Southeast

Hyatt Hotels Corp. Opens Hyatt Centric South Beach Miami Hotel

by John Nelson June 2, 2015

MIAMI BEACH, FLA. — Hyatt Hotels Corp. has opened Hyatt Centric South Beach Miami, a 105-room hotel in Miami Beach’s South Beach neighborhood. The property is the first Hyatt Centric in the region and only the second one worldwide. The 10-story hotel is located at 1600 Collins Ave. and features a central lobby lounge, local artwork, an indoor/outdoor lobby on the third floor, fitness center and an open-air deck with a swimming pool and cabanas. Hyatt Hotels developed the hotel in conjunction with Miami-based Robert Finvarb Cos. and its partner David Martins. Architect Kobi Karp designed the hotel.

June 2, 2015

Florida Office Southeast

Faith Investment Properties Buys Two Office Buildings in North Miami Beach for $7M

by John Nelson June 2, 2015

NORTH MIAMI BEACH, FLA. — Faith Investment Properties Group has purchased two office buildings known as Venture Center in North Miami Beach for $7 million. The Aventura, Fla.-based investment firm has several medical office buildings in its portfolio in the vicinity, which is close to Jackson North Medical Center. FIP Realty Services LLC, an affiliate of Faith Investment Properties, represented the buyer in the transaction.

June 2, 2015

Florida Hospitality Southeast

Carey Watermark Investors I, II Acquire Ritz-Carlton in Miami in JV Agreement

by John Nelson June 1, 2015

MIAMI — Carey Watermark Investors Inc. and Carey Watermark Investors 2 Inc., two non-traded REITs focused on the lodging/hospitality sector, have purchased a majority interest in The Ritz-Carlton Key Biscayne, Miami. The hotel features 302 resort guestrooms and 188 condo-hotel units, 174 of which currently participate in the resort rental program. The REITs purchased their share in the property as part of a joint venture agreement with an affiliate of GB Key Biscayne Holdings LLC, the original developer of the hotel. The hotel was recently renovated to include a new open-style marketplace café known as Key Pantry: Eat.Drink.Shop. The renovations also included upgrades to the lobby and RUMBAR, the hotel’s Havana-style bar/lounge.

June 1, 2015

Doubletree by Hilton Orlando at Sea World Orlando

Florida Hospitality Southeast

AWH Partners, Building and Land Technology Buy Orlando Resort

by John Nelson June 1, 2015

ORLANDO, FLA. — AWH Partners LLC and Building and Land Technology have purchased the 1,004-room Doubletree by Hilton Orlando at Sea World in an off-market transaction. The Orlando Business Journal reported that an affiliate firm of Atlanta-based UrbanAmerica Advisors LLC sold the hotel to the partnership for $55 million. The new ownership plans to renovate the hotel’s guest rooms, meeting space, public areas and resort grounds, as well as add 30,000 square feet of upgrade facilities and ballroom space for the hotel’s conference center. AWH Development will oversee the renovations and Spire Hospitality will manage operations under a franchise agreement with Hilton Worldwide. Located in Orlando near global attractions such as Sea World, Universal Studios Orlando and Walt Disney World, the resort features an upscale spa, lagoon pool, two children’s pools, kids’ lounge and game area, miniature golf course, putting green, recreation center and seven dining outlets.

June 1, 2015

Multifamily Southeast Student Housing Tennessee

Green Real Estate Breaks Ground on Student Housing Property in Chattanooga

by John Nelson June 1, 2015

CHATTANOOGA, TENN. — Green Real Estate Group LLC, in partnership with DEW UTC LLC, has begun development on a five-story, 68-bed student housing project, VINE 422, located in downtown Chattanooga adjacent to the University of Tennessee at Chattanooga campus. VINE 422 is scheduled to be completed for the 2016 summer semester. Throughout the building, students will reside in one-, two- and three-bedroom apartments, all featuring designer kitchens, full appliance packages with washers and dryers and large windows for natural light. Students will also have free access to EPB’s 1 Gigabit Internet services, along with water, trash removal and monthly cleaning services included in the price of rent. Located on the ground floor of VINE 422 will be a sit-down restaurant that offers food made with fresh ingredients from local farms. There will also be a second small commercial space where Green envisions a late-night food walk-up or small convenience store. Green has selected Pointe General Contractors as the builders for VINE 422. Chattanooga-based Caughman & Caughman Architects, along with Knoxville-based interior design firm McAbee Hayes, will provide the project’s design services. Berry Engineering PLLC, Advanced Energy and Engineering Design PLLC and Woods Engineering PLLC will provide all of the project’s …

June 1, 2015

Retail Southeast Tennessee

Westwood Financial Corp. Acquires Kroger-Anchored Center in Memphis

by John Nelson June 1, 2015

MEMPHIS, TENN. — Westwood Financial Corp. (WFC) has acquired The Shops at Kirby Gate, a Kroger-anchored shopping center located at 2857 Kirby Parkway in Memphis. The shopping center is the first Tennessee property for WFC, which owns and operates more than 115 shopping centers and retail properties in 27 metropolitan markets. The shopping center was 65 percent leased at the time of sale. The property’s retail tenant roster includes Kroger and a Kroger fuel station, Subway, Cricket Wireless, Pak Mail and Hollywood Feed. Shane Soefker of Commercial Advisors represented the undisclosed seller in the transaction.

