Southeast

Canyon Ranch Hotel Spa Miami Beach Florida

CBRE Brokers $21.6M Sale of Miami Beach Hotel & Spa

by John Nelson January 19, 2015

MIAMI BEACH, FLA. — CBRE’s hotel and capital markets multifamily divisions have brokered the $21.6 million sale of Canyon Ranch Hotel and Spa at 6801 Collins Ave. in Miami Beach. Z Capital Partners LLC purchased the asset via a bankruptcy auction. The United States Bankruptcy Court Southern District of New York approved Z Capital Partners as the buyer. The private equity firm plans to reposition the asset into a five-star hotel called the Carillon Hotel and Spa, which will consist of 150 rooms. The hotel features 750 feet of beachfront and is located adjacent to L’Atelier, a 20-story condominium tower currently under construction. The new hotel will be managed by a new joint venture consisting of Z Capital; Adrian Zecha, founder of Amanresorts and GHM Hotels Ltd.; and Jonathan Breene, developer and creator of The Setai, South Beach.

January 19, 2015

Georgia Industrial Southeast

Hart Corp. Brokers Sale of Bridgestone America Tire Facility in South Georgia

by John Nelson January 19, 2015

ALBANY, GA. — Hart Corp. has brokered the sale of a 473,132-square-foot industrial facility in Albany, a city in South Georgia. The seller, Bridgestone America Tire Operations, sold the asset to Clark Associates Inc., an online supplier of restaurant equipment, for an undisclosed amount. CBRE represented Bridgestone in the transaction, and Jim Belcher and Bart Hardison of Hart Corp. represented Clark Associates. Justin Strickland of the Albany/Dougherty Economic Development Commission and Walt Farrell of the Georgia Department of Economic Development assisted in the transaction.

January 19, 2015

Cove at Parrot's Landing North Lauderdale Florida

Florida Multifamily Southeast

IPA Brokers Sale of Multifamily Community in Broward County

by John Nelson January 19, 2015

NORTH LAUDERDALE, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Cove at Parrot’s Landing, a 152-unit multifamily community located at 7575 Hampton Blvd. in North Lauderdale, a city in Broward County. CFH Group purchased the asset from Brass Enterprises for an undisclosed amount. Constructed in 1997, units at The Cove at Parrot’s Landing include separate laundry rooms with full-size washer and dryer, walk-in closets, track lighting and balconies with storage closets. Still Hunter III of IPA represented the seller in the transaction.

January 19, 2015

Georgia Loans Retail Southeast

Medalist Capital Arranges Acquisition Loan for Atlanta Shopping Center

by John Nelson January 19, 2015

ATLANTA — Medalist Capital has arranged acquisition financing for the purchase of Abernathy Square, a 128,000-square-foot, Publix-anchored shopping center in Atlanta. Bryan Brooks of Medalist Capital’s Charlotte office arranged the non-recourse, fixed-rate loan through an unnamed life company lender on behalf of the borrower, Charlotte-based Ferncroft Capital.

January 19, 2015

Georgia Market Reports Retail Southeast Southeast Market Reports

New Year Promises Expanding Retailers, Improving Fundamentals in Atlanta

by John Nelson January 19, 2015

The overall snapshot is that Atlanta’s economy is on a growth tract in terms of employment and corporate growth, and has definitely rebounded from the recession and its previous overbuilding. Economic growth and the current lack of speculative development are driving the improvement in the retail market. Rental rates, occupancy levels, absorption, leasing momentum and pricing are increasing. In addition, new retailers are entering or looking to enter the market. However, the retail market’s improvement varies across the metro region. Vacancy and Rental Rates Due to positive absorption and leasing momentum in both vacant and sublease space, the overall occupancy rate and average rental rate for Atlanta’s retail inventory have been increasing. According to CoStar’s third quarter retail market update, the overall vacancy rate is now down to 8.8 percent and the average rental rate is $12.78 per square foot. However, when you break it down by submarket and property types, rental rate and occupancy gains vary significantly. Quality shopping centers in strong submarkets and locations have experienced very strong gains, yet Class B and C centers and those located in certain submarkets are still lagging the overall market. The Buckhead, Central Atlanta, Central Perimeter and Georgia 400 submarkets are …

