Southeast

Waterton Purchases Apartment Community in Metro DC for $144M

by Camren Skelton August 24, 2017

ARLINGTON, VA. — Waterton has acquired Windsor at Shirlington Village, a 404-unit multifamily community located within The Village at Shirlington, a transit-oriented neighborhood in Arlington, roughly five miles southwest of Washington, D.C. The sales price was not disclosed, but the Washington Business Journal reports the Chicago-based real estate owner and operator acquired the asset for $144 million. Constructed in 1992, the property will be rebranded as The Citizen at Shirlington Village and will undergo capital improvements including the upgrade of unit interiors, renovation of the fitness center and community room and enhancement of outdoor amenity spaces. The apartment community includes one- to three-bedroom floor plans and features a swimming pool, grilling stations, courtyard areas, clubhouse, fitness center and a racquetball court.

August 24, 2017

Florida Multifamily Southeast

Passco Buys Multifamily Asset in Key West for $101.5M

by Camren Skelton August 24, 2017

KEY WEST, FLA. — Passco Cos., an Irvine, Calif.-based multifamily investment firm, has acquired Ocean Walk Apartments, a 297-unit multifamily community located at 3900 S. Roosevelt Blvd. in Key West, for $101.5 million. Hampton Beebe of ARA Newmark brokered the transaction on behalf of the seller, a partnership between Mast Capital and Rockpoint Group, and the buyer. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for Passco through Fannie Mae. The property features a clubhouse, swimming pool with a sundeck, tennis courts and a basketball court. Prior to Passco’s acquisition, the majority of the unit interiors of Ocean Walk Apartments were renovated with granite countertops, stainless steel appliances and new cabinetry and flooring. Passco plans to renovate the remaining 10 percent of units that were not updated during prior ownership.

August 24, 2017

Alabama Office Southeast

Patriot Equities Acquires 590,000 SF Office Portfolio in Suburban Birmingham

by Camren Skelton August 24, 2017

HOMEWOOD, ALA. — Patriot Equities LP has acquired 200, 210 and 220 Wildwood Parkway, three office buildings totaling 590,000 square feet in Homewood, roughly five miles south of Birmingham. The Class A buildings are situated on a 45-acre campus at the corner of Interstate 65 and Lakeshore Parkway. Patriot Equities purchased the portfolio from Wells Fargo for an undisclosed price. As part of the transaction, Wells Fargo agreed to a long-term leaseback for a portion of the campus whereby the company will occupy all of Building 220 and 50 percent of Building 200. The portfolio features conference facilities, a cafeteria and a 1,600-space parking deck, in addition to surface parking. Renamed Patriot Midtown Park, Patriot Equities has plans for capital improvements including lobby upgrades, restroom renovations, exterior enhancements and construction of a fitness center.

August 24, 2017

Office South Carolina Southeast

Insite Properties, Eastern Federal Buy Two Office Properties in Charleston for $21.5M

by Camren Skelton August 24, 2017

CHARLESTON, S.C. — Charlotte, N.C.-based firms Insite Properties and Eastern Federal Corp. have acquired two office buildings in Charleston: the 74,000-square-foot Albemarle Point Center, located at 176 Croghan Spur Road, and an adjacent 11,000-square-foot flex-space property located at 238 Albemarle Road. The sales price was not disclosed, but The Post and Courier reports the buildings sold for $19.5 million and $2 million, respectively. The companies will implement renovations to the buildings, including updating the building exterior and internal common areas.

August 24, 2017

Retail Southeast Tennessee

Baker Storey McDonald Signs Climbing Gym to Retail Center in Metro Nashville

by Camren Skelton August 24, 2017

MURFREESBORO, TENN. — Baker Storey McDonald Properties Inc. has signed a long-term lease with Climb Nashville LLC, an indoor rock climbing concept, at Northfield Crossing Shopping Center in Murfreesboro, roughly 35 miles southeast of Nashville. Climb Nashville’s newest location, Climb Murfreesboro, will occupy 30,500 square feet at 1660 Memorial Blvd., making it the largest indoor climbing facility in Tennessee. Allen McDonald and Tom Frye of Baker Storey McDonald Properties Inc. represented the landlord, Conscious Capital LLC, and worked directly with Climb Nashville LLC to complete the transaction. Conscious Capital is a privately owned, Nashville-based real estate investment firm that acquired Northfield Crossing in 2016. Climb Murfreesboro is part of the company’s plan to transform the property into an experiential, internet-resistant shopping center.

