REBusinessOnline

Morgan Properties Acquires Multifamily Portfolio in Philadelphia, Northern Virginia for $890.5M

KING OF PRUSSIA, PA. — Morgan Properties, a Pennsylvania-based investment and management firm, has acquired a portfolio of 10 apartment communities totaling 4,130 units in the metro areas of Philadelphia and Northern Virginia. The sales price was not disclosed, but The Philadelphia Inquirer reports that the portfolio fetched a price of $890.5 million. The Philadelphia assets consist of seven properties totaling 2,346 units, which makes the transaction the largest multifamily acquisition …

High Demand, Barriers to Entry Push Raleigh-Durham’s Industrial Rental Rates

The Raleigh-Durham industrial/flex market, totaling approximately 135 million square feet, continues to be strong with overall positive absorption. Absorption for industrial totaled 1.6 million square feet and flex was over 3 million square feet for 2018. Vacancy is trending lower, helping make the region a landlord and seller’s market. [caption id="attachment_225525" align="alignright" width="100"] Ed Brown,  SIOR, CCIM, Broker, NAI Carolantic Realty[/caption] With increasing …

Lincoln Harris Plans $50M Renovation, Expansion of Phillips Place in Charlotte

CHARLOTTE, N.C. — Lincoln Harris will invest $50 million over the next five years to renovate and expand Phillips Place in Charlotte’s SouthPark district, according to Charlotte Business Journal. The renovation will include expanding RH’s current 8,850-square-foot location to a 41,000-square-foot gallery space. RH Charlotte, The Gallery at Phillips Place will also include a rooftop restaurant, one of seven RH locations in the world to have one. Other renovations for Phillips Place will …

Greystone Bassuk Arranges $36.5M Loan for Apartment Development in Atlanta’s Grant Park

ATLANTA — Greystone Bassuk has arranged a $36.5 million construction-to-permanent loan on behalf of an affiliate of Grubb Properties Inc. for Link Apartments Grant Park in Atlanta. Aegon Real Assets US, through its correspondent Bellwether Enterprise, provided the 20-year, fixed-rate loan. Located at 750 Kalb St. S.E. in Atlanta’s Grant Park neighborhood, the five-story, 246-unit community will offer amenities such as a clubhouse, game room, fitness center, yoga center, outdoor terrace, …

IMG Acquires Multifamily Community in South Charlotte for $45.5M

CHARLOTTE, N.C. — Investors Management Group (IMG) has acquired Reafield Village, a 324-unit apartment community in south Charlotte, for $45.5 million. IMG plans to invest $3 million to upgrade apartment interiors, community amenities and place a new management team, as well as rebrand the community as Canopy at Baybrook. As of Feb. 1, the asset was 97 percent occupied. The community offers one-, and two-bedroom floor plans ranging from 619 square feet to 955 square feet. Amenities include …

Sleiman Enterprises Signs Cinemark to Open 14-Screen Theater in Jacksonville

JACKSONVILLE, FLA. — Cinemark Holdings Inc. will open a 14-screen theater in summer 2020 as part of Phase II of Sleiman Enterprises’ Atlantic North shopping center. Each theater will feature electric-powered, oversized recliners with footrests and cupholders, reserved seating and wall-to-wall screens with enhanced sound systems. Belk, Earth Fare, Academy Sports + Outdoors and LA Fitness anchor Atlantic North. Phase II will also include 300,000 square feet of additional retail and restaurant …

HREC Negotiates Sale of Historic Apartment Community in New Orleans to Timeshare Acquisitions

NEW ORLEANS — HREC Investment Advisors has arranged the sale of the Maritime Building, a 105-unit apartment community built in 1893 in New Orleans. The asset is situated at the corner of Carondelet and Common streets, one block from the French Quarter. The property was considered the city’s first “skyscraper” at 14 stories tall and was extensively renovated in 2010 and 2011. Len Wormser of HREC represented the undisclosed seller in the transaction. California-based Timeshare …

Public-Private Partnership Closes on Financing for 2,100-Bed Student Housing Development at Appalachian State University

BOONE, N.C. — A public-private partnership between RISE: A Real Estate Co., Beyond Owners Group and Appalachian State University has closed on financing for the development of a 2,100-bed community on the university’s campus in Boone. The three-phase development will include the demolition and replacement of six existing residence halls totaling 1,800 beds, as well as the addition of 300 new beds and a 477-space parking deck. The communities will offer a mix of unit types ranging from …

Hunt Midwest Acquires Development Site Near Nashville, Plans to Build Two-Story Seniors Housing Facility

GALLATIN, TENN. — Hunt Midwest has acquired a six-acre plot in Gallatin, approximately 27 miles northeast of Nashville, with plans to build a seniors housing community on the site. The Capstone at Station Camp will be a two-story, 76,000-square-foot seniors housing community featuring 88 units of assisted living and memory care. Site work is expected to begin in late March 2019. Infrastructure enhancements are scheduled for completion this summer, followed by vertical construction. The full …

Cohen Financial Arranges $11.3M Acquisition Loan for Lowes Foods-Anchored Shopping Center in Metro Raleigh

CARY, N.C. — Cohen Financial, a subsidiary of SunTrust Bank, has arranged an $11.3 million acquisition loan on behalf of a Florida-based retail investor for Wellington Park Shopping Center in Cary. The 102,487-square-foot shopping center is anchored by Lowes Foods and is situated at the intersection of Tryon Road and S.E. Cary Parkway, about nine miles southwest of downtown Raleigh. Dan Rosenberg and Matt Terpstra of Cohen Financial arranged the 10-year loan through Rialto Mortgage

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