,600-square-foot warehouse at 1305 Governor Court in Abingdon, roughly 25 miles northeast of Baltimore. The property is situated within William Paca Industrial Park. Grander Capital Partners purchased the property, which is the Boston-based company’s first acquisition in the state of Maryland. Built in 1987, the all-brick assets were cumulatively 87 percent leased at the time of sale. Brad Berzins and Bill Miller of NAI KLNB represented the undisclosed seller in the transaction.

March 28, 2016

Industrial Office Southeast Top Stories

Finmarc Buys 26-Property Office, Industrial Portfolio in Northern Virginia for $96M

by Nellie Day March 28, 2016

BETHESDA, MD. — Bethesda-based Finmarc Management Inc. has purchased a 26-building portfolio from First Potomac Realty Trust (NYSE: FPO) for $96 million. The portfolio spans 950,000 square feet of office, flex and warehouse space in Northern Virginia. The properties purchased include Enterprise Center in Chantilly; Gateway Centre Manassas, Linden Business Center and Windsor at Battlefield in Manassas; Herndon Corporate Center and Van Buren Office Park in Herndon; Prosperity Business Center in Merrifield; and Reston Business Campus in Reston. The portfolio is approximately 78 percent leased to more than 70 tenants, including the General Services Administration, Fairfax County, McLean Bible Church, American Public University System, Lenox Industries and U.S. Home Corp. “The sale of the northern Virginia non-core portfolio represents continued execution of our plan to dispose of $350 million of assets,” says Robert Milkovich, CEO of First Potomac Realty Trust. “The proceeds will be utilized to redeem a portion of our outstanding preferred shares, as we work to strengthen our balance sheet and improve our liquidity.” James Meisel and Bruce Strasburg of HFF represented First Potomac in the transaction. Joseph Hoffman and Aaron Rosenfeld of the law firm Kelley Drye & Warren LLP represented Finmarc. First Potomac Realty Trust is …

March 28, 2016

Ameris Bank Riverplace Tower Downtown Jacksonville

Florida Market Reports Office Southeast Southeast Market Reports

Financial Services Sector is Driving the Growth of Jacksonville’s Office Market

by John Nelson March 28, 2016

With economic conditions improving across the country and business confidence significantly increasing, the Jacksonville office market is gaining momentum and seeing positive space absorption for the fifth consecutive quarter in a row. Jacksonville’s tax-friendly environment, competitive business relocation incentives and strong labor pool have historically been a magnet for Fortune 1000 companies looking to establish back-office locations, but over the last few years, the city has evolved into a regional hub for the headquarters of domestic and international financial services companies. Most recently, Georgia-based Ameris Bank announced that it would move its headquarters this January from Moultrie, Ga., to the 26th floor of Riverplace Tower in downtown Jacksonville. Among the reasons why Jacksonville was an attractive location for its headquarters is the ability to tap into the city’s growing skilled workforce and the opportunity to increase the bank’s footprint and brand exposure in this market. Jacksonville is also becoming a hotspot for global financial firms like German global banking and financial services company Deutsche Bank and Australia’s Macquarie Group. Deutsche Bank has been building its presence in Jacksonville since 2008, employing about 1,700 people, and continues to import jobs from the Northeast to Jacksonville as it grows its business operations. …

March 28, 2016

Louisiana Retail Southeast

Stirling Properties, CBL Open Ambassador Town Center In Louisiana

by John Nelson March 25, 2016

LAFAYETTE, LA. — Stirling Properties and CBL & Associates Properties Inc. have opened Ambassador Town Center in Lafayette. The co-developers hosted a formal ribbon cutting ceremony attended by Lafayette City-Parish president Joel Robideaux, former City-Parish president Joey Durel, LEDA president and CEO Gregg Gothreaux and other Lafayette area community leaders. Ambassador Town Center is a roughly 60-acre retail project anchored by Costco Wholesale and Dick’s Sporting Goods/Field & Stream. Situated at Ambassador Caffery Parkway and Kaliste Saloom Road, the 430,000-square-foot property is 97 percent leased to tenants such as Avalon Salon & Spa, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chuy’s Mexican Restaurant, Costco Gasoline, Dickey’s Barbecue Pit, Five Below, Freddy’s Frozen Custard & Steakburgers, Marshalls/HomeGoods, Nordstrom Rack, Off Broadway Shoes, Panda Express, Panera Bread, PetSmart, Phone Zone, Professor Bob Beans, Red Robin, Subway, Tao Japanese Cuisine, World of Beer and Verizon Wireless. Ambassador Town Center is expected to generate roughly 1,700 permanent jobs and nearly $9 million annually in estimated sales tax collection.

March 25, 2016

Retail Southeast Virginia

JCR Cos. Purchases Shopping Center in Metro D.C. for $22.6M

by John Nelson March 25, 2016

MANASSAS, VA. — The JCR Cos. has acquired Signal Hill Shopping Center, a 105,781-square-foot, grocery-anchored shopping center in Manassas, for $22.6 million. JCR Cos. purchased the property from Regency Centers in an off-market transaction. Sandy Spring Bank provided acquisition financing. Signal Hill’s tenant roster includes Shoppers Food Warehouse, GameStop, Glory Days Grill, Panera Bread, and Chick-fil-A. JCR Cos. has sold the Chick-fil-A pad to an undisclosed buyer for $2.3 million in another off-market transaction. Signal Hill is the seventh shopping center acquisition for JCR Cos. since 2012 and its 20th transaction since the firm was founded in 2009.

March 25, 2016

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