Southeast

Hilton Opens 94-Room Home2 Suites Hotel in Metro Memphis

by Camren Skelton October 27, 2017

OLIVE BRANCH, MISS. — Hilton Worldwide has opened Home2 Suites by Hilton Olive Branch, a 94-room hotel in Olive Branch, roughly 30 miles southeast of Memphis, Tenn. Located at 7595 Lodging Lane, the hotel is within walking distance to shops and restaurants, as well as the Cherokee Valley Golf Club. Home2 Suites by Hilton Olive Branch features complimentary internet, communal spaces and standard Home2 Suites amenities, including Spin2 Cycle, a combined laundry and fitness area; Home2 MKT for grab-and-go items; a complimentary breakfast; and an indoor pool and outdoor patio with a grilling area. Lodging Lane Hospitality LLC manages the property.

October 27, 2017

Georgia Multifamily Southeast

Berkadia Arranges $27.9M Sale of Three-Property Multifamily Portfolio in Jacksonville

by Camren Skelton October 26, 2017

JACKSONVILLE, FLA. — Berkadia has arranged the $27.9 million sale of three apartment communities in Jacksonville. Tal Frydman, Greg Rainey and Cole Whitaker of Berkadia represented the seller, Nova Eagle, in the transaction. Infinity Acquisitions LLC acquired the assets. The portfolio includes: Reserve at Water’s Inlet, a 205-unit community located at 6100 Arlington Expressway; Magnolia I, a 276-unit community located at 2045 Jammes Road; and Magnolia II, a 112-unit community located at 2401 Jammes Road. Constructed in 1970, Reserve at Water’s Inlet features one- and two-bedroom apartment units. Community amenities include laundry facilities, a fitness center, business center and a pool. Magnolia I, constructed in 1965, includes one- to three-bedroom units and features barbecue/picnic areas, a clubhouse, on-site laundry facility and a swimming pool. Constructed in 1973, Magnolia II offers one- and two-bedroom units and features laundry facilities, 24-hour security camera monitoring, a swimming pool and a playground.

October 26, 2017

Georgia Multifamily Southeast

Starlight Buys Newly Built, 330-Unit Multifamily Community in Metro Atlanta

by Camren Skelton October 26, 2017

DULUTH, GA. — Starlight U.S. Multifamily has acquired The Heights at Sugarloaf, a 330-unit apartment community in Duluth, roughly 30 miles northeast of Atlanta. The sales price was not disclosed. Constructed this year by The Worthing Cos., The Heights at Sugarloaf is situated within the Sugarloaf Market development, a 30-acre mixed-use project. Upon completion, Sugarloaf Market will feature 80,000 square feet of commercial space including a national grocery retail anchor tenant and a future seniors housing community. The Heights at Sugarloaf includes five three- and four-story buildings. Community amenities include a fitness center, business center, package concierge system, resort-style swimming pool, gas grilling stations and a courtyard with park benches and a dog park.

October 26, 2017

Multifamily South Carolina Southeast

Federal Capital Partners Acquires Apartment Community Near Charleston for $16.4M

by Camren Skelton October 26, 2017

SUMMERVILLE, S.C. — Federal Capital Partners (FCP) has acquired The Gates at Summerville, a 232-unit apartment community in Summerville, roughly 25 miles northwest of Charleston. Elliot Calhoun and Andrew Braden of NAI Charleston arranged the transaction on behalf of FCP. Andrew Batkins of Avison Young represented the seller, Somerset South Carolina LLC. The Gates at Summerville includes one- to three-bedroom apartment units and features a fitness center, tennis court, playground, swimming pool and an outdoor grilling area.

October 26, 2017

Retail South Carolina Southeast

HFF Secures $10.1M Sale of Future Retail Center Site Near Charlotte

by Camren Skelton October 26, 2017

INDIAN LAND, S.C. — HFF has arranged the $10.1 million sale of a retail development site in Indian Land, located 20 miles south of Charlotte, N.C. The 58.5-acre site will be the future home of The Promenade at Carolina Reserve, an open-air retail center. Travis Anderson, Richard Reid, Thomas Kolarczyk and Cory Fowler of HFF represented the seller, Lennar Corp. The Hutton Co. purchased the asset. The Promenade at Carolina Reserve will be home to Burlington, Ulta Beauty, Hobby Lobby, Petco, T.J. Maxx and Rack Room Shoes. The center will also include outparcels for future development.

