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AcquisitionsCompany NewsDistrict of ColumbiaIndustrialNorth CarolinaRetailSoutheastTop Stories

Advance Auto Parts Agrees to Sell Worldpac Distribution Business to Carlyle for $1.5B

by Katie Sloan

RALEIGH, N.C. AND WASHINGTON, D.C. — Advance Auto Parts Inc. (NYSE: AAP) has agreed to sell Worldpac, the Raleigh-based company’s automotive parts wholesale distribution business, to funds managed by global investment firm Carlyle (NASDAQ: CG) for $1.5 billion in cash.  Advance Auto Parts operated 321 Worldpac locations primarily within the United States as of the end of the second quarter. These warehouses, 135 of which are branded Autopart International, are generally larger than the company’s retail locations, averaging approximately 26,000 square feet. Worldpac offers over 293,000 parts for domestic and import vehicles and primarily serves professional customers such as vehicle repair shops, with services including same-day delivery of automotive parts through a fleet of company-owned vehicles. Over the past 12 months, these locations generated approximately $2.1 billion in revenue and $100 million in earnings before interest, taxes, depreciation and amortization (EBITDA). Advance expects to close the transaction before the end of the year, with Advance expecting net proceeds of approximately $1.2 billion after taxes and transaction fees.  These proceeds will be used to strengthen the company’s balance sheet and invest in its core retail business, said Shane O’Kelly, president and CEO of Advance Auto Parts, during an earnings call earlier …

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Build-to-RentConference CoverageFeaturesMultifamilyNorth CarolinaSingle-Family RentalSouth CarolinaSoutheastSoutheast Feature Archive

Build-to-Rent Sector Remains in a Sweet Spot, Say InterFace Panelists

by John Nelson

CHARLOTTE, N.C. — Build-to-rent (BTR), or purpose-built neighborhoods of single-family rental homes, has been an emerging subsector of the multifamily continuum the past several years. The housing type fills a niche for renters as it offers more living space and privacy than typical apartments, but is more affordable and amenitized than for-sale homes. The BTR sector began its ascent during the early years of the COVID-19 pandemic when a confluence of factors —the rise in work-from-home and hybrid work schedules, an increase in household formation of younger millennials, the desirability of more private space including garages and backyards — led to a sharp increase in demand for single-family rental (SFR) homes. Underpinning the increased demand for BTR living is the unaffordability of homeownership for a large swath of Americans. As of mid-year, home prices are now 47 percent higher than they were in early 2020, according to Harvard’s Joint Center for Housing Studies. Home insurance premiums have also risen aggressively in the recent past — up 21 percent between 2022 and 2023, according to the study. Meanwhile, mortgage payments are increasingly untenable as interest rates have also risen dramatically in recent years. For these reasons, institutional investors are actively participating …

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DevelopmentFloridaSoutheastStudent Housing

Landmark, Atlantic American Complete 702-Bed Student Housing Development Near FSU

by John Nelson

TALLAHASSEE, FLA. — A joint venture between Landmark Properties and Atlantic American Partners has completed The Metropolitan Tallahassee, a 702-bed student housing development located near the Florida State University campus in Tallahassee. Located at 1701 W. Pensacola St., the mid-rise project offers 217 fully furnished units in two- through four-bedroom configurations. Shared amenities include a swimming pool, jumbotron, outdoor recreation and grilling areas, a gaming lawn, putting green, fitness center, study spaces and onsite parking. The development team for the project included Dwell Design Studio and Landmark Construction, the in-house construction arm of Landmark Properties.

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Build-to-RentDevelopmentGeorgiaMultifamilySingle-Family RentalSoutheast

Parkland Residential Begins Vertical Construction for 114-Unit Build-to-Rent Community in Lawrenceville, Georgia

by John Nelson

LAWRENCEVILLE, GA. — Parkland Residential has begun vertical construction at Sugarloaf Landing, a 114-unit build-to-rent residential community underway in Lawrenceville, a northeast suburb of Atlanta. Situated on 10 acres at 3440 Sugarloaf Parkway, the property will include rear-entry stacked townhomes, with each unit featuring two or three bedrooms and a one-car garage. Parkland Residential says that the townhomes will span between 1,600 for a two-bedroom home and 1,950 square feet for a three-bedroom unit, with monthly rental rates starting at $2,400. Prim Properties will begin leasing at the property in October. In addition to the townhomes, Sugarloaf Landing will feature a swimming pool with a cabana, playground, nature preserve, sidewalks and pocket parks.

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AcquisitionsFloridaIndustrialSoutheast

Partnership Acquires 235,835 SF Industrial Facility in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — A partnership between The Stro Cos., KRE Group and The Silverman Group has acquired a newly delivered, 235,835-square-foot industrial facility located at 1511 Zoo Parkway in Jacksonville. The Class A property, which features 32-foot clear heights, 53 loading docks and 69 trailer parking spaces, is situated near Jacksonville Zoo and Gardens and Jacksonville International Airport, as well as I-95, I-295 and the St. Johns River. Kansas City-based VanTrust Real Estate sold the facility to the partnership for an undisclosed price. Albert Fitch and Kevin Bramhall of Stro represented the buyer internally.

