ATLANTA — Lincoln Property Co. Southeast (LPC Southeast) has broken ground on Union 85 Distribution Center, a 243,540-square-foot speculative warehouse/distribution center in Atlanta. The facility will be located at 3725 Royal South Parkway, less than a half-mile from Interstate 85 within Atlanta’s I-85 South industrial submarket. The building will feature 32-foot clear heights, 38 dock-high doors, two drive-in doors, front-load configuration and 40 existing spaces for excess trailer storage. LPC Southeast will handle the project’s leasing assignment upon completion, which is scheduled for later this year. The company delivered Flat Shoals 85 Distribution Center at the end of 2017. The building is fully leased to Future Forwarding Co.
GAITHERSBURG, MD. — Rock Creek Property Group has leased the entire building at 700 Quince Orchard Road in Gaithersburg to Supernus Pharmaceuticals. The company, which specializes in therapies for central nervous system diseases, will utilize the 119,000 square feet for its new company headquarters. Rock Creek Property Group and Woodside Ventures acquired the building in 2015, and will convert the space into Class A lab and office space with a first floor indoor parking structure. The owners expect to complete the renovation in mid-2019. The building is part of a 13-acre parcel of land that will eventually include roughly 150 townhomes. Supernus Pharmaceuticals will relocate from its current location at 1550 E. Gude Drive in Rockville, Md. Edge Commercial represented Rock Creek Property Group in the lease negotiations, and Scheer Partners represented Supernus.
TAMPA, FLA. — Michaelson Real Estate Group LLC has acquired St. Moritz Apartments, a 168-unit multifamily community in Tampa, for $20.7 million. The name of the seller was not disclosed. The property is located at 13835 Heritage Club Drive, less than two miles from the University of South Florida. St. Moritz Apartments offers two-bedroom/two-bath townhomes and features a swimming pool, lakefront picnic and barbecue areas, fitness center and a clubhouse. The community was built in 1984 and has undergone renovations over the last two years.
TAMPA, FLA. — Tiktin Real Estate Investment Services (TREIS) has arranged the $5.2 million sale of Madison Square, a 38,720-square-foot shopping center located at 5513-55119 S. 78th St. in Tampa. Adam Tiktin of TREIS arranged the transaction on behalf of both the seller, Madison Square Group LLC, and the buyer, ATS Residential LLC. Family Dollar anchors the property, which was constructed in 2007 and was fully leased at the time of sale. The site also includes a one-acre outparcel for a future restaurant or retail building.
GLENVIEW, ILL. — Glenview-based Providence, the parent company of Providence Management Co. LLC, has sold its interest in a 14-property, 3,451-unit multifamily joint venture portfolio located throughout the Carolinas, Alabama, Georgia and Kentucky. In North Carolina, the portfolio included three properties in Charlotte and three properties in Greensboro. In South Carolina, the portfolio included three properties in Greenville and a property in Spartanburg. In addition, the portfolio included a property in Huntsville, Ala., Savannah, Ga., and Lexington, Ky. The sales price and specific property names were not disclosed.
STOCKBRIDGE, GA. — U-Haul Co. has acquired a 324,000-square-foot warehouse located at 471 Eagles Landing Parkway in Stockbridge, roughly 19 miles southeast of downtown Atlanta. Other terms of the deal were not disclosed. U-Haul Mobility & Storage at Eagles Landing will be repurposed to offer 1,800 indoor self-storage units for rent. The facility will include a mix of climate-controlled and non-climate-controlled units and security features. In addition, the warehouse will house a new regional office for U-Haul. The company’s operations will encompass 108,000 square feet, and the remaining 216,000 square feet will be available for lease. The facility will employ approximately 20 people when fully operational, and will feature a sidewalk expansion for customers who arrive by golf cart, an electrical charging station for golf carts and a walking and biking path. In the coming weeks, U-Haul will allocate warehouse space to store more than 300 U-Box portable moving and storage containers and lot space to accommodate 40 U-Haul truck boxes, providing immediate storage solutions for customers while self-storage rooms are under construction. A construction timeline was not disclosed.
DURHAM, N.C. — Audubon Communities has acquired Oak Creek Village, a 500-unit apartment community located at the intersection of Durham-Chapel Hill Boulevard and Garrett Road in Durham. The name of the seller and the sales price were not disclosed. Audubon will invest $4.6 million in capital improvements for the property — originally constructed in 1972 — and rename the community The Garrett. Planned improvements include replacement of the existing leasing office with a new facility that will include a new fitness center and residential lounge, roof replacement, landscape improvements and updates to the pool, playground and other outdoor amenities. Legacy Capital Partners is Audubon’s equity partner on the transaction. Audubon financed the deal with an acquisition and construction loan from PGIM Real Estate Finance. The deal marks Atlanta-based Audubon’s first investment in the North Carolina market and the company’s third deal with Legacy Capital Partners.
CAPE CORAL, FLA. — Studio+ will provide architecture and interior design services for Thrive at Four Mile Cove, a 140-unit seniors housing community in Cape Coral, located on the Gulf of Mexico near Fort Myers. Fortress Ventures is developing the community on 11 acres. Development costs are estimated at $31 million. The community will offer 60 independent living units, 48 assisted living units and 32 memory care units. The project is scheduled for completion in January 2019.
AUSTELL, GA. — Resource Apartment REIT III Inc., through a wholly owned subsidiary, has acquired Tramore Village, a 324-unit apartment community in Austell, roughly 17 miles northwest of Atlanta. Constructed in 1999, the community features two swimming pools, a fitness center and a lighted tennis court. The sales price and name of the seller were not disclosed.
In its 2018 Emerging Trends in Real Estate survey, Urban Land Institute (ULI) named Nashville the No. 9 U.S. market to watch. Factors contributing to Nashville’s appearance as a top 10 market in ULI’s report for the past three years include a re-emergent downtown, strong population growth, market attractiveness to millennials and a low cost of living. These factors — along with game-changing urban retail developments and the creativity of its culinary scene — have elevated Nashville’s retail market over the last few years. As in its 2015 and 2016 reports, ULI once again refers to Nashville as an “18-hour city.” A defining element of an 18-hour city is a vibrant urban core with entertainment and dining attractions bustling between 7 a.m. and 2 a.m., well beyond the traditional business hours of 8 a.m. to 5 p.m. Downtown Nashville is a hotspot for retail development, as the area continues to draw record-breaking numbers of crowds from tourists and locals alike to events, restaurants and conventions. From the Predators’ historic run in the 2017 Stanley Cup Finals to the 46th annual CMA Music Festival that brought $57.7 million in direct visitor spending to the nightly concerts at Ryman Auditorium, downtown is …