SANTA ROSA BEACH, FLA. — Kennedy Funding has provided a $7.5 million acquisition loan for a land site in Santa Rosa Beach, a city in Florida’s Panhandle. The parcel currently houses a nine-bedroom home that fronts the Gulf of Mexico. The borrower, an entity doing business as 4228 Dana Beach LLC, plans to develop a luxury townhome development on the site. The construction timeline was not disclosed. Based in Englewood, N.J., Kennedy Funding is a direct lender that provides short-term bridge loans ranging from $1 million to $50 million for land purchases, working capital and developments.
NASHVILLE, TENN. — Noble Investment Group has acquired the Holiday Inn Express | Nashville Downtown hotel. The seller, number of rooms and sales price were not disclosed, but the Nashville Business Journal reports that the Atlanta-based investment firm paid approximately $82 million for the property. The publication also reports that the price is nearly a third less than what the previous owner paid for the property. Located at 920 Broadway in the city’s entertainment district, the hotel is located within walking distance of more than 100 live music venues, the Music City Center, Bridgestone Arena, more than 500 bars and restaurants and over 100 shopping outlets. The hotel’s physical amenities include an outdoor pool and a business center. “Nashville remains among the most dynamic growth markets in the country, with a highly diversified demand base across multiple segments,” says Dustin Fisher, vice president at Noble Investment Group. Nashville has been a consistent growth center in the Southeast for over 30 years, growing by more than 2 percent every year from 1991 to 2020, according to Macrotrends. The metro-area population more than doubled in that time, from 643,000 in 1994 to more than 1.3 million in 2024. — Taylor Williams
SMYRNA, GA. — Cushman & Wakefield has arranged the sale of Harlow, a newly constructed, 303-unit multifamily community located in Smyrna, roughly 15 miles northwest of Atlanta. RA Capital Partners acquired the property from the developer, South City Partners, for an undisclosed price. Situated in proximity to The Battery and Truist Park, home stadium of the MLB’s Atlanta Braves, the community features 6,000 square feet of activity and amenity space. Robert Stickel, Alex Brown, Ashlyn Warren, Michael Kay and Sim Patrick of Cushman & Wakefield represented the seller in the transaction.
ATLANTA — Innova Solutions has acquired 1455 Lincoln Parkway, a 186,846-square-foot office building in Atlanta. The global talent and IT solution company plans to relocate its headquarters to the property and occupy two floors totaling 50,010 square feet. Florida-based Parmenter Realty Partners, which acquired the property in 2015, sold the building for an undisclosed price. Built in 1986, the building features an onsite café, conference center and a fitness center with shower and locker facilities. Innova Solutions will bring the property to 82 percent occupancy. Brian Howell and Jack Arnold of Bridger Properties will continue to manage leasing at the property on behalf of Innova Solutions. Jay O’Meara, Nima Ghomghani and Paul Holmes of CBRE represented the buyer in the transaction.
MIAMI — JLL has brokered the $38.5 million sale of Milpa & Wesley Center, an industrial portfolio located at 6801-7500 N.W. 77th Ave. in Miami. The property, which was 91 percent occupied at the time of sale, comprises 182,575 square feet across six buildings. Cofe Properties LLC sold the portfolio to Miami Palmetto Property LLC, an entity co-sponsored by East Capital Partners and ABR Capital Partners’ GP Investment Program. Luis Castillo, Cody Brais, Wells Waller, Taylor Osborne and Aaliyah St. Louis of JLL represented the seller in the transaction. The property features 17- to 19-foot clear heights, 12 dock-high and 101 grade-level doors and 275 parking spaces.
LAKE WORTH, FLA. — BEB Lending has provided a $9.7 million loan for the acquisition of an industrial property located at 1800 Hypoluxo Road in Lake Worth, a city in South Florida’s Palm Beach County. The 77,657-square-foot property is leased to a mix of small-bay and self-storage industrial tenants. Sean Silverbrook of BEB originated the 24-month bridge loan. Juda Hersh represented the borrower, Hersh Equity Group (HEG), on an in-house basis.
