Southeast

ARA Newmark Brokers $97.3M Sale of Multifamily Community in South Florida

by Camren Skelton February 8, 2018

PALM BEACH GARDENS, FLA. — ARA Newmark has brokered the $97.3 million sale of The Fountains at Palm Beach Gardens, a 542-unit apartment community located at 4120 Union Square Blvd. in Palm Beach Gardens. Hampton Beebe, Avery Klann, Jonathan Senn, Matt Scarola, Dick Donnellan and Marc deBaptiste of ARA Newmark arranged the transaction on behalf of the seller, Landmark at Garden Square. Advenir at PGA LLC acquired the asset. Charles Foschini, Mitch Sinberg, Chris Apone, Matt Robbins and Lourdes Carranza-Alvarez of Berkadia arranged a three-year, $80 million loan through Freddie Mac on behalf of the buyer. Proceeds of the loan will be used to renovate individual apartment units. Constructed in 1974, The Fountains includes one- to three-bedroom apartment units averaging 999 square feet. Community amenities include three resort-style pools, dog parks, a fitness center and outdoor green space. At the time of sale, the property was 95 percent occupied.

February 8, 2018

Multifamily South Carolina Southeast Student Housing

SmartStop Acquires Student Housing Asset Near University of South Carolina for $64.5M

by Camren Skelton February 8, 2018

COLUMBIA, S.C. — SmartStop Asset Management LLC has acquired Aspyre at Assembly Station, a 760-bed student housing community located near the University of South Carolina in Columbia, for $64.5 million. The property offers one-, two- and three-bedroom units. Community amenities include a 24-hour fitness center, business center, computer lab, resort and lap pools, a sauna and various outdoor recreational areas. The seller in the transaction was not disclosed.

February 8, 2018

Industrial Mississippi Southeast

Mohr Capital, Panattoni to Deliver 1 MSF Warehouse for Cooper Tire in Mississippi

by Camren Skelton February 8, 2018

MARSHALL COUNTY, MISS. — Mohr Capital, in conjunction with Panattoni Development Co., is underway on a 1 million-square-foot industrial warehouse for Cooper Tire & Rubber Co. in Marshall County, a Mississippi county within the Memphis MSA. The Findlay, Ohio-based company specializes in the design, manufacturing, marketing and sale of passenger car, truck, motorcycle and racing tires. Alston Construction is the general contractor for the project, and Pickering Firm Inc. is the architect. The new building, located within Panattoni’s Gateway Global Logistics Center, will be used to distribute Cooper Tire’s products directly to customers and supply its regional distribution centers. Gary Horn of Mohr Capital and Preston Thomas of Colliers International represented Cooper Tire in the lease negotiations, and Jim Mercer of CBRE represented Panattoni. The project represents a $50.5 million investment, according to local media reports. An affiliate of Gramercy Property Trust has acquired the land, is funding the development and will own the asset upon completion. The facility is slated for completion this fall and will become Cooper Tire’s largest distribution center in the United States.

February 8, 2018

North Carolina Office Southeast

Childress Klein, Partners to Break Ground on 154,000 SF Creative Office Building in South Charlotte

by Camren Skelton February 8, 2018

CHARLOTTE, N.C. — Childress Klein, in partnership with Crosland Southeast and the B. Frank Matthews II Family, will break ground next month on The Nexus, a 154,000-square-foot, creative office building in south Charlotte. The six-story building will be the second creative office building at Waverly, the joint venture’s master-planned mixed-use development. The Remi Group, an equipment maintenance management provider, has preleased 31,000 square feet at The Nexus for its new corporate headquarters. Ben Speir of Cherry & Associates represented The Remi Group in the lease negotiations, while Travis Hart and Jenny Fowler represented Childress Klein internally. The Nexus will feature exposed ceilings, collaborative office space, a covered parking deck, bike storage, outdoor Wi-Fi-enabled meeting space and a connection to The Yard, Waverly’s master-planned park. In addition, the developers are seeking LEED certification. Wells Fargo will provide construction financing for the project. The design team includes general contractor Shelco and architect Rule Joy Trammell Rubio. The first creative office building at Waverly, The Hub, was delivered in August 2017. NN Inc., an industrial company, plans to relocate its global corporate headquarters to The Hub. Childress Klein has also signed leases with tenants including Esri, Horizon Investments, Axene and Tokai Carbon GE LLC. …

February 8, 2018

Multifamily North Carolina Southeast

Capstone Arranges $24.3M Sale of Apartment Community in Charlotte

by Camren Skelton February 8, 2018

CHARLOTTE, N.C. — Capstone Apartment Partners has arranged the $24.3 million sale of Arcadian Village, a 348-unit apartment community in Charlotte. Lerner & Co. Real Estate sold the property to an investment group with offices in New York and Miami. Brian Ford, Alex McDermott, Ron Corrao and Austin Green of Capstone brokered the transaction. The new owner plans to improve the community with added amenities and interior renovations. Constructed in 1970, Arcadian Village features two laundry facilities, a playground and an onsite leasing office.

