Wednesday, July 9, 2025
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East Miami Hotel
FloridaHospitalityLoansSoutheast

CBRE Arranges $120.1M Acquisition Loan for East Miami Hotel at Brickell City Centre

by Julia Sanders

MIAMI — CBRE has arranged a $120.1 million loan for the $174 million purchase of the East Miami hotel, a 352-room hotel property in downtown Miami’s Brickell district. Located at 788 Brickell Plaza, East Miami Hotel is situated within Brickell City Centre, a $1.1 billion, 5.4 million-square-foot mixed-use development that was completed in 2016. Mark Owens, John Avanzino and Estelle Wang of CBRE facilitated the debt financing through global alternative investment firm Värde Partners on behalf of the buyer, a joint venture between funds managed by Honolulu-based Trinity Fund Advisors LLC and New York-based private equity firm Certares Real Estate Management LLC. Christian Charre and Paul Weimer of CBRE Hotels represented the developer and seller, Hong Kong-based Swire Properties, in the sales transaction. Each room at the hotel features a walk-in rain shower and Wi-Fi. The hotel offers coworking space, a pool and a pool deck. The hotel also has dining options such as Quinto La Huella, a Uruguayan eatery, and Sugar and Tea Room, a rooftop bar and hidden door speakeasy located on the 40th floor. The property is LEED-certified and has a recycling program. The hotel is located a half mile from downtown Miami, 10.5 miles from Miami …

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Victor Hill
AcquisitionsIndustrialSouth CarolinaSoutheast

Dalfen Acquires 366,240 SF Industrial Property in Greer, South Carolina

by Julia Sanders

GREER, S.C. — Dalfen Industrial has acquired Victor Hill Industrial Park, a 366,240-square-foot industrial property located in Greer. Exxcel Project Management sold the property for an undisclosed sales price. Victor Hill Industrial Park is a recently constructed, Class A, two-building industrial park. Located at 859 and 861 Victor Hill Road, the property is situated a quarter mile from the BMW manufacturing plant, two miles from Interstate 85 and the Greenville-Spartanburg Industrial Airport, three miles to Fedex Air and five miles to Inland Port Greer.

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River Marketplace
AcquisitionsLouisianaRetailSoutheast

GBT Realty Buys 168,000 SF Shopping Center in Lafayette, Louisiana

by Julia Sanders

LAFAYETTE, LA. — GBT Realty Corp. has bought River Marketplace, a 168,000-square-foot shopping center located at 4313 Ambassador Caffery Parkway in Lafayette. Jim Hamilton, Ryan Shore, Ryan West, Brad Buchanan and Taylor Callaway of JLL represented the seller, San Francisco-based RBL Real Estate, in the transaction. The sales price was not disclosed. Developed in 2003, River Marketplace includes multi-tenant buildings and six freestanding outparcels. Shadow-anchored by Super Target, the center was 99 percent leased at the time of sale to a tenant lineup including Total Wine & More, Ross Dress for Less, Raising Cane’s and Chili’s.

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Legacy Encore
DevelopmentFloridaMultifamilySoutheast

Legacy Partners, Griffin Capital Open 228-Unit Multifamily Community in Downtown Tampa

by Julia Sanders

TAMPA, FLA. — San Francisco Bay-based Legacy Partners and Los Angeles-based Griffin Capital Co. LLC have opened Legacy Encore, a 228-unit multifamily community in Tampa. Located at 1251 Ray Charles Blvd., the apartment property is located within Encore!, Tampa Housing Authority’s $3 billion mixed-use development in downtown Tampa. The five-story property offers studio, one- and two-bedroom floorplans. Units feature 10-foot ceilings, quartz countertops, stainless steel appliances, contemporary cabinets, smart home technology package, full-sized washers and dryers, soaking tubs, glass enclosed showers, walk-in closets and balconies. Community amenities include a heated saltwater pool, internet cafe with coworking spaces, bike repair station, pet spa with dog run and a fitness center with spin and yoga studio. The $3 billion ENCORE! destination a LEED-certified collection of seniors, workforce and luxury housing options, as well as a mixed-use destination that includes public art, green spaces, a museum and educational and cultural centers. The project team includes Dynamik Design as the architect and Summit Contracting Group as the general contractor.

