Southeast

RealtyLink Breaks Ground on $25M Shopping Center in Tennessee

by John Nelson April 22, 2015

SEVIERVILLE, TENN. — RealtyLink LLC has broken ground on River Landing, a $25 million shopping center in Sevierville. The 175,000-square-foot project will be located on a 16-acre site along Winfield Dunn Parkway at the site of the Old Reel Theatre. Phase I is slated for completion this September, and Phase II is expected to be complete in February 2016. The property is pre-leased to eight undisclosed retailers. The project team includes general contractor Vannoy Construction, architect Cor3 Design and sub-contractor Blalock Cos.

April 22, 2015

Hospitality Loans Maryland Southeast

Meridian Capital Arranges $13.6M Financing for Two Hotels in Aberdeen

by John Nelson April 22, 2015

ABERDEEN, MD. — Meridian Capital Group has arranged $13.6 million in bridge and construction financing for two hotels in Aberdeen, roughly 32 miles north of Baltimore via I-95. The borrower, Cross Roads Hospitality, will use the financing to reposition an existing property at 793 W. Bel Air Ave. as an 80-room LaQuinta Inn & Suites hotel and construct a new 98-room Hampton hotel. Tal Bar-Or, Beau Williams and Judah Neuman of Meridian Capital Group’s New York City office arranged the two-year bridge and construction loan through a national bridge lender. The loan features interest-only payments for the full term.

April 22, 2015

Georgia Multifamily Southeast

Novare Group, Batson-Cook Open 26-Story SkyHouse Buckhead in Atlanta

by John Nelson April 21, 2015

ATLANTA — Atlanta-based developers Novare Group and Batson-Cook Development Co. have opened SkyHouse Buckhead, a 26-story luxury high-rise apartment community in Atlanta’s Buckhead submarket. The 362-unit property on Stratford Road features a rooftop amenity deck with two pools, outdoor kitchens and lounges, club room and a fitness center. The floor plans range from studio units to three-bedroom residences. The property is located two blocks from Lenox Square Mall and Phipps Plaza and is connected to the Buckhead MARTA station by a new $32 million pedestrian bridge spanning Georgia 400. The community is also adjacent to the PATH400 Greenway, a 5.2-mile multi-use trail that will connect to the Atlanta Beltline. SkyHouse Buckhead’s project team includes general contractor Batson-Cook Construction and architect Smallwood, Reynolds, Stewart, Stewart. Ackerman & Co. was the land seller and equity partner in the project, along with NGI Investments LLC and Batson-Cook Development Co. An investor account advised by the U.S. real estate business of UBS Global Asset Management provided construction and permanent financing for the project. The property is one of 14 SkyHouse-branded apartment communities in the United States.

April 21, 2015

Florida Multifamily Southeast

Cushman & Wakefield Brokers $49.6M Sale of Orlando Multifamily Community

by John Nelson April 21, 2015

ORLANDO, FLA. — Cushman & Wakefield has brokered the $49.6 million sale of Tortuga Bay Apartment Homes in Orlando. The Class A, 314-unit apartment property is located at 12932 Mallory Circle in Orlando’s East Orange/UCF submarket. Constructed in 2014, the property features a large clubhouse, fitness center and zero-entry pool. The interiors of Tortuga Bay’s units feature granite island countertops, built-in computer workstations, black-on-black appliances, microwave, nine-foot ceilings, crown molding, screened porches and washers and dryers in every unit. Ken Delvillar and Jay Ballard of Cushman & Wakefield represented the seller, an unnamed REIT, in the transaction. The apartment community is the first Florida property for the buyer, Tortuga Multifamily Orlando LP.

April 21, 2015

Florida Office Southeast

Stiles Realty Brokers $21M Sale of Fort Lauderdale Office Building

by John Nelson April 21, 2015

FORT LAUDERDALE, FLA. — Stiles Realty, a division of Stiles, has brokered the $21 million sale of a vacant Class A office property located at 2100 W. Cypress Creek Road in Fort Lauderdale. The 185,000-square-foot building, which was the former headquarters of BankAtlantic, was the largest single-tenant building sold in the Cypress Creek submarket in the past five years, according to Stiles Realty. Kimberly Barbar of Stiles Realty represented the seller, BB&T, in the transaction. Barbar will also lease the office building on behalf of the new owner, Integra Investments LLC. The office building was designed to serve a single tenant and features on-site amenities such as a fitness center with showers, 250-seat cafeteria and a wellness center.

