TAMPA, FLA. — Colliers Mortgage has provided a Fannie Mae loan for the acquisition of French Quarter Apartments, a 57-unit multifamily community in Tampa. Built in 1968, the market-rate property features one- and two-bedroom units, as well as laundry facilities, a picnic area, barbecue grills, Spanish-speaking staff and a pool. Fritz Waldvogel of Colliers Mortgage’s Minneapolis office originated the seven-year loan on behalf of the undisclosed borrower.
BLACK RIVER FALLS, WIS. — Marcus & Millichap has arranged the sale of Comfort Inn and Suites Black River Falls I-94, a 75-room hotel property located in Black River Falls, approximately 45 miles northeast of La Crosse. Ebrahim Valliani and Michael Gantman of Marcus & Millichap represented the seller, a private investor, in the transaction. Valliani and Gantman, with Todd Lindblom of Marcus & Millichap, also represented the buyer, an undisclosed private investor. Chris Gomes and Allan Miller of Marcus & Millichap also assisted the deal as brokers. The property, located on 6.8 acres at N6295 Holiday Drive, was originally built in 1997. The sales price was not disclosed.
PENSACOLA BEACH, FLA. — JLL has arranged the $110 million refinancing for two adjacent beachfront hotels totaling 481 rooms in Pensacola Beach. The properties include the 275-room Hilton Pensacola Beach and the 206-room Holiday Inn Resort Pensacola Beach. Located at 12 and 14 Via De Luna Drive, both hotels have approximately 300 square feet of frontage along Pensacola Beach. Jeff Bucaro, Maddie Blount and Mark DesLauries of JLL’s Hotels & Hospitality team represented the borrower, Innisfree Hotels, in securing the five-year, fixed-rate loan with flexible repayment options through an unnamed regional bank. The loan proceeds were used to pay off a maturing CMBS loan that JLL secured 10 years ago. In addition, the loan included over $18 million for future capital improvements and $23 million of cash back to the sponsorship. This transaction represents over $500 million that JLL has secured on behalf of Innisfree Hotels.
MURFREESBORO, TENN. — Stonemont Financial Group, a private real estate investment firm, plans to develop Stonemont Commerce Park 840, a two-building, 157-acre industrial park in Murfreesboro. The developer plans to break ground in the first quarter of 2023 and wrap up construction in late first-quarter 2024. The industrial park will sit on Sulphur Springs Road with direct access to I-840 and proximity to I-24 and Nashville International Airport. The development will include a 1.2 million-square-foot facility with 40-foot clear heights, 280 auto parking stalls and 276 trailer stalls. It will also house a 273,000-square-foot facility to accommodate smaller tenants, with 36-foot clear heights, 200 auto parking stalls and 76 trailer stalls. The design-build team includes general contractor Frampton Construction, brokerage firm Lee & Associates and civil engineer Site Engineering Consultants Inc.
ATLANTA — Jamestown plans to begin leasing units at Signal House, a 21-story active adult community underway at Ponce City Market in Atlanta’s Old Fourth Ward, in first-quarter 2023. The Atlanta-based mixed-use owner and developer expects the apartments to be “move-in ready” by fall 2023. Located directly adjacent to the Atlanta BeltLine at North Avenue, the 162-unit Signal House will feature one-, two- and three-bedroom layouts. Residents will have access to a property app that will allow them to book a suite of services, including housekeeping, plant watering, dry cleaning, food delivery and dining reservations and massage and personal trainer appointments. Amenities will include a pool terrace with a shaded grotto lounge and outdoor shower, a multipurpose fitness room with connected outdoor fitness space, 3,300 square feet of retail space fronting the BeltLine, coworking space, wellness rooms for personal treatments, a clubhouse lounge, onsite lifestyle director and a dining room with a full commercial chef’s kitchen and connected outdoor seating. Other common spaces at Signal House will include a rooftop terrace with outdoor grilling, dining and lounging spaces, as well as community garden plots.
