NORTH CHARLESTON, S.C. — JLL has negotiated the sale of Airport Commerce Center, a three-building, 398,100-square-foot industrial park situated directly adjacent to Charleston International Airport and Joint Base Charleston. Built in 2017, the facilities are located at 7246 Stall Road, 2650 Fassitt Road and 7334 Stall Road in North Charleston, approximately one mile from I-26. Pete Pittroff, Dave Andrews and Michael Scarnato of JLL represented the seller, Brookwood Capital Partners, in the transaction. NorthPoint Development acquired Airport Commerce Center for an undisclosed price. The three facilities were fully leased at the time of sale to multiple tenants, including manufacturing, distribution and last-mile logistics companies. The properties feature 200- to 260-foot depths, front-load and rear-load configurations, 28- to 30-foot clear heights, ESFR fire protection systems, LED lighting and a combined 305 automobile parking spaces.
Southeast
ATLANTA — Exact Capital has delivered Skyline Apartments, a 250-unit affordable housing community located along the Atlanta Beltline’s Southside Trail in the city’s Peoplestown neighborhood. The property is located at 1090 Hank Aaron Drive SE and represents a $94 million investment. Capital partners on the project included Invest Atlanta (the City of Atlanta’s economic development arm), Goldman Sachs, Stonehenge, LISC and Walker & Dunlop. Exact Capital and joint venture partner Aleem Construction broke ground on Skyline Apartments in 2022 in a ceremony with Atlanta Mayor Andre Dickens. The community features studio, one- and two-bedroom apartments reserved for households earning at or below 60 percent of the area median income (AMI). Amenities include a healthcare center, modern fitness facility, community room, meeting spaces, dog wash station, secure gated entry and covered parking.
ALPHARETTA, GA. — Principal Asset Management has sold a 15.2-megawatt (MW) data center in Alpharetta, a northern suburb of Atlanta. The buyer and sales price were not disclosed, but the acquisition included developable land adjacent to the data center. A U.S.-based data center fund managed by Principal purchased the facility in 2022 in a joint venture with Lincoln Rackhouse, a division of Lincoln Property Co. The single-story data center was leased to two unnamed companies at the time of sale, one of which is a Fortune 100 financial services firm. The data center was originally built in 2009 as a build-to-suit for a telecommunications tech company.
Cushman & Wakefield Commercial Brokers Sale of 90,723 SF Office Portfolio in Kingsport, Tennessee
by John Nelson
KINGSPORT, TENN. — Cushman & Wakefield Commercial Advisors has brokered the sale of a three-property office portfolio in Kingsport, a city near the Tennessee-Virginia border. The properties — 4, 7 and 8 Sheridan Square — span 90,723 square feet combined and serve the Bristol-Johnson City-Kingsport region. Landon Williams and Katie Hargett of Cushman & Wakefield Commercial Advisors, along with Miguel Alcivar of Cushman & Wakefield, represented the seller, Raptor Realty Investments 7 LLC, in the transaction. Gary Heeseman of Franklin Street represented the buyer, a locally based investment group doing business as AG Commercial GP.
GRAYSON, GA. — FrostPoint Capital, an investment firm based in West Palm Beach, Fla., has acquired Olde Towne Grayson, a 13,896-square-foot retail strip center in Grayson, a northeast suburb of Atlanta in Gwinnett County. The property, which FrostPoint is rebranding as Grayson Square, was fully leased at the time of sale to tenants including AutoZone, Lendmark Financial, Little Caesars Pizza, JB’s Barbershop and Katie’s Sports Bar & Grill. Marc Irvin and Matthew Welch of Marcus & Millichap brokered the transaction. The seller and sales price were not disclosed.
