Southeast

Related Group, Dezer Development Close $114.7M Construction Loan for Mixed-Use Tower in Miami

by John Nelson February 11, 2016

MIAMI — The Related Group and Dezer Development have closed on a $114.7 million construction loan for Hyde Midtown Suites & Residences, a hotel and condominium development that will be located on Midtown Avenue and 34th Street in Miami. Mack Real Estate Credit Strategies provided the construction loan to Related and Dezer. The two companies collaborated with sbe on the project, which will feature 60 designer hotel rooms, 410 luxury condominiums and 19,500 square feet of retail, dining and entertainment space, including the Hyde Piano Bar Lounge. Hyde Midtown will feature a pool terrace on the seventh floor, private screening theater, game room, bocce and tennis courts and VIP access to Hyde Beach at the SLS Hotel South Beach. The design team includes Arquitectonica and David Rockwell, who will design the lobby and hotel rooms. Related and Dezer broke ground on the mixed-use tower in September 2015 with a completion date set for 2018. The condo portion is more than 70 percent under contract.

February 11, 2016

Georgia Multifamily Southeast

Joint Venture Acquires Apartment Community in Atlanta from Amli Residential for $73.5M

by John Nelson February 11, 2016

ATLANTA — A joint venture between PCCP LLC, Irinda Capital Management LLC and Lyon Living has purchased AMLI at North Briarcliff in Atlanta for $73.5 million. The joint venture purchased the 537-unit, Class A property from Amli Residential. The community is located at 2500 Shallowford Road on a 20.7-acre lot. Built in two phases in 2002 and 2006, the property features 58 studio, 244 one-bedroom, 232 two-bedroom and three three-bedroom apartment residences. Community amenities include gated access, a clubhouse/leasing center, on-site car wash, three swimming pools and two fitness centers. The new ownership plans to upgrade the property’s exterior lighting, redesign the clubhouse and double the size of the primary fitness center.

February 11, 2016

North Carolina Office Southeast

Citrix Expands Footprint at Headquarters in Raleigh’s Warehouse District

by John Nelson February 11, 2016

RALEIGH, N.C. — Citrix, a software company that specializes in mobile workspace technologies for on-demand access, has expanded its footprint at its corporate headquarters in Raleigh by 14,000 square feet. The company now fully occupies its 186,000-square-foot headquarters at 120 S. West St. in downtown Raleigh’s Warehouse District. Charlie Coyne and Christina Coffey of CBRE | Raleigh’s retail services team represented the landlord, JMC Holdings, in the lease transaction. Austin Koon and Gardner Gibson of Davis Moore represented Citrix.

February 11, 2016

Restaurant Southeast Tennessee

Moonshine Flats to Open 38,000 SF ‘Honky Tonk’ Venue in Nashville

by John Nelson February 11, 2016

NASHVILLE, TENN. — San Diego-based Moonshine Flats has entered the final stages of lease negotiations for a new 38,000-square-foot “honky tonk” music venue and bar in downtown Nashville. The venue will be a country rock-themed establishment with four levels of bars, live music and DJs, barbecue, amusement rides, an open-air rooftop and floor-to-ceiling LED screens. Owner Ty Hauter expects to open the new Moonshine Flats in 2016.

February 11, 2016

North Carolina Retail Southeast

CBL Adds West Elm, Pieology Pizzeria to Friendly Center’s Tenant Roster in Greensboro

by John Nelson February 11, 2016

GREENSBORO, N.C. — CBL & Associates Properties Inc. has added home retailer West Elm and Pieology Pizzeria to Friendly Center, an upscale shopping center in Greensboro. Existing tenants at Friendly Center include lululemon athletica, Anthropologie, Altar’d State and Whole Foods Market. West Elm and Pieology are part of the center’s new 12,709-square-foot expansion, which will be situated between Anthropologie and Whole Foods facing West Friendly Avenue. Construction on the expansion is underway, and CBL expects the two new retailers to open this fall. A third soon-to-be-named retailer will also occupy space in the center’s expansion.

