Southeast

Joint Venture Acquires Apartment Community in Metro D.C. for $42.6M

by Alex Tostado March 8, 2019

HYATTSVILLE, MD. — The Donaldson Group, Declaration Capital and Angelo Gordon & Co. have acquired Plaza Tower Apartments, a 288-unit apartment community in Hyattsville, for $42.6 million. Plans to upgrade the property include adding a new leasing center, as well as upgrading common areas, building exteriors and interior amenities. Work on the upgrades is expected to start in late spring. The property is situated at 6700 Belcrest Road, about one mile south of the University of Maryland and about eight miles northeast of downtown Washington, D.C.

March 8, 2019

Development Maryland Multifamily Southeast

LCOR, WMATA Begin Construction on Transit-Oriented Multifamily Project in Metro D.C.

by Alex Tostado March 8, 2019

NORTH BETHESDA, MD. — LCOR and Washington Metropolitan Area Transit Authority (WMATA) have broken ground on Arrowwood, a 294-unit apartment complex in North Bethesda. The six-story building will be located at 5410 McGrath Blvd., above WMATA’s White Flint Metro Station. This is the third residential phase within LCOR’s North Bethesda Center. Arrowwood will include 10,000 square feet of ground-level retail space, and apartment amenities will include a clubhouse, outdoor grills, fitness center and two music rooms. Design Collective designed Arrowwood, Davis Construction is the general contractor and M&T Bank is providing project financing.

March 8, 2019

Acquisitions Multifamily Southeast Virginia

Blackfin, GMF Capital Purchase 600-Unit Apartment Complex in Virginia Beach

by Alex Tostado March 8, 2019

VIRGINIA BEACH, VA. — Blackfin Real Estate Investors and GMF Capital LLC have purchased Baker Crossing, a 75-building, 600-unit apartment complex in Virginia Beach. Amenities at Baker Crossing include a clubhouse, swimming pool, sundeck, grilling area, fitness center, playground, basketball court and a racquetball court. As part of the transaction, the buyers assumed an agency loan originated by Newmark Knight Frank. The sales price and seller were not disclosed.

March 8, 2019

Development Healthcare Kentucky Southeast

NexCore Group Breaks Ground on 24,693 SF Healthcare Center Near Lexington

by Alex Tostado March 8, 2019

WINCHESTER, KY. — NexCore Group has broken ground on the 24,693-square-foot Catholic Health Initiatives Saint Joseph Health Winchester Medical Office Building in Winchester. The Denver-based developer expects the building to be delivered in February 2020. The facility will offer a full complement of healthcare services including primary care, cardiology, orthopedics, imaging, lab, specialist timeshare space, family practice, radiology, CT, ultrasound, blood draw, a physical therapy gym and nuclear medicine, a branch of medical imaging that uses small amounts of radioactive material to diagnose and determine the severity of or treat a variety of diseases. The facility is located about 25 miles east of Lexington.

March 8, 2019

Acquisitions Office Southeast Tennessee

Cushman & Wakefield Arranges $71.9M Sale, Acquisition Loan for Office Tower in Downtown Nashville

by Alex Tostado March 7, 2019

NASHVILLE, TENN. — Cushman & Wakefield has arranged the $71.9 million sale of Philips Plaza, a 435,535-square-foot, 24-floor office building in downtown Nashville. The building, which was purchased by Wheelock Street Capital, is situated at 414 Union St. and was 97 percent leased to 26 tenants at the time of the sale. Since 2015, the property has undergone $3.5 million in renovations to include a new lobby, HVAC systems, roof, upgraded common areas and an upgraded conference center. The office building shares a plaza with a recently renovated DoubleTree by Hilton hotel. Stewart Calhoun, Samir Idris, Crews Johnston, David Meline and Hailey Paul of Cushman & Wakefield represented the undisclosed sellers in the transaction. Additionally, Michael Ryan, Brian Linnihan and Richard Henry of Cushman & Wakefield arranged acquisition financing on behalf of Wheelock Street Capital.

