Property Type

Georgetown, RocaPoint to Develop 1 MSF Mixed-Use Project in Atlanta’s Central Perimeter District

by John Nelson December 3, 2021

ATLANTA — New York City-based The Georgetown Co. and affiliates of Atlanta-based RocaPoint Partners plan to co-develop Campus 244, a mixed-use development in Atlanta’s Central Perimeter submarket that will exceed 1 million square feet in size. Situated on 12.8 acres near the Dunwoody MARTA station, the first phase of Campus 244 will include an adaptive reuse of an existing office building into a five-story, 400,000-square-foot building. The office building formerly was the headquarters of Gold Kist, a chicken producing company. Building features include 15-foot ceilings, private outdoor terraces, balcony space and 90,000-square-foot floor plates. Additionally, the building has amenities focused on health and wellness, such as HVAC systems, touchless elevator and restroom technologies, open staircases and operable windows. In addition to the adaptive reuse office building, the first phase will include a 145-room Element Hotel, which is part of Marriott International’s Bonvoy portfolio of 30 brands. The hotel will feature a lobby bar, greenspace and areas to gather for meetings, remote work and collaboration. The Campus 244 property will also have 25,000 square feet of restaurant space. S9 Architecture, the architectural firm responsible for the adaptive reuse design of Ponce City Market in Atlanta’s Old Fourth Ward district, will handle …

December 3, 2021

Development Leasing Activity Mixed-Use Office Retail Southeast Tennessee

KBS Signs Three Tenants, Completes Renovations at 175,262 SF McEwen Building in Metro Nashville

by John Nelson December 3, 2021

FRANKLIN, TENN. — KBS has signed three new tenants at The McEwen Building, a 175,262-square-foot office and retail property in Franklin, about 21.5 miles south of Nashville. Together the three tenants occupy 66,611 square feet. One of the new tenants, Kaiser Aluminum Corp., a global aluminum supplier, has committed to 27,356 square feet of office space. Kaiser will be relocating its corporate functions from Foothill Ranch, Calif. American Renal Associates LLC, a Massachusetts-based dialysis clinic operator, signed a 26,695-square-foot lease. Lastly, an undisclosed financial institution based locally signed a lease for 12,560 square feet, which includes 1,290 square feet for retail and 11,270 square feet of first-floor office space. The lease transaction occurred after KBS made investments to the property, including the completion of 24,130 square feet of built-out spec suite space and upgrades to the first and second floor lobbies, restrooms, coffee bar and café. Blake Newton of Cushman & Wakefield represented KBS in the recent leasing transactions. Rick Sherburne, Wesley Sherburne and Taylor Hillenmeyer of CBRE represented Kaiser Aluminum Corp., Tom Hooper of JLL represented American Renal Associates and Shane Douglas of Colliers represented the local financial institution in the negotiation of the leases. KBS also completed a …

December 3, 2021

Acquisitions Florida Multifamily Southeast

Nicol Investment Acquires Apartment Community in Daytona Beach for $68.5M

by John Nelson December 3, 2021

DAYTONA BEACH, FLA. — Nashville-based Nicol Investment Co. has acquired Madison Pointe, a 240-unit, four-story, garden-style apartment community located at the intersection of Interstate 95 and LPGA Boulevard in Daytona Beach. The purchase price was $68.5 million. The seller was not disclosed. Madison Pointe offers one-, two- and three-bedroom floorplans with a size range of 731 to 1,275 square feet, according to Apartments.com. Constructed in 2020, Madison Pointe units feature quartz countertops, stainless steel appliances, wood-style plank flooring and full-size washers and dryers. Community amenities include a pool, elevators, outdoor kitchen and gathering area, fitness center with a separate yoga and spin studio and a clubhouse with multiple gathering and game areas. Located at 1310 Tomaka Town Center Drive, the property is situated adjacent to the 125-acre Tomoka Town Center mixed-use project that features retail tenants including Dave & Busters, Sam’s Club and Academy Sports + Outdoors. Madison Pointe is also across from Tanger Factory Outlets and near employers such as AdventHealth Daytona Beach, Halifax Health Medical Center and Daytona International Speedway.

December 3, 2021

Loans Multifamily Southeast Virginia

Ready Capital Closes $16.8M Loan for Multifamily Property in Portsmouth, Virginia

by John Nelson December 3, 2021

PORTSMOUTH, VA. — Ready Capital has closed on a $16.8 million loan for the acquisition, renovation and stabilization of a 148-unit, Class B multifamily property in downtown Portsmouth. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and implement utility reimbursement. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.

December 3, 2021

Development Leasing Activity Retail Southeast Tennessee Top Stories

Dollar General to Open 1,000 New Popshelf Stores by End of 2025

by Kristin Harlow December 3, 2021

GOODLETTSVILLE, TENN. — Dollar General (NYSE: DG) has unveiled plans to open approximately 1,000 new Popshelf stores by the end of fiscal year 2025, including roughly 100 stores in fiscal year 2022. Each Popshelf store spans approximately 9,000 square feet and offers seasonal and home décor, health and beauty products, cleaning supplies and party goods. The target customer is primarily female, lives in the suburbs and maintains an annual household income ranging from $50,000 to $125,000, according to the retailer. Dollar General, which is based in Goodlettsville near Nashville, debuted the Popshelf concept last fall and opened its first two stores in Tennessee in October 2020. At the end of its fiscal third quarter, Dollar General operated 30 Popshelf stores in six states and 14 store-within-a-store formats, which combine the offerings of Popshelf with DG Market, a larger footprint store that focuses on groceries. By February 2022, Popshelf is on track for 50 stores, as well as up to 25 store-within-a-store formats. “Throughout Popshelf’s first year, we’ve been very pleased by the customer demand for the concept’s on-trend merchandise, price points and shopping experience,” says Emily Taylor, Dollar General’s executive vice president and chief merchandising officer. “Popshelf is an integral …

December 3, 2021

Conference Coverage Features Georgia Multifamily Southeast Southeast Feature Archive

Rapid Rent Growth Spurs Wave of Multifamily Investment Sales, Says InterFace Panel

by John Nelson December 3, 2021

ATLANTA — The third quarter of 2021 was the most prolific quarter on record for U.S. multifamily investment sales, according to Real Capital Analytics (RCA). Apartment sales volume totaled $78.7 billion for the quarter, a 192 percent increase from third-quarter 2020 and a 59 percent jump from third-quarter 2019. RCA data shows that the dollar amount of assets traded this past quarter exceeded the average annual sales from the period 2008 through 2011. James Mehalso, managing director of transactions for PGIM Real Estate, expects his firm to keep its foot on the gas for next year on both the acquisitions and sales side for multifamily assets. “The rental market is hot,” said Mehalso. “We don’t see it really changing much in 2022, at least in the first six months.” Mehalso’s comments came Thursday, Dec. 2, during a panel discussion as part of the 12th annual InterFace Multifamily Southeast conference hosted by France Media and the InterFace Conference Group at the Westin Buckhead in Atlanta. Moderated by Paul Berry, vice chairman of CBRE, the panel was titled, “After a Wild 2021, What’s the Investment Market Outlook for 2022?” The event, which attracted more than 300 industry professionals, marked the return of …

December 3, 2021

Acquisitions California Office Western

IRA Capital Buys Creative Office Building in Irvine for $103M

by Amy Works December 2, 2021

IRVINE, CALIF. — IRA Capital has purchased 2722 Michelson, a Class A creative office building in Irvine, for $103 million. Situated on nine acres at the intersection of Jamboree Road and Michelson Drive, the building features 24-foot ceilings, a light-filled open plan to encourage collaboration, multiple meeting spaces, a fitness center, landscaped courtyards and a well-equipped kitchen and cafeteria. Anduril Industries fully occupies the building, which was renovated in 2019.

December 2, 2021

Acquisitions California Retail Western

Barret Woods & OERP Purchases The Shops at Dos Lagos in Corona, California for $47.4M

by Amy Works December 2, 2021

CORONA, CALIF. — Barret Woods & OERP LLC has purchased The Shops at Dos Lagos, a lifestyle shopping center in Corona, for $47.4 million, or $135 per square foot. Built in 2006, The Shops at Dos Lagos offers 351,200 square feet of retail space on 47.4 acres with four in-line shop buildings, four ground-leased restaurant pads, a 15-screen movie theater and a 7,000-square-foot pad available for lease or development. Current tenants include Trader Joe’s, Express, Sunglass Hut, Bath & Body Works, Daniel’s Jewelers, Sleep Number, Papaya, Fatburger, Pinkberry, Miguel’s California Mexican Cocina, Woodranch BBQ & Grill, RA Sushi, Citrus City Grille and TAPS Fish House & Brewery. At the time of sale, the property was 91 percent occupied. The asset was the first phase of a two-phase retail shopping center development. The second phase was not included in the sale. Steve Liu, Roger Niez, Nikki Liu, Daniel Vlessing and Mohit Uppal of NAI Capital Commercial represented the seller and the buyer in the deal.

December 2, 2021

Colorado Development Multifamily Western

Summit Capital, Rockefeller Group to Develop 250-Unit Multifamily Property in Denver

by Amy Works December 2, 2021

DENVER — A joint venture between Summit Capital Venture Group and Rockefeller Group has purchased a land parcel at 1158 Delaware St. in Denver’s Golden Triangle neighborhood for the development of an apartment community. Slated to break ground in April 2022, the property is scheduled for completion in early 2024. The community will feature 250 apartments, 2,000 square feet of ground-floor retail space, a 2,000-square-foot fitness center and pool lounge, and a 4,200-square-foot terrace with a pool and spa on the fifth floor. Additionally, the property’s 13th floor will feature a 1,250-square-foot sky deck and an 850-square-foot sky lounge and co-working space.

December 2, 2021

Acquisitions California Multifamily Western

IPA Brokers $29M Sale of Value-Add Multifamily Property in West Hollywood

by Amy Works December 2, 2021

WEST HOLLYWOOD, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Terraces at La Cienega, an apartment building located near West Hollywood’s Sunset Strip. LaTerra acquired the asset from the original builder for $29 million. Built in 1990, the property features 42 apartments. LaTerra plans to upgrade the asset’s exterior, common areas and interior with luxury finishes and build 10 accessory dwelling units as part of the AB3182 tenant protection act, which was created to help alleviate the housing crisis by giving owners the opportunity to add 25 percent of the existing density to properties. Greg Harris, Kevin Green and Jose Grabiec of IPA, along with Paul Darrow of Marcus & Millichap, represented the seller and buyer in the deal.

December 2, 2021

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