Southeast

Cushman & Wakefield Negotiates $23.5M Sale of Apartment Property in Mobile

by Alex Tostado March 28, 2019

MOBILE, ALA. — Cushman & Wakefield has arranged the $23.5 million sale of Spanish Fort Town Center, a 216-unit apartment complex in Mobile. Built in 2009, Spanish Fort Town Center is situated within the master-planned Spanish Fort Town Center and offers amenities such as a saltwater swimming pool, 24-hour fitness center, dog park, business center, fire pit and package acceptance. Josh Jacobs, Jimmy Adams and Craig Hey of Cushman & Wakefield represented the seller, Spanish Fort Realty LLC, in the transaction. Birmingham, Ala.-based LMS Real Estate acquired the property.

March 28, 2019

Acquisitions Georgia Multifamily Southeast

Audubon Acquires East Atlanta Apartment Community for $16.8M

by Alex Tostado March 28, 2019

DECATUR, GA. — Audubon has acquired The Flats at East Atlanta, a 140-unit apartment community in Decatur, for $16.8 million. The Flats offers one-, two- and three-bedroom floor plans. A $5 million renovation was recently completed at the property, which included upgrades to unit interiors and exteriors. Audubon plans to invest $770,000 into the property, including building a fitness center, an indoor mail room, new signage and washers and dryers in each unit. Richard Jordan of CBRE originated a 10-year Freddie Mac acquisition loan with a fixed 4.4 percent interest rate. The seller was not disclosed.

March 28, 2019

Acquisitions Maryland Office Southeast

EDGE Brokers $15.9M Sale of Maryland Office Building

by Alex Tostado March 28, 2019

FREDERICK, MD. — EDGE Commercial Real Estate has brokered the $15.9 million sale of Patrick Center, a seven-story office building located at 30 W. Patrick St. in downtown Frederick. Lee Development Group bought the 67,000-square-foot building from West-End Atlas. Patrick Center was 90 percent leased at the time of the sale to tenants including Bank of America Merrill Lynch, Miles & Stockbridge, Morgan Stanley and PNC Wealth Management. The asset, which was developed in 1987 and underwent renovations in 2015, includes a two-story atrium lobby and marble flooring. Joe Friedman of EDGE represented the buyer in the transaction, and Julian Etches and Joe Donegan of Scheer Partners represented the seller.

March 28, 2019

Features Georgia Hospitality Southeast Southeast Feature Archive

Hunter Conference Recap: Hospitality Industry’s Run on Soft Brands Will be ‘Limited,’ Say Lodging Executives

by John Nelson March 28, 2019

ATLANTA — Somewhere between a branded hotel like Holiday Inn and a truly independent hotel lies the “soft-branded” hotel. These properties are pseudo-independent in that they don’t adhere to hotel brand standards but their owners can tap into the networks of established chains for resources like reservation software, loyalty programs and distribution channels. Owners franchise the hotel properties for a fee, but the operations and look more resemble an independent hotel, which is an attractive concept given how many travelers are looking for authentic experiences from their hotel stays. “Soft brands are the hot product in the hotel industry,” said Jeff Higley, vice president and editorial director of Hotel News Now/STR Global. Higley’s comments came during the 31st annual Hunter Hotel Investment Conference, which was held March 20-22 at the Atlanta Marriott Marquis in downtown Atlanta. The conference drew 1,850 attendees. Higley moderated a panel on the first day of the event that included executives from hotel brands and hospitality ownership and development firms. Evolution of soft brands According to lodging research and analytics firm STR, soft-branded hotels comprise a little more than 1.3 percent of all U.S. hotel rooms, but that figure is significant in that 11 years the …

March 28, 2019

Florida Industrial Leasing Activity Southeast

Logistics Company Renews 364,608 SF Industrial Lease in Miami

by Alex Tostado March 27, 2019

MIAMI — Ceva Logistics, a global logistics supply chain company, has renewed its long-term, 364,608-square-foot lease to fully occupy 5601 NW 72nd Ave. in Miami. The industrial property is situated about seven miles west of Miami International Airport. Thomas Kresse, Ben Eisenberg Walter Byrd and Carlos Gaviria of Transwestern Commercial Services represented the landlord, Clarion Partners, in the lease transaction. Devin White of CBRE represented the tenant.