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Waterstone Hotel
AcquisitionsFloridaHospitalitySoutheast

Newbond Holdings Purchases Waterstone Resort & Marina in Boca Raton, Florida

by Julia Sanders

BOCA RATON, FLA. — Newbond Holdings has purchased the Waterstone Resort & Marina Boca Raton, Curio Collection by Hilton, a 139-room hotel in Boca Raton. JLL represented the seller, The Lane Organization, and also worked on behalf of the buyer to originate the floating-rate acquisition financing. The sales price was not disclosed. Built in 1976, Waterstone Resort & Marina Boca Raton has over 8,000 square feet of meeting space and a marina. The room offerings include 72 kings, 56 double queens and 11 suites. The hotel also has two restaurants including the Boca Landing Prime Seafood and Waterstone Rum Bar & Grill. Hotel amenities at the property include a fitness center, outdoor pool, business center, concierge, meeting rooms and complimentary Wi-Fi. Located at 999 East Camino Real, the property is situated 25.5 miles from Fort Lauderdale-Hollywood International Airport, 2.2 miles from downtown Boca Raton and 2.9 miles from Deerfield Beach.

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AcquisitionsHospitalityLeasing ActivityMarylandMixed-UseNortheastPennsylvaniaRestaurantRetailSoutheastTop Stories

Cordish to Sell Three East Coast Casinos in $1.8B Deal with Gaming and Leisure Properties

by John Nelson

PHILADELPHIA, PITTSBURGH AND HANOVER, MD. — The Cordish Cos., a privately held retail entertainment and hospitality owner and operator based in Baltimore, has reached a sale-leaseback agreement with Gaming and Leisure Properties Inc. (NASDAQ: GLPI) for three of Cordish’s East Coast casinos. The properties include Live! Casino & Hotel Maryland, Live! Casino & Hotel Philadelphia and Live! Casino Pittsburgh. Under terms of the agreement, Cordish will immediately lease back all the properties and continue to own, control and manage all the gaming operations of the facilities. The leases will have an initial term of 39 years, with a maximum term of 60 years inclusive of tenant renewal options. The total price was approximately $1.8 billion, including applicable long-term ground leases. Consideration for the three-property real estate transactions will comprise a mix of qualified debt assumption (to be satisfied by GLPI), cash and $323 million of newly issued operating partnership units. The transaction for the three properties includes a binding partnership on future Cordish casino developments. For seven years post-closing, GLPI will co-invest with Cordish on any new gaming development projects and provide 20 percent of Cordish’s equity on those projects. (This agreement excludes existing Cordish or third-party gaming licensed facilities.) …

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AcquisitionsGeorgiaMultifamilySoutheast

Carroll Acquires Two Multifamily Properties in Atlanta for $175M

by Julia Sanders

ATLANTA — Atlanta-based Carroll has acquired two new multifamily properties in northeast Atlanta called The Artisan and Berkshires at Lenox Park for a combined purchase price of $175 million. Carroll paid $245,000 per unit with a total of 715 units between the two properties, according to the Atlanta Business Chronicle. The seller(s) was not disclosed. Both properties were acquired through Carroll’s institutional investment vehicle, Carroll Multifamily Venture VI LP. The Artisan and Berkshires at Lenox Park will also be managed by Carroll. Ashish Cholia, Colleen Hendrix, Don Hoffman and Shea Campbell of CBRE represented the seller of Berkshires at Lenox Park. The Artisan, which will rebranded as Arium Peachtree Creek, is a 340-unit garden-style community located off Interstate 85 and near Buford Highway. Located at 3001 Northeast Expy, the Artisan is 11.8 miles from downtown Atlanta. The property offers one-, two- and three-bedroom floorplans with walk-in closets, hardwood floors and in-unit washer and dryers. Community amenities include a pool, fitness center and a community business center. Berkshires at Lenox Park, which will be rebranded as Arium Lenox Park, is a 375-unit property located at the intersection of the Atlanta neighborhoods of Brookhaven and Buckhead. The property offers one-, two- and …