June 1, 2015

Loans Louisiana Midwest Multifamily Ohio Seniors Housing Southeast

Lancaster Pollard Arranges Seniors Housing Refinancing in Louisiana, Ohio

by John Nelson June 1, 2015

MONROE, LA. AND GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged the refinancing of two seniors housing communities: one for Paramount Healthcare Consultants (PHC) in Monroe for $20.2 million and another for The Jennings Center for Older Adults in Garfield Heights for $12.6 million. The PHC refinancing is a HUD loan for three facilities — Avalon Place, a 115-bed skilled nursing facility (SNF); Leslie Lakes, a 150-bed SNF and 19-unit independent living facility; and Princeton Place, a 112-bed SNF. Scott Blount, healthcare banker out of Austin, Texas, led the transaction for Lancaster Pollard. Lancaster Pollard also assisted PHC with a corporate restructuring to ensure compliance with HUD’s single asset entity and master lease requirements. The existing indebtedness and swap termination fee were completely funded through the FHA Sec. 232/223(f) loans and no equity was required from PHC. The Jennings Center is a nonprofit community featuring 174 private suites of skilled nursing, 54 units of assisted living, 10 independent living units, adult day services, child day care, a wellness center, transportation services and community programs. The main campus was founded in 1942 and is sponsored by the Sisters of the Holy Spirit. Lancaster Pollard arranged the refinance Jennings’ 2009 bonds using …

June 1, 2015

Retail Southeast Tennessee

CBL & Associates Completes Redevelopment of CoolSprings Galleria in Metro Nashville

by John Nelson May 29, 2015

FRANKLIN, TENN. — CBL & Associates Properties Inc. has completed the redevelopment of CoolSprings Galleria, a 1.1 million-square-foot super-regional shopping development in Franklin, a suburb of Nashville. The property’s tenant roster includes The Apple Store, Ann Taylor, J. Crew and Pottery Barn and its anchor tenants are Belk, Dillard’s, JC Penney and Macy’s. CBL & Associates redeveloped the former Sears store to make way for new retailers and restaurants. Retailers now open as part of the redevelopment include American Girl, H&M and A’Gaci. These new stores join Belk Men’s & Kid’s store, which opened in March, and The Cheesecake Factory, which opened in November 2014. The development’s new restaurants coming this year include Connors Steak & Seafood, Kona Grill and King’s, a boutique bowling and entertainment venue. The new retailers coming this summer and fall include Ulta Beauty, the renovated Belk’s Women’s & Home store, Zumiez, Tilly’s and Windsor Fashions. Sephora opened in early May.

May 29, 2015

Retail Southeast Virginia

InvenTrust Properties Buys Shopping Center in Metro Richmond for $33.8M

by John Nelson May 29, 2015

GLEN ALLEN, VA. — InvenTrust Properties Corp., a self-managed REIT, has purchased Westpark Shopping Center, a 176,935-square-foot shopping center located in the Richmond suburb of Glen Allen, for $33.8 million. The grocery-anchored property was 95 percent leased at the time of sale to tenants such as Martin’s, Christmas Tree Shops, The Tile Shop and Victory Lady Fitness Centers. The four largest tenants have an average 6.9 years remaining on their lease terms. Since 2011, the property has received $1.4 million in capital improvements.

May 29, 2015

3945 Connecticut Ave. N.W. in Washington, D.C.

District of Columbia Multifamily Southeast

UIP Acquires Apartment Building in D.C. for $13.3M, Plans $18M Renovation

by John Nelson May 29, 2015

WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased Tilden Hall, a 76-unit apartment building located at 3945 Connecticut Ave. N.W. in Washington, D.C.’s Cleveland Park neighborhood. The seller, DARO Realty, which owned the property since 1955, disposed the asset for $13.3 million. Robert Meehling and Brian Margerum of CBRE represented DARO Realty in the transaction. UIP coordinated the acquisition — its third for 2015 — with the Tilden Hall Tenants Association. UIP and the association also worked together to plan a major renovation of the building to be performed by UIP subsidiary UIP General Contracting Inc. The $18 million project will include upgrading the building’s electric service, installing individually controlled heating and air conditioning in each apartment, plumbing replacements and upgrades, and upgrading all common areas and apartment interiors (with a particular focus on kitchens and baths), while maintaining the structure’s historic character. A small addition in the rear of the building will also be constructed.

May 29, 2015

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