Southeast

420 and 440 S. Congress Ave. Delray Beach

Cushman & Wakefield Brokers $18.5M Sale of Distribution Center in South Florida

by John Nelson February 2, 2016

DELRAY BEACH, FLA. — Cushman & Wakefield has arranged the $18.5 million sale of Delray Distribution Center, a 185,624-square-foot, two-building industrial facility located at 420 and 440 S. Congress Ave. in Delray Beach. PetMeds, an online pharmacy offering pet medications and animal grooming products, purchased the facility from Stockbridge Capital. Christopher Thomson, Richard Etner, Christopher Metzger and Matthew McAllister of Cushman & Wakefield represented Stockbridge Capital in the transaction. PetMeds will relocate its office and distribution headquarters to Delray Distribution Center, which was fully leased at the time of sale. Other tenants include DHL and Levenger. Built in 1994, the property features 26-foot clear ceiling heights, dock-high and grade-level loading, a 150-foot truck court and an ESFR sprinkler system.

February 2, 2016

Florida Hospitality Southeast

Related Cos., Hilton Worldwide Open Hilton West Palm Beach

by John Nelson February 1, 2016

WEST PALM BEACH, FLA. — Related Cos. and Hilton Worldwide have opened Hilton West Palm Beach, a 12-story convention hotel located in downtown West Palm Beach. The property features 400 guestrooms, 43 suites, a grand lobby, thee quarter-acre lanai, zero-entry pool, private cabanas, Restoration Hardware furnishings and a poolside bar and fire pit. The property’s dining options include Manor, a farm-to-table restaurant; Galley, the hotel’s lobby bar; and Provisions, a marketplace that provides locally sourced goods, prepared food, cold-pressed juices and gifts from local shops and artists. Connected to The Palm Beach County Convention Center via an enclosed walkway, Hilton West Palm Beach features more than 24,000 square feet of meeting space, including the 13,350-square-foot Oceana Ballroom and the 5,800-square-foot Coral Ballroom, as well as two 2,400-square-foot lawn spaces for weddings, special events and fitness programming. The project team includes Miami-based architect Nicholas Brosch Wurst Wolfe & Associates and Dallas-based interior designer Looney and Associates.

February 1, 2016

Florida Multifamily Southeast

Bell Partners Acquires Apartment Community in Boca Raton

by John Nelson February 1, 2016

BOCA RATON, FLA. — Bell Partners Inc. has purchased Archstone Boca Town Center, a garden-style apartment community adjacent to Town Center Mall in Boca Raton. The Greensboro, N.C.-based apartment investor has renamed the project Bell Boca Town Center. Bell Partners will also manage the 252-unit apartment community, which was 96 percent occupied at the time of sale. Set in one-, two- and three-bedroom floor plans, the property’s unit interiors feature stainless steel appliances, microwaves, glass-top stoves, breakfast bars, dark espresso finish cabinetry, walk-in closets, washers and dryers and private balconies or patios. Community amenities include an on-site leasing office, clubhouse, fitness center, two tennis courts, resort-style pool, grilling area and Wi-Fi access in the common spaces.

February 1, 2016

Georgia Multifamily Southeast

Multi Housing Advisors Brokers $18.2M Sale of Two Apartment Complexes in Savannah

by John Nelson February 1, 2016

SAVANNAH, GA. — Multi Housing Advisors (MHA) has brokered the $18.2 million sale of Clover Village at Vernon Marsh and Clover Village at White Bluff, two apartment properties in Savannah that total 298 units. Robert Stickel of MHA represented the seller, Clover Group, in the sale. McDowell Properties purchased both properties. The adjacent developments are located along White Bluff Road at the intersection of Abercorn Street and Harry Truman Parkway. The Vernon Marsh asset was built in 1986 and the White Bluff project was built in 1985.

February 1, 2016

East Cherokee Village Shoppes 6236 Holly Springs Parkway Woodstock

Georgia Retail Southeast

Transwestern Brokers $13M Sale of Publix-Anchored Center in Metro Atlanta

by John Nelson February 1, 2016

WOODSTOCK, GA. — Transwestern’s Southeast investment services group has arranged the $13 million sale of East Cherokee Village Shoppes, a Publix-anchored shopping center located at 6236 Holly Springs Parkway in Woodstock, a northern suburb of Atlanta. New Orleans-based PMAT Cos. acquired the 128,667-square-foot property for roughly $101 per square foot from a private seller. The asset was developed in 2003. Fred Victor and Kevin Markwordt of Transwestern represented the seller in the transaction.

February 1, 2016

Florida Office Southeast

JLL Arranges 66,000 SF Office Lease at Meridian Premier Center in Tampa

by John Nelson February 1, 2016

TAMPA, FLA. — JLL has completed a 66,000-square-foot office lease at Meridian Premier Center, a 103,521-square-foot, Class A office center in Tampa’s affluent Carollwood neighborhood. The tenant is Comprehensive Health Management Inc., a provider of administrative services for health maintenance organizations. Jim Moler and Deana Beer of JLL represented the landlord, Meridian Development Group, in the lease deal. David Johnson, Liz Osborne and Jimmy Garvey of Cushman & Wakefield represented the tenant. Built in 1997 and renovated in 2014, Meridian Premier Center was 96 percent leased following Comprehensive Health Management’s lease.

