Southeast

Skanska, SG Contracting Selected to Build $308.3M Signia by Hilton Hotel in Downtown Atlanta

by Katie Sloan April 22, 2021

ATLANTA — A joint venture between Skanska and SG Contracting Inc. has been selected to build a $308.3 million Hilton (NYSE: HLT) hotel adjacent to the Georgia World Congress Center (GWCC) in downtown Atlanta. The 1.2 million-square-foot hotel will be the first newly constructed project under Hilton’s upscale Signia banner, and will act as a headquarters hotel for the GWCC. The property will overlook the Mercedes-Benz Stadium and is located near the Omni Atlanta Hotel, CNN Center, State Farm Arena and the Georgia Aquarium. The 40-story hotel is set to feature 975 guest rooms alongside amenities including 75,000 square feet of world-class meeting and event space; a connected walkway to the GWCC; spa; fitness center; 6,670-square-foot pool deck; an outdoor event lawn; a market; two chef-driven restaurants; and three bars. “The Signia by Hilton will further elevate Atlanta’s international presence and position as a major host of civic, cultural and commercial events,” says Scott Cannon, executive vice president and general manager for Skanska’s Georgia and South Carolina operations. Skanska and SG Contracting will provide pre-construction and construction management services for the hotel, which Gensler designed to achieve LEED Gold certification. The development, which Cannon says will generate approximately 600 construction jobs, is …

April 22, 2021

Acquisitions Georgia Multifamily Southeast

PRP Sells Perimeter 31 Apartment Community in Atlanta for $98.8M

by Julia Sanders April 21, 2021

ATLANTA — PRP has sold Perimeter 31, a 416-unit apartment community in Atlanta’s Central Perimeter submarket, for $98.8 million. The buyer was CWS. A partnership controlled by PRP acquired Perimeter 31 in November 2016 for $74.5 million. Over its ownership, PRP invested over $4 million in base building, amenities and in-unit renovations. According to PRP, Perimeter 31 maintained occupancy levels of 95 percent and rent collections of 98 percent despite the pandemic. Built in 2001, the Class A property includes six five-story buildings totaling 439,846 rentable square feet with an average unit size of approximately 1,000 square feet. The property’s amenities include a fitness center, swimming pool, structured parking with controlled access, outdoor grills, picnic area and a full-service business center. The apartment community is situated within a half-mile of Perimeter Mall and is close to the Dunwoody MARTA station.

April 21, 2021

Acquisitions Georgia Leasing Activity Retail Southeast

JLL Arranges $50M Sale of Restoration Hardware-Leased Property in Atlanta’s Buckhead District

by Julia Sanders April 21, 2021

ATLANTA — JLL Capital Markets has arranged the $50 million sale of Restoration Hardware (RH) Atlanta, a 63,831-square-foot store in Atlanta’s Buckhead district leased on a long-term basis to Restoration Hardware. Jim Hamilton, Coler Yoakam, Brad Buchanan and Andrew Kahn of JLL represented the seller, a partnership between an affiliate of LaSalle’s Income & Growth value-add fund series, Ferncroft Capital, Redan Group and Blackmount Real Estate Partners. RH, a global lifestyle company, has occupied the five-story building since it was constructed in 2014. RH Atlanta is located on 1.6 acres at 3030 Peachtree Road across the street from Jamestown’s Buckhead Village District and near the Buckhead Theatre. The sale transaction included a land parcel with development rights.

April 21, 2021

Development Industrial North Carolina Southeast

Beacon Partners Breaks Ground on 525,030 SF Logistics Facility in Metro Charlotte

by Julia Sanders April 21, 2021

PINEVILLE, N.C. — Charlotte-based Beacon Partners has broken ground on a 525,030-square-foot speculative logistics building at Carolina Logistics Park near the Westinghouse Boulevard and Nations Ford Road interchange in Pineville. The mass grading and road infrastructure for the 288-acre park is underway and will be complete by the end of the year. The Carolina Logistics Park building will be able to accommodate several tenants and is designed to appeal to the large-building demand. The site is approximately 14 miles south of Charlotte and is in close proximity to Interstates 85, 485 and 77. Located at 11925 Carolina Logistics Drive, the new building will feature 40-foot clear heights, 190-foot concrete truck courts with trailer parking, floor slabs and 139 trailer stalls. The building is slated for completion early in 2022. When finished, Carolina Logistics Park will accommodate up to 3.5 million square feet of new Class A distribution and manufacturing space. The project team includes general contractor The Conlan Co., architect Merriman Schmitt Architects and civil engineer Orsborn Engineering Group. Wells Fargo provided construction financing.

April 21, 2021

Industrial Loans North Carolina Southeast

Ready Capital Closes $11.3M Financing for Adaptive Reuse Project in Charlotte

by Julia Sanders April 21, 2021

CHARLOTTE, N.C. — Ready Capital has closed an $11.3 million loan for the recapitalization, redevelopment and lease-up of an approximately 72,000-square-foot, Class B industrial, adaptive reuse project located in northwest Charlotte. Upon closing, the sponsor will reposition the property from industrial/flex to mixed-use (office/retail). The sponsor is targeting creative office and experiential retail tenants and will also carve out an area that will be used as an event space. The non-recourse, interest-only loan provides future funding for capital expenditures, tenant leasing costs and interest shortfalls. Additionally, it includes a one-time earnout, which the sponsor is eligible for throughout the first 24 months of the loan term. The loan features a 36-month term, two extension options and flexible prepayment. The borrower was not disclosed.

