HILTON HEAD ISLAND, S.C. — Cushman & Wakefield has brokered the $10.3 million sale of Tidal Bluff, a 30-unit single-family rental (SFR) residential community on Hilton Head Island. Built in 2003, the gated property is situated along tidal marshes with proximity to the beach, Publix, Harris Teeter and Starbucks. Louis Smart, Taylor Bird and Austin Green of Cushman & Wakefield represented the seller, Singerman Real Estate LLC, in the transaction. The buyer was an unnamed private investor.
CHARLOTTE, N.C. — KBS has signed three tenants to leases totaling 49,135 square feet at Carillon, a 24-story office tower in Uptown Charlotte. The landlord has signed a 37,909-square-foot lease renewal with the U.S. General Services Administration (GSA), on behalf of the U.S. Attorney’s Office; an expansion with Lazard, a global financial services firm; and an 1,836-square-foot lease with Moffatt & Nichol Inc., a global infrastructure advisory firm that renewed its lease. Jennifer Kurz, Rhea Greene and Tim Arnold of Trinity Partners represented KBS in the lease transactions. Carillon shares a newly revamped courtyard with the Grand Bohemian Hotel next door. Common amenities include a conference center, onsite Bright Horizons childcare center, fitness center with showers, car wash and Morton’s Steakhouse.
ATLANTA — Charlie Jennings, chief development officer with Vero Beach, Fla.-based Harbor Retirement Associates, said he would challenge the “Stay alive until ‘25” mantra that some real estate professionals are touting amid today’s economic uncertainty. The phrase is a play on the late billionaire investor Sam Zell’s remarks amid the downturn in 1991 when he coined the mantra “Stay alive until ’95.” “I do not agree with that at all; that insinuates that we’re just going to sit on our hands as an industry and wait for somebody else to turn the lights back on,” said Jennings. “Our industry will continue to grow, push forward and be innovative, and build relationships outside the normal REIT and private equity model that we’ve all grown accustomed to.” Jennings’ remarks came during the development outlook panel at the 10th annual InterFace Seniors Housing Southeast, a conference hosted by France Media’s InterFace Conference Group and Seniors Housing Business on Wednesday, Aug. 16 at the Westin Buckhead in Atlanta. Todd Hudgins, senior vice president of senior living for Madison, Wisconsin-based ERDMAN, moderated the panel. Jennings went on to say that while it is tough to get a deal done right now, eventually it will get …
ATLANTA — Morning Calm Office Finance, a joint venture between Morning Calm Management and an unnamed global investment manager, has originated a $59 million loan for the refinancing of 8West, a new creative office building in Atlanta’s West Midtown district. Completed in 2020, the 193,000-square, nine-story building is located at 889 Howell Mill Road. The borrower, The Atlantic Cos., is using the loan to refinance the maturing construction debt on the property. The property features a fitness facility, rooftop deck and catering kitchen, common collaborative spaces and conference facilities and an outdoor public plaza. Ford Motor Co. is a major tenant at 8West.
CHARLOTTE, N.C. — Crescent Communities has broken ground on AXIAL Rapid Commerce, a 449,000-square-foot speculative industrial facility in Charlotte. The infill, Class A building will be located at 500 Rhyne Road, a half-mile from I-485 and 2.5 miles from I-85. AXIAL Rapid Commerce will include 36-foot clear heights and 3,850 square feet of office space, as well as 338 auto parking spaces, 106 trailer parking spaces and two drive-in doors. The design-build team includes development partner Fortius Capital Partners, joint venture equity partner Pacolet Milliken, DMA Architecture, Orsborn Engineering, Evans General Contractors, lender TD Bank and leasing agency Colliers. The development team expects to deliver AXIAL Rapid Commerce in third-quarter 2024.
HOLLYWOOD, FLA. — Pinnacle has obtained $47.8 million in financing for the development of the second phase of Pinnacle 441, a 100-unit affordable housing project in Hollywood. The eight-story building will be situated at 6028 Johnson St., a site that previously housed a trailer park and sits adjacent to Phase I of Pinnacle 441. Pinnacle plans to break ground on Phase II this month and wrap up construction in approximately 16 months. The property will feature one-, two- and three-bedroom units, as well as one live-work space with commercial frontage along Johnson Street. Units will be reserved for individuals and families earning up to 60 percent of Broward County’s median income. Amenities for both phases will include a fitness facility, virtual reality gaming room and indoor/covered outdoor lounge. Amenities unique to Phase II will include indoor meeting space and a cyber lounge. Funding sources for Phase II of Pinnacle 41 include tax credit equity financing and construction debt from Bank of America, tax-exempt bonds issued by Broward County Housing Finance Authority, permanent financing from Citibank, $10 million in gap financing from Broward County, $1 million from the City of Hollywood and $6.6 million from Florida Housing Finance Corp.
MIAMI — Cushman & Wakefield has arranged a 128,450-square-foot office lease renewal at Wells Fargo Center in downtown Miami on behalf of the landlord, an affiliate of MetLife Inc. The tenant is global law firm Greenberg Traurig, which occupies five floors at the 47-story tower. The lease renewal is the largest office lease in Miami over the past five years, according to Cushman & Wakefield. Brian Gale, Ryan Holtzman, Andrew Trench and Edward Quinon of Cushman & Wakefield represented the landlord in the lease negotiations. Michael Shuler, Jeremy Hakala and Clay Sidner of Newmark represented the tenant. Over the past nine months, the Cushman & Wakefield team has executed over 250,000 square feet of leasing transactions, bringing Wells Fargo Center to 93 percent occupancy.
HOOVER, ALA. — Marcus & Millichap has brokered the $4.9 million sale-leaseback of 5 Inverness Center Parkway, a 15,851-square-foot office building in Hoover. Built in 2005, the three-story office building was fully leased at the time of sale to eQRP Inc., a self-directed 401k company. The property features common areas, conference rooms, a fitness center and a podcast studio. The tenant, an entity doing business as Fuden LLC, sold the property to Wakefield Enterprises LLC and leased the property back. Brian Higdon and Nick Neuroth of Marcus & Millichap’s Birmingham office represented the seller in the transaction.
ATLANTA — Core Spaces has opened Hub Atlanta, a 792-bed student housing community located near the Georgia Tech campus in Atlanta’s Midtown neighborhood. The 19-story property offers 292 units in studio through six-bedroom configurations. Amenities include a fitness center, coworking spaces, private study lounges, a rooftop pool deck with a hot tub, dog park, 6,990 square feet of ground-floor retail space and a four-story parking garage. New Here Coffee operates a coffee shop. Curioso provided interior design services alongside Core’s in-house design team. Hartshorne Plunkard Architecture served as the architect, and Juneau Construction Co. was the general contractor. Core Spaces is managing the community. Residents recently moved in for the 2023-2024 school year, and leasing is now open for next year. Core Spaces focuses on developing, buying and managing student housing and build-to-rent communities. The firm maintains offices in Austin and Chicago. — Kristin Harlow and Katie Sloan
TAMPA, FLA. — Newbond Holdings has acquired Aloft Tampa Downtown Hotel, a 130-room hotel located on the Riverwalk in downtown Tampa. Amenities at the property include a waterfront pool and gym, corporate meeting and event space and a bar and lounge. The acquisition brings Newbond’s footprint along the riverfront, which also includes the Hotel Tampa Riverwalk, to more than 700 hotel rooms. JLL arranged acquisition financing on behalf of Newbond, which plans to implement renovations to the guest rooms, public areas and pool deck. Plasencia Group represented the undisclosed seller in the transaction. The sales price was not disclosed.
