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AcquisitionsFloridaMultifamilySoutheast

Berkadia Arranges Sale of 197-Unit Stellar at Emerald Hills Apartments in Dania Beach, Florida

by John Nelson

DANIA BEACH, FLA. — Berkadia has arranged the sale of Stellar at Emerald Hills, a 197-unit apartment community located at 5840 Lakeshore Drive in Dania Beach, a suburb in South Florida’s Broward County. JSB Capital Group purchased the property from locally based Stellar Communities for an undisclosed price. Roberto Pesant, Jaret Turkell, Yoav Yuhjtman and Omar Morales of Berkadia represented the seller in the transaction. Built on 7.2 acres in 2022, Stellar at Emerald Hills features a mix of one-, two- and three-bedroom apartments with eco-smart home features. Amenities include a clubhouse, fitness center with a yoga and spin studio, business center, pet play area, pet washing station, sundeck and pool and bike storage.

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AcquisitionsIndustrialSouth CarolinaSoutheast

JLL Brokers Sale of 158,340 SF Distribution Facility in Summerville, South Carolina

by John Nelson

SUMMERVILLE, S.C. — JLL has brokered the sale of Jedburg Logistics Park – Building 2, a 158,340-square-foot distribution facility located at 237 Jedburg Road in Summerville, a suburb of Charleston. Clarion Partners purchased the newly constructed facility from a partnership between Trinity Capital Advisors and Hartford Investment Management Co. The sales price was not disclosed. The property was fully leased at the time of sale to an unnamed global e-commerce company and features 32-foot clear heights, ESFR sprinklers and parking for automobiles and trailers.

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AcquisitionsAlabamaRetailSoutheast

Halpern Enterprises Acquires 60,767 SF Shopping Center in Madison, Alabama

by John Nelson

MADISON, ALA. — Atlanta-based Halpern Enterprises Inc. has acquired Heritage Square, a 67,767-square-foot shopping center located at 7696 Highway 72 NW in Madison, a suburb of Huntsville. Franklin Street represented the seller, Fairway Investments, in the transaction. The sales price was not disclosed. Built in 2008, Heritage Square was fully leased at the time of sale to tenants including a 28,000-square-foot T.J. Maxx anchor store.

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AcquisitionsFloridaRetailSoutheast

CBRE Brokers Sale of 460,136 SF Britton Plaza Shopping Center in South Tampa

by John Nelson

TAMPA, FLA. — CBRE has brokered the sale of Britton Plaza, a 460,136-square-foot shopping center located at 3900 S. Dale Mabry Highway in south Tampa. Pennsylvania-based Brixmor Property Group purchased the Publix-anchored property for an undisclosed price. Dennis Carson, Casey Rosen, Michael Etemad and Sriram Rajan of CBRE represented the seller, a private investor that owned the property for more than 50 years. David Conn, Denny St. Romain and Scott Peek of CBRE assisted in the transaction. Britton Plaza is situated on 32 acres near Tampa Bay and downtown Tampa. The property’s tenant roster includes Publix Liquors, Marshalls, Burlington, Michaels, Dollar Tree, Pet Supermarket, Dunkin’ and Taco Bell. The acquisition of Britton Plaza represents a prime value-add and/or redevelopment opportunity for the new owner due to store vacancies in recent years including Stein Mart, Beall’s Outlet and Big Lots, according to local media outlets.

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AcquisitionsMarylandMultifamilySoutheast

Continental Realty Corp. Acquires Metro Baltimore Multifamily Community for $86.5M

by John Nelson

ELKRIDGE, MD. — Continental Realty Corp. (CRC) has purchased Dartmoor Place at Oxford Square, a 258-unit, garden-style multifamily community in Elkridge, a southwest suburb of Baltimore in Howard County. Mike Muldowney of CBRE represented the seller, Preston Partners, in the $86.5 million, off-market transaction. CRC purchased the five-story apartment development via Core Multifamily Fund LP, a private equity fund that the company sponsors in partnership with Brown Advisory, which is also based in Baltimore. CRC assumed a HUD-insured mortgage as part of the transaction. Preston Partners delivered Dartmoor Place in 2019. The property was 94 percent occupied at the time of sale and serves as a multifamily component within the 122-acre Oxford Square master-planned community. Apartments are configured in one-, two- and three- bedroom floor plans ranging in size from 725 to 1,407 square feet. Amenities include a clubhouse, fitness center, game room and digital access package-acceptance lockers. Outdoor amenities include a resort-style saltwater swimming pool with sundeck, an open recreation and entertainment area, playground, pet spa, bike storage area, grilling area, courtyards and community walking trails.

