Southeast

Frontier Capital to Occupy Top Floor of 19-Story Office Tower in Charlotte

by John Nelson April 23, 2015

CHARLOTTE, N.C. — Co-owners Grubb Properties and New York Life Real Estate Investors have signed Frontier Capital, a growth equity firm based in North Carolina, to a long-term lease for the top floor of 525 North Tryon Street, a 19-story office building in Uptown Charlotte. Frontier will use the 12,600-square-foot space as its new headquarters beginning in September. Andy Horsey of Cresa Charlotte represented Frontier Capital in the lease transaction. Jonathan Nance of Grubb Properties, along with Meredith Ball and Mark Holoman of Cushman & Wakefield | Thalhimer, represented the ownership group.

April 23, 2015

Kentucky Multifamily Southeast

Three Apartment Communities in Lexington Sell for $68M

by John Nelson April 22, 2015

LEXINGTON, KY. — Cushman & Wakefield and Commercial Kentucky Inc., a member of the Cushman & Wakefield Alliance, have teamed up to broker the sale of three apartment communities in Lexington totaling 1,108 units. Priderock Capital Partners purchased the 480-unit Raintree Apartments and the 232-unit Stoney Brooke Apartments for $28.2 million and $13.9 million, respectively. Nashville-based Covenant Capital Group purchased the 396-unit Stoney Falls Apartments for $25.9 million. Mike Kemether of Cushman & Wakefield’s Atlanta office and Craig Collins of Commercial Kentucky represented the seller, Sterling Properties, a New York-based fund, in all three transactions.

April 22, 2015

Maryland Multifamily Southeast

Wood Partners to Break Ground on $45M Multifamily Community in Downtown Columbia, Md.

by John Nelson April 22, 2015

COLUMBIA, MD. — Wood Partners LLC plans to break ground this month on Alta Wilde Lake, a $45 million, 230-unit multifamily community in downtown Columbia. The property will be located on 2.8 acres at 5420 Lynx Lane and be a component of the redevelopment at Wilde Lake Village Center. The property will feature two five-story apartment buildings connected via a three-level sky bridge over Lynx Lane. The property will feature a clubhouse with a sports lounge, café, business center, conference room, pet spa, bicycle storage and maintenance room, resort-style saltwater pool, fire pit, outdoor kitchen, grilling stations, fitness center and an aerobic studio. Alta Wilde Lake will also feature 5,000 square feet of ground-floor retail space. JDavis Architects designed the project, and Wood Residential Services will manage the property upon completion. Apartments will be available for lease in summer 2016.

April 22, 2015

Florida Retail Southeast

Williams Co. Southeast to Complete Phase I of $30M Retail Center in Orlando

by John Nelson April 22, 2015

ORLANDO, FLA. — Orlando-based general contractor Williams Co. Southeast is on schedule to complete Phase I of The Crosslands, a $30 million retail center in Orlando. The 427,000-square-foot property will be located at Orange Blossom Trail and Osceola Parkway and is scheduled for a July 30 completion. The development team includes Tupperware Brands Corp., O’Connor Capital Partners, Peter Bergner and ELEVEN18 Architecture.

April 22, 2015

Retail Southeast Tennessee

RealtyLink Breaks Ground on $25M Shopping Center in Tennessee

by John Nelson April 22, 2015

SEVIERVILLE, TENN. — RealtyLink LLC has broken ground on River Landing, a $25 million shopping center in Sevierville. The 175,000-square-foot project will be located on a 16-acre site along Winfield Dunn Parkway at the site of the Old Reel Theatre. Phase I is slated for completion this September, and Phase II is expected to be complete in February 2016. The property is pre-leased to eight undisclosed retailers. The project team includes general contractor Vannoy Construction, architect Cor3 Design and sub-contractor Blalock Cos.

April 22, 2015

Hospitality Loans Maryland Southeast

Meridian Capital Arranges $13.6M Financing for Two Hotels in Aberdeen

by John Nelson April 22, 2015

ABERDEEN, MD. — Meridian Capital Group has arranged $13.6 million in bridge and construction financing for two hotels in Aberdeen, roughly 32 miles north of Baltimore via I-95. The borrower, Cross Roads Hospitality, will use the financing to reposition an existing property at 793 W. Bel Air Ave. as an 80-room LaQuinta Inn & Suites hotel and construct a new 98-room Hampton hotel. Tal Bar-Or, Beau Williams and Judah Neuman of Meridian Capital Group’s New York City office arranged the two-year bridge and construction loan through a national bridge lender. The loan features interest-only payments for the full term.

