HAGERSTOWN, MD. — Continental Realty Corp. (CRC) has sold Centre at Hagerstown, a shopping center in northern Maryland, for $36.3 million. The buyer was not disclosed. JLL brokered the transaction. Baltimore-based CRC purchased the 292,000-square-foot shopping center in 2019 for $23.5 million and has since sold nine of the center’s 10 freestanding pad sites for a total of $16.1 million. Located at the intersection of I-81 and National Pike at 17850 Garland Groh Blvd., Centre at Hagerstown was roughly 97 percent leased at the time of sale to tenants including Burlington, Crunch Fitness, HomeGoods, Marshalls, PetSmart, Regency Furniture, 2nd & Charles and Party City.
HARRISON, ARK. — Hanley Investment Group Real Estate Advisors has arranged the sale of a 145,588-square-foot shopping center located at 605-627 U.S. Highway 62 in Harrison, about 72 miles east of Fayetteville in north Arkansas. Built on 13.8 acres in 1978, the property was 95 percent leased at the time of sale to tenants including Tractor Supply, Planet Fitness, Big Lots, Dunham’s Sports, Golden Tickets Cinemas, Factory Connection and Popeyes. Five of the six tenants have signed new leases or extensions recently. The undisclosed buyer, which is based in Fayetteville, purchased the retail center from a consortium of multiple partners for an undisclosed price. Jeff Lefko, Kevin Fryman and Bill Asher of Hanley Investment, in association with ParaSell Inc., represented the seller in the transaction.
GREENVILLE, S.C. — Berkadia has arranged the sale of The Aspens Verdae, a newly built, 159-unit active adult community in Greenville. Texas-based active adult developer Aspens Senior Living sold the community to Charleston-based Blaze Capital Partners and Partners Group, acting on behalf of its clients. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders led the Berkadia team in the transaction. The sales price was not disclosed. Located in Greenville’s master-planned, 1,100-acre Verdae neighborhood, the Aspens Verdae provides direct access to retail, restaurants, healthcare and outdoor activities. The property was built in 2022 and features one- and two-bedroom apartments.
ATLANTA — Jamestown, a real estate development, investment and management firm based in Atlanta, has announced plans to purchase the Atlanta-based subsidiary of North American Properties (NAP), a prominent mixed-use developer and operator based in Cincinnati. Terms of the acquisition were not disclosed, but NAP’s Atlanta office had $2 billion in assets under management (AUM) as of June 30, 2024. That portfolio includes nine mixed-use destinations across six states on the East Coast. As part of the transaction, a Jamestown affiliate will make an investment in the platform’s portfolio comprising Colony Square in Midtown Atlanta; The Forum Peachtree Corners in Peachtree Corners, Ga.; Avenue East Cobb in Marietta, Ga.; Birkdale Village in Huntersville, N.C.; Ridge Hill in Yonkers, N.Y.; and Newport on the Levee in Newport, Ky. The acquisition also includes the platform’s real estate services business that manages Avalon in Alpharetta, Ga.; Mercato in Naples, Fla.; and Riverton in Sayreville, N.J. These third-party services will add to Jamestown’s real estate services business, which currently includes 22 projects across 19 cities and 10 countries. “This acquisition will bolster our differential advantage in the market as a vertically integrated, mixed-use operator with a focus on placemaking,” says Michael Phillips, president of Jamestown. …
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Multifamily Markets See Silver Lining Despite Economic Headwinds
Like other property sectors, rental housing assets have experienced big swings in fortunes over the past few years. Historically high rent growth during the pandemic came to a halt amid new supply in many markets. And the end of cheap debt has stymied investment sales and is stressing investors who paid handsomely for apartments using short-term financing. But the situation could be worse. Housing remains in high demand, and despite higher mortgage rates and a collapse in home sales, a severe lack of inventory on the market continues to prop up home values and price out would-be buyers. In May, home prices across the country increased 5.9 percent over the previous year, according to the latest S&P CoreLogic Case Shiller U.S. National Home Price NSA Index. Rental housing owners and operators are the obvious beneficiary of those challenges, says Ivy Zelman, executive vice president and co-founder of Zelman & Associates, a Walker & Dunlop company that provides housing research, analysis and consulting. Move-outs attributed to home purchases clearly illustrate the trend. An apartment and single-family rental operator in Phoenix recently told Zelman that such move-out activity has dropped to about 13 percent from an historical average of 30 percent, she …
GAFFNEY, S.C. — Glenstar Logistics has begun vertical construction on a 550,520-square-foot warehouse in Gaffney. Dubbed CCC-85 Building 2, the development marks the first building within Glenstar’s Cherokee Commerce Center 85. Scheduled for completion in the fourth quarter of this year, the building is being developed on a speculative basis, with the capability to expand to 1.3 million square feet. The property will feature 40-foot clear heights, column spacing of 56 feet by 50 feet, 60-foot speed bays, 232 dock doors, four drive-in doors and up to 604 car parking spaces and 388 trailer spaces. Partners on the project include Creek Lane Capital, general contractor The Conlan Co., architect Ware Malcomb and civil engineer SeamonWhiteside. CrossHarbor Capital Partners is providing $38.2 million in construction financing. John Montgomery, Garrett Scott, Brockton Hall and Dillon Swayngim of