Southeast

LD&D Plans $200M Cass Square Mixed-Use Project in Tampa, Florida

by Jeff Shaw January 19, 2024

TAMPA, FLA. — LD&D, an investment, development and design firm headquartered in Miami, has unveiled plans for its $200 million Cass Square mixed-use project in downtown Tampa. LD&D plans to break ground on Phase I of the project, a luxury multifamily tower, this summer. The 28-story multifamily building will be called DoMo at Cass Square. The high-rise community will offer 360 units, as well as more than 45,000 square feet of amenities, a 586-space parking podium and 32,500 square feet of ground-floor retail. Planned amenities include a wellness area, 10,000 square feet of co-working space, a pickleball court and a sky lounge on the 26th floor. Future phases of Cass Square will include various retail offerings and a 10-story hotel. The development will also feature a pedestrian paseo connecting the residential and hotel sections with restaurants and other retail experiences. LD&D has partnered with Dynamic Group and Marriott to develop the hotel portion, which will be a 178-key Element by Westin property. Amenities will include a fitness center with food and beverage programs and a pool. Rooms will feature double-height ceilings and windows. The developers expect to break ground on the hotel by the end of the year. LD&D acquired …

January 19, 2024

Acquisitions Development Florida Industrial Southeast

Avison Young Negotiates Sale of 3,400-Acre Industrial Development Site in Central Florida

by John Nelson January 18, 2024

SUMTER COUNTY, FLA. — Avison Young has brokered the $40 million sale of Monarch Ranch, a 3,400-acre industrial development site in Central Florida’s Sumter County. University Park, Fla.-based Benderson Development purchased the land in partnership with The Villages, a census-designated place (CDP) situated at the north end of Sumter County and Marion County. The site is located near the convergence of I-75 and the Florida Turnpike within an hour’s drive of both Orlando and Tampa. Situated between Sumter County cities Wildwood and Coleman, the Monarch Ranch property use will continue as agriculture until possible large-scale industrial development plans are in place, according to Avison Young. Jay Ziv, Michael Fay, John Crotty, David Duckworth, Brian de la Fé and Greg Morrison of Avison Young marketed and brokered the sale of Monarch Ranch on behalf of the undisclosed seller as appointed by the court.

January 18, 2024

Acquisitions Georgia Retail Southeast

Nuveen Acquires 80,7480 SF Shopping Center in Metro Atlanta

by John Nelson January 18, 2024

PEACHTREE CITY, GA. — Nuveen Real Estate has acquired Peachtree Crossing, an 80,748-square-foot shopping center located in Peachtree City, roughly 30 miles outside Atlanta. Harbour Real Estate Partners sold the property for an undisclosed price. Brad Buchanan, Jim Hamilton and Andrew Michols of JLL represented the seller in the transaction. Built in 1978 and renovated in 2011, the center was fully leased at the time of sale to tenants including The Fresh Market, Peachtree City Eye Center, Bintelli Golf Carts, Heirloom Market, Mina’s Hallmark, Hollywood Feed, Campanile’s Home Inside & Out, Georgia Shrimp Co. and W. Daly Salon. Situated at 100 N. Peachtree Parkway, the center is located approximately 15 miles south of Hartsfield-Jackson Atlanta International Airport.

January 18, 2024

Development Industrial Loans South Carolina Southeast

IPA Arranges $23M Construction Loan for Industrial Project Near Charleston

by John Nelson January 18, 2024

SUMMERVILLE, S.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $23 million construction loan for the development of a 39-acre industrial park in the Charleston suburb of Summerville. Todd McNeill and Sunny Sajnani of IPA’s Dallas office arranged the three-year construction loan through Southern States Bank on behalf of the borrower, Atlanta-based Capital Development Partners. The loan was underwritten at a 65 percent loan-to-cost ratio. Boasso Global, a provider of cleaning, maintenance, storage and transportation services for the tank trailer and container industry, will occupy the park, which is located near I-26 and I-526 and a short drive to Port of Charleston’s North Charleston Terminal. The construction timeline was not disclosed.

January 18, 2024

Leasing Activity Maryland Office Southeast

Armada Hoffler Signs Law Firm to 10,000 SF Office Lease at Wills Wharf in Baltimore

by John Nelson January 18, 2024

BALTIMORE — Armada Hoffler has signed global law firm Duane Morris LLP to a nearly 10,000-square-foot office lease at Wills Wharf, a 325,000-square-foot mixed-use building in Baltimore’s Inner Harbor District. The office building is a component of Harbor Point, Armada Hoffler’s waterfront mixed-use campus. Peter Jackson, Tony Gross and Rob Freedman of JLL represented Armada Hoffler in the lease transaction, which brings Harbor Point’s office occupancy to 97.1 percent. David Fields of CBRE represented Duane Morris, which employs more than 900 attorneys in the United States and globally. Other tenants at Wills Wharf include Franklin Templeton, Transamerica, EY, Jellyfish and Bright Horizons. The building also houses a Canopy by Hilton hotel.

