Southeast

CBRE Arranges Sale of Historic Multifamily Community in Nashville

by Alex Tostado August 28, 2019

NASHVILLE, TENN. — CBRE has arranged the sale of Hayes House, a 201-unit multifamily community in Nashville’s Hillsboro Village neighborhood. Hayes House was built in two phases in 1924 and 1997. Hayes House offers studio through three-bedroom floor plans and communal amenities such as a swimming pool, fitness center, business center and clubhouse. Russ Oldham, Brett Kingman and Steve Massey of CBRE represented the seller, Nicol Investment Co., in the transaction. An undisclosed buyer acquired the property. The sales price was not disclosed.

August 28, 2019

Acquisitions Florida Office Southeast

RealOp Purchases Office Buildings in Tampa for $15.1M

by Alex Tostado August 28, 2019

TAMPA, FLA. — RealOp Investments has purchased Grand Plaza Office Center, a twin, two-story office center totaling 134,843 square feet in Tampa. The purchase price was $15.1 million. The property was 83 percent leased at the time of sale and is located at 14497-14499 N. Dale Mabry Highway, 13 miles north of downtown Tampa. RealOp plans to invest in capital improvements across the two buildings, including cosmetic and mechanical renovations to the lobbies, common areas and exterior of the buildings to create modern spaces. The seller was not disclosed.

August 28, 2019

Loans Multifamily North Carolina Southeast

Greystone Provides $16M HUD Construction Loan for 113-Unit Apartment Complex in Asheville, North Carolina

by Alex Tostado August 28, 2019

ASHEVILLE, N.C. — Greystone has provided a $16 million HUD construction loan for White Oak Grove Apartments, a 113-unit apartment complex in Asheville. The borrower and developer is White Oak Grove Associates. The loan provides 85 percent of the project costs and carries a fixed interest rate during the construction period, followed by a 40-year term with amortization. HUD’s 221(d)(4) loan product enables construction or substantial rehabilitation of multifamily projects with long-term, fixed, low-rate financing. The community also will be built to comply with HUD’s Energy Star requirement to achieve a Green Mortgage Insurance Premium (MIP) reduction. The community will consist of 10 garden-style walk-up buildings, with 12 one-bedroom units averaging 743 square feet and 101 two-bedroom units averaging 1,138 square feet. Community amenities will include a fitness room, community room, business center, dog park, picnic areas and green space throughout. The project is planned for completion in 2020.

August 28, 2019

Acquisitions Florida Hospitality Southeast

Waramaug Acquires Two Hotels in Florida Totaling 231 Rooms

by Kristin Harlow August 28, 2019

PORT ST. LUCIE AND TALLAHASSEE, FLA. — Waramaug Hospitality has acquired two hotels totaling 213 rooms in Port St. Lucie and Tallahassee. The sales prices were not disclosed. The company bought the four-story, 88-room SpringHill Suites by Marriott Tallahassee Center. The hotel offers a 24-hour business center, 24-hour fitness center, outdoor pool with grilling area and 635 square feet of meeting space. Waramaug also acquired Residence Inn by Marriott Port St. Lucie, a six-story, 125-room hotel which features studio and one-bedroom suites. The hotel is located near PGA Golf Club, The Landings, First Data Field (home to the St. Lucie Mets, training field for Major League Baseball’s New York Mets) and Super Play. Waramaug is planning a comprehensive renovation of the Residence Inn and a refresh of the SpringHill Suites. Interstate Hotels & Resorts will manage both properties. The seller(s) was not disclosed.

August 28, 2019

Acquisitions Office Southeast Top Stories Virginia

Hines, Oaktree Acquire 178,700 SF Office Building in Metro D.C. for $93.2M

by Kristin Harlow August 28, 2019

BALLSTON, VA. — A joint venture between Hines and funds managed by Oaktree Capital Management has acquired Two Liberty Center for $93.2 million. The 178,700-square-foot, nine-story office building is situated in the Ballston submarket of Northern Virginia. The Class A property was renovated in January of this year and features a new lobby, new spec suites and parking for more than 300 vehicles. Two Liberty Center was 95 percent leased to 16 tenants at the time of sale. It is situated at 4075 Wilson Blvd., five miles west of downtown Washington, D.C. Ballston is home to new developments such as Ballston Quarter and Ballston Exchange, which are slated to include approximately 500,000 square feet of retail and entertainment options as well as 2,000 residential units. Andrew Weir, Jim Meisel, Matthew Nicholson, David Baker and Stephen Conley of JLL represented the seller, Westbrook Partners, in the transaction. Susan Carras, Rob Carey and Drake Greer, also of JLL, arranged $67.6 million in acquisition financing for the buyer. Bank of America provided the seven-year, floating-rate loan. New York City-based Westbrook is a privately owned real estate investment management company. Houston-based Hines is a privately owned real estate investment, development and management firm with …