February 11, 2016

Mixed-Use North Carolina Southeast Top Stories

Kane Realty, KBS to Develop $100M High-Rise in Raleigh

by John Nelson February 11, 2016

RALEIGH, N.C. — Kane Realty Corp., a Raleigh-based commercial real estate developer, has joined with Newport Beach, Calif.-based KBS Realty Advisors as a joint venture partner for the development of Park Central in Raleigh. The development costs for the 16-story, mixed-use tower are estimated to total $100 million, according to Triangle Business Journal. “We are delighted for our partnership with KBS Realty Advisors to continue with Park Central,” says John Kane, CEO of Kane Realty Corp. “The vision we’ve shared with KBS fulfills the [area’s] demand for an upscale, urban lifestyle that’s rich with amenities. As Raleigh continues to grow, we are proud to provide a vibrant community … for residents and workers to enjoy.” The 252,204-square-foot high-rise retail and apartment building will be located at the intersection of Six Forks Road and the 440 Beltline in Midtown Raleigh’s North Hills district. Construction is already underway on the project, which is situated adjacent to Midtown Park. “We truly believe Park Central’s dynamic location within an attractive market like Raleigh, coupled with the luxury style of living we’re offering, will be a very attractive draw to tenants,” says Marc DeLuca, regional president of KBS. “Raleigh has become an appealing location for …

February 11, 2016

Florida Office Southeast

Cushman & Wakefield Arranges 560,000 SF Build-to-Suit Lease for Telemundo’s New Studio

by John Nelson February 10, 2016

MIAMI — Cushman & Wakefield has arranged a 560,000-square-foot, build-to-suit lease for Telemundo’s new broadcast center and studios in Miami. The new two-building campus will be located at the corner of Northwest 25th Street and Northwest 117th Place within Prologis Beacon Lakes, a 478-acre business park. The primary 476,000-square-foot facility will house more than 100,000 square feet of executive offices, as well broadcast and entertainment studios, a network operations center, set design operations and post-production facilities. A second, 87,000 square-foot building will be used for storage. Telemundo, which was purchased by NBCUniversal in 2010, is expected to occupy the campus in early 2018. Brian Smith, Mike Davis and Audley Bosch of Cushman & Wakefield represented NBCUniversal Telemundo Enterprises in the lease deal. Telemundo will consolidate approximately 1,300 jobs currently housed at various facilities throughout Miami-Dade County. As part of the deal, Prologis sold the land for the project to SunTrust Bank, which is serving as the landlord to NBCUniversal Telemundo.

February 10, 2016

Georgia Seniors Housing Southeast

Omega Communities to Develop $45M Seniors Housing Property in Metro Atlanta

by John Nelson February 10, 2016

STOCKBRIDGE, GA. — Omega Communities has unveiled plans for Lake Vista at Eagle’s Landing, a 150-unit continuing care retirement community (CCRC) in Stockbridge, approximately 20 miles southeast of Atlanta. Construction on the $45 million project is scheduled to begin in the fourth quarter of 2016 on a 10-acre plot. The CCRC will be located adjacent to Eagle’s Landing First Baptist Church. The new development is part of the church’s plan to create a “ministry village” on its property, which will include the Pregnancy Resource Center of Henry County, Eagle’s Landing Christian Counseling Center and Uniting Hope for Children, a foster and adoption ministry. Partners on the project include Greenbrier Development, Greenbrier Senior Living and three: living architecture. The developers expect to open the CCRC in the fourth quarter of 2017. Omega, a faith-based, luxury CCRC developer based in Alabama, currently has three other communities under development, all of which are in Florida.

February 10, 2016

Florida Office Southeast

Hogan Group Breaks Ground on Spec Office Building in Miami

by John Nelson February 10, 2016

MIAMI — On behalf of owners TIAA-CREF and Allianz Real Estate of America, The Hogan Group has broken ground on 800 Waterford, a 250,000-square-foot spec office building situated within Waterford at Blue Lagoon in Miami. The 1.4 million-square-foot, Class A office park is adjacent to Miami International Airport and State Road 836. The existing buildings are 97 percent leased to tenants such as Airbus, Caterpillar, FedEx, Sony, Estee Lauder and Baxter Healthcare. Allianz entered a joint venture with TIAA-CREF in 2015 upon purchase of a 49 percent stake in the Waterford complex. The Hogan Group expects to deliver the office building in mid-2017.

February 10, 2016

Florida Southeast

Marcus & Millichap Brokers $17.9M Sale of Self Storage Facility in South Florida

by John Nelson February 10, 2016

BOYNTON BEACH, FLA. — Marcus & Millichap has brokered the $17.9 million sale of U.S. 1 A/C Self Storage, a 74,679-square-foot self storage facility located at 3101 S. Federal Highway in Boynton Beach. The sale price of $240 per square foot is one of the highest prices per square foot ever recorded for a Florida self storage property, according to Marcus & Millichap. U.S. 1 A/C Self Storage was built on less than two acres in 2004 with 957 climate-controlled units. At the time of the sale, there were 838 climate-controlled units and 101 wine storage units. The units range in size from 4 to 400 square feet. Michael Mele and Luke Elliott of Marcus & Millichap’s Tampa office represented the sellers, local private investors. Mele and Elliott also procured the buyer, Strategic Storage Trust II Inc., a public non-traded REIT.

February 10, 2016

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