Southeast

RLJ Lodging Trust Sells Marriott-Branded Hotel in Tampa Bay for $188.5M

by Camren Skelton September 5, 2018

ST. PETERSBURG, FLA. — RLJ Lodging Trust has sold the 362-room Vinoy Renaissance St. Petersburg Resort & Golf Club for $188.5 million, or approximately $521,000 per room. The Marriott-branded hotel is located at 501 5th Ave. N.E. on the Tampa Bay waterfront In St. Petersburg. The sales price represents the contractural sales price of $185 million, and the release of $3.5 million in member deposits. The Vinoy features an on-site spa, swimming pool, fitness center, meeting rooms, 18-hole golf course and on-site dining. The hotel is located in downtown St. Petersburg near Tropicana Field, the Dali Museum, Florida Aquarium, North Straub Park, Vinoy Park and Spa Beach.

September 5, 2018

Acquisitions North Carolina Office Southeast

CBRE | Raleigh Brokers $56.3M Sale of Office Park in Triangle

by Camren Skelton September 5, 2018

RALEIGH, N.C. — CBRE | Raleigh has brokered the sale of WestChase Office Park, a three-building, 312,544-square-foot office park in the Triangle’s West Raleigh submarket. The sales price was not disclosed, but the Triangle Business Journal reports the property sold for $56.3 million. Ben Kilgore, Brad Corsmeier, John Brewer, Chandler Hawkins and Leslie Holmes of CBRE | Raleigh arranged the transaction on behalf of the seller, Real Estate Alternatives Portfolio 4 MR LLC. The Brookdale Group acquired the buildings. The assets are located at 4000, 4011 and 4020 WestChase Blvd. The office park is home to tenants such as Hazen & Sawyer, Howard Green & Moye, Northwestern Mutual, Quanta Technology LLC and Qualys.

September 5, 2018

Acquisitions District of Columbia Multifamily Southeast

FCP, Level 2 Development Sell Apartment Community in D.C. for $50.6M

by Camren Skelton September 5, 2018

WASHINGTON, D.C. — Federal Capital Partners (FCP) and Level 2 Development have sold Takoma Central, a 150-unit apartment community in Washington, D.C., for $50.6 million. The partnership completed construction on the community in 2015. Located at 235 Carroll St. N.W. in the city’s historic Takoma neighborhood, Takoma Central includes a mix of one- and two-bedroom units and is situated adjacent to the Takoma Metrorail station. Community amenities include a business center, clubhouse, fitness center, storage lockers, barbecue area and a resident lounge. In addition, the community includes 9,000 square feet of ground-floor retail currently leased to tenants such as Busboys & Poets, Yoga Heights and S&A Beads. Dave Nachison and Brenden Flood of Eastdil Secured represented FCP and Level 2 in the transaction. The name of the buyer was not disclosed. The Bozzuto Group has been retained to manage the community.

September 5, 2018

Development Florida Mixed-Use Southeast

Pointe Development, Monceau Realty Submit Bid to Develop $33.5M Town Hall, Civic Center in Miami-Dade County

by Camren Skelton September 5, 2018

SURFSIDE, FLA. — Pointe Development Co., in partnership with Monceau Realty Group, has submitted a bid to develop a new town hall and civic center in Surfside, a town in Miami-Dade County. The proposed $33.5 million development would be located at 9293 Harding Ave. and 269 93rd St., which are the sites of the current town hall and a municipal parking lot, respectively. Plans for the project include a new town hall, community rooftop park and sports area overlooking the Atlantic Ocean, a police station, 60,996 square feet of office space, 10,882 square feet of retail and restaurant space and a 431-space parking garage. An approval timeline for the project was not disclosed.

September 5, 2018

Acquisitions Mississippi Multifamily Southeast

Balfour Beatty, ApexOne Acquire 220-Unit Multifamily Community Near Jackson, Mississippi

by Camren Skelton September 5, 2018

RIDGELAND, MISS. — Balfour Beatty Communities, through a joint venture with ApexOne Investment Partners, has acquired Lexington Apartments in Ridgeland for an undisclosed price. The 220-unit community, constructed in 2000, is located roughly 12 miles north of Jackson. The new ownership will rename the community Ridgeland Place and implement a series of capital improvements including upgrades to unit interiors and enhancements to the amenity package. The property includes a mix of one- to three bedroom units and features private outdoor areas, a swimming pool, fitness center and a playground.