February 8, 2018

Georgia Hospitality Southeast Tennessee

Apple Hospitality REIT Acquires Two Hilton-Branded Hotels in Atlanta, Memphis for $63M

by Camren Skelton February 7, 2018

ATLANTA AND MEMPHIS, TENN. — Apple Hospitality REIT, a lodging investment firm based in Richmond, Va., has acquired two Hilton-branded hotels in downtown Atlanta and downtown Memphis for a combined $63 million. The Atlanta asset is the 119-room Hampton Inn & Suites by Hilton Atlanta-Downtown, located at 161 Ted Turner Drive N.W. The hotel is situated within walking distance to Centennial Olympic Park, the CNN Center, the World of Coca-Cola, the Georgia Aquarium and the Mercedes-Benz Stadium. The Memphis property is the 144-room Hampton Inn & Suites by Hilton Memphis-Beale Street, located at 175 Peabody Place. The hotel is located near the Beale Street Entertainment District, FedEx Forum, AutoZone Park, the Memphis Cook Convention Center, the Orpheum Theatre, the National Civil Rights Museum and Graceland.

February 7, 2018

Kentucky Loans Multifamily North Carolina South Carolina Southeast

CBRE Secures $56.9M in Acquisition Financing for Apartment Portfolio in Carolinas, Kentucky

by Camren Skelton February 7, 2018

SAN DIEGO — CBRE has arranged $56.9 million in acquisition financing for three apartment communities located in South Carolina, North Carolina and Kentucky. Bill Chiles, Scott Peterson and Brian Cruz of CBRE’s San Diego office secured the floating-rate loans through Freddie Mac on behalf of the buyer, San Diego-based Strata Equity Group. The properties included in the transaction are the 183-unit Veridian Spartanburg in Spartanburg, S.C.; the 180-unit Icon on the Greenway in Gastonia, N.C.; and The Racquet Club, a 474-unit community in Lexington, Ky. All three properties were renovated in the last two years and feature granite countertops, stainless steel appliances, fireplaces, plank or hardwood-style flooring, walk-in closets and vaulted ceilings. Community amenities include resort-style swimming pools, fitness centers, pet parks and playgrounds. The Racquet Club features a massage therapist on-site, restaurant, cyber café and a private lake and gazebo.

February 7, 2018

Georgia Retail Southeast

Avison Young Brokers $35M Sale of Four-Property Shopping Center Portfolio in Metro Atlanta

by Camren Skelton February 7, 2018

ATLANTA — Avison Young has brokered the $35 million sale of a four-property retail portfolio in metro Atlanta. Theresa Johnson, David Krasnoff and Grant Linderman of Avison Young’s Atlanta office arranged the transaction on behalf of the seller, Ginsburg Development Cos. Harbour Retail Partners acquired the portfolio. The transaction included Dacula Village, a 69,300-square-foot shopping center in Dacula, roughly 25 miles northeast of Atlanta in Gwinnett County; Publix at Mt. Zion, a 79,000-square-foot center in Morrow, roughly 15 miles south of Atlanta in Clayton County; and Stockbridge Lanes, a 78,600-square-foot retail center in Stockbridge, roughly 20 miles south of Atlanta in Henry County. Publix anchors all three of the centers. In addition, Harbour Retail Partners acquired an 80,700-square-foot, Planet Fitness-anchored center — McDonough West — in the south Atlanta metro of McDonough in Henry County. At the time of sale, the four properties had a combined occupancy of 92.5 percent.

February 7, 2018

Retail Southeast Tennessee

HFF Arranges $28.2M Sale of Publix-Anchored Retail Center in Metro Nashville

by Camren Skelton February 7, 2018

MOUNT JULIET, TENN. — HFF has arranged the $28.2 million sale of Providence Commons, a 110,137-square-foot shopping center located at 631 S. Mt. Juliet Road in Mount Juliet, an eastern suburb of Nashville. Jim Hamilton and Richard Reid of HFF arranged the transaction on behalf of the seller, Boyle Investment Co. Boyle will continue to provide development, leasing and management services for the property. The name of the buyer was not disclosed. Publix anchors Providence Commons, which was fully leased at the time of sale to additional tenants including Tuesday Morning, Anytime Fitness, Pizza Hut, Subway, Edible Arrangements, Moe’s Southwest Grill, Salons by JC, Precision Eye Care and PostalAnnex, an authorized UPS shipping outlet. The property also includes seven acres of developable land.

February 7, 2018

Georgia Industrial Southeast

Crow Holdings Breaks Ground on Two Industrial Buildings in Atlanta, Northeast Georgia

by Camren Skelton February 7, 2018

ATLANTA AND JEFFERSON, GA. — Crow Holdings Industrial (CHI), the industrial development affiliate of Dallas-based Crow Holdings, has broken ground on two industrial buildings in Atlanta and northeast Georgia. In Atlanta, the firm is constructing Southside Logistics Center, a 135,000-square-foot building located roughly three miles from Hartsfield-Jackson Atlanta International Airport. The building features 30-foot clear heights, 52-by-52-foot column spacing, 224 parking spaces and an ESFR sprinkler system. Mike Sutter and Rick Tumlin of Lee & Associates are handling the building’s leasing assignment. In Jefferson, roughly 60 miles northeast of Atlanta in Jackson County, CHI is underway on New Salem 85 Logistics Center. The cross-dock building totals 636,000 square feet and will feature up to 239 trailer spaces. Located less than a mile from Interstate 85, the building is suited for distribution and fulfillment users. Wit Truitt and Bob Currie of JLL are handling the property’s leasing assignment. In addition to the two new developments, CHI is also underway on Royal 85 Business Center in Union City, roughly eight miles from the Atlanta airport, and Braselton Point Logistics Center in the northeast Georgia city of Braselton. Once completed, CHI will have developed more than 1.5 million square feet of industrial space across …

February 7, 2018

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