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DevelopmentFloridaMixed-UseMultifamilySoutheast

Major Food Group, JDS to Develop 259-Unit Mixed-Use Residential Tower in Miami

by Julia Sanders

MIAMI — Major Food Group and New York-based JDS Development Group have plans to develop MAJOR, a mixed-use residential tower located at 888 Brickell Ave. in Miami. Upon completion, MAJOR will be the tallest building in Miami at 1,049 feet, according to the developers. MAJOR will offer 259 for-sale condominiums, as well as a collection of food and beverage amenities, including standalone restaurants and private clubs. No other project plans were disclosed. William Sofield of Studio Sofield will oversee design of the tower, lobby and residences. Ken Fulk Inc. will be responsible for the food, beverage and club spaces at MAJOR. New York-based Major Food Group will oversee all branding and hospitality programming at the project. Major Food Group currently operates over 30 restaurants, hotels and private clubs. Michael Stern of JDS is leading the development team for the project. JDS Development Group has projects including the Walker Tower, The American Copper Buildings, Brooklyn Tower and 111 West 57th St. in New York City, as well as Monad Terrace, Echo Brickell and Echo Aventura in South Florida.

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AcquisitionsFloridaMultifamilySoutheast

Berkadia Arranges $42.1M Sale of Multifamily Property in Largo, Florida

by Julia Sanders

LARGO, FLA. — Berkadia has arranged the sale of Mystic Bay Apartments, a 228-unit garden-style multifamily property in Largo. Jason Stanton, Cole Whitaker, David Etchison, Mary Beale, Lauren Gassie, Greg Rainey of Berkadia represented the seller, New York-based Ashcroft Capital, in the transaction. Indiana-based The Sterling Group purchased the property for $42.1 million. Mystic Bay Apartments features one-, two- and three-bedroom floor plans. The units include features such as walk-in closets, granite countertops and balconies. Community amenities include a pool, fitness center, tennis court and a business center. Located at 600 Starkey Road, the property is located 1.3 miles from the Largo Central Park Nature Preserve, a park with a lookout tower, pond, trails, butterfly garden and kayak launch. Mystic Bay Apartments is 5.1 miles from the St. Pete-Clearwater International Airport, 21.3 miles from Tampa and 5.8 miles from Clearwater.

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Novel Upper Westside
Content PartnerFeaturesLeasing ActivityLee & AssociatesMidwestMultifamilySoutheastTexasWestern

Six Factors Helping to Power Interest in Multifamily Markets

by Sarah Daniels

When the pandemic engulfed the world last year, few analysts predicted that the multifamily sector would flourish and thrive so well. Most suspected that the sector would be on life support. Yet, despite a year-long national eviction moratorium, there hasn’t been a better time to be a big apartment-building landlord. Multifamily-property values have increased 13 percent since before the pandemic and more money is being invested now in apartment buildings than in any other type of commercial real estate. How did this happen and what explains this? Lee & Associates’ research will delve into why the multifamily sector, contrary to past predictions and present-day misperceptions, is flourishing as never before. 1. Measured on an annual basis, national asking rents rose 10.3 percent in August. That marked the first double-digit increase in the more than 20 years the data of 13 million professionally managed apartments has been collected, and in several cities, the rent increases were much more significant than the national figure.[1] August rents rose more than 20 percent year-over-year in Phoenix, Las Vegas and Tampa. Similarly, monthly rents were up more than 20 percent in comparable markets such as Boise, Idaho and Naples, Florida. 2. Multiple factors explain this …

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