January 18, 2024

District of Columbia Hospitality Southeast

CoStar: US Hotels Posted Record Revenues in 2023

by John Nelson January 18, 2024

WASHINGTON, D.C. — The U.S. hotel sector posted its highest average daily rate (ADR) and revenue per available room (RevPAR) on record, according to 2023 data from CoStar. ADR ended the year at $155.62, a 4.3 percent increase compared to year-end 2022, and RevPAR settled at $97.97, a 4.9 percent hike from 2022. Additionally, the U.S. hotel industry enjoyed its highest occupancy levels since 2019. The occupancy rate at year-end was 63 percent, a 60-basis-point increase year-over-year. Among the top 25 markets tracked by CoStar, New York City experienced the highest occupancy rate (81.6 percent, up 8.8 percent year-over-year), ADR ($301.22, up 8.5 percent) and RevPAR ($245.77, a 18.1 percent hike). New Orleans and Miami recorded the only RevPAR decreases, falling 6.8 percent and 6.7 percent year-over-year, respectively.

January 18, 2024

Acquisitions Development Florida Hospitality Southeast

Gencom Retakes Majority Ownership of Ritz-Carlton Key Biscayne Hotel in Miami, Plans $100M Overhaul

by John Nelson January 17, 2024

MIAMI — Gencom has retaken the majority ownership of Ritz-Carlton Key Biscayne, a 291-room hotel located at 455 Grand Bay Drive in Miami’s barrier island of Key Biscayne. The locally based company developed the 17-acre resort in 2000 and later sold the majority stake to a privately held REIT in a three-property portfolio deal valued at $750 million. Ritz-Carlton Key Biscayne includes several swimming pools; 1,000 feet of beach frontage; six restaurants, bars and cafes; 37,000 square feet of meeting space; health and wellness amenities including a fitness center, tennis center and spa; and 188 condo-hotel units, which were not part of the acquisition. Citigroup and affiliates of KSL Capital Partners LLC provided financing for Gencom’s purchase, the terms of which were not disclosed. Gencom is planning a $100 million overhaul of the 13-story hotel that is slated to start in 2025. The renovation will include major upgrades to the guestrooms, food-and-beverage offerings, public spaces and guest amenities.

January 17, 2024

Acquisitions Florida Retail Southeast

Colliers Arranges $30.5M Sale of Shopping Center in Sarasota, Florida

by John Nelson January 17, 2024

SARASOTA, FLA. — Colliers has arranged the $30.5 million sale of Glengary Shoppes, a 95,489-square-foot shopping center located along South Tamiami Trail in Sarasota. University Park, Fla.-based Benderson Development purchased the property from Jacksonville-based REIT Regency Centers. Brad Peterson and Whitaker Leonhardt of Colliers represented the seller in the transaction. Built in 1995, Glengary Shoppes was 97 percent leased at the time of sale to tenants such as Best Buy and Barnes & Noble. Regions Bank and IHOP occupy outparcels at the shopping center.

January 17, 2024

Development Office Southeast Tennessee

Equitas Management Completes Renovation of 57,000 SF Office Building in Chattanooga, Tennessee

by John Nelson January 17, 2024

CHATTANOOGA, TENN. — Equitas Management Group has completed renovations for One Park Place, a 57,000-square-foot office building located at 6148 Lee Highway in Chattanooga. The property is fully leased to tenants including Equitas Management and EMJ, a general contractor that oversaw the renovations as well as constructed the building originally in 1984. Other tenants include medical, legal and financial services tenants, among others. Designed by HK Architects, the renovations include a new sleek black exterior, updated atrium, modernized offices and conference spaces and a grand balcony.

January 17, 2024

Acquisitions Georgia Office Southeast

Marcus & Millichap Negotiates $14.5M Sale of Vacant Office Building in Alpharetta, Georgia

by John Nelson January 17, 2024

ALPHARETTA, GA. — Marcus & Millichap has negotiated the $14.5 million sale of Woodside Terrace, a four-story office building located at 3755 Mansell Road in Alpharetta, a northern suburb of Atlanta. The vacant property spans 123,982 square feet and is situated on a 9.9-acre site. Bob Johnson and Paul Johnson of Marcus & Millichap’s Atlanta office represented the seller, Ravi Zacharias International Ministries (RZIM), in the transaction. The buyer is Free Chapel Worship Center. The office building features an onsite café, fitness center, lakeside patio area and a fully operational TV and recording studio. Marcus & Millichap also represented RZIM when the company purchased the asset in 2016.

January 17, 2024

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