June 17, 2014 | Issue 240
Southeast Real Estate Business
Top Story

Carey Watermark Investors Acquires Boca Raton Marriott at Boca Center 
The Boca Raton Marriott contains a restaurant, fitness center, pool, spa, business center and more than 13,500 square feet of meeting space.


BOCA RATON, FLA. -- Carey Watermark Investors Inc. (CWI) has acquired the 256-room Boca Raton Marriott at Boca Center for an undisclosed sum. The full-service hotel is located at 5150 Town Center Circle. CWI is W. P. Carey's non-traded REIT.


The Marriott resides within the Boca Center, a mixed-use development that includes 375,000 square feet of Class A office space, 21 stores and 12 restaurants. It sits adjacent to the 1.5-million-square-foot Town Center at Boca, Florida's second largest mall by square footage. The mall is anchored by Saks Fifth Avenue, Neiman Marcus, Bloomingdale's, Macy's and Sears.


The Boca Raton Marriott contains a three-meal restaurant, fitness center, pool, spa, business center and more than 13,500 square feet of meeting space.


CWI plans to invest more than $7 million to renovate the guestrooms, corridors and meeting space. The hotel's public areas recently underwent a renovation as well.


-- Nellie Day


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Eastern Union Arranges Financing
for $20M Baltimore Hotel Conversion

MVH Baltimore Hotel and Kinsley Construction are set to deliver Baltimore's first Hotel Indigo in spring 2015.


BALTIMORE -- The Mount Vernon Hotel located at 24 W. Franklin St. in Baltimore will soon be repositioned as the city's first Hotel Indigo. Marc Tropp and Barry Dollman of Eastern Union Funding arranged roughly $14 million in acquisition and redevelopment financing through Virginia Heritage Bank for the conversion. EB5-investment firm Oriental Dolphins Investments provided an additional $6 million for the project. The development team for the 170-room hotel includes developer Shaffin Jetha of MVH Baltimore Hotel and general contractor Kinsley Construction. The project's estimated completion date is spring 2015.


Goldstar Group Acquires Apartment Community in Maryland for $43M
Shelter Cove Apartments is located roughly three miles from Fort Meade, the fourth-largest military base in the United States.


ODENTON, MD. -- The Goldstar Group has purchased Shelter Cove Apartments, a 300-unit multifamily community in Odenton, for approximately $43 million. The apartment community is located at 537 Tranquil Court approximately three miles from Fort Meade, the fourth largest military base in the United States. The property includes a clubhouse, outdoor swimming pool, 24-hour fitness center, children's playground and tennis courts. 


Clifford Mendelson of Metropolis Capital Finance arranged private equity for the transaction, while Adam Randall of Berkeley Point Capital arranged debt financing through Freddie Mac. Robin Williams and Dean Sigmon of Transwestern represented the seller in the transaction.

Lingerfelt CommonWealth Partners
Buys Richmond Marriott West

Richmond Marriott West is part of Innsbrook Corporate Center, a mixed-use park with more than 8 million square feet of office space, stores, restaurants and multifamily housing.


RICHMOND, VA. -- Lingerfelt CommonWealth Partners has acquired Richmond Marriott West, a 242-room hotel located in Richmond's affluent Glen Allen suburb. The hotel is part of Innsbrook Corporate Center, a mixed-use park with more than 8 million square feet of office space, stores, restaurants and multifamily housing. 


Lingerfelt's affiliate, CommonWealth Lodging, will manage the hotel and oversee its multi-million renovation, which will wrap up by summer 2015. The hotel will remain open during the planned renovations. Lingerfelt, which is headquartered in the Innsbrook Corporate Center, owns roughly 1 million square feet of office space in close proximity to the hotel.

NorthMarq Arranges $11.6M Financing
for VCU Student Housing Portfolio
NMJ Chesterfield Apartments and Stuart Apartments in Richmond serve VCU students.


RICHMOND, VA. -- NorthMarq Capital has arranged two loans totaling $11.6 million to refinance a pair of student housing properties serving students of Virginia Commonwealth University (VCU) in Richmond. The two communities, NMJ Chesterfield Apartments and Stuart Apartments, total 132 rooms. Charles Cotsalas of NorthMarq Capital's New York office arranged the 10-year loans with a 30-year amortization schedules through a CMBS lender on behalf of the borrowers, NWJ Chesterfield Apartments LLC and Stuart Apartments LLC.

