Southeast

CONSTRUCTION TO BEGIN ON $32M CHARLESTON APT. COMPLEX

by admin February 14, 2012

CHARLESTON, S.C. — Charleston-based Middle Street Partners has prepared to break ground on a $32 million, 270-unit luxury apartment complex, located at the intersection of Walt Miller Drive and Mathis Ferry Road in Charleston. Memphis-based MAA has entered into an agreement with Middle Street to purchase the land from the company and provide construction financing. Amenities will include a fitness center, resident lounge/business center and a resort-style pool. Dallas-based Humphreys & Partners designed the project and Jacksonville, Fla.-based Summit Contractors will be the general contractor. The first apartments and clubhouse will be completed in early 2013, with full completion slated for summer 2013.

February 14, 2012

THE BLAKE AT GULF BREEZE SELLS FOR $24M

by admin February 14, 2012

GULF BREEZE, FLA. — The 107-unit The Blake at Gulf Breeze, an assisted living and memory care community located at 4410 Gulf Breeze Pkwy. in Gulf Breeze, has been sold for $24 million. The property, which includes 70 assisted living units and 37 memory care units, is currently 95 percent leased. Ryan Maconachy and Chad Lavender of ARA's Boca Raton, Fla., office represented the seller, Twin Palms, in the transaction. The buyer was AEW Capital Management, which acquired the property on behalf of AEW Senior Housing Investors. Blake Management Group, the original developer, will operate the property.

February 14, 2012

Civic Southeast

GROUND BREAKS ON $25M ACOM

by admin February 13, 2012

DOTHAN, ALA. — Batson-Cook has broken ground on the $25 million, 110,000-square-foot Alabama College of Osteopahtic Medicine (ACOM), a school affiliated with Southeast Alabama Medical Center located at the intersection of Cowarts and Dean roads in Dothan. The three-story structure will contain two auditoriums, laboratory space, study rooms, administrative offices, a student lounge and a teaching clinic that will include exam room mock-ups. Completion is slated for April 2014.

February 13, 2012

Retail Southeast

WSA TO BUILD HILLWOOD PLAZA SHOPPING CENTER

by admin February 13, 2012

MOBILE, ALA. — Mobile-based White-Spunner & Associates (WSA) has been selected by Publix to build the 74,450-square-foot Hillwood Plaza Shopping Center, located at 2370 Hillcrest Rd. in Mobile. A 45,600-square-foot Publix will anchor the center, which will include an additional 28,850 square feet of retail space. Zito and Russell Architects and Rester & Coleman Engineers have also been selected to work on the project. Ground breaking is slated for late summer 2012, with completion scheduled for summer 2013.

February 13, 2012

Hospitality Southeast

BOURBON ORLEANS HOTEL RENOVATION COMPLETE

by admin February 13, 2012

NEW ORLEANS — The 246-room Bourbon Orleans Hotel, located at 717 Orleans St. in New Orleans, has completed a multi-million dollar renovation. Upgrades to guestrooms include new bedding, carpeting, wall colors and coverings, interior plantation shutters and furnishings. The bathrooms received extra counter space, black granite surfaces and black tile and glass-enclosed showers. Property renovations include repainting all exterior balconies and window frames, as well as the addition of an enlarged fitness center. The renovation began in August 2011.

February 13, 2012

Hospitality Southeast

M&M BROKERS $5.6M HOTEL SALE

by admin February 13, 2012

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.

February 13, 2012

Multifamily Southeast

BEECH STREET PROVIDES $11.3M LOAN

by admin February 13, 2012

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.

February 13, 2012

Hospitality Southeast

TRUMP TO REDEVELOP OLD POST OFFICE BUILDING

by admin February 10, 2012

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.

February 10, 2012

Industrial Southeast

AREA BUYS INDUSTRIAL PORTFOLIO FOR $23.5M

by admin February 10, 2012

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.

February 10, 2012

Multifamily Southeast

BEHRINGER HARVARD SELLS THE PALMS OF MONTERREY

by admin February 10, 2012

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.

February 10, 2012

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