RALEIGH, N.C. — CBRE | Raleigh has arranged the $8.6 million sale of a six-property Dollar General portfolio located throughout North Carolina. Joe Graham of CBRE | Raleigh led the 1031 tax deferred exchange on behalf of the seller, a company affiliated with Raleigh-based Vanguard Property Group, a development and investment management firm. Michael McManus of Marcus & Millichap represented the buyer, a local private investor. Each Dollar General location holds a long-term, triple-net lease.
KNOXVILLE, TENN. — Southeastern Development is underway on One Riverwalk, a $160 million mixed-use project in downtown Knoxville. The Augusta, Ga.-based company demolished 800,000 square feet of the former Baptist Hospital to make way for the project. Upon completion, the 23-acre development will include a 300-unit apartment community that is slated to open in November, a student housing facility, a new hotel and various retail and office buildings. Regal Cinema Corp., one of the world’s largest theater chains, redeveloped a former 180,000-square-foot medical building on the site, with plans to relocate its corporate headquarters to the development this fall. University Housing Group purchased five acres within the project to develop the student housing community, servicing students attending the University of Tennessee. The student housing units are slated to open in summer 2018. Phase II of the project will bring a Home2 Suites Hotel, slated to open in the fall of 2018; the renovation of an existing 50,000-square-foot office building that will be converted to retail and restaurant space; 10,000 square feet of retail space; and reconfiguration of Blount Avenue to include wider sidewalks, bike paths and landscaped medians. Public improvements are slated to debut in summer 2018, and restaurant and …
CHARLESTON, S.C. — A joint venture between North Signal Capital LLC and a fund managed by Westport Capital Partners LLC has purchased two industrial sites in Charleston with plans to develop a speculative building and a build-to-suit property. The sites, collectively referred to as North Pointe Commerce Park, will add approximately 400,000 square feet of Class A industrial space to the market. The partnership will break ground on the 250,000-square-foot speculative building this month, with delivery slated for September 2018. The build-to-suit project could deliver as early as September 2018. North Pointe Commerce Park is situated within 10 miles of the Charleston International Airport, North Charleston Terminal, Boeing and SPAWAR, the U.S. naval installation. Colliers International represented the seller, WestRock, in the transaction. Peter Fennelly, Hagood Morrison and Simons Johnson of Colliers will handle the industrial park’s leasing assignment.
TALLAHASSEE, FLA. — Asset Campus Housing has completed development of Domain at Tallahassee, a 125-unit student housing property located half a mile from Florida State University. Meeks + Partners was the architect for the project, which features a swimming pool, computer lab, study lounge and a fitness center. The five-story community offers a mix of one- to four-bedroom units ranging in size from 659 to 1,399 square feet. Domain at Tallahassee began leasing for students entering the fall 2017 semester.
TUCKER, GA. — Atlanta-based Ackerman & Co. has acquired Lavista Business Park, a four-building industrial portfolio located at 2000-2062 Weems Road in Tucker, roughly 20 miles northeast of Atlanta. Tom Shafer and John Hinson of CBRE represented the seller, Onward Investors affiliate CRE Lavista LLC, in the $12.7 million transaction. At the time of sale, the property was 87 percent leased to tenants including sonnen, which established its 26,000-square-foot U.S. headquarters and innovation center in the park in August; the Veterans Administration; Pure Red Marketing and WaveGuide Solutions. Frank Farrell of Ackerman will handle the property’s leasing assignment.
SANFORD, FLA. — KeyBank Real Estate Capital has secured a $10.1 million Fannie Mae Loan for Dalton Place Apartments, a 172-unit multifamily community in Sanford, a city in Central Florida. Hayley Suminski of KeyBank arranged the 10-year loan with five years of interest-only payments and a 30-year amortization schedule. Proceeds of the loan were used to refinance existing debt. Constructed in 1985, Dalton Place features a swimming pool, playground, tennis court and a picnic area.
