Southeast

CBRE Brokers $5.2M Sale of Industrial Portfolio in Riviera Beach

by John Nelson February 6, 2015

RIVIERA BEACH, FLA. — CBRE has brokered the $5.2 million sale of a 69,071-square-foot industrial portfolio located on four acres in Riviera Beach. An affiliate of KTR Capital Partners sold Flamingo Commerce Center, located at 7655 Enterprise Drive and 7656 Byron Drive, to Denholtz Riviera LLC. The property was 75 percent leased at the time of sale. Dominic Montazemi, Scott O’Donnell, Miguel Alcivar, Jeffrey Kelly, Robert Smith, Kirk Nelson and Jason Hochman of CBRE represented the buyer in the transaction.

February 6, 2015

Georgia Loans Multifamily Southeast

Grandbridge Arranges $4.9M Loan for Two Apartment Communities in South Georgia

by John Nelson February 6, 2015

VALDOSTA, GA. — Grandbridge Real Estate Capital has arranged a $4.9 million loan secured by The Timbers Apartments and Heather Glen Apartments in Valdosta. Bill Mattice of Grandbridge arranged the refinance loan through Freddie Mac. The loan features a seven-year term, 30-year amortization schedule and one year of interest-only payments. Both properties are fully occupied, according to Mattice.

February 6, 2015

Hospitality Maryland Southeast

HREC Brokers Sale of Wyndham Baltimore

by John Nelson February 6, 2015

BALTIMORE — HREC Investment Advisors has brokered the sale of the 104-room Wyndham Baltimore in Baltimore’s Mt. Vernon district. Kevin Hanley, Ketan Patel and Geoff Davis of HREC represented the seller, Mt. Vernon Square Inc., in the transaction. The property is situated adjacent to the Walters Art Museum, Peabody Institute of Music at The John Hopkins University and the Washington Monument.

February 6, 2015

Georgia Multifamily Southeast

Blue Rock Partners, Rose Group Acquire Metro Atlanta Apartment Community for $15.8M

by John Nelson February 5, 2015

LITHONIA, GA. — A partnership between Tampa-based Blue Rock Partners LLC and Boca Raton, Fla.-based Rose Group has purchased Devon Place, a 415-unit apartment community located at 421 Meadowood Drive in the Atlanta submarket of Lithonia, for $15.8 million. The partnership will invest another $2.5 million in exterior and interior upgrades. Eastern Union Funding arranged acquisition financing on behalf of Blue Rock and Rose Group through The Bancorp. Multi Housing Advisors’ Atlanta office brokered the transaction. Devon Place is Blue Rock’s second Atlanta apartment acquisition in the past three months, having acquired the 240-unit Oak at Ellenwood apartments in November for $9.8 million.

February 5, 2015

Arkansas Multifamily Southeast Student Housing

GMH Capital Partners, PREI Acquire Sterling Frisco Near University of Arkansas

by John Nelson February 5, 2015

FAYETTEVILLE, ARK. — GMH Capital Partners has made the first acquisition of its new joint venture with Principal Real Estate Investors (PREI). GMH purchased Sterling Frisco, a LEED Gold-certified, Class A student housing community located near the University of Arkansas spanning 219 units and 640 bedrooms, each with its own private bathroom. Sterling Frisco has convenient access to both the university’s campus and downtown Fayetteville. The property features amenities including a 24-hour fitness center, computer lab, study lounges, pool with cabanas, a rooftop deck and a secured parking garage. Each of the units has its own washer and dryer as well as cable and internet included. GMH also plans on additional upgrades, including increased bandwidth, Wi-Fi in all student living areas, enhanced cable package with digital HD service and DVRs, upgraded card access and video surveillance system, as well as additional outdoor living features to the pool patio and rooftop terrace.

February 5, 2015

Florida Multifamily Southeast

Marcus & Millichap Brokers $8.2M Sale of Multifamily Portfolio in Tampa

by John Nelson February 5, 2015

TAMPA, FLA. — Marcus & Millichap has brokered the sale of a two-property, 209-unit multifamily portfolio in Tampa. The properties, Country Square Villas and Candlewood I Apartments, sold for $8.2 million, which equates to $38,995 per unit. Country Square Villas is a 146-unit multifamily community built in 1981, and Candlewood I Apartments is a 63-unit apartment complex constructed in 1983. The assets are two miles apart. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and the buyer.