January 19, 2015

Georgia Healthcare Southeast

Johnson Development to Develop New VA Medical Facility in Savannah

by John Nelson January 16, 2015

SAVANNAH, GA. — Johnson Development has been awarded the lease to develop a new Veteran’s Affairs (VA) medical facility in Savannah. The new 69,000-square-foot healthcare clinic will replace the existing 25-year-old VA clinic. Johnson Development will be breaking ground on the new clinic in the spring. New outpatient services that will be provided in the new facility include eye care, audiology, physical rehabilitation, prosthetics and a special women’s center. The anticipated completion date is summer 2016.

January 16, 2015

Georgia Multifamily Southeast Student Housing

Landmark Breaks Ground on Urban Infill Student Housing Project in Athens

by John Nelson January 16, 2015

ATHENS, GA. — Landmark Properties has begun construction on The Mark, a 928-bed student housing project with 38,400 square feet of retail space and 41,000 square feet of Class A office space. Located adjacent to the campus of the University of Georgia at the intersection of Oconee and Broad streets in downtown Athens, The Mark will offer 14 different floor plans including studios, one-, two-, three-, four- and five-bedroom apartments. The Mark will provide students with an amenity package that includes a clubhouse, fitness facilities, a golf simulator, racquetball court, indoor basketball court, tanning beds, computer lab with private and group study rooms and an Internet café. A rooftop resident center will feature a large fitness center overlooking a two-tiered rooftop pool with cabanas, a Jumbotron, outdoor grilling areas and a stadium-view rooftop lounge. The top level will also feature a “VIP” floor with private rooftop patios and a select number of private hot tubs. A Landmark subsidiary, Landmark Construction, will serve as the project’s general contractor. Niles Bolton Associates is the architecture firm and Williams & Associates is the engineering firm.

January 16, 2015

Industrial South Carolina Southeast

DTZ Brokers $14M Sale of Distribution Center in Metro Charlotte

by John Nelson January 16, 2015

FORT MILL, S.C. — DTZ has brokered the $14 million sale of a Class A, 255,168-square-foot distribution center located at 1092 Wilson Business Parkway in Fort Mill, a suburb of Charlotte. The distribution center is fully leased to Ross Stores Inc. Beacon Industrial LLC purchased the asset from an institutional investor. Rob Cochran and Jared Londry of DTZ’s capital markets team represented the seller in the transaction.

January 16, 2015

Georgia Multifamily Southeast

Waypoint Residential Purchases Apartment Community in Augusta

by John Nelson January 16, 2015

AUGUSTA, GA. — Waypoint Residential has acquired the Estates at Perimeter, a 240-unit, Class A apartment community located at 50 St. Andrews Drive in Augusta. Built in 2007, the property was 97 percent occupied at the time of sale. The community’s amenities include a saltwater swimming pool, 24-hour fitness center, business center, media room, playground and a newly decorated clubhouse. Waypoint plans to upgrade the units with new lighting packages, plantation blinds, ceiling fans and faux wood flooring in the kitchens and baths. In addition, amenities will be improved and a pet park will be added at the property. The Estates at Perimeter is Waypoint’s third acquisition in the state of Georgia. Waypoint also manages The Hamptons at East Cobb in Marietta and Village on the Green Apartments in Atlanta.

January 16, 2015

Lincoln Center Planet Home Lending Tampa

Florida Office Southeast

Planet Home Lending Leases Third Floor of Lincoln Center in Tampa

by John Nelson January 16, 2015

TAMPA, FLA. — Planet Home Lending has leased the entire third floor of Lincoln Center, an office building in Tampa’s Westshore district. The company is relocating its branch location from Clearwater with the 22,450-square-foot space. Pat Marzulli of Colliers International’s Tampa Bay office represented Planet Home Lending in the lease transaction. Pat McGuire and Katy Alderman of Redstone Asset Management Services LLC represented the landlord, St. Paul Fire and Marine Insurance Co. Planet Home Lending is currently overseeing improvements to the space in Lincoln Tower. The organization is expected to complete renovations and move into the office space during the first quarter of 2015.

January 16, 2015

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