Southeast

Joint Venture to Develop Two Hotel Towers in Downtown Nashville Adjacent to Music City Center

by Alex Tostado April 2, 2019

NASHVILLE, TENN. — Starwood Capital Group, Crescent Real Estate LLC and High Street Capital Partners will develop a two-tower, dual-branded hotel situated on 1.3 acres directly across from Music City Center, a $625 million convention center in downtown Nashville that opened in 2013. The project will consist of a 506-room, 30-story Embassy Suites by Hilton and a 215-room, 18-story 1Hotel Tower, Starwood’s signature brand. The two hotel towers will be connected via a four-story lobby, conference center, public street-level dining and retail space and a rooftop bar. The joint venture will break ground on the hotels in the second quarter of this year.

April 2, 2019

Acquisitions Hospitality Southeast Virginia

Apple Hospitality REIT Sells Nine Hotels in Five States for $95M

by Alex Tostado April 2, 2019

RICHMOND, VA. — Apple Hospitality REIT has sold nine hotels in Florida, Louisiana, North Carolina, Virginia and Texas for $95 million. The hotels total 1,054 rooms. The sold hotels included two in Florida (Homewood Suites by Hilton Sarasota and TownePlace Suites by Marriott Tampa), one in Louisiana (SpringHill Suites by Marriott Baton Rouge), one in North Carolina (Hampton Inn & Suites by Hilton Holly Springs), two in Virginia (Courtyard by Marriott Bristol and Courtyard by Marriott Harrisonburg) and three in Texas. The buyer(s) was not disclosed. Richmond-based Apple Hospitality REIT is publicly traded and owns 234 hotels in 34 states.

April 2, 2019

Acquisitions Florida Multifamily Southeast

Providence, Aegon Acquire Apartment Complex in Tampa Bay Area for $63M

by Alex Tostado April 2, 2019

BRANDON, FLA. — A joint venture between Providence Real Estate and Aegon Real Assets has acquired The Park at Via Rosa, a 390-unit apartment complex in Brandon, for $63 million, or $161,538 per unit. The asset spans 24 acres, 33 buildings and 400,140 square feet. The new owners plan to upgrade unit interiors, including new appliances, wood flooring, new laminate countertops, tile backsplashes and new cabinets. Located at 2211 Grand Isle Drive, about 10 miles east of downtown Tampa, the community offers one-, two-, three- and four-bedroom floor plans and amenities including a clubhouse, fitness center, business center, tanning salon, playground, pet play area, car care center, swimming pool and volleyball and tennis courts. Luis Elorza, Brad Capas and Michael Mulkern of Cushman & Wakefield represented the buyers in the transaction. Managed by Blue Roc Premier, Grand Rivage at Brandon Lakes Ltd. sold the property.

April 2, 2019

Development Mississippi Mixed-Use Southeast

Mattiace Development to Open Phase II of Mixed-Use Project Near Jackson, Mississippi

by Alex Tostado April 2, 2019

RIDGELAND, MISS. — Mattiace Development Co. is expecting a fall opening for Phase II of Colony Park, a mixed-use development in Ridgeland. The second phase includes Malco Theaters’ six-screen, 25,000-square-foot boutique movie theater and a water feature. Outside the Lines (OTL) will design and construct the water fountain, which will feature 62 nozzles that will shoot water 35 feet high, audio, lighting and effects for a concert-quality experience. Colony Park is situated at 1000 Highland Colony Parkway, about 12 miles north of downtown Jackson.

April 2, 2019

Georgia Leasing Activity Office Southeast

WeWork Signs 40,000 SF Headquarters Lease in Midtown Atlanta

by Alex Tostado April 2, 2019

ATLANTA — WeWork has signed a four-story, 40,000-square-foot lease at 881 Peachtree St. in Midtown Atlanta and will relocate its headquarters from its 1372 Peachtree location. The space will house more than 680 desks for WeWork members. WeWork 881 Peachtree is part of 881 Peachtree Street, a 29-story mixed-use project that Hanover Co. and The Loudermilk Cos. are co-developing. 881 Peachtree will offer 44,000 square feet of office space and 11,000 square feet of retail space.

