Southeast

Miller Construction Completes Second Phase of $25M Industrial Park in South Florida

by Taylor Williams March 17, 2017

HIALEAH, FLA. — Miller Construction Co. has completed the second phase of Centergate at Gratigny, a $25 million industrial development located at the intersection in Hialeah. Situated on 30 acres at the intersection of Gratigny Parkway and LeJeune Road, the new construction spans two buildings and 602,657 square feet. Fairchild Partners, a Miami-based brokerage firm, will oversee leasing of the property, which will feature Class A office, an air-conditioned mezzanine and security-controlled access for all bays. RLC Architects of Boca Raton designed the two 301,000-foot buildings that comprise the second phase of development.

March 17, 2017

Alabama Mixed-Use Southeast

Bayer Properties Completes $70M Restoration of Mixed-Use Property in Birmingham

by Taylor Williams March 17, 2017

BIRMINGHAM, ALA. — Bayer Properties has completed its 24-month, $70 million restoration of The Pizitz, a mixed-use property located at 120 19th St. in downtown Birmingham. The building now features 143 one- and two-bedroom apartments, a 13-vendor food court, two full-service restaurants, two 100-seat theaters and 13,000 square feet of co-working space. Prior to the restoration, The Pizitz, which was originally built in the 1920s to house a department store, had been closed for 28 years. Leasing began in December 2016.

March 17, 2017

Georgia Multifamily Southeast

CBRE Arranges $36M Sale of 230-Unit Multifamily Property in Atlanta

by Taylor Williams March 17, 2017

ATLANTA — CBRE has arranged the $36 million sale of 10 Perimeter Park, a 230-unit multifamily development in Chamblee, a northeastern suburb of Atlanta. Shea Campbell and Kevin Geiger of CBRE represented the seller, California-based Ardena Capital Management. The buyer, Aududon Communities, an Atlanta-based firm specializing in multifamily acquisitions, obtained the property by assuming the existing loan and sourcing a supplemental one.

March 17, 2017

Florida Retail Southeast

Williams Co. Breaks Ground on 225,000 SF Retail Center in Kissimmee, Fla.

by Taylor Williams March 17, 2017

KISSIMMEE, FLA. — Williams Co. Southeast has broken ground on St. Cloud Commons, a 225,000-square-foot retail center located in Kissimmee, a city on the southern outskirts of Orlando. Situated on a 33-acre site near the intersection of the Florida Turnpike and U.S. Highway 192, the center is pre-leased to tenants such as Hobby Lobby, Outback Steakhouse and Panera Bread. Delivery is slated for October.

March 17, 2017

Florida Multifamily Southeast

Housing Trust Group Opens $23M Apartment Complex in Miami

by Taylor Williams March 17, 2017

MIAMI — Housing Trust Group has completed the $23 million development of Wagner Creek Apartments, a 73-unit complex located at 1501 N.W. 13th Court in Miami’s health district. Funding for the project included $17 million in equity from Raymond James Tax Credit Fund and a $3.4 million permanent loan from Citi Community Capital. The company broke ground on the development in November 2016.

March 17, 2017

Florida Hospitality Loans Southeast

Meridian Capital Arranges $26M Refinancing of Holiday Inn in Miami Beach

by Taylor Williams March 16, 2017

MIAMI BEACH, FLA. — Meridian Capital Group has arranged a $26 million loan to refinance the 253-room Holiday Inn located at 4333 Collins Ave. in Miami Beach. Jacob Schmuckler and Steve Adler of Meridian Capital Group arranged the 10-year CMBS loan, which features interest-only payments for the full term. The property, which was fully renovated in 2009, offers an on-site bar and restaurant, fitness center, laundry facilities and a business center.

March 16, 2017

Florida Hospitality Southeast

BTI Partners Sells 30 Acres for $9.9M, Opens Condo Hotel in Greater Orlando

by Taylor Williams March 16, 2017

ORLANDO, FLA. — BTI Partners has sold 30 acres located at the interchange of Interstate 4 and U.S. Highway 27 in the Orlando suburb of Davenport, and opened The Grove Resort & Spa Orlando at 14501 Grove Resort Ave. in Orlando. The 30-acre site, which sold to a retail developer for $9.9 million, is part of Posner Park, a 104-acre, master-planned community that features 200,000 square feet of retail space, as well a hotel and residential units. The first phase of Grove Resort & Spa, a 106-acre property that spans roughly 2 million square feet and includes a lakefront pier with watersports and a water park, opened March 10.

March 16, 2017

Hospitality Loans Maryland Southeast

Greenwich Group Secures $22M in Construction Financing for Hotel in Bowie, Maryland

by Taylor Williams March 16, 2017

BOWIE, MD. — The Greenwich Group International has secured $22 million in construction financing for the development of a Courtyard by Marriott Hotel in Bowie, located about 20 miles east of Washington, D.C. The developer is Hospitality Development Co. of Columbia, Md. The 144-room hotel is being built near the entrance to Melford, a 466-acre, mixed-use business park at Route 50 and Route 301. Greenwich obtained a $12.4 million first mortgage construction loan with $5 million in subordinate financing from the Small Business Administration; $2.6 million from several state and county economic development funds; and the remaining $2 million from a side loan sourced from the first mortgage lender.

March 16, 2017

Retail Southeast Virginia

Marcus & Millichap Brokers $23.6M Sale of 7-Eleven Portfolio in Virginia

by Taylor Williams March 16, 2017

HAMPTON, VA. — Marcus & Millichap has brokered the $23.6 million sale of a nine-property 7-Eleven portfolio located in the Tidewater region of Virginia. Three of the 7-Eleven properties are located in Hampton, and two are in Williamsburg. The remaining properties are located in Poquoson, Newport News, Gloucester and Surry. Mark Taylor, Derrick Dougherty and David Becattini of Marcus & Millichap represented the seller, a privately held entity, and procured the buyer, an unnamed REIT.

March 16, 2017

Louisiana Retail Southeast

GBT Realty Breaks Ground on 6,600 SF Retail Center in Baton Rouge

by Taylor Williams March 16, 2017

BATON ROUGE, LA. — GBT Realty Corp., a Nashville-based commercial developer, has broken ground on a 6,600-square-foot retail center on Millerville Road in Baton Rouge. GBT acquired the nearly one-acre site from Target in February for $810,000. Shadow-anchored by Target, Best Buy, Lowe’s Home Improvement, PetSmart and Office Depot, the center is 100 percent pre-leased to tenants such as PacificDental, GNC and Zoes Kitchen.

March 16, 2017

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