Property Type

Stan Johnson Co. Brokers $97M Sale of Shoppes at Webb Gin in Metro Atlanta

by John Nelson June 16, 2022

SNELLVILLE, GA. — Stan Johnson Co. has brokered the $97 million sale of The Shoppes at Webb Gin, an open-air shopping center in the Atlanta suburb of Snellville. Baltimore-based Continental Realty Corp. (CRC) purchased the 330,000-square-foot center, which was originally branded The Avenue Webb Gin when it was delivered in 2006 by Atlanta-based Cousins Properties. Margaret Caldwell and Patrick Kelley of Stan Johnson Co. represented the seller, New York City-based Olshan Properties, in the transaction. Sprouts Farmers Market, Barnes & Noble and DSW anchor the center, which offers 70 units across eight buildings. The property was 89 percent leased at the time of sale to tenants including H&M, LensCrafters, Kirkland’s, Victoria’s Secret, American Eagle, LOFT, Chili’s Grill & Bar and Sephora. The center is situated on 48 acres, which includes available land for additional development along with a build-to-suit outparcel.

June 16, 2022

Development Loans Multifamily North Carolina Southeast

JLL Arranges $93.2M Construction Financing for Joinery Apartments in Charlotte

by John Nelson June 16, 2022

CHARLOTTE, N.C. — JLL has arranged debt and equity construction financing totaling $93.2 million for the second phase of development of The Joinery, a multifamily project in Charlotte’s Mill District. Travis Anderson, Cory Fowler, Warren Johnson and Ryan Pride of JLL arranged the financing on behalf of the borrowers, Charlotte-based Space Craft and California-based Swinerton. The financing package included $28 million in equity that was raised from 480 individual investors on CrowdStreet and a $65.2 million loan from Benefit Street Partners. Set to open in 2023 at 1816 N. Brevard St. and 420 E. 22nd St., the two-building development will feature 361 one-, two- and three-bedroom apartments, as well as 17,384 square feet of ground-floor retail space and amenities including a rooftop patio and fitness centers in both buildings. Phase I of The Joinery opened earlier this year.

June 16, 2022

Acquisitions Development District of Columbia Hospitality Southeast

Electra America Hospitality Group Acquires Hotel from George Washington University in D.C., Plans $30M Renovation

by John Nelson June 16, 2022

WASHINGTON, D.C. — Electra America Hospitality Group, a joint venture between investment firm Electra America and extended stay hotelier AKA, has purchased One Washington Circle, a 152-room hotel in Washington, D.C. George Washington University (GWU) sold the hotel to the buyer for an undisclosed price. Savills USA represented GWU in the transaction. The new ownership plans to undertake a $30 million renovation to the asset and reopen in June 2023 as an AKA-branded development that specializes in weekly and monthly stays. Built in 1964 and renovated in 2003, the nine-story hotel is situated in D.C.’s West End neighborhood near GWU’s main campus, George Washington University Hospital, Foggy Bottom Metro Station and major institutions including World Bank and IMF.

June 16, 2022

Development Florida Industrial Southeast

GCP to Develop 237,500 SF Industrial Facility Near Jacksonville Port

by John Nelson June 16, 2022

JACKSONVILLE, FLA. — Growth Capital Partners (GCP), an industrial real estate developer and owner based in Birmingham, plans to develop a 237,500-square-foot industrial facility near JAXPORT (Jacksonville Port Authority). GCP recently purchased a 37.8-acre site on Alta Drive near JAXPORT’s Blount Island and Dames Point terminals with plans to break ground in July on the project. Dubbed Port Commerce Center, the front-load, concrete tilt-wall project will feature 32-foot clear heights, a 130-foot truck court and land for trailer storage. GCP has tapped Bryan Bartlett of Newmark to lease the property. Newmark also represented the land seller, an entity doing business as Alta Jacksonville Holdings, in the transaction. Birmingham-based Vardaman Construction LLC is the general contractor of Port Commerce Center, which is GCP’s fourth industrial project underway. The developer is also building industrial facilities in Texas and Tennessee.