February 1, 2016

Hospitality Kentucky Southeast Top Stories

Omni Breaks Ground on $289M Omni Louisville Hotel in Kentucky

by Jeff Shaw February 1, 2016

LOUISVILLE, KY. — Omni Hotels & Resorts has broken ground on the 612-room Omni Louisville Hotel, the brand’s first property in Kentucky. The hotel will be located at Liberty and 2nd Street in downtown Louisville, one block from Kentucky International Convention Center. Development costs for the public-private project are estimated at $289 million. The 30-story hotel is set to open in early 2018. “Today was much more than just breaking ground on the Omni Louisville Hotel,” Louisville Mayor Greg Fischer said at the groundbreaking ceremony. “Today’s groundbreaking is symbolic of the future transformation of our city and the prosperity yet to come. This hotel will not only help bolster our reputation as a leading meetings and leisure destination, but will serve as a cornerstone where our downtown community can connect.” Amenities at the hotel will include an all-day dining venue, lobby lounge, and rooftop pool bar and grill, in addition to Bob’s Steak & Chop House. The top floors will also feature 225 luxury apartments. The property will provide approximately 70,000 square feet of flexible meeting and event space, a fitness center, spa and speakeasy with a bowling alley. A grocery store is set to open adjacent to the hotel, …

February 1, 2016

Features Loans Southeast Top Stories Uncategorized

MBA Convention Kicks Off With Wells Fargo Named Top Mortgage Servicer for 2015

by Christina Cannon February 1, 2016

ORLANDO, FLA. — Wells Fargo Bank N.A. was the top commercial and multifamily mortgage servicer by volume for all of 2015, according to the Mortgage Bankers Association (MBA). The annual ranking was released Sunday during the opening day of the MBA’s 2016 Commercial Real Estate Finance and Multifamily Housing Convention & Expo at the Hyatt Regency Orlando. The conference, which runs through Wednesday, Feb. 3, is expected to attract 3,000 commercial real estate finance professionals from across the industry. Under the big tent are mortgage bankers, life company and bank lenders, agency lenders, investment bankers, service providers and many others. The MBA rankings also show Wells Fargo, PNC/Midland, KeyBank, and Berkadia were the largest master and primary servicers of commercial/multifamily loans in U.S. commercial mortgage backed securities (CMBS), collateralized debt obligations (CDO) and other asset-backed securities (ABS) during 2015. A primary servicer is generally responsible for collecting loan payments from borrowers, performing property inspections and other property-related activities. A master servicer is typically responsible for collecting cash and data from primary servicers and then providing that cash and data, through trustees, to investors. To view a copy of the report, click here. Capital Spigot Remains Open Kathy Marquardt, vice president of commercial …

February 1, 2016

Louisiana Market Reports Retail Southeast Southeast Market Reports

New Orleans’ Retail Market Continues to Thrive 10 Years After Hurricane Katrina

by John Nelson February 1, 2016

New Orleans recently celebrated a significant milestone: the 10-year anniversary of Hurricane Katrina making landfall. Those familiar with the area’s commercial real estate market agree that the city continues to thrive in and around the metro area. Despite a low vacancy rate and shortage of commercial opportunities in downtown proper, competition is fierce for quality properties, and new-to-market retailers have moved into the area. From the market downtown to the immediate suburbs and surrounding parishes, the Big Easy is well-positioned for continuous, steady growth. Sharing a border with New Orleans, Jefferson Parish is the most populous parish in the state. Veterans Memorial Boulevard is a six-lane thoroughfare in Jefferson Parish, which remains the primary retail development corridor in the market with the 120-store Lakeside Shopping Center. One of the most desirable spans of commercial real estate, the seven-mile stretch of highway runs from the airport to the intersection of Jefferson Parish and Orleans Parish. After scouring the market for several years, Trader Joe’s recently announced its first New Orleans metro area store in one of the last undeveloped tracts on Veterans Memorial Boulevard. Another grocery retailer, The Fresh Market, opened its first Jefferson Parish store in July. In addition, the …

February 1, 2016

Mississippi Retail Southeast

Stirling Properties Buys Power Retail Center in Hattiesburg for $48.1M

by John Nelson January 29, 2016

HATTIESBURG, MISS. — Stirling Properties has purchased Turtle Creek Crossing, a 295,000-square-foot power retail center in Hattiesburg, for $48.1 million. The shopping center is the largest retail acquisition by Stirling Properties in its 40-year history. Built in 2007, Turtle Creek Crossing is located on US Highway 98 adjacent to Turtle Creek Mall. The center’s anchor tenants include Ashley Furniture, Bed Bath & Beyond, Ross Dress for Less, Old Navy, Books-A-Million and PetSmart. The property is shadow-anchored by Academy Sports + Outdoors, Target and Kohl’s and shares a lighted intersection with Sam’s Club and Walmart Supercenter.

January 29, 2016

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