ORLANDO, FLA. — Marcus & Millichap has arranged the $5.6 million sale of the 214-room Quality Suites – South Orlando, located at 9350 Turkey Lake Rd. in Orlando. Ahmed Kabani of Marcus & Millichap's Miami office represented the seller, a limited liability company, in the transaction and procured the buyer, a private investor.
BALTIMORE —Beech Street Capital has provided an $11.3 million Fannie Mae conventional loan for the acquisition of the 120-unit Henderson House, a multifamily property located at 101 E. Mount Royal Ave. in Baltimore. Jacob Katz of Meridian Capital Group originated the 10-year loan with 2-years interest only and a 30-year amortization schedule.
WASHINGTON, D.C. — The U.S. General Services Administration has selected Trump Hotel Collection to redevelop the 100,000-square-foot Old Post Office Building, located at Pennsylvania Avenue and 12th Street in Washington, D.C. The property will become the 250-room Trump International Hotel, The Old Post Office. The building will be redeveloped to include guest rooms, penthouses and presidential suites, world-class restaurants, a cafe, a bar and lounge, extensive banquet, ballroom and meeting facilities, The Spa at Trump and a library, as well as a curated museum, exhibition gallery and indoor and outdoor gardens.
MEMPHIS, TENN. — AREA Property Partners has purchased a four-property industrial portfolio in Memphis, totaling 834,708 square feet, from Kansas City Life Insurance Co. for $23.5 million. The properties are located at 4650 Quality Dr., 4481 Pleasant Hill, 4100 Quest Way and 3363 MIAC Cove. The portfolio includes cross-dock, rear-load and front-load warehouses that are fully leased to tenants including Cummins, McKesson and Krone. Stewart Calhoun, David Meline, Samir Idris and Casey Master of Cushman & Wakefield's Atlanta office, along with Dave Curran and Wyatt Aiken of Memphis-based Commercial Advisors, a Cushman & Wakefield Alliance Partner, represented the seller in the transaction. The buyer was self-represented.
FORT MYERS, FLA. — Dallas-based Behringer Harvard, in partnership with DeBartolo Development and Christian Tyler Properties, has sold the 408-unit The Palms of Monterrey, located at 15250 Sonoma Dr. in Fort Myers, to Newton, Mass.-based Churchill Forge Properties for $39.2 million. Amenities include a clubhouse with a business center, a fitness center with a racquetball facility, a lighted tennis court, a playground, two heated pools and a poolside hot tub.
ALPHARETTA, GA. — Meritex Enterprises, along with its undisclosed joint venture partner, has purchased the 92,000-square-foot Rubicon in Windward, a two-building office and warehouse property located at 1005 Alderman Dr. in Alpharetta, from MSB Alderman. The properties are 85 percent leased to 19 tenants. Resource Real Estate Partners represented the buyer in the transaction and has been retained as the leasing agent for the property. Meritex will manage the properties.
BATON ROUGE, LA. — Walker & Dunlop has secured $26.5 million in financing for the 312-unit Bristol Place Apartments, located at 5960 Siegen Ln. in Baton Rouge. Stephen Farnsworth arranged the 7-year loan with 2-years interest only and a 30-year amortization schedule on behalf of the borrower, AMG Properties, through Freddie Mac's CME program.
Tenants and landlords forge into 2012 confronting many of the same challenges they had going into 2011. Atlanta’s office market still has a great deal of excess supply and demand remains below its pre-recession levels. The entire market has not pushed fully past concerns about properties with significant vacancy and looming debt obligations. Doubts about the broader economy also inhibit long-term strategic planning. The office market closed out 2011 largely unchanged from a year ago. The overall availability rate only fell by 1.1 pp from 26.5% to 25.4% over the course of the last four quarters. ““Vacancy rates remain high throughout the market and the vast majority of tenants have many options to choose from when negotiating leases,” says Andrew Lechter, executive vice president and branch manager of Studley Inc. The U.S. economy has shown signs of minimal gains in momentum and remains vulnerable to a sharp shock such as what has been called Europe’s “Lehman moment” or a spike in oil prices precipitated by a Mideast crisis. Some of the chronic problems that hampered U.S. growth – weak labor and housing markets – remain particularly acute in Atlanta and registered minimal improvement in 2011. Until employment and labor markets …
ATLANTA — The $60 million SkyHouse Midtown, a 23-story high-rise apartment building, has broken ground at the corner of West Peachtree and 12th streets in Midtown Atlanta. SkyHouse Midtown is being developed by a joint venture between Novare Group and Batson-Cook Development Co. Smallwood, Reynolds, Stewart, Stewart is the project architect, and an investor account advised by the U.S. real estate business of UBS Global Asset Management is providing construction and permanent financing for the project. NGI Investments, LLC and Batson-Cook Development Co. are providing equity. Construction is set to be completed by January 2013.
ATLANTA AND MEMPHIS, TENN. — Atlanta-based Noble Investment Group has plans to begin a $40 million renovation of the 191-room Hyatt Atlanta Midtown and the 243-room Memphis Marriott East. The Hyatt Atlanta Midtown is located at the corner of Peachtree and 10th Streets in Atlanta. The $21 million renovation will include removal of the old facade and creation of a modern architectural design, as well as a complete renovation of guest rooms and public spaces. Completion is slated for early 2013. The Memphis Marriott East, located at the intersection of Interstate 240 and Poplar Avenue in Memphis, will undergo a $19 million renovation, which will include a modernized exterior as well as upgraded guest rooms, reconfigured public spaces, a new restaurant and bar, incorporation of a Marriott Great Room lobby and enhancement of 10,000 square feet of meeting and event space. Completion is scheduled for the fourth quarter of 2012.
