BRIDGEPORT, W.VA. — Pittsburgh-based Civil & Environmental Consultants Inc. (CEC) has moved its Bridgeport office to Charles Pointe, a $1.5 billion, 1,700-acre mixed-use community within West Virginia’s I-79 High Technology Corridor. The environmental firm has leased 18,600 square feet of office space at 600 Marketplace Ave. for its 65 Bridgeport employees. CEC provides civil, ecological, environmental and survey services, as well as wastewater collection, transmission and treatment solutions to the mining, oil and gas and real estate industries, as well as to the public sector.
ATLANTA — Too often hoteliers are so immersed in executing their business plans they miss golden opportunities that suddenly arise, according to hotel experts speaking at the 28th annual Hunter Hotel Conference. During the “State of the Industry” panel, executives from Blackstone, Starwood Capital Group, Rockbridge, MCR Development LLC and Apple Hospitality REIT took the stage to discuss opportunities they see in the marketplace. Tyler Morse, CEO and managing partner of MCR Development, said the lodging industry in the United States will present ample opportunities in the next couple years. “The hotel space in particular in the U.S. economy is going to be great in 2016 and 2017. The rest of the world is kind of a disaster,” said Morse. “Funds are coming to the U.S. as a flight to quality. The U.S. is where the growth is, and the hotel business is a beneficiary of that.” In a real-world example of being opportunistic, Brian Kim, managing director of real estate at Blackstone, spoke about how the firm’s recent $6.5 billion sale of Strategic Hotels & Resorts to Beijing-based Anbang Insurance Group Inc. wasn’t the original strategy for Blackstone. Having just closed on the Strategic purchase in December 2015, Blackstone’s …
SUNRISE, FLA. — KGH International Development has begun construction on the residential portion of Metropica, a transit-oriented mixed-use development in Sunrise that will span 65 acres and 4 million square feet upon full build-out. The project will feature 400,000 square feet of dining, retail and entertainment space, as well as 650,000 square feet of office space, 2,250 residential units and a 240-room hotel. Tenants already announced for the ground-level retail spaces include Ipic Theaters, Kings Bowl, True Food Kitchen, Kona Grill, Oil & Vinegar, Fogo de Chão, Shake Shack, Anthropologie, Free People and Kendra Scott. More announcements will be made in coming weeks and months prior to the project’s fall 2017 opening. In addition to the commercial and multifamily components, the project will also feature walking and bike trails, courtyards, a central park, 3,600-space parking garage, electric vehicle charging stations, kiosks and Wi-Fi connectivity throughout the development. KGH International Development expects to begin vertical construction on Metropica’s retail portion this summer. The design team for Metropica includes Baltimore-based master planner CI Design and architect Oppenheim Architecture & Design.
LEXINGTON, KY. — Bayer Properties plans to develop an artisan food hall at The Summit at Fritz Farm, a mixed-use development located in Lexington. Deauville Food Hall will feature eight to nine food and beverage concepts and will incorporate architectural elements from the original tobacco barns on Fritz Farm, as well as a landscaped outdoor terrace conceived by local garden designer Jon Carloftis. Local eateries already committed to The Deauville Food Hall include Crank & Boom Craft Ice Cream, a small-batch artisan ice cream maker employing locally sourced ingredients, and an offshoot of Lexington-based Athenian Grill. The Summit is set to open in March 2017.
VIRGINIA BEACH, VA. — Outdoor retailer L.L.Bean has signed a lease with General Growth Properties Inc. (GGP) to open a new store at Lynnhaven Mall in Virginia Beach. The retailer will open its new 16,700-square-foot store in the spring of this year. Existing retailers at the mall include Altar’d States, Vera Bradley, White House | Black Market, Build-A-Bear Workshop, Victoria’s Secret, Jump Trampoline Park and House of Hoops by Foot Locker. Since 2013, GGP has implemented a multi-million dollar renovation of the mall, including a new food court, two-story Main Street-style court, upgraded amenities, new mall entrance and a new retail and dining component that will include valet parking services. GGP plans to complete the renovations by the fall.
SLIDELL, LA. — SRSA Commercial Real Estate has arranged a 34,000-square-foot lease for Sportsman’s Warehouse in Slidell, making it the first Louisiana location for the outdoor retailer. The store will join the tenant roster at the Shops at Rouses, a shopping center located on Kensington Boulevard that’s home to existing retailers such as Rouses and Petco. Kirsten Early and Collin Homes of SRSA Commercial represented Sportsman’s Warehouse, which currently has 66 locations open and operating. Larry Haik of Dale Stram & Associates LLC represented the landlord.
MARIETTA, GA. — Bellwether Enterprise has arranged a $2.4 million acquisition loan for Grove Park Plaza, a 30,600-square-foot retail strip center located in Marietta, a northern suburb of Atlanta. The two-building property sits on 5.3 acres at 1812 Powder Springs Road. Kelly Martone of Bellwether Enterprise’s Atlanta office arranged the loan through StanCorp on behalf of the borrower, Petinos LLC.
ORLANDO, FLA. — MetLife has provided a $60 million loan for the refinancing of Grand Bohemian Hotel Orlando, a 247-room luxury hotel located at 325 S. Orange Ave. in downtown Orlando. Michael Weinberg led HFF’s debt placement team to arrange the 10-year, fixed-rate loan on behalf of the borrower, Xenia Hotels & Resorts Inc. Built in 2011, the AAA Four Diamond award-winning hotel is part of Marriott’s Autograph Collection and features 9,117 square feet of meeting and ballroom space, 1,518 square feet of pre-function space, a heated outdoor pool and whirlpool, Poseidon Spa, 24-hour fitness center, Grand Bohemian Art Gallery and three food and beverage options — The Boheme Restaurant, Bösendorfer Lounge and Starbucks. The hotel is situated across the street from the new Dr. Phillips Center for the Performing Arts and is within walking distance of the Amway Center, home of the Orlando Magic NBA basketball team.
LYNCHBURG, VA. — CBL & Associates Properties Inc. has sold a 75 percent interest in River Ridge, a 764,243-square-foot regional mall located in Lynchburg, to Liberty University. CBL received net cash proceeds of $33.5 million for the sale of the majority interest. CBL retains a 25 percent ownership in the asset, and is responsible for leasing and management. The mall’s tenant roster includes Macy’s, Chick-fil-A, Planet Fitness, Regal Cinemas, GNC, Spencer Gifts, JC Penney, Victoria’s Secret, Zales and T.J. Maxx.
DAVENPORT, FLA. — KeyBank Real Estate Capital has provided a $22.4 million Fannie Mae first mortgage loan for Landings at Four Corners, a 270-unit multifamily apartment complex located in Davenport. Developed in 2009, the community was originally known as Alta Corners. Chris Black and Ben Meeron of KeyBank’s commercial mortgage group arranged the financing, which the undisclosed borrower used to acquire the property.