Southeast

Marcus & Millichap Brokers $47.9M Sale of Self Storage Portfolio in Tampa Area

by John Nelson April 15, 2016

TAMPA, FLA. — Marcus & Millichap has arranged the $47.9 million sale of a three-property, 2,291-unit self storage portfolio in the metro Tampa area. The properties are situated in Saint Petersburg, Palm Harbor and Tampa. Michael Mele and Luke Elliott of Marcus & Millichap’s Tampa office represented the seller, a New York-based REIT, and the buyer, a Pennsylvania-based REIT. The 223,903-square-foot portfolio includes climate-controlled and non-climate-controlled units ranging in size from 12 to 600 square feet.

April 15, 2016

Hilton Louisville East/Hurstbourne Home2 Suites by Hilton East/Hurtsbourne

Hospitality Kentucky Southeast

Hilton Worldwide Opens Dual-Branded Hotel in Louisville

by John Nelson April 15, 2016

LOUISVILLE, KY. — Hilton Worldwide has opened a dual-branded Hampton Inn by Hilton Louisville East/Hurstbourne and Home2 Suites by Hilton East/Hurtsbourne in Louisville. The 160-room property is owned and operated by Kana Hotel Group. The property is situated at 1150 Forest Bridge Road with access to the University of Louisville and the Louisville International Airport. The property has two separate lobbies and dining areas. The Hampton portion features a breakfast area, to-go breakfast bags Monday through Friday, free Wi-Fi, 24-hour business center and a 24-hour fitness center. The Home2 Suites portion features fully equipped kitchens, modular furniture, complimentary Internet, community spaces, pet-friendly rooms and trademark Home2 Suites amenities such as Home2 MKT for grab-and-go items and Spin2 Cycle, a combined laundry and fitness area. The property will also feature a heated indoor saline pool and outdoor patio with a grill area.

April 15, 2016

North Carolina Office Southeast

CBRE Brokers $33.8M Sale of Two Office Buildings in Charlotte

by John Nelson April 15, 2016

CHARLOTTE, N.C. — CBRE has arranged the $33.8 million sale of Fairview Center, two office buildings totaling 183,654 square feet. The properties are located at 6230 and 6302 Fairview Road in Charlotte’s SouthPark submarket. Atlanta-based Fairlead Commercial Real Estate purchased the assets from Beacon Partners. Fairview Center’s tenant roster includes McAngus Goudelock & Courie, United States Secret Service and ZAPATA. Patrick Gildea and Anne Vulcano of CBRE represented Beacon Partners in the transaction.

April 15, 2016

Georgia Loans Office Southeast

New York Life Real Estate Investors Provides $29.6M Loan for Two Office Buildings in Alpharetta

by John Nelson April 15, 2016

ALPHARETTA, GA. — New York Life Real Estate Investors has provided a $29.6 million for Brookside I and II, two Class A office buildings in Alpharetta totaling 267,000 square feet. Cushman & Wakefield’s Washington, D.C., office arranged the loan through New York Life on behalf of the borrower, Equus Investment Partnership X LP, a discretionary fund managed by Equus Capital Partners Ltd. The floating-rate loan features a five-year term.

April 15, 2016

Hospitality Southeast Top Stories Virginia

Apple Hospitality REIT Agrees to Acquire Apple REIT Ten for $1.3 Billion

by Christina Cannon April 15, 2016

RICHMOND, VA. — Apple Hospitality REIT Inc. (NYSE: APLE) has agreed to acquire Apple REIT Ten Inc. for $1.3 billion. The merger will create one of the largest select-service hospitality REITs in the industry with a combined 234 hotels and 30,017 rooms. The hotels are located in 94 MSAs across 33 states. The company, which will retain the Apple Hospitality REIT name and ticker symbol, will have an enterprise value of approximately $5.7 billion, according to the companies. Apple Ten, a non-traded REIT, was built and is managed by the same team that currently manages the publicly traded Apple Hospitality REIT. The $1.3 billion transaction value is comprised of $94 million in cash, roughly 49.1 million Apple Hospitality common shares issued to Apple Ten shareholders, and the assumption of approximately $239 million in debt. The merger agreement provides Apple Ten with a 45-day window to solicit alternative proposals from third parties. The termination fee for Apple Ten is $5 million if the company decides to pull out of the agreement within the 45-day window. Following that grace period, Apple Ten will have to pay $25 million to negate the merger with Apple Hospitality. The grace period ends on May 28. …

April 15, 2016

Louisiana Retail Southeast

Cypress Equities Buys 460,000 SF Shopping Center in Louisiana

by John Nelson April 14, 2016

COVINGTON, LA. — Dallas-based Cypress Equities has acquired Covington Nord du Lac shopping center, a 460,000-square-foot regional retail power center located in Covington, roughly 40 miles north of New Orleans. The center comprises 214,000 square feet of existing space, 83,000 square feet of partially built improvements and 162,000 square feet of planned development space. Tenants including Hobby Lobby, Academy Sports + Outdoors, Petco and Kohl’s anchor the center. Kyle Stonis, Scott Tiernan and Pierce Mayson of SRS Real Estate Partners represented Cypress Equities in the transaction.