September 5, 2018

Industrial Kentucky Leasing Activity Southeast

Walmart to Open $41M Distribution Facility in Shepherdsville, Kentucky

by Camren Skelton September 4, 2018

SHEPHERDSVILLE, KY. — Walmart will invest $41 million to open a new distribution facility in Shepherdsville, a city roughly 20 miles south of Louisville in Bullitt County. The Arkansas-based retailer will lease a 720,000-square-foot building within Velocity 65 Trade Center, an industrial park located off Interstate 65 along Velocity Way. The center will create 400 full-time jobs upon opening later this fall, and will eventually employ several hundred temporary workers, including seasonal employees. The Kentucky Economic Development Finance Authority has preliminarily approved Walmart for tax incentives up to $3 million through the Kentucky Business Investment program. The performance-based incentive allows the company to keep a portion of its investment over the agreement term through corporate income tax credits and wage assessments by meeting job and investment targets. Indianapolis-based Browning Investments is the developer and owner of Velocity 65 Trade Center.

September 4, 2018

Development Georgia Office Southeast

Inspire Brands to Locate $32M Global Headquarters in Metro Atlanta

by Camren Skelton September 4, 2018

SANDY SPRINGS, GA. — Multi-brand restaurant company Inspire Brands will locate its global headquarters in Sandy Springs, roughly 20 miles north of Atlanta. The Global Support Center is expected to open in 2019 and will be the corporate hub for Inspire and its portfolio of restaurant brands. Founded in February, Inspire’s portfolio includes more than 4,600 Arby’s, Buffalo Wild Wings and R Taco restaurants worldwide, with combined global system sales of more than $7.6 billion in 2017. The new headquarters is expected to create more than 1,100 jobs in Fulton County over the next six years.

September 4, 2018

Leasing Activity Office South Carolina Southeast

Serendipity Labs to Open Two Coworking Locations in Charleston Totaling 63,200 SF

by Camren Skelton September 4, 2018

CHARLESTON, S.C. — Serendipity Labs Coworking will open two office coworking locations in Charleston totaling 63,200 square feet. A 30,200-square-foot, corporate-owned location will anchor Holder Properties’ Portside-Ferry Wharf Development at the base of the Mount Pleasant Ravenel Bridge. The second, a 33,000-square-foot franchised location owned by hotel industry veteran Trey Scott, will be part of the Garco Mill mixed-use redevelopment project in North Charleston at 4854 O’Hear St. WECCO Development is developing the project. Both Serendipity Labs locations will feature a Lab Café, event space, wellness rooms, private rooms, studios with full A/V capabilities and complimentary tech support. In addition, the locations will feature art shows from local artists and member-only events. Lee Allen and Michael Berman of JLL represented Serendipity Labs in the lease transactions.

September 4, 2018

Loans Multifamily Seniors Housing Southeast Tennessee

Walker & Dunlop Provides $19.5M HUD Financing for Seniors Housing Community in Nashville

by Camren Skelton September 4, 2018

NASHVILLE, TENN. — Walker & Dunlop Inc. has arranged $19.5 million in financing for the acquisition and rehabilitation of Dandridge Towers, an affordable seniors housing community in Nashville. The community features 153 units. The borrower was LHP Capital LLC, which developed and manages the property. The seller was not disclosed. Rob Rotach of Walker & Dunlop secured the 40-year, fixed-rate, fully amortizing loan through HUD’s Substantial Rehabilitation program, which insures mortgage loans to facilitate the new construction or substantial rehabilitation of multifamily housing for moderate-income families, elderly and the handicapped. The property was financed in conjunction with 4 percent Low Income Housing Tax Credits from the Tennessee Housing Development Agency, designated for affordable properties. In addition to unit upgrades and accessibility enhancements, the renovations will feature a number of water- and energy-related green improvements. Dandridge Towers was originally constructed in 1983.

September 4, 2018

Leasing Activity Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges Leases with Trampoline Park, Panera Bread at Richmond Mall

by Camren Skelton September 4, 2018

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has arranged leases with two tenants at Regency Mall in Richmond as part of the property’s ongoing redevelopment. Surge Trampoline, a Louisiana-based trampoline park concept, will open a 40,000-square-foot location on the top floors of the former Macy’s. The venue will be located along the newly redesigned and signalized Quioccasin Road entrance, and will be close to other recently announced tenants including Starbucks Coffee, Chipotle Mexican Grill and MOD Pizza. Connie Jordan Nielsen, Nicki Jassy and Pam Strieffler of Cushman & Wakefield | Thalhimer arranged the lease on behalf of the landlord. In addition, Panera Bread signed a lease for 4,500 square feet at one of the property’s outparcels. Nielsen represented both Panera and the landlord in the lease negotiations, and Jassy and Strieffler represented the landlord. The name of the owner was not disclosed, but according to the Richmond Times-Dispatch, The Rebkee Co. and Thalhimer Realty Partners acquired Regency Mall in 2015. The local outlet reports that construction on Surge Trampoline is expected to begin in the fall, and the Panera Bread is scheduled to open in late spring or early summer 2019.

September 4, 2018

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