Southeast

Public-Private Partnership Delivers $105M Mixed-Use Student Housing Tower on UCF’s Campus in Downtown Orlando

by Alex Tostado September 17, 2019

ORLANDO, FLA. — Development Ventures Group (DEVEN) and Ustler Development Inc., in a public-private partnership with the City of Orlando, have delivered UnionWest at Creative Village on the University of Central Florida’s campus. UnionWest is a 15-story building with 644 student housing beds, 100,000 square feet of academic space, 11,000 square feet of ground-level retail space and a 600-space parking garage. Construction on the $105 million development began in October 2017. The building is located at the corner of West Livingston Street and North Terry Avenue in downtown Orlando, which grants access to both University of Central Florida and Valencia College students. Five of the six ground-floor retail locations in UnionWest are leased. Tenants include Vera Asian, Addition Financial, Subway, Dunkin’ and Qdoba Mexican Grill. The student housing portion opened in time for the fall 2019 semester at 97 percent occupancy.

September 17, 2019

Development Georgia Hospitality Southeast

Songy Highroads, Hyatt Open 11-Story Hotel in Downtown Atlanta

by Alex Tostado September 17, 2019

ATLANTA — A joint venture between Songy Highroads and Hyatt Hotels Corp. has opened its 11-story Hyatt Place Centennial Park in downtown Atlanta. The 175-room hotel, which was announced in November 2017, opened on Thursday, Sept. 12. Amenities include ground-level retail space facing Luckie and Marietta streets, a swimming pool, fitness center, lobby bar, onsite food service, parking deck, 2,100 square feet of meeting space and a large aquarium in the lobby paying homage to its neighbor Georgia Aquarium. The hotel is also situated across the street from Centennial Olympic Park and World of Coca-Cola and near other venues such as College Football Hall of Fame, CNN Center, World Congress Center and State Farm Arena. Atlanta-based Reeves Young was the general contractor of Hyatt Place Centennial Park, and Alpharetta, Ga.-based Wakefield Beasley & Associates was the architect.

September 17, 2019

Acquisitions Florida Multifamily Southeast

Westside Acquires Multifamily Community in Tampa for $29.5M

by Alex Tostado September 17, 2019

TAMPA, FLA. — Westside Capital Group has acquired Watermans Crossing Apartments, a 337-unit multifamily community in Tampa’s Wellswood neighborhood, for $29.5 million. The property, which Westside Capital will rebrand as Westshore Crossing, comprises 20 buildings and offers studio through three-bedroom floor plans averaging 895 square feet. Communal amenities include a clubhouse, 876 parking spots, fitness center and three swimming pools. Westside plans to invest $5 million in capital improvements, which will include updating common areas and perform targeted interior unit upgrades. Bridge Investment Group provided the buyer with a $26.3 million acquisition loan with a five-year term and a floating interest rate. Charles Foschini of Berkadia arranged the loan on behalf of the buyer. Luis Elorza and Brad Capas of Cushman & Wakefield represented the buyer in the sale. The seller was not disclosed.

September 17, 2019

Acquisitions Georgia Multifamily Southeast

Cortland Purchases New Apartment Complex in Metro Atlanta

by Alex Tostado September 17, 2019

PEACHTREE CORNERS, GA. — Cortland has purchased Echo Lakeside, a 296-unit apartment complex in Peachtree Corners that was delivered in April. The buyer will rebrand the property as Cortland Peachtree Corners. The property is bordered by two lakes, which includes two docks for residents to fish from or launch kayaks. Additional communal amenities include a clubhouse, business center, fitness center, swimming pool, rideshare space and a dog park. The seller and sales price were not disclosed, though the Gwinnett Daily Post reported that Brand Properties was the developer.

September 17, 2019

Industrial Leasing Activity South Carolina Southeast

Expeditors International Signs 143,000 SF Industrial Lease in Metro Charleston

by Alex Tostado September 17, 2019

HANAHAN, S.C. — Expeditors International of Washington Inc. has signed a 143,000-square-foot industrial lease within North Pointe Commerce Park in Hanahan. Expeditors will occupy 58 percent of the 247,000-square-foot building located at 1017 Northpointe Industrial Blvd., which is situated 14 miles northwest of downtown Charleston. Of the 143,000 square feet, 22,000 will be office space that the landlord, West-Signal, will build out. The building features tilt-up concrete construction, 32-foot clear heights, ESFR sprinkler systems and LED lighting. Expeditors is expected to begin occupying the space in early October. Jeff Kernochan of Fischer International and Hagood Morrison of Bridge Commercial represented the tenant in the lease negotiations. Peter Fennelly, Simons Johnson and Tim Raber of Bridge Commercial represented West-Signal, which is a joint venture owned by an affiliate of North Signal Capital LLC and a fund managed by Westport Capital Partners LLC.