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AcquisitionsRetailSoutheastTennessee

Matthews Arranges Portfolio Sale of Two Shopping Centers in Tennessee

by John Nelson

ELIZABETHTON AND LAFOLLETTE, TENN. — Matthews Real Estate Investment Services has arranged the portfolio sale of two Tennessee shopping centers: Elk Crossing in Elizabethton and Cumberland Crossing in Lafollette. Kyle Stonis, Pierce Mayson and Boris Shilkrot of Matthews represented the seller, Big V Property Group, in the portfolio sale. An entity doing business as Vishal 1 LLC purchased the portfolio for an undisclosed price. The centers, situated roughly 140 miles from each other, span a combined 170,900 square feet and were 99.4 percent leased at the time of sale. Elk Crossing’s tenant roster includes Ross Dress for Less, United Grocery Outlet and Workout Anytime, and Cumberland Crossing’s tenant roster includes Big Lots and Ross Dress for Less.

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AcquisitionsFloridaRestaurantRetailSoutheast

SRS Brokers $3.7M Sale of New Central Florida Restaurant Property Leased to Chipotle

by John Nelson

HAINES CITY, FLA. — SRS Real Estate Partners has brokered the $3.7 million sale of a newly delivered restaurant property located at 35654 U.S. Highway 27 in Haines City, a city in Central Florida. Chipotle Mexican Grill occupies the property on a 15-year triple-net lease. The 2,493-square-foot restaurant sits on 0.7 acres and features a drive-thru. Patrick Nutt, William Wamble and Connor Barton of SRS represented the seller, an undisclosed development firm based in Florida, in the transaction. The buyer, a private investment firm based in Spain, purchased the restaurant at a 4.5 percent cap rate.

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CivicDevelopmentDistrict of ColumbiaOfficeSoutheast

GSA Awards $524M Construction Contract for CISA Headquarters Building in DC

by John Nelson

WASHINGTON, D.C. — The U.S. General Services Administration (GSA), along with the U.S. Department of Homeland Security, has awarded Clark Construction the $524 million contract to build the new headquarters for the Cybersecurity and Infrastructure Security Agency (CISA). The new 630,000-square-foot federal building will be located at the St. Elizabeths West Campus in Washington, D.C. As part of the Biden Administration’s goal to achieve net-zero emissions from federal buildings by 2045, the contract features $80 million to purchase low-embodied carbon construction materials including asphalt, concrete, glass and steel, as well as $35 million to meet high-performance green building standards. The new CISA building is designed to meet LEED Gold certification standards with sustainable features including chilled beams, a dedicated outside air system with energy recovery and demand-controlled ventilation, advanced lighting controls and a high-performance building envelope. The contract includes a nearly $115.9 million investment via the Inflation Reduction Act (IRA), making it the GSA’s largest single IRA investment to date. CNBC, citing data from the Massachusetts Institute of Technology (MIT) and the Rhodium Group, reports that companies have announced approximately $493 billion of investments in clean energy tech, infrastructure and electric vehicle manufacturing since the IRA was signed into law …

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FloridaLoansMixed-UseMultifamilyRestaurantRetailSoutheast

PMG, Greybrook Obtain $178M Refinancing for Society Wynwood Mixed-Use Development in Miami

by John Nelson

MIAMI — PMG and Greybrook have obtained $178 million for the refinancing of Society Wynwood, a 10-story mixed-use property located at 176 N.W. 25th St. in Miami’s Wynwood Arts District. Eastdil Secured arranged the financing through funds managed by Ares Management and Monarch Alternative Capital on behalf of the borrowers. Randy Barcelo of Stearns Weaver Miller advised PMG in the transaction. Society Wynwood, which opened in March, features 318 luxury apartments and co-living units, 50,210 square feet of retail space and 82,000 square feet of amenities, including a rooftop pool, theater lawn, outdoor gym and coworking spaces. PMG expects the multifamily component to reach full stabilization by spring 2025. Retail tenants include Dave’s Hot Chicken, Bodega Taqueria, Chama de Fogo’s Brazilian steakhouse, Nacho Daddy, Starbucks, Voodoo Donuts and I Scream Gelato.

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DevelopmentSoutheastStudent HousingVirginia

Pinecrest Delivers 509-Bed Student Housing Development Near VCU in Richmond

by John Nelson

RICHMOND, VA. — Pinecrest has delivered Parc View at Commonwealth, a 509-bed student housing development located pedestrian to the Virginia Commonwealth University (VCU) campus in Richmond. The 16-story community spans 275,000 square feet and offers units in one-, two-, three- and four-bedroom configurations with bed-to-bath parity. Shared amenities include a rooftop sky deck, art room, fitness center and collaborative study spaces. The development team for the project included Rycon Construction Inc. as general contractor; Hickok Cole Architects; Timmons Group as civil engineer; and University Partners as managing operator. CIBC Bank USA provided construction financing for the development.

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