FREDERICK, MD. — X-Golf America will open a 13,414-square-foot entertainment venue in Frederick, marking the company’s largest location to date. Situated within the 200,000-square-foot Westview Promenade, the store is scheduled to open this month. In addition to eight indoor golf simulators, the venue will feature full-service sports bar and restaurant. Ashley Zito and Danielle Bridge represented the landlord, Hill Management Services, in the lease transaction on an internal basis. Franchisees and husband-and-wife team Jillian and Matthew Louden will own and operate the facility. X-Golf America’s portfolio currently includes more than 80 stores across 36 states.
ATLANTA — Hilton Worldwide Holdings (NYSE: HLT) has opened Signia by Hilton Atlanta in the city’s downtown district. At 976 rooms and 1.3 million square feet, the project represents the largest hotel development in the city in at least 40 years, according to Hilton. The property is also the first new-build hotel for the company’s Signia brand, as well as the first Signia property in Georgia. The Georgia World Congress Center Authority (GWCCA), which owns and operates the adjacent Georgia World Congress Center, is the owner of the Signia hotel. Development costs were not disclosed, but the Atlanta Business Chronicle reports that the project cost roughly $450 million to develop. Built on the grounds of the former Georgia Dome, a sports and concert arena that was demolished in November 2017, the 42-story hotel is the lodging component of the GWCCA’s “Championship Campus,” which is self-described as “North America’s largest combined convention, sports and entertainment destination.” The campus also includes Georgia World Congress Center, Centennial Olympic Park and Mercedes-Benz Stadium, which is the home arena of the NFL’s Atlanta Falcons and MLS’s Atlanta United. The hotel is also adjacent to State Farm Arena, home of the NBA’s Atlanta Hawks, and Centennial …
In recent years, Atlanta has become a top choice for corporate relocations, causing double-digit multifamily rental rate growth, an increase in pricing and a general benefit to the industry as a whole. In 2021, rental rates rose at an average of 11.7 percent and last year that number reached 16.8 percent. As a result, from 2021 through much of 2022 the metropolitan area experienced a record amount of investment activity, with $20.8 billion and $14.8 billion trading hands, respectively. During the first six months of 2023, however, transaction activity slowed and began returning to more typical levels, dropping approximately 82 percent year-over-year from those highs. Much of the decline in transaction activity experienced today can be accredited to the Federal Reserve’s sizable interest rate hikes over the past 18 months, resulting in a significant expansion in cap rates and a divide between buyer and seller pricing expectations. During the first half of 2023, approximately 54 transactions occurred, compared to 172 recorded for the same period last year for assets valued at $5 million or more. Much of this activity was driven by smaller deal sizes and private capital as institutional investors embrace a “wait and see” agenda in hopes of …
TORONTO AND WASHINGTON, D.C. — Avison Young has entered into an agreement to acquire Madison Marquette’s retail platform for an undisclosed price. The acquisition will include the Washington, D.C.-based firm’s retail property management, marketing and leasing services throughout the United States; and a portfolio comprising more than 6.1 million square feet of properties managed and leased by Madison Marquette. Madison Marquette teams will integrate with those of Toronto-based Avison Young in Los Angeles, New Jersey, Philadelphia, Indiana, Arkansas, Maryland, Virginia, Atlanta and Florida, and the acquisition expands Avison Young’s presence to Seattle. In 2022, Avison Young acquired Madison Marquette’s office and industrial property management, agency leasing and project management service lines. “Avison Young is going all-in into the retail sector, and I am eager to take the firm’s vision of expanding its retail platform to the next level with the help of our strong team of retail leasing, management, marketing and market intelligence experts and Avison Young’s innovative data capabilities,” says Gavin Farnam, principal and managing director of U.S. retail services with Madison Marquette. Farnam will lead Avison Young’s U.S. retail property management and leasing teams.