Southeast

Trammell Crow Co., GATV Top Out 13-Story Science Square Labs Development in Atlanta

by John Nelson August 22, 2023

ATLANTA — Trammell Crow Co. and partner Georgia Advanced Technology Ventures (GATV) have topped out Science Square Labs, a 13-story research-and-development (R&D) facility located adjacent to the Georgia Tech campus in Atlanta. GATV is a cooperative organization of Georgia Tech. The 368,258-square-foot building is part of the first phase of Science Square, an 18-acre mixed-use development that will offer laboratory, R&D offices, dining options and residences. Brasfield & Gorrie is the general contractor on Phase I of Science Square. Also part of the first phase is a 280-unit residential tower by High Street Residential, an affiliate of Trammell Crow Co. The developers aim to deliver Phase I in the first quarter of 2024. Designed by Perkins & Will, Science Square Labs will feature wet and dry laboratories, collaborative spaces, food-and-beverage outlets, a fitness center, interactive conference rooms, indoor/outdoor lounge, catering kitchen and six “graduator” speculative lab/office suites that will accommodate growing life sciences firms. Additionally, Cherry Street Energy is installing a 38,000-square-foot solar panel array atop the parking garage. The design-build team is aiming for Science Square to achieve LEED Gold and WELL certifications. In addition to the topping out, the ownership group has signed the first tenant at Science …

August 22, 2023

Development Georgia Multifamily Southeast

Mill Creek Residential Breaks Ground on 373-Unit Modera Westside Trail Apartments in Atlanta

by John Nelson August 22, 2023

ATLANTA — Mill Creek Residential has broken ground on Modera Westside Trail, a 373-unit luxury apartment community in Atlanta’s West Midtown neighborhood. The site is located at 576 Northside Drive, which is adjacent to the western boundary of the Georgia Tech campus and one block south of the new Echo Street West mixed-use development. Modera Westside Trail will comprise studio, one-, two- and three-bedroom units, as well as 37 residences under Mill Creek’s proprietary Premium Collection brand that will feature upgraded finishes. The property will feature immediate access to the Atlanta BeltLine’s Westside Trail, as well as a resort-inspired swimming pool, rooftop deck with fire pit and grilling areas, steam room, coworking space, resident clubhouse with shuffleboard, onsite dog park and pet spa and a fitness center with cardio equipment, yoga studio, TRX system and Peloton bikes. Other amenities will include digital package lockers, controlled-access garage parking, EV charging stations, loaner bikes, bike repair station, bike storage and additional storage space. Mill Creek is anticipating first move-ins for fall 2025.

August 22, 2023

Georgia Loans Multifamily Southeast

Greystone Monticello Provides $68.3M Refinancing for Irby Apartments in Atlanta’s Buckhead District

by John Nelson August 22, 2023

ATLANTA — Greystone Monticello, a joint venture between Greystone and Monticelloam LLC, has provided two loans totaling $68.3 million for the refinancing of The Irby, a 12-story apartment building in Atlanta’s Buckhead district. The financing comprised a $60.3 million bridge loan and an $8 million mezzanine loan. Greystone Commercial Capital, a division of Greystone, arranged the financing on behalf of the borrower, an affiliate of Lone Star Funds. The Irby was developed in 2020 and features 277 studio, one- and two-bedroom apartments, as well as a resort-style saltwater pool, elevated courtyard with a fire pit and grilling station, private cabanas, 24-hour athletic club and yoga studio, complimentary wine on-tap, sauna, media and game room, onsite pet spa, bike room and repair station, Peloton bikes, high-rise lookout terrace, 24/7 concierge and a curated art program.

August 22, 2023

Acquisitions Florida Office Southeast

Torose Equities, LNDMRK, Terranova Acquire 220,000 SF Office Building in Metro Miami

by John Nelson August 22, 2023

CORAL GABLES, FLA. — A joint venture between Torose Equities, LNDMRK Development and Terranova Corp. has acquired 255 Alhambra, a 220,000-square-foot office building located in downtown Coral Gables. Situated on 1.3 acres on Alhambra Circle, the property features floor-to-ceiling windows and a newly renovated lobby. An affiliate of Deutsche Bank/RREEF sold the building. The sales price was not disclosed, but South Florida Business Journal reported that the property traded for more than $50 million. The partnership plans to execute a business plan including leasing up the existing vacancies and upgrading amenities at the property. 255 Alhambra was built in 1974 and renovated in 1993, according to LoopNet Inc.

August 22, 2023

Florida Loans Retail Southeast

Concord Summit Capital Arranges $42M Refinancing for Shopping Center in Kissimmee, Florida

by John Nelson August 22, 2023

KISSIMMEE, FLA. — Concord Summit Capital has arranged a $42 million bridge loan for the refinancing of The Promenade at Sunset Walk – Margaritaville Resort, a 192,659-square-foot shopping center within the Sunset Walk master-planned development in Kissimmee. The property is situated along U.S. Highway 192 near Walt Disney World’s Magic Kingdom, EPCOT Center and MGM Studios. Kevin O’Grady and Justin Neelis of Concord Summit’s Miami office arranged the loan on behalf of the borrower, Encore Capital Management. The sponsor will use the loan to repay the original construction loan and access excess cash. Built in late 2019 and early 2020, The Promenade was fully leased at the time of financing to tenants including Skechers, BurgerFi, Cold Stone Creamery, Studio Movie Grill, Fat Tuesdays and Ford’s Garage.

