Southeast

Crunkleton Announces New 225 Holmes Mixed-Use Project in Downtown Huntsville

by John Nelson August 4, 2016

HUNTSVILLE, ALA. — Crunkleton Commercial Real Estate Group has announced a new redevelopment of a vacant corner lot at Holmes Avenue and Greene Street in downtown Huntsville. Crunkleton is the leasing agent of the project, known as 225 Holmes. The property will span 32,000 square feet and feature shops, office space and possibly a rooftop restaurant or entertainment venue. Designed by architect Nola | VanPeursem, 225 Holmes will be situated across the street from Below the Radar, Sip and Old Town Beer Exchange. The development is expected to bring 150 to 200 daytime jobs to downtown Huntsville, according to Eric St. John of Crunkleton. Construction is scheduled to begin in the fall, and the first anchor tenant for the building will be announced at the groundbreaking ceremony.

August 4, 2016

Florida Retail Southeast Top Stories

Office Depot to Close 300 Stores Over Three Years

by Katie Sloan August 4, 2016

BOCA RATON, FLA. — Boca Raton, Fla.-based Office Depot Inc. (NASDAQ: ODP) announced Wednesday that the company plans to close an additional 300 stores over the next three years in an attempt to cut $250 million in costs by 2018. Office Depot closed 42 stores in the second quarter of 2016, completing the company’s previously announced “U.S. retail store optimization plan,” which called for the shuttering of 400 stores nationwide. The company now has a total of 1,513 stores open in the United States, with plans to close an additional 25 throughout the year. The company hopes to expand the pilot program for its smaller, 15,000-square-foot format to 24 stores by the end of 2016, with 100 stores targeted for 2017. The new, smaller footprint is designed to provide customers with easier shopping using a smaller, more curated assortment of products, while expanding in-store services. The announcement comes on the heels of the termination of a merger with Staples Inc. in May, which resulted in a cash payment from Staples of $250 million. As a result, Office Depot has initiated a dividend of 2.5 cents per share, payable on Sep. 15 to shareholders of record at the close of business …

August 4, 2016

Loans Mixed-Use Southeast Tennessee

JPMorgan Chase Bank Provides $75M Loan for One Hundred Oaks in Nashville

by John Nelson August 3, 2016

NASHVILLE, TENN. — JPMorgan Chase Bank NA has provided a $75 million loan for the refinancing of One Hundred Oaks, an 892,886-square-foot retail, entertainment and medical office center in south Nashville. The property is anchored by Vanderbilt University Medical Center and was 99 percent leased at the time of financing to tenants such as Regal Cinemas, Burlington Coat Factory, Ross Dress for Less, T.J. Maxx, H.H. Gregg Appliances, PetSmart, Michael’s, K&G Men’s Co., Guitar Center, Ulta Beauty, Kirkland’s Home, Electronics Express, Chipotle Mexican Grill, Regions Bank, Logan’s Roadhouse, Panera Bread and Panda Express. One Hundred Oaks is situated on 53.6 acres at 719 Thompson Lane near I-65 and I-440. John W. Rose and Campbell Roche of HFF arranged the seven-year, floating-rate loan through JPMorgan Chase on behalf of the borrower, LaSalle Investment Management.

August 3, 2016

Georgia Hospitality Southeast

Condor Hospitality Trust, Three Wall Capital Acquire Aloft Atlanta Downtown for $43.6M

by John Nelson August 3, 2016

ATLANTA — Condor Hospitality Trust, a hospitality REIT based in Bethesda, Md., and Three Wall Capital have entered into a joint venture agreement to acquire Aloft Atlanta Downtown, a 254-room hotel located at 300 Spring St. N.W. in downtown Atlanta. The joint venture purchased the hotel for $43.6 million. The property includes dry cleaning services, a splash outdoor pool, fitness center, valet and self-parking and free Wi-Fi access. Aloft Atlanta Downtown is within walking distance to Centennial Olympic Park, World of Coca-Cola, the Georgia Aquarium and the Children’s Museum of Atlanta. Condor Hospitality will own 80 percent of the joint venture and Three Wall Capital will own the remaining 20 percent. The joint venture has selected Boast Hotel Management Co. LLC, an affiliate of Three Wall Capital, to manage Aloft Atlanta Downtown once the off-market transaction is finalized, which is expected to occur in the third quarter.

