Southeast

Camden Property Trust Acquires 358-Unit Apartment Community Near Tampa for $127M

by Taylor Williams January 15, 2018

ST. PETERSBURG, FLA. — Camden Property Trust (NYSE: CPT), a Houston-based multifamily REIT, has acquired Camden Pier District, a 358-unit apartment community in the Tampa suburb of St. Petersburg, for $127 million. The community is located at 330 3rd St., less than a mile from the waterfront and within close proximity to Tropicana Field and the University of South Florida St. Petersburg. Patrick Dufour and Richard Donnellan of ARA Newmark arranged the transaction on behalf of the sellers, Miami-based American Land Ventures LLC and global equity partner Barings Real Estate — part of Barings LLC — on behalf of an institutional investor. American Land Ventures developed the property — originally known as AER Luxury Apartments — in 2016. “AER was an especially important assignment for us as we represented the land owner in the sale of the site to the developer, sourced the equity for the development of the project, monitored the asset closely through lease up and ultimately secured an institutional buyer in the sale of the asset.” says Dufour. The sales price, which equates to about $354,745 per unit, makes this transaction the largest apartment deal in the history of the Tampa Bay area on a per-unit basis, according …

January 15, 2018

Market Reports Retail Southeast Southeast Market Reports Virginia

National Retail Trends of Grocery Expansion, Backfilling Vacant Stores Evident in Hampton Roads

by John Nelson January 15, 2018

December of this year will mark the 30th anniversary of the movie “Wall Street” and the introduction of the antihero, Gordon Gekko. In that movie, Gordon delivers the iconic “Greed is Good” speech to the shareholders of a besieged paper company. While things in the end did not turn out well for Gekko due in large part to his greed, the undertones of that speech are uncontentious: Performance and adaptation will come about when there are strong incentives to evolve. The evolutionary spirit of retail real estate is taking shape here in Hampton Roads and great things are happening. Grocers Take Battle Positions The Hampton Roads grocery industry has evolved over the years in large part due to fierce competition from Aldi and Lidl. These two German-based competitors will collectively bring over 20 new locations to the region, and bring with them a new no-frills experience with staple grocery items at a lower price point. Additional grocer announcements in the market include the first Wegmans that committed to a site near Town Center of Virginia Beach, Kroger’s four new developments throughout the region (although a recent freeze in capital projects have stalled those) and Walmart’s recently opened store in Virginia …

January 15, 2018

Florida Multifamily Southeast

IPA Arranges $46.3M Sale of Multifamily Community in Downtown St. Petersburg

by Camren Skelton January 12, 2018

ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $46.3 million sale of Urban Style Flats, a 481-unit apartment community located at 300 10th St. in downtown St. Petersburg. IPA arranged the transaction on behalf of a New York-based buyer. Other terms of the deal were not disclosed. Constructed between 1971 and 1978, Urban Style Flats has undergone a number of capital improvements since 2010, including new air conditioning systems, a structured parking garage and modern décor. The property comprises a high-rise building with three multi-story towers. Community amenities include a 24-hour fitness center, swimming pool, bocce ball court, golf putting green and an on-site restaurant.

January 12, 2018

Alabama Retail Southeast

JLL Brokers Sale of 333,975 SF Shopping Center in Oxford, Alabama

by Camren Skelton January 12, 2018

OXFORD, ALA. — JLL has arranged the sale of Oxford Exchange, a 333,975-square-foot shopping center in Oxford. Margaret Caldwell and Margaret Jones of JLL arranged the transaction. Other terms of the deal were not disclosed. The property is located along Interstate 20, less than a mile from Choccolocco Park, a recently opened sports complex. At the time of sale, Oxford Exchange was 99 percent leased to tenants such as T.J. Maxx, Hobby Lobby, Dick’s Sporting Goods, Ross Dress for Less, Bed Bath & Beyond, PetSmart, Old Navy, Office Max and Best Buy. Target, Home Depot, Kohl’s and Sam’s Club shadow-anchor the property.

January 12, 2018

Multifamily Southeast Tennessee

Carroll Organization Sells 1,037-Unit Apartment Property in Memphis

by Camren Skelton January 12, 2018

MEMPHIS, TENN. — Carroll Organization has sold Arium Shelby Farms, a 1,037-unit apartment community in Memphis. Other terms of the deal were not disclosed, but the Memphis Business Journal reports the Atlanta-based firm originally acquired the asset in 2014 for $46.5 million. Individual units at Arium Shelby Farms include private patios, breakfast bars and full-size washers and dryers. In addition, the community features three fishing lakes, a picnic area, sports court, fitness center and a swimming pool.