March 27, 2019

Development District of Columbia Hospitality Southeast

Hines, Qatari Diar Open 360-Room Conrad Hotel in CityCenterDC

by Alex Tostado March 27, 2019

WASHINGTON, D.C. — Developer Hines and investor Qatari Diar have delivered Conrad Washington, D.C., a 360-room, 10-story hotel. Situated at 950 New York Ave. NW, the hotel is the hospitality component of CityCenterDC, a 10-acre mixed-use neighborhood in downtown Washington, D.C. The Conrad line is a luxury brand within the Hilton Hotels & Resorts family. The Conrad features 30,000 square feet of ground-level retail and 32,000 square feet of meeting space. Other amenities include James Beard Award recipients and “Top Chef” finalists, Bryan and Michael Voltaggio’s seafood restaurant called Estuary; Summit The Rooftop at Conrad, an event terrace; and Sakura Club, a lounge on the 10th floor. The design team included Herzog & de Meuron, production architect and hotel consultant HKS Inc., exacting interiors architect Rottet Studio and landscape architecture firm Gustafson Guthrie Nichol. Hilton Management Services will manage the hotel.

March 27, 2019

Acquisitions Multifamily North Carolina Southeast

Blaze Partners Acquires 250-Unit Apartment Community in Charlotte

by Alex Tostado March 27, 2019

CHARLOTTE, N.C. — Blaze Partners has acquired The Gibson, a 250-unit apartment community in Charlotte’s Plaza Midwood neighborhood. Delivered in 2015 by Pollack Shores Real Estate, the property offers one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, outdoor recreation area, courtyard with a firepit, grilling stations, fitness studio and a clubhouse. The seller and sales price were not disclosed.

March 27, 2019

Development District of Columbia Multifamily Southeast

MAC Realty Advisors Arranges $15M Equity Investment for D.C. Apartment Renovation

by Alex Tostado March 27, 2019

WASHINGTON, D.C. — MAC Realty Advisors has arranged an equity partner for Channel Square Apartments, a 232-unit affordable housing community in Washington, D.C., that is owned by Somerset Development Co. and NHT Communities. The Jonathan Rose Cos. invested $15 million in the renovation of the property, situated at 325 P St. SW, about three miles south of downtown Washington, D.C. The renovation included a $1.3 million solar energy system. Andrew McAllister, Bruce Levin and Nick Rubenstein of MAC Realty Advisors arranged the financing on behalf of Somerset and NHT Communities.

March 27, 2019

Development Multifamily North Carolina Southeast

Mattoni Group Invests $9.3M in Multifamily Development in Charlotte

by Alex Tostado March 27, 2019

CHARLOTTE, N.C. — The Mattoni Group has invested $9.3 million in the construction of Middleburg’s Mosby University City, a 309-unit apartment community in Charlotte. The property will comprise six four- and five-story buildings spanning 14 acres. Interior amenities will include Nest Thermostats and Bluetooth keyless entry. Mosby University City will be located about two miles from the University of North Carolina at Charlotte and across from a recently opened LYNX Blue Line light rail stop. Mosby University City is the first joint venture between Mattoni Group and Middleburg. Telly Fathaly and Elliot Howell of Walker & Dunlop arranged the equity financing. A timeline for construction was not disclosed.

March 27, 2019

Alabama Loans Retail Southeast

Revere Capital Provides $25M Loan for Refinancing of Birmingham Shopping Center

by Alex Tostado March 26, 2019

BIRMINGHAM, ALA. — Revere Capital has provided a $25 million refinancing loan for Brookwood Village, a 411,441-square-foot shopping center in Birmingham. The asset sits on 22 acres, about six miles south of downtown Birmingham. Tenants include Target, Verizon Wireless, DSW, Macy’s and The Fresh Market. The borrower was not disclosed, but the property is listed under management by CAPREF Manager, a subsidiary of Dallas-based Cypress Equities.

March 26, 2019

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