Southeast

Beatty Development Group Breaks Ground on High-Rise Apartment Tower in Baltimore

by John Nelson April 6, 2016

BALTIMORE — Beatty Development Group and its partners, Armada Hoffler Properties Inc. and The Henson Development Co., has begun construction on 1405 Point, the first apartment building in Baltimore’s Harbor Point, a mixed-use neighborhood with public spaces and commercial properties spanning 3 million square feet. The 17-story, LEED Silver-certified apartment building will feature 18,000 square feet of ground-level retail space and 289 residential units with views of Baltimore’s Inner Harbor. Units will feature floor-to-ceiling windows, stainless steel appliances, quartz countertops, wood plank flooring, modern cabinetry and an energy efficient heating and cooling system. Community amenities will include a 24/7 fitness center, 11th-floor lounge and pool, grilling stations, yoga room, entertainment and media lounge, covered parking and a newly landscaped park. The development team expects to open 1405 Point in late 2017.

April 6, 2016

Multifamily Southeast Tennessee

Passco Cos. Acquires Apartment Community in Nashville for $51.4M

by John Nelson April 6, 2016

NASHVILLE, TENN. — Passco Cos. LLC has purchased The Overlook, a 452-unit value-add apartment community located at 727 Bell Road in Nashville, for $51.4 million. The property, which was 95 percent occupied at the time of sale, hasn’t been renovated since its completion in 1998, according to Passco Cos. The buyer plans to upgrade the property and implement a professional management program. The Overlook’s amenities include a fitness center and two swimming pools with cabanas. Russ Oldham of CBRE represented both Passco and the seller, Olympus Properties, in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco.

April 6, 2016

Industrial Kentucky Southeast

Molto Properties, Verus Partners Sell 622,426 SF Industrial Facility in Louisville

by John Nelson April 6, 2016

LOUISVILLE, KY. — Molto Properties and Verus Partners have sold Airport Commerce Center One, a 622,426-square-foot, cross-dock industrial facility in Louisville. The buyer, Stone Mountain Industrial Park Inc., an affiliate of Pattillo Industrial Real Estate, purchased the property for an undisclosed price. The facility is located within the Louisville Renaissance Zone, a 470-acre business park located just two miles south of Louisville International Airport. Verus Partners was the project’s development manager. Built in December 2015, the facility is 74 percent leased to Hillsdale Furniture and features 36-foot clear heights, a seven-foot floor slab, motion sensor-activated T5 lighting, 86 dock doors and 120 trailer stalls. Kevin Grove, Doug Butcher and Chris Riley of CBRE represented Molto and Verus in the sale. Molto and Verus broke ground in November 2015 on Airport Commerce Center Two, a 645,840-square-foot facility. Pepper Construction expects to finish construction on the project in November 2016.

April 6, 2016

Alabama Office Southeast

Adler Kawa, PointOne Holdings Acquire Office Complex in Metro Birmingham for $30M

by John Nelson April 6, 2016

HOOVER, ALA. — A joint venture between PointOne Holdings and Adler Kawa Real Estate Advisors (AKREA) purchased Riverchase Center, a 306,725-square-foot, single-story office complex in Hoover, a suburb of Birmingham. The venture purchased the property from a fund managed by DRA Advisors for $30 million. The asset was 89 percent leased at the time of sale to tenants such as Frito-Lay, Progressive Insurance, Walgreens, BioHorizons Implant Systems, Gentiva Health Services and WideOrbit Inc. Justin Parsonnet and Will Yowell of CBRE’s Atlanta office represented the seller in the transaction. PointOne Holdings and AKREA have retained David Fullington and Phil Yost of CBRE’s Birmingham office to manage and lease Riverchase Center. PNC Bank provided a seven-year, non-recourse acquisition loan to PointOne and AKREA.

April 6, 2016

Georgia Southeast

HOK Leads Design Team for $200M Terminal Modernization at Hartsfield-Jackson Atlanta International Airport

by John Nelson April 5, 2016

ATLANTA — A joint venture led by HOK has designed the $200 million improvement to Hartsfield-Jackson Atlanta International Airport’s domestic passenger terminal and central atrium. The project is part of the airport’s $6 billion, 20-year expansion and modernization program. Construction will begin later in 2016 and include the addition of two 864-foot-long canopies over curbside pick-up and drop-off areas, as well as a redesigned central atrium space. The joint venture includes Stanley, Love-Stanley PC and Chasm Architecture LLC, which are both headquartered in Atlanta. In 2015, the 207-gate airport became the world’s first airport to handle more than 100 million passengers in a calendar year.

