Southeast

Multi Housing Advisors Arranges $23.9M Sale of Apartment Community in Atlanta

by John Nelson November 19, 2015

ATLANTA — Multi Housing Advisors (MHA) has brokered the $23.9 million sale of 1500 Oak, a 368-unit apartment community located in Atlanta. The property recently received a comprehensive renovation and now features new cabinets with brushed nickel hardware, new bathtubs, granite countertops, stainless steel sinks, two-inch wood blinds, vinyl plank flooring and energy efficient toilets. Josh Goldfarb and Tyler Averitt of MHA’s Atlanta office represented the seller, Cortland Partners, in the transaction. Engineering Partners purchased the property.

November 19, 2015

Retail South Carolina Southeast

Marcus & Millichap Brokers $12.8M Sale of Walmart Neighborhood Market in Charleston MSA

by John Nelson November 19, 2015

GOOSE CREEK, S.C. — Marcus & Millichap has brokered the $12.8 million sale of a 41,117-square-foot, freestanding Walmart Neighborhood Market in Goose Creek, a suburb of Charleston. Built in 2014 and opened for business in June 2015, the store features a drive-thru pharmacy and a six-pump Walmart fuel station on an outparcel. Walmart has signed a 20-year modified triple-net lease on the property with four five-year options, each with rent increases. Don McMinn and Zach Taylor of Marcus & Millichap’s Atlanta office and principals of the firm’s Taylor McMinn Group represented the seller, a developer. The buyer is a private investor in a 1031 exchange. Raj Ravi of Marcus & Millichap’s Charleston office is the firm’s broker of record in South Carolina.

November 19, 2015

Florida Industrial Southeast

McCraney Property Co. Breaks Ground on 603,000 SF Spec Industrial Project in Central Florida

by John Nelson November 18, 2015

DAVENPORT, FLA. — McCraney Property Co. has begun construction on a two-building, 603,000-square-foot spec industrial development at Park27, an industrial park located at the northwest intersection of I-4 and U.S. Highway 27 in Davenport. In collaboration with Northwestern Mutual, McCraney will develop a 189,000-square-foot facility followed by a 414,000-square-foot, multi-tenant building. Park27 serves as a distribution location for Amazon, Best Buy, Ford Motor Co. and HHGregg.

November 18, 2015

Florida Loans Office Southeast

Dockerty Romer & Co. Arranges $55M Acquisition Loan for Five Office Buildings in Tampa

by John Nelson November 18, 2015

TAMPA, FLA. — Dockerty Romer & Co. has arranged a $55 million acquisition loan for five Class A office buildings within the 88-acre Highland Oaks development in Tampa. Highland Oaks is currently 96 percent leased and is situated near the I-75 and I-4 interchange. The five properties span 575,852 square feet. Craig Romer of Dockerty Romer arranged the loan through J.P. Morgan on behalf of the borrower, a global real estate investment manager.

November 18, 2015

Maryland Retail Southeast

Retail Properties of America Acquires Towson Square in Metro Baltimore for $39.7M

by John Nelson November 18, 2015

TOWSON, MD. — Retail Properties of America Inc. (RPAI), a shopping center REIT, has purchased Towson Square, a 138,000-square-foot, entertainment-based retail center anchored by a newly constructed Cinemark Theatre in Towson, roughly 12 miles north of Baltimore. RPAI purchased the center on an unencumbered basis for $39.7 million. Towson Square includes national and regional restaurant concepts such as BJ’s Restaurant and Brewhouse, World of Beer, Bobby’s Burger Palace, Bonefish Grill and Nando’s Peri-Peri. Opened in 2014, Towson Square is currently 96.6 percent leased and is located adjacent to the RPAI’s existing center, Towson Circle. RPAI expects to integrate both centers into one property as part of the larger planned redevelopment. Year to date, RPAI has completed $463.1 million of unencumbered acquisitions.