February 5, 2015

Airport Corporate Center Doral Florida Miami

Florida Office Southeast

Norwegian Cruise Line Expands HQ at Airport Corporate Center in Metro Miami

by John Nelson February 5, 2015

DORAL, FLA. — Norwegian Cruise Line has signed a long-term lease renewal and expansion at Airport Corporate Center, the 1 million-square foot, 11-building office park located in the Miami submarket of Doral. The company extended its existing lease on 206,078 square feet and added an additional 70,296 square feet, for a combined 276,364 square feet. The company, which now occupies The 7650 Building and The 7665 Building, will expand to the new space at The 7300 Building beginning in the fall of 2015 Diana Parker, Richard Bamonte and Janette Driggers of CBRE represented the landlord, CBRE Global Investors, which acquired the property in October 2014. Stuart Gordon of Flagler Brokerage and Management Services LLC, along with Jim Travers and Stewart Niles of Travers Cresa, represented Norwegian Cruise Line. According to CBRE Research, Norwegian Cruise Line’s lease renewal/expansion is the largest office lease signed in South Florida in the past five years.

February 5, 2015

Historic Farragut Hotel Downtown Knoxville

Hospitality Southeast Tennessee

Wood Properties Brokers $3.7M Sale of Historic Farragut Hotel in Downtown Knoxville

by John Nelson February 5, 2015

KNOXVILLE, TENN. — Knoxville-based Wood Properties has brokered the sale of The Historic Farragut Hotel in downtown Knoxville for $3.7 million. The 135,000-square-foot former hotel is located on Gay Street. The buyer, Knoxville-based Family Pride Corp., is planning to implement a mixed-use renovation of the building. George Brown and Brad Blackwell of Wood Properties Inc. represented the undisclosed seller in the transaction.

February 5, 2015

Gale Boutique Hotel & Residences Fort Lauderdale

Florida Hospitality Multifamily Southeast

Newgard, Menin Hospitality Launch $120M Gale Boutique Hotel & Residences

by John Nelson February 4, 2015

FORT LAUDERDALE, FLA. — Newgard Development Group and Menin Hospitality have launched Gale Boutique Hotel & Residences located at 2900 Riomar St. in Fort Lauderdale. The $120 million project will include the restoration of a historic 96-room hotel and the construction of an adjacent 128-unit condominium building. Newgard and Menin have partnered with Dev Motwani’s Merrimac Ventures in a joint venture arrangement for the development, which is slated to open in late 2016. Units are now available for reservation and priced from $385,000, with Newgard Realty overseeing the project’s sales and marketing efforts. The development will feature a roof-top sky deck, private lobby, fitness center and spa, concierge service, 24-hour valet parking and multiple resort-style pools. Individual condos will range in size from 780 square feet to nearly 2,000 square feet. All units will be delivered fully-finished, with gourmet kitchens, designer fixtures and cabinetry, spa-style bathrooms, customized flooring and walls and walk-in closets. Each residence will have floor-to-ceiling, impact-resistant glass doors and balcony space.

February 4, 2015

Georgia Office Southeast

Mercedes-Benz USA Announces Details of New Corporate HQ in Atlanta

by John Nelson February 4, 2015

ATLANTA — Mercedes-Benz USA (MBUSA) has announced the permanent and interim locations for its new corporate headquarters in Atlanta. MBUSA, which is currently headquartered in Montvale, N.J., will construct a new headquarters facility on a 12-acre greenfield site located at the corner of Abernathy and Barfield roads in Sandy Springs, expected to be completed in early 2018. As part of the relocation, the automaker plans to hire hundreds of new employees from the Atlanta area at its new headquarters, which is set near the intersection of Georgia 400 and I-285. Beginning July 2015, the company will move into temporary office space at Sterling Pointe II, a 186,000-square-foot, Class A office building at the Perimeter Center complex in the neighboring city of Dunwoody.

February 4, 2015

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