October 26, 2017

Mixed-Use North Carolina Southeast

CBRE Brokers $6.3M Sale of Mixed-Use Center in Southeast Charlotte

by Camren Skelton October 26, 2017

CHARLOTTE, N.C. — CBRE has arranged the $6.3 million sale of Monroe Business Park, a five-building, 54,200-square-foot mixed-use center in southeast Charlotte’s Oakhurst neighborhood. Matt Smith, Patrick Gildea and Grayson Hawkins of CBRE represented the seller, Nova Capital Partners, in the transaction. An investment group affiliated with Waters Inc. purchased the asset. At the time of sale, Monroe Business Park’s tenant roster included PPG Paints, IronTribe Fitness and Common Market.

October 26, 2017

Loans Maryland Multifamily Southeast

Pillar Originates $58.8M Acquisition Loan for Apartment Community in Metro Baltimore

by Camren Skelton October 25, 2017

TOWSON, MD. — Pillar Financial, a division of SunTrust Bank, has originated a $58.8 million Freddie Mac loan for the acquisition of The Winthrop, a 295-unit apartment community in Towson, roughly 13 miles north of Baltimore. Cullen O’Grady of Pillar originated the 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, a private investment group. Scott Park of Columbia National Real Estate Finance arranged the transaction. Located at 913 Southerly Road, the property is within walking distance to Towson Town Center, an indoor mall. The Winthrop was constructed in 2015 and has a National Green Building Standard Gold certification. Chesapeake Realty Partners developed the property, which will continue to be managed by The Bozzuto Group. The Winthrop was 95 percent occupied at the time of sale.

October 25, 2017

North Carolina Retail Southeast

United Development to Deliver 33,517 SF Retail Center in Asheville, North Carolina

by Camren Skelton October 25, 2017

ASHEVILLE, N.C. — United Development Co. has unveiled plans to build The Peaks, a 33,517-square-foot retail center in Asheville. The property will sit on two acres at the corner of Highway 70 and South Tunnel Road, just west of Interstate 240, at the site of the former UA Beaucatcher Cinemas 7. The Peaks will offer 12 restaurant and retail spaces, including Chipotle Mexican Grill, Panera Bread and Rise Biscuits & Donuts. In addition, the property will feature a pedestrian-oriented design and outdoor dining with views of the Blue Ridge Mountains. Asheville-based PFA Architects designed the center and Atlantic Retail Properties is handling the leasing assignment. The Peaks is slated to open in June 2018.

October 25, 2017

Florida Industrial Southeast

Bridge Development Acquires 185-Acre Site Near Miami for $28.2M, Plans 2 MSF Industrial Project

by Camren Skelton October 25, 2017

MIAMI GARDENS, FLA. — Bridge Development Partners has acquired a 185-acre site in Miami Gardens, located 15 miles north of Miami, for $28.2 million. The site is the future home of Bridge Point Commerce Center, a Class A industrial development that will total more than 2 million square feet at full build-out. Phase I of the project spans 90 acres and will include three buildings. The first two buildings on the site will total 286,875 square feet and feature 32-foot clear heights. The third building will be a 534,816-square-foot, cross-dock facility with 36-foot clear heights. Phase II of the project will be developed on the western half of the property, situated on the site of a former landfill. In addition, 13 acres on the site will be preserved as green space. Located with direct frontage along the Florida Turnpike, Bridge Point Commerce Center is equidistant to Fort Lauderdale-Hollywood International Airport and Miami International Airport.

October 25, 2017

Florida Loans Multifamily Southeast

Maverick Commercial Arranges $22M Construction Loan for Apartment Property in Tampa Bay

by Camren Skelton October 25, 2017

CLEARWATER, FLA. — Maverick Commercial Mortgage has arranged a $22 million construction loan for The Strand, a 132-unit apartment building located at 1100 Cleveland St. in downtown Clearwater. The Chicago-based firm secured the two-year, non-recourse loan with one 12-month extension option through an undisclosed lender on behalf of the borrower, 1000 Cleveland LLC. Originally constructed as an office building, the 15-story property was gutted in 2016 in preparation for conversion into condominiums. The borrower will use the loan — which totals 65 percent of the project cost — to finish the conversion into apartment units. Kimmich Smith Architects is designing the apartment building, and GlenStar Properties is the development manager. Situated within the Tampa Bay region, The Strand will feature a pool, hot tub, kitchen, workshop with tools and equipment, business center and covered parking. In addition, The Strand will include ground-floor retail space.

October 25, 2017

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