Southeast

ACRES Originates $74.8M Construction Loan for Westin Atlanta Gwinnett Hotel in Duluth, Georgia

by John Nelson July 22, 2022

DULUTH, GA. — ACRES Capital Corp. has originated a $74.8 million loan to fund the construction of the Westin Atlanta Gwinnett Hotel in Duluth. The borrower is Concord Hospitality, a hotel owner and developer based in Raleigh. Situated about 28 miles northeast of Atlanta, the 348-room hotel will serve as the flagship lodging option within the Gas South District campus off Sugarloaf Parkway. Westin Atlanta Gwinnett will be attached to the Gas South Convention Center and Arena (formerly known as Infinite Energy Center) and will offer 17,607 square feet of meeting space, as well as a business center, fitness center, dining options and a rooftop bar. The construction timeline and project team members were not disclosed.

July 22, 2022

Development Georgia Industrial Southeast

ICM, Waterloo to Develop 725,000 SF Distribution Center in Metro Atlanta

by John Nelson July 22, 2022

JACKSON, GA. — ICM Asset Management and Waterloo Partners plan to develop River Park Six, a 725,000-square-foot distribution center situated within the River Park E-Commerce Center in Jackson. Patterson Real Estate Advisory Group arranged an undisclosed amount of construction financing through Ameris Bank on behalf of the co-developers. Located southeast of Atlanta in Butts County, River Park 6 is part of a larger master-planned community that spans 1,200 acres with the capacity to accommodate 20 million square feet of industrial space. ICM and Waterloo have partnered with Constructive Ingenuity as a third-party construction manager for the River Park 6 project, as well as Evans as a general contractor and Colliers for leasing. A construction timeline was not disclosed.

July 22, 2022

Development Multifamily Southeast Tennessee

Alliance Residential to Build 302-Unit Apartment Community in Nashville

by John Nelson July 22, 2022

NASHVILLE, TENN. — Alliance Residential has purchased 3.3 acres at 2500 Bransford Ave. in Nashville to develop Broadstone Berry Hill, a 302-unit apartment community. The Scottsdale, Ariz.-based developer has also recently opened Broadstone SoBro and will soon open Broadstone Centennial in Nashville. The Berry Hill community will be located approximately a half-mile from the newly opened Geodis Park, the 30,000-seat home arena of the Nashville FC MLS team. Unit interiors at Broadstone Berry Hill will include quartz countertops, stainless steel appliances and built-in mud benches and desks in select units. Community amenities will include a rooftop lounge, pool with a pool deck and putting green, coworking space and a clubroom with a tiki bar and demonstrator kitchen. Alliance Residential plans to welcome first residents in summer 2024.

July 22, 2022

Acquisitions Maryland Multifamily Southeast

Grosvenor Acquires 21-Story Apartment Tower in North Bethesda for $95M

by John Nelson July 21, 2022

BETHESDA, MD. — Grosvenor and an unnamed investment partner have acquired a 21-story apartment tower in North Bethesda that coincidentally shares a name with the private investor. Grosvenor Tower is located at 10301 Grosvenor Place and features 237 apartments. The acquisition price was not disclosed, but the Washington Business Journal reports that the asset traded for $95 million and that Grosvenor plans to invest $10 million to upgrade the property. The property was originally built in 1987, renovated in 2008 and includes 80 one-bedroom, one-bath apartments and 157 two-bedroom, two-bath apartments. Grosvenor has engaged Bozzuto Management to oversee day-to-day property management. The buyer plans to enhance energy and water efficiency at Grosvenor Tower as part of its $10 million value-add program.

July 21, 2022

Development Hospitality Multifamily South Carolina Southeast

Capital Square Breaks Ground on Hybrid Apartment Hotel Property in Charleston

by John Nelson July 21, 2022

CHARLESTON, S.C. — Capital Square has broken ground on 529 King Street ROOST Apartment Hotel, a five-story luxury apartment hotel located in the Garden District of Charleston. The hybrid property will feature 50 extended stay apartments in studio, one-, two- and three-bedroom floor plans. The property will operate under the ROOST Apartment Hotel brand, a division of Method Residential. The final development will total approximately 32,000 net rentable square feet, including an “open-air living room courtyard” and a rooftop lounge that will be open to the public. Capital Square’s project partners include architect Morris Adjmi & LS3P, general contractor BL Harbert and Method Residential as the retail leasing agent and co-developer of the property. 529 King is situated within an opportunity zone, and Capital Square is funding the project in part with proceeds from its fourth qualified opportunity zone fund, CSRA Opportunity Zone Fund IV LLC. The Richmond-based developer and investor expects to open the property in summer 2023.

