Southeast

Carmike Cinemas to Open Movie Theater at Stones River Mall in Metro Nashville

by John Nelson June 21, 2016

MURFREESBORO, TENN. — Sterling Organization has signed a lease with Carmike Cinemas to open a new nine-screen, 47,000-square-foot Ovation Cinema Grill at Stones River Mall, a 594,588-square-foot enclosed regional mall located in the Nashville suburb of Murfreesboro. The Ovation Cinema Grill, Carmike’s full-service cinematic dining concept, will feature seat-side food and beverage service and electronic, high-back recliners with reserved seating. The theater will also feature Carmike’s large screen format, BigD. The mall’s food court and retail space currently occupied by Books-A-Million will be demolished to make for the new theater. Books-A-Million will be relocated into space formerly occupied by Hancock Fabrics. Construction is expected to begin in the first quarter of 2017, with the movie theater set to open that fall. Carmike Cinemas currently operates 276 theaters in 41 states nationwide.

June 21, 2016

Civic Georgia Hospitality Mixed-Use Southeast

Public-Private Partnership to Begin Construction on Avalon’s $112M Hotel, Conference Center

by John Nelson June 20, 2016

ALPHARETTA, GA. — A public-private partnership involving North American Properties (NAP), Long Wharf Real Estate Partners, Stormont Hospitality Group and the city of Alpharetta will break ground tomorrow on The Hotel at Avalon and the connecting 65,000-square-foot Alpharetta Conference Center. The $112 million project will anchor Phase II of the 86-acre Avalon mixed-use development. The 330-bed hotel will be part of Marriott International’s Autograph Collection and will feature a local chef-driven restaurant, 24-hour fitness center, upscale pool, valet service and Club Avalon Concierge. The conference center will feature a 12,500-square-foot exhibit hall, 10,000-square-foot ballroom with six salons, six meeting rooms, boardroom, reception area, pre-function space and outdoor venues. The hotel and conference center are set to open in January 2018. The design team includes architect Cooper Carry and general contractor Brasfield & Gorrie. SunTrust Bank is providing construction financing, and HEI Hotels & Resorts will serve as the manager of the new hotel.

June 20, 2016

Florida Mixed-Use Southeast

Allen Morris Breaks Ground on $68M Mixed-Use Project in Metro Orlando

by John Nelson June 20, 2016

MAITLAND, FLA. — The Allen Morris Co. has begun construction on Maitland City Centre, a $68 million mixed-use development in Maitland, roughly 10 miles north or Orlando. Upon completion in 2018, the project will feature 220 residential units and 35,000 square feet of retail and restaurant space set within a six-story building that will occupy three city blocks near City Hall. Units will range from 700 to 1,300 square feet and will rent for $1,300 to $2,400 per month. Announced tenants at Maitland City Centre include Starbucks Coffee, Subway, Renaissance Med Spa, Nava Pets, an artisan food hall/market, Mesa 21, Doc B’s Fresh Kitchen and a concept from chef Clayton Miller of Dove-Cote in Orlando. SunTrust Bank and TD Bank are financing the development on behalf of a joint venture partnership between Allen Morris, Lamm & Co. Partners and Millenia Partners.

June 20, 2016

Florida Office Southeast

Greenstreet, CREC Sell Office Building in Coral Gables for $57.5M

by John Nelson June 20, 2016

CORAL GABLES, FLA. — A joint venture between Greenstreet Partners and CREC has sold 2121 Ponce, a 164,848-square-foot office building in Coral Gables. A member company of Zurich North America purchased 2121 Ponce for $57.5 million. The property was more than 95 percent occupied at the time of sale to tenants such as Goldstein Schechter, Fox Latin America, Valley National Bank, the Consulate of Barbados and CREC. In addition to office space, 2121 Ponce features a five-story, 586-space parking garage and ground-level retail space including restaurant POC. Warren Weiser, Harry Blyden and Andrew Remick of CREC co-brokered the sale with the CBRE team of Christian Lee, Jose Lobon and Andrew Chilgren. Roy Rosenbaum and Sean Bannon of Zurich Alternative Asset Management LLC advised the buyer.

June 20, 2016

Georgia Mixed-Use Southeast

Carter, Selig Close on Land Purchase for City Springs Project in Metro Atlanta

by John Nelson June 20, 2016

SANDY SPRINGS, GA. — Master developers Carter and Selig Enterprises have closed on the purchase of private land in Sandy Springs for City Springs, a 14-acre master-planned development comprising government and commercial space. Carter and Selig plan to begin construction on the residential and retail portions of City Springs this summer. The residences will feature 275 apartments and 19 townhomes with high-end finishes and amenities. The retail portion will comprise 30,000 square feet of street-level space bounded by Johnson Ferry and Roswell roads, Sandy Springs Circle and Mt. Vernon Highway. Both the residential and retail portions of City Springs are set for a winter 2017 completion. SunTrust Bank and partner banks Iberia Bank and Trustmark are providing construction financing for City Springs. The development team includes general contractor Brasfield & Gorrie and architect RJTR. City Springs is a public-private partnership between the city of Sandy Springs, Carter and Selig Enterprises.