CHICAGO AND GREENWICH, CONN. — A joint venture (JV) between Chicago-based Brennan Investment Group and Greenwich-based Arch Street Capital Advisors LLC has acquired a portfolio of 11 industrial properties totaling roughly 2.5 million square feet. The portfolio is valued at approximately $100 million. The properties are located in various markets throughout the Midwest and Southeast, including Chicago, Minneapolis and Grand Rapids, Mich., as well as Jacksonville, Fla., and Birmingham, Ala. The transaction marks the JV’s sixth acquisition since its formation in 2011. Since that time, it has acquired more than $1 billion in single-tenant, net-leased industrial properties. “This acquisition represents the breadth and depth of our net-lease platform,” says Michael Brennan, chairman and managing principal of Brennan. “We have the ability to both acquire large portfolios and to aggregate individual long-term, net-lease assets and can invest across the U.S. in both long- and short-duration net-leased properties with an emphasis on mission-critical assets.” The JV will continue to target investment opportunities involving all types of industrial properties, including assembly plants, research and development facilities and distribution centers. Specifically, it will pursue properties that are located in a top 100 market, have a remaining lease term of at least 10 years and …
Anxiety and hand-wringing about the future of retail were evident at this year’s ICSC RECon event, as developers, retailers and restaurant operators continue trying to make sense of the persistent march of online buying, while also looking to inject new enthusiasm into the bricks-and-mortar shopping experience. In the greater Baltimore metropolitan region, we are experiencing many of same issues as the balance of the country. But, like always, we believe this region has several built-in advantages that will continue to buoy the retail environment, including a diversified business climate, proximity to Washington, D.C., and presence of defense contractors. While “caution ahead” signs seem to be lurking around every corner, there are numerous developments in Baltimore that are screaming “full steam ahead.” Darwinism is in full effect locally, as shopping centers embedded within planned-unit developments or retail destinations offering e-commerce-resistant experiences are the venues with the brightest futures. The developers and retailers that are willing to accept and adapt to changing trends, such as millennials’ preference for experiences rather than ownership, are the entities that will be left standing after this latest seismic shift. Here is a quick look around the Baltimore area landscape, with a focus on the various starts …
NORTH MYRTLE BEACH, S.C. AND HUNTERSVILLE, N.C. — Bellwether Enterprise Real Estate Capital LLC has closed $67 million in financing for two multifamily properties in the Carolinas: Summer Chase Apartments in North Myrtle Beach and Brookson Resident Flats in Huntersville. Cooper Willis of Bellwether Enterprise arranged the $31.8 million acquisition loan through New York Life for Brookson Resident Flats on behalf of the borrower/buyer, Carter Haston Real Estate Services. Todd Johnson of Bellwether arranged $16 million in joint venture equity for the asset. Delivered earlier this year, the 296-unit apartment community is located roughly 15 miles from Charlotte and features a swimming pool, athletic club, bike sharing services and garages. Ridge Stafford of Bellwether arranged a $12.8 million Fannie Mae acquisition loan for Summer Chase Apartments on behalf of the borrower/buyer, MACC Partners. Todd Johnson arranged $3.6 million in joint venture equity. Constructed in 2000, the 168-unit community features a swimming pool, fitness center, laundry facilities, playground and a grilling area.
ATLANTA — PRP LLC and GFH have sold Ansley at Princeton Lakes, a 306-unit apartment community in Atlanta, for $43.5 million. The asset was owned in a joint venture comprising one of PRP’s private equity funds and GFH, a Bahrain-based investment company. Washington, D.C.-based PRP and its partner originally built the property in 2009 and invested $35.2 million in capital improvements in 2014. Located roughly three miles west of Hartsfield-Jackson Atlanta International Airport, Ansley at Princeton Lakes includes 19 three-story buildings with a mix of one-, two- and three-bedroom units. Community amenities include a swimming pool, grill stations, fitness center, hammock garden and a sports lounge with billiards. The buyer was not disclosed.