Southeast

Ivy Realty Buys Two Office Buildings in Miami Beach for $48.8M

by John Nelson July 18, 2016

MIAMI BEACH, FLA. — Ivy Realty has purchased Miami Beach Towers, a two-building, Class A office portfolio in Miami Beach, for $48.8 million. Ivy Realty acquired the assets from Beach Tower LLC, an affiliate of South Florida-based Terranova Corp., which has owned the assets since 2004. Situated 400 feet from Miami Beach’s famous Lincoln Road, the properties are located at 1674 and 1688 Meridian Road and total nearly 120,000 square feet. The office buildings were 69 percent leased at the time of sale to tenants such as Regus, Next Model Management, Verizon Wireless, Barclay’s Real Estate Group, SCPF and Merchant Data Systems. With this purchase, Ivy Realty’s South Florida office portfolio spans roughly 1.7 million square feet. Terranova is currently constructing two neighboring three-story retail buildings that will be anchored by Marshalls and Antropologie. New York City-based design firm James Corner Field Operations plans to overhaul the Lincoln Road District using roughly $32 million from the Community Redevelopment Agency to redevelop the street’s pedestrian-only promenade, as well as Meridian Road and other side streets. Ivy Realty believes the facelift will help boost the visibility and occupancy of Miami Beach Towers.

July 18, 2016

Hospitality North Carolina Southeast

MJM Group to Develop $20M Marriott-Branded Hotel in Charlotte

by John Nelson July 18, 2016

CHARLOTTE, N.C. — MJM Group plans to develop a new Residence Inn by Marriott-Charlotte/Steele Creek in Charlotte. The $20 million hotel will be situated at the intersection of Dixie River Road and Trojan Drive in Charlotte’s Steele Creek submarket. The 82,000-square-foot property will span 120 rooms and feature an outdoor swimming pool, outdoor living area, meeting space and a fitness center. The project team includes St. Louis-based architect Gray Design and civil engineer Stimmel Associates. Raleigh-based MJM Group has selected St. Louis-based Midas Hospitality to manage the hotel upon completion, which is set for late 2017. Chris Thomas of Childress Klein represented the seller in the land transaction. Kurt Schoenhoff of Selwyn Property Group represented MJM Group, which has developed several Marriott-branded hotels in North Carolina including the dual-branded Residence Inn and Fairfield Inn & Suites by Marriott Charlotte Airport and the Courtyard by Marriott at Triangle Town Center-North Raleigh.

July 18, 2016

Georgia Multifamily Southeast

Atlanta’s Growth Puts Pressure on Affordable Rental Housing

by John Nelson July 18, 2016

With Atlanta’s recent growth in population and workforce, the city has all the attributes of a strong multifamily market. Last year saw peaks in all major metrics: occupancy, absorption and rent. With no end in sight for either trend, developers and investors have focused on urban submarkets — leaving a dearth of inventory in the suburbs and looming questions. Can Atlanta continue to provide affordable communities for its growing middle class or is a housing shortage imminent? A Balancing Act Development has always been a balancing act between the availability of land/zoning, construction costs and the rents a new property can demand. In recent years, almost all new apartment construction has been in high density “urban core” locations. Today, urban locations have matured and are commanding the highest rents in the market due to fundamental changes in perceptions of urban living. Steep rents help offset high construction costs and developers often find more receptive audiences during their zoning hearings in urban areas. While there are pockets of new development in suburban “core” markets, the low levels of activity in the last 10 years don’t compare to Atlanta’s past. For this reason alone, expect to see a long period of rental …

July 18, 2016

Maryland Retail Southeast Virginia

Weis Markets to Purchase 38 Food Lion Stores in Mid-Atlantic

by John Nelson July 15, 2016

SUNBURY, PA. — Weis Markets Inc., a Mid-Atlantic grocery retailer, has reached an agreement with Food Lion LLC to purchase 38 Food Lion supermarket locations in Maryland, Virginia and Delaware. The assets include 21 stores in Maryland, 13 in Virginia and four in Delaware. This transaction marks Weis Markets’ entry into Virginia and Delaware. Upon completion of the transaction and the purchase of five Mars Super Markets in Baltimore County, Weis will have increased its store count by 25 percent and will operate 202 stores in seven states — Pennsylvania, Maryland, Virginia, New York, New Jersey, Delaware and West Virginia. Weis Markets will convert the 38 stores to its brand upon completion of the transaction. The portfolio sale is part of a previously announced merger agreement between Delhaize Group, a Belgian food retailer with a presence in seven countries on three continents, and Koninklijke Ahold, a Dutch food retailer whose grocery brands include Stop & Shop and GIANT. The international retailers have agreed for their U.S. subsidiaries to sell 86 of their stores to other food retailers such as Sunbury-based Weis Markets.

July 15, 2016

Industrial North Carolina Southeast

Wal-Mart Stores Opens $100M Distribution Center in Triangle Region

by John Nelson July 15, 2016

MEBANE, N.C. — Wal-Mart Stores Inc. has opened a new $100 million distribution center in Mebane, roughly 23 miles west of Durham. The new industrial property is expected to create 550 jobs. The Mebane Walmart Distribution Center will be used to supply and distribute perishable food products for more than 55 Walmart stores in North Carolina and Virginia. This new facility is Wal-Mart’s fourth distribution center in North Carolina. Wal-Mart Stores held a grand opening ceremony on Wed., July 13 attended by North Carolina Gov. Pat McCrory and other local officials.