LEBANON, TENN. — Stream Realty Partners has broken ground on Central Pike, a two-building industrial development in Lebanon that will span approximately 1.1 million square feet. The property is situated on an 89.2-acre site in Wilson County, roughly 30 miles east of Nashville, with immediate access to Tennessee State Route 109 and I-840. Building A at Central Pike will be a 355,982-square-foot, cross-dock facility with a 130-foot truck court, 80 trailer parking spaces, 40-foot clear heights and an ESFR sprinkler system. Building B will total 724,146 square feet and also include a cross-dock configuration, 130-foot truck court, 177 trailer parking spaces, 40-foot clear heights and an ESFR system. Rob Lowe, Dale Todd, Drue Stoehr and Mitch Kingsley of Stream Realty Partners are spearheading the development of Central Pike, the firm’s first industrial project in the metro Nashville market. Cushman & Wakefield is handling the leasing assignment, and Mycon Construction is serving as the project’s general contractor. Central Pike is slated to come on line in first-quarter 2027.
Mesa West Capital Originates $66.3M Refinancing for New Apartment Community in Orlando
by John Nelson
ORLANDO, FLA. — Mesa West Capital has originated a $66.3 million loan for the refinancing of Nova at East Park Village, a newly constructed, 264-unit apartment community located at 10403 Via Parco Orienta in Orlando. Brian Hahn, Russell Frahm and Brad McCarthy of Mesa West Capital’s New York team originated the floating-rate loan for the borrower, a joint venture led by Onicx Group. Kenny Cutler and Jesse Wright of JLL represented the borrower in the loan transaction. Situated on a 10-acre site within Orlando’s Lake Nona submarket, Nova at East Park Village opened in August. The property offers a mix of one-, two- and three-bedroom units, as well as a pool with cabanas and a 24-hour fitness center. Locally based ZRS Management operates the garden-style community.
FCP Provides $47.1M Construction Financing for Mixed-Use Redevelopment Project in Arlington, Virginia
by John Nelson
ARLINGTON, VA. — FCP has provided $47.1 million in construction financing for a two-tower mixed-use development located at 685 N. Glebe Road in Arlington, a suburb of Washington, D.C. The site was formerly home to a Macy’s department store in the city’s Ballston neighborhood. The borrower, a partnership between Insight Property Group and PGIM Real Estate, is developing two 16-story residential towers called Mira and Ador that will total 553 apartments and sit atop a 40,000-square-foot grocery store. Amenities will include a shared rooftop pool and sundeck and a variety of outdoor amenities, including dog parks and entertainment areas. Resident parking will be underground, with grocery store customers accessing a separate parking deck with a dedicated entrance. Brian Crivella, Bill Gribbin and Yalda Ghamarian of Berkadia arranged the preferred equity investment on behalf of the development team. Michael Zelin, Marshall Scallan and Bindi Shah of Cushman & Wakefield arranged the senior loan through Northwestern Mutual. Bill Collins, Paul Norman and Shaun Weinberg of Cushman & Wakefield arranged the land sale.
Crescent Communities Welcomes First Residents at 151-Unit Build-to-Rent Property in Lawrenceville, Georgia
by John Nelson
LAWRENCEVILLE, GA. — Charlotte-based Crescent Communities has welcomed the first residents at HARMON Cedar Run, a 151-unit build-to-rent (BTR) residential community in Lawrenceville. The property represents the first HARMON-branded BTR property in the metro Atlanta area and 13th multifamily project in the market overall for Crescent. HARMON Cedar Run is situated on 38 acres and features three- and four-bedroom townhomes and single-family homes, as well as amenities including a resort-style pool with shaded seating areas, pickleball and basketball courts and green spaces. Monthly rental rates range from $2,550 to $3,245, according to Apartments.com. DRB Group, a Sumitomo Forestry Co. Ltd affiliate company, was the homebuilder of HARMON Cedar Run. Crescent Communities is also an affiliate of Sumitomo Forestry.
NORTH CHARLESTON, S.C. — Marcus & Millichap has brokered the sale of Tru by Hilton Charleston Ashley Phosphate, a 121-room hotel located at 2475 Prospect Drive in North Charleston. Jack Davis, Chase Dewese, Joce Messinger and Brenden DeLuke of Marcus & Millichap represented the seller in the transaction. The buyer purchased the hotel in a 1031 exchange for an undisclosed price. Both parties requested anonymity. Built in 2020 on a 2.8-acre site, the Tru by Hilton hotel features EV charging stations, an outdoor pool, fitness center and a business center.
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