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

Loans Louisiana Multifamily Southeast

Greystone Provides $30.6M Construction Loan for Apartment Community in Louisiana

by John Nelson November 17, 2015

PRAIRIEVILLE, LA. — Greystone has provided a $30.6 million construction loan for Manchac Lake Apartments, a 272-unit luxury multifamily community that is set to be built in Prairieville. Donny Rosenberg of Greystone originated the FHA-insured loan on behalf of the borrower, Noland McKay Manchac LP. The loan features a 40-year term following the initial construction period. Upon completion, the property will feature a business center, clubhouse with fitness center, indoor sport court, beach approach pool and detached garages.

November 17, 2015

Georgia Hospitality Southeast

Winter Construction Expands Chateau Elan Winery & Resort

by John Nelson November 17, 2015

BRASELTON, GA. — Winter Construction has completed a 33,000-square-foot, two-level addition to the Chateau Elan Winery & Resort, a four-diamond hotel in Braselton. The addition includes a ballroom with partitions, pre-function and service space, restrooms, storage and office space. The new Paris Ballroom features 20-foot ceilings, French chandeliers and an outdoor terrace. The addition is the largest construction project at the hotel in recent years, according to Winter Construction. The Atlanta-based general contractor worked with architect Chapman, Griffin, Lanier, Sussenbach Architects on the addition.

November 17, 2015

Florida Multifamily Southeast

Crescent Communities Opens New Apartment Community in Downtown Orlando

by John Nelson November 16, 2015

ORLANDO, FLA. — Crescent Communities has opened Crescent Central Station, a new transit-oriented apartment community located immediately adjacent to a SunRail commuter train station in downtown Orlando. The 279-unit property is located at the corner of North Orange Avenue and Amelia Street and includes an extension of the Gertrude’s Walk park and trail and downtown Orlando’s only off-leash, public dog park. Other amenities include bike storage, a resort-style pool, sundeck, rooftop terrace and a two-story fitness center. Units include granite countertops, stainless steel appliances, upscale lighting fixtures and USB power outlets. Lincoln Property Co. manages Crescent Central Station. The project was financed through an equity investment from Crescent Communities and debt from Synovus Bank and Nationwide. The design team included general contractor Winter Park Construction, architect Lord Aeck Sargent and civil engineer GAI.

November 16, 2015

North Carolina Retail Southeast

Barnett Properties Breaks Ground on Publix-Anchored Shopping Center in Metro Raleigh

by John Nelson November 16, 2015

APEX, N.C. — Barnett Properties has begun construction on Publix Pointe, a grocery-anchored shopping center located in Apex, a western suburb of Raleigh in Wake County. A 46,500-square-foot Publix will anchor the 75,000-square-foot shopping center, which will feature 25,000 square feet of retail shop space and three outparcels. Barnett Properties plans to deliver Publix Pointe in late 2016 or early 2017.

November 16, 2015

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