National
Data Center in Alpharetta Sold as Part of a $76.9M Deal
By Balazs Szekely, Associate Editor Alpharetta Data Center II was recently acquired by Carter Validus Mission Critical REIT, Inc. in a transaction worth $76.9 million that also included Landmark Hospital of Savannah, according to a news release. The real estate investment trust picked up the data center in Alpharetta in the fourth quarter of 2014 […]
River Landing Development Builds 2M SF Mixed-Use Project in Miami’s River District
The district west of Downtown Miami along the Miami River is soon to see new large-scale development activity as preconstruction work has begun on the$300 million River Landing Shops & Residences mixed-use project in early 2015. Located at 1500 N.W. North River Drive, the site is on the north bank of the Miami River at walking distance from the Civic Center area that is home to the second largest health district in the nation. Despite being one of South Florida’s largest employment hubs, the area is under served in retail and apartments.
Hilton Picks Up 2 Neighbors, 1,500 Keys
Hilton Worldwide has recently announced the acquisition of two Orlando facilities, the Waldorf Astoria Orlando and Hilton Orlando Bonnet Creek. The seller was a consortium including affiliates of GEM Realty Capital, Farallon Capital Management and Blackstone. The parties signed a transaction agreement in mid-February, a week before the actual acquisition took place.
The Ritz-Carlton, Dove Mountain receives Five Star Rating
The Ritz-Carlton, Dove Mountain near Tucson has been named a new Five Star hotel as Forbes Travel Guide recently unveiled its latest Star Rating list. The distinction puts the 850-acre resort among the top luxury destinations worldwide. Two other Arizona properties have also received the Five Star rating this year, The Canyon Suites at The Phoenician in Scottsdale and Kai Restaurant in Chandler.
SunTrust Bank Tower Sold to South American Group for $140M
Also known as the SunTrust Bank building in Brickell, the 13-story waterfront tower at 777 Brickell Avenue changed hands recently. An undisclosed South American investment group purchased the property and CBRE Capital Markets closed the $140 million sale, marketing the office tower and an adjacent 5-story parking on behalf of an institutional investor advised by CBRE Global Investors. Based on a Property Shark report, Brickell Office Plaza Inc. was the last owner, who acquired the asset in late September 2002 for $44.5 million.
MidCity Plaza Undergoes Renovation, Upgrades to Class A
MidCity Real Estate Partners started a $7 million improvement project at MidCity Plaza that will soon convert the building into a Class A office property, DTZ announced recently. MidCity Real Estate Partners purchased the 63,049 square-foot asset, formerly known as the Crawford & Co. headquarters, in 2013 and DTZ is the company assigned to market the property with agents Glenn Kolker and Preston Menning in charge of leasing.
Santé Operations to Build Its First, Acute Care, Facility in Tucson
Santé Operations has recently announced its plans to construct a new transitional rehabilitation center in Tucson
Buyer of Rosemont North Asset Gets $8.4M Fannie Mae Loan
Florida Value Partners, a Florida-based single asset entity has received an $8.42 million Fannie Mae loan facility for the acquisition of The Park at Vittoria, an Orlando multifamily property previously known as Waterstone Apartments. The loan term is seven years with two years interest only, amortization based on a 30 year schedule, and 80% loan-to-value. Hunt Mortgage Group, a wholly owned subsidiary of Hunt Companies, Inc. provided the financing.
Integra Announces Health-Oriented Mixed-Use Development for Aventura
Miami-based Integra Investments has recently announced plans for Aventura ParkSquare, a mixed-use development engineered with healthy living and wellness in mind. Zyscovich Architects is in charge of the design, the company behind projects like Bayfront Park and the Lincoln Road Cinema & Retail Complex. The property will be the first of its kind in the suburban city, intended to serve as an important gathering place for social interaction while offering an array of health-oriented features.
Hilton Expands Extended-Stay Footprint, Renovates Madison House into Home2 Suites Hotel
Hilton has announced a $13 million adaptive reuse project of the building known by the name of the Madison House, The Walton, Walton Building, etc. as part of an expansion process involving nearly 20 U.S. downtown locations. The hospitality giant plans to convert the building into Atlanta’s first Home2 Suites-branded extended stay hotel and expects it to open in August 2015.