ASHEVILLE, N.C. — Asheville has long been a destination for visitors seeking finely crafted furniture and decorative arts, dating back to the city’s preeminence in the early 20th century international arts and crafts movement and extending to Asheville’s current prominence as one of the country’s most lauded destinations for travelers. Indeed, Travel + Leisure magazine recently named “artsy Asheville” to its list of the “Top 15 Cities in the United States.” Asheville Outlets has created a home furnishings niche that taps into the region’s love of furniture and crafts, featuring stores including Restoration Hardware Outlet, West Elm Outlet, Le Creuset and Kirkland’s, all of which opened between 2015 and 2016. The stores benefit from strong demographics and purchasing behavior as residents within the center’s trade area spend $1.02 billion annually on home furnishings. The region’s 11.1 million visitors provide another strong base of consumers. “There is a strong demand for beautiful and affordable home furnishings and decorative accessories in our market area and these stores offer the right mix for every style and budget,” says Sharon Morgan, general manager of Asheville Outlets. RH Outlet Restoration Hardware at Asheville Outlets carries a range of distinctive, high-quality items for the home, including …
Southeast
LDJ Global to Construct 200,200 SF Speculative Industrial Building in Florence, South Carolina
by Alex Tostado
FLORENCE, S.C. — LDJ Global Strategies will develop a 200,200-square-foot speculative logistics center in Florence. The facility will feature 32-foot clear ceiling heights, 56 dock doors, 353 parking spaces and four drive-ins. The new building will be situated within the 28-acre Pee Dee Touchstone Energy Industrial Park, which is located 70 miles from the Georgetown Port and 110 miles from the Charleston and Wilmington ports. CBRE will handle leasing efforts for the building.
CHARLOTTE, N.C. — Midas Hospitality has opened its third Residence Inn by Marriott hotel in Charlotte. The four-story, 119-room The Residence Inn Charlotte Steele Creek is located at 5110 Trojan Drive, about 10 miles south of downtown Charlotte and seven miles south of Charlotte Douglas International Airport. The 82,000-square-foot hotel offers studio, one- and two-bedroom suites. Henry Schmidlin and Sue Wing of Midas will serve as general manager and director of sales, respectively. Midas’ sister company, MC Hotel Construction, served as the general contractor.
AUSTELL, GA. — FCP has acquired Chroma Park, a 210-unit, garden-style apartment complex in Austell, for $29.5 million. The property is situated at 2105 Mesa Valley Way, about 20 miles west of downtown Atlanta. Amenities at Chroma Park include a fitness center, lighted tennis courts, resort-style swimming pool, dog park and playground. FCP plans on investing in capital improvements across the property, including upgrades to the buildings, amenities and interiors. Travis Presnell of Cushman & Wakefield represented the undisclosed seller in the transaction.
ORLANDO, FLA. — HFF has arranged $28.9 million in equity financing for the development of Radius Apartments in Orlando. The 13-story, 389-unit community will be situated two blocks north of Lake Eola and less than a mile north of downtown Orlando. HFF worked on behalf of an affiliate of Banner Real Estate Group to arrange $14.9 million in joint venture equity from Westminster Capital LLC and $14 million in preferred equity through a blue-chip life company. The building is slated for completion in 2020 and will feature 12 stories of residential space situated above street-facing retail space on the first floor, an adjacent six-story parking garage and a public courtyard. The roof of the parking garage will be utilized as an amenity deck that will include a pool, cabanas, outdoor kitchen, dining and grilling area, bar and sun shelf.
BOYNTON BEACH, FLA. — A joint venture between MMG Equity Partners and Global Fund Investments has sold Whitworth Farms, an 88,424-square-foot, Publix-anchored shopping center in Boynton Beach, for $19.4 million. The asset is located at 12425 Hagen Ranch Road, about 11 miles north of downtown Boca Raton. The center was 96.1 percent leased at the time of the transaction. The seller was not disclosed.
WASHINGTON, D.C. — The Mortgage Banker Association (MBA) has released its 2018 ranking of commercial and multifamily mortgage servicers, which is calculated by deal volume. Wells Fargo Bank led the way with $675.3 billion in master and primary servicing, followed by PNC Real Estate/Midland Loan Services ($612.4 billion), KeyBank National Association ($256.6 billion), Berkadia Commercial Mortgage LLC ($235.9 billion) and CBRE Loan Services ($189.4 billion). Wells Fargo, MetLife and PGIM Real Estate Finance were the top servicers for loans held in own portfolio, U.S. mortgaged, income-producing properties. PNC and Berkadia are the top fee-for-service primary and master servicers of U.S. mortgaged, income producing properties. The Washington, D.C.-based association released the rankings at the 2019 Commercial Real Estate Finance/Multifamily Housing Convention & Expo, held at the Manchester Grand Hyatt San Diego. The four-day conference concludes today.
WASHINGTON, D.C. — Akridge has delivered 1701 Rhode Island, a seven-story, 104,000-square-foot building in Washington, D.C., that is fully leased to WeWork. Hickok Cole Architects designed the building, which features floor-to-ceiling windows, a landscaped entry plaza, two-story lobby, fitness center and a rooftop terrace. Whiting-Turner Contracting Co. was the general contractor. Zach Boroson, Andy O’Brien and Greg Lubar of JLL represented WeWork in the lease transaction.
DURHAM, N.C. — A joint venture between Trinity Capital Advisors, Wheelock Street Capital and SLI Capital has announced a mixed-use building in downtown Durham’s Venable Center. Located at 464 Pettigrew St., the Roxboro at Venable Center will feature 202,000 square feet of office and ground-level retail space spanning eight floors, as well as 200 apartment units. Amenities will include a sky deck lounge, fitness center and a conference center. Venable Center is currently an 87,000-square-foot historic and revitalized campus situated at the intersection of South Roxboro and East Pettigrew streets. The campus is home to the headquarters of Precision BioSciences. Brad Corsmeier and John Brewer of CBRE | Raleigh will handle leasing efforts for The Roxboro.
FORT MYERS, FLA. — NXT Capital has provided a $36 million acquisition loan for Coral Pointe, a 252-unit apartment community in Fort Myers. Coral Pointe is situated about six miles from downtown Fort Myers and offers a heated pool, outdoor grills, gazebos, outdoor bar, fitness center and two dog parks. Allison Williams and Matt Baldwin of Walker & Dunlop placed the loan with NXT Capital on behalf of the undisclosed borrower.