FAIRBURN, GA. — South City Partners has selected McShane Construction Co. to build The Oakley Apartments in Fairburn, roughly 13 miles from Hartsfield-Jackson Atlanta International Airport. The 308-unit property will feature units with granite countertops, stainless steel appliances, vinyl plank and ceramic tile flooring and washers and dryers. Community amenities will include a fitness center, on-site leasing and management building, beach entry swimming pool, fire pits, outdoor grills and pavilions, bocce ball court, sand volleyball court, dog park and walking paths. McShane Construction plans to complete the project in August 2017. Dallas-based Womack + Hampton Architects LLC is providing architectural services for the development.
GREENWOOD, MISS. — Bank of Commerce and the Federal Home Loan Bank of Dallas (FHLB Dallas) have provided a grant to fund an adaptive reuse project in Greenwood. A historic building in downtown Greenwood has been transformed into a contemporary retail space that now houses Howard & Marsh Exchange, a boutique retailer selling home décor, accessories, antiques, art, bedding and gifts. Chris McQueen, owner of Howard & Marsh Exchange, funded the start-up costs of running the business using a loan from Bank of Commerce that was funded by an Economic Development Program (EDP) advance from FHLB Dallas, as well as an accompanying $25,000 EDP plus grant.
CHARLOTTE, N.C. — Cornerstone Real Estate Advisers, acting on behalf of an institutional client, and Spectrum Properties plan to build a 17-story, 217-room lifestyle hotel at the corner of Third and Church streets in Uptown Charlotte. Kimpton Hotels, which was purchased by Intercontinental Hotels Group in 2015, will manage the hotel. Cornerstone and Spectrum expect to deliver the hotel by October 2017. The asset will feature a fitness center and 9,200 square feet of flexible meeting space, including a 4,000-square-foot ballroom and five conference rooms. The hotel will also include a signature 180-seat restaurant and a partially open-air, 7,500-square-foot, 160-seat rooftop lounge that overlooks Romare Bearden Park. The hotel will complement the previously announced 300 South Tryon, a 25-story, 600,000-square-foot office building at Third and Tryon streets.
LEESBURG, FLA. — Elderfire Lodges, a developer based in Florida, has unveiled plans for Red Maple Lodge, a 150-bed assisted living and memory care community in Leesburg, approximately 45 miles northwest of Orlando. Red Maple Lodge will be the company’s fourth seniors housing property. Groundbreaking is scheduled for early summer 2016.
CHARLOTTE, N.C. — Unison Realty Partners has purchased Johnston Road Plaza, a 79,508-square-foot grocery-anchored shopping center in Charlotte, for $15.3 million. The Boston-based firm purchased the asset from Westwood Financial. Berkeley Capital Advisors brokered the transaction. The 16-store shopping center was 98 percent leased at the time of sale to tenants such as Food Lion and Goodwill.
GREENSBORO, N.C. — Joubran Commercial Properties (JCP) has brokered the $2.6 million sale of a 2.4-acre parking lot and 5,500-square-foot restaurant building in downtown Greensboro. JJ Joubran of JCP represented the Atlanta-based buyer, Buckhead Investments LLC, in the transaction. Rich Mossman of CBRE | Triad represented the seller.
VALRICO, FLA. — Marcus & Millichap has arranged the $5 million sale of River Hills Plaza, a 34,500-square-foot shopping center located at 4325 Lynx Paw Trail in Valrico, a suburb of Tampa. Built in 2004, the property was 93 percent leased at the time of sale. James Medefind and Armando Rodriguez of Marcus & Millichap’s Tampa office represented the seller, a private investor, in the transaction. The buyer was a private investor from Canada.
BALTIMORE — Vision Properties has acquired 100 East Pratt, a 662,708-square-foot trophy office tower at 100 E. Pratt St. overlooking Baltimore’s Inner Harbor, for $187 million. Vision acquired the asset from Columbia Property Trust (NYSE: CXP). The building is the long-time headquarters of T. Rowe Price, a global investment firm that leases roughly 65 percent of the building. Other tenants of the tower, which was 98.5 percent leased at the time of sale, include PriceWaterHouseCoopers, Merrill Lynch and Tydings & Rosenberg. The property is located in downtown Baltimore near Harborplace and The Gallery, as well as a multitude of dining and retail options around the Inner Harbor and along Pratt Street. Stephen Conley, Jim Meisel, Dek Potts, Andrew Weir and Matt Nicholson of HFF represented Columbia Property Trust in the transaction, which also included the property’s 932-space parking garage. Vision Properties plans to upgrade the lobby of the 28-story building, according to reports by the Baltimore Business Journal. Columbia Property Trust intends to use the proceeds of the sale to repay a $119 million short-term bridge loan and borrowings on its unsecured credit facility. Vision Properties is a full-service real estate investment and management firm headquartered in New Jersey. The …
The Jacksonville multifamily market continues to enjoy strong fundamentals at levels not seen since before the recession. In fact, the last 18 to 24 months have seen a major record-setting environment. Jacksonville saw new records being set across the board from all asset classes in all submarkets. Class A and value-add assets continue to see cap rate compression and consequently we have new benchmarks for highest price per unit and price per square foot. In 2014, Jacksonville reached nearly $800 million in sales — accounting for more than 12,000 units (includes transactions exceeding $1 million). Based on the year-to-date transactional volume — $735 million with multiple large deals set to close by the end of the year — it’s safe to say that we will exceed last year’s amount. This is the highest sales volume for multifamily in Jacksonville in the last decade. The apartment market has experienced a steady improvement in fundamentals during the past 12 to 15 months. Effective rent increased 2.6 percent from $905 in the first quarter to $928 in the second quarter, which resulted in an annual growth rate of 5 percent. According to CBRE Econometric Advisors’ (CBRE EA) second quarter report, the forecast for …
STERLING, VA. — Gramercy Property Trust, an office and industrial REIT, has closed on the $145.5 million sale of Pacific Corporate Park, a four-building office campus in Sterling. The New York-based REIT’s disposition strategy has led to the firm selling approximately $646.3 million of single- and multi-tenant office assets since the plan was announced in 2015. In December 2015, Gramercy finalized its merger with Chambers Street Properties, creating an office and industrial REIT with an enterprise value of $6 billion.