August 28, 2019

Development Georgia Mixed-Use Southeast

Public-Private Partnership to Develop $85M Mixed-Use Project in Snellville, Georgia

by Alex Tostado August 27, 2019

SNELLVILLE, GA. — A public-private partnership (PPP) between the City of Snellville and developers CASTO and MidCity Real Estate Partners, will develop The Grove at Towne Center, a planned mixed-use development in downtown Snellville. The City of Snellville unanimously approved the project on Monday, Aug. 26 in a 6-0 vote. The PPP will break ground on the $85 million Phase I in 2020 and expects the first deliveries in 2021. Phase I will comprise more than 50,000 square feet of retail, restaurant, office and entertainment space, and about 250 multifamily units. The Market Center building will serve as the project anchor. CASTO and MidCity are working with the City of Snellville to customize the overall design and uses within the building. Early ideas include a brew pub on the first floor and event space on the second floor. The Grove Apartments will offer amenities such as a fitness center, swimming pool, grilling area, parking deck and business center. The Commons area will allow the City to host many of the community’s festivals and activities in one centrally located space.

August 27, 2019

Acquisitions Georgia Multifamily Southeast

PPD Holdings, Residential Group Sell Multifamily Community in Metro Atlanta for $83M

by Alex Tostado August 27, 2019

DULUTH, GA. — PPD Holdings Investment Group and The Residential Group have sold District at Duluth, a 370-unit multifamily community in metro Atlanta’s Gwinnett County, for $83 million. The partnership designed and built the community. The property offers studio through two-bedroom floor plans, 11 townhomes, one-bedroom penthouses and 15,000 square feet of commercial space. Communal amenities include a 24-hour fitness center, pet park, pet spa, saltwater swimming pool and a game room. Principal Real Estate Investors acquired the property.

August 27, 2019

Acquisitions Georgia Office Southeast

Bull Realty Arranges $14.8M Sale of Office Building Near Atlanta

by Alex Tostado August 27, 2019

NEWNAN, GA. — Atlanta-based Bull Realty has arranged the $14.8 million sale of 1825 Summit, a 100,000-square-foot office building in Newnan. Delta Community Credit Union sold the building, which was 56 percent leased at the time of sale. The financial community will continue to operate within the asset. MBRE acquired the property for $147.50 per square foot. 1825 Summit is located 37 miles southwest of downtown Atlanta and immediately adjacent to Summit Family YMCA and Georgia Bone & Joint medical office building.

August 27, 2019

Acquisitions Florida Office Southeast

Integra Investments, Constellation Group Purchase Office Building in Miami Beach for $10.1M

by Alex Tostado August 27, 2019

MIAMI BEACH, FLA. — Integra Investments and Constellation Group have purchased a 31,270-square-foot office building located at 1674 Meridian Ave. in Miami Beach for $10.1 million. The asset also includes 5,500 square feet of ground-level retail space. The partnership will market the office space to small- and medium-sized tenants. New ownership is planning a multimillion-dollar renovation that includes upgrading the lobby and common areas, as well as adding a new roof and floor-to-ceiling windows. Ivy MBT Realty was the seller.

August 27, 2019

Industrial Leasing Activity South Carolina Southeast

Avison Young Negotiates 101,823 SF Industrial Lease in Metro Charleston

by Alex Tostado August 27, 2019

HANAHAN, S.C. — Avison Young has negotiated a 101,823-square-foot industrial lease on behalf of W.W. Williams Co. at 5801 N. Rhett Ave. in Hanahan. W.W. Williams specializes in fleet management and logistics services. Situated about 11 miles from Port of Charleston, 5801 N. Rhett Ave. is a 300,000-square-foot building that features 18 dock doors. Alan Bolduc, Courtney Marous and Kathleen Isola of Avison Young represented the tenant in the lease transaction. Charleston-based Bridge Commercial represented the landlord, CenterPoint Properties Trust.

August 27, 2019

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