MIAMI BEACH, FLA. — CBRE has brokered the $15 million sale of Greenview Hotel, a 45-room boutique hotel located at 1671 Washington Ave. in Miami Beach. Natalie Castillo and Austin LaPoten of CBRE Hotels represented the seller, an entity doing business as Greenview Hotel LLC, in the transaction. The buyer was a private investor with other South Florida hotels in its portfolio.
ORLANDO, FLA. — Marcus & Millichap has arranged the $7.2 million sale of a single-tenant building located at 2701 South Orange Ave. in Orlando. CVS occupies the building, which comprises 13,616 square feet, on a net-lease basis. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap represented the undisclosed seller in the transaction.
The Atlanta industrial market needs very little validation when it comes to answering the question “Why Atlanta?” More than a dozen companies started or based in Atlanta have grown over the past decade to valuations above $1 billion. Metro Atlanta had the second highest rate of job growth in the nation among large metro areas (6.7 percent), according to the U.S. Bureau of Labor Statistics. So rather than ask “Why Atlanta,” the better question is “Where in Atlanta?” As the Southeast’s population continues to grow, the metro Atlanta area continues in equal parts to add density to its thriving urban core as well as expand its suburban reach. With limited geographic barriers to development, outlying towns are quickly becoming absorbed into the definition of the Atlanta area. This persistent growth is placing demand on industrial space at an all-time high, requiring a nuanced view of site selection within the Atlanta MSA. The four corners of the Atlanta market reach nearly 60 miles from the urban center in each direction along highways I-75 and I-85, with new speculative projects under construction as far out as Adairsville, Commerce, Locust Grove and La Grange. Its breadth now includes Bremen and Rutledge in either …
MANASSAS, VA. — Skanska has topped out George Mason University’s new Life Sciences and Engineering Building at the school’s Prince William County Science and Technology (SciTech) Campus in Manassas. The $83.6 million, 132,000-square-foot building will support students enrolled in STEM-H majors, such as kinesiology, materials science, forensic science, bioengineering and mechanical engineering. (STEM-H is short for science, technology, engineering, math and health sciences.) The facility will comprise specialized instructional labs, classrooms, experiential learning laboratories and faculty and administrative offices. The property will also be part of the university’s Innovation Town Center, which will provide students at the SciTech Campus with a residential campus experience from their freshman year through their post-graduate work.
ATLANTA — Hunter Hotel Advisors, a national hospitality brokerage firm based in Atlanta, has arranged the sale of four hotels in Alabama totaling 361 rooms. The assets include Home2 Suites Madison Huntsville Airport, Hilton Garden Inn Madison, Home2 Suites Decatur Ingalls Harbor and Home2 Suites Opelika Auburn. Tim Osborne and Trey Scott of Hunter represented the seller, an undisclosed institutional investment firm, in the sale. The portfolio’s buyer and sales price were also not disclosed.
CHARLOTTE, N.C. — Northridge Capital, an independent real estate management firm based in Washington, D.C., has sold a historic creative office building in Charlotte’s FreeMoreWest submarket. An undisclosed real estate investment firm based in Charlotte purchased Grinnell Water Works, located at 1435 W. Morehead St., for $19.2 million. Alex Olofson of Stream Realty Partners and Jared Londry of PointBlank Ventures represented Northridge Capital in the transaction. Grinnell Water Works was built in 1930 and offers approximately 52,000 square feet of rentable office space across two floors. The asset was 70 percent leased at the time of sale.
WAYNESVILLE, N.C. — Divaris Real Estate has brokered the $14.8 million sale of Russ Avenue Plaza, a shopping center located at 1153-1220 Russ Ave. in Waynesville, approximately 26 miles west of Asheville, N.C. The 17-acre retail property formerly housed a big-box Kmart store. Jessica Johnson of Divaris represented the seller, an entity doing business as Russ Avenue Plaza LLC, in the transaction. The buyer and future plans for Russ Avenue Plaza were not disclosed.
SUNRISE, FLA. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided a $12.8 million bridge loan for Pine Island Plaza, a 104,000-square-foot, grocery-anchored shopping center in Sunrise. The borrower was not disclosed. The South Florida shopping center comprises 21 tenants, including an unnamed national grocer that will open its doors in June. This transaction marks Dwight Mortgage Trust’s entry into the retail sector.
KNOXVILLE, TENN. — A public-private partnership between the University of Tennessee (UT) and RISE: A Real Estate Co. has announced plans to develop three residence halls on the university’s campus in Knoxville. The three seven-story communities are expected to add 2,500 beds to the university’s housing inventory. Development plans include two communities on Andy Holt Avenue and Caledonia Avenue that will target first- and second-year students. The projects will offer 750 and 1,100 beds, respectively, in fully furnished, one- and two-bedroom units with en-suite bathrooms. Both buildings will include office space for staff and lounge space for students. The development cost for the two communities, which are expected to open in fall 2025, totals approximately $180 million. The third residential community will be located adjacent to the university’s Lindsey Nelson Stadium and will offers 750 beds in two- and four-bedroom apartment-style units. The project, which will cost roughly $129 million to develop, is scheduled for completion in fall 2026. The site will also feature an indoor practice facility that will complement other renovations and enhancements currently underway at the stadium. Pending state approvals, the projects will be delivered through a ground-lease structure in which UT will retain ownership of the …
HUNT VALLEY, MD. — St. John Properties has purchased a 17-acre parcel at the corner of York Road and Wight Avenue in Hunt Valley, about 18 miles north of Baltimore. The locally based developer purchased the land from Noxema for an undisclosed price. Jay Wellschlager of JLL represented the seller in the transaction, and Sean Doordan and Alex Lyons represented St. John Properties internally. On the site, St. John Properties plans to build Hunt Valley Exchange, a 110,000-square-foot mixed-use complex that will feature flex and research-and-development buildings, inline shops and restaurants and retail pad sites. Construction is expected to commence immediately.