April 14, 2016

THEARC Town Hall Education Arts Recreation Campus Washington DC

District of Columbia Loans Mixed-Use Southeast

SunTrust Bank Closes $32.3M Financing for Phase III of THEARC in D.C.

by John Nelson April 14, 2016

WASHINGTON, D.C. — SunTrust Banks Inc. has closed $32.3 million in financing to fund Phase III of the Town Hall Education Arts Recreation Campus (THEARC), a cultural, educational and social services center located in southeast Washington, D.C. THEARC is run by Building Bridges Across the River (BBAR), a nonprofit established by W.C. Smith for the purpose of building and managing the facility, including THEARC Theater and THEARC Farm. In addition to BBAR, THEARC houses nine nonprofit partners and provides dance, art and music classes, medical and dental care, afterschool activities, performances, education and social services to underserved communities in D.C.’s Wards 7 and 8. Phase III of THEARC will add approximately 92,000 square feet to the existing 110,000-square-foot development. The new addition will be home to an expanded clinic run by Children’s National Medical Center, Appletree Institute for Education Innovation Inc. (classroom, training and administrative space), the Bishop Walker School for Boys and The Phillips Collection. The new building will also include a black box theater. The project will be completed in 2017. The deal was led by SunTrust Community Capital and included $32.3 million in New Markets Tax Credit (NMTC) allocations. Three community development entities (CDEs) each contributed $10 …

April 14, 2016

Florida Loans Multifamily Seniors Housing Southeast

Love Funding Provides $17.8M Construction Loan for Assisted Living Community in Florida

by John Nelson April 14, 2016

ENGLEWOOD, FLA. — Love Funding, a Washington, D.C.-based lender, has provided a $17.8 million construction loan to build Heritage Oaks Assisted Living and Memory Care, a 118-unit seniors housing community in Englewood, located between Tampa and Fort Myers. Tammy Tate of Love Funding secured the 40-year, non-recourse financing through the HUD 232 program. Heritage Oaks will include 86 assisted living units and 32 memory care units in a two-story building. The initial 10-acre site will be part of a larger 60-acre campus. Phase II of development will add independent living to the community. Georgia-based CDH Partners is design architect for the project, which Florida-based Core Construction Services will build. When complete, Beacon Communities will operate the community. No timeline for construction was disclosed.

April 14, 2016

Valley View Dick’s Sporting Goods Roanoke

Retail Southeast Virginia

H&R Retail Brokers Sale of 81,789 SF Shopping Center in Roanoke

by John Nelson April 14, 2016

ROANOKE, VA. — H&R Retail has arranged the sale of Valley View, an 81,789-square-foot shopping center located at 1123 Valley View Blvd. in Roanoke, for an undisclosed price. The center was fully leased at the time of sale to tenants including hhgregg and Dick’s Sporting Goods. Michael Gorsage and Kate Howarth of H&R Retail represented the seller, Valley View SC LLC, in the transaction. David Andrews of The Shopping Center Group represented the buyer, Southeast Holdings LLC.

April 14, 2016

2nd & Charles Tuckernuck Square 9004 W. Broad Street Richmond

Retail Southeast Virginia

CBRE | Richmond Arranges 36,125 SF Lease for 2nd & Charles

by John Nelson April 14, 2016

RICHMOND, VA. — CBRE | Richmond has arranged a 36,125-square-foot lease for a new 2nd & Charles store in Richmond. The new and used goods retailer will replace a former Babies “R” Us store at the Tuckernuck Square shopping center located at 9004 W. Broad St. 2nd & Charles specializes in trading used books, audio books, CDs, DVDs, video game systems, vinyl records and accessories. Brand new merchandise is also available for purchase along with musical instruments and autographed books. According to CBRE | Richmond, each 2nd & Charles store typically has more than 500,000 items and three miles of shelf space. The new store will be the retailer’s second location in the greater Richmond area and third in Virginia. Rob Black, Robby Brownfield and Chris Doyle of CBRE | Richmond represented 2nd & Charles in the transaction.

April 14, 2016

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