WEST PALM BEACH, FLA. — Miller Construction Co. has completed an environmentally friendly, 35,000-square-foot Ashley Furniture HomeStore showroom, located at 2101 Palm Beach Lakes Blvd. in West Palm Beach. The $5 million project is Miller Construction's 14th property for owner City Furniture, which operates 25 showrooms throughout southeast and southwest Florida, including 10 Ashley Furniture HomeStore locations. The store is designed to achieve LEED certification with high-efficiency climate control, lighting, plumbing and irrigation systems.
Southeast
FORT WALTON BEACH, FLA. — Woodbine Development Corp. and InterMountain Management have commenced construction on a four-story, 112-room Marriott TownePlace Suites in Fort Walton Beach. An adjacent, waterfront parcel is also included in the transaction, which will soon house a yet-to-be-named restaurant up to 6,000 square feet. InterMountain will provide management services for the new hotel and Woodbine will provide asset management services for the property. The hotel is set to break ground in the summer of 2014. The project team also includes Jackson, Miss-based Harrell Contracting Group, Monroe, La.-based Architecture+ and Fort Walton Beach-based Choctaw Engineering Inc. Kevin Bethea of Realty House Commercial Properties is marketing the restaurant pad site.
DORAL, FLA. — Jones Lang LaSalle has completed three industrial property sales totaling 60,000 square feet in the Doral submarket of Miami. The sales price for the three acquisitions totaled $8 million. Steven Medwin and Nick Wigoda of JLL represented Smile Market, a cameras and accessories company, in its $2.4 million acquisition of an 18,500-square-foot warehouse at 3381-3389 N.W. 97th Ave. Kaizen Realty represented the seller, Chesapeake Bay International Inc., in the transaction. JLL also represented Vaxtronic LLC in its $2.3 million purchase of an 18,753-square-foot warehouse at 2150 N.W. 102 Place. Vivo Realty represented the seller, MJMB Enterprises Inc., in the transaction. Medwin, Wigoda and JLL's Matt Maciag also represented Americatel Inc. in its $3.3 million sale of a 21,000-square-foot office/flex building at 4045 N.W. 97th Ave. The buyer was Florida City Gas.
ATLANTA — Atlanta-based IDI, a leading full-service industrial real estate company, has merged with Verde Realty in a $1.1 billion transaction. The new entity, which will operate under the IDI name, has combined assets valued at more than $2 billion. The company will have offices in 11 cities in the U.S. and Mexico, and its headquarters will remain in Atlanta with Timothy Gunter retaining the title of president and CEO. The deal doubles the number of buildings in IDI’s portfolio to a total of 179, totaling 45 million square feet. Additionally, IDI now has landholdings available for 53 million square feet of buildable space. Verde Realty is an existing majority-owned real estate holding of Brookfield Property Partners LP (NYSE: BPY, TSX: BPY.UN) and its institutional partners. The transaction makes Brookfield’s portfolio of industrial real estate holdings among the largest in North America.
ATLANTA — Brasfield & Gorrie has completed 77 12th, a 23-story upscale apartment community located in Atlanta's Midtown submarket. Brasfield & Gorrie's construction budget was $57 million, with total development costs for the property reaching $88.7 million. The project comprises 615,000 square feet, with 330 residential units and 23,000 square feet of retail space. The new residential units feature granite countertops, stainless steel appliances, floor-to-ceiling windows and private balconies. The community also features a 20,000-square-foot outdoor plaza that has a saltwater pool, bocce ball courts, a private terrace and several outdoor fireplaces. The rental rates are among the highest in Midtown, according to Brasfield & Gorrie. More than 80 percent of the units have been reserved and nearly all of the retail space has been leased. Brasfield & Gorrie worked with Daniel Corp. and Selig Enterprises on the project. Northwestern Mutual provided construction financing for the new apartment community.
ATLANTA — Colliers International has arranged $80.9 million in financing for a portfolio of 31 industrial properties in metro Atlanta. The 3.1 million-square-foot portfolio is 91 percent leased. Hank Hall and Kevin Troy of Colliers International's Atlanta office arranged the non-recourse, floating rate loan on behalf of Clarion Partners. Prudential Insurance Co. of America provided the loan.
DURHAM, N.C. — Starwood Hotels & Resorts Worldwide will break ground later this year on the 134-room Aloft Durham Downtown, located at the intersection of Blackwell and Vivian streets in the city's American Tobacco Historic District. The hotel will be a key component of the district, which launched a redevelopment and restoration project in 2004 to transform the American Tobacco Co.'s campus into a mixed-use property. Aloft Durham Downtown will feature a pool, bar, 24-hour gym, private parking and 2,230 square feet of meeting space. Davidson & Jones will own the hotel, which is scheduled to open in May 2015. Starwood Hotels & Resorts Worldwide operates more than 75 Aloft hotels in 14 countries. The Aloft brand offers a tech-forward, vibrant experience and a modern style.
DALLAS AND NASHVILLE, TENN. — Landmark Apartment Trust, a multifamily REIT, has acquired two multifamily properties in Dallas and Nashville in separate transactions totaling $33.5 million. The properties total 454 units and are 94 percent occupied. Landmark at Preston Wood in Dallas, formerly known as Mission Preston Wood, was built in 1979 and features a fitness center, pool/spa, playground and picnic areas. Landmark at Lyncrest Reserve in Nashville, formerly known as Mission Bellevue Ridge, was built in 1985 and features a business center, fitness center, swimming pool, playground and tennis court.
BETHESDA, MD. — HFF has secured $121.6 million in financing for the development of 8300 Wisconsin in Bethesda, which will include 359 luxury apartments and a 50,000-square-foot Harris Teeter grocery store. Sue Carras, Walter Coker and Brian Crivella of HFF arranged the construction financing through Wells Fargo Bank on behalf of the owner, StonebridgeCarras, a privately-held real estate investment and development firm based in Bethesda. Slated for completion in 2015, the nine-story building will occupy an entire city block. The community's amenities will include a landscaped courtyard, rooftop swimming pool with separate lap pool, rooftop demonstration kitchen, clubroom, fitness center, business center and 24-hour concierge services.
WICHITA, KAN. — Value Place, an economy extended-stay lodging owner, operator, manager and franchisor, has acquired 22 operating hotel owned by its largest franchisee, a partnership comprised of Angelo, Gordon & Co., Belvedere Capital Real Estate Partners and other prominent real estate investors. The $115 million purchase price includes the assumption of existing debt. Ten of the acquired properties are located in Florida, with the rest located in Washington, D.C., Alabama, Texas, Ohio, Arizona, Utah, Colorado and Indiana. Value Place now owns 74 of the 185 franchise locations and develops, franchises, and manages Value Place properties throughout the U.S. Value Place’s growth strategy was recently endorsed by a $100 million capital investment from Lindsay Goldberg LLC, a New York-based private equity firm.