July 15, 2016

Multifamily Southeast Virginia

Colliers Brokers $81M Sale of Three-Property Multifamily Portfolio in Richmond

by John Nelson July 15, 2016

RICHMOND, VA. — Colliers International has arranged the $81 million sale of a three-property, 818-unit multifamily portfolio in Richmond. The properties include Champions Club, Park West End and Hickory Creek. Will Mathews, Jason Hetherington, Bruce Milam and Jackie Noel of Colliers’ east region multifamily advisory group represented the seller, CORE Realty Holdings Management, in the transaction. Richmond-based McCann Realty Partners purchased the 294-unit Hickory Creek, while Irvine, Calif.-based MDO Capital purchased Champions Club and Park West End Apartments.

July 15, 2016

Georgia Office Southeast

Parkside Partners, Payscape to Purchase, Renovate Office Building in Midtown Atlanta

by John Nelson July 15, 2016

ATLANTA — Parkside Partners has formed a joint venture with Payscape, a financial technology firm that provides payment processing software for small to mid-size businesses, to purchase and renovate a 43,430-square-foot office building in Midtown Atlanta. The companies will renovate the two-story asset located at 1438 W. Peachtree St. for Payscape’s new headquarters. Payscape will triple its square footage following its move from its current location at 729 Lambert Drive in Atlanta. The joint venture purchased the property from Lyrasis, which signed a long-term lease prior to the sale for 9,200 square feet of office space at the property. Additionally, AlliedBarton Security Services currently occupies 11,475 square feet in a long-term lease. The asset will be 80 percent leased when Payscape takes occupancy in the fall. MSTSD is the architect of the $8 million renovation, which is expected to wrap up by the first quarter of 2017. The renovations include painting the building’s brick exterior, transforming the office suites to a loft-style design, renovating the lobby, installing skylights on the second floor and landscaping the grounds. Howard Boyd of Hailey Realty represented the joint venture in the purchase, and Iberia Bank provided acquisition financing on behalf of the new ownership. …

July 15, 2016

Mixed-Use South Carolina Southeast

NAI Avant, Sumter Partner on $7.5M Historic Rehab Project in Downtown Columbia

by John Nelson July 15, 2016

COLUMBIA, S.C. — NAI Avant and Sumter LLC are collaborating on a historic $7.5 million rehabilitation project for three vacant buildings in downtown Columbia. The assets are located at 1519 Sumter St. and 1222 and 1224 Taylor St. Once complete, the buildings will provide roughly 23,000 square feet of mixed-use space with 12-foot ceilings, exposed brick, stone work, spiral duct work and large windows. Phase I of the project will be the rehabilitation of 1519 Sumter, a building constructed in 1920 and known locally as the Powell Furniture building. The Boudreaux Group has pre-leased the entire second floor of the building with plans to move in by spring 2017. Phase II will be the renovation of the Taylor Street buildings, which will begin in the first quarter of 2017. NAI Avant and Sumter LLC will use state and federal tax credits for the renovation project. Sumter LLC comprises three entities — Robert Lewis and Chris Rogers of Rogers, Lewis Jackson Mann and Quinn Attorneys at Law; Heather Mitchell and Randy Huth of The Boudreaux Group; and a silent partner. Mashburn Construction will oversee the construction project.

July 15, 2016

Hospitality Southeast Tennessee Top Stories

North Point Hospitality Breaks Ground on $137M Marriott Hotel in Nashville

by Katie Sloan July 15, 2016

NASHVILLE, TENN. — Atlanta-based North Point Hospitality has broken ground on a $137 million Marriott Hotel in Nashville. The 470-room Marriott property will consist of a 209-room AC Hotel, a 136-room Residence Inn and a 125-room SpringHill Suites. Visitors to the hotel will enter through one main entrance. Once inside, the property will be divided amongst the three distinct brands. All guests of the hotels will have access to a wide variety of shared amenities, including a fitness center and six food and beverage options, including major restaurants at street level and an indoor/outdoor pool bar. A rooftop bar and patio will offer panoramic views of the Nashville skyline. The property will also feature 4,000 square feet of meeting space located on the top floor. North Point recently unveiled an original 300-pound model of the hotel made with 63,636 LEGO bricks. Award-winning artist Sean Kenney designed the model. The property, located next to the Music City Center convention facility, is scheduled for completion in mid-2018. North Point Hospitality is a hotel development and operations company. Currently, the company owns and operates seven Hilton- and Marriott-branded hotels in the Southeast, with an additional nine under construction or in active development, resulting …

July 15, 2016

Florida Hospitality Loans Southeast

Madison Realty Capital Provides $70M Construction Loan for Resort in Broward County

by John Nelson July 14, 2016

HOLLYWOOD, FLA. — Madison Realty Capital has provided $70 million in construction financing for the Melia Costa Hollywood Beach Resort, a six-story, 307-unit hotel and condominium property located on Hollywood Beach. The resort will be located at 777 N. Ocean Drive in Hollywood, a city in Broward County fronting the Atlantic Ocean. C.J. Danziger and Meir Kessner of Eastern Union Funding arranged the financing through Madison Realty on behalf of developer Moses Bensusan’s Liberty Grande LLC. The financing will be used to complete the construction of the $180 million project. The Meliá Costa Hollywood Beach Resort will feature studio, one-, two- and three-bedroom units. Amenities will include a fitness center and holistic spa, boutique stores and restaurants, a rooftop infinity-edge pool, sun deck, reflection pool, rooftop and lobby lounges and an open courtyard. The asset was 85 percent pre-sold at the time of financing. The property topped out last year and completion is expected by year’s end.

July 14, 2016

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