June 20, 2016

Georgia Office Southeast

HD Supply Breaks Ground on 222,500 SF Office Building in Atlanta

by John Nelson June 20, 2016

ATLANTA — HD Supply has broken ground on its Leadership Development Center, an eight-story, 222,500-square-foot office building located at 3400 Cumberland Blvd. in the Atlanta portion of Cobb County. Set to open in early 2018, the property will house 900 HD Supply employees and feature a leadership training and customer support center. The project team includes Atlanta-based developer Greenstone Properties, broker Colliers International and architects HLG Studio and Wakefield Beasley & Associates. HD Supply is an industrial distribution company with 13,000 associates operating in 500 locations across 48 states and six Canadian provinces.

June 20, 2016

Alabama Market Reports Multifamily Southeast Southeast Market Reports

Birmingham’s Apartment Market Feeds Off Downtown’s Renaissance

by John Nelson June 20, 2016

Birmingham’s renaissance has been underway for several years now, but it has taken some time for the rest of the world to find out. This year they started paying attention. The opening of Railroad Park, Regions Field, the Iron City event venue and now the recently restored Lyric Theatre have made it clear that there are intriguing things going on in downtown Birmingham. Lonely Planet, the respected travel information source, included Birmingham in its “2016 Best in the U.S.” list, asking, “Could Birmingham be the coolest city in the South?” Food media giant Zagat named Birmingham “America’s No. 1 Next Hot Food City” and the Travel Channel chose Birmingham to its list of “11 Next Great Destinations.” Foodies and fashionistas are not the only groups showing interest in Birmingham. Multifamily investors have been building new developments and acquiring and repositioning existing properties over the past few years. This activity reflects national trends — investors looking for alternatives to top-tier markets and Millennials gravitating to an affordable urban core. Nonetheless, with its burgeoning downtown food and arts scene, Birmingham has earned a second look. Strong Year for Downtown Developers liked what they saw and acted accordingly. In 2014 and 2015, plans …

June 20, 2016

The District at Vinings Apartments Atlanta

Georgia Multifamily Southeast

Sutter Hill Buys Apartment Community in Atlanta for $68.8M

by John Nelson June 17, 2016

ATLANTA — Toronto-based Sutter Hill Acquisition Corp. has purchased The District at Vinings Apartments, a 464-unit multifamily community located in Atlanta’s Vinings district. Sutter Hill acquired the property for $68.8 million and plans to invest up to $7 million in renovations. The community is situated on nearly 38 acres at 2800 Paces Ferry Road S.E., less than 3 miles from the new SunTrust Park under construction in Cobb County. Sutter Hill has hired Stonemark Management to manage the pet friendly community and supervise the renovations, which will include updates to the clubhouse, fitness center, landscaping and exteriors.

June 17, 2016

Multifamily South Carolina Southeast

CBC Atlantic Brokers $50M Sale of Apartment Portfolio in Metro Charleston

by John Nelson June 17, 2016

CHARLESTON, S.C. — Coldwell Banker Commercial Atlantic International Inc. (CBC Atlantic) has brokered the $50 million sale of a five-property multifamily portfolio in metro Charleston totaling 1,039 units. The buyer, Framingham, Mass.-based VTT Management, plans to complete interior and exterior renovations at the portfolio, including upgrades to the portfolio’s common area amenities. The properties include the 184-unit Brentwood Townhomes, the 170-unit Brandywine Townhomes and the 412-unit Pine Harbour Apartments in Goose Creek; the 76-unit Colony Square Apartments in Hanahan; and the 207-unit Moss Creek Apartments in West Ashley. Brent Case and John True of CBC Atlantic brokered the transaction.

June 17, 2016

Kentucky Retail Southeast

Shopping Center Group Arranges $23.8M Sale of Retail Center in Louisville

by John Nelson June 17, 2016

LOUISVILLE, KY. — The Shopping Center Group has brokered the $23.8 million sale of Westport Village, a 169,000-square-foot retail center in Louisville. The property is situated between Herr and Lyndon lanes about a half-mile east of I-264. The shopping center was 73 percent leased at the time of sale to tenants such as Apricot Lane, Collections, Chartreuse, Tunies, Napa River Grill, The Comfy Cow, Hik-A-Mon Sushi Bar and Fish Market, Wild Eggs, Artesano, Boombozz Tap House, Pure Barre, Bend and Zen Hot Yoga and Elements Therapeutic Massage. Anthony Blanco, Lynn De Marco, Lenard Williams and Mallory Ham of The Shopping Center Group represented the seller, Chicago-based InvenTrust Properties Corp., in the transaction. Kevin Schreiber and Kevin Mayhugh of The Shopping Center Group’s Louisville office assisted in the transaction. The buyer is a joint venture affiliated with Atlanta-based Hendon Properties and Birmingham, Ala.-based Harbert Management.

June 17, 2016

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