April 2, 2019

Acquisitions North Carolina Retail Southeast

Tanger Outlets Sells Four Outlet Malls for $130.5M

by Alex Tostado April 1, 2019

GREENSBORO, N.C. — Tanger Factory Outlets Center Inc. (NYSE: SKT) has sold four non-core outlet malls for $130.5 million. The four centers are located in Nags Head, N.C.; Ocean City, Md.; Park City, Utah; and Williamsburg, Iowa. The four properties were 95.8 percent occupied at the time of the sale. Greensboro-based Tanger Outlets expects to use $128.7 million of the proceeds to pay off existing debt. Tanger operates 40 outlet malls across 20 states and Canada. The company is planning to build a mall in downtown Nashville. The buyer(s) was not disclosed. Tanger Outlets’ stock price opened at $20.64 per share Monday, down from $22.16 per share one year ago.

April 1, 2019

Development Office Southeast Tennessee

WeWork to Open Third Nashville Location in North Gulch’s Capitol View

by Alex Tostado April 1, 2019

NASHVILLE, TENN. — WeWork will open its third Nashville location this fall. The newest site will be situated in the city’s North Gulch district, spanning 65,000 square feet and two stories at 500 11th Ave. N. within Capitol View. A joint venture between Boyle Investment Co., Northwestern Mutual and Northwood Ravin developed Capitol View, a 32-acre mixed-use development offering 378 residential units, retail space, restaurants and a 2.5-acre park. WeWork expects the space to house up to 1,000 workers. WeWork’s other two Nashville locations are in downtown (1,300 desks) and East Nashville (470 desks).

April 1, 2019

Development Georgia Retail Southeast

Joint Venture Opens Food Hall with 20 Vendors in Metro Atlanta

by Alex Tostado April 1, 2019

MARIETTA, GA. — Marietta Square Market, an 18,500-square-foot food hall, has opened at 68 N. Marietta Parkway NW in the Historic Marietta Square District. Concordia Properties LLC and Creative Culinary Ventures LLC developed the asset, which is located adjacent to historic railroad tracks, to resemble a turn-of-the-century train station. Marietta Square Market offers a central bar, indoor and outdoor seating and 20 vendors. Kelly Wilson of Ackerman Retail is handling leasing efforts for Marietta Square Market.

April 1, 2019

Acquisitions Georgia Multifamily Southeast

FCP Acquires Multifamily Complex in Atlanta for $23.1M

by Alex Tostado April 1, 2019

ATLANTA — FCP has acquired Ashford Gardens, a 164-unit garden-style apartment community in Atlanta, for $23.1 million. Ashford Gardens offers one-, two- and three-bedroom floor plans and community amenities such as a swimming pool, barbecue and picnic area and a playground. Situated at 2203 Plaster Road NE in northeast Atlanta, FCP will rebrand the property as Mirador at Peachtree. Andrew Mays and Matt White of Berkadia represented the undisclosed seller in the transaction.

April 1, 2019

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $14.2M Sale of Retail Center in Southwest Florida

by Alex Tostado April 1, 2019

BONITA SPRINGS, FLA. — Marcus & Millichap has arranged the $14.2 million sale of North Bay Village, a 114,545-square-foot retail property in Bonita Springs. North Bay Village was 73 percent occupied at the time of the sale, and the buyer, a private investor through a 1031 exchange, signed long-term leases with Hertz, Emaint and Keller Williams Real Estate to bring the asset to 98 percent occupancy. Other tenants include Bonefish Grill, Mattress Firm and Edible Arrangements. Jim Shiebler, James Garner and James Medefind of Marcus & Millichap represented the seller, a private investor, in the transaction.

April 1, 2019

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