Southeast

Trammell Crow, Clarion Buy 109.7 Acres for Third Phase of Industrial Park in Northeast Georgia

by Camren Skelton September 12, 2018

JEFFERSON, GA. — Trammell Crow Co. (TCC) and joint venture partner Clarion Partners LLC have acquired 109.7 acres for the third phase of Jefferson Mill Business Park, an industrial park in the northeast Georgia city of Jefferson. The acquisition represents an assemblage of seven properties held by seven different owners. Price Weaver and Ben Logue of Colliers International represented TCC and Clarion Partners in the transaction. Matt McCord of Norton Commercial, Grant Whitworth of Whitworth Land Corp. and Kim Bowman of Keller Williams represented the various sellers. Phase III of Jefferson Mill Business Park will be a build-to-suit, cross-dock distribution facility that will span between 1.1 and 1.5 million square feet. The first two phases of the industrial park include more than 500 trailer spaces and 1,000 auto parking spaces. All together, Jefferson Mill Business Park spans 232 acres and includes 2.7 million square feet of industrial space. A construction timeline for Phase III was not disclosed.

September 12, 2018

Acquisitions Hospitality Maryland Southeast

HREC Brokers Sale of 152-Room, Hilton-Branded Hotel in Metro Baltimore

by Camren Skelton September 12, 2018

COLUMBIA, MD. — HREC Investment Advisors has arranged the sale of the 152-room DoubleTree by Hilton Hotel Columbia in downtown Columbia, roughly 19 miles southwest of Baltimore. A joint venture between LTD Hospitality Group and Sefira Capital acquired the asset for an undisclosed price. Ketan Patel and Kevin Kanley of HREC arranged the transaction on behalf of the seller, RLJ Lodging Trust. The hotel features meeting space, a fitness center, heated indoor pool and an onsite restaurant and bar.

September 12, 2018

Acquisitions Florida Multifamily Southeast Student Housing

Coastal Ridge, M Group Acquire Student Housing Community Near Florida Gulf Coast University for $78.8M

by Camren Skelton September 11, 2018

FORT MYERS, FLA. — Coastal Ridge Real Estate and M Group have purchased The Reef, a 924-bed student housing community located adjacent to Florida Gulf Coast University in Fort Myers. Progressive Capital Group sold the asset to the partnership for $78.8 million. Kevin Larimer, Greg Gonzalez and Cole Whitaker of Berkadia arranged the transaction on behalf of Progressive. Constructed in two phases in 2016 and 2017, The Reef is a garden-style community featuring two resort-style pools with cabanas, outdoor billiards, fire pit, ping pong, bocce ball, sand volleyball court, fitness center, cyber café, resident club lounge and private study rooms. The community’s fully furnished units feature bed-to-bath parity. The transaction marks the second student housing acquisition near Florida Gulf Coast University for Coastal Ridge in the past two months. In July, the Ohio-based company acquired the adjacent Coastal Village Apartments for $44 million.

September 11, 2018

Acquisitions Georgia Office Southeast

Innovatus Capital Buys Newly Built Office Building in Atlanta’s Cumberland/Galleria Submarket

by Camren Skelton September 11, 2018

ATLANTA — Innovatus Capital Partners LLC has acquired 3400 Overton, a 172,756-square-foot office building located in Atlanta’s Cumberland/Galleria office submarket. TPA Group and USAA Real Estate delivered the seven-story project in October 2017. The all-glass building is situated at the southeast corner of the Interstate 75 and I-285 interchange at the intersection of Akers Mill Road and Cumberland Boulevard. The sales price was not disclosed. The building is 80 percent leased to tenants including Synovus Financial Corp. and McGriff, Seibels & Williams Inc. Lincoln Property Co. is handling the property’s leasing assignment and management services. Onsite amenities at 3400 Overton include a modern lobby, fitness center, Synovus bank branch, café, grab-and-go coffee bar, indoor/outdoor Wi-Fi, covered parking and an open courtyard overlooking the Chattahoochee National Forest. A 140-room hotel planned by Intercontinental Hotels Group is scheduled to open adjacent to the property in 2019.

September 11, 2018

Development Multifamily North Carolina Southeast

Marsh Properties Breaks Ground on 263-Unit Apartment Community in Charlotte

by Camren Skelton September 11, 2018

CHARLOTTE, N.C. — Marsh Properties has broken ground on The Edge@Sedgefield, a 263-unit apartment community located within the Sedgefield mixed-use redevelopment in Charlotte. The community will include a mix of studio to two-bedroom apartment units ranging in size from 600 to 1,450 square feet. Community amenities will include five private courtyards, bike storage, a dog wash station, dog park, fitness center with yoga studio, pool, clubroom and a rooftop terrace with views of South End and Uptown Charlotte. The development team for The Edge@Sedgefield includes BB+M Architecture, Samet Corp. and LandDesign. BB&T is providing construction financing for the project. The first units at the community are expected to deliver in the spring of 2020. At full build-out, Sedgefield will include approximately 700 residential units, the redevelopment of 30,000 square feet of retail and the potential for 100,000 square feet of office space. Sedgefield Shopping Center, a 68,000-square-foot shopping center developed by Marsh in partnership with Aston Properties, opened at the development last year. The center is home to Harris Teeter, Nexter Juice Bar, Holler & Dash and The Waterman. The Edge@Sedgefield will be located adjacent to the retail center.

