CALABASH, N.C. — Cleeman Realty Group (CRG) has arranged the $5.2 million sale of Carolina Commons, a 50,400-square-foot, Food Lion-anchored retail center in Calabash, located 28 miles northeast of Myrtle Beach, S.C. Jacob Baruch, David Kaufman and Michael Cleeman of CRG represented the undisclosed buyer and the seller, a group of TIC investors. Carolina Commons was 93 percent leased at the time of sale.
Sometimes there are benefits to being late to the party. Louisville, having lagged behind larger surrounding cities in multifamily development post-recession, is now experiencing a boom in apartment construction, much of which is being supplied by out-of-state developers. For similar reasons, including Louisville’s sustained economic growth fueled by continued strength as an international distribution center alongside a stable manufacturing base, national investor demand for Louisville multifamily properties has intensified. Traditionally known for the Kentucky Derby and the bourbon industry, Louisville is now raising eyebrows with a growing population, robust job growth and balanced multifamily supply and demand. Big Business, Jobs At the heart of this burgeoning story is UPS Worldport, the primary global air hub for the world’s largest package delivery company. UPS, the largest private employer in Kentucky, continues to expand its presence in Louisville, having recently announced a $310 million expansion of its Centennial hub sorting facility. Ford Motor also recently announced that it is investing $900 million in its Kentucky Truck Plant, in addition to the $1.3 billion and 2,000 jobs created at that plant in late 2015 to build Ford Super Duty trucks. Additionally, Qingdao Haier Co., having acquired Louisville-based GE Appliances in June 2016, announced …
RALEIGH, N.C. — Avison Young has arranged the $37.3 million sale of Woodfield Glen, a 233-unit apartment community located at 3801 Glen Verde Trail in Raleigh. Peter Sherman, Craig Cadwallader, Grant Linderman and Sam Chow of Avison Young arranged the transaction on behalf of the buyer, California based-Inco Monterra LLC. ARA Newmark represented the seller, Richmond, Va.-based Grayco Inc. Located at the corner of Glenwood Avenue and Lynn Road, the property is located seven miles from downtown Raleigh and four miles from Raleigh-Durham International Airport. Woodfield Glen was constructed in 2008 and features a mix of one-, two- and three-bedroom units. Community amenities include a saltwater pool, fitness center, clubhouse, garages, storage rentals and a game room.
FREDERICK, MD. — Norfolk, Va.-based S.L. Nusbaum Realty Co. has opened The Fred, a 240-unit apartment community located in the Waverly View Planned Neighborhood Development in Frederick. Constructed by Morgan-Keller Construction Co., the property features mountain views, a clubhouse, fitness center, swimming pool, business center, car charging station and a playground. The Fred offers a mix of one- to three-bedroom units that feature vaulted ceilings, granite countertops, in-unit washers and dyers and patios or balconies.
NORTH CHARLESTON, S.C. — Monmouth Real Estate Investment Corp., a New Jersey-based industrial REIT, has acquired a 121,683-square-foot industrial property located at 1892 Anfield Road in North Charleston for $21.9 million. The newly constructed building is net-leased to FedEx Corp. for 15 years. The property is situated on 16.2 acres and is located roughly two miles from the Charleston International Airport and 10 miles from the Port of Charleston. The name of the seller was not disclosed.
MURFREESBORO, TENN. — Cohen Financial, a division of SunTrust Bank, has secured a $13 million loan for the acquisition of Towne Center, a 108,000-square-foot retail center located on Old Fort Parkway in Murfreesboro, roughly 35 miles southeast of Nashville. Dan Rosenberg and Matt Terpstra of Cohen Financial secured the fixed-rate loan through Morgan Stanley on behalf of the borrower, an affiliate of Integris Ventures. T.J. Maxx anchors Towne Center, and Lowe’s Home Improvement and Target are shadow anchors.
SAVANNAH, GA. — Marcus & Millichap has arranged the $13.5 million sale of Heritage Square, a 168-unit apartment community located at 9111 White Bluff in Savannah. John Brigel of Marcus & Millichap arranged the transaction on behalf of the undisclosed sellers and procured the buyer. Additional terms of the transaction were not disclosed. Constructed in 1971, Heritage Square includes one- and two-bedroom units and features a business center, fitness center, clubhouse and a swimming pool.
DORAL, FLA. — Walker & Dunlop has arranged the $135 million sale of The Manor CityPlace Apartments, a 398-unit multifamily community in Doral, a city in South Florida roughly 14 miles west of Miami. Roberto Pesant and Chris Conklin of Walker & Dunlop arranged the transaction on behalf of the seller and property developer, The Related Group. TA Realty acquired the asset, which is situated on a 5.7-acre site within walking distance to CityPlace Doral, a 55-acre retail center that opened in March. Constructed in 2014, The Manor includes studio, one-, two- and three-bedroom floor plans with private patios and balconies. Community amenities include a waterfall Jacuzzi, pool with personal cabanas and daybeds, outdoor kitchen with a fireplace and barbeque area, game room, private movie theater, yoga studio, virtual spinning room and a fitness center.
LEBANON, TENN. — Al. Neyer has unveiled plans to develop Cedar Farms, a Class A industrial development in Lebanon, roughly 30 miles east of Nashville. The development will include two speculative buildings totaling more than 1.5 million square feet, located on 103 acres near the Couchville Pike and Interstate 840 interchange. The first phase of the project will include a 902,000-square-foot speculative building and a second pad for a facility spanning up to 600,000 square feet. New York Life Real Estate Investors is an equity investor in the project, which is the firm’s second partnership with Al. Neyer. The partnership’s other venture is Mallory Green, a 175,000-square-foot office building under construction nearby in Franklin. Cedar Farms will feature 36-foot clear heights and LED lighting in 70-foot speed bays. Construction on Phase I will begin this month, with completion slated for late 2018. Doug McDowell and Jeb Atkinson of ProVenture will represent Al. Neyer in the project’s leasing assignment.
RALEIGH, N.C. — Highwoods Properties Inc. is selling two office towers in Raleigh for a combined $65.3 million. Highwoods Tower One, a 187,000-square-foot office tower in Raleigh, sold for $34.3 million. The Triangle Business Journal reports BB&T, a tenant, acquired the asset. BB&T also acquired an adjacent, two-acre land parcel as part of the acquisition. The 26-year-old building was 85.5 percent leased as of Sept. 30. In addition, Highwoods Properties is selling Highwoods Tower Two for $31 million. The transaction, which is scheduled to close in the second quarter of 2018, will include another adjacent, two-acre land parcel. The 168,000-square-foot building is 15 years old and was 90.8 percent leased as of Sept. 30.