June 16, 2022

Acquisitions Louisiana Retail Southeast

SRS Negotiates Sale of 114,638 SF Village at Northshore Shopping Center in Metro New Orleans

by John Nelson June 16, 2022

SLIDELL, LA. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Village at Northshore, a 114,638-square-foot shopping center in Slidell, about 40 miles north of downtown New Orleans. Woodmont Acquisitions LLC purchased the asset from an affiliate of Atlanta-based RCG Ventures for $12.4 million. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer was self-represented. Spanning nearly 13 acres, Village at Northshore was built in 1988 and renovated in 2020. The majority of the property’s tenants are national retailers, including Marshalls, JoAnn, Dollar Tree, Boot Barn and Ollie’s Bargain Outlet.

June 16, 2022

Development Office Texas

Gensler Completes Repositioning of CIM Group’s 188,000 SF Office Building in East Austin

by Taylor Williams June 16, 2022

AUSTIN, TEXAS — Architecture and design firm Gensler has completed the repositioning of Fifth + Tillery, a 188,000-square-foot office building in East Austin that is a redevelopment of an industrial facility. The owner, CIM Group, acquired the property in October 2019 shortly after construction began, and the initial construction was completed in August 2020. Spaces at Fifth + Tillery are marketed to creative office users featuring outdoor balconies with heightened levels of natural light. The building also offers a landscaped courtyard with various outdoor amenities.

June 16, 2022

Acquisitions Multifamily Texas

TMG Negotiates Sale of Two Adjacent Multifamily Properties Totaling 400 Units in San Antonio

by Taylor Williams June 16, 2022

SAN ANTONIO — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of Limestone Oaks and Townhomes at Limestone Oaks, two adjacent multifamily properties totaling 400 units in northwest San Antonio. The communities were respectively built in 1981 and 1984. Bryce Smith of TMG represented the seller, Harvest Equities, in the transaction, and procured the undisclosed buyer. The sale was conducted off-market and included a 6.5-acres tract of developable land that connects the properties.

June 16, 2022

Acquisitions Multifamily Texas

FCP, VaultCap Acquire 200-Unit Huntington Meadows Apartments in Austin

by Taylor Williams June 16, 2022

AUSTIN, TEXAS — A partnership between Maryland-based investment firm FCP and VaultCap Partners has acquired Huntington Meadows Apartments, a 200-unit multifamily complex in northeast Austin. The property features one-, two-, three- and four-bedroom units and amenities such as a pool, fitness center, playground, basketball court and onsite laundry facilities. Wes Racht, Bard Hoover and Nick Fluellen of Marcus & Millichap represented the undisclosed seller in the transaction.

June 16, 2022

Industrial Leasing Activity Texas

Verdi Commerce Signs 94,249 SF Industrial Lease in Garland, Texas

by Taylor Williams June 16, 2022

GARLAND, TEXAS — Verdi Commerce, a marketing and consulting platform for e-commerce users, has signed a 94,249-square-foot industrial lease at 3901 W. Miller Road in Garland, a northeastern suburb of Dallas. According to LoopNet Inc., the property was built in 2008 and totals 435,179 square feet. Merideth Murphey, Evan Hammer, Lauren Pesqueda and Brendan Zrowka of Whitebox Real Estate represented the tenant in the lease negotiations. Robert Allen internally represented the landlord, First Industrial Texas.

June 16, 2022

Acquisitions Retail Texas

NAI Partners Arranges Sale of 38,283 SF Bowling Alley in San Antonio

by Taylor Williams June 16, 2022

SAN ANTONIO — NAI Partners has arranged the sale of a 38,283-square-foot bowling alley located at 3239 Harry Wurzbach Road in San Antonio. Astro SuperBowl operates the facility. Joshua Murphy and Ross Anderson of NAI Partners represented the seller, an entity doing business as A & E Sports LLC, in the transaction. Jorstep Inc. represented the undisclosed buyer.

June 16, 2022

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