September 11, 2018

Florida Hospitality Loans Southeast

Berkadia Arranges $17.5M Construction Loan for New Hotel in Tallahassee

by Camren Skelton September 11, 2018

TALLAHASSEE, FLA. — Berkadia has arranged a $17.5 million construction loan for Hotel Indigo, a 143-room hotel that will be developed in Tallahassee. Brad Williamson and Kyle Ryan of Berkadia arranged the five-year, fixed-rate loan through a regional bank on behalf of the developer, Urban Street Development. The hotel will be one of the final pieces of the company’s Florida State University (FSU) CollegeTown District. The master-planned mixed-use community already includes 982 student housing beds, 60,000 square feet of retail and restaurant space and two parking garages. Urban Street broke ground on the $125 million project in 2013. Situated at 826 Gaines St., Hotel Indigo will be located adjacent to FSU and steps away from Doak Campbell Stadium, home to FSU’s Seminole football team. Designed by hospitality design firm ai3, the hotel will feature a contemporary design and an onsite restaurant and bar. Hotel Indigo is a chain of boutique hotels and part of InterContinental Hotels Group.

September 11, 2018

Development Florida Industrial Southeast

Flagler, Ware Malcomb Complete Build-to-Suit Industrial Facility in Miami-Dade County for Aerospace Firm

by Camren Skelton September 11, 2018

HIALEAH, FLA. — Construction is complete on the new KLX Aerospace Solutions global headquarters and distribution hub located in Hialeah, a city in Miami-Dade County. Ware Malcomb provided master planning and architectural design services for the 700,000-square-foot project, which is part of the first phase of the planed 95-acre Countyline Corporate Park, a logistics park developed by Flagler Global Logistics. KLX Aerospace Solutions is a distributor of aerospace hardware and provider of supply chain management solutions for Original Equipment Manufacturers (OEMs), Maintenance and Repair Operations (MROs) and airlines across the globe. The new facility features concrete tilt-up construction, metal canopy parking structure, electric car charging stations, a café, recreational area and outdoor seating. Turner Construction was the general contractor for the project.

September 11, 2018

Features Georgia Hospitality Southeast Southeast Feature Archive

Economist: Hotel Sector Benefitting from Strong Consumer Confidence, Uptick in Income and Corporate Profits

by John Nelson September 11, 2018

ATLANTA — Roger Tutterow, director of Kennesaw State University’s Econometric Center, encourages hoteliers to be optimistic about today’s historic level of consumer confidence because it directly impacts the leisure travel side of the hospitality sector. In late August, the consumer confidence index increased to 133.4, its highest level since October 2000, according to The Conference Board. The index gauges consumers’ confidence levels about business and labor conditions. “This is still a consumer-driven economy, and it’s very important that we maintain those confidence levels,” said Tutterow, who was one of the featured speakers at Atlanta Lodging Outlook 2019. The Atlanta Convention & Visitors Bureau, Cornell Hotel Society and the Georgia Hotel & Lodging Association jointly hosted the annual event, which took place on Tuesday, Sept. 4 at the InterContinental Buckhead hotel in Atlanta. Spending Power Impacts Hotel Performance Personal income gains and corporate profits also affect hotel absorption as these determine the spending power of leisure travelers and businesses. According to the Bureau of Economic Analysis, personal income increased by 3.5 percent over the past six months, while corporate profits rose 20 percent during the same period. “You’ve got support both from the personal income and corporate profits side,” said Tutterow …

September 11, 2018

Civic Development Georgia Southeast

City of Atlanta Begins First Phase of 280-Acre Park in Westside Area

by Camren Skelton September 10, 2018

ATLANTA — The City of Atlanta has broken ground on the first phase of Westside Park at Bellwood Quarry in Atlanta’s Westside area. Expected to be the largest park in Atlanta, the first phase will include a signature gateway and trails leading to an overlook area for views of a quarry-turned-reservoir. Upon completion, the park will encompass 280 acres, nearly 100 acres larger than Piedmont Park in Atlanta’s Midtown district. The park will connect the Proctor Creek Greenway and Chattahoochee River Corridor with the Atlanta BeltLine, a loop trail that will eventually span 22 miles and connect 45 intown neighborhoods in Atlanta. Architecture firm HGOR is designing the park. The quarry-turned-reservoir will take on the role of Atlanta’s major emergency water source, increasing the city’s drinking water supply from three days to more than 30 days. The surrounding park will feature elements of green infrastructure, which should enhance water quality and ground water infiltration. HGOR is collaborating on the development with partner leaders Reeves Young and CERM. Other project team members include Portman & Associates, Long Engineering, EcoWorks, Full Circle Communication, Denyse, BioHabitats, Sherwood Design Engineers, S.L. King & Associates and Sykes Consulting. According to The Atlanta Journal Constitution, the park …

September 10, 2018

Acquisitions Georgia Industrial Southeast

Monmouth Acquires New Industrial Building Leased to FedEx in Northeast Georgia for $61.1M

by Camren Skelton September 10, 2018

BRASELTON, GA. — Monmouth Real Estate Investment Corp. has acquired a newly constructed industrial building in Braselton, roughly 50 miles northeast of Atlanta, for $61.1 million. Delivered earlier this year, the 373,750-square-foot building is net-leased for 15 years to FedEx Ground Packaging System. The facility is situated on 93 acres at 650 Braselton Parkway off of Interstate 85. New Jersey-based Monmouth’s portfolio includes 111 properties totaling 21.2 million square feet.

September 10, 2018

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