MARIETTA, GA. — Emma Capital has purchased two apartment communities in the Atlanta suburb of Marietta for a total of $15.7 million. KENCO Apartment Communities sold both Georgian Arms and Somerpoint to Emma Capital. Georgian Arms is located at 16 Beech Road, and the 144-unit Somerpoint is located at 1788 Austell Road. Josh Goldfarb, Tyler Averitt and Robbie O’Bryan of Cushman & Wakefield represented KENCO in the transaction.
FOUR CORNERS, FLA. — Marcus & Millichap has brokered the $7.3 million sale of Champions Gate Office Building, a 44,836-square-foot office property located at 8390 Champions Gate Blvd. in the resort community of Champions Gate, about 25 miles southwest of Orlando. The asset was fully leased at the time of sale. Dan Mulkey of Marcus & Millichap’s Tampa office represented the undisclosed buyer in the transaction. The buyer was a family based in Tampa that used the purchase to partially accommodate an exchange for a recent portfolio sale.
BALTIMORE — Highlighted by a presentation from Marc Weller of Sagamore Development Co. and Demian Costa of Sagamore Industries LLC, who provided an update on the development activities occurring at Under Armour’s Port Covington development in South Baltimore, nearly 300 professionals from around the country attended the 8th-annual Saul Ewing Real Estate Conference at the Baltimore Convention Center. The half-day seminar also featured educational sessions focusing on placemaking principles being utilized in current real estate projects, technology tools that are employed to improve marketing and communication and a discussion of the equity and debt marketplace, especially as affected by the recent presidential election. “Based on feedback from the attendees, we achieved each of our goals at this year’s event, including the presentation of an educational forum that stimulated insightful comments and thoughts about the current real estate environment,” said Howard Majev, a partner in the real estate practice with Saul Ewing and the lead organizer of the annual conference. “Our clients and partners invest time at this conference each year because they value the outstanding networking opportunities, the exchange of ideas and the information benefits they receive from interacting with their peers and thought leaders of our industry.” Commentary from the …
NORCROSS, GA. — A joint venture between PointOne Holdings and Biscayne Atlantic has sold Steeple Chase Apartments, a 306-unit, garden-style multifamily community in Norcross, for $26 million. The joint venture originally purchased the property in March 2013 for $13.3 million. During the joint venture’s ownership, the companies invested roughly $1.8 million in capital improvements at Steeple Chase to upgrade interiors, improve the infrastructure and enhance curb appeal. During that time occupancy increased from 92 percent to 97 percent and average effective rental rates increased by 29 percent from $673 to $868 monthly. Monthly net operating income jumped 75 percent during that time frame from $82,100 to $143,900. The name of the buyer was undisclosed.
WASHINGTON, D.C. — Atlanta-based Columbia Property Trust Inc. has executed more than 100,000 square feet of leases this year at 80 M Street, a 285,000-square-foot office building in Washington, D.C., that the company has owned since 2004. The Class A office building is located in the Capitol Riverfront submarket and is within walking distance of the Washington Nationals’ ballpark and the Navy Yard/Ballpark Metrorail station. The leases include a 15-year deal with WeWork, a shared office space provider, for 68,673 square feet; a 24,224-square-foot renewal with Gryphon Technologies, a military engineering company; and a new 14,990-square-foot lease with General Dynamics Information Technology, a defense services provider. Columbia Property Trust is also investing $3 million in renovations at the office building that will add a new entrance, collaborative main lobby, outdoor terrace and tenant lounge. The investment will also include renovations of the building’s elevators, fitness facility and restrooms. WeWork will occupy portions of the first, second and third floors and will feature a dedicated entrance within the main lobby. The company is expected to open its offices in the third quarter of 2017.
JACKSONVILLE AND OCOEE, FLA. — Jernigan Capital Inc., a Memphis-based REIT that provides construction and development capital for the self-storage sector, has invested $12.6 million for the development of two self storage facilities in Florida. The first venture was a $7.5 million investment for a planned 784-unit, climate-controlled facility in east Jacksonville that PLG Properties LLC is developing. The self storage property is the first co-investment between Jernigan and PLG Properties. The second venture was a $5.1 million investment commitment for an addition 256 units to be added to an existing CubeSmart-managed facility in Ocoee that opened in May 2016. The facility is currently 65 percent leased. Storage Builders II LLC is the developer of the existing facility and the additional units, which will also be managed by CubeSmart upon completion.
GLEN ALLEN, VA. — BH Properties has sold the Owens & Minor office building to Real Estate Value Advisors for $8.3 million. The 62,941-square-foot property is located at 4800 Cox Road in Glen Allen, a suburb of Richmond. The building was 98 percent leased at the time of sale to three tenants: The Winebow Group, Covington Travel and Free Agents Marketing. Eric Robison, Mark Douglas and Mac Wilson of Cushman & Wakefield | Thalhimer brokered the transaction.
TRUSSVILLE, ALA. — Senior Living Investment Brokerage (SLIB) has arranged the $4.5 million sale of Sunrise Ridge, a 45-unit assisted living community in the Birmingham suburb of Trussville. Atlas Senior Living, based in Birmingham, bought the property from a local partnership. The community was built in 2009 and features additional land for expansion. Bradley Clousing of SLIB arranged the transaction.
Orlando likely resides in the minds of children and children at heart as “The Happiest Place on Earth,” and those involved in its industrial market today couldn’t agree more. Over the past five years, the Central Florida industrial market has been transformed from its prior position as a spoke in the wheel of distribution to the hub. To service consumers located in the country’s third most populous state, companies are locating large distribution centers in Central Florida (hub) with smaller distribution centers in Tampa, South Florida and Jacksonville (spokes). From a distribution standpoint, Central Florida has become the statewide distribution center for Florida. Warehouse is the New Retail The world of e-commerce began with the birth of the internet in the early 90s, made a big milestone with the first secure online transaction in 1994, and today Amazon is no longer first thought of as a rainforest in South America. In fact, Amazon is so prolific that recent reports from Consumer Intelligence Research Partners estimate that Amazon Prime now reaches nearly half of U.S. households. That translates to 54 million people, just in the United States, who have paid $99 for an annual membership that enables each consumer access to …
LOUISVILLE, KY. — Angel’s Envy, a Kentucky bourbon distiller that’s part of the Bacardi Limited portfolio, plans to open its new distillery and visitor center to the public tomorrow. The facility is located at 500 E. Main St. at Jackson, the first full-production whiskey distillery in downtown Louisville. Following a $27 million renovation since breaking ground in 2013, the distillery will house the Angel’s Envy operations, including the milling of grains, blending and bottling on-site. The property is the former Vermont American and Baer Fabrics Warehouse and features the original exterior walls, vaulted ceilings and arched windows. The facility will also feature a visitor center and gift shop. Louisville-based Vendome Copper & Brass Works fashioned a 35-foot-tall column still, pot still and doubler for the distilling process at the property.