REBusinessOnline

Washington Property Acquires Land in Northern Virginia, Plans 700-Unit Multifamily Community

TYSONS, VA. — Washington Property Co. (WPC) has acquired 5.2 acres of land in Tysons with plans to construct a 700-unit Solaire-branded multifamily community. An undisclosed global private equity firm sold the land to WPC for $21 million, according to someone with knowledge of the transaction. John Sheridan of CBRE represented the seller in the transaction. The parcel is part of the 19-acre Arbor Row neighborhood, a mixed-use development situated on Westpark Drive, 15 miles west of downtown …

InvenTrust Purchases Costco-Anchored Shopping Center in South Florida for $97M

ROYAL PALM BEACH, FLA. — InvesTrust Properties Corp. has purchased Southern Palm Crossing, a Costco-anchored, 346,200-square-foot shopping center in Royal Palm Beach, for $97 million. Other tenants include Marshalls, HomeGoods and 24 Hour Fitness. The center is situated at 11001 Southern Blvd., 12 miles west of downtown West Palm Beach. The seller was not

M&J Wilkow, Bailard Partner to Buy Two Adjacent Retail Centers in Raleigh for $43.6M

RALEIGH, N.C. — A partnership between M&J Wilkow and Bailard Inc. has bought two retail centers totaling 323,000 square feet in Raleigh for $43.6 million. Midtown Commons is a 138,756-square-foot power center with tenants including Starbucks Coffee, T.J. Maxx and Dick’s Sporting Goods. Shoppes at Midway Plantation, a neighboring 184,244-square-foot power center, has tenants including Michael’s, Ross Dress for Less, Kay Jewelers, Saltgrass Steak House and Rack Room Shoes. The partners …

CBL Properties Sells Shopping Center in Mississippi for $31.8M

MADISON, MISS. — CBL Properties has sold The Forum at Grandview, a 216,000-square-foot retail center in Madison, for $31.8 million. Hendon Properties acquired the center in an all-cash deal. CBL developed the property in a 75-25 joint venture with Mattiace Development in 2010. CBL received all of the profits from the sale. Tenants at The Forum include Best Buy, Dick’s Sporting Goods, HomeGoods, Michaels, Stein Mart, Petco and Ulta Beauty. The property is situated along Grandview Boulevard, …

XPO Logistics Expands Lease in Metro Atlanta Industrial Park by 265,163 SF

MORROW, GA. — XPO Logistics has leased an additional 265,163 square feet of industrial space within Mt. Zion Industrial Center in Morrow. The third-party logistics provider now occupies 519,521 square feet of space in the center. The landlord, Woodmont Industrial Partners (WIP), acquired the center in February 2018 and implemented capital improvements that included the upgrade of new dock equipment, new roof, office upgrades, life safety system improvements, floor upgrades, interior and …

Cushman & Wakefield Arranges $57.8M Sale of Apartment Complex in Metro Charlotte

LAKE WYLIE, S.C. — Cushman & Wakefield has arranged the $57.8 million sale of The Village at Lake Wylie, a 392-unit apartment complex situated about 20 miles southwest of downtown Charlotte in South Carolina. Bucci Development delivered the gated community in 2002 with communal amenities such as a clubhouse with a business center and fitness center, swimming pool with a modern sundeck, outdoor fire pit, grilling patio, lake access, complimentary boat parking, professional-size tennis …

Marcus & Millichap Negotiates $17.7M Sale of Multifamily Complex in Downtown Louisville

LOUISVILLE, KY. — Marcus & Millichap has arranged the $17.7 million sale of Kentucky Towers, a 276-unit multifamily complex in downtown Louisville. The property is located at 430 W. Muhammad Ali Blvd. The buyer was not disclosed, however, multiple media outlets report TEG The Flats on Fifth LLC acquired the property and will rebrand the 94-year-old building as The Flats on Fifth. Kentucky Towers offers studio through three-bedroom floor plans and communal amenities such as a fitness …

M&T Realty Capital Provides $16.1M Green Acquisition Loan for Townhome Community in Richmond

RICHMOND, VA. — M&T Realty Capital Corp. has provided a $16.1 million Freddie Mac acquisition loan for Berkeley & Warwick Place, a 265-unit townhome community in Richmond. The borrower, Walde Enterprises, plans to improve the property’s energy and water usage as part of Freddie Mac’s Optigo Green Up program. Details of the improvement plan were not disclosed. The 10-year loan is structured with three years of interest-only payments and a 30-year amortization schedule. Berkeley …

KLNB Brokers $9.7M Sale of Shopping Center in Northern Virginia

LEESBURG, VA. — KLNB has brokered the $9.7 million sale of a portion of Shenandoah Square Shopping Center in Leesburg. The two parcels included in the sale are located at 932 and 952 Edward Ferry Road NE and total 29,480 square feet. Tenants include Sherwin Williams, Cosmo Prof, Jenny Craig, Domino’s and Regional Finance. Shenandoah Square also includes a Walmart, Exxon gas station, Taco Bell, IHOP and 83,240 square feet of office space. The shopping center is situated 37 miles northwest of …

A-Rod Corp. Acquires 12,700 SF of Office Space in Miami’s Coconut Grove, Will Relocate Headquarters

MIAMI — A-Rod Corp., led by former Major League Baseball player Alex Rodriguez, has acquired 12,700 square feet of office space within a two-tower condo called Grove at Grand Bay in Miami’s Coconut Grove neighborhood. The corporation will consolidate its offices to create a new headquarters at 2675 S. Bayshore Drive. In addition to the full floor of office space, the acquisition includes ground-floor space that will be used for events, conferences and related activities. A-Rod Corp.’s …

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