April 22, 2015

Georgia Multifamily Southeast

Novare Group, Batson-Cook Open 26-Story SkyHouse Buckhead in Atlanta

by John Nelson April 21, 2015

ATLANTA — Atlanta-based developers Novare Group and Batson-Cook Development Co. have opened SkyHouse Buckhead, a 26-story luxury high-rise apartment community in Atlanta’s Buckhead submarket. The 362-unit property on Stratford Road features a rooftop amenity deck with two pools, outdoor kitchens and lounges, club room and a fitness center. The floor plans range from studio units to three-bedroom residences. The property is located two blocks from Lenox Square Mall and Phipps Plaza and is connected to the Buckhead MARTA station by a new $32 million pedestrian bridge spanning Georgia 400. The community is also adjacent to the PATH400 Greenway, a 5.2-mile multi-use trail that will connect to the Atlanta Beltline. SkyHouse Buckhead’s project team includes general contractor Batson-Cook Construction and architect Smallwood, Reynolds, Stewart, Stewart. Ackerman & Co. was the land seller and equity partner in the project, along with NGI Investments LLC and Batson-Cook Development Co. An investor account advised by the U.S. real estate business of UBS Global Asset Management provided construction and permanent financing for the project. The property is one of 14 SkyHouse-branded apartment communities in the United States.

April 21, 2015

Florida Multifamily Southeast

Cushman & Wakefield Brokers $49.6M Sale of Orlando Multifamily Community

by John Nelson April 21, 2015

ORLANDO, FLA. — Cushman & Wakefield has brokered the $49.6 million sale of Tortuga Bay Apartment Homes in Orlando. The Class A, 314-unit apartment property is located at 12932 Mallory Circle in Orlando’s East Orange/UCF submarket. Constructed in 2014, the property features a large clubhouse, fitness center and zero-entry pool. The interiors of Tortuga Bay’s units feature granite island countertops, built-in computer workstations, black-on-black appliances, microwave, nine-foot ceilings, crown molding, screened porches and washers and dryers in every unit. Ken Delvillar and Jay Ballard of Cushman & Wakefield represented the seller, an unnamed REIT, in the transaction. The apartment community is the first Florida property for the buyer, Tortuga Multifamily Orlando LP.

April 21, 2015

Florida Office Southeast

Stiles Realty Brokers $21M Sale of Fort Lauderdale Office Building

by John Nelson April 21, 2015

FORT LAUDERDALE, FLA. — Stiles Realty, a division of Stiles, has brokered the $21 million sale of a vacant Class A office property located at 2100 W. Cypress Creek Road in Fort Lauderdale. The 185,000-square-foot building, which was the former headquarters of BankAtlantic, was the largest single-tenant building sold in the Cypress Creek submarket in the past five years, according to Stiles Realty. Kimberly Barbar of Stiles Realty represented the seller, BB&T, in the transaction. Barbar will also lease the office building on behalf of the new owner, Integra Investments LLC. The office building was designed to serve a single tenant and features on-site amenities such as a fitness center with showers, 250-seat cafeteria and a wellness center.

April 21, 2015

Fairfield Inn & Suites by Marriott West Monroe

Hospitality Louisiana Southeast

Hotel Equities to Manage Hotel Under Construction in Louisiana

by John Nelson April 21, 2015

WEST MONROE, LA. — Atlanta-based Hotel Equities has been selected to manage the Fairfield Inn & Suites by Marriott under construction in West Monroe. The hotel is slated to break ground this summer and open in the third quarter of 2016. The hotel will be located near the University of Louisiana-Monroe and the Ike Hamilton Expo Center. The ownership group for the new hotel includes Jon Patel and Kevin Patel of Monroe, La., and Nimesh Zaver of Lake Charles, La. The group has 26 Louisiana hotels in its portfolio.

April 21, 2015

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