November 18, 2015

Florida Multifamily Southeast

Doster Construction Completes $30M Multifamily Development in Jacksonville

by John Nelson November 18, 2015

JACKSONVILLE, FLA. — Doster Construction Co. has recently completed construction on 220 Riverside, a $30 million multifamily development in Jacksonville. The five-story, 294-unit property is built atop two levels of parking and features retail space and restaurants on the ground level. Community amenities include a fitness center, clubroom, internet café, rooftop courtyard with a resort-style swimming pool, an outdoor kitchen and seating niches overlooking the St. Johns River. Each unit features nine-foot ceilings, granite countertops and vinyl plank and hard tile flooring. The project team includes owner HP-MAA Riverside LLC and architect Studio 9 Architecture LLC.

November 18, 2015

Florida Retail Southeast

Crossman & Co. Arranges $3.7M Sale of Pensacola Retail Center

by John Nelson November 18, 2015

PENSACOLA, FLA. — Crossman & Co. has arranged the $3.7 million sale of the Shoppes at Milestone, a 19,700-square-foot retail strip center in Pensacola. Bruce Lyons and Brian Carolan of Crossman & Co. worked on behalf of the undisclosed seller in the transaction. Westwood Financial Corp. acquired the fully occupied center. Tenants at Shoppes at Milestone include shadow-anchor Publix, Jersey Mike’s, Hot Heads Burritos, H&R Block, Cricket Wireless, Papa Murphy’s and Enterprise Rent-a-Car.

November 18, 2015

Georgia Multifamily Southeast

RADCO Acquires Apartment Community in Metro Atlanta for $53M

by John Nelson November 17, 2015

NEWNAN, GA. — The RADCO Cos. has purchased Columns at White Oak, a 561-unit apartment community located in the Atlanta suburb of Newnan. Atlanta-based RADCO purchased the property from ECI Group for $53 million. Cushman & Wakefield brokered the transaction. RADCO has renamed the project Creekside at White Oaks. The property includes three swimming pools, two large fitness centers, a private fishing lake, dog and play parks, grilling and gathering areas, balconies and garages. RADCO financed the acquisition with private capital and financing from CIBC Bank. Since August 2011, the company has raised $330 million of private capital to fund its purchases. RADCO will invest about $5.5 million to renovate the community’s clubhouse, leasing center, fitness center and pool deck. The Atlanta-based firm will also build a new playground, upgrade the interior unit finishes and enhance the property’s landscaping. RADCO’s portfolio now includes 46 multifamily assets with three additional properties under contract set to close by the end of December.

November 17, 2015

Industrial North Carolina Southeast

Monmouth Acquires 330,717 SF Distribution Center in Metro Charlotte for $32M

by John Nelson November 17, 2015

CONCORD, N.C. — Monmouth Real Estate Investment Corp., a publicly traded REIT, has purchased a new 330,717-square-foot industrial building located at 4690 Global Ave. N.W. in Concord, a northern suburb of Charlotte. Monmouth purchased the distribution center, which is net-leased to FedEx Ground Package System Inc., for nearly $32 million. The facility is located on a 59.4-acre site near I-85.

November 17, 2015

District of Columbia Multifamily Southeast

CAS Riegler Completes Apartment Community in D.C.’s Logan Circle Neighborhood

by John Nelson November 17, 2015

WASHINGTON, D.C. — CAS Riegler Cos. has completed construction on HOLM, a 38-unit luxury apartment community located at 1550 11th St. N.W. in Washington, D.C.’s Logan Circle neighborhood. The four-story property includes a rooftop deck, approximately 3,000 square feet of street-level retail space, catering kitchen, below-grade parking garage, private courtyard and bike storage. This new apartment community is pet-friendly and is situated right across the street from Shaw Dog Park and four blocks for a Metrorail station. Monthly rental prices start at $2,250 for one-bedroom apartments and $3,200 for two-bedroom units; penthouse apartments range from $4,200 for a one-bedroom unit to more than $7,500 for a three-bedroom residence.

November 17, 2015

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