Southeast

Pelican Place at Craft Farms Gulf Shores

Langley Properties Sells Shopping Center in Alabama to RCG Ventures for $18.5M

by John Nelson September 15, 2015

GULF SHORES, ALA. — Langley Properties Co. has sold Pelican Place at Craft Farms, a 229,911-square-foot shopping center located at 3800 Gulf Shores Parkway in Gulf Shores. Atlanta-based RCG Ventures purchased the asset from Langley Properties for $18.5 million. The shopping center’s tenant roster includes Bed Bath & Beyond, Cobb Theatres and Books-A-Million. Target and Publix shadow-anchor the center. Fred Victor of Transwestern represented the seller in the transaction. Scott Tarbet represented the buyer internally.

September 15, 2015

Florida Mixed-Use Southeast

Marcus & Millichap Brokers $12.3M Sale of London Arms Mixed-Use Property in Miami Beach

by John Nelson September 15, 2015

MIAMI BEACH, FLA. — Marcus & Millichap has arranged the $12.3 million sale of London Arms, a four-story, 21,120-square-foot mixed-use property located at 727 Collins Ave. in Miami Beach’s Collins Avenue Fashion District. Originally constructed in 1930 as a 52-room hotel, the property was later converted to an apartment building. Aria Development Group purchased the building in 2013 and later converted it into a mixed-use asset comprising 4,700 square feet of ground-floor retail space and 25 upper floor rental units. Aria is the operator of the seller, 727 Collins Avenue, a limited liability company. Drew Kristol, Kirk Olson, Felipe Echarte and Evan Kristol of Marcus & Millichap, along with Still Hunter III of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction. Drew Kristol and Olson procured the buyer, a limited liability company based in Atlanta.

September 15, 2015

Kroger Marketplace 4915 Dixie Highway Louisville

Kentucky Retail Southeast

TRIO Arranges Kroger Marketplace Lease in Louisville

by John Nelson September 15, 2015

LOUISVILLE, KY. — TRIO Commercial Property Group has arranged a long-term ground lease with Kroger for a new 123,000-square-foot Kroger Marketplace in Louisville. The new store is set to open before Thanksgiving 2016 at 4915 Dixie Highway. Justin Baker of TRIO represented Kroger in the lease transaction. The landlord, Louisville-based Dixie Associates, was self-represented.

September 15, 2015

Alabama Hospitality Southeast

IHG, Chance Partners Break Ground on Hotel Indigo Tuscaloosa Downtown

by John Nelson September 14, 2015

TUSCALOOSA, ALA. — InterContinental Hotels Group (IHG) and Chance Partners have broken ground on Hotel Indigo Tuscaloosa Downtown, a 91-room hotel located at 120 Greensboro Ave. within Riverfront Village, a $60 million mixed-use development. Riverfront Village fronts Black Warrior River in downtown Tuscaloosa. The new hotel will be the first LEED-certified hotel in Alabama and Tuscaloosa’s first riverfront hotel. IHG and Chance Partners expect to open the hotel in winter 2016. Upon completion, the hotel will feature 1,000 square feet of executive meeting space, a fitness center, restaurant, rooftop bar, business center and a 2,500-square-foot outdoor terrace. Interstate Hotels & Resorts will manage the hotel upon completion.

September 14, 2015

Georgia Multifamily Southeast

RADCO Acquires Two Apartment Communities in Metro Atlanta Totaling $53.4M

by John Nelson September 14, 2015

ATLANTA — The RADCO Cos. has purchased two apartment communities in metro Atlanta totaling 554 units for a combined $53.4 million. The properties include Andover at East Cobb in Marietta and Crossing at McDonough in McDonough. Both properties offer apartments with one, two and three bedrooms. Community amenities include resort-style pools, fitness facilities and business centers with Wi-Fi. Each apartment complex is within one mile of I-75 and provides immediate access to major local corporations such as Dobbins Air Reserve Base in Marietta and Midland Industrial Park in McDonough. Atlanta-based RADCO will invest a combined $6.5 million to upgrade both properties through unit upgrades, amenity enhancements and exterior improvements. Andover at East Cobb will be rebranded as Winterset at East Cobb, and Crossing at McDonough will become Crossings at McDonough. RADCO purchased both assets from Wilkinson Real Estate Advisors Inc., and the two communities are now the third and fourth assets that RADCO and Wilkinson have traded together. CBRE brokered both transactions. RADCO’s portfolio now includes 44 multifamily assets with an additional 1,301 units under contract, which should close in September and October.