Multi Housing Advisors Brokers Sale
of Macon Apartment Community

Ansley Village, built in 2008 in Macon, features a business center, fitness center, pet park, swimming pool and clubhouse.


MACON, GA. -- Multi Housing Advisors (MHA) has brokered the sale of Ansley Village, a 294-unit apartment community located at 6435 Zebulon Road in Macon. The property, built in 2008, features a business center, fitness center, pet park, swimming pool, clubhouse, laundry facility, playground and media center. Robert Stickel of MHA's Atlanta office represented the seller, a joint venture between MAA and Thackeray Partners, in the transaction. The buyer, Bluerock Real Estate LLC, is a national real estate investment firm based in New York City.

Construction Spending in U.S. Rises
for Third Straight Month

Ken Simonson

ARLINGTON, VA. -- Total construction spending rose modestly for the third straight month in April as a mix of increases and declines in public and private categories showed the sector's recovery remains fragile and fragmented, according to an analysis of new Census Bureau data by the Associated General Contractors of America (AGC). Association officials say the industry could benefit from new federal investments in infrastructure to offset declining public sector demand.


"Residential, private nonresidential and public construction spending all have areas of strength but also pockets of weakness," said Ken Simonson, chief economist for the association based in Arlington, Va. "While the overall trend remains more positive than last year, growth is likely to be spotty for the foreseeable future."


Construction put in place totaled $954 billion in April, 0.2 percent above the revised February total and 8.6 percent higher than in April 2013. The year-over-year growth so far in 2014 has exceeded the full-year increase of 5 percent recorded from 2012 to 2013.


-- staff reports


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Robinson Development to Build Luxury Apartment Community in Virginia
A joint venture between Robinson Development and Drucker & Falk will develop the unnamed apartment community within CenterPointe.


MIDLOTHIAN, VA. -- Robinson Development Group Inc. has begun construction on a new 255-unit, Class A apartment community in Midlothian. The property is located within the 725-acre, mixed-use CenterPointe development. Construction is slated to wrap up in 18 months. BB&T will provide construction financing for the project. Robinson Development has formed a joint venture with Drucker & Falk LLC to develop the unnamed apartment community.


KBS Inks 18,396 SF in Leases
at 555 Washington in Miami Beach

The two lease transactions bring 555 Washington, a Class A office and retail property in Miami Beach, to 96.5 percent occupancy.


MIAMI BEACH, FLA. -- KBS Realty Advisors has signed 18,396 square feet in new leases at its 555 Washington building in Miami Beach. The leases bring the Class A, 64,617-square-foot office and retail property to 96.5 percent occupancy. CVS/pharmacy has signed an 11,569-square-foot lease, and Bok's Restaurant Group has signed a 6,827-square-foot lease for a Soo Woo Japanese & Korean Steakhouse. CVS/pharmacy is expected to open its store in August. Aaron Butler of Avenue Real Estate Partners represented KBS in both lease transactions.

Avison Young Arranges Lease at Groves Medical Plaza in Palm Beach County
A family practitioner has leased 5,700 square feet of space at Groves Medical Plaza.


LOXAHATCHEE, FLA. -- Avison Young has arranged a 5,700-square-foot lease at Groves Medical Plaza, a 22,000-square-foot medical office building located at 13475 Southern Blvd. in Loxahatchee in Palm Beach County. Gary Gottlieb of Avison Young represented the landlord, Groves Medical Plaza LLC, in the lease transaction with new tenant Prettelt Center for Family Health PA. The family practitioner will take occupancy at Groves in late 2014.


ICSC: Southeastern Virginia Next Generation Program
When: June 19, 2014
Where: Old Dominion University
Ted Constant Convocation Center
4320 Hampton Blvd.
Norfolk, VA 23529
WCRE: Transition Meeting
When: June 20, 2014
Where: The Egg & I
710 Old Hickory Blvd., Suite 307
Brentwood, TN 37027
BOMA: 2014 Every Building Conference & Expo
When: June 22-24, 2014
Where: Gaylord Palms Convention Center
6000 W. Osceola Parkway
Kissimmee, FL 34746

Have an event that you would to share with our readers? Send an email with the details to Southeast Real Estate Business editor John Nelson at jnelson@francemediainc.com.
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