Southeast

hotel Savannah historic River Street district

Winter Construction to Build Boutique Hotel in Savannah’s Historic District

by John Nelson May 5, 2016

SAVANNAH, GA. — Winter Construction plans to build a new seven-story boutique hotel in Savannah. The 173-room, 162,000-square-foot property will span an entire city block in the historic River Street district. Winter is building the hotel on behalf of developer RBHD and owner Rockbridge. Upon completion in October 2017, the hotel will feature two levels of parking, five levels of guest rooms, a fitness area, meeting space, pool, lobby bar, a restaurant on River Street and a rooftop event space and bar. The design team includes architect Gunn Meyerhoff Shay and interior designers FODA and Parts & Labor.

May 5, 2016

Industrial North Carolina Southeast

CBRE Brokers Sale of 970,000 SF Industrial Asset in Charlotte

by John Nelson May 5, 2016

CHARLOTTE, N.C. — CBRE has brokered the sale of Lakemont West Business Park, a 970,000-square-foot industrial asset located in Charlotte’s Southwest submarket. The property was 84 percent leased at the time of sale, with more than half of the property coming to term within the next five years. Patrick Gildea, Bryan Crutcher and Anne Johnson of CBRE’s national partners team represented the seller in the transaction. Jeffrey Dunne of CBRE’s New York institutional properties team represented the buyer, an entity controlled by Hartz Mountain Industries, which has retained Jim Gunning and Donna Falzarano of CBRE’s capital markets debt & structured finance team to secure financing for the asset.

May 5, 2016

Florida Loans Retail Southeast

Meridian Capital Arranges $11M Loan to Refinance Retail Property in Miami

by John Nelson May 5, 2016

MIAMI — Meridian Capital has arranged an $11 million loan to refinance Village Portico, a 28,700-square-foot retail center located at 201-299 S.W. Eighth St. in Miami’s Brickell neighborhood. The property is anchored by a CVS/pharmacy, McDonald’s and Subway and is zoned for an additional 600,000 square feet of air rights. Eric Trombly of Meridian Capital’s Boca Raton, Fla., office arranged the seven-year loan through a regional balance sheet lender. The financing features a fixed interest rate and flexible prepayment terms.

May 5, 2016

Florida Multifamily Southeast

CIM Group, Falcone Group to Develop Miami Worldcenter’s Seventh Street Apartments

by John Nelson May 4, 2016

MIAMI — CIM Group and Falcone Group will co-develop Seventh Street Apartments, a 450-unit apartment high-rise located along northeast 7th Street in downtown Miami. The tower will be part of the $2 billion Miami Worldcenter and feature 20,000 square feet of ground-floor retail and restaurant space. The tower will connect Miami Worldcenter’s high-street retail promenade to the east with All Aboard Florida’s Central Station and MDM Group’s Marriott Marquis hotel and expo center to the west. The city of Miami has also approved an adjacent 413-unit apartment tower, bringing the total number of entitled units on the site to 863 apartment residences. Designed by Cohen & Friedman, Seventh Street Apartments will feature a pool deck, fitness center, covered parking garage and concierge services. Construction is set to begin in June and be completed in approximately two years.

May 4, 2016

Retail Southeast Virginia

Armada Hoffler Acquires 220,000 SF Retail Center in Metro Richmond

by John Nelson May 4, 2016

COLONIAL HEIGHTS, VA. — Armada Hoffler Properties Inc. has closed on the acquisition of Southgate Square, a 220,000-square-foot retail center located in Colonial Heights, roughly 23 miles south of Richmond. The center was fully leased at the time of sale to tenants such as Burlington Coat Factory, Michaels, Staples, PetSmart, Sleepy’s and Jo-Ann Fabric and Craft Stores. Southgate Square is located in close proximity to Southpark Mall, a Walmart Supercenter and Dimmock Square, a 100,000-square-foot retail center that Armada Hoffler purchased in 2014. The Virginia Beach, Va.-based REIT purchased Southgate Square in exchange for approximately $21.1 million of debt and the issuance of roughly 1.6 million units of limited partnership interest in Armada Hoffler’s operating partnership.

May 4, 2016

Kentucky Loans Multifamily Southeast

KeyBank Closes $31.2M Freddie Mac Loan for Apartment Community in Louisville

by John Nelson May 4, 2016

LOUISVILLE, KY. — KeyBank Real Estate Capital has provided $31.2 million in Freddie Mac financing for Apex on Preston Apartments, a 312-unit apartment community in Louisville. The Class A asset was delivered in 2015. Charlie Williams of KeyBank’s commercial mortgage group arranged the acquisition financing, which features an 8-year loan term.

May 4, 2016

Loans Office Southeast Virginia

NXT Capital Provides $22.3M Loan for 184,000 SF Office Building in Metro D.C.

by John Nelson May 4, 2016

HERNDON, VA. — NXT Capital has provided a $22.3 million loan to finance the recapitalization of Parkway Atrium, a 184,000-square-foot, Class B office building located in Herndon, about 25 miles west of Washington, D.C. The building has historically been leased to GSA tenants. The undisclosed borrower plans to use the loan proceeds to renovate the asset. Cary Abod and Robert Carey of HFF’s Washington, D.C., office arranged the loan through NXT Capital.

May 4, 2016

Florida Industrial Southeast

Cite Partners Brokers $10.7M Sale of 300,000 SF Industrial Property in Orlando

by John Nelson May 4, 2016

ORLANDO, FLA. — Cite Partners has brokered the $10.7 million sale of Shader Industrial Park, a 300,000-square-foot industrial property in Orlando. The asset was 90 percent leased at the time of sale. Cite Partners represented the undisclosed buyer in the transaction. Cory Kroeger and Greg Rebman of KR Properties represented the seller, an unnamed entity that has owned Shader Industrial Park since 1983.

May 4, 2016

Florida Multifamily Southeast

Passco Cos. Acquires Newly Built Apartment Community in Orlando for $53.5M

by John Nelson May 3, 2016

ORLANDO, FLA. — Passco Cos. LLC has purchased The Ivy, a 248-unit, Class A apartment community within the Florida Hospital Health Village in Orlando, for $53.5 million. The newly built property is located at 2650 Dade Ave. within walking distance of a SunRail station. Constructed in 2015 by Atlanta-based Wood Partners, The Ivy features multi-level pool decks with a resort-style swimming pool, fitness center and a yoga studio. Passco has retained Wood Partners to manage the property. Shelton Granade of CBRE represented Passco and the undisclosed seller in the transaction. Chris Black of KeyBank Real Estate Capital arranged a Fannie Mae loan to finance the acquisition.

May 3, 2016

Florida Multifamily Southeast

Roger B. Kennedy Breaks Ground on $42M Apartment Community in Metro Orlando

by John Nelson May 3, 2016

WINDERMERE, FLA. — Orlando-based Roger B. Kennedy Construction has started construction on the upscale Venetian Isles Apartments & Townhomes located at 6506 San Francesco Way and 10006 St. Marks Blvd. in Windermere, a suburb of Orlando. The $42 million community will span 302 apartment residences in 19 buildings and 44 townhomes in nine buildings. The townhomes and apartments are scheduled for completion in June 2017 and December 2017, respectively. The design team includes Orlando-based developer UNICORP National Developments Inc. and Orlando-based architect Slocum Platts Architects.

May 3, 2016

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