LOUISVILLE, KY. — PRG Investments has arranged the sale of Kingston Park Apartments, a Class C, 622-unit apartment community located at 100 E. Southland Blvd. in Louisville. The property, built in 1948, was formerly known as the Americana Apartments. The buyer, a Louisville-based investment partnership, is planning significant capital improvements to the multifamily community. Red Weinberg and Fred Sutterlin of PRG Investments represented the seller, an unnamed bank, in the transaction.
Southeast
ATLANTA — Elan Westside, a 197-unit multifamily development at the corner of Howell Mill Road and 14th Street in Atlanta’s West Midtown neighborhood, has welcomed its first tenants. Elan Westside’s developer Greystar Real Estate Partners developed the property within walking distance of the Westside Provision’s District, which features retailers and restaurants such as Ann Mashburn, Anthropologie, Billy Reid, Calypso St. Barth, Everything But Water, Free People, G. Gilbert, J. Crew, Jack Spade, Kayce Hughes, lululemon athletica, Seed Factory, Sid Mashburn, Steve Allan, Abattoir, Bacchanalia, JCT. Kitchen & Bar, Jeni’s Splendid Ice Cream, Ormsby’s, Osteria del FIGO, Preserving Place, Quinones at Bacchanalia, Star Provisions, Taqueria del Sol, West Egg Café, Yeah! Burger and Yoforia. Elan Westside features a saltwater pool, fitness center, clubhouse, entertainment lounge, cyber cafe and courtyard. Units range from 611 to 1,600 square feet, with rents starting at $1,100 per month.
Although the Tampa Bay economy may not have improved as much as everyone would like, the retail market is experiencing incredible activity. Many positive trends — redevelopment, new retailers, expansions, higher rents and, soon, new development — are driving the market upward: • The retail vacancy rate was back down to 7 percent for the first time in almost five years, according to CoStar Group. • Retail rents, which plunged between mid-2006 and mid-2012, finished the year at $13.69 per square foot and show signs of strength. • The number of square feet of retail space delivered to the market hit its lowest level in the past five years, according to CoStar Group. • Land is becoming scarce, especially in growing communities south of Tampa. Considering these conditions, it looks as though it’s a landlord’s market again. We can chalk this phenomenon up to the enthusiasm of restaurants, retailers and professional service firms demanding space due to a slight but steady rise in consumer confidence. Hillsborough County collected $14.7 million on its local option sales tax in November, the latest month for which state figures are available as of this writing. That figure changed very little in 10 of the …
SOCIAL CIRCLE, GA. — Cushman & Wakefield has brokered the sale of General Mills Distribution Center, a 1.5 million-square-foot facility located in the I-20 corridor in Social Circle, about 44 miles east of Atlanta. The Class A facility is fully leased to General Mills. An affiliate of Welsh Property Trust purchased the asset from Rockefeller Group Development Corp. and Reus GM Inc. for an undisclosed price. Stewart Calhoun, David Meline, Samir Idris and Casey Masters of Cushman & Wakefield represented the sellers in the transaction.
COCKEYSVILLE, MD. — Developer Greenberg Gibbons has contracted with AvalonBay Communities Inc. to develop Avalon at Hunt Valley Towne Centre, a five-story, 332-unit multifamily property. The community will be located in Hunt Valley Towne Centre, a mixed-use development in Cockeysville, about 17 miles north of Baltimore. The property will be situated adjacent to a Pier 1 Imports store. Greenberg Gibbons will develop the property’s 30,000-square-foot retail component. AvalonBay and Greenberg Gibbons plan to break ground this fall and wrap up construction as early as spring 2016.
CAPITOL HEIGHTS, MD. — Terreno Realty Corp. has purchased a 139,000-square-foot distribution center in Capitol Heights for $18.1 million. A single tenant fully occupies the asset, located at 1000 Hampton Park Blvd., about four miles east of Washington, D.C. The distribution center features 18 dock-high and two grade-level loading areas, parking for 210 cars and 32-foot clear ceiling heights.
OLNEY, MD. — Finmarc Management Inc. has sold Silo Inn Shopping Center, a 28,072-square-foot neighborhood retail center in Olney, about 20 miles north of Washington, D.C. Finmarc sold the center to Taylor Georgia LLC for approximately $17.4 million. The property, located at 16800 Georgia Ave., is fully leased to tenants such as Roots Market, Wells Fargo, Starbucks Coffee, a pet supply store, hair and nail salon and boutique restaurant.
ATLANTA — Outlet center specialists Lisa Quier Wagner and David Hinkle have joined Avison Young as principals. In their new roles, the two will focus on outlet-center strategic direction, marketing and management, as well as leasing guidance and tenant advisory expertise. Wagner and Hinkle bring 50 years of combined commercial real estate experience to Avison Young. Wagner and Hinkle most recently served as partners of the Outlet Resource Group, a specialty retail consultancy firm which they co-owned and co-founded. Additionally, Jacquelin Young has joined Avison Young as a marketing implementer working with Wagner. Young has 20 years of experience in shopping center and outlet marketing and management and will apply that marketing expertise to the team's outlet center clients.
ATLANTA — Inland American Communities Group Inc. has broken ground on University House Midtown, a student housing project located adjacent to the Georgia Institute of Technology (Georgia Tech) in Atlanta. The 20-story, 268-unit project will be located at 930 Spring St. at the corner of Spring and 8th streets. The property will feature more than 10,000 square feet of retail space. Pre-leasing will begin in the summer with opening scheduled for August 2015. The 700-bed property will feature a resort-style pool on an elevated terrace, parking garage, business center, study rooms and fitness centers and a lounge on the top floor, which offers views of Midtown, downtown Atlanta and the Georgia Tech campus. The project team includes architect Niles Bolton Associates, civil engineer Eberly & Associates and general contractor DPR Hardin.
RALEIGH, N.C. — Dominion Realty Partners LLC will partner with Prudential Real Estate Investors to develop Wade III, a 105,000-square-foot, Class A office building in Raleigh’s PNC Arena district. Dominion is set to break ground on the four-story office building in mid-summer, with completion slated for summer 2015. The office building is designed to achieve LEED Gold certification. Features of Wade III include card access control systems, an outdoor plaza courtyard, underground parking, park amenities, green building efficiencies and an on-site restaurant. The project team includes architect Rule Joy Trammell + Rubio, general contractor Choate Construction, civil engineer Piedmont Land Design and leasing agent Avison Young.