Southeast

JLL Arranges $172M Acquisition Loan for Four Seasons Hotel Nashville

by John Nelson November 10, 2022

NASHVILLE, TENN. — JLL has arranged $172 million in acquisition financing for Four Seasons Hotel Nashville, a 40-story hospitality tower located at 100 Demonbreun St. in downtown Nashville’s South Broadway district. The 235-room hotel includes Mimo Restaurant, Mimo Bar, a full-service spa, event space and a resort-style pool and pool deck. The Four Seasons property also includes 143 condominiums that were not part of the sale. Eric Tupler, Jeff Bucaro, Brian Dawson and Kevin Davis of JLL arranged the financing through Credit Suisse on behalf of the borrower, a joint venture between GD Holdings, Stonebridge Development Co. and Copford Capital Management LLC. The sellers, Congress Group and AECOM Capital, opened the hotel earlier this week.

November 10, 2022

Acquisitions Florida Industrial Southeast

CIP Real Estate Acquires Two Industrial Parks in East Tampa for $74.3M

by John Nelson November 10, 2022

TAMPA, FLA. — CIP Real Estate has purchased two industrial parks in east Tampa for a combined $74.3 million. The properties, Center Point Business Park and Hampton Oaks Business Park, are situated three miles apart via U.S. Route 301. The developments span 405,772 square feet of small and mid-bay industrial space and feature 37 dock-high doors, 58 grade-level doors and 22 ramp loading entrances. CIP expects to invest $6.3 million in upgrades to the facilities over the next three years. Rick Brugge of Cushman & Wakefield represented the seller, Albany Road Estate Partners, in the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield arranged acquisition financing through BankUnited on behalf of CIP.

November 10, 2022

Development Maryland Mixed-Use Southeast

Trademark Completes Renovation of 2 MSF Annapolis Town Center in Maryland

by John Nelson November 10, 2022

ANNAPOLIS, MD. — Trademark Property Co. has completed the renovation of Annapolis Town Center, a mixed-use development in Annapolis spanning 2 million square feet. Whole Foods Market and Target anchor the property, which is also home to retailers including Anthropologie, RH and Paper Source. Trademark’s improvements included the addition of green space and a new community gathering area called Green Village; a climate-controlled paseo for improved connectivity and walkability; improved signage and wayfinding; and art installations from local artists. A number of new tenants are set to open within Annapolis Town Center this year, including True Food Kitchen, Tuscan Prime, Warby Parker, Life Time Fitness, Williams Sonoma, Pottery Barn, GABBY Summer Classics Home, Urbano Mexican Fare, Tempur Sealy and VIBE.

November 10, 2022

Development Florida Multifamily Southeast

Crescent Communities, CP Capital Break Ground on 277-Unit Apartment Development in Tampa

by John Nelson November 10, 2022

TAMPA, FLA. — Crescent Communities and CP Capital US have broken ground on Novel Independence Park, a 277-unit apartment community located in Tampa’s Westshore Business District. The property will serve as the multifamily component of Independence Park, a 44-acre mixed-use development site. Units will feature stainless steel appliances, stone surface countertops and vinyl wood flooring, and amenities will include a fitness center with a private yoga and spin studio, pool deck overlooking a pond, rooftop lounge, indoor-outdoor private events space, dog park, detached garages and a pedestrian nature trail. The site is situated within walking distance to Rocky Point Golf Club, Skyway Sports Complex and the trailhead for the Skyway Park Trail. The design-build team for Novel Independence Park includes architectural firm Dwell Design Studio, landscape architect LandDesign, civil engineer Haiff Associates and interior designer Vignette Interior Design. CBG Construction is serving as the general contractor. The construction timeline was not disclosed.

November 10, 2022

Leasing Activity Retail Southeast Virginia

Rappaport Adds Five New Tenants to Village at Leesburg Shopping Center in Northern Virginia

by John Nelson November 10, 2022

LEESBURG, VA. — Rappaport has signed five new tenants to join Village at Leesburg, a 550,593-square-foot shopping center located along Route 7 in Leesburg. Rappaport owns, manages and leases the property, which houses more than 75 tenants, including anchors Wegmans, CMX Cinemas, LA Fitness and Bowlero. The new tenants include Spitz, a Mediterranean restaurant concept; Altitude Trampoline Park, an entertainment venue with more than 80 locations; Anchor Bar, a wings restaurant concept with more than 50 locations; A Place to Be, a nonprofit based in Middleburg, Va., that offers art and music therapy programs; and national chain Salon Lofts. Altitude opened recently, and the other four concepts are set to open in 2023. Village at Leesburg will be the first Virginia location for Spitz, Altitude and Anchor Bar. In addition to the new retailers, which will bring 40,000 square feet of new retail space, Woodhouse Day Spa and Dana’s Cake Shoppe are expanding their locations within the development.

