Property Type

Cabot Properties Sells Logistics Portfolio Across U.S. and Europe for $2.8B

by Julia Sanders December 1, 2021

BOSTON — Cabot Properties Inc. has sold its Value Fund V portfolio in two separate transactions for a total of $2.8 billion. Blackstone Real Estate Income Trust Inc. (BREIT) acquired the portfolio, which features logistics properties in the United States and Europe. The U.S. portfolio includes 102 properties totaling 15.2 million square feet located in major logistics markets such as the Inland Empire, California; Eastern Pennsylvania; South Florida; and the New York metropolitan area. In a separate transaction, Blackstone’s European Core Plus business and its affiliates acquired the remaining European properties, which feature 22 properties totaling 2.2 million square feet of industrial space. The properties are located in European markets such as the Midlands, North West and South East in the United Kingdom; Amsterdam; and Düsseldorf in Germany. “The sale of our Value Fund V portfolio completes our most ambitious logistics property investment program over the past 20 years,” says Franz Colloredo-Mansfeld, chairman and chief executive officer of Cabot. “This portfolio was created through 90 transactions, including 24 development projects throughout the U.S., U.K. and Europe completed over the past five years. We are pleased to have now completed approximately $5 billion in three transactions with Blackstone Real Estate over …

December 1, 2021

Acquisitions North Carolina Office Southeast

JLL Brokers $318M Sale of Lowe’s Global Technology Center in Charlotte’s South End

by Julia Sanders December 1, 2021

CHARLOTTE, N.C. — JLL Capital Markets has brokered the sale of Lowe’s Global Technology Center, a recently completed, 357,526-square-foot office tower in Charlotte’s South End submarket. Chris Lingerfelt, Ryan Clutter and Coleman Benedict of JLL represented the sellers, Childress Klein Properties Inc. and Ram Realty Advisors. An affiliate of Apollo Global Management purchased the property for $318 million, according to the Charlotte Business Journal. The Lowe’s Global Technology Center is a 23-story tower that was completed this fall with the full interior and tenant buildout slated for completion by 2022. The building features two sky terraces, an interior auditorium, steel staircase spanning multiple floors, touchless features throughout the property and a 950-space parking deck. Lowe’s Global Technology Center is fully leased to Lowe’s Cos. Inc., parent company of home improvement retail giant Lowe’s. After the tenant buildout is complete, the center will be home to nearly 2,000 employees and will serve as the company’s global technology and e-commerce hub. Located at 100 West Worthington Ave., the property is located 7.3 miles from Charlotte Douglas International Airport and 13.3 miles from the University of North Carolina at Charlotte.

December 1, 2021

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Arranges $32.3M Sale of Apartment Community in Tallahassee

by Julia Sanders December 1, 2021

TALLAHASSEE, FLA. — Cushman & Wakefield has arranged the $32.3 million sale of Canyon Park, a 252-unit apartment community in Tallahassee. Nick Meoli and Mike Donaldson of Cushman & Wakefield represented the seller, Stratford Management, in the transaction. Nashville-based Inman Equities acquired the property. Canyon Park offers one-, two- and three-bedroom floorplans. Units feature washers and dryers in every unit, granite countertops, wood-style flooring, spacious closets and a private patio in select units. Community amenities include a fitness center with a yoga room, swimming pool, sand volleyball court, playground, nine-hole disc golf course, dog parks and a nature workout trail. The property was 56 percent leased at the time of the sale. Located at 1326 W. Tharpe St., Canyon Park originally was built as a student housing community as the property is situated 1.5 miles from Florida State University and 3.7 miles from Florida A&M University. However, in 2020, the property was converted to a multifamily property by previous ownership, according to Cushman & Wakefield. Stratford Management renovated 142 of the units, as well as all the common area spaces.

December 1, 2021

Acquisitions Georgia Retail Southeast

Joint Venture Sells Arbor Square Shopping Center in Douglasville, Georgia for $18.4M

by Julia Sanders December 1, 2021

DOUGLASVILLE, GA. — A joint venture between Connolly and Coro Realty has sold Arbor Square, a 127,195-square-foot shopping center in Douglasville. ALTO Real Estate Funds, which has offices in Dallas and Denver, purchased the property for approximately $18.4 million. Mark Joines and Drew Fleming of Newmark arranged the sale. Developed by Connolly in 1977, Arbor Square was fully renovated in 2018 and was 97 percent occupied at the time of sale to tenants such as Burlington, HomeGoods, Skechers, Starbucks, Five Guys and Del Taco. The center is situated just off Interstate 20 at the intersection of Georgia State Route 5 and Douglas Boulevard. The property is within a half-mile from Arbor Place Mall, a shopping mall with tenants such as Hot Topic, Ulta Beauty, H&M and Verizon Wireless, as well as a food court and a movie theater. Additionally, Arbor Square is located 23.9 miles from downtown Atlanta and 28.1 miles from Hartsfield-Jackson Atlanta International Airport. Connolly is an Atlanta-based real estate developer and investor. The firm has completed more than 40 retail, office and mixed-use projects in the Southeast with a value of nearly $500 million. Coro Realty, an Atlanta-based real estate development and investment firm, oversees approximately 50 …

December 1, 2021

Development Maryland Office Southeast

Merritt Properties Completes Redevelopment of 98,640 SF Office Building in Hunt Valley, Maryland

by Julia Sanders December 1, 2021

HUNT VALLEY, MD. — Merritt Properties has completed the speculative redevelopment of Schilling Green III, a 98,640-square-foot office building in Hunt Valley, about 17.9 miles north of Baltimore. Merritt aims for the project to achieve LEED Silver certification and fully open by late February 2022. Located at 226 Schilling Circle, Schilling Green III is a three-story office building that features a community lounge, outdoor patio and surface parking. The property was formerly home to McCormick & Co., a Hunt Valley, Md.-based spice and seasoning company. Now, University of Maryland Orthopaedics has signed on as the building’s first tenant and will move into 16,800 square feet of first-floor space for the use of medical offices, 16 exam rooms and a physical therapy center. The medical practice is relocating from Timonium, a city north of Baltimore. The Schilling Green III project completes Merritt’s Class A campus development at Schilling, which includes neighboring properties Schilling Green I and Schilling Green II. Schilling Green I and II are both LEED Platinum-certified buildings. The Schilling Green business park provides amenities such as an onsite fitness center, community lounge and an outdoor courtyard.

December 1, 2021

Acquisitions Alabama Multifamily Southeast

OG Capital Purchases Apartment Property in Metro Huntsville for $9.2M

by Julia Sanders December 1, 2021

ATHENS, ALA. — Birmingham-based OG Capital LLC has acquired Camelot Apartments, a 112-unit multifamily community in Athens, about 26 miles west from Huntsville. Wade Lowry at The Kirkland Co. represented the seller, Tesco Development. The sales price was $9.2 million. Built in 1984, Camelot Apartments offers one-, two- and three-bedroom units ranging in size from 600 to 1,600 square feet. Unit features include balconies and private patios, double stainless steel sinks and washer and dryer connections. The property was 98 percent occupied at the time of sale. Located at 600 Camelot Drive, the property is situated 1.5 miles from Athens State University, 29.3 miles from the U.S. Space & Rocket Center in Huntsville and 24.4 miles from Huntsville International Airport. OG Capital plans to rebrand the community as Magnolia Row and will perform more than $2 million in extensive renovations of the entire property, including complete interior upgrades and common area upgrades. As part of the interior renovations, OG plans to add new appliances, paint, countertops, hardware, lighting and plumbing fixtures. Common area improvements will include renovations to the clubhouse and pool deck, new exterior paint, upgraded picnic, grill and mail station areas, new dog park and additional privacy fences. …

December 1, 2021

Acquisitions Hospitality Texas

Hodges Ward Elliott Arranges Sale of 811-Room Hyatt-Branded Hotel in Dallas

by Taylor Williams December 1, 2021

DALLAS — Hodges Ward Elliott has arranged the sale of the 811-room Hyatt Regency DFW International Airport, located adjacent to Terminal C at Dallas-Fort Worth International Airport. The recently renovated property offers four food and beverage concepts and 92,000 square feet of meeting and event space. John Bourret, Austin Brooks and David Auer of Atlanta-based Hodges Ward Elliott represented the undisclosed seller in the transaction. The buyer was a partnership between global asset management firm Castlelake LP and Dallas-based Woodbine Development Corp.

December 1, 2021

Acquisitions Multifamily Texas

Magma Equities, Viking Partners Buy Two Multifamily Assets Totaling 562 Units in Dallas-Fort Worth

by Taylor Williams December 1, 2021

DALLAS AND BENBROOK, TEXAS — California-based investment firm Magma Equities has purchased two multifamily assets totaling 562 units in the Dallas-Fort Worth metroplex. Vista Azul is a 248-unit property located about 10 miles north of downtown Dallas that was built in 1974. Verandas at City View is a 314-unit community in the Fort Worth suburb of Benbrook that was constructed in 2002. The new ownership, which acquired both properties in a joint venture with Cincinnati-based private equity firm Viking Partners, plans to implement value-add programs at both communities. Magma Equities is also establishing a regional headquarters office in Dallas.

December 1, 2021

Development Multifamily Student Housing Washington Western

Public-Private Partnership Underway on 1,055-Bed Residence Hall at University of Washington Bothell

by Amy Works December 1, 2021

BOTHELL, WASH. — Construction is underway on a 1,055-bed residence hall at the University of Washington Bothell. The community is being developed through a public-private partnership (P3) between the university, Capstone Development Partners and Harrison Street. The 300,000-square-foot development will replace Husky Village, an existing on-campus student housing community in Bothell, which is situated roughly 15 miles outside Seattle. The project will include three six-story residential buildings offering suites and apartments for both undergraduate and graduate students. The development will also include a 15,000-square-foot dining facility and 20,000 square feet of office space for university services and administration. Construction began in October on Phase I of the project, which is scheduled for completion in February 2023. Phase II of the development is set for delivery in August 2024. The community was designed by Mahlum Architects and is being constructed by Anderson Construction. Capstone Management Partners will operate and manage the community in coordination with the university upon completion. Capstone and Harrison Street have previously partnered on five P3 developments, including projects with Seattle University, the University of Chicago, Arizona State University Polytechnic, Cornish College of the Arts and the University of South Florida.

December 1, 2021

Development Industrial Texas

Avera, AEW Capital to Develop 242,021 SF Industrial Project in Northwest Houston

by Taylor Williams December 1, 2021

HOUSTON — A partnership between locally based developer Avera Cos. and AEW Capital Management will build Champions Park, a 242,021-square-foot industrial project that will be located in northwest Houston. The property will be situated on 14 acres and will feature 36-foot clear heights, ample car and trailer storage and build-to-suit office space. Completion is slated for the fourth quarter of next year. Cushman & Wakefield is leasing the development.

December 1, 2021

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