BALTIMORE, MD. — Greysteel has brokered the sale of Federal Hill Station, an 11,450-square-foot urban retail building located at 1024-1030 Light St. in Baltimore’s historic Federal Hill neighborhood. The property is currently 100 percent leased to Blue Moon Café, Himalayan Bistro and Yoga Works on a triple-net basis. Gil Neuman led Greysteel’s Mid-Atlantic retail investment sales team in representing the seller, KL Light Street LLC, and procuring the buyer, Conflux Light Street LLC.
CHARLOTTE, N.C. — KeyBank Real Estate Capital has provided a $15.3 million Fannie Mae loan for the acquisition of Ashton Reserve at Northlake, a 151-unit apartment community in Charlotte. The property is Phase II of a larger apartment development. Chris Black of KeyBank’s commercial mortgage group arranged the fixed-rate loan.
ATLANTA — Grady Health Systems has expanded its lease by 23,970 square feet at Hurt Building, a 17-story, 436,340-square-foot office building located at 50 Hurt Plaza in downtown Atlanta. Grady’s footprint at Hurt Building totals more than 80,000 square feet. Grady Health System consists of the 953-bed Grady Hospital, six neighborhood health centers, Crestview Health & Rehabilitation Center and Children’s Healthcare of Atlanta at Hughes Spalding, which is operated as a Children’s affiliate. David Barry and Adam Blue of Boxer Property represented Grady in the lease transaction.
ORLANDO, FLA. — The Mortgage Bankers Association (MBA) projects that originations of commercial and multifamily mortgages will grow to $511 billion in 2016, a 3 percent increase in volume on a year-over-year basis and slightly more than the previous record of $508 billion originated in 2007. More specifically, the volume of mortgage banker originations for multifamily mortgages is projected to reach $202 billion in 2016, with total multifamily lending expected to reach $262 billion. MBA unveiled its forecast during the second day of the organization’s Commercial Real Estate/Multifamily Housing Finance Convention in Orlando, which runs through Wednesday and has attracted 3,000 attendees. “This past year was extremely strong for commercial real estate finance,” says Jamie Woodwell, vice president of commercial real estate research for MBA headquartered in Washington, D.C. “Property incomes are rising, interest rates are low and property values are up. We expect the momentum to continue into 2016 and to support both the demand for, and supply of, commercial and multifamily mortgage capital.” A growing U.S. economy and expectations of only gradual increases in interest rates will combine to support a strong commercial property market, emphasizes Woodwell. “But there is a chance that cap rates could increase more …
WASHINGTON, D.C. — Douglas Development Corp. has selected TPG Hotels & Resorts to co-develop and operate the first Moxy hotel in Washington, D.C. Moxy is a brand of Marriott International. Set to open in the first quarter of 2017, the 200-room Moxy DC Hotel will be located on the corner of 11th and K streets in Washington, D.C. The 13-story hotel will feature a rooftop lounge, street-level patio and a live Instragram wall that features images from Moxy travelers worldwide.
KENNESAW, GA. — Avison Young has arranged the $30.1 million sale of Chastain Center, a 303,000-square-foot office building located on Chastain Boulevard in Kennesaw’s Town Center submarket. Matt Tritschler, Steve Morgan and Stephanie Marion of Avison Young represented the seller, Parthenon Realty, in the transaction. The buyer was TerraCap Management LLC. Built in 1987, Chastain Center was 67 percent leased at the time of sale to tenants such as Aaron’s Inc., Applied Global Technologies, First Arkansas Bank & Trust/Card Assets and Markem-Imaje.
KINGSPORT, TENN. — Pure Foods, a specialty snack company, has opened its global headquarters and a manufacturing plant at Gateway Commerce Park in Kingsport. The $22 million project will house 50 to 75 employees, with room to grow to 275 employees over the next five years. The 88,000-square-foot manufacturing facility will be where Pure Foods produces its healthy snacks, which are sourced from non-GMO fruits and vegetables. The opening ceremony of the headquarters and manufacturing plant was attended by Tennessee Gov. Bill Haslam; Lt. Gov. Ron Ramsey; John Dreyzehner, commissioner of the Tennessee Department of Health; Miles Burdine, president and CEO of the Kingsport Chamber of Commerce; Kingsport Mayor John Clark; and Sullivan County Mayor Richard Venable. As part of the opening, Pure Foods has also announced its acquisition of the Guiltless Gourmet brand from Manischewitz Co.
DELRAY BEACH, FLA. — Cushman & Wakefield has arranged the $18.5 million sale of Delray Distribution Center, a 185,624-square-foot, two-building industrial facility located at 420 and 440 S. Congress Ave. in Delray Beach. PetMeds, an online pharmacy offering pet medications and animal grooming products, purchased the facility from Stockbridge Capital. Christopher Thomson, Richard Etner, Christopher Metzger and Matthew McAllister of Cushman & Wakefield represented Stockbridge Capital in the transaction. PetMeds will relocate its office and distribution headquarters to Delray Distribution Center, which was fully leased at the time of sale. Other tenants include DHL and Levenger. Built in 1994, the property features 26-foot clear ceiling heights, dock-high and grade-level loading, a 150-foot truck court and an ESFR sprinkler system.
WEST PALM BEACH, FLA. — Related Cos. and Hilton Worldwide have opened Hilton West Palm Beach, a 12-story convention hotel located in downtown West Palm Beach. The property features 400 guestrooms, 43 suites, a grand lobby, thee quarter-acre lanai, zero-entry pool, private cabanas, Restoration Hardware furnishings and a poolside bar and fire pit. The property’s dining options include Manor, a farm-to-table restaurant; Galley, the hotel’s lobby bar; and Provisions, a marketplace that provides locally sourced goods, prepared food, cold-pressed juices and gifts from local shops and artists. Connected to The Palm Beach County Convention Center via an enclosed walkway, Hilton West Palm Beach features more than 24,000 square feet of meeting space, including the 13,350-square-foot Oceana Ballroom and the 5,800-square-foot Coral Ballroom, as well as two 2,400-square-foot lawn spaces for weddings, special events and fitness programming. The project team includes Miami-based architect Nicholas Brosch Wurst Wolfe & Associates and Dallas-based interior designer Looney and Associates.
BOCA RATON, FLA. — Bell Partners Inc. has purchased Archstone Boca Town Center, a garden-style apartment community adjacent to Town Center Mall in Boca Raton. The Greensboro, N.C.-based apartment investor has renamed the project Bell Boca Town Center. Bell Partners will also manage the 252-unit apartment community, which was 96 percent occupied at the time of sale. Set in one-, two- and three-bedroom floor plans, the property’s unit interiors feature stainless steel appliances, microwaves, glass-top stoves, breakfast bars, dark espresso finish cabinetry, walk-in closets, washers and dryers and private balconies or patios. Community amenities include an on-site leasing office, clubhouse, fitness center, two tennis courts, resort-style pool, grilling area and Wi-Fi access in the common spaces.
