Southeast

W.R. Grace, Chevron to Build $135M Production Plant in Louisiana

by John Nelson May 20, 2015

LAKE CHARLES, LA. — A joint venture between W.R. Grace & Co. and Chevron Products Co. will invest $135 million to build a residue hydroprocessing catalyst production plant at the existing Grace manufacturing plant in Lake Charles. The joint venture, known as Advanced Refining Technologies (ART), expects to create roughly 30 new direct jobs with the expansion, and Louisiana Economic Development (LED) expects approximately 88 new indirect jobs will be created. Additionally, 190 construction jobs will be created. Grace’s existing 120-acre manufacturing site is located on the Calcasieu River. The facility produces alumina, sodium silicate, fluid-cracking catalysts, hydroprocessing catalysts and zeolites. The state of Louisiana facilitated the investment with an incentive package including a $2.4 million Modernization Tax Credit. ART will also use the LED FastStart workforce development program, as well as Louisiana’s Quality Jobs and Industrial Tax Exemption programs. ART will begin hiring when construction kicks off in late 2015. Completion is slated for early 2018.

May 20, 2015

Florida Multifamily Southeast

Berkadia Brokers Sale of Two Apartment Communities in Metro Tampa Totaling $96.4M

by John Nelson May 20, 2015

BRANDON AND TAMPA, FLA. — Berkadia has brokered the sale of two apartment communities in the Tampa area for a combined $96.4 million. Hamilton Bay Apartments, located at 1801 Princeton Lakes Drive in Brandon, sold for $43.6 million. Tampa-based Blue Rock Partners purchased the 444-unit asset from Nashville-based Covenant Capital Group. Built in 1989, the apartment community’s amenities include two swimming pools, a clubhouse, tennis court, recreation room, playground, laundry facility, controlled-access gate, child care center, complimentary coffee bar, community garden and a dog park. Viera at Westchase Apartments, located at 12401 W. Hillsborough Ave. in Tampa, sold for $52.8 million. Glendale, Colo.-based Forum Real Estate Group purchased the 390-unit property from Covenant Capital Group. Built in 1999, the property’s community amenities include two resort-style swimming pools, a hot tub with a waterfall and grotto, cabana lounges, clubhouse, business center, fitness center, tennis courts and a controlled-access gate.

May 20, 2015

Crowne at Galleria Woods Apartments Hoover

Alabama Multifamily Southeast

Rock Apartment Advisors Brokers Sale of Two Apartment Communities in Hoover

by John Nelson May 20, 2015

HOOVER, ALA. — Rock Apartment Advisors has brokered the sale of two apartment communities in Hoover. Cleveland-based Zaremba Management Co. purchased the assets, known as Crowne Falls and Crowne at Galleria Woods Apartments, from Birmingham-based Vista Communities LLC. The two properties are Zaremba’s first multifamily properties in the state of Alabama. Bo Flurry and Justin Uffinger of Birmingham-based Rock Apartment Advisors brokered the transaction. The transaction is the second portion of a $75 million portfolio deal totaling 696 apartment units.

May 20, 2015

Florida Office Southeast

Atlantic Commercial Group Brokers $14.2M Sale of Office Building in Clearwater

by John Nelson May 20, 2015

CLEARWATER, FLA. — Delray Beach, Fla.-based Atlantic Commercial Group Inc. has brokered the $14.2 million sale of Bayview Pavilion, a 94,144-square-foot, three-story office building in Clearwater. The Class A office building is located on Lightwave Drive immediately west of the St. Pete-Clearwater International Airport. YMP Real Estate Management purchased the property from an undisclosed seller. Cliff Weisner of Atlantic Commercial Group brokered the transaction.

May 20, 2015

Georgia Office Southeast

Franklin Street Brokers $4.7M Sale of Vacant Office Building in Downtown Atlanta

by John Nelson May 20, 2015

ATLANTA — Franklin Street Real Estate Services has brokered the $4.7 million sale of the vacant 13-story Forty One Marietta office building in downtown Atlanta. The property offers a repositioning opportunity within walking distance to Georgia State University, the Atlanta Streetcar and the Five Points MARTA station. 41 Marietta Investments LLC purchased the property from a private owner for a little over $36 per square foot. Jake Reid and Ricky Jones of Franklin Street’s Atlanta office represented the seller in the transaction.