July 21, 2022

Development Florida Leasing Activity Office Southeast

Law Firm Sidley Austin Signs 60,000 SF Office Lease at 830 Brickell in Miami

by John Nelson July 21, 2022

MIAMI — International law firm Sidley Austin LLP has signed a 60,000-square-foot office lease at 830 Brickell, a 55-story office tower nearing completion in Miami’s Brickell district. The building, developed in partnership by OKO Group and Cain International, is the first standalone office tower to be built in Brickell in over a decade. The office building is nearly 70 percent leased ahead of its late-2022 completion to tenants including Microsoft, New York-based insurance firm A-CAP, private equity firm Thoma Bravo, CI Financial, Marsh Insurance, AerCap and WeWork, among others. Brian Gale, Ryan Holtzman and Andrew Trench of Cushman & Wakefield represented the landlords in the lease deal. Jeff Gordon and Barbara Black of JLL represented Sidley Austin.

July 21, 2022

Development Industrial Southeast Tennessee

Kroger to Open 40,000 SF Distribution Center in Nashville

by John Nelson July 21, 2022

NASHVILLE, TENN. — Kroger plans to open a new 40,000-square-foot distribution center on Polk Avenue in Nashville, which will extend the grocer’s delivery services to Middle Tennessee. The “spoke” facility will work in conjunction with the Atlanta fulfillment center that the grocer operates along with UK-based grocery delivery platform Ocado. According to Tennessee Gov. Bill Lee, the new Kroger facility will support 180 new jobs. Kroger worked with the Tennessee Valley Authority, Nashville Area Chamber and Tennessee Department of Economic and Community Development for the project. A construction timeline or exact address were not disclosed, but The Tennessean reports that the site is located at 1116 Polk Ave. on the south side of town.

July 21, 2022

Acquisitions Florida Retail Southeast

SRS Arranges $13.9M Sale of Publix-Anchored Shopping Center in Arcadia, Florida

by John Nelson July 21, 2022

ARCADIA, FLA. — SRS Real Estate Partners’ Investment Properties Group has arranged the $13.9 million sale of Arcadia Crossing, a Publix-anchored shopping center about 40 miles east of Sarasota in Arcadia. Kevin Yaryan of SRS’ Orlando office worked with Kyle Stonis and Pierce Mayson of the firm’s Atlanta office to represent the buyer in the transaction. The seller was self-represented. Both parties requested anonymity. The 67,608-square-foot property is situated on 8.2 acres at the intersection of SE Highway 70 and Hog Bay Avenue. In addition to Publix, the center’s tenant roster includes Publix Liquors and Harbor Freight, among others.

July 21, 2022

Development Georgia Industrial Southeast

Rooker Begins Construction on 797-Acre Industrial Park Near Port of Savannah

by John Nelson July 20, 2022

BLACK CREEK, GA. — Rooker, an Atlanta-based industrial developer and construction management firm, has broken ground on Seaport 16 Trade Center, a 797-acre industrial campus situated about 25 miles from the Port of Savannah in Black Creek. The multi-phased project has the capacity for 7.1 million square feet of logistics space across 10 facilities at full buildout. Rooker has begun construction on Building 1, an 868,160-square-foot speculative building that is expandable to 1.6 million square feet and is scheduled for completion in 2023. Solution Property Group is Rooker’s marketing partner for the project and represented the developer in its land acquisition in 2021. Thomas & Hutton is the civil engineer for Seaport 16, and POH Architects will provide architectural design. Morgan Corp. is the site work contractor. The development will be located at the intersection of Olive Branch Road and Ga. Highway 80, a little over three miles from I-16. The campus will also be situated about five miles from Hyundai’s new electric vehicle assembly and battery factory, which is expected to come on line in 2025.

July 20, 2022

Acquisitions Georgia Multifamily Southeast

Hudson Capital Properties Sells Hudson Ridge Apartments in Atlanta for $143.5M

by John Nelson July 20, 2022

ATLANTA — Hudson Capital Properties (HCP) has sold Hudson Ridge Apartments, a 434-unit multifamily community located at 3505 Windy Ridge Lane in Atlanta’s Cumberland-Galleria submarket. An affiliate of New York-based L+M Fund Management purchased the community for $143.5 million. Kevin Geiger of CBRE represented HCP, which purchased the property in 2016 and executed a community-wide renovation, in the transaction. Built in 1998, Hudson Ridge features one-, two- and three-bedroom apartments, some of which feature detached garages and offer views of the nearby Truist Park, the home ballpark of the Atlanta Braves. Amenities at Hudson Ridge include a clubhouse with a lounge, resort-style pool and sundeck, tennis court, business center and a fitness center.

July 20, 2022

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