CLAREMONT, N.C. — Prysmian North America plans to invest $1 billion to expand its cable manufacturing plant in Claremont, a northern Charlotte suburb in Catawba County. The investment will expand the company’s fiber optic and glass cable manufacturing operations and create 385 jobs. The expansion will grow Prysmian’s physical footprint at the Claremont facility by 975,000 square feet. The office of North Carolina Gov. Josh Stein has announced that a performance-based grant of $1 million from the One North Carolina Fund will be awarded to Prysmian Cables and Systems USA LLC to help the company expand in North Carolina. Civic and utility partners involved in this project include North Carolina Department of Commerce, the Economic Development Partnership of North Carolina, the North Carolina General Assembly, the North Carolina Community College System, Catawba Valley Community College, Duke Energy, Piedmont Natural Gas, Catawba County, the City of Claremont and the Catawba County Economic Development Corp. Prysmian North America is the U.S. arm of Milan, Italy-based Prysmian and has its regional headquarters in Highland Heights, Ky. Prysmian was founded in 1879 and operates more than 100 plants worldwide, including 50 locations in North America employing 9,000 associates.
KEY WEST, FLA. — Sixth Street, a global investment firm based in San Francisco, and partner Riller Capital have acquired Pier House Resort & Spa, a 142-room luxury oceanfront resort located at 1 Duval St. in Key West. Dallas-based Braemar Hotels & Resorts sold the property to the partnership for $190 million. Situated on five acres, Pier House offers two oceanfront restaurants, a full-service spa, oceanfront pool, 75 linear feet of private beach frontage and 3,000 square feet of meeting and event space. Starwood Property Trust provided acquisition financing for the deal. CBRE represented Sixth Street in the transaction, and The Plasencia Group represented Braemar.
DUBLIN, VA. — DWG Capital Partners has purchased an 83,683-square-foot manufacturing facility located at 320 Newbern Road in Dublin, a city in southwest Virginia’s I-81 Corridor. The publicly traded seller, Commercial Vehicle Group (CVG), sold the property to DWG Capital and leased back the facility on a 20-year absolute triple-net lease. The facility is situated on 4.7 acres and features 14- to 16-foot clear heights, six dock-high doors, one drive-in door and outdoor storage. Albert Hernandez and Rob Stockhausen of Colliers represented CVG in the sale-leaseback. According to Judd Dunning, founder and principal of DWG Capital, Skyline National Bank provided acquisition financing for the deal. The sales price and loan amount were not disclosed.
MIAMI — NAI Miami | Fort Lauderdale has arranged a 9,916-square-foot retail lease at 1588 N.W. 7th St., a retail space within a parking garage at LoanDepot Park, home ballpark of the Miami Marlins. The tenant is Biscayne Bay Brewing Co. LLC, one of the leading craft breweries in South Florida and the official craft beer of the Marlins and LoanDepot Park. Claire Holash and Jeremy Larkin of NAI Miami | Fort Lauderdale represented the sublandlord, the Department of Off-Street Parking of the City of Miami, also known as the Miami Parking Authority, in the transaction. The new Biscayne Bay Brewing location is replacing an existing brewery and is expected to open this fall.
