Southeast

Joint Venture Sells Shopping Center in Huntsville for $27M

by Alex Tostado May 17, 2019

HUNTSVILLE, ALA. — A joint venture between MGold Properties and Mishorim Real Estate Investments has sold University Place, a 169,585-square-foot retail center in Huntsville, for $27 million. University Place was fully leased at the time of the sale to tenants including Cheddar’s Scratch Kitchen, Armed Forces Career Center, Zaxby’s, Panda Express, Red Wing Shoes, Republic Finance, T-Mobile and Subway. The property sits on 17.2 acres at 6125 University Drive along U.S. Highway 72, about six miles west of downtown Huntsville. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction. The buyer, Colterra Capital Corp., was self-represented.

May 17, 2019

Development Georgia Hospitality Southeast

Woodbine Legacy Investments Completes $20M Renovation of W Atlanta-Buckhead Hotel

by Alex Tostado May 17, 2019

ATLANTA — Woodbine Legacy Investments (WLI) has completed a $20 million renovation of W Atlanta-Buckhead, a 12-story, 291-room hotel in Atlanta’s Buckhead district. The renovation began in May 2018. Guest accommodations — 286 guest rooms, four WOW Suites and one EWOW Suite — were enhanced with new headboards, armoires, damask wallcoverings and carpeting, 55-inch TVs, in-room Nespresso machines, beverage bar and artwork throughout. Communal renovations included new furnishings, an upgraded lobby and living room, upgraded fitness center and added Wi-Fi and meeting space throughout the hotel. The design team included architect and interior designer C+TC Studio, which designed the hotel’s rooftop bar, Whiskey Blue; interior designer Studio 11, which designed the lobby; and general contractor Genoa Construction. A second phase of renovation is planned for later this year, which will focus on updating the hotel’s restaurant, Cook Hall.

May 17, 2019

Acquisitions Maryland Retail Southeast

Continental Realty Acquires Shopping Center in Metro Baltimore for $16.2M

by Alex Tostado May 17, 2019

GLEN BURNIE, MD. — Continental Realty Corp. has acquired Governors Commons, a 129,242-square-foot shopping center in Glen Burnie, for $16.2 million. Governors Commons was fully leased at the time of sale to tenants including Gavigan’s Furniture, Pep Boys, Sake Japanese Steakhouse, Goodwill Industries and Dollar Tree. The property is located at 7311 Ritchie Highway, nine miles south of downtown Baltimore. Mathew Adler, Geoffrey Millerd and Chris Huesgen of Newmark Knight Frank (NKF) arranged the transaction. The seller was not disclosed. Joe Donato of NKF arranged acquisition financing.

May 17, 2019

Development Industrial Louisiana Southeast Top Stories

Lotte Chemical, Westlake Chemical Open $3.1B Plant in Lake Charles, Louisiana

by Jeff Shaw May 17, 2019

LAKE CHARLES, LA. — A joint venture between Lotte Chemical USA (KRX: KRW) and Westlake Chemical Corp. (NYSE: WLK) has opened a new chemical plant in Lake Charles, located in the southwest corner of Louisiana near the Texas border. Development costs for the 250-acre campus were estimated at $3.1 billion. The chemical plant produces monoethylene glycol — commonly called MEG — an important ingredient in the making of paper, textile fibers, latex paints, asphalt, resins, antifreeze, coolants and adhesives. With an annual capacity of 700,000 metric tons, the new facility is now the largest MEG plant in the world. South Korea-based Lotte and Houston-Based Westlake expect the plant to generate 250 permanent jobs. According to the Louisiana Economic Development office, approximately 2,000 “indirect jobs” have also been created as a result of this project. “Among Korean petrochemical companies, Lotte Chemical is the first to locate a project in the United States. As such, this project represents a significant investment by Lotte Chemical,” says Jinkoo Hwang, president and CEO of Lotte Chemical USA. “Today also marks the opening of our new corporate headquarters in Lake Charles, and we are very excited to be part of the industrial growth in the region.” …

May 17, 2019

Florida Hospitality Loans Southeast

HFF Arranges $42.3M CMBS Acquisition Loan for Hotel in Fort Lauderdale

by Alex Tostado May 16, 2019

FORT LAUDERDALE, FLA. — HFF has arranged a $42.3 million acquisition loan for the Renaissance Fort Lauderdale Cruise Port Hotel in Fort Lauderdale. A joint venture led by DoveHill Capital Management acquired the 236-room hotel, which opened in 2001 and has been updated throughout the years, most recently in 2016. An undisclosed CMBS lender provided the 10-year, fixed-rate loan, which is structured as interest-only for the full term. Hotel amenities include 12,838 square feet of meeting and event space; an outdoor pool; 24-hour fitness center; business center; limousine service; a salon; and three food and beverage outlets: Bistro 17, R Lounge and Calusa Coffee Roasters Bar. Josh Simon, Maxx Carney and Tyler Dumon of HFF arranged the loan on behalf of the borrower.

May 16, 2019

Acquisitions Florida Office Southeast

Joint Venture Sells Adjacent South Florida Office Campuses for $33M

by Alex Tostado May 16, 2019

NAPLES, FLA. — A joint venture between Creekside West Inc., GC Partnership Ltd. and FoxRock Newgate 5150 Realty LLC has sold Newgate Center and Park North, a pair of adjacent office campuses in Naples. Newgate Center is a three-building, 80,000-square-foot office campus situated at 5200 Tamiami Trail N., and Park North is a two-building, 19,450-square-foot office property situated at 5125 Castello Drive. David Stevens of Investment Properties Corp. represented the sellers in the transaction. Rainer Filthaut of International Realty Corp. represented the buyer, a private European investment group doing business as Tamiami Newgate LLC.

May 16, 2019

Development Retail South Carolina Southeast

Halvorsen Holdings to Develop Publix-Anchored Shopping Center Near Savannah

by Alex Tostado May 16, 2019

BLUFFTON, S.C. — Boca Raton, Fla.-based Halvorsen Holdings is planning to develop May River Crossing, a 70,200-square-foot, Publix-anchored shopping center in Bluffton, 16 miles north of downtown Savannah and 16 miles west of Hilton Head Island. May River Crossing will be situated on 15 acres on the northeast corner of Okatie Highway and May River Road. Publix will occupy 48,000 square feet and will feature a drive-thru pharmacy. There is 21,845 square feet of available space. May River Crossing’s committed tenants include a nail salon, national hair salon and a national cellphone provider. A timeline for construction was not disclosed.

May 16, 2019

Leasing Activity Office South Carolina Southeast

Coworking Firm Signs 28,900 SF Office Lease Within Downtown Greenville’s Camperdown Development

by Alex Tostado May 16, 2019

GREENVILLE, S.C. — Coworking firm Spaces has signed an office lease to occupy the bottom two floors of Falls Tower in downtown Greenville. Falls Tower is a 184,000-square-foot office building under construction at 423 S. Main St. as part of Centennial American Properties’ Camperdown development. This marks Spaces’ first location in South Carolina. It will occupy 28,900 square feet, business solutions firm Elliott Davis will occupy 65,000 square feet and Bank of America will occupy 32,000 square feet at Falls Tower. At full buildout, Camperdown will offer office, residential, retail and hotel space, as well as an outdoor courtyard. Centennial American Properties expects to complete Falls Tower in mid-2020. Charles Gouch and Doug Webster of CBRE represented the landlord and developer in lease negotiations.

May 16, 2019

Acquisitions Louisiana Multifamily Southeast Student Housing

Alpha Capital Acquires 342-Bed Student Housing Community Near University of Louisiana at Lafayette

by Alex Tostado May 16, 2019

LAFAYETTE, LA. — Alpha Capital Partners has acquired University Place, a 342-bed student housing community located near the University of Louisiana at Lafayette. The acquisition is the second of five identified projects in the company’s Opportunity Zone Fund, which was launched last October in an effort to take part in the opportunity zone program implemented by the Tax Cuts and Jobs Act of 2017. University Place offers access to campus through a private pedestrian bridge, alongside shared amenities including a 24-hour fitness center, swimming pool and cyber café. The new ownership plans to invest capital to reposition the property, details of which have yet to be announced. The seller and terms of the transaction were not disclosed.

May 16, 2019

Development Georgia Office Southeast

John Portman & Associates Unveils Plans for 20-Story Office Tower in Midtown Atlanta

by Alex Tostado May 15, 2019

ATLANTA — John Portman & Associates has unveiled plans for 712 West Peachtree, a 578,851-square-foot office tower in Midtown Atlanta. The tower will stand 20 stories high and include one story below ground. The total rentable office space will span 309,465 square feet from the eighth to 20th floor. The building will also include 8,761 square feet of retail space, 516 parking spaces and an outdoor terrace on the eighth floor. Developed by Portman Holdings LLC, an affiliate of the Atlanta-based architectural firm, 712 West Peachtree will be located near NCR’s headquarters, Anthem Technology Center and Norfolk Southern’s headquarters. The project is also near Coda at Tech Square, a 770,000-square-foot mixed-use development on the edge of Georgia Tech’s campus that Portman Holdings is also developing. A timeline for 712 West Peachtree’s construction was not disclosed.

May 15, 2019

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