Southeast

Northwood Ravin to Break Ground on 354-Unit Multifamily Development in Uptown Charlotte

by Alex Tostado June 24, 2019

CHARLOTTE, N.C. — Northwood Ravin will break ground on 500 West Trade in July. The project will feature 354 apartment units, 8,500 square feet of retail space and a 3,600-square-foot pedestrian courtyard. The apartment units will be situated within a seven-story and a 14-story building connected by the courtyard. Communal amenities will include a business center overlooking Trade Street, a rooftop lounge and outdoor kitchen in the 14th floor, dog spa and two swimming pools. Additionally, there will be a health club with an exercise room, men’s and women’s saunas, fitness room and a massage room. Northwestern Mutual is providing construction financing. Northwood Ravin is the developer and general contractor for 500 West Trade and will serve as the residential property manager when leasing begins. Northwood Ravin expects the first units to open in early 2021.

June 24, 2019

Acquisitions Florida Office Southeast

Cushman & Wakefield Brokers $54.4M Sale of Office Building in South Florida

by Alex Tostado June 24, 2019

CORAL GABLES, FLA. — Cushman & Wakefield has arranged the $54.4 million sale of 550 Biltmore, a 162,293-square-foot office building in Coral Gables. Miami-based CGI Merchant Group acquired the 16-story building for $336 per square foot. The asset was built in 1986 and renovated in 2013. The property is located at 550 Biltmore Way, six miles west of downtown Miami. 550 Biltmore was 89 percent leased at the time of sale to tenants including UBS, Compagnie Financière Richemont (Cartier) and Heinemann Americas Inc. Mike Davis, Miguel Alcivar, Dominic Montazemi, Scott O’Donnell, Brian Gale, Ryan Holtzman and Rick Brugge of Cushman & Wakefield represented the undisclosed seller in the transaction. Gale and Holtzman, along with Andrew Trench and Jeannette Mendoza of Cushman & Wakefield, is handling leasing efforts for the building. Cushman & Wakefield also manages the property.

June 24, 2019

Acquisitions Florida Multifamily Southeast

ContraVest Sells Multifamily Community in Tampa for $54.3M

by Alex Tostado June 24, 2019

TAMPA, FLA. — ContraVest has sold the Addison at Tampa Oaks, a 262-unit multifamily community in Tampa, for $54.3 million. Addison at Tampa Oaks was built in 2016 and offers studio, one-, two- and three-bedroom floor plans averaging 1,046 square feet. Community amenities include a swimming pool, sun deck, outdoor lounge, 24-hour fitness center, spin cycle studio and a resident clubhouse. TM Real Estate Group and Lindy Property Management acquired the asset for $207,061 per unit.

June 24, 2019

Acquisitions Florida Multifamily Southeast

Berkadia Arranges $32.5M Sale of Apartment Complex in Metro Orlando

by Alex Tostado June 24, 2019

WINTER SPRINGS, FLA. — Berkadia has arranged the $32.5 million sale of 1020 at Winter Springs, a 208-unit apartment complex in Winter Springs, about 15 miles north of downtown Orlando. The community was built in 1992 and was 97 percent occupied at the time of sale. 1020 at Winter Springs offers one-, two- and three-bedroom floor plans averaging 769 square feet. Communal amenities include a swimming pool, tennis courts, clubhouse, fitness center, playground and a laundry facility. Cole Whitaker, Jason Stanton, Mary Beale and Greg Rainey of Berkadia represented the seller, Covenant Capital Group, in the transaction. Berkadia also provided a $26.1 million Freddie Mac loan to the buyer, a joint venture between the Michaelson Group and GMF Capital. The fixed-rate acquisition loan comes with a 10-year term and five years of interest-only payments.

June 24, 2019

Acquisitions Florida Retail Southeast

Marcus & Millichap Negotiates $11M Sale of Retail Center in Central Florida

by Alex Tostado June 24, 2019

HAINES CITY, FLA. — Marcus & Millichap has arranged the $11 million sale of Heart of Florida Shopping Center in Haines City. The 131,500-square-foot shopping center is located at 35874-35938 Highway 27, about 40 miles southwest of downtown Orlando. The shopping center was originally built in 1984. At the time of sale, 82 percent of the center’s tenant lineup was national retailers including Dollar General, Tractor Supply and Big Lots. The buyer was a Florida investor in a 1031 tax-deferred exchange. Tim Giambrone of Marcus & Millichap represented the seller, a New York investor, in the transaction.