January 12, 2018

Kentucky Multifamily Southeast

Doster Breaks Ground on 312-Unit Apartment Community in Lexington

by Camren Skelton January 12, 2018

LEXINGTON, KY. — Doster Construction Co. has broken ground on Springs at Hamburg, a 312-unit apartment community in Lexington. The project is the general contractor’s fifth multifamily project with Continental Properties, the developer, owner and operator. Kahler Slater Experience Design is the architect of record for the project. The new 360,364-square-foot development includes 14 buildings and private, townhome-style entrances in each unit. Community amenities include a resort-style pool, fitness center, clubhouse and four parking garage buildings. Doster expects to complete construction in the summer of 2019.

January 12, 2018

Office South Carolina Southeast

Colliers Arranges $18.4M Sale of Four-Building Office Portfolio in Upstate South Carolina

by Camren Skelton January 12, 2018

GREENVILLE, S.C. — Colliers International has arranged the $18.4 million sale of Axis Office Park, a four-building office portfolio located at 350-352 Halton Road in Greenville. Formerly occupied by Fluor, the buildings total 228,000 square feet. Colliers arranged the transaction on behalf of the buyer, Tempus Real Estate Investments. Other terms of the deal were not disclosed. Taylor Allen and Brantley Anderson of Colliers will handle the property’s leasing assignment, and Brendan Gower of Colliers will provide real estate management services. In addition, LCK will provide project management services for the property.

January 12, 2018

Arkansas Retail Southeast Top Stories

Sam’s Club to Shutter 63 Stores, Convert 12 to E-Commerce Facilities

by Kristin Harlow January 12, 2018

BENTONVILLE, ARK. — Sam’s Club, a division of Wal-Mart Stores Inc. (NYSE: WMT), has announced that it will close 63 club locations across the country. The company will convert up to 12 of the impacted clubs into e-commerce fulfillment centers in efforts to speed delivery of online orders. In addition, the company’s legal name will become Walmart Inc. effective Feb. 1 to reflect its growing status as an omnichannel retailer. Sam’s Club is a retailer that offers wholesale sizes and prices to individual buyers who purchase a membership to the store. “Transforming our business means managing our real estate portfolio, and Walmart needs a strong fleet of Sam’s Clubs that are fit for the future,” says John Furner, president and CEO of Sam’s Club. After the closures are completed over the next few weeks, Sam’s Club will operate a total of 597 locations nationwide. A list of affected stores was not disclosed. A facility in Memphis, Tenn. will be the first club to be converted into an e-commerce center. In addition to focusing on its e-commerce business, Sam’s Club is expected to improve its grocery selection and private-label offerings, according to national media reports. Competition from Costco and BJ’s Wholesale …

January 12, 2018

Florida Multifamily Southeast

Pollack Shores Sells 274-Unit Apartment Community in Tampa for $58.1M

by Camren Skelton January 11, 2018

TAMPA, FLA. — Pollack Shores Real Estate Group LLC has sold Havana Square, a 274-unit apartment community located at 400 N. Rome Ave. in Tampa, for $58.1 million. Matt Mitchell and Zac Nolan of HFF arranged the transaction on behalf of Pollack Shores, which completed the property in 2017. Nashville-based Nicol Investment Co., a private investment firm, acquired the asset. Located in Tampa’s North Hyde Park neighborhood, Havana Square is roughly one mile west of Tampa’s central business district. The four-story building includes one-, two- and three-bedroom units averaging 804 square feet. Community amenities include a swimming pool, outdoor kitchen, bocce ball court, fire pits, grilling areas, fitness center, clubroom with game tables, kitchen and a bar.

January 11, 2018

Mixed-Use Retail South Carolina Southeast

Lifescapes to Design Redevelopment of Two Entertainment Destinations in Myrtle Beach

by Camren Skelton January 11, 2018

MYRTLE BEACH, S.C. — Landscape architectural firm Lifescapes International has been selected to design the landscapes for the redevelopment of two entertainment centers in Myrtle Beach — Barefoot Landing and Broadway at the Beach. Burroughs & Chapin is leading the multi-year redevelopment of the two destinations. At Barefoot Landing, the redevelopment will include 45,000 square feet of new retail space, a new restaurant district known as Dockside Village, the addition of an amphitheater and a new boardwalk on the south end of the property. Lifescapes will design the landscape for the entire redevelopment, and plans to incorporate a water entertainment feature and show, as well as increase patio space along the waterfront. The firm will use blue stone and brick pavers throughout the center to mimic the look of Charleston. In addition, Lifescapes will add a programmable lawn that will host activities including concerts and an ice skating rink during the holiday season. At Broadway at the Beach, Lifescapes will design the landscape for the entire redevelopment, including The Avenue, the property’s entertainment and nightlife section. The Avenue recently underwent a renovation that included façade upgrades, the relocation of Hard Rock Café, opening of Dave & Buster’s and a new architectural style …

January 11, 2018

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