September 17, 2019

Development Multifamily Southeast Tennessee

Beach Co. Breaks Ground on Apartment Complex in Downtown Nashville

by Alex Tostado September 16, 2019

NASHVILLE, TENN. — The Beach Co. has broken ground on Sixth South, an apartment complex in downtown Nashville that will feature 299 multifamily units and 5,400 square feet of retail space. Communal amenities will include a saltwater swimming pool, pool deck, outdoor kitchens, pet spa, club room and a fitness center. The Beach Co. expects to complete Sixth South in summer 2021. JC Darby and Jon Petty with Southeast Venture are the listing agents for the retail space.

September 16, 2019

Acquisitions Florida Multifamily Southeast

CBRE Negotiates $29.5M Sale of Multifamily Complex in Metro Tampa

by Alex Tostado September 16, 2019

LARGO, FLA. — CBRE has negotiated the $29.5 million sale of Enclave on East, a 196-unit multifamily complex in Largo. The property was 95 percent occupied at the time of sale. Enclave on East is located at 3660 E. Bay Drive, 20 miles west of downtown Tampa. Communal amenities include a swimming pool, playground, picnic tables, hammocks, clubhouse, business center and a car wash area. Shelton Granade, Luke Wickham, Justin Basquill, Michael Regan and Francesco Carriera of CBRE represented the seller, Insula Cos. The buyer was Providence Acquisitions LLC.

September 16, 2019

Acquisitions Georgia Multifamily Southeast

FCP Acquires Multifamily Community in Southwest Atlanta for $23.2M

by Alex Tostado September 16, 2019

ATLANTA — FCP has acquired Ashford at Spring Lake, a 180-unit multifamily community in southwest Atlanta, for $23.2 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, playground, fitness center and a swimming pool. The complex is located at 6200 Bakers Ferry Road, 13 miles west of downtown Atlanta. Pinnacle Management, which manages 17 communities for FCP throughout the Southeast, will manage Ashford at Spring Lake. Matt White, Andrew Mays and Paul Vetter of Berkadia represented the undisclosed seller in the transaction.

September 16, 2019

Acquisitions Alabama Retail Southeast

Marcus & Millichap Arranges $15.7M Sale of Walmart-Anchored Shopping Center Near Birmingham

by Alex Tostado September 16, 2019

SYLACAUGA, ALA. — Marcus & Millichap has arranged the $15.7 million sale of Payton Park, a 231,820-square-foot retail center in Sylacauga. Walmart Supercenter anchors the property, which also includes tenants such as Burkes Outlet, CATO, Shoe Show and Sally Beauty. The center is located at 41301 U.S. Highway 280, 45 miles southwest of downtown Birmingham. Zach Taylor, Andrew Margulies and Don McMinn of Marcus & Millichap represented the seller, an affiliate of Brixmor Property Group, in the transaction. The buyer was Chattanooga, Tenn.-based Rise Partners.

September 16, 2019

Acquisitions North Carolina Retail Southeast

RCG Ventures Sells Retail Center in Central North Carolina for $15.2M

by Alex Tostado September 16, 2019

GOLDSBORO, N.C. — RCG Ventures LLC has sold Ashley Plaza, a 160,356-square-foot retail center in Goldsboro, for $15.2 million. Hobby Lobby anchors the property, which was 98 percent leased at the time of sale to tenants including Planet Fitness, Ashley Furniture HomeStore, Harbor Freight Tools, Shoe Show, Chuck E. Cheese and Smart Repair Center. Ashley Plaza is located at 201 N. Berkeley Blvd., adjacent to Seymour Johnson Air Force Base and about 60 miles east of downtown Raleigh. Thomas Kolarczyk and Jim Hamilton of JLL represented the seller in the transaction. The buyer was Medalist Diversified REIT Inc., an investment and management firm based in Richmond that specializes in value-add real estate.

September 16, 2019

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