August 22, 2023

Conference Coverage Features Georgia Seniors Housing Southeast Southeast Feature Archive

Seniors Housing Transaction Activity Will Not Return to Normal Levels This Year, Says InterFace Panel

by John Nelson August 22, 2023

ATLANTA — One of the central questions of the investment panel at InterFace Seniors Housing Southeast was: Will transaction activity return in the fourth quarter? When Brooks Blackmon, panel moderator and executive managing director of Blueprint Healthcare Real Estate Advisors, asked the question, there was a quick response from the panel — “no.” “Return to what?” asked Kelly Sheehy senior managing director of Artemis Real Estate Partners. “Higher than today? Yes. Compared to 2019? No, it’s going to take time.” InterFace Seniors Housing Southeast is an annual conference hosted by France Media’s InterFace Conference Group, Seniors Housing Business and Southeast Real Estate Business. The event was held on Wednesday, Aug. 16 at the Westin Buckhead Atlanta hotel. Blackmon moderated the discussion. The panelists agreed that the fly in the ointment that has stifled investment sales the past few quarters has been the rapid runup in interest rates. The 10-year Treasury yield was at 4.3 percent at the time of this writing, which is the highest level since 2007. The secured overnight financing rate (SOFR) and federal funds rate, two short-term benchmark interest rates, have risen by more than 500 basis points in roughly 16 months. “Until debt markets improve, you’re …

August 22, 2023

Development Retail Southeast Tennessee

BrightColors, Kingsmen Xperience to Open 30,000 SF Crayola Attraction in Pigeon Forge, Tennessee

by John Nelson August 21, 2023

PIGEON FORGE, TENN. — BrightColors LLC and partner Kingsmen Xperience Inc. have announced plans with crayon giant Crayola to open a 30,000-square-foot Crayola Experience in Pigeon Forge. Upon completion, the indoor family entertainment center will feature 20 interactive experiences and a retail store. The Pigeon Forge location marks the sixth attraction for the brand, which has opened venues in Pennsylvania, Florida, Minnesota, Texas and Arizona. Four additional Crayola Experience locations will open over the next five years, the locations of which were not disclosed.

August 21, 2023

Acquisitions Florida Retail Southeast

Cushman & Wakefield Arranges Sale of 237,498 SF Shopping Center in Boca Raton, Florida

by John Nelson August 21, 2023

BOCA RATON, FLA. — Cushman & Wakefield has arranged the sale of Shadowwood Square, a 237,498-square-foot shopping center located in Boca Raton. Constructed in 1982, the property is anchored by Sprouts Farmers Market, Walgreens and Old Navy. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an entity controlled by Evelyn Langlieb Greer doing business as Shadowwood Square Ltd. An affiliate of Edens acquired the property for an undisclosed price.

August 21, 2023

Acquisitions Development Georgia Mixed-Use Southeast

Atlanta BeltLine Inc. Completes $13.3M Land Purchase Along Southside Trail in Southwest Atlanta

by John Nelson August 21, 2023

ATLANTA — Atlanta BeltLine Inc. has purchased 13.7 acres along the BeltLine’s Southside Trail in southwest Atlanta for $13.3 million. Situated at 356 University Ave., the property is situated adjacent to the Pittsburgh Yards adaptive reuse development. This acquisition marks the continuation of the BeltLIne’s mission to procure land along the trail loop. AECF Atlanta Realty, a subsidiary of the Annie E. Casey Foundation, manages Pittsburgh Yards and was the seller. SouthState Bank provided acquisition financing for the transaction. The BeltLine will conduct a community engagement process to determine best uses for the site. After incorporating the vision of adjacent residents and local businesses into the plans, the organization will issue a Request for Proposals (RFPs) to invite developers to submit proposals to redevelop the site.

August 21, 2023

Development Healthcare Southeast Tennessee

OGA Breaks Ground on 6,000 SF Vanderbilt Medical Facility in Nashville

by John Nelson August 21, 2023

NASHVILLE, TENN. — Oman-Gibson Associates (OGA) has broken ground on a 6,000-square-foot medical imaging facility in Nashville. The clinic, which is being constructed at 8124 Sawyer Brown Road on behalf of Vanderbilt Imaging Services, will provide specialty imaging including MRI, CT, ultrasound, fluoroscopy, digital X-ray and mammography services. Vanderbilt plans to relocate its Belle Meade Imaging practice to the new facility, with completion expected in late 2024 or early 2025. Thomas Constructors is the general contractor on the project, HMK Architects is the architect and Fulmer Lucas Engineering is serving as the civil engineer.

August 21, 2023

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