May 20, 2015

Florida Mixed-Use Southeast

City of Miami Approves Site Plan for $2B Miami Worldcenter

by John Nelson May 19, 2015

MIAMI — The city of Miami has given its approval to the development team of Miami Worldcenter, a $2 billion, 27-acre mixed-use development in downtown Miami. The green light allows the development team to apply for building permits. Miami Worldcenter is a collaboration between master developer Miami Worldcenter Associates and a team of development firms following a master plan created by Elkus Manfredi Architects. The Forbes Co. and Taubman will deliver a 765,000-square-foot shopping mall, which will be anchored by Bloomingdale’s and Macy’s alongside high-end dining and entertainment options. The team behind the PARAMOUNT Miami Worldcenter condo, the project’s signature residential tower, includes Miami-based developer Daniel Kodsi in partnership with Art Falcone and Nitin Motwani. Nearby, a 429-unit luxury apartment building developed by ZOM will rise adjacent to Bloomingdale’s. Two blocks west, Miami-based MDM Group will develop a new Marriott Marquis hotel, which will feature 1,800 hotel rooms and 600,000 square feet of meeting and event space. The groundbreaking for these components of Miami Worldcenter is scheduled to take place in the third quarter of 2015.

May 19, 2015

Hospitality Loans Southeast Virginia

Mesa West Capital Provides $55M Loan to Refinance Hilton Hotel in Arlington

by John Nelson May 19, 2015

ARLINGTON, VA. — Mesa West Capital has originated a $55 million mortgage loan to refinance the Hilton Crystal City, a 393-room hotel located in Arlington, a Virginia suburb of Washington, D.C. Nicholas Seidenberg and Michael Zelin of Eastdil Secured arranged the loan through Mesa West on behalf of the borrower, The JBG Cos. The non-recourse, floating-rate loan features interest-only payments for the full term, which is initially three years but features extension options. JBG renovated the hotel in September 2013, which helped boost the hotel’s occupancy and Average Daily Rate, according to Mesa West.

May 19, 2015

Florida Retail Southeast

Publix Super Markets Buys Freestanding Publix in Fort Lauderdale for $22.5M

by John Nelson May 19, 2015

FORT LAUDERDALE, FLA. — Continuing its buying spree of Publix grocery stores in Florida, Publix Super Markets Inc. has purchased the Publix at Sunrise, a 44,840-square-foot, single-tenant Publix grocery store located at 1415 E. Sunrise Blvd. in Fort Lauderdale. Publix Super Markets purchased the net-leased asset from Stiles Corp. for $22.5 million free and clear of existing debt. Daniel Finkle, Luis Castillo and Nat Scarmazzi of HFF represented Stiles in the transaction.

May 19, 2015

Multifamily South Carolina Southeast

Berkadia Brokers $12.4M Sale of Apartment Community in Charleston

by John Nelson May 19, 2015

CHARLESTON, S.C. — Berkadia has brokered the $12.4 million sale of East Central Lofts, a 72-unit, Class A apartment community located at 274 Huger St. in Charleston. Built in 2013, East Central Lofts comprises studio, one- and two-bedroom units with granite countertops, stainless steel appliances, hardwood floors and floor-to-ceiling windows. The property’s amenities include laundry facilities on each floor, a bocce ball court, barbecue area and covered and gated parking. The property offers views of the Ravenel Bridge and is located within walking distance of historic downtown Charleston. East Central Lofts LLC sold the asset to a group of buyers, including Federal Capital Partners, Kane Realty Corp., Randolph Development and Canongate Capital. Mark Boyce of Berkadia’s Charleston office brokered the transaction.

May 19, 2015

Florida Multifamily Southeast

ARA Newmark Brokers $10M Sale of Waterfront Development Site in Fort Lauderdale

by John Nelson May 19, 2015

FORT LAUDERDALE, FLA. — ARA, A Newmark Company (ARA Newmark) has brokered the $10 million sale of a 0.6-acre waterfront development site at 321 N. Birch Road in Fort Lauderdale. The site has more than 200 feet of frontage on the Intracoastal Waterway and is steps away from the beach and the Atlantic Ocean. The site is approved for an 11-story, 22-unit condominium project, as well as a marina with four 70-foot boat slips. Troy Ballard, Avery Klann and Marc deBaptiste of ARA Newmark represented the sellers, Jeremy Bedzow and Grand Birch LLC. An affiliate of Sobel Co. known as 321 Birch LLC purchased the development site. According to ARA Newmark, the sales price of $454,000 per unit is the new record for land pricing per unit for a non-oceanfront site in South Florida.

May 19, 2015

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