Southeast

Chesapeake, EverWest Sign Best Buy to 500,400 SF Lease at Industrial Park in Metro Baltimore

by Camren Skelton August 29, 2018

GLEN BURNIE, MD. — Chesapeake Real Estate Group LLC (CREG) and EverWest Real Estate Investors LLC have signed a 500,400-square-foot lease with Best Buy at Brandon Woods III, a 259-acre industrial park in Glen Burnie, roughly 11 miles south of Baltimore. Matt Laraway and Scott Skogmo of CREG represented the company internally in the lease transaction, and Michael Royce of Avison Young represented Best Buy. CREG acquired the site from Exelon Corp. last year, and through a partnership with EverWest, will build up to 1 million square feet of industrial space. CREG and EverWest broke ground on the speculative facility at 7550 Perryman St. last year. Best Buy is scheduled to move into the new warehouse in March 2019, utilizing the space to distribute large products to stores throughout the Mid-Atlantic region. The building will also serve as a hub for the home delivery and installation of major appliances and large TVs, and a portion of the space will contain Best Buy service and repair technicians for consumer electronics and appliances. Best Buy plans to consolidate three existing locations throughout the Baltimore-Washington, D.C., metropolitan area to occupy the new building. In addition to the facility for Best Buy, CREG and …

August 29, 2018

Development Georgia Multifamily Southeast

Mill Creek Opens 269-Unit Apartment Community in Atlanta’s Vinings District

by Camren Skelton August 29, 2018

ATLANTA — Mill Creek Residential has opened a 269-unit apartment community in Atlanta’s Vinings district. Located at 3205 Cumberland Blvd., Modera Vinings is located roughly 11 miles northwest of downtown Atlanta and less than three miles from SunTrust Park, the new home ballpark of the Atlanta Braves. The community overlooks a private body of water, dubbed Crossroads Pond, and includes a mix of studio to three-bedroom units atop 5,316 square feet of ground-floor retail space. In addition to the recently announced Kale Me Crazy, the development will house Highland Bakery. The Atlanta-based breakfast, brunch and lunch chain is expected to open in early 2019, marking the restaurant’s 11th location in the city. Community amenities at Modera Vinings include an open-air event space, swimming pool with sundeck, courtyard with fire pits, dog park, pet spa and a fitness center with a yoga studio and personal training sessions. Resident move-ins began earlier this month at the complex. Monthly rental rates at the community range from $1,510 for a one-bedroom unit to $3,648 for a three-bedroom, according to Apartments.com.

August 29, 2018

Acquisitions Office South Carolina Southeast

Dominion Realty, Blue Vista Capital Acquire Office Park in Columbia for $24.3M

by Camren Skelton August 29, 2018

COLUMBIA, S.C. — Dominion Realty Partners (DRP), in partnership with Blue Vista Capital Management, has acquired Synergy Business Park, a 315,919-square-foot office park in Columbia, for $24.3 million. The new ownership plans to make significant investments in building renovations and capital improvement projects. The four-building property was 78 percent leased at the time of sale. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield arranged the transaction on behalf of the undisclosed seller.

August 29, 2018

Acquisitions Florida Multifamily Southeast

CBRE Brokers $15.3M Sale of Multifamily Community in Jacksonville

by Camren Skelton August 29, 2018

JACKSONVILLE, FLA. — CBRE has brokered the $15.3 million sale of Palm Trace Apartments, a 160-unit multifamily community located at 6870 103rd St. in Jacksonville. Shelton Granade, Cliff Taylor, Joe Ayers, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the seller, Chicago-based American Landmark Properties. Beverly Hills, Calif.-based Enzo Multifamily acquired the asset. Palm Trace Apartments includes a mix of one- and two-bedroom units and features a dog spa, car wash area, resident clubhouse, fitness center, pool, playground and a grilling/picnic area.

August 29, 2018

Acquisitions Georgia Retail Southeast

SRS Arranges $5.3M Sale of Crunch Fitness-Leased Building in Metro Atlanta

by Camren Skelton August 29, 2018

LAWRENCEVILLE, GA. — SRS Real Estate Partners has arranged the $5.3 million sale of a freestanding retail building leased to Crunch Fitness in Lawrenceville, located 34 miles northeast of Atlanta. The 22,000-square-foot property opened in March and is triple-net-leased to Crunch Fitness for 12.5 years. Matthew Mousavi and Patrick Luther of SRS arranged the transaction on behalf of the seller, a local developer, and procured the buyer, a public REIT.

