The real estate market in downtown Birmingham has followed the “chicken and egg” trend. Over the last few years, over a dozen multifamily projects have been announced, but the major hurdle is proving the demand as people moving downtown have wanted a downtown grocer. While some multifamily developers decided to proceed with construction, others waited on the sidelines hoping a grocer would announce a new downtown location. On the other hand, major grocers put off locating in downtown Birmingham due to the lack of people living in the general area. Problem solved when construction started last year on a new 30,000-square-foot Publix with a full-service pharmacy in downtown Birmingham. Developers Scott Bryant and Dick Schmalz announced that the Publix will anchor a new multi-story, mixed-used development. Publix considered a store in downtown Birmingham in 2007 and again in 2009 before finally deciding to bring a store downtown now. The development of the Parkside District with Railroad Park and Regions Field, along with existing and planned apartment projects in the area, contributed to the timing. With the addition of Publix, several other multifamily projects are well underway or completed, such as the 228-unit LIV Parkside, 332 total units next to Regions …
FORT LAUDERDALE, FLA. — SunTrust Bank has sold SunTrust Center, a two-building, 270,000-square-foot office complex located at 501 and 515 E. Las Olas Blvd. in Fort Lauderdale. Steelbridge Capital purchased the asset for $90 million, according to South Florida Business Journal. The transaction is the largest office building to trade in Broward County’s Downtown submarket in the past 12 months, according to Steelbridge Capital. The asset was 77 percent leased at the time of sale. As part of the transaction, SunTrust committed to long-term retail and office leases in both buildings. Steelbridge Capital plans to implement a multi-million renovation of SunTrust Center, including technology upgrades and aesthetic renovations to the lobby and select common areas. Christian Lee, Amy Julian and Jose Lobon of CBRE arranged a $75.4 million acquisition loan through The Blackstone Group on behalf of Steelbridge Capital.
ST. PETERSBURG AND ORLANDO, FLA. — City Office REIT Inc. has purchased Carillon Point in St. Petersburg and the Research Park Collection in Orlando for a combined $76 million. Carillon Point is a 124,187-square-foot, Class A office building that was fully leased at the time of sale. The property has views of Lake Carillon and Tampa Bay. Research Park Collection is a five-building, Class A portfolio located within the Central Florida Research Park. The buildings total 272,192 square feet and were 93 percent leased at the time of sale.
MIAMI — Santiago, Chile-based Atton Hotels plans to open Atton Brickell Miami, a 275-room hotel located at 1500 S.W. 1st Ave. in Miami’s Brickell district. The hotel is set to open early this month and will feature the Uva bar, Lima restaurant, 4,000 square feet of meeting space, a rooftop pool with cabanas and a fitness center. The 12-story property will also feature views of Biscayne Bay and the Brickell skyline. The hotel is within walking distance to the Metrorail and Metromover transit systems, the Shops at Mary Brickell Village and Brickell City Centre. Rooms will range from standard king and queen rooms and executive suites to Atton Suites, with the introductory hotel rate starting at $149.
HENDERSONVILLE, TENN. — Ryan Cos. US Inc. and LCS have announced plans to build Clarendale of Hendersonville, a $40 million independent living, assisted living and memory care community in the Nashville suburb of Hendersonville. Clarendale of Hendersonville will feature 184 total units on an 11-acre site. The community will be the fourth Clarendale-branded property. Life Care Services, an operational subsidiary of LCS, will manage the community once complete. Ryan Cos. will build the property, and Jack Potter of Nashville-based HFR Design will design the community. Marty Cook of Bone McAllester Norton is providing legal services.
ANTIOCH, TENN. — Walker & Dunlop has closed a $35.2 million HUD 221(d)(4) loan for the construction of Vintage Burkitt Station, a 244-unit apartment complex underway in Antioch, a southeastern suburb of Nashville. The garden-style community will feature a clubhouse, cyber café, business center, fitness center, resort-style pool with outdoor entertainment area, game room and a playground for kids. The property will be the only Class A apartment community in the immediate area, according to Walker & Dunlop. The financing features both construction and permanent components, and the permanent financing was structured as a 40-year, fixed-rate loan. David Strange and Keith Melton of Walker & Dunlop’s Nashville office originated the transaction.
WASHINGTON, D.C. — Hines and Qatari Diar, the real estate development arm of Qatar Investment Authority, have broken ground on the Conrad Washington, D.C., a 360-room luxury hotel situated within the CityCenterDC development. The hotel will be operated under Hilton Worldwide’s Conrad Hotels & Resorts brand. The hotel is the seventh building developed by Hines and Qatari Diar at CityCenterDC, a 10-acre mixed-use destination in downtown Washington, D.C. The hotel will feature 30,000 square feet of retail space with a signature restaurant conceptualized by chef Bryan Voltaggio, the executive chef and co-owner of several Mid-Atlantic restaurants including VOLT, RANGE, AGGIO, Lunchbox and Family Meal. The hotel’s design team includes architects Herzog & de Meuron and HKS Architects Inc., interior designer Rottet Studio and general contractor Turner Construction Co. Hines and Qatari Diar expect initial occupancy to begin in the first quarter of 2019.
ARLINGTON, VA. — Carey Watermark Investors 2 Inc., a non-traded hospitality REIT, has purchased the Le Meridien Arlington, a 154-room hotel in Arlington’s Rosslyn submarket. The hotel is part of a mixed-use development that includes 621,000 square feet of Class A office space and 136 residential units. Le Meridien Arlington’s amenities include 4,800 square feet of indoor meeting space, 4,500 square feet of outdoor meeting space, a bar/lounge, full-service restaurant, fitness center and a business center. Built in 2008, the hotel was converted to Starwood Hotels & Resorts’ Le Méridien brand in 2012. A $3 million soft goods renovation of the guestrooms and meeting spaces is currently underway. The hotel will continue to be managed by HEI Hotels & Resorts.
CULPEPER, VA. — Cushman & Wakefield | Thalhimer has arranged the $12.5 million sale of Centre at Culpeper, a 72,878-square-foot shopping center anchored by Aldi. The property is located at 15131-15193 Montanus Drive. Built in 2006, the center was 79 percent leased at the time of sale to tenants such as Starbucks, Five Guys Burgers & Fries and Rent-A-Center. Eric Robison, Berkley Mitchell and Sharon Schmidt of Cushman & Wakefield | Thalhimer represented the undisclosed seller in the transaction.
ST. AUGUSTINE, FLA. — MSB Hotels III has purchased Castillo Real, a 60-room boutique resort hotel located at 530 A1A Blvd. in St. Augustine. The company purchased the asset from a joint venture between Impact Properties and DeBartolo Development for $10.3 million. The purchase includes the assumption of an existing CMBS loan. MSB Hotels III has selected Elite Hospitality LLC to manage the hotel. Built in 2005, Castillo Real features beach access, a zero-entry outdoor pool and whirlpool, sauna, steam room, fitness center and the La Cocina Restaurant. Michael Weinberg and Preston Reid of HFF represented the joint venture in the transaction. Members of MSB Hotels III own nearby hotels including Courtyard by Marriott, Hilton Garden Inn and Hampton Inn, all of which are managed by Elite Hospitality.