November 10, 2022

Development Florida Hospitality Mixed-Use Multifamily Restaurant Retail Southeast Top Stories

LD&D Plans $200M Mixed-Use Development in Downtown Tampa

by Jeff Shaw November 10, 2022

TAMPA, FLA. — Miami-based investment, development and design firm LD&D has announced plans for the development of a $200 million mixed-use project in downtown Tampa. The project site, located at 1101 E. Harrison St., comprises two acres within the 40-acre master-planned development district known as ENCORE. LD&D acquired the property from the Tampa Housing Authority (THA). Plans for the project include the construction of a 28-story multifamily building, a 178-room hotel, 32,500 square feet of ground-floor retail space and a 586-space parking podium. Baker Barrios Architects is the designer for the project. Construction is scheduled to commence in the second half of 2023. The residential tower, which the developers say will be the tallest building in the area, will feature 365 units and more than 45,000 square feet of amenity space. Amenities will include a 4,500-square-foot wellness area, 10,000-square-foot coworking space and a 26th-floor sky lounge with views of the city. Hotel and residential uses at the development are to be separated by a pedestrian alleyway, which will be lined with restaurant and retail tenants. Situated blocks from the site of the Amtrak station and potential new Brightline train station that would connect other major cities in the state, the …

November 10, 2022

Florida Loans Multifamily Southeast

Berkadia Provides $93.6M Agency Financing for Two Multifamily Properties in Boynton Beach, Florida

by John Nelson November 9, 2022

BOYNTON BEACH, FLA. — Berkadia has provided a $93.6 million loan on behalf of Advenir for the financing of Advenir at Banyan Lake and Advenir at La Costa, two multifamily communities located in Boynton Beach. Charles Foschini and Chris Apone of Berkadia originated the seven-year, fixed-rate Freddie loan, which features interest-only payments for the full term. Advenir at Banyan Lake is a 268-unit community located at 1561 Stonehaven Drive with apartments in one-, two- and three-bedroom layouts ranging from 900 to 1,290 square feet. Amenities at the development include a swimming pool, fitness center, BBQ grills, playground, racquetball courts, tennis courts and lakes. Located at 4101 Mahogany Drive, Advenir at La Costa is a 328-unit property with one- and two-bedroom apartments ranging from 784 to 1,116 square feet. Community amenities include two pools, a 24-hour fitness center, tennis court, outdoor lounge, lakeside jogging trail, cyber café and coffee bar, car care center and a fishing dock. Both properties were built in 1986 and underwent value-add renovations after being acquired by Advenir in 2015.

November 9, 2022

Acquisitions Maryland Multifamily Southeast

Excelsa Purchases Apartment Community in Columbia, Maryland for $78M

by John Nelson November 9, 2022

COLUMBIA, MD. — Excelsa Properties has acquired Columbia Pointe, a 325-unit multifamily community located at 5764 Stevens Forest Road in Columbia, approximately 20 miles southwest of Baltimore. Newmark represented the seller, Morgan Properties, in the $78 million transaction. Built in 1972, the 18-acre property features one residential tower and 14 garden-style buildings with apartments in one-, two- and three-bedroom layouts. Excelsa plans to invest $3.2 million in the renovation of about half of Columbia Pointe’s units that will include kitchen and bathroom upgrades. Occupancy at the time of sale was 95 percent.

November 9, 2022

Build-to-Rent Development Loans Multifamily North Carolina Single-Family Rental Southeast

Banyan Secures $64.5M Construction Loan for Single-Family Rental Community in Wilmington, North Carolina

by John Nelson November 9, 2022

WILMINGTON, N.C. — Wells Fargo has provided Banyan Residential with a $64.5 million loan to finance the construction of Banyan Silo Ridge, a single-family rental community located in Wilmington. The development, which spans 75 acres, will offer homes in two-, three- and four-bedroom layouts. Each home will feature a one- or two-car attached garage and a private backyard. Community amenities include a 4,000-square-foot clubhouse, fitness center, pool, landscaped grounds and a fenced dog park. Construction is underway on the property, with completion scheduled for the third quarter of 2024 and the first homes expected to be delivered in early 2023.

November 9, 2022

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $25.5M Sale of Dollar General Portfolio Across Six States

by John Nelson November 9, 2022

ATLANTA — Marcus & Millichap’s Taylor McMinn Retail Group has arranged the sale of a Dollar General portfolio comprising 14 stores located in six states. Don McMinn of Marcus & Millichap based in Atlanta brokered the $25.5 million transaction. All 14 stores were constructed this year and are subject to 15-year triple net leases. An undisclosed developer sold the properties to an undisclosed, institutional retail owner. Of the sale, McMinn comments that there is an “increased institutional interest for net lease portfolios due to their attractive returns caused by a surplus of inventory and rising interest rates.”

November 9, 2022

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