NASHVILLE, TENN. — Turnberry plans to develop and operate The St. Regis Nashville and The Residences at The St. Regis Nashville, a 39-story hotel-condo tower at 805 Demonbreun St. in Nashville. The property will span 740,000 square feet and feature 177 hotel rooms and 111 for-sale residences, as well as a fine-dining restaurant, lobby bar, three-meal restaurant, full-service spa and two amenity decks — one for hotel guests and one for residents. The design team includes architectural firm Morris Adjmi, interior designer Meyer Davis and architect of record Smallwood, Reynolds, Stewart, Stewart. St. Regis Hotels & Resorts is a brand within the Marriott International family. The property will be situated adjacent to the JW Marriott Nashville, which Turnberry delivered in 2018. The South Florida-based developer plans to break ground on St. Regis Nashville in 2025.
FAYETTEVILLE, N.C. — Greystone has provided an $18.6 million Freddie Mac loan for the refinancing of Keystone Apartments, a 202-unit multifamily property in Fayetteville, about 64 miles south of Raleigh. Justin Hechler of Greystone originated the nonrecourse, fixed-rate loan on behalf of the borrowers, Magma Equities and Prudent Growth Partners. The financing was underwritten with a five-year term, two years of interest-only payments and a 30-year amortization schedule. Built in 1974, Keystone Apartments features one- and two-bedroom units, as well as a clubhouse, fitness center, swimming pool and a dog park.
ADAIRSVILLE, GA. — Colliers has brokered the $16.3 million sale-leaseback of 400 Princeton Boulevard, a 294,020-square-foot distribution center located on a 17.5-acre site in Adairsville, about 60 miles northwest of Atlanta via I-75. The seller, The Dixie Group, sold the facility and leased it back for 10 years from the buyer, a private owner-operator based in California. Todd Harrell and Steve Bartlett of Colliers represented the seller in the transaction. Hagan Dick and Doug Alexander of Colliers’ Debt & Equity team assisted with the loan assumption on behalf of the buyer. 400 Princeton is close to I-75, Ga. Highway 104 and a CSX rail line, as well as within an hour’s drive to Appalachian Regional Port, an inland port that provides direct rail connection to the Port of Savannah.
LONGBOAT KEY, FLA. — Marcus & Millichap has arranged the $7.5 million sale of Centre Shops, an oceanfront retail center located at 5370 Gulf of Mexico Drive in Longboat Key, a barrier island near Sarasota, Fla. Situated on a 4.7-acre site in Manatee County, the five-building property features 37,880 square feet of retail space that was 95 percent leased at the time of sale to tenants including Lazy Lobster Restaurant, Longboat Key Flower Shop, Pilates Longboat Key, La Norma Italian, Blue Dolphin Café, The UPS Store and Longboat Resort Wear. Nearly two-thirds of the tenant roster has operated at the retail center for seven years or longer. James Medefind of Marcus & Millichap’s Tampa office represented the Florida-based seller in the transaction. Jeff Enck of SRS Real Estate Partners represented the undisclosed buyer. Centre Shops has recently undergone improvements including new roofing and exterior lighting and a revamped parking lot.
SAN FRANCISCO — San Francisco-based Stockbridge Capital Group has completed the disposition of Project RedHawk, a 1.7 million-square-foot light industrial portfolio spread across multiple markets. The portfolio was sold in four separate transactions to two different buyers between December 2023 and January 2024 and comprises four sub-portfolios totaling 49 buildings in Tempe, Ariz.; San Jose, Calif.; Denver; and Pompano Beach, Fla. BKM Capital Partners acquired Gateway University Park I & II, a 16-building, 258,409-square-foot asset at 1605-1635 and 1705-1797 W. University Drive in Tempe, and Junction Business Park, a two-building, 119,101-square-foot property at 1911-1943 Hartog Drive and 1914-1968 Junction Ave. in San Jose. A partnership between a global manager of alternative investments and Brennan Investment Group purchased The Montebello Industrial Portfolio, a 17-building, 856,013-square-foot asset in Denver, and Powerline Business Park, a 14-building, 444,120-square-foot in Pompano Beach, Fla. Jim Carpenter and Will Strong of Cushman & Wakefield’s National Industrial Advisory Group, along with IAG’s Kirk Kuller, Michael Matchett, Molly Hunt, Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Jeff Chiate, Rick Ellison and Matthew Leupold, in partnership with Robert Buckley, Tracey Cartledge, Scott Prosser, Steve Hermann and Jack Depuy of Cushman & Wakefield represented all parties in the transactions. Gideon Gil, …
Affordable HousingDevelopmentFloridaLeasing ActivityMixed-UseMultifamilyOfficeRestaurantRetailSeniors HousingSoutheastTop Stories
SG Holdings Completes Leasing at $350M Mixed-Use Development in Miami, Plans Summer Opening