September 14, 2015

District of Columbia Mixed-Use Southeast

High Street Residential to Develop Mixed-Use Project in D.C.

by John Nelson September 14, 2015

WASHINGTON, D.C. — High Street Residential, the multifamily subsidiary of Trammell Crow Co., and its joint venture equity partner have teamed up with Central Armature Works (CAW) to redevelop an existing CAW electrical repair and supply warehouse at 1200 3rd St. N.E. in Washington, D.C. High Street Residential plans to transform the 2.5-acre parcel in Washington’s NoMa neighborhood into an apartment building, condominium building, outdoor public space, street-level retail and a hotel. The transit-oriented project will be located directly adjacent to the NoMa Metro station. HFF represented CAW in the land sale.

September 14, 2015

Mixed-Use Southeast Virginia

Rubenstein Partners Acquire Mixed-Use Development in Northern Virginia

by John Nelson September 14, 2015

ALEXANDRIA, VA. — Rubenstein Partners LP has purchased 2461 Eisenhower Avenue, a 360,000-square-foot mixed-use property in Alexandria. The project comprises a 14-story, 335,000-square-foot office tower wrapped by 25,000 square feet of retail and restaurants. The office building is currently gutted and is undergoing a 15-month transformation into a Class A property with a fitness center and conference facilities. Rubenstein Partners also purchased an adjacent retail pad at 2425 Eisenhower Ave. that is zoned for 7,500 square feet. The properties are located across the street from the National Science Foundation’s new 720,000-square-foot headquarters and the Eisenhower Avenue Station Metro within the 56-acre Hoffman Town Center.

September 14, 2015

Holiday Inn Express & Suites 1917 Bladensburg Road

District of Columbia Hospitality Loans Southeast

HFF Arranges $36.2M Financing for Two Hotels in D.C.

by John Nelson September 14, 2015

WASHINGTON, D.C. — HFF has arranged two loans totaling $36.2 million for the Holiday Inn Express & Suites and Fairfield Inn & Suites in Washington, D.C. The two adjacent hotels each have 126 guest rooms and feature a breakfast area, lobby, fitness center, swimming pool, business center and between 600 and 800 square feet of meeting space. The Holiday Inn Express & Suites (1917 Bladensburg Road) and the Fairfield Inn & Suites (2305 New York Ave. N.E.) share 251 parking spaces on approximately 3.6 acres at the intersection of Bladensburg Road and New York Avenue. Mark Remington of HFF arranged the $19.3 million loan for Holiday Inn Express & Suites and the $16.9 million loan for Fairfield inn & Suites through Burke & Herbert Bank on behalf of the borrower, Rocks Engineering Co. The fixed-rate loans each have a term of 10 years.

September 14, 2015

Market Reports North Carolina Retail Southeast Southeast Market Reports

Food Fight Among New, Established Grocers Highlights Charlotte’s Retail Activity

by John Nelson September 14, 2015

As Charlotte’s job growth has returned, so has traffic into Uptown during rush hour, a new apartment project on every corner, healthy single-family demand and a food fight. Currently there is an all-out war for grocery market share between behemoths Harris Teeter, Publix and Walmart Neighborhood Market, all adding stores at a record rate, while Whole Foods Market continues to expand within the market on a measured basis. Newcomers Sprouts Farmers Market and Lidl, a German-based supermarket grocer offering discount items, are set to make market entries between 2016 to 2018, with Food Lion planning to refurbish a number of their stores in the market. Pappas Properties has begun construction on a Harris Teeter at Berewick and Raley Miller in a joint venture with Levine Properties, and has filed a rezoning petition to add another Harris Teeter at the corner of Fairview and Providence. Harris Teeter has recently added a store in Cornelius, as has Publix. Publix has recently opened a new store in the booming South End submarket located along the transit line on South Boulevard and has won zoning approval for a store to be constructed at Cotswold. A grocer is also rumored to be scouting a redevelopment …

September 14, 2015

Florida Southeast Student Housing

Inland Purchases Student Housing Property in Orlando for $72.5M

by John Nelson September 11, 2015

ORLANDO, FLA. — Inland Real Estate Acquisitions Inc. has acquired The Retreat at Orlando, a student housing property located near the University of Central Florida (UCF) campus in Orlando, for $72.5 million. Landmark Properties and Harrison Street Real Estate Capital LLC sold the property to Inland. Mark Cosenza of Inland Real Estate Acquisitions facilitated the transaction on behalf of an Inland affiliate. Located approximately two miles south of UCF, the cottage-style property was built in 2014 and comprises 221 units with 894 total beds. Each fully furnished unit includes a washer and dryer, a security system and high-speed Internet. The property also features a LEED-certified clubhouse with a computer lab, fitness center, yoga and Pilates studio, tanning beds and a multi-tiered resort-style pool with cabanas, hammocks and a hot tub. Residents also have access to on-site pool tables, a golf simulator, big screen TVs, tennis courts, volleyball courts and bocce ball and grilling areas. The Retreat at Orlando is 100 percent leased for the 2015-2016 school year. Landmark Properties will continue to manage the community on behalf of Inland.

September 11, 2015

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