June 24, 2019

Alabama Market Reports Office Southeast Southeast Market Reports

Relocations, Expansions Push Birmingham Office Market to a Tipping Point

by Alex Tostado June 24, 2019

Birmingham is a unique market for Class A office space. Last year had its fair share of notable transactions (both sales and leases), but overall a few key transactions from previous years pushed absorption in the negative figures. The most significant deal that is still impacting our market was a tenant relocation into the Red Roofs Colonnade (Colonnade North and South) located at the interchange of Highway 280 and Interstate 459, the heart of the 280/459 office submarket. Southern Co. Services signed a 700,000-square-foot, long-term lease at the project, and as of Jan. 1, the Red Roofs are now fully occupied. This transaction left a sizable block of Class A office space along the 280/459 corridor. Soon after announcing the relocation, FIS backfilled about 112,500 square feet within Inverness Center North. The CBD is still recovering from Regions Financial giving back about 160,000 square feet at Regions/Harbert Plaza, but this building has seen a large amount of activity since this announcement. Our market is in the midst of absorbing these previous deals now and moving in the right direction. This year has gotten off to a quick start with two encouraging announcements. Shortly after Wells Fargo announced it will be …

June 24, 2019

Development Georgia Industrial Southeast

GE Appliances to Invest $130M in Three Georgia Industrial Facilities, Create 300 Jobs

by Alex Tostado June 21, 2019

LOUISVILLE, KY. — GE Appliances will invest $130 million in three industrial facilities in north Georgia, ultimately adding 300 new jobs for the Louisville-based manufacturer in the Peach State. GE Appliances will invest $43 million in the company’s affiliate Roper Corp. facility in Walker County in order to expand manufacturing capabilities and introduce new cooking products. The investment will create an additional 100 jobs, bringing the total employee count at the plant to 2,000. The company will also build the $32 million Southern Logistics Center in Murray County. The new warehouse will house 100 employees and will connect the Port of Savannah and the Appalachian Regional Port via rail in northwest Georgia. Lastly, GE Appliances is building a $55 million smart warehouse in Jackson County, also housing 100 employees. The GE Appliances Southeast Region Appliance Distribution Center will use distribution technology to blend digital intelligence with high-tech innovation. In December, the Georgia Ports Authority announced plans to build a 104-acre inland port in Gainesville, about 25 miles from GE’s proposed plant in Jackson County. A timeline for construction was not disclosed.

June 21, 2019

Development Florida Mixed-Use Multifamily Seniors Housing Southeast

Rieber Developments to Build Seniors Housing, Mixed-Use Tower Near Miami

by Alex Tostado June 21, 2019

AVENTURA, Fla. — Rieber Developments has unveiled plans for 12|12 Aventura, a mixed-use project with offices for medical professionals, a luxury senior living component and retail. The project is planned for a plot in Aventura, a northern suburb of Miami. Designed by Arquitectonica, 12|12 Aventura will be a 12-story complex consisting of 30,000 square feet of commercial retail space, 30,000 square feet of offices, a 150-unit luxury senior living component and a structured parking garage. The retail space will include a Chelsea Market-style food hall on the ground floor. The community will join a sister project, Ivory 214, currently under construction nearby. Ivory 214 will feature medical and professional office space, as well as a Hilton-branded hotel. The two projects will combine as the center of what the developer is calling the “Aventura Medical District.” Located less than one mile from Aventura Mall and directly adjacent to Aventura Hospital, 12|12 Aventura will benefit from more than 300 surrounding medical practices, and Aventura Hospital’s designation as a Level II trauma center — one of only two facilities in Miami-Dade County with this designation. Cervera Real Estate is the exclusive brokerage for leasing efforts. ID & Design International is outfitting the interiors …

June 21, 2019

Development Hospitality Louisiana Southeast

Q Hotels, Stirling Properties Break Ground on Marriott Hotel Near New Orleans

by Alex Tostado June 21, 2019

SLIDELL, LA. — Q Hotels and Stirling Properties have broken ground on Springhill Suites by Marriott, an 88-room, four-story hotel in Slidell. The hotel will sit on 1.9 acres at the intersection of Ruth Garrett Way and Bill Garrett Road, about 35 miles northeast of downtown New Orleans. Construction is already underway on the hotel with delivery slated for the fourth quarter of 2020. The hotel will be situated within Fremaux Park, Stirling’s 350-acre mixed-use development that includes residential and retail space, including Fremaux Town Center. The 640,000-square-foot retail destination is anchored by Dillard’s, Dick’s Sporting Goods, Kohl’s and Best Buy and includes restaurants such as Five Guys, Rock N Roll Sushi, Cheddar’s Scratch Kitchen, Chipotle Mexican Grill, Starbucks and LongHorn Steakhouse. Fremaux Park’s additional phases will include more residential and retail space and bring office and industrial space.

June 21, 2019

Acquisitions Florida Multifamily Southeast

Lynd, Topaz Capital Acquire Apartment Complex in Jacksonville for $35.2M

by Alex Tostado June 21, 2019

JACKSONVILLE, FLA. — A joint venture between Lynd Opportunity Partners and Topaz Capital has acquired Mission Springs, a 444-unit, value-add apartment complex in Jacksonville, for $35.2 million. The joint venture plans to invest $5 million to upgrade the property and will rebrand it as Topaz Villas JAX. Upgrades will include updating all interiors and common areas, including pools and recreational areas. A fenced-in dog park and a playground will also be added. Mission Springs was built in the 1970s and is located at 5327 Timuquana Road, 11 miles southwest of downtown Jacksonville. The seller was not disclosed.

June 21, 2019

Newer Posts

Older Posts