April 5, 2016

Loans Multifamily Seniors Housing Southeast Tennessee

Berkadia Provides $68.8M Freddie Mac Financing for Seniors Housing Portfolio

by John Nelson April 5, 2016

CHATTANOOGA, TENN. — Berkadia has originated $68.8 million in financing for a portfolio of eight seniors housing communities operated by Morning Pointe, a Chattanooga-based developer and operator. The portfolio totals 474 units in Lexington and Frankfort, Ky.; Knoxville, Tenn.; and Johnson, Ind. Morning Pointe plans to use the funds to fund future development across the Southeast. Berkadia’s Marcus Lyons, director, and Chris Fenton and David Oakley, managing directors, managed the transaction through Freddie Mac. Berkadia is a New York City-based lender specializing in Fannie Mae, Freddie Mac and HUD loans in the commercial real estate sector.

April 5, 2016

Georgia Hospitality Southeast

Noble Investment Group Opens Hotel Indigo Savannah Historic District

by John Nelson April 5, 2016

SAVANNAH, GA. — Noble Investment Group has opened the 252-room Hotel Indigo Savannah Historic District at 201 W. Bay St. in Savannah’s City Market at Ellis Square neighborhood. InterContinental Hotels Group manages the hotel, which is located at the site of the former Guckenheimer tobacco warehouse and grocery. The hotel features The Five Oaks Taproom restaurant, which serves breakfast and dinner with dishes made from ingredients sourced within 90 miles of Savannah. Local artist Meryl Turret designed the guest room murals, which showcase historic bottles that were unearthed in this district of Savannah, and each room also features watercolor pieces that highlight the original market building. Hotel amenities include a 24-hour fitness center and 6,000 square feet of flexible event space.

April 5, 2016

Georgia Multifamily Southeast

McShane Construction to Build Apartment Community in Metro Atlanta

by John Nelson April 5, 2016

FAIRBURN, GA. — South City Partners has selected McShane Construction Co. to build The Oakley Apartments in Fairburn, roughly 13 miles from Hartsfield-Jackson Atlanta International Airport. The 308-unit property will feature units with granite countertops, stainless steel appliances, vinyl plank and ceramic tile flooring and washers and dryers. Community amenities will include a fitness center, on-site leasing and management building, beach entry swimming pool, fire pits, outdoor grills and pavilions, bocce ball court, sand volleyball court, dog park and walking paths. McShane Construction plans to complete the project in August 2017. Dallas-based Womack + Hampton Architects LLC is providing architectural services for the development.

April 5, 2016

Mississippi Retail Southeast

Bank of Commerce, FHLB Dallas Fund Adaptive Reuse Project in Mississippi

by John Nelson April 5, 2016

GREENWOOD, MISS. — Bank of Commerce and the Federal Home Loan Bank of Dallas (FHLB Dallas) have provided a grant to fund an adaptive reuse project in Greenwood. A historic building in downtown Greenwood has been transformed into a contemporary retail space that now houses Howard & Marsh Exchange, a boutique retailer selling home décor, accessories, antiques, art, bedding and gifts. Chris McQueen, owner of Howard & Marsh Exchange, funded the start-up costs of running the business using a loan from Bank of Commerce that was funded by an Economic Development Program (EDP) advance from FHLB Dallas, as well as an accompanying $25,000 EDP plus grant.

April 5, 2016

Hospitality North Carolina Southeast

Cornerstone, Spectrum Properties to Develop 17-Story Kimpton Hotel in Uptown Charlotte

by John Nelson April 4, 2016

CHARLOTTE, N.C. — Cornerstone Real Estate Advisers, acting on behalf of an institutional client, and Spectrum Properties plan to build a 17-story, 217-room lifestyle hotel at the corner of Third and Church streets in Uptown Charlotte. Kimpton Hotels, which was purchased by Intercontinental Hotels Group in 2015, will manage the hotel. Cornerstone and Spectrum expect to deliver the hotel by October 2017. The asset will feature a fitness center and 9,200 square feet of flexible meeting space, including a 4,000-square-foot ballroom and five conference rooms. The hotel will also include a signature 180-seat restaurant and a partially open-air, 7,500-square-foot, 160-seat rooftop lounge that overlooks Romare Bearden Park. The hotel will complement the previously announced 300 South Tryon, a 25-story, 600,000-square-foot office building at Third and Tryon streets.

April 4, 2016

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