Southeast

Trinity Capital to Develop 300,000 SF Class A Office Building in Charlotte

by John Nelson October 7, 2014

CHARLOTTE, N.C. — Trinity Capital Advisors plans to develop 1000 S. Tryon St., a new 300,000-square-foot, Class A office building in Charlotte’s South End submarket. The 14-story building will be located on the gateway corner of Tryon and Morehead streets. The office building will feature retail space on the ground floor and a multifamily façade is planned for the side of the parking deck fronting Morehead Street. The project is a joint venture between Trinity Capital Advisors and Honey Properties, the long-time owner of the site. Once the asset has a committed anchor, Trinity Capital Advisors will break ground on the property with a 15-month construction schedule, according to Gary Chesson, founding partner of Trinity Capital Advisors.

October 7, 2014

Florida Hospitality Southeast

Home2 Suites by Hilton Opens First Hotel in Florida

by John Nelson October 7, 2014

FLORIDA CITY, FLA. — Hilton Worldwide has opened its first Home2 Suites by Hilton hotel in the state of Florida: the Home2 Suites by Hilton Florida City. R.A. & R.E. Inc. owns the five-story, 96-suite hotel located at 77 N.E. 3rd St., situated off Exit 1 of the Florida Turnpike. The hotel represents the Home2 Suites by Hilton brand’s expansion into its 16th state since its first hotel opened in 2011. Amenities at the pet-friendly hotel include an indoor saline pool, gas barbecue grills, a combined laundry and fitness area called Spin2 Cycle, an Oasis lobby area and a complimentary continental breakfast for guests.

October 7, 2014

Industrial Maryland Southeast

CBRE Closes $27M Sale of Three Maryland Industrial Properties

by John Nelson October 7, 2014

JESSUP AND SAVAGE, MD. — CBRE has brokered the $27 million sale of three industrial facilities totaling 429,100 square feet in the Baltimore-Washington Corridor. The portfolio of properties is located at 8263-8265 Patuxent Range Road in Jessup and 8700 Larkin Road in Savage. An affiliate of Industrial Property Trust Inc. purchased the three assets from Colony Realty Partners. Bo Cashman, Jonathan Beard and Mike Roden of CBRE’s Baltimore office brokered the transaction.

October 7, 2014

Maryland Retail Southeast

Greysteel Arranges $12.3M Sale of Shopping Center in Baltimore City

by John Nelson October 7, 2014

BALTIMORE CITY, MD. — The Greysteel Co.’s Mid-Atlantic retail investment sales team has brokered the $12.3 million sale of Belair Edison Crossing, a grocery-anchored shopping center located at 2401 Belair Road in Baltimore City. The 204,000-square-foot asset was fully leased at the time of the sale to tenants such as Food Depot, Dollar General, Forman Mills, Maxway, B. Green Cash and Carry and the Social Security Administration. Gil Neuman of Greysteel led the team that represented the seller, 2401 Belair LLC, and procured the buyer, Belair Edison Investors LLC.

October 7, 2014

Florida Loans Southeast

Grandbridge Closes $20.2M in Construction Financing for Two Miami Warehouses

by John Nelson October 7, 2014

MIAMI — Grandbridge Real Estate Capital has closed $20.2 million in first mortgage construction loans for two new warehouse buildings at the AVE Aviation and Commerce Center, a 2.6 million-square-foot master-planned corporate business park in Miami. The warehouse properties, which are 32 percent pre-leased to an aircraft engine repair firm, will span 313,820 square feet. Phil Carroll of Grandbridge arranged the construction financing through BB&T.

October 7, 2014

Florida Loans Southeast

HFF Arranges $38.2M Refinancing of Sawgrass Lake Center in Sunrise

by John Nelson October 6, 2014

SUNRISE, FLA. — HFF has arranged a $38.2 million loan for the refinancing of Sawgrass Lake Center, a 239,373-square-foot, Class A office building in Sunrise. The property is located south of Sawgrass Mills Mall at 13450 W. Sunrise Blvd. The office building was 84 percent leased at the time of the sale. Paul Stasaitis, Chris Drew, Jorge Portela, Jose Carrazana and Maxx Carney of HFF arranged the loan through Mesa West Capital’s Mesa West Real Estate Income Fund III, a $750 million debt vehicle. The loan was arranged on behalf of the borrower, a joint venture between CNL Commercial Realty Estate and Long Wharf Real Estate Partners.

October 6, 2014

Georgia Retail Southeast

Sterling Acquires Roswell Village Shopping Center for $10.6M

by John Nelson October 6, 2014

ROSWELL, GA. — Sterling Organization has purchased Roswell Village Shopping Center, a 145,082-square-foot shopping center located at the southwest corner of Highway 9 and Holcomb Bridge Road in Roswell, roughly 20 miles north of downtown Atlanta. Sterling purchased the asset for approximately $10.6 million in an off-market transaction via its institutional fund Sterling Value Add Partners II LP. The property is currently 31 percent leased to tenants such as Goodyear, Pizza Hut, Jersey Mike’s and Curves.

October 6, 2014

Florida Retail Southeast

Investment Properties Corp. Brokers $13.3M Sale of Naples Retail Center

by John Nelson October 6, 2014

NAPLES, FLA. — Investment Properties Corp. has brokered the sale of Goodlette Corners, a 46,000-square-foot retail center located at the intersection of Goodlette-Frank and Pine Ridge roads in Naples. OREXCO purchased the asset from Goodlette Corners LLC for $13.3 million. David Stevens of Investment Properties Corp. represented the buyer in the transaction. Steve Hovland of Hovland Real Estate represented the seller.

October 6, 2014

Multifamily South Carolina Southeast

Kalikow Group Unveils Construction Plans for Charleston Apartment Community

by John Nelson October 6, 2014

CHARLESTON, S.C. — The Kalikow Group plans to start construction soon on The Apartments at Shade Tree, a 248-unit garden-style apartment community at the entrance of Shade Tree, a 355-acre master-planned development in Charleston. The asset will be located on a 9.2-acre site at 2947 Maybank Highway on Johns Island. The Kalikow Group has formed a joint venture with EYC Cos. for the project. The apartment community will feature a fitness center, clubhouse, pool, business center, playground, dog park, walking trails and access to community parks and retail outparcels. The Apartments at Shade Tree will be the first multifamily development in the Johns Island area since 2005.

October 6, 2014

Hospitality Maryland Southeast

MCR Development Completes Renovations on Two Metro Baltimore Hotels

by John Nelson October 6, 2014

HANOVER, MD. — MCR Development LLC has completed renovations on two hotels in Hanover, a suburb of Baltimore. The assets are the 130-room Hampton Inn & Suites Arundel Mills/Baltimore at 7027 Arundel Mills Circle and the 131-room Residence Inn Arundel Mills/BWI Airport at 7035 Arundel Mills Circle. The renovations include upgrades to the lobby areas and the guestrooms.

October 6, 2014

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