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

Acquisitions Georgia Industrial Southeast

Hillwood Purchases 1 MSF Distribution Center in Northeast Georgia for $44.9M

by Alex Tostado March 26, 2019

PENDERGRASS, GA. — Hillwood, a Dallas-based industrial owner and developer founded by Ross Perot Jr., has purchased Valentine 85 Logistics Center, a 1 million-square-foot distribution building in Pendergrass. Atlanta Business Chronicle reports the sales price was $44.9 million. The asset was recently delivered by a joint venture between San Antonio-based USAA Real Estate and Atlanta-based Seefried Industrial Partners. Valentine 85 features 40-foot clear heights, 50-foot-by-56-foot bays with 60-foot speed bays, 446 car parking spaces and 267 trailer parking spaces. The property is located at 117 Valentine Industrial Parkway near Interstate 85, about 28 miles north of Athens.

March 26, 2019

Acquisitions Florida Industrial Self-Storage Southeast

SkyView Advisors Arranges Sale of 65,224 SF Self-Storage Facility in Tampa

by Alex Tostado March 26, 2019

TAMPA, FLA. — SkyView Advisors has arranged the sale of Seminole & Heights Self Storage, a 65,224-square-foot facility in Tampa. Located on a 2.1-acre site at 1011 E. Dr. Martin Luther King Jr. Blvd., the property offers nine non-climate-controlled units and 625 climate-controlled units. The buyer and sales price were not disclosed. Ryan Clark of SkyView Advisors represented the undisclosed seller.

March 26, 2019

Acquisitions Georgia Healthcare Southeast

Anchor Health Properties Acquires Two Medical Office Buildings in Metro Atlanta Totaling 45,000 SF

by Alex Tostado March 26, 2019

NEWNAN AND LAWRENCEVILLE, GA. — Anchor Health Properties has acquired two fully leased medical office buildings (MOBs) in metro Atlanta on behalf of the Chestnut Healthcare Fund, a discretionary equity fund focused on the acquisition and development of medical office assets across the United States. The first property, 721 Wellness Way in Lawrenceville, is occupied by Northeast Endoscopy, which provides services including gastroenterology, imaging and family medicine. The asset is adjacent to Gwinnett Medical Center, which recently announced a merger to become Northside Hospital, and about 30 miles northeast of downtown Atlanta. The second property is situated at 7110 Newnan Crossing Bypass in Newnan, about 35 miles southwest of downtown Atlanta. The Newnan property is adjacent to Piedmont Newnan Hospital and is occupied by Avail Dermatology. Colliers International represented the seller, an affiliate of Pace Lynch Realty, in the transaction. Synovus Bank provided acquisition financing on behalf of the buyer. The sales prices were not disclosed.

March 26, 2019

Florida Loans Retail Southeast

Ready Capital Provides $8M Acquisition Loan for Vacant Retail Property in Miami

by Alex Tostado March 26, 2019

MIAMI — Ready Capital has provided an $8 million acquisition, renovation and lease-up loan for an 8,000-square-foot, vacant building in the Miami neighborhood of Wynwood. Ready Capital provided the nonrecourse, interest-only, floating-rate loan that features a 36-month term with two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures and tenant leasing costs. The undisclosed borrower will use the funds to redevelop the property into high-street storefronts with a food and beverage concept in the back.

March 26, 2019

Acquisitions California Florida Illinois Industrial Minnesota Top Stories Wisconsin

WPT Industrial REIT Acquires U.S. Logistics Portfolio for $226M

by John Nelson March 26, 2019

TORONTO — WPT Industrial Real Estate Investment Trust, a publicly traded company based in Toronto, has increased its U.S. holdings by agreeing to acquire a 13-property logistics portfolio for approximately US$226 million. The industrial buildings total 2.2 million square feet and are situated in infill submarkets across the United States. The property names and addresses were not disclosed, but WPT says the portfolio will increase its scale in Chicago, Milwaukee and Minneapolis. The portfolio also includes assets in three new markets for the REIT, including Los Angeles and Miami. Additionally, WPT has confirmed that eight of the assets are leased to a single tenant and the other five are leased to multiple tenants. “We are very pleased to source a high-quality portfolio acquisition that advances the REIT’s strategic priorities to add scale and diversification with a focus on markets and properties that have the greatest potential to drive long-term growth,” says Scott Frederiksen, CEO of WPT. WPT plans to fund the acquisition with cash on hand and proceeds from its senior unsecured credit facility. In anticipation of the purchase, WPT has received lender commitments to amend and extend the credit facility from US$300 million to $450 million. The REIT expects …

March 26, 2019

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