ATLANTA — Apple Hospitality REIT has closed on the previously announced acquisition of a 128-room Home2 Suites by Hilton in downtown Atlanta. The purchase price was $24.6 million, or approximately $192,000 per room. Located at 87 Walton St., the hotel is situated near Centennial Olympic Park, CNN Center, World of Coca-Cola, College Football Hall of Fame, Georgia Aquarium, Philips Arena, the Georgia Dome, Georgia State University, Georgia Tech and the upcoming Mercedes-Benz Stadium. Following the purchase, Apple Hospitality REIT’s portfolio includes 180 hotels spanning 23,000 guestrooms in 32 states.
TAMPA, FLA. — HRE/Sefira Cypress LLC, a joint venture between Highline Real Estate Capital and Sefira Capital, has closed on its $13.1 million purchase of Cypress Point Office Park in Tampa. Cypress Point is a six-building, 165,000-square-foot office park located at 10004-10014 Dale Mabry Highway. The park was 88 percent leased at the time of sale. Longtime CREC principal David Moret formed Highline Real Estate Capital in February 2016, and Cypress Point was the inaugural purchase for the company. Mijael Attias and Aby Galsky formed Sefira Capital in September 2015. Jeffrey Morris and Bret Felberg of JLL represented the seller, Tomorrow VII Cypress LP, in the sale. Tarik Bateh of JLL’s capital markets group arranged acquisition financing through TD Bank on behalf of the new ownership group. HRE/Sefira Cypress LLC has selected Focus Real Estate Services to provide management and leasing services for Cypress Point.
CHARLESTON, S.C. — Publix Super Markets has leased 45,000 square feet for a new store within a master-planned project known as WestEdge, a research-oriented urban infill development in downtown Charleston. The 25-acre development will be situated along the Ashley River adjacent to The Medical University of South Carolina (MUSC). The development team includes HPF Inc., Gateway Development Services, South City Partners and Charleston-based WRS Realty. Publix will anchor 10 WestEdge, a building that will include an 870-space parking garage, 350 apartments and street-level retail space. The Publix will be located next door to 22 WestEdge, a Class A office and research building. Construction on 10 WestEdge is expected to begin in August and wrap up by third-quarter 2018. Construction on 22 WestEdge is expected to begin in the fourth quarter with a spring 2018 completion. Additionally, construction is underway on 99 WestEdge, another mixed-use project within the larger WestEdge development. Phase I of WestEdge, which comprises 10 WestEdge, 22 WestEdge and 99 WestEdge, represents more than $250 million in private investment.
ORLANDO, FLA. — Williams Co. Southeast, an Orlando-based general contractor and construction manager, plans to remodel more than 20 Target stores in Florida and North Carolina. The company recently finished the remodel of three Florida stores in Gainesville, Jacksonville and Wesley Chapel and two North Carolina stores in Durham and Greensboro. Williams expects to wrap up construction of all the remodeled stores by October. The company has previously constructed more than 400 Target projects in 11 states.
SIMPSONVILLE, S.C. — KeyBank Real Estate Capital has arranged a $10 million Fannie Mae loan for The Lexington Place Apartment Homes in Simpsonville. Built in 2000, the 144-unit apartment community is situated on 10.3 acres. Timothy DeWispelaere of KeyBank’s commercial mortgage group arranged the 10-year, non-recourse loan on behalf of the undisclosed borrower.
DELRAY BEACH, FLA. — Marcus & Millichap has brokered the $8.3 million sale of a net-leased Urban Outfitters store located at 306 E. Atlantic Ave. in Delray Beach. Urban Outfitters signed a 10-year lease with two five-year renewal options in May 2014. The 11,073-square-foot, two-story store is fully leased to Urban Outfitters. Howard Bregman of Marcus & Millichap’s Fort Lauderdale office represented the buyer, Menin Development Inc., in the transaction. Last year Bregman represented Menin in acquiring the neighboring George Buildings at 326 and 400 E. Atlantic Ave.
BIRMINGHAM, ALA. — Bayer Properties has placed a 125-acre tract of land across Highway 280 from The Summit Birmingham under contract. AT&T is selling a large portion of the tract in connection to its plan to relocate various offices within Birmingham. Bayer Properties plans to develop a project that will be complementary to The Summit and the surrounding area. The Summit’s tenant roster includes Belk, Gus Mayer, Saks Fifth Avenue, Anthropologie, Gap, J. Crew, Urban Outfitters, Carmike Summit 16, Orvis, lululemon athletica, Gymboree, Restoration Hardware and Pottery Barn. Birmingham-based Bayer Properties currently owns and/or operates retail and office properties totaling approximately 10 million square feet, including The Summit in Birmingham.
NASHVILLE, TENN. — Skanska has signed a $153 million contract to construct the new JW Marriott hotel in Nashville. The 33-story hotel will span a little over 800,000 square feet and will feature 533 guest rooms, 3,770 square feet of ballroom and meeting spaces, a 250-seat restaurant, 200-seat rooftop specialty restaurant, lobby bar and coffee shop and a below-grade parking garage. The hotel will be located on the southwest corner of the intersection of Eighth Avenue South and Demonbreun Street in Nashville’s SoBro district. Skanska plans to complete the new JW Marriott in June 2018.
PRATTVILLE, ALA. — Blue Rock Partners LLC has purchased the Highland Lakes Apartment Homes, a 224-unit complex located in the Montgomery suburb of Prattville, for $23.1 million. Blue Rock plans to rebrand the property as Prattville at Highland Lakes and invest $1 million in interior and exterior upgrades. Jimmy Adams and Craig Hey of Cushman & Wakefield’s Birmingham office represented the seller, Foshee Management Co. LLC, in the transaction. Arbor Mortgage provided acquisition financing on behalf of Blue Rock.
TAMPA, FLA. — The RADCO Cos. has purchased The Newport Villas Apartments, a 372-unit, Class B apartment community in Tampa, for $20.1 million. RADCO Residential will manage the property, which was built in 1984 and will be rebranded as Mabry Manor. The Atlanta-based multifamily investment firm plans to invest $5.2 million in capital improvements to the property, including repairing and replacing the fascia and siding, renovating the leasing and fitness centers, rebuilding the floating dock and wooden boardwalk surrounding the lake and building a new playground. RADCO financed the acquisition and renovations using private capital and financing from Prudential Financial.