August 24, 2017

Features Georgia Southeast Top Stories

Growth in CapEx Spending Bodes Well for Economic Future, Says GSU’s Rajeev Dhawan

by John Nelson August 24, 2017

ATLANTA — When businesses loosen their purse strings and increase their capital expenditures (CapEx), good things tend to follow. U.S. businesses this year have already doubled the volume of CapEx recorded for all of 2016, which has contributed positively to the nation’s real gross domestic product (GDP), according to Rajeev Dhawan, director of the Economic Forecasting Center at Georgia State University’s (GSU) J. Mack Robinson College of Business. Speaking at his quarterly economic forecast, which was held on Wednesday, Aug. 23 at GSU’s Centennial Hall Auditorium, Dhawan says that the 5.2 percent growth of nonresidential fixed investment in the second quarter over the prior quarter has boosted his outlook for the U.S. economy. “Compared to February, my forecast is way more optimistic,” says Dhawan. “I don’t usually change my opinion that quickly until all the evidence comes in. I’ve always said ‘investment today, jobs tomorrow.’” CapEx spending was down in 2016 leading up to the U.S. presidential election, which Dhawan says was due to both oil prices coming down and the uncertainty surrounding the election’s outcome. “Everyone was waiting to see which way the election was going to go,” says Dhawan. “Since the election, CapEx spending has rebounded sharply.” Dhawan …

August 24, 2017

Loans Multifamily Seniors Housing Southeast Virginia

Pinnacle Living Secures $50.6M Loan for Expansion of Seniors Housing Asset in Richmond

by Camren Skelton August 23, 2017

RICHMOND, VA. — Pinnacle Living, a Glen Allen, Va.-based provider of retirement and seniors housing communities, has secured a $50.6 million loan from SunTrust Bank for the renovation and expansion of Cedarfield, a 90-acre retirement community in Richmond. Formerly known as Virginia United Methodist Homes Inc., the company rebranded to Pinnacle Living in June. The company owns and operates seven seniors housing communities in Virginia. Cedarfield’s renovation will include upgrades to the dining spaces, including the addition of a new pub, marketplace and a fine dining concept. Other planned improvements include a new health and wellness center, additional parking and upgrades to additional facilities and outdoor gathering places.

August 23, 2017

Kentucky Multifamily Southeast

Cushman & Wakefield Brokers $25.5M Sale of Apartment Community in Louisville

by Camren Skelton August 23, 2017

LOUISVILLE, KY. — Cushman & Wakefield | Commercial Kentucky has arranged the $25.5 million sale of Breckenridge Square, a 294-unit apartment community in Louisville. Craig Collins of Cushman & Wakefield | Commercial Kentucky and Mike Kemether of Cushman & Wakefield’s Atlanta office represented the seller, Stratford Asset Management Co., in the sale to RealSource Properties. Breckenridge Square is situated within six miles of GE Appliance Park, UPS Worldport and Ford’s Louisville Assembly Plants. The property features a fitness center, swimming pool and a playground.

August 23, 2017

Florida Georgia Retail Southeast

Phillips Edison Acquires 280,060 SF Publix-Anchored Portfolio in Florida, Georgia

by Camren Skelton August 23, 2017

CINCINNATI — Cincinnati-based Phillips Edison & Co. has acquired three Publix-anchored shopping centers located throughout Florida and Georgia totaling 280,060 square feet. The portfolio includes St. John’s Plaza, a 117,507-square-foot center in Titusville, roughly 40 miles east of Orlando; Ormond Beach Mall, a 94,275-square foot shopping center in Ormond Beach, a Central Florida town near Daytona Beach; and Golden Park Village, a 68,278-square-foot shopping center in Buford, roughly 40 miles northeast of Atlanta. St. John’s Plaza is home to Hair Cuttery, Sally Beauty Supply, Dollar Tree and Cricket Wireless. Ormond Beach Mall features tenants including Wells Fargo and Dollar Tree. In addition to Publix, Golden Park Village houses Great Clips and The UPS Store. The sales price and seller of the portfolio were not disclosed.

August 23, 2017

Multifamily South Carolina Southeast

SVN Blackstream Arranges $12.1M Sale of Multifamily Asset in North Charleston

by Camren Skelton August 23, 2017

NORTH CHARLESTON, S.C. — Greenville, S.C.-based SVN Blackstream has brokered the $12.1 million sale of Alston Arms Apartments, a 160-unit multifamily community in North Charleston. Joey Weinel, Jonathan Kessler and Keith Nelson of SVN Blackstream negotiated the transaction on behalf of the seller. The buyer was not disclosed. Constructed in 2007, the property comprises two-bedroom units and is situated on 8.7 acres.

August 23, 2017

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