LEXINGTON, KY. — The Gibson Co. has arranged the $7.3 million sale of South Elkhorn Village, a 55,000-square-foot retail center located on 6.2 acres at 4379 Old Harrodsburg Road in Lexington. Billy Smith of Gibson Co. represented the seller, South Elkhorn Village LLC, and Ernie Arnold, also with Gibson, procured the buyers, Compass Capital LLC and its partners.
MARIETTA, GA. — Steadfast Apartment REIT Inc. has purchased 1250 West, a 468-unit apartment community in Marietta, about 20 miles north of downtown Atlanta, for $55.8 million. Constructed in two phases in 1987 and 1995 on 49 acres, 1250 West is a garden-style community featuring one-, two- and three-bedroom apartment homes that range from 736 to 1,200 square feet. Average in-place rents are $980. The property is currently 95 percent occupied. Community amenities, include two swimming pools with sun decks, a 24-hour fitness center, on-site lake, coffee bar, lakeside gazebo and picnic area, dog park, car wash area, business center and game room. The previous owner initiated an $8 million value-add program between 2013 and 2015, which included new flooring, cabinets, appliances, countertops, fixtures and lighting in all of the apartment homes, plus a renovated clubhouse and pools. With 1250 West, Steadfast Apartment REIT has invested $322 million in six apartment communities in the Atlanta area. It is the REIT’s second apartment community in Marietta, and joins the 180-unit Rosemont at East Cobb, just 15 minutes east. The REIT now owns 33 properties in 11 states for an aggregate purchase price of $1.43 billion.
CHARLOTTE, N.C. — CBRE has brokered the $46.3 million sale of CLT Logistics Center, a 583,021-square-foot business park located at 3100-3401 International Airport Drive and 3100-3140 Yorkmont Drive in Charlotte. The sale also included an additional 14.9 acres of land. Major tenants at CLT Logistics Center include Bimbo Bakeries, FedEx and DC74 Data Centers. Minneapolis-based Meritex purchased the business park and land from Carlson Real Estate, making it the first investment in Charlotte for the investor. Patrick Gildea, Bryan Crutcher and Anne Johnson of CBRE represented Carlson Real Estate in the transaction.
ASHEVILLE, N.C. — Hilton Worldwide has opened Hilton Garden Inn Asheville Downtown, its 700th Hilton Garden Inn hotel worldwide. The 140-room hotel is located at 309 College St., within walking distance of Pack Square, art galleries, breweries and shopping. The hotel will feature a rooftop bar, 24-hour convenience store called The Pavilion Pantry and a farm-to-table restaurant called Iron Hen Cafe. Other amenities include complimentary Wi-Fi access, a 24-hour business center, fitness center, indoor swimming pool and spa. Winston-Salem, N.C.-based Quality Oil Co. LLC manages the Hilton Garden Inn Asheville Downtown, which joins Hilton Garden Inns operating in all 50 states and in 31 countries.
CHARLESTON, S.C. — Mission Capital Advisors has arranged $13.3 million in non-recourse financing to recapitalize a portfolio of four mixed-use buildings along King Street in Charleston. Situated a block from the College of Charleston, the properties total 41,545 square feet and include 36 apartment units and six ground-floor retail shops. Jordan Ray, Ari Hirt, Steven Buchwald and David Behmoaras of Mission Capital arranged the loan on behalf of the borrower, Friedman Capital. EquityMultiple, Mission Capital’s sister company, raised limited partnership equity totaling $500,000 from a group of individual investors on behalf of the borrower.
MYRTLE BEACH, S.C. — The Preiss Co. has sold University Village at the Coast, a 437-bed student housing community located near Coastal Carolina University in Myrtle Beach, for $9.7 million. The property offers one- and three-bedroom units with bed-to-bath parity and full-sized washers and dryers. Community amenities include an internet café, indoor sports court, multiple tanning beds, fitness center, game room, movie theater, multiple sand volleyball courts and a swimming pool. Travis Prince, Sean Baird and Steven Peden of Colliers International represented the seller in the transaction. The buyer, Sundance Real Estate Advisors, owns several multifamily properties and has plans to expand its student housing portfolio in the Southeast.
ATLANTA — The Georgia State University Foundation has finalized its purchase of Turner Field and the surrounding 67 acres from the Atlanta-Fulton County Recreation Authority. Atlanta Mayor Kasim Reed and Georgia State University president Mark Becker held a press conference this morning at Turner Field, current home of the Atlanta Braves and former site of the track and field events at the 1996 Summer Olympic Games. Oakwood Development and Atlanta-based Carter & Associates were also participants in the purchase and sale agreement. The terms of the sale were not disclosed, but the Atlanta Journal Constitution reports the sales price as $30 million. Georgia State and Carter are expected to invest up to $300 million over a five-year period for the redevelopment project. The Atlanta Fulton County Recreation Authority passed a resolution in December naming Georgia State and development partners as the preferred bidders for the project. The university has been working with Carter since 2014 following the Atlanta Braves announcement in late 2013 to develop SunTrust Park, the team’s new ballpark set to open in April 2017 in Cobb County. The Braves will not renew its 20-year lease at Turner Field following the 2016 season. “The acquisition of the Turner …
ORANGE CITY AND PALM COAST, FLA. — CBRE has brokered the sale of two luxury apartment communities in Central Florida totaling $70.9 million. EBSCO Income Properties purchased the two assets, Integra Landings in Orange City and Integra Woods in Palm Coast. Completed in 2008 and 2009, Integra Landings and Integra Woods feature gated access, carriage-style units, select units with direct-access garages, nine-foot and higher ceilings and water and wooded views. The developer of both apartment properties, Integra Land Co., is based in Lake Mary, Fla., with projects developed throughout the Southeast. Shelton Granade, Luke Wickham and Justin Basquill of CBRE marketed the properties on behalf of the sellers, Integra Land Co. and Case Pomeroy Properties LLC.
DECATUR, GA. — The Dilweg Cos. has purchased 250 E. Ponce, a 141,582-square-foot office building located in downtown Decatur. The seller, Rialto Capital Management, sold the asset to Dilweg for $28.4 million. Built in 1962, the eight-story building features signage of Wells Fargo Bank, one of its major tenants. The property was 83.5 percent leased at the time of sale to tenants such as Utility and ELS Educational Services. Jay O’Meara and Paul Berry of CBRE brokered the transaction. Dilweg has selected Stream Realty to lease and manage 250 E. Ponce. Dilweg now owns more than 1.5 million square feet of office space in greater Atlanta, including Centennial Tower in downtown Atlanta, Royal Centre in Alpharetta and The Paddocks in Johns Creek.
NEWNAN, GA. — LRC Properties has purchased a 1.9 million-square-foot distribution facility located at 60 Herring Road in Newnan for an undisclosed price. The company also recently signed Variety Wholesalers to a long-term lease at the facility for 1.4 million square feet. LRC plans to upgrade the facility’s roof and parking lot and renovate the interior to accommodate multiple tenants. The former Kmart distribution center is LRC’s first purchase in Georgia. The company now manages roughly 5 million square feet of industrial space on the East Coast.