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AcquisitionsGeorgiaHospitalitySoutheast

Flacks Group Purchases 180-Room Crowne Plaza North Augusta Hotel

by John Nelson

AUGUSTA, GA. — Miami-based Flacks Group has purchased Crowne Plaza North Augusta, a 180-unit hotel in Augusta. Built in 2019 near the Augusta GreenJackets’ Minor League Baseball ballpark, the hotel features meeting spaces, the Salt + Marrow steakhouse and a rooftop bar called Jackson’s Bluff. Hodges Ward Elliott represented Flacks Group in the transaction. The seller and sales price were not disclosed, but the Post and Courier North Augusta reports that Ackerman Greenstone sold the property. Blue Lotus Ventures was a consultant in the transaction, and J.P. Morgan provided an undisclosed amount of acquisition financing.

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AcquisitionsLoansMultifamilySoutheastVirginia

Berkadia Provides $37M Agency Loan for Metro Richmond Apartment Community

by John Nelson

MIDLOTHIAN, VA. — Berkadia has provided a $37 million Fannie Mae acquisition loan for Commonwealth Apartments, a 234-unit multifamily community located at 5401 Commonwealth Centre Parkway in Midlothian, a Richmond suburb in Chesterfield County. Patrick McGlohn, Brian Gould, Miles Drinkwalter, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia originated the loan on behalf of the buyer, Atlanta-based Mesa Capital Partners. Additionally, the Berkadia team of Drew White, Carter Wood and Cole Carns represented seller, CMB Development, in the sale. Built in 2022, Commonwealth Apartments features a gaming lounge and 24/7 fitness center, among other amenities.

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AcquisitionsDevelopmentMultifamilySoutheastVirginia

Northmarq Arranges $18.5M Sale of Multifamily Development Site in Tysons, Virginia

by John Nelson

TYSONS, VA. — Northmarq has arranged the $18.5 million sale of a multifamily development site in Tysons, an affluent suburb of Washington, D.C., in Northern Virginia. The 1.3-acre parcel is approved for a 25-story high-rise comprising 447 one-, two- and three-bedroom apartments and 15,207 square feet of retail space. The site is part of Scotts Run, a 40-acre master-planned development comprising 6.5 million square feet of multifamily, office, retail and hotel space. The future apartment high-rise is located within walking distance of the McLean Metro Station’s Silver Line. The buyer and construction timeline were not released.

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GeorgiaMarket ReportsRetailSoutheast Market Reports

Atlanta’s Retail Market Experiences Rising Rents, Strong Demand Amid Tight Supply

by John Nelson

The Atlanta retail market continues to thrive with significant growth driven by a combination of strong demand, minimal new construction and low inventory levels. Long regarded as a key hub for commerce in the Southeast, metro Atlanta has seen its population increase rapidly over the years, which has, in turn, bolstered retail demand.  As a result, Atlanta’s retail availability has hit record lows and has created a competitive market for tenants looking to secure high-quality spaces. Rental rates have increased, and investment sales volume has continued at a healthy pace as tenants vie for a limited amount of inventory. Rising rents, investment sales One of the standout trends in Atlanta’s retail market is the consistent increase in rental rates. Retail rents in the metro area have grown steadily over the past few years, with average rents rising from $21.07 per square foot in first-quarter 2023 to $22.83 per square foot by third-quarter 2024. This represents an impressive 5.2 percent year-over-year growth, significantly outpacing the national average of 2.4 percent. The city’s growing population and economic development have spurred greater demand for retail spaces, especially in high-traffic areas. Retailers are willing to pay premium rates to secure space in desirable locations, …

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Lakeshore-Mall-Redevelopment_Gainesville-Ga
DevelopmentGeorgiaMixed-UseRetailSoutheastTop Stories

Branch Properties Plans Mixed-Use Redevelopment of 492,798 SF Lakeshore Mall in Gainesville, Georgia

by Hayden Spiess

GAINESVILLE, GA. — Branch Properties has announced plans for the redevelopment of Lakeshore Mall, a 492,798-square-foot retail property located in Gainesville, roughly 55 miles northeast of Atlanta.  Plans for the mixed-use redevelopment include 305,444 square feet of retail space, as well as 652 multifamily units and 38,200 square feet of outdoor community greenspace. The property will also have the capacity for the future development of a hotel and townhomes.   Current Lakeshore Mall anchors Dick’s Sporting Goods and Belk will remain open throughout the project, with the former relocating to a new space within the development.  The Atlanta-based developer, which acquired the property in 2022, will soon initiate the development of regional impact (DRI) process with the Georgia Department of Community Affairs (DCA), with the groundbreaking scheduled for late 2026. Len Erickson of Franklin Street will handle retail leasing at the development in partnership with Branch Properties.  Originally opened in 1970, Lakeshore Mall is located off Dawsonville Highway near Lake Lanier. According to the U.S. Census Bureau, Gainesville has seen a population increase of roughly 15 percent since 2020.  “This reimagined mixed-use destination redefines Lakeshore as a dynamic, pedestrian-friendly community hub tailored to meet the needs of Gainesville, one of Georgia’s …

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