August 3, 2016

Alabama Multifamily Southeast

Berkadia, Colliers Broker $43M Sale of Apartment Community in Birmingham

by John Nelson August 3, 2016

BIRMINGHAM, ALA. — Berkadia and Colliers International have brokered the sale of Colony Woods, a 414-unit apartment community located at 2000 Colony Park Drive near The Summit Birmingham. The sales price was $43 million, according to Al.com. Built in two phases in 1990 and 1995, the property last sold in October 2009 for $24.8 million. The previous owner, Nashville-based C-H Core I LLC, upgraded more than half of the units with new appliances and lighting packages prior to the sale. David Oakley of Berkadia represented the buyer, Forum RE Acquisitions LLC, in the transaction. Will Mathews of Colliers International’s Atlanta office represented the seller.

August 3, 2016

Industrial Maryland Southeast

Chesapeake Real Estate, Thompson Creek Window Sell Two Industrial Facilities in Maryland for $33M

by John Nelson August 3, 2016

HANOVER, MD. — A partnership between Chesapeake Real Estate Group LLC and Thompson Creek Window Co. has sold two industrial buildings totaling nearly 300,000 square feet in Hanover. PGIM Real Estate purchased the properties from the partnership for $33 million. The assets are located within Penn 95 Commerce Center and include a 167,500-square-foot spec warehouse building at 8210 Penn Randall Place and a 117,000-square-foot build-to-suit warehouse and manufacturing facility leased to Thompson Creek Window at 8300 Pennsylvania Ave. Brook Furniture Rental Inc. recently leased 66,606 square feet at the spec warehouse building.

August 3, 2016

Florida Southeast Student Housing

CollegePlace Partners Acquires Student Housing Portfolio Near FSU for $22.7M

by John Nelson August 3, 2016

TALLAHASSEE, FLA. — Real estate investment firm CollegePlace Partners has acquired The District, a 311-bed student housing portfolio located adjacent to Florida State University in Tallahassee. The company purchased the portfolio in an off-market transaction for $22.7 million. The District comprises eight townhome and flat-style buildings, featuring 90 three-, four-, five- and six-bedroom units. Andrew Kirsh and Serineh Baghdasarian of Los Angeles-based law firm Sklar Kirsh LLP represented CollegePlace Partners in the acquisition. CollegePlace Partners has engaged Asset Campus Housing, the nation’s largest third-party student housing management company, to manage the portfolio.

August 3, 2016

Georgia Healthcare Loans Southeast

Love Funding Secures $74.4M HUD Refinancing of Georgia Hospital

by John Nelson August 2, 2016

VIDALIA, GA. — Love Funding has secured a $74.4 million loan through HUD’s 242/223(a)(7) loan insurance program for the refinancing of Meadows Regional Medical Center, a 22-acre hospital in Vidalia. The hospital’s owners, Toombs County Hospital Authority, used the refinancing to cut the interest rate by more than half, saving more than $1.5 million a year in debt-service costs, or more than $30 million over the life of the loan. Originally constructed in 1963, the hospital was expanded in 2011 to include a 194,000-square-foot healthcare facility. Meadows Regional offers 64 private patient suites, 20 emergency treatment rooms and six surgical suites, along with a cardiovascular lab. In the past five years, HUD’s 242 program has insured financing for $2.2 billion of hospital projects across the country.

August 2, 2016

Loans Maryland Office Southeast

NorthMarq Arranges $72M Refinancing of Columbia Corporate Park

by John Nelson August 2, 2016

COLUMBIA, MD. — NorthMarq Capital has arranged a $72 million loan for the refinancing of Columbia Corporate Park, a 495,000-square-foot office park located at 8825, 8830, 8840 and 8850 Stanford Blvd. and 8890 McGaw Road in Columbia. Joseph Burke of NorthMarq Capital’s Baltimore office arranged the 12-year loan through an unnamed life insurance company on behalf of the borrower. The loan features four years of interest-only payments followed by a 30-year amortization schedule.

August 2, 2016

Florida Multifamily Southeast

Waterton Buys Apartment Community in West Miami for $57.4M

by John Nelson August 2, 2016

WEST MIAMI, FLA. — Chicago-based Waterton has purchased Soleste West Gables, a newly built, 206-unit apartment community located in West Miami. Waterton bought the asset from the development group comprising Estate Investments Group, Fortune Capital Partners and Mattoni Group for $57.4 million, or $278,000 per unit. The group’s other projects in the area include the 196-unit Soleste Club Prado, the 221-unit Soleste West Gables II, the 329-unit Soleste Alameda and the 290-unit Soleste Valentina View. Soleste West Gables began leasing in September 2015 and offers one-, two- and three-bedroom units with amenities including a resort-style pool with an oversized sundeck, cabanas, poolside gymnasium, community entertainment lounge and Wi-Fi hotspots throughout the property.

August 2, 2016

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