DALLAS — The NAI Global Investment Services Group, a division of Dallas-based NAI Robert Lynn, has arranged the acquisition of three properties — one in Kentucky and two in Louisiana — totaling more than 219,000 square feet. Tim Feagans of NAI Global ISG, along with Jon Seiz and Mark Wardlaw of NAI Fortis, arranged the sale of a 130,000-square-foot office building located at 515 W. Market St. in Louisville. Human Inc. purchased the property, which is located next to its corporate headquarters at 500 W. Main St. Additionally, Joe Cicardo of NAI Global ISG represented the owner in the sale of two Winn Dixie grocery stores in Slidell, La. Each property totaled 44,790 square feet.
Southeast
ATLANTA — Atlantic | Pacific Cos. (A | P Cos.), a commercial real estate development and management company, has acquired Morningside Courts and Sloan Square in Atlanta. Morningside Courts is a 172-unit, garden-style apartment community located on Piedmont Road in Atlanta's Midtown submarket. The property features stacked washer and dryers, walk-in closets, gas fireplaces, private balconies/patios, resort-style swimming pool and a 24-hour fitness center. Sloan Square is a 197-unit, garden-style apartment community located on Lavista Road near Emory University. Sloan Square includes fully equipped kitchens, walk-in closets, vaulted ceilings, fireplaces in select units, two swimming pools, a fitness center and a car care area. A | P Cos. will make capital improvements to the properties' amenities and unit interiors. A | P Cos. will also handle all property management responsibilities for both properties.
NAPLES, FLA. — Inland Real Estate Acquisitions Inc. has acquired the 146-unit Berkshire Reserve Townhomes in Naples for approximately $15.9 million. The property was 93 percent occupied at the time of sale. The property features three-bedroom, two-and-a-half bathroom townhomes. Residents are offered discounted membership to the adjacent Collier County Fitness and Aquatic Center.
KISSIMMEE, FLA. — Greystone has originated a $6.6 million loan for Ravenwood of Kissimmee, a 185-unit affordable housing multifamily property located in Kissimmee. Andrew Ellis of Greystone's Rockville, Md., office originated the loan, which David Metzger of Eastern Union Commercial brought to Greystone through Freddie Mac. Greystone will service the loan.
COLONIAL HEIGHTS, VA. — Cushman & Wakefield | Thalhimer has arranged a 184,616-square-foot industrial lease at the Enterchange at Walthall in Colonial Heights, about 23 miles south of Richmond. Evan Magrill and Dawn Calabrese of Cushman & Wakefield | Thalhimer represented the landlord in the transaction. Central Shared Services is the new tenant.
At the mid-year mark, CoStar reported industrial occupancy in Richmond was approaching 90 percent for industrial product of all sizes, excluding flex space. Buyers looking to purchase single-user Class A facilities of 40,000 square foot or greater are experiencing an acute shortage of said product. These larger free-standing, single-occupant facilities are now in shorter supply in the suburban areas of all four quadrants, though multiple opportunities remain in the city of Richmond, both north and south of the river, generally class B/C type product, but functional and reasonably priced. There are also several free-standing purchase opportunities under 40,000 square feet available in the suburban sector of the northwest quadrant. The second quarter ended with four large facilities (two in the city of Richmond and two in Henrico County) going under contract to users, which further impacted the availability of freestanding facilities for owner/users looking to relocate into facilities with a minimum of 40,000 square feet. Local expansion has comprised approximately 78 percent of large industrial sales since the third quarter of 2012, with 14 of the last 18 major transfers (totaling approximately 1 million square feet). The majority of these acquisitions involved end users purchasing Class B facilities for manufacturing/warehousing …
ADAIRSVILLE, GA. — Georgia Gov. Nathan Deal has unveiled that Shaw Industries Group Inc. will build a new carpet tile manufacturing facility in Adairsville, located in Georgia's Bartow County. Shaw is expected to make an $85 million investment in the new project and create 500 new jobs. The company will build and equip a facility in the 600,000 to 700,000-square-foot range. The new facility will be located on a 117.6-acre parcel near the intersection of Highway 140 and Hall Station Road. Construction on the facility is expected to begin in 2014. Shaw currently operates six facilities other facilities in Bartow County and employs nearly 15,000 people throughout Georgia.
BIRMINGHAM, ALA. — Beech Street Capital has provided $36.5 million in FHA 223(f) loans to refinance The Oaks at Lakeshore and The Oaks of St. Clair in Birmingham. The Oaks at Lakeshore is a 266-unit complex featuring a fitness center, theater room, cyber-cafe, swimming pool, dog park, car center, playground and tennis court. The Oaks at St. Clair is a 192-unit complex featuring a fitness center, laundry facility, car wash bay/car care center, swimming pool and a gated entrance. The property is located in east of Birmingham in Moody. Chad Thomas Hagwood of Beech Street's Alabama office originated the 35-year loans, which both feature a 35-year amortization schedule.
HOLLYWOOD, FLA. — Marcus & Millichap has brokered the $1.3 million sale of Arthur Street Apartments, a 20-unit community located at 6051 Arthur St. in Hollywood. Derek Gibbs, Daniel Cunningham and Tal Frydman of Marcus & Millichap's Fort Lauderdale office represented the seller, a limited liability company based in Hallandale, Fla., in the transaction. Gibbs, Cunningham, Frydman and Hernando Perez, also with Marcus & Millichap's Fort Lauderdale office, represented the buyer, a private investor based in Hollywood.
RICHMOND, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of the former Douglas-Baird House, a 6,000-square-foot office property located at 101 E. Cary St. in Richmond. Pete Waldbauer and Mac Wilson of Cushman & Wakefield | Thalhimer represented the buyer, Madison Avenue Investments LLC, in the $685,000 transaction. Stuart Grove Investments LLC was the seller. Madison + Main will occupy the building.