By Emily Buchanan of Gensler For decades, healthcare delivery was something that happened somewhere else: a hospital campus on the edge of town, a medical office park behind a parking garage, a clinic that required a car and a calendar. Today, patient expectations have shifted. Health systems chase convenience, and outpatient facilities are moving closer to where people live. For mixed-use developers, that shift represents one of the most compelling value propositions available: healthcare not as a use, but as an amenity. The case isn’t complicated. Locating outpatient clinics within a mixed-use development improves quality of life for residents, provides healthcare tenants with a stable and captive patient base and gives medical staff a commute that doesn’t erode the beginning and end of every shift. When all three outcomes land in the same project, developers are not just filling square footage; they are building a functioning community. Developer’s perspective Healthcare tenants are, by almost every measure, among the most valuable tenants a mixed-use developer can attract. They sign long-term leases, they withstand economic downturns, and they generate consistent daily foot traffic that benefits the retail and food-and-beverage tenants around them. Pharmacies, fitness studios and cafés thrive when an outpatient clinic …
NAPLES, FLA. — Berkadia has arranged the $89.9 million sale of Orchid Run, a 282-unit, garden-style apartment community located at 10991 Lost Lake Drive in Naples. Matt Mitchell and Chris Burtner of Berkadia represented the seller, an affiliate of The Inland Real Estate Group of Cos. Inc., in the transaction. The buyer, Cardone Capital, utilized funding from 282 Bitcoin for the acquisition, which increases the Miami-based company’s portfolio to 14,800 apartments and its total assets under management to more than $5.4 billion. Built in 2015, Orchid Run features one-, two- and three-bedroom apartments averaging 1,040 square feet in size. Amenities at the gated community include a swimming pool and spa with private cabanas, fitness center with a dedicated yoga studio, clubhouse with a resident lounge and demonstration kitchen, coffee bar, outdoor grilling and entertaining areas, pet washing station and a car wash.
RALEIGH, N.C. — JLL has brokered the $36 million sale of Townridge Shopping Center, a 273,105-square-foot shopping center in Raleigh. Tom Kolarczyk, Michael Nieder and Brian Page of JLL represented the seller, Zeisler-Morgan Properties, in the transaction. Travis Anderson and Ward Smith, also with JLL, secured $26.5 million in acquisition financing for the buyer, Armstrong Capital Development (ACD). Walmart and Planet Fitness anchor the center, which was 96 percent leased at the time of sale. Other tenants include Chipotle Mexican Grill, Advance Auto Parts, Cato, AT&T, Burger King, Edible Arrangements and Papa Johns Pizza, according to LoopNet Inc. The property features five buildings at Townridge Shopping Center and a single building at the adjacent Village at Townridge that function together as a unified commercial site.
MANASSAS, VA. — Bethesda, Md.-based Finmarc Management Inc. has sold Festival at Manassas, a 117,675-square-foot shopping center in Northern Virginia, for $24.5 million. JCR Cos. purchased the grocery-anchored property, which is located at 10288-10388 Festival Lane in Manassas. Ryan Sciullo, Chris Munley, Colin Behr and Casey Smith of CBRE represented Finmarc in the transaction. Situated near the intersection of Sudley and Portsmouth roads, Festival at Manassas was 88 percent leased at the time of sale to tenants including Global Foods, Golden Royal Buffet, SudsMore, My Salon Suites and Potbelly Sandwich Works.
AUBURN, ALA. — Morrison Avenue Capital Partners has completed Hilltop Auburn, a 128-bed student housing property located near the Auburn University campus in Alabama. The community offers four- and five-bedroom townhomes with bed-to-bath parity and attached garages. The development team for the project included Lauderdale Architecture + Development and Reed Construction. 360 Property Management operates Hilltop Auburn on behalf of Morrison Avenue.
ORLANDO, FLA. — Ryman Hospitality Properties Inc., a publicly traded hotel REIT based in Nashville, has entered into a definitive agreement to purchase Grande Lake Orlando Resort for approximately $1.4 billion from Trinity Investments. The 409-acre resort comprises a 1,010-room JW Marriott hotel, 582-room Ritz-Carlton hotel and an 18-hole championship golf course designed by Greg Norman. Amenities include 320,000 square feet of event and meeting space, 14 food-and-beverage options, the Grande Lakes Waterpark and a 40,000-square-foot spa and fitness center. Ryman plans to continue to operate the two hotels, which have recently received a combined $150 million renovation, under their Marriott-branded flags. Ryman expects to close the transaction in the third quarter, subject to customary closing conditions. BofA Securities and J.P. Morgan acted as financial advisors to Ryman, and Bass, Berry & Sims PLC and Greenberg Traurig, LLP acted as the firm’s legal advisors.
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