Property Type

Aertssen Logistics to Open 380,800 SF Facility at 2,600-Acre Savannah Gateway Industrial Hub

by Kristin Harlow August 14, 2024

RINCON, GA. — Aertssen Logistics USA Inc. has unveiled plans to open a 380,800-square-foot equipment processing center at Savannah Gateway Industrial Hub (SGIH) in Rincon near the Port of Savannah. Broe Real Estate Group is the developer of the larger, 2,600-acre industrial park. Aertssen specializes in the transportation, handling, final assembly and management of construction, agriculture and aerial lift equipment. The new 35-acre facility marks the Belgian company’s first U.S.-based operation. Aertssen Logistics is a division of Aertssen Group NV. The property will provide comprehensive logistics services, indoor and outdoor storage, and various tailor-made technical services. Aertssen says it selected the location due to land to expand on, a strong local labor market, strategic highways and quick access to the Port of Savannah’s 35-plus weekly services to world markets. To catalyze its expansion in the U.S., the company established Aertssen Logistics USA as a separate entity that aims to double the current number of machines it processes annually by 2030. In the coming years, Aertssen plans to open additional equipment processing centers in Baltimore, Houston and Tacoma, Wash. “We see significant opportunities for growth, fueled by a strong U.S. economy with substantial investments in infrastructure, which are driving an increased …

August 14, 2024

Company News Retail Southeast Virginia

LL Flooring Files for Chapter 11 Bankruptcy Protection, to Close 94 Stores

by John Nelson August 13, 2024

RICHMOND, VA. — LL Flooring (NYSE: LL), a specialty retailer of hard- and soft-surface flooring, has commenced voluntary Chapter 11 bankruptcy proceedings. The Richmond-based company, which operates more than 300 stores and a distribution center in Sandston, Va., will also be delisted from the New York Stock Exchange. The retailer plans to use the Chapter 11 proceedings to pursue a “going concern sale” of its business, meaning that LL Flooring’s future buyer could continue the business as usual post-transaction. LL Flooring says it “remains in active negotiations with multiple bidders” and hopes to seek approval from the U.S. Bankruptcy Court for the District of Delaware of a sale of its business in the first few weeks of the proceedings. Concurrent with the filing, LL Flooring announced it has reached an agreement with Hilco Merchant Resources LLC to assist the company in store closing sales at 94 locations. AlixPartners LLP is serving as restructuring advisor to LL Flooring, which has received $130 million in debtor-in-possession (DIP) financing from its existing bank group led by Bank of America. LL Flooring’s stock price closed on Friday, Aug. 9 at $0.84 per share, down from $3.75 a year ago, a 77.6 percent decline.

August 13, 2024

Development Florida Loans Multifamily Southeast

13th Floor Obtains $83M Construction Loan for Apartment Development in South Florida

by John Nelson August 13, 2024

HALLANDALE BEACH, FLA. — Miami-based 13th Floor Investments has obtained an $83 million construction loan for Parks at Hallandale, a 398-unit, garden-style apartment community underway in South Florida’s Hallandale Beach. Situated on 15.5 acres in Broward County, Parks at Hallandale will feature studio, one-, two- and three-bedroom market-rate and workforce housing units, as well as 6,500 square feet of ground-floor retail space. Designed by MSA Architects, amenities will include a clubhouse, fitness center, resort-style pool and deck, an outdoor pavilion and seating areas with barbecue grills, tennis and pickleball courts, dog park and a children’s playground. CIBC Bank USA provided the loan to 13th Floor, which plans to deliver the community in 2026. Additionally, Scott Wadler and Alec Fox of Berkadia arranged an undisclosed amount of preferred equity from Houston-based Marble Capital.

August 13, 2024

Acquisitions Maryland Retail Southeast

CRC Sells Centre at Hagerstown Shopping Center in Maryland for $36.3M

by John Nelson August 13, 2024

HAGERSTOWN, MD. — Continental Realty Corp. (CRC) has sold Centre at Hagerstown, a shopping center in northern Maryland, for $36.3 million. The buyer was not disclosed. JLL brokered the transaction. Baltimore-based CRC purchased the 292,000-square-foot shopping center in 2019 for $23.5 million and has since sold nine of the center’s 10 freestanding pad sites for a total of $16.1 million. Located at the intersection of I-81 and National Pike at 17850 Garland Groh Blvd., Centre at Hagerstown was roughly 97 percent leased at the time of sale to tenants including Burlington, Crunch Fitness, HomeGoods, Marshalls, PetSmart, Regency Furniture, 2nd & Charles and Party City.