WINCHESTER, VA. — Bank OZK and ACORE Capital have provided $80.5 million in construction financing for One Logistics Park’s building 2, a 1 million-square-foot warehouse in Winchester, about 75 miles west of Washington, D.C. Robert Carey and Drake Greer of JLL arranged the financing on behalf of the borrower, The Meridian Group. Located on 76.6 acres at 1486 Millwood Pike, building 2 will be the first asset delivered within One Logistics Park, a 280-acre business park that is expected to house six or seven industrial buildings totaling 2.7 million square feet and 45,000 square feet of retail space. Once completed, the facility will offer 40-foot clear heights, 100 dock doors, 78 additional knockouts, four drive-in doors, 50- by 56-foot column spacing with 65-foot speed bays, a 190-foot truck court, 770 car parking spaces and additional trailer storage space.
NORTH CHARLESTON, S.C. — Monday Properties, a multifamily developer with offices in New York City and Arlington, Va., and partner Glenmont Capital Management have broken ground on The Willow, a 338-unit apartment community located at 7562 Plantation Road in North Charleston. Monday Properties purchased the site in November 2021 and secured $48 million in construction financing from Sandy Spring Bank. The Class A multifamily community is expected to deliver in late first-quarter 2024. Amenities will include a zero-entry, saltwater pool, grilling cabana, pickleball court, outdoor fitness area, courtyards, 24-hour fitness center and yoga studio, a lounge and game room and a covered patio overlooking the pool, as well as coworking and conference spaces and a community room. The pet-friendly community will also feature a half-acre dog park.
VIOLET, LA. — Louisiana Gov. John Bel Edwards has announced a public-private partnership between the State of Louisiana, the Port of New Orleans (Port NOLA) and two global maritime industry leaders to build a $1.8 billion container facility on the Lower Mississippi River. The new Louisiana International Terminal (LIT) will be located in Violet, a tiny municipality of fewer than 6,000 residents approximately 10 miles downriver from New Orleans proper. The new facility will be able to serve vessels of all sizes, dramatically increasing Louisiana’s import and export capacity and stimulating the creation of more than 17,000 new jobs statewide by 2050, Port NOLA estimates. New Jersey-based Ports America, one of North America’s largest marine terminal operators, and Switzerland-based Mediterranean Shipping Co., through its terminal development and investment arm Terminal Investment Limited (TiL), have committed $800 million toward the project. In addition to the partners’ investment, the construction of the terminal will be supported by a substantial commitment from Port NOLA, as well as state and federal funding sources. The joint venture will operate the terminal once construction is complete. “This public-private partnership with the Port of New Orleans, TiL and Ports America has the potential to become one of …
Retail development programs have allowed retailers to streamline their goals by creating prototype models based on site particulars. This process saves developers and retailers money as they can be flexible in choosing models that work for each site without needing to alter layouts and features too much between builds. But what makes for successful prototypes and program standards? Can this approach work outside of the retail world? “The lessons of retail programs can apply across property types in this sense: land development consultants and site designers can learn how specific clients need their set of standards and guidelines implemented. It’s essential to thoroughly understand a program client’s procedures, and we’re expected to know these parameters inside and out,” says Steven T. Fortunato, a senior project manager at Bohler’s Rehoboth Beach office in Delaware. Bohler is a land development design and consulting firm that specializes in helping developers move their projects forward faster. “The retail program methodology translates well to other sectors. Starting off with either a new developer or a new client is an opportunity to learn their standards — or help the client create them. The end result must offer the same level of confidence whether the product is retail or …
TAMPA, FLA. — Tampa Electric and Peoples Gas have signed a deal with Bromley Cos. to occupy the 298,000-square-foot anchor space at 1 Midtown Place in Tampa. Beginning in 2025, the companies will own 11 floors of the building, construction of which will start in early 2023. Bromley is developing the 17-story building, which will be situated within the 23-acre mixed-use Midtown Tampa development, with Highwood Properties. Tampa Electric and Peoples Gas currently occupy TECO Plaza at 702 N. Franklin St. in downtown Tampa, which has been home to the companies since 1981.
