INDIAN TRAIL, N.C. — SRS Real Estate Partners has brokered the $11.2 million sale of Union Town Centre, a 102,360-square-foot shopping center in Indian Trail, roughly 16 miles southeast of Charlotte. Kyle Stonis and Pierce Mayson of SRS represented the seller, Equity Investment Group, in the sale to Katz Properties LLC. Situated on 15 acres at 5850 Highway 74 West, Union Town Centre is anchored by Food Lion and Dollar Tree.
HYATTSVILLE, MD. — Greysteel has brokered the $10.3 million sale of Courtyard Park, a 94-unit apartment community in Hyattsville, roughly seven miles northeast of Washington, D.C. Signature Properties acquired the property from CRG Cos. Kyle Tangney, Herbert Schwat and Ari Azarbarzin of Greysteel negotiated the transaction. Located at 4201-4213 Oglethorpe St., Courtyard Park, constructed in 1948, comprises seven four-story buildings.
ATLANTA — The Ardent Cos. has purchased five buildings within the 14-building Piedmont Center office park in Atlanta’s Buckhead district for $144 million. David Meline, Stewart Calhoun and Samir Idris of Cushman & Wakefield represented the seller, Northwestern Mutual, in the transaction. Gil Burstiner of Hartman Simons, a commercial real estate law firm, represented Ardent in the negotiations. KKR’s Real Estate Finance team financed the acquisition. Atlanta-based Ardent will invest in renovations to the portfolio, including enhancements to amenities and common areas, as well as increased connectivity and accessibility. Ardent acquired The Fountains at Piedmont Center, a four-building office portfolio within Piedmont Center, in October 2016 for $76.5 million. Ardent also owns an office building site within the center that is zoned for additional development.
DELRAY BEACH, FLA. — TH Real Estate, an affiliate of TIAA’s Nuveen, has acquired The Atlantic at East Delray, a 228-unit apartment community located at 650 Lavers Circle in Palm Beach County’s Delray Beach. The sales price was not disclosed, but the South Florida Business Journal reports the asset sold for $54 million. TH Real Estate purchased the property from a joint venture between Pollack Shores and its equity partner. Constructed in 1996, The Atlantic at East Delray features a swimming pool, dog park, business center, playground, fitness center, sand volleyball court and picnic areas with charcoal grills.
ROCK HILL, S.C. — Legacy Suites has opened a new hotel at 1835 Canterbury Glen Lane in Rock Hill, a South Carolina suburb of Charlotte. Built by MC Hotel Construction, the $11 million, four-story hotel comprises 64,000 square feet and includes 115 rooms. The extended-stay hotel features a kitchen and full-size appliances. Amenities include a gathering room, fitness center, laundry facilities, barbeque grills and a picnic area. MC Hotel Construction’s sister company, Midas Hospitality, will manage the new property. The Rock Hill location is the second Legacy Suites hotel in the country, the other being in Donaldsonville, La. A third Legacy Suites location is slated to open in Greenville, S.C., in summer 2018.
SOUTHAVEN, MISS. — CVH Airways LLC has opened Homewood Suites by Hilton Southaven, a 99-room hotel located at 135 Homewood Drive in Southaven, roughly 13 miles south of Memphis in Mississippi. The hotel includes a mix of studio, one- and two-bedroom accommodations and features fully equipped kitchens and separate living and sleeping areas. Amenities include a fitness center, indoor pool, outdoor sports court and 468 square feet of meeting space. Vista Host Inc. will manage the property.
ORLANDO, FLA. — Colliers International has secured a 69,545-square-foot lease for Safemark Systems, a manufacturer of electronic safes for the hospitality industry, at Horizon Commerce Park in Orlando. With the new lease, Safemark Systems will combine its office and warehouse operations into one space. Richard Davis Jr. of Colliers International represented Safemark Systems in the lease transaction. Mike Borling of JLL represented the landlord, EastGroup Properties. Located at 200 W. Sand Lake Road, the property is situated roughly eight miles south of downtown Orlando, with access to State Road 528 and the Orlando Executive Airport.
The industrial market in Charlotte is healthy, with trends pointing to another solid year of net absorption and rent growth. The market continues to attract institutional capital, as cap rates hover slightly below 6 percent for Class A product in the metro’s primary submarkets. Charlotte’s job growth continues to drive population migration into the market. More than 37,000 new jobs have been added in the past 12 months, dropping the unemployment rate from 5.2 percent to 4.9 percent. North Carolina has a young, educated workforce and boasts 53 universities and colleges. The state is nationally recognized for its labor climate. Major employers span the gamut of the business world, from financial and energy stalwarts such as Bank of America and Wells Fargo, Duke Energy and Siemen’s Energy Inc., to more industrial players such as Daimler Trucks North America, Lowe’s, FedEx and Snyder’s-Lance Inc. Charlotte is a logistically sound market, with the city’s airport ranking as the eighth busiest in the U.S., according to the Federal Aviation Administration. A relatively new intermodal rail facility and continued investment in road infrastructure projects are also helping to foster an optimistic environment. The HB2 legislation, which proved a major obstacle to attracting new companies …
PALM BEACH GARDENS, FLA. — Walker & Dunlop Inc. has brokered the sale of The Quaye at Palm Beach Gardens, a 340-unit, Class A apartment community located in South Florida’s Palm Beach County. The sales price was not disclosed, but the South Florida Business Journal reports an affiliate of PGIM Real Estate, the real estate arm of Prudential Financial, purchased the asset in July for $118.4 million. Greg Engler, Chris Conklin and Roberto Pesant of Walker & Dunlop’s investment sales team represented the seller, HG Management LLC, in the transaction. Constructed in 2015, The Quaye was designed to meet the National Association of Home Builders’ Gold Standard for a green project. The Quaye’s sustainable features include an almost 50 percent reduction in energy and water usage, cleaner air inside the home and outside, with the community being 100 percent smoke-free, reduced sound transmission with solid concrete walls and six-inch concrete floors and solar control windows that reduce solar heat and noise. Community amenities include a clubhouse, fitness center, kids’ playroom, dog park, swimming pool and a community kitchen.
AUGUSTA, GA. — Cushman & Wakefield has brokered the $53.3 million sale of Ansley at Town Center, a Class A apartment community in Augusta. Robert Stickel of Cushman & Wakefield represented the seller, Atlanta-based Cortland Partners, in the transaction. Demarest, N.J.-based Spyglass Capital Partners acquired the property. Ansley at Town Center features a swimming pool, fitness center, business center and a clubhouse.