August 13, 2024

Acquisitions Arkansas Retail Southeast

Hanley Investment Arranges Sale of 145,588 SF Shopping Center in Harrison, Arkansas

by John Nelson August 13, 2024

HARRISON, ARK. — Hanley Investment Group Real Estate Advisors has arranged the sale of a 145,588-square-foot shopping center located at 605-627 U.S. Highway 62 in Harrison, about 72 miles east of Fayetteville in north Arkansas. Built on 13.8 acres in 1978, the property was 95 percent leased at the time of sale to tenants including Tractor Supply, Planet Fitness, Big Lots, Dunham’s Sports, Golden Tickets Cinemas, Factory Connection and Popeyes. Five of the six tenants have signed new leases or extensions recently. The undisclosed buyer, which is based in Fayetteville, purchased the retail center from a consortium of multiple partners for an undisclosed price. Jeff Lefko, Kevin Fryman and Bill Asher of Hanley Investment, in association with ParaSell Inc., represented the seller in the transaction.

August 13, 2024

Acquisitions Multifamily Seniors Housing South Carolina Southeast Uncategorized

Berkadia Negotiates Sale of 159-Unit Active Adult Community in Greenville

by John Nelson August 13, 2024

GREENVILLE, S.C. — Berkadia has arranged the sale of The Aspens Verdae, a newly built, 159-unit active adult community in Greenville. Texas-based active adult developer Aspens Senior Living sold the community to Charleston-based Blaze Capital Partners and Partners Group, acting on behalf of its clients. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders led the Berkadia team in the transaction. The sales price was not disclosed. Located in Greenville’s master-planned, 1,100-acre Verdae neighborhood, the Aspens Verdae provides direct access to retail, restaurants, healthcare and outdoor activities. The property was built in 2022 and features one- and two-bedroom apartments.

August 13, 2024

Acquisitions Multifamily Texas

American Landmark Buys 366-Unit Prose Eastgate Apartments in Fate, Texas

by Taylor Williams August 13, 2024

FATE, TEXAS — Tampa-based investment firm American Landmark has purchased Prose Eastgate, a 366-unit apartment community in Fate, a northeastern suburb of Dallas. Built in 2023, the property offers one- and two-bedroom units that are furnished with stainless steel appliances, granite countertops and walk-in closets. Amenities include a pool, outdoor grilling and dining stations, resident lounge, entertainment kitchen, a fitness center, business center, dog park and package lockers. The seller and sales price were not disclosed, but Prose is the workforce housing brand of Alliance Residential. American Landmark has since rebranded the property as Jameson Apartments.

August 13, 2024

Acquisitions Multifamily Texas

Partnership Acquires 299-Unit Apartment Community in West Dallas

by Taylor Williams August 13, 2024

DALLAS — A partnership between Waterford Property Co., The Vistria Group and the City of Dallas Housing Finance Corp. has acquired Axis Kessler Park, 299-unit apartment community in West Dallas. The sales price was $67 million. The new ownership plans to convert the property to workforce housing, with rents for all but 10 percent of the residences to be restricted to households earning between 60 and 140 percent of the area median income. Units come in one-, two- and three-bedroom floor plans, and amenities include a pool, clubhouse, fitness center, business center and a dog park. John Makus of CBRE represented the undisclosed seller in the transaction. Walker & Dunlop originated an undisclosed amount of Freddie Mac acquisition financing for the deal.

August 13, 2024

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 231-Unit Multifamily Portfolio in Texarkana, Texas

by Taylor Williams August 13, 2024

TEXARKANA, TEXAS — Marcus & Millichap has brokered the sale of a portfolio of six multifamily properties totaling 231 units in Texarkana, located near the confluence of the Texas, Arkansas and Louisiana borders. The properties — Isabella Acres, Hidden Brook, Pecan Haven, Park Villa, Jasmine and Gardens at Wake Village — include build-to-rent communities and traditional multifamily complexes. Matt Aslan of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer, which also requested anonymity, assumed the seller’s loan, which carries a 3.48 percent fixed interest rate with four years of term remaining.

August 13, 2024

Industrial Leasing Activity Texas

US Foods Leases Space at 10-Acre Industrial Outdoor Storage Facility in East San Antonio

by Taylor Williams August 13, 2024

SAN ANTONIO — U.S. Foods has signed a lease to occupy space at Riggy’s Foster Ridge, a 10-acre industrial outdoor storage (IOS) facility in San Antonio. The newly developed facility is located at 6600 Lancer Blvd. on the city’s east side and features a seven-acre truck parking and trailer storage area with 140 demarcated tractor trailer spaces, as well as a 2,000-square-foot common area office and lounge. Ty Bragg of Cavender & Hill represented the landlord, Texas-based real estate and logistics firm DryPort Capital, in the lease negotiations. Rob Burlingame of CBRE represented the tenant.

August 13, 2024

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