April 21, 2015

Fairfield Inn & Suites by Marriott West Monroe

Hospitality Louisiana Southeast

Hotel Equities to Manage Hotel Under Construction in Louisiana

by John Nelson April 21, 2015

WEST MONROE, LA. — Atlanta-based Hotel Equities has been selected to manage the Fairfield Inn & Suites by Marriott under construction in West Monroe. The hotel is slated to break ground this summer and open in the third quarter of 2016. The hotel will be located near the University of Louisiana-Monroe and the Ike Hamilton Expo Center. The ownership group for the new hotel includes Jon Patel and Kevin Patel of Monroe, La., and Nimesh Zaver of Lake Charles, La. The group has 26 Louisiana hotels in its portfolio.

April 21, 2015

Florida Hospitality Loans Southeast

Dockerty Romer & Co. Arranges $3.5M Loan for Holiday Inn Express

by John Nelson April 21, 2015

LANTANA, FLA. — Dockerty Romer & Co. has arranged $3.5 million in permanent mortgage financing for a 62-room Holiday Inn Express. The hotel is located on Hypoluxo Road in Lantana, a town in Palm Beach County. Michael McCleary of Delray Beach, Fla.-based Dockerty Romer arranged the 10-year loan with a fixed interest rate at 4.25 percent. McCleary arranged the loan through a South Florida-based bank on behalf of the borrower, Wahe Guru Group LLC.

April 21, 2015

Georgia Retail Southeast

CBL, Horizon Group Break Ground on Expansion of The Outlet Shoppes at Atlanta

by John Nelson April 20, 2015

WOODSTOCK, GA. — CBL & Associates Properties Inc. and Horizon Group Properties Inc. have begun construction on the second phase of The Outlet Shoppes at Atlanta, an outlet mall in Woodstock that features 93 retailers. The 33,000-square-foot expansion is scheduled to open before the 2015 holiday season and will bring retailers GAP Outlet and Banana Republic to the outlet mall, which opened in July 2013 at the intersection of I-575 and Ridgewalk Parkway. Existing retailers at The Outlet Shoppes include Nike, Coach, Michael Kors, Saks Fifth Avenue OFF 5TH, Carter’s, Kate Spade, Vineyard Vines and Johnny Rockets. Horizon and CBL are co-developers of the project; Horizon is responsible for leasing and managing the center.

April 20, 2015

Kentucky Office Southeast

Commercial Kentucky Brokers $14.3M Sale of 14-Story Office Tower in Louisville

by John Nelson April 20, 2015

LOUISVILLE, KY. — Commercial Kentucky Inc., a member of the Cushman & Wakefield Alliance, has brokered the $14.3 million sale of the historic Starks Building in downtown Louisville’s central business district. The 14-story, 395,505-square-foot office tower was originally constructed in 1913. Delray Beach, Fla.-based Hudson Holdings purchased the office tower from the Hertz Organization and plans to reposition the building into a mixed-use property featuring 100 apartments units and a 200-room upscale hotel. The property will also feature a coffee shop and full-service health club. Craig Collins and Sam English of Commercial Kentucky represented the Hertz Organization in the sale.

April 20, 2015

Healthcare North Carolina Southeast

The Sanders Trust Buys Medical Office Building in Asheville for $11.6M

by John Nelson April 20, 2015

ASHEVILLE, N.C. — The Sanders Trust (TST) has purchased a 24,000-square-foot medical office building located at 20 Medical Park Drive in Asheville for $11.6 million. Originally built in 2005, the property was fully leased at the time of sale. TST purchased the asset in a joint venture with its capital partner Harrison Street Real Estate Capital LLC. An affiliate of 21st Century Oncology is the primary tenant at 20 Medical Park Drive.

April 20, 2015

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