ORLANDO, FLA. — Peachtree Hotel Group has opened The Element Orlando Universal Blvd., a 165-room extended-stay Marriott branded hotel in Orlando. The property is located at 8278 Universal Blvd., five miles south of Universal Studios theme park and 10 miles southwest of downtown Orlando. The hotel features studio and one-bedroom suites, which offer microwaves, toaster ovens, mini-fridges, complimentary Wi-Fi, 55-inch TVs and pet amenities such as dog beds and treats. Other amenities offered include a pool, fitness center and a Bikes to Borrow program. Peachtree Hotel Group developed, owns and operates the property.
ELLENWOOD, GA. — Black Creek Group has acquired Clayton Commerce Center, a 797,580-square-foot industrial building in Ellenwood. The property is situated 11 miles east of Hartsfield-Jackson Atlanta International Airport and 13 miles southeast of downtown Atlanta. The asset was fully leased at the time of sale to an undisclosed delivery operator. Chris Riley of CBRE represented the seller, American Realty Advisors, in the transaction. The Denver-based buyer acquired the building for an undisclosed price.
ATLANTA — Truist Financial Corp. has provided a $93.8 million construction loan for Phase II of Modera Prominence, a 395-unit multifamily community underway in Atlanta’s Buckhead district. Renasant Bank and Trustmark National Bank were part of the syndicate loan provided to developer, Mill Creek Residential. Phase II will comprise the multifamily portion of the project. Phase I, which comprises 21,000 square feet of retail and restaurant space, is nearing completion. Communal amenities will include a fitness facility, saunas, dog park, dog spa, clubroom, lounges and concierge services. The property is located at 3699 Lenox Road at the corner of Lenox and Piedmont roads, nine miles north of downtown Atlanta. A timeline for completion was not disclosed.
ORANGE CITY, FLA. — Atlantic Housing Partners LLLP will open Parc Hill Senior Living Apartments, an 88-unit affordable seniors housing community in Orange City, later this summer. The $15 million development will have units reserved for residents earning between 40 and 80 percent of the area median income (AMI). The property offers one- and two-bedroom floor plans, and each unit features granite countertops, CleanSteel energy-efficient appliances and screened-in patios. Communal amenities include a clubhouse with dedicated senior resident activities center, Collector’s Edition 1965 Mustang Pool Table, business center, heart-healthy cardio and fitness studio and pedestrian-friendly sidewalks. The community is located at 1010 Skyline Loop, equidistant between Daytona Beach and Orlando. The general contractor was ConcordRents. The project’s financing includes $7.5 million in tax-exempt bonds from the Housing Finance Authority of Volusia County, $5.8 million from the sale of Federal Housing Tax Credits allocated through Florida Housing Finance Corp. and equity from the developer.
RALEIGH AND DURHAM, N.C. — Berkadia has arranged two acquisition loans totaling $11.8 million for self-storage properties in Raleigh and Durham. An undisclosed life insurance company provided the five-year, fixed-rate loans on behalf of the borrower, Orlando, Fla.-based Liberty Investment Properties. Liberty plans to rebrand the Extra Space Storage facilities to its flagship brand, My Neighborhood Storage Center. The first property is a two-story, 685-unit facility located at 6401 Town Center Drive in Raleigh. The 72,614-square-foot facility was built in 2016. The other property is a four-story, 684-unit property located at 112 W. Seminary Ave. in Durham. The asset was built in 2017. The seller of the two facilities was not disclosed.
DURHAM, N.C. — Newmark Knight Frank (NKF) has negotiated the sale of Parc at University Tower, a 186-unit apartment complex in Durham. KnightVest acquired the property for an undisclosed price, but the Triangle Business Journal reports the sales price was $38 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, lighted tennis court, 24-hour fitness center, pet park, 24-hour business center, poolside BBQ grilling station, clubhouse with billiards, Amazon Hub package lockers and complimentary bike exchange. The garden-style community is located at 20 Morcroft Lane, four miles west of downtown Durham. Sean Wood, John Heimburger, Dean Smith, Alex Okulski, John Munroe and Jason Kon of NKF represented the seller, Duck Pond Realty, in the transaction.
CHAMBLEE, GA. — Skyline Seven Real Estate has brokered the $2.2 million sale of 5115 New Peachtree Road, a 16,740-square-foot office building in Chamblee. The property was 95 percent leased at the time of sale to nine tenants, including Emory University, MARTA, Improve IT! of Atlanta and BryTech. The asset, which was built in 1973, is located adjacent to the Chamblee MARTA Station and 13 miles northeast of downtown Atlanta. Elliott Kyle of Skyline Seven represented the seller, Atlanta-based First American Exchange Co., in the transaction. Southern First Bank provided an acquisition loan on behalf of the buyer, Old Ivy Property Re Fund I.
Like many Southeastern markets, the Charlotte industrial market largely hit the pause button from mid-March until June due to COVID-19. While the impacts of the health crisis remain fluid, the market is showing some signs of life, and trends that have long been at play are not likely to be reversed. For the past 90 days, the market has seen a significant drop in leasing and sales activity. The market was a bit sluggish in 2019, but experienced good activity in the first quarter prior to area shutdowns. Asking rents rose 5 percent year-over-year to $4.81 per square foot as new space is being added to the market at a higher price point. That rental rate is a record high for the Charlotte warehouse and distribution market. Most of the recent growth has occurred in the Cabarrus County, Stateline and Airport/West submarkets. Developers continue to fill demand for modern e-commerce, third-party logistics and general distribution space. Additional deliveries will keep upward pressure on vacancy in the near-term, but overall conditions should remain healthy thanks to strong economic tailwinds and Charlotte’s proximity to key East Coast transportation corridors and population centers. Absorption declined significantly over the past 12 months, from 5.3 …
WASHINGTON, D.C. — The Smithsonian Institution has acquired the 318,557-square-foot West Tower of the Capital Gallery office property in Washington, D.C. for $254 million. The U.S. government entity, which operates 19 museums and nine research centers, will use the building as its new headquarters. Located at 600 Maryland Ave. S.W., the 10-story glass building makes up just over half of the two-building property, which totals 631,029 square feet of Class A office space. Smithsonian also acquired four floors of the eight-story East Tower. Smithsonian already leases office space within the building, and the acquisition is part of a plan to consolidate five office spaces in the Washington, D.C. area into a single location. The financial and administrative offices, currently located in Crystal City at 2011 Crystal Drive, in Arlington, Virginia, are the largest offices to move to the new administrative headquarters. Other offices to be consolidated include spaces at 955 L’Enfant Plaza S.W.; 425 Third St. S.W.; and 901 D St. S.W. The move is scheduled to begin early next year. “The reason for purchasing an office building near the National Mall is twofold — it is more efficient to have staff together in a central location and it is …
HUNTSVILLE, ALA. — Kalikow Group and EYC Cos. will develop Anthem, a $67 million, 406-unit apartment community spanning 40 acres in Huntsville. The developers expect to begin leasing in second-quarter 2021 with construction slated to be complete in early 2022. The developers secured a $42 million syndication loan from IberiaBank and Trustmark Bank. The property will comprise three-story walk-up buildings, one- and two-story single-family homes and duplexes. The single-family homes and duplexes will feature private yards and detached garages. Communal amenities will include a playground, herb garden, dog park, two saltwater pools, two clubhouses and community greens. Unit interiors will include 10-foot ceilings, gas appliances, quartz countertops, LED lighting and vinyl plank flooring. The property will be situated just west of Research Park Boulevard, near Cummings Research Park and Redstone Arsenal.