March 7, 2019

Acquisitions Kentucky Multifamily Southeast

Passco Acquires Multifamily Community in Lexington for $62.4M

by Alex Tostado March 7, 2019

LEXINGTON, KY. — Passco Cos. has acquired The Henry at Fritz Farm, a 306-unit multifamily community in Lexington, for $62.4 million. The apartment complex is situated about five miles south of downtown Lexington within The Summit at Fritz Farm, a mixed-use development offering a 120-room hotel, 44,000 square feet of office space and 285,610 square feet of retail space. Retail tenants at the Bayer Properties-developed development include Whole Foods Market, Shake Shack, Pottery Barn, Arhaus, Babalu and Lululemon. Amenities at The Henry include a saltwater swimming pool, sundeck, 24-hour fitness center, business center, fire pits, clubroom and a pet spa. Mike Kemether and Craig Collins of Cushman & Wakefield represented the seller, the Dobbins Group, in the transaction. Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of the buyer.

March 7, 2019

Acquisitions Florida Multifamily Southeast

Newmark Knight Frank Arranges Sale of Two Tampa Bay Apartment Properties for $27.4M

by Alex Tostado March 7, 2019

BRANDON, FLA. — Newmark Knight Frank Multifamily (NKF) has arranged the sale of The Park at Avilla and The Park at Pienza, both in the Tampa Bay city of Brandon, for a combined $27.4 million. The two properties are situated about three miles apart and combine for 200 units. Both properties were built in 1986. Ryan Moody, Patrick Dufour and Ryan Crowley of NKF represented the seller, Highgate Capital, in the transaction. 29th Street Capital acquired the assets.

March 7, 2019

Development Georgia Industrial Southeast

FedEx Ground Opens 160,000 SF Industrial Facility Today in Metro Savannah

by Alex Tostado March 7, 2019

POOLER, GA. — FedEx Ground has opened a 160,000-square-foot large package processing facility located at 505 Morgan Lakes Industrial Blvd. in Pooler, about 15 miles west of downtown Savannah and about nine miles west of Port of Savannah. The new facility will be a standalone building, making it the first operation of its kind. FedEx Ground expects the facility to house 400 employees with the potential to expand as demand for service grows. The daily volume of packages that FedEx Ground handles has more than doubled in the past 10 years, and large packages now comprise more than 10 percent of the company’s package volume. The new property is part of FedEx’s plan to enter 17 major hubs and add or expand 500 facilities since 2005.

March 7, 2019

Development Georgia Retail Southeast

JWA Ventures to Develop Publix-Anchored Shopping Center in Macon, Georgia

by Alex Tostado March 7, 2019

MACON, GA. — JWA Ventures, a division of Jim Wilson & Associates, has announced plans to develop a 15-acre, Publix-anchored shopping center in Macon. Tobesofkee Crossing will span 68,000 square feet, with Publix occupying 48,000 square feet. JWA Ventures expects to lease the center’s remaining inline space to service retailers and restaurants. Two additional freestanding sites are available for development. Construction is expected to begin in the second quarter of this year with delivery anticipated for second-quarter 2020. The asset will serve as the gateway to Macon’s Tobesofkee community, which is anchored by the 1,800-acre Lake Tobesofkee. A spokesperson for Publix says the grocer will employ 120 to 150 people at the new Macon location.

March 7, 2019

Development Georgia Mixed-Use Southeast

Sanctuary, Varden to Co-Develop $280M Mixed-Use Project in Metro Atlanta

by Alex Tostado March 6, 2019

KENNESAW, GA. — Sanctuary Cos. and Varden Properties will co-develop Eastpark Village, a $280 million mixed-use project that will comprise 850 residential units and about 300,000 square feet of office, retail and commercial space and a village green. The project is situated on about 57 acres just south of historic downtown Kennesaw, and about 28 miles northwest of downtown Atlanta. The Meridian Real Estate Group and Keller Williams Realty Signature Partners represented the developers in acquiring 65 parcels for Eastpark Village, the largest assemblage of land in Kennesaw’s history. Miller Architecture designed the project. The developers expect to break ground this month, and completion is expected in three years.

March 6, 2019

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