Southeast

FCP, Urban Atlantic Acquire Two Apartment Assets in Metro D.C. for $44M

by Camren Skelton September 25, 2017

FORESTVILLE AND CAPITOL HEIGHTS, MD. — Federal Capital Partners (FCP), in a joint venture with Urban Atlantic, has acquired two apartment assets in metro Washington, D.C. for a combined $44 million. Christine Espenshade and Robert Garrish of JLL arranged the transaction on behalf of the buyer. Located at 5521 Marlboro Pike in Forestville, Holly Springs Meadows is roughly 12 miles southeast of Washington, D.C. The pet-friendly community features modern kitchens, a playground and open courtyard spaces. The second community, Woods at Addison, is located at 6500 Ronald Road in Capitol Heights, approximately 10 miles east of D.C. The community features modern kitchens, private balconies or patios, a pool and tennis and basketball courts. The properties have a combined total of 449 apartment units.

September 25, 2017

Multifamily Southeast Virginia

Marcus & Millichap Arranges $8.1M Sale of Multifamily Community in Virginia Beach

by Camren Skelton September 25, 2017

VIRGINIA BEACH, VA. — Marcus & Millichap has brokered the $8.1 million sale of Hollygreen Apartments, a 96-unit multifamily community located at 3429 Hollygreen Drive in Virginia Beach. Altay Uzun and Justin Ferguson of Marcus & Millichap represented the sellers, private investors who had owned the property since its construction in 1984, in the 1031 exchange. Uzun also procured the undisclosed buyer. The community includes one- and two-bedroom floor plans and features a fitness center and swimming pool.

September 25, 2017

Georgia Industrial Self-Storage Southeast

Stein Sells Three Self-Storage Properties in Metro Atlanta Totaling 300,000 SF

by Camren Skelton September 25, 2017

CUMMING, MARIETTA AND ATLANTA, GA. — Atlanta-based Stein Investment Group has sold three of its Space Shop Self Storage properties in metro Atlanta totaling approximately 300,000 square feet. Life Storage LP acquired the Cumming, Marietta and Atlanta properties for an undisclosed price on behalf of one of its joint venture partners. The 103,700-square foot Space Shop Cumming features 800 units and was 90 percent leased at the time of sale. Located at 3148 Johnson Ferry Road in Marietta, Space Shop East Cobb features amenities such as climate-controlled wine storage. The facility was 88 percent leased at the time of sale. Developed as an urban, infill opportunity, Space Shop Old Fourth Ward is located at 486 Decatur St. in Atlanta and features five levels of storage, access control and covered loading. At the time of sale, the property was 85 percent leased.

September 25, 2017

Florida Market Reports Office Southeast Southeast Market Reports

Orlando’s Suburban Office Sector is Ready for its Time to Shine

by John Nelson September 25, 2017

The Central Florida market continues to be a bright ray in the Sunshine State with 68 million plus tourists in 2016, and over $10 billion currently invested in major projects either recently completed or underway. Area theme parks, such as Disney World, Universal Studios and Sea World, continue investments in new rides and attractions, drawing even more visitors to Orlando, and setting record attendance numbers on an annual basis. Tourism isn’t the whole story in Central Florida, though. Notable projects in the urban core include the University of Central Florida’s downtown campus at Creative Village for 10,000 students, the 650,000-square foot Orlando Magic mixed-use entertainment complex adjacent to the Amway Center, and the new $450 million second phase expansion to the Dr. Phillips Center for the Performing Arts. All of these new urban core projects are creating a true live-work-play dynamic in downtown Orlando. The suburban market is also seeing significant activity. For example, the Health & Wellness cluster at Lake Nona; the $3.1 billion redevelopment at Orlando International Airport; the $43 million improvement of the Orlando Sanford International Airport; and the $1 billion West Orange County mixed-use community all showcase that new investment is not centered in one part …

September 25, 2017

Multifamily Southeast Tennessee

Michaelson, Eklund Purchase Apartment Community in Knoxville for $48.1M

by Camren Skelton September 22, 2017

KNOXVILLE, TENN. — Michaelson Real Estate Group LLC, in partnership with Eklund Development, has acquired The Metropolitan, a 520-unit multifamily community in the Cedar Bluff neighborhood of Knoxville, for $48.1 million. Constructed in 1986, the property includes one- and two-bedroom floor plans with an average size of 800 square feet. Units feature wood-style flooring, stainless steel appliances, granite countertops and private balconies or patios. Community amenities include a heated indoor swimming pool, outdoor resort-style pool, clubhouse, fitness center, sports courts and a picnic area with grills. The property was updated in 2015 to include repaved parking lots, new roofs and interior and exterior renovations.

