WOODSTOCK, GA. — Colliers International has arranged the sale of Woodstock Crossing, a Kroger-anchored shopping center located at 12050 Highway 92 in Woodstock, a northern suburb of Atlanta. The asset sold for approximately $5.7 million. Woodstock Crossing Center LLC purchased the asset from Charter Hall, an Australian real estate investment trust. Joe Montgomery and Tony D’Ambrosio of Colliers International’s Southeast shopping center investment sales group represented the seller in the transaction. This is the third grocery-anchored shopping center sale in metro Atlanta that Montgomery and D’Ambrosio has brokered on behalf of Charter Hall.
Southeast
NASHVILLE, TENN. — H.G. Hill Realty Co. has secured a lease for Phase II of Hill Center Green Hills, H.G. Hill’s 220,000-square-foot, mixed-use lifestyle center in Nashville. The company signed the lease with Williams-Sonoma Inc. for its Pottery Barn brand to occupy a 12,684-square-foot store. Redevelopment at the site will begin in early 2015, and Pottery Barn is expected to begin its build-out in the fall of 2015. Bank of America will continue to occupy the site until its relocation to a property on Richard Jones Road.
RALEIGH, N.C. AND ALPHARETTA, GA. — Trade Street Residential has acquired two recently built apartment communities in the Southeast totaling 502 units for $73.2 million. The acquisition includes Waterstone at Brier Creek, a 232-unit apartment community in Raleigh. Trade Street acquired the property for approximately $32.7 million. The asset, which was delivered this year, includes a saltwater swimming pool, fitness center, courtyards and dog parks. The other property is Waterstone at Big Creek, a 270-unit apartment community in Alpharetta, a suburb of Atlanta. The asset, which was delivered in November 2013, sold for approximately $40.5 million. The property features a fitness center, resort-style saltwater swimming pool and lounge areas.
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.
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.