MIAMI — SG Holdings has completed leasing at Sawyer’s Walk, a 3.4-acre mixed-use development underway in Miami’s Overtown neighborhood. The project, which will feature retail space, offices and affordable housing for seniors, is set to open this summer. SG Holdings is a partnership comprising Swerdlow Group, SJM Partners and Alben Duffie. The development team broke ground on Sawyer’s Walk in summer 2021. The development costs were not disclosed, but the Miami Herald reported the price tag hovers around $350 million. “The anticipated delivery of our mixed-use development will serve as an economic catalyst for Overtown, with the creation of over 1,000 quality jobs, the opening of a new full-service supermarket and mix of national retail stores that will serve the immediate community and surrounding neighborhoods,” says Michael Swerdlow, managing partner of Swerdlow Group. Sawyer’s Walk will feature 175,000 square feet of retail space. Committed tenants include Target (50,000 square feet), Aldi (25,000 square feet), Ross Dress for Less, Five Below, Tropical Smoothie Café and Burlington. MSC Group, a global cargo ship line and the world’s third-largest cruise line, purchased the property’s 130,000 square feet of office space with plans to combine its South Florida cruise and cargo operations under one roof. …
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Previous Year’s Challenges Shape 2024 Outlook for Cap Rates, Investment Activity, Distressed Properties
If NAI Global president and CEO Jay Olshonsky had to use one word to sum up the 2023 commercial real estate market, it would be “inactive.” The interest rate-fueled bid-ask spread stifled investment sales of all property types, and in the office sector especially, tenants avoided making any space decisions if they didn’t have to. One month into 2024, not much has changed. From an investment sales perspective, Olshonsky still sees properties offered at capitalization rates between 4 and 5 percent while interest rates are 6 percent or higher, which is prolonging the disconnect between buyers and sellers. Meanwhile, robust job creation well beyond today’s levels is needed to create the leasing demand that will reverse the office sector’s troubles in the new era of hybrid work. But that’s not likely to happen in 2024 as the tech sector, in particular, continues to lay off workers. “I’ve been in the real estate business a long time, and this is a cycle unlike most others,” says Olshonsky. “The biggest problem we have right now is mainly record-high office vacancy just about everywhere — certainly in the large cities — which we’ve never really seen before. On the investment side, lenders cannot …
SAN DIEGO — JLL has secured a $149 million loan for the refinancing of a three-property multifamily portfolio in the Southeastern United States. Aldon Cole, Tim Wright and Bharat Madan of JLL’s San Diego office arranged the three-year, fixed-rate loan through a life insurance company on behalf of the borrower, Sunroad Enterprises. The properties in the portfolio include the 313-unit Verde Vista in Asheville, N.C.; the 288-unit Avenues at Verdier Point in Charleston, S.C.; and the 256-unit Adara at Godley Station in Savannah, Ga. San Diego-based Sunroad Enterprises acquired the three properties in 2021 and has since completed 100 percent of its planned exterior and common area renovations and 50 percent of interior renovations.
ATLANTA — Jamestown has announced details about its 405-unit hospitality tower underway at Ponce City Market, a large-scale mixed-use development in Atlanta’s Old Fourth Ward district. The project, branded Scout Living, is part of Ponce City Market’s second phase, which also includes 619 Ponce and Signal House. The property will feature fully furnished one- and two-bedroom units for short-term and extended stays, including full kitchens, appliances and separate living and sleeping spaces. Rooftop amenities will include a pool, wellness studio, terrace, rentable livings rooms and a chef’s kitchen. Scout Living’s second floor will feature lounge, meeting and event spaces for guests. The property will also feature 12,000 square feet of retail space with 21-foot ceilings on the ground floor that will be occupied by a food-and-beverage concept and convenience shopping, as well as a courtyard that connects the property to other elements of Ponce City Market and the Atlanta BeltLine. When Phase II construction is complete, Ponce City Market will include five buildings offering more than 700,000 square feet of office space, 350,000 square feet of retail space and more than 800 residential and hospitality living units. Jamestown is aiming for all three components of Phase II to achieve LEED …
NORFOLK, VA. — Berkadia has negotiated the $38.5 million sale of Woodmere Trace, a 300-unit apartment community located at 6741 E. Tanners Creek Drive in Norfolk. Raleigh-based Fulton Peak Capital purchased the garden-style property from Enterprise Community Development, a nonprofit owner and developer of affordable housing in the Mid-Atlantic. Drew White, Carter Wood and Cole Carns of Berkadia represented the seller in the transaction. Additionally, Patrick McGlohn, Brian Gould, Miles Drinkwalter and Hunter Wood of Berkadia arranged a $25.5 million Fannie Mae acquisition loan on behalf of the buyer. Built in 1974, Woodmere Trace was renovated in 2014 and features one- and two-bedroom floor plans. Amenities include a swimming pool, laundry facility, fitness center, picnic pavilion with grilling stations, playground and a dog park.