August 29, 2018

Acquisitions Multifamily Southeast Top Stories Virginia

Harbor Group International Acquires Apartment Community in Northern Virginia for $193M

by Camren Skelton August 29, 2018

HERNDON, VA. — Harbor Group International LLC (HGI) has acquired Dulles Greene Apartments, an 806-unit multifamily community in Herndon, for $193 million. The community is located roughly four miles from Washington Dulles International Airport and approximately 26 miles west of Washington, D.C. In addition, the property is situated adjacent to a new Metrorail station that is currently under construction. Constructed between 1998 and 2003, Dulles Greene Apartments includes a mix of one-, two- and three-bedroom floor plans ranging in size from 750 square feet to 1,370 square feet. Monthly rental rates range from $1,537 for a one-bedroom unit to $2,138 for a three-bedroom unit. Community amenities include a fitness center, resident lounge, theater room, resort-style swimming pool, outdoor fire pit, tennis court, playground, yoga room, coffee bar, outdoor hot tub, sand volleyball court and walking trails. “This property supports two of our key investment objectives — acquiring multifamily properties in top-tier markets with value-add upside potential and acquiring investments in areas with strong employment drivers and public transportation infrastructure,” says T. Richard Litton, Jr., president of HGI. Dubbed “Data Center Alley,” the Dulles Technology Corridor and Northern Virginia are known for their high concentration of data centers belonging to Amazon, Google, …

August 29, 2018

Acquisitions North Carolina Office Southeast

HFF Brokers $88.5M Sale of Newly Constructed Office Building in Uptown Charlotte

by Camren Skelton August 28, 2018

CHARLOTTE, N.C. — HFF has brokered the sale of 500 East Morehead, a 178,336-square-foot office building in Uptown Charlotte. Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda of HFF arranged the transaction on behalf of the seller, Beacon Partners. HFF’s Roy Rosenbaum and Sean Bannon procured the buyer, a member company of Zurich North America, advised by Zurich Alternative Asset Management, its alternative investment adviser. The sales price was not disclosed, but the Charlotte Business Journal reports the asset sold for $88.5 million. Constructed in 2017, the seven-story property features a fitness center with locker rooms and showers, conference room, three outdoor terraces, a rooftop terrace and three restaurants on the ground floor. The building was fully leased at the time of sale to tenants such as Elliott Davis, CB&I, Lennar Multifamily Communities, Guggenheim Real Estate and Hood Hargett & Associates. The restaurants at 500 East Morehead include The Packhouse, Joe & Nosh and Capishe.

August 28, 2018

Acquisitions Georgia Retail Southeast

CBL Properties Sells Shopping Center in Southeast Georgia for $21.5M

by Camren Skelton August 28, 2018

STATESBORO, GA. — Chattanooga, Tenn.-based CBL Properties has sold Statesboro Crossing, a 155,185-square-foot retail center in the southeastern Georgia city of Statesboro, for $21.5 million. A group of investors led by Morrison Investment Group LLC acquired the asset. Zach Taylor and Don McMinn of Marcus & Millichap represented CBL Properties in the transaction. Located a little less than two miles from Georgia Southern University, Statesboro Crossing is situated on approximately 50 acres and is home to tenants including T.J. Maxx, Hobby Lobby, Books-A-Million, Petco, Hibbett Sports and Rack Room Shoes.

August 28, 2018

Leasing Activity North Carolina Office Southeast

CBRE | Raleigh Arranges Leases With First Tenants at Office Development in Raleigh

by Camren Skelton August 28, 2018

RALEIGH, N.C. — CBRE | Raleigh has arranged leases with the first tenants at Crabtree Terrace, a 173,000-square-foot office building under construction in Raleigh. Coworking company Spaces signed a lease for 31,794 square feet of office space, Longleaf Law Partners signed a lease for 8,000 square feet and a high-end, large-format restaurant signed a lease for 12,500 square feet of ground-floor retail space. Chapel Hill-based East West Partners is developing Crabtree Terrace, which will include 145,000 square feet of office space and 28,000 square feet of ground-floor retail space upon completion in the fourth quarter of 2019. The building will be situated adjacent to a luxury hotel and conference center that will house a rooftop bar and full-service restaurant. Architecture firms Gensler and Kimley-Horn are designing the building, and Brasfield & Gorrie is the general contractor. Citizens Bank is providing construction financing for the project, and Northridge Capital LLC and SilverCap Partners are providing equity financing.

August 28, 2018

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Secures $18.8M Sale of Multifamily Community in Birmingham

by Camren Skelton August 28, 2018

BIRMINGHAM, ALA. — Cushman & Wakefield has secured the $18.8 million sale of Village at Grants Mill, a 200-unit multifamily community in Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield arranged the transaction on behalf of the seller, LMS Real Estate. An East Coast-based private capital buyer acquired the property. Village at Grants Mill was originally constructed in 1985 and fully renovated in 2017. Individual units feature granite countertops, private patios or balconies, stainless steel appliances, hardwood style flooring and walk-in closets. Community amenities include a resort-style pool, outdoor fire pit, fitness center, dog park, outdoor kitchen and a coffee bar.

August 28, 2018

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