Southeast

Newk’s Eatery Opens 100th Restaurant in Louisiana

by John Nelson April 7, 2016

LAKE CHARLES, LA. — Fast-casual Newk’s Eatery opened its 100th restaurant in Lake Charles on April 4. The restaurant is the first Newk’s franchise location for Southeast Restaurant Group, a New Orleans-based veteran operator of franchise and independent restaurants, and the third restaurant nationwide to feature Newk’s “Generation 2” restaurant design. The Jackson, Miss.-based brand’s newest restaurant marks the halfway point in its aggressive growth plan to open 200 units by 2019. The restaurant is one of 15 units planned by Southeast Restaurant Group for the southwest Louisiana and southeast Texas region over the next seven years. The group’s development agreement complements the brand’s ongoing expansion efforts along the Gulf Coast and is Newk’s largest build-out commitment to date.

April 7, 2016

Georgia Mixed-Use Southeast Top Stories

Allen Morris Co. to Develop $210M Mixed-Use Project in Atlanta’s West Midtown District

by John Nelson April 7, 2016

ATLANTA — The Allen Morris Co., a Coral Gables, Fla.-based real estate developer, has announced plans for Star Metals, a $210 million mixed-use development in Atlanta’s West Midtown neighborhood. The project will feature an upscale apartment building known as Star Metals Residences and a 12-story office building known as Star Metals Offices. The buildings, which will both feature ground-floor retail space, will be situated across Howell Mill Road from one another. “Although Atlanta has always been a great place to live and work, West Midtown’s cultural center of gravity is becoming stronger and the economic and lifestyle potential is greater than ever before,” says W. Allen Morris, chairman and CEO of The Allen Morris Co. “We see our sites as fundamental building blocks and a keystone in West Midtown’s evolution where tenants and residents can enjoy a well-rounded lifestyle.” Oppenheim Architecture + Design LLP is the lead architect for both buildings. Warner Summers Architecture and Interior Design is designing the interior of Star Metals Offices, and DWELL Design Studio and Lord Aeck Sargent are teaming up for Star Metals Residences’ interior work. “We are proud to have assembled world-class architectural teams that believe in developing projects that enhance Atlanta and …

April 7, 2016

Georgia Healthcare Southeast

Emory Healthcare, Atlanta Hawks to Build $50M Sports Medicine Center, Team Training Facility

by John Nelson April 6, 2016

BROOKHAVEN, GA. — The Atlanta Hawks Basketball Club and Emory Healthcare have partnered to build a 90,000-square-foot training and sports medicine center on Executive Park Drive in Brookhaven, which will serve as the team’s official practice site. The privately funded facility will cost roughly $50 million to develop, according to the Atlanta Journal-Constitution. The project will feature a fully dedicated recovery area including cryotherapy, sensory deprivation tanks and in-ground hydrotherapy. All non-sports orthopaedic specialties will be located two blocks away at The Emory Orthopaedics & Spine Center. The team expects to break ground this summer, and the Hawks Basketball Operations Department will be housed in the facility upon its completion. In addition to the naming rights entitlement of the training and sports medicine facility, Emory will become the official sports medicine provider of the team. The Hawks’ new facility will be the first in the NBA to be co-located with an entire sports medicine center, allowing for expert and immediate treatment and on-site access to state-of-the-art equipment such as a 3 Tesla MRI scanner. Emory will utilize roughly 30,000 square feet that will offer preventative and rehabilitative treatment and sports performance training. The entire roster of doctors, surgeons and specialists …

April 6, 2016

Maryland Multifamily Southeast

Beatty Development Group Breaks Ground on High-Rise Apartment Tower in Baltimore

by John Nelson April 6, 2016

BALTIMORE — Beatty Development Group and its partners, Armada Hoffler Properties Inc. and The Henson Development Co., has begun construction on 1405 Point, the first apartment building in Baltimore’s Harbor Point, a mixed-use neighborhood with public spaces and commercial properties spanning 3 million square feet. The 17-story, LEED Silver-certified apartment building will feature 18,000 square feet of ground-level retail space and 289 residential units with views of Baltimore’s Inner Harbor. Units will feature floor-to-ceiling windows, stainless steel appliances, quartz countertops, wood plank flooring, modern cabinetry and an energy efficient heating and cooling system. Community amenities will include a 24/7 fitness center, 11th-floor lounge and pool, grilling stations, yoga room, entertainment and media lounge, covered parking and a newly landscaped park. The development team expects to open 1405 Point in late 2017.

April 6, 2016

Multifamily Southeast Tennessee

Passco Cos. Acquires Apartment Community in Nashville for $51.4M

by John Nelson April 6, 2016

NASHVILLE, TENN. — Passco Cos. LLC has purchased The Overlook, a 452-unit value-add apartment community located at 727 Bell Road in Nashville, for $51.4 million. The property, which was 95 percent occupied at the time of sale, hasn’t been renovated since its completion in 1998, according to Passco Cos. The buyer plans to upgrade the property and implement a professional management program. The Overlook’s amenities include a fitness center and two swimming pools with cabanas. Russ Oldham of CBRE represented both Passco and the seller, Olympus Properties, in the transaction. Chris Black of KeyBank Real Estate Capital arranged acquisition financing through Fannie Mae on behalf of Passco.

April 6, 2016

Industrial Kentucky Southeast

Molto Properties, Verus Partners Sell 622,426 SF Industrial Facility in Louisville

by John Nelson April 6, 2016

LOUISVILLE, KY. — Molto Properties and Verus Partners have sold Airport Commerce Center One, a 622,426-square-foot, cross-dock industrial facility in Louisville. The buyer, Stone Mountain Industrial Park Inc., an affiliate of Pattillo Industrial Real Estate, purchased the property for an undisclosed price. The facility is located within the Louisville Renaissance Zone, a 470-acre business park located just two miles south of Louisville International Airport. Verus Partners was the project’s development manager. Built in December 2015, the facility is 74 percent leased to Hillsdale Furniture and features 36-foot clear heights, a seven-foot floor slab, motion sensor-activated T5 lighting, 86 dock doors and 120 trailer stalls. Kevin Grove, Doug Butcher and Chris Riley of CBRE represented Molto and Verus in the sale. Molto and Verus broke ground in November 2015 on Airport Commerce Center Two, a 645,840-square-foot facility. Pepper Construction expects to finish construction on the project in November 2016.

April 6, 2016

Alabama Office Southeast

Adler Kawa, PointOne Holdings Acquire Office Complex in Metro Birmingham for $30M

by John Nelson April 6, 2016

HOOVER, ALA. — A joint venture between PointOne Holdings and Adler Kawa Real Estate Advisors (AKREA) purchased Riverchase Center, a 306,725-square-foot, single-story office complex in Hoover, a suburb of Birmingham. The venture purchased the property from a fund managed by DRA Advisors for $30 million. The asset was 89 percent leased at the time of sale to tenants such as Frito-Lay, Progressive Insurance, Walgreens, BioHorizons Implant Systems, Gentiva Health Services and WideOrbit Inc. Justin Parsonnet and Will Yowell of CBRE’s Atlanta office represented the seller in the transaction. PointOne Holdings and AKREA have retained David Fullington and Phil Yost of CBRE’s Birmingham office to manage and lease Riverchase Center. PNC Bank provided a seven-year, non-recourse acquisition loan to PointOne and AKREA.

April 6, 2016

Georgia Southeast

HOK Leads Design Team for $200M Terminal Modernization at Hartsfield-Jackson Atlanta International Airport

by John Nelson April 5, 2016

ATLANTA — A joint venture led by HOK has designed the $200 million improvement to Hartsfield-Jackson Atlanta International Airport’s domestic passenger terminal and central atrium. The project is part of the airport’s $6 billion, 20-year expansion and modernization program. Construction will begin later in 2016 and include the addition of two 864-foot-long canopies over curbside pick-up and drop-off areas, as well as a redesigned central atrium space. The joint venture includes Stanley, Love-Stanley PC and Chasm Architecture LLC, which are both headquartered in Atlanta. In 2015, the 207-gate airport became the world’s first airport to handle more than 100 million passengers in a calendar year.

April 5, 2016

Loans Multifamily Seniors Housing Southeast Tennessee

Berkadia Provides $68.8M Freddie Mac Financing for Seniors Housing Portfolio

by John Nelson April 5, 2016

CHATTANOOGA, TENN. — Berkadia has originated $68.8 million in financing for a portfolio of eight seniors housing communities operated by Morning Pointe, a Chattanooga-based developer and operator. The portfolio totals 474 units in Lexington and Frankfort, Ky.; Knoxville, Tenn.; and Johnson, Ind. Morning Pointe plans to use the funds to fund future development across the Southeast. Berkadia’s Marcus Lyons, director, and Chris Fenton and David Oakley, managing directors, managed the transaction through Freddie Mac. Berkadia is a New York City-based lender specializing in Fannie Mae, Freddie Mac and HUD loans in the commercial real estate sector.

April 5, 2016

Georgia Hospitality Southeast

Noble Investment Group Opens Hotel Indigo Savannah Historic District

by John Nelson April 5, 2016

SAVANNAH, GA. — Noble Investment Group has opened the 252-room Hotel Indigo Savannah Historic District at 201 W. Bay St. in Savannah’s City Market at Ellis Square neighborhood. InterContinental Hotels Group manages the hotel, which is located at the site of the former Guckenheimer tobacco warehouse and grocery. The hotel features The Five Oaks Taproom restaurant, which serves breakfast and dinner with dishes made from ingredients sourced within 90 miles of Savannah. Local artist Meryl Turret designed the guest room murals, which showcase historic bottles that were unearthed in this district of Savannah, and each room also features watercolor pieces that highlight the original market building. Hotel amenities include a 24-hour fitness center and 6,000 square feet of flexible event space.

April 5, 2016

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