April 21, 2021

Acquisitions Florida Retail Southeast

SRS Brokers $3.8M Sale of Newly Built Retail Strip Center in Tampa

by Julia Sanders April 21, 2021

TAMPA, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $3.8 million sale of Double Branch Plaza, an 8,996-square-foot, multi-tenant retail strip center located at 12856 W Hillsborough Ave. in Tampa. The property was completed in 2020 and is situated on 1.5 acres. Patrick Nutt and Will Wamble of SRS represented the seller, a Florida-based developer, in the sale. The buyer was a private investor that owns a portfolio of multi-tenant properties in the area. At the time of initial marketing, Double Branch Plaza’s tenant roster included Le Peep Café, Ocean Nail Salon and Tropical Smoothie Cafe. There was still one vacancy left to fill whose lease was negotiated during the due diligence period, according to SRS.

April 21, 2021

Development Florida Multifamily Southeast

Strategic Property Partners Opens Heron Residential Building at Water Street Tampa

by Julia Sanders April 20, 2021

TAMPA, FLA. — Strategic Property Partners LLC, the Tampa-based developer behind the $3 billion Water Street Tampa development underway, has opened Heron, a 420-unit apartment community located at 815 Water St. Water Street Tampa’s first residential building is now offering in-person tours for potential residents. Construction on the development started in November 2018. The residential property offers one-, two- and three-bedroom apartments ranging in size from 555 to 2,206 square feet. Each unit features a private terrace ranging from 122 to 753 square feet, as well as floor-to-ceiling windows, quartz counters, custom cabinetry and kitchen appliances by Fisher & Paykel. Additionally, each residence includes floating bathroom vanities, soaking tubs and rainfall showerheads. Heron includes a parking garage and 40,000 square feet of ground-level retail space, including a GreenWise Market. Orlando-based ZRS Management Co. manages Heron and will oversee its programming, including virtual and in-person events. These will include cooking demonstrations with chefs, fitness and meditation classes and expert discussions on topics like sleep wellness and urban gardening. Heron’s amenities include a rooftop pool with cabanas, outdoor kitchen and barbecue areas, fitness center, bar and lounge spaces on each of its dual towers. The property will be the first residential development …

April 20, 2021

Florida Leasing Activity Life Sciences Office Southeast

JLL Arranges 25,000 SF Lease Expansion, Relocation in South Florida for Life Sciences Firm

by Julia Sanders April 20, 2021

DEERFIELD BEACH, FLA. — JLL has arranged a 25,000-square-foot lease expansion and relocation in South Florida on behalf of DNA Labs International, a private forensic DNA lab. The lab company’s new corporate headquarters will take up the entirety of Building 3 at Hillsboro Center located at 700 W. Hillsboro Blvd. in Deerfield Beach. Ryan Nunes of JLL represented DNA Labs in the office expansion. Joe Freitas and John Criddle of Cushman & Wakefield represented the Boca Raton, Fla.-based landlord, Grover Corlew, in the lease negotiations. DNA Labs International was founded in 2004 in Deerfield Beach and is a family-run business, specializing in forensic DNA analysis for law enforcement agencies, government forensic labs and attorneys involved in the criminal law practice. Hillsboro Center includes more than 216,000 square feet of space and offers immediate access to Interstate 95. The building features an onsite cafe and restaurant options, banks, hotels and other amenities in the surrounding area.

April 20, 2021

Affordable Housing Florida Loans Multifamily Southeast

Centennial Bank Provides $12.5M Construction Loan for Workforce Housing Project in Miami

by Julia Sanders April 20, 2021

MIAMI — Centennial Bank has provided a $12.5 million construction loan to Prestige Cos. and Florida Value Partners for Trails, a workforce housing project located on the Ludlam Trail at 1040 SW 70th Ave. in Miami. The project’s first phase will consist of two- to three-story garden-style buildings with 84 residential units ranging from one- to two-bedroom units listed from $1,600 to $1,800 per month. The second phase of the project, which will be initiated within six months, will deliver five three-story buildings and a total of 230 units ranging from one- to two-bedroom units listed from $1,700 to $1,900 per month. The workforce housing property will be developed with no government funding. Community amenities will include an outdoor workout area and a dog park. In addition, the property will have access to the Ludlam Trail, a 6.2-mile linear park. Renovations for the Ludlam Trail will turn the former Florida East Coast railway corridor into a park, as well as a running and cycling trail that will connect to The Underline, a 10-mile linear park under the Metrotrail.

April 20, 2021

Acquisitions Loans Multifamily South Carolina Southeast

Ready Capital Closes $8.4M Acquisition Financing for Multifamily Property in Columbia

by Julia Sanders April 20, 2021

COLUMBIA, S.C. — Ready Capital has closed the financing for the acquisition, renovation and stabilization of a 152-unit, Class C multifamily property in southeast Columbia. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and refine curb appeal. The sponsor also plans to address deferred maintenance issues that will help facilitate stabilization. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and flexible prepayment. The financing also includes a facility to provide future funding for capital expenditures.

April 20, 2021

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