September 22, 2017

Alabama Retail Southeast

Publix to Anchor New 59,600 SF Shopping Center in Huntsville

by Camren Skelton September 22, 2017

HUNTSVILLE, ALA. — Watkins Real Estate Group has signed a 45,600-square-foot lease with Publix Super Markets Inc. to anchor The Pinnacle at Providence, a 59,600-square-foot retail center under development in Huntsville’s Providence neighborhood. The Atlanta-based retail and multifamily development company acquired the 9.2-acre site in 2016 and recently secured construction financing through BB&T Corp. In addition to Publix, the tenant lineup includes Courtney Murray DDS, Allure Nails Spa and an additional 9,800 square feet of shop space. Watkins is pursuing other retail, dining and service tenants to fill the remaining space. The new Publix will be the Lakeland, Fla.-based grocer’s third location in the market. The Pinnacle at Providence is slated for completion in the first quarter of 2018.

September 22, 2017

Retail Southeast Virginia

JCR Cos. Acquires Retail Center in Northern Virginia for $17.7M

by Camren Skelton September 22, 2017

FRONT ROYAL, VA. — Washington, D.C.-based The JCR Cos. has acquired Riverton Commons, a 69,496-square-foot shopping center in Front Royal, for $17.7 million. CBRE represented the seller, EDENS, and First Virginia Community Bank provided acquisition financing. Constructed in 2007, Riverton Commons is home to tenants including Valley Health Systems Urgent Care, Great Clips, Mattress Warehouse, Sweet Frog, Anytime Fitness, Hibbett Sports and Tropical Smoothie Café. The property is part of a 500,000-square-foot regional shopping center anchored by a Walmart Supercenter and a Lowe’s Home Improvement store. JCR plans to lease up the existing vacant space and either develop or sell the property’s five pad sites, two of which are vacant land.

September 22, 2017

Alabama Retail Southeast

GBT Realty Buys 234,124 SF Shopping Center in Tuscaloosa

by Camren Skelton September 22, 2017

TUSCALOOSA, ALA. — GBT Realty Corp. has purchased McFarland Plaza, a 234,124-square-foot shopping center in Tuscaloosa. Jim Hamilton, Richard Reid, Mike Allison and Brad Buchanan of HFF represented the seller, a partnership between DDR Corp. and TH Real Estate. Bill Fishel and Matthew Stewart of HFF secured a three-year, floating-rate loan through Värde Partners on behalf of the new owner. T.J. Maxx, Ross Dress for Less, Michaels and Stein Mart anchor the center. McFarland Plaza Shopping Center is also home to Cato, Dollar General, H&R Block, Pet Supplies Plus, Nail Club and Lendmark Financial. Located at 2600 McFarland Blvd. E., the center is approximately one mile south of the University of Alabama.

September 22, 2017

Florida Hospitality Loans Southeast

Axilla Capital Arranges $15.5M Loan for Hotel Near Orlando

by Camren Skelton September 22, 2017

KISSIMMEE, FLA. — Axilla Capital LLC has arranged a $15.5 million loan for The Royale Parc Suites Hotel, a 224-room hotel located in Kissimmee, roughly 20 miles south of Orlando. Joel Mazur and Tom Fleming of Axilla Capital represented the undisclosed borrower in the transaction. Proceeds of the loan were used to finance the property’s acquisition and fund the hotel’s impending upgrades. Constructed in 1988, Royale Parc Suites Hotel is currently operating as a Choice Hotels-branded Quality Suites, but will be undergoing a renovation over the next 18 months. Located at 5876 W. Irlo Bronson Memorial Highway, the hotel is roughly three miles southeast of Walt Disney World.

September 22, 2017

Mixed-Use North Carolina Southeast

Ally Financial to Anchor 742,000 SF Mixed-Use Development in Uptown Charlotte

by Camren Skelton September 21, 2017

CHARLOTTE, N.C. — Ally Financial has signed on to anchor a 742,000-square-foot mixed-use project in Uptown Charlotte. Crescent Communities will break ground on Ally Charlotte Center at 601 S. Tryon St. in the first quarter of 2018. Ally Financial will lease 400,000 square feet and is expected to move to the new space when the building delivers in 2021. In addition to office space, plans for the 26-story tower include ground-level retail and restaurant space, a parking garage and a hotel. The building is situated near a LYNX light rail system stop and Interstate 277. Chase Monroe and Chris Schaaf of JLL represented Ally in the lease transaction, and Charley Leavitt and Barry Fabyan of JLL represented Crescent Communities. The Charlotte-based company specializes in the development of residential and mixed-use communities, including Piedmont Town Center, Coliseum Centre and the River District in Charlotte.

September 21, 2017

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