CHARLOTTE, N.C. — Multi Housing Advisors (MHA) has brokered the sales of two apartment communities in separate transactions totaling $39.9 million. Marc Robinson, Jordan McCarley and Watson Bryant of MHA’s Charlotte office represented the sellers in both transactions. The deals included Meridia selling the 202-unit Tryon Park at Rivergate to White Point Partners and Wellington United selling the 254-unit Wellington Farms to JEM Holdings.
ATLANTA — Charlotte-based FCA Partners has announced the redevelopment plans for Buckhead Exchange, a 48,500-square-foot retail center located at Peachtree Road and Grandview Avenue in Atlanta’s Buckhead neighborhood. The plans call for the shopping center to be transformed into a pedestrian-friendly retail and dining development. A portion of the center will be demolished to make way for a paseo that will connect the east-facing storefronts with those facing Peachtree Road and Grandview Avenue. Demolition is scheduled to begin this month and be completed in phases by early 2016. New tenants slated to open at Buckhead Exchange include Storico Fresco Alimentari Ristorante e Mercato and YEAH! BURGER. Formerly a division of Faison Enterprises, FCA Partners has invested more than $600 million in equity on behalf of institutional capital since the mid-1990s. FCA Partners acquired Buckhead Exchange in 2013 from Principal Financial for $15.2 million.
ELKTON, MD. — The Community Builders Inc. (TCB) and Home Partnership Inc. have completed construction on the $11 million North Street Senior Residences at 214 North St. in Elkton. Several local officials, including Elkton Mayor Robert J. Alt and Cecil County Executive Tari Moore, attended the opening of the new affordable seniors housing community. The new development, built from a former historic county jail which was most recently a community center, brings 53 new units to Elkton area seniors. The one-bedroom apartments average over 600 square feet of living space with monthly rents ranging from $434 to $675. The two-bedroom apartments offer nearly 900 square feet with monthly rents ranging from $755 to $795 depending on resident income. North Street Senior Residences, which is managed by Habitat America, is the first TCB development in Maryland.
FOREST PARK, GA. — A joint venture between Sealy & Co. and AEW Capital Management have sold Overmyer Way Industrial Park in Forest Park, a major industrial submarket located south of Atlanta. The buyer and sales price were undisclosed. The 242,000-square-foot development featured 28-foot clear heights, truck courts, outdoor storage options and spaces ranging from 20,000 to 80,000 square feet. The joint venture purchased the industrial park in 2014.
Spring has come to Birmingham, and with it the sound of multifamily developers breaking ground. Their success in finding tenants for these properties — numbering more than 1,000 units — will be a litmus test for the future of the Birmingham market. Right now, the market activity leads one to be cautiously optimistic. Work on the $66 million renovation of the historic Pizitz Building in downtown commenced in March, which will add 143 apartments to the market in fall 2016, and the newly dubbed 20 Midtown project is finally underway. This mixed-use project, featuring a Publix and a Starbucks, will have at least 122 apartments when completed. Construction has also started on the $22 million renovation of the Thomas Jefferson Tower, another mixed-use project that will yield 96 apartments. These projects join the 236-unit Venue at the Ballpark, which broke ground last year and promises views over the outfield fence into Regions Field. The cranes are also busy east of the expressway in Lakeview. Work there has started on the 67-unit Iron City Lofts and is slated to begin later this spring on the 260-unit Metropolitan Apartments. Testing the Millennial Market Taken together, these developments highlight a number of facts …
GLEN ELLYN, ILL. — Mid-America Real Estate Corp. has brokered the sale of a 2,500-square-foot Dunkin Donuts and a 1,400-square-foot Short Term Loans. The retail properties are two adjacent parcels located at 651 and 661 Roosevelt Road in Glen Ellyn. A private Illinois-based buyer purchased the property for full asking price of $1.7 million at a 6.75 percent cap rate.
BLOOMFIELD HILLS, MICH. — Agree Realty Corp. has acquired six retail properties for $35.4 million and sold a shopping center in Marshall, Mich. The properties include an H-E-B grocery store in Brenham, Texas; a 24 Hour Fitness in Fort Worth, Texas; a Golden Corral restaurant in Springfield, Ill.; and Advanced Auto Parts stores in Lorai, Ohio; Tallahassee, Fla. And Alabama; and a Dollar General in Blacksburg, S.C. In addition, the Bloomfield Hills, Mich.-based company has sold Marshall Plaza, a Kmart-anchored shopping center, for $5.5 million.
TAYLOR, MICH. — Brennan Investment Group, LLC, has acquired a Class-A, multi-tenant warehouse and distribution facility in Taylor for an undisclosed sales price. The 160,035-square-foot property is within the Trolley Industrial Park located at 21100 – 21110 Trolley Industrial Drive. Brennan Investment Group is a private real estate investment firm that acquires, develops and operates industrial properties on a national basis.
COLLEGE STATION, TEXAS — Best Western Plus College Station Inn & Suites is now open at 950 Arrington Road in College Station. The 64-room hotel is located within the Tower Point mixed-use development. Rooms include mini-fridges, microwaves, coffee and tea makers, work desks and 42-inch televisions. Community amenities include a fitness room and outdoor swimming pool.
THE WOODLANDS — Newcor Commercial Real Estate has relocated its headquarters to Grogan’s Mill in The Woodlands. Rob Banzhaf and Ryan Dierker of Newcor Commercial Real Estate represented the company in negotiating the lease of the 2,415-square-foot office space located in 10200 Grogans Mill Road. Michelle Ellis-Felder with Rosemont Realty represented the landlord, BIG Woodstead Grogan TIC LLC. The company’s previous headquarters was also located in The Woodlands.
