BOCA RATON, FLA. — Meridian Capital Group LLC has arranged a $43.8 million mortgage for the refinancing of a 14-property portfolio of shopping centers in the Southeast and Indiana. Michael Brown and Zach Nimhauser of Meridian Capital Group’s Boca Raton office arranged the 10-year loan through a CMBS lender. The portfolio is composed of: · the 34,156-square-foot Green Acres in Havana, Fla. · the 170,745-square-foot Oak Station in Marianna, Fla. · the 123,778-square-foot Jackson Park in Seymour, Ind. · the 142,760-square-foot Village Center in Seymour, Ind. · the 131,553-square-foot River Creek located in Aurora, Ind. · the 35,179-square-foot Quitman Shopping Center in Quitman, Miss. · the 76,247-square-foot Flint River Plaza in Montezuma, Ga. · the 73,612-square-foot Jackson Square in Jackson, Ala. · the 68,451-square-foot Town & Country Center in Manchester, Ga. · the 37,350-square-foot Vancleave Center in Vancleave, Miss. · the 52,891-square-foot Village Square in Wiggins, Miss. · the 175,381-square-foot Prestonburg Village in Prestonburg, Ky. · the 160,713-square-foot Twin County Plaza in Galax, Va. · the 78,245-square-foot Country Roads in Plaza Hinton, W.Va.
Southeast
IRVINE, CALIF. — Faris Lee Investments has brokered the $36 million sale of a four-property retail portfolio totaling 186,052 square feet. The four assets — three in Kentucky and one in Tennessee — are fully leased to LA Fitness. The properties include 3001 Blake James Drive in Lexington, Ky.; 1028 Wellington Way in Lexington, Ky.; 6013 Preston Highway in Louisville, Ky.; and 2401 Edge O Lake Drive in Antioch, Tenn. Richard Chichester, Matt Mousavi, Patrick Luther and Tom Chichester of Faris Lee Investments represented both the buyer, Arizona-based STORE Capital, and the seller, a Kentucky-based private entity, in the transaction.
CARY, N.C. — Greystone has acquired Cary Brook Apartments, a 360-unit multifamily community in Cary, part of the Research Triangle area, for $24.3 million. The property was built in 1984 and features a clubhouse and leasing center. Greystone purchased the community from RFI Cary Brook LLC. Greystone Property Management Corp. will take over property management services for the community.
JACKSONVILLE, FLA. — CBRE Hotels has arranged the sale of the Hyatt Regency Jacksonville Riverfront, located at 225 E. Coastline Drive in Jacksonville. The 963-room property is northeast Florida’s largest convention hotel, according to CBRE Hotels. The property is located on a four-mile riverfront boardwalk and features 110,000 square feet of meeting space. The hotel comprises 28 percent of all hotel rooms in downtown Jacksonville. Christian Charre, Paul Weimer and Natalie Castillo of CBRE Hotels in Miami, along with Patrick Arangio, Jack Howard, Kurt Altvater and Dave Dorros of CBRE’s national loan sale advisory group, brokered the transaction.
CHARLOTTE, N.C. — Novare Group, Batson-Cook Development Co. and Grubb Properties, all Southeast-based companies, have started construction on SkyHouse Uptown at the corner of 10th and Church streets in Charlotte's Fourth Ward neighborhood. The 24-story luxury apartment tower will feature one-, two- and three-bedroom units with high-end finishes and floor-to-ceiling windows. Additionally the building with offer a clubhouse, fitness area and outdoor plaza, including a swimming pool, fireplaces, covered outdoor lounges and bird's eye views of the city. The project is designed to meet environmentally sustainable standards and obtain Energy Star certification. This development is the 11th in the SkyHouse program in the Southeast, which involves a joint venture between Novare Group and Baston-Cook Development Co., general contractor Batson-Cook Construction and architectural firm Smallwood, Reynolds, Stewart, Stewart. BBVA/Compass Bank is providing construction financing for the project, and NGI Investments LLC and Baston-Cook Development Co. are providing equity. Robert LaChappelle, Jonathan Rice and Paul Berry of CB Richard Ellis' Atlanta office advised on financing, while Ryan Clutter, also of CBRE, represented the seller in the land transaction.
SANDY SPRINGS, GA. — A joint venture between Kaplan Residential and George S. Morgan Development Co. plans to break ground in June on One City Walk, a mid-rise, mixed-use apartment community in Sandy Springs, a suburb of Atlanta. The new community will be the focal point of the new Sandy Springs City Center. Located at the corner of Roswell and Hammond roads, the property will include 203 luxury apartment units, 8,000 square feet of retail space and an amenity deck, which will feature a swimming pool, tanning deck, grill station and bocce ball court. The property, which is slated for completion in August 2015, will also feature a dog park, fitness center, club room, business center and green space. Niles Bolton Associates is designing the property and its interior, Choate Construction is the community’s general contractor, Greystar is handling the property’s management and leasing responsibilities and Crim and Associates is leasing the property’s retail space.
NEW ORLEANS — Starwood Hotels & Resorts Worldwide Inc. plans to transform a 30-story building in downtown New Orleans into a new Aloft Hotel. The 188-room Aloft New Orleans Downtown will be located at 225 Baronne St. in the city’s Central Business District. The property will include 2,500 square feet of meeting space, an outdoor pool and 24-hour fitness center. 225 Baronne Complex LLC, an entity of HRI Properties, owns the hotel and HRI Lodging will manage it. The new hotel is slated to open in 2015. Starwood plans to complete two additional adaptive re-use projects for its Aloft brand this year — Aloft Detroit and Aloft Tampa Downtown.
LOUISVILLE, KY. — GBT Realty Corp. has closed on the purchase of more than 28 acres in Louisville for the $40 million development of Jefferson Commons, a 210,000-square-foot retail center. The property is more than 82 percent preleased a sports retailer anchor, as well as Shoe Carnival, H.H. Gregg, Liquor Barn, Michael’s Arts & Crafts and Men’s Wearhouse. GBT Realty will provide development, leasing, construction management and property management services for Jefferson Commons. The project team also includes architect MJM Architects, project engineer Gresham Smith and Partners and site-work contractor Louisville Paving & Construction.
ATLANTA — Physicians Realty Trust, a healthcare properties REIT, has purchased the Peachtree Dunwoody Medical Center in Atlanta’s Pill Hill hospital district for $36.6 million. The property spans 131,000 square feet and was 96 percent leased at the time of sale. Northside Hospital is the largest tenant in the building with 42,383 square feet, which includes clinical office space, an ambulatory surgery center with seven operating rooms, an imaging center and sleep medicine facilities. Peachtree Orthepedics is the second-largest tenant at 26,785 square feet. The property sold at a 7 percent capitalization rate.
CASSELBERRY, FLA. — CBRE has brokered the $40 million sale of the Harbor at Lake Howell, a 408-unit apartment community in Casselberry, about 13 miles north of Orlando. The apartment community features two swimming pools, a fitness center, tennis court and a private boat ramp for the onsite Lake Howell, a 450-acre recreational lake. The property was built in 1991 and was 94 percent occupied at the time of the sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE’s Orlando office represented the seller in the transaction. The Atlanta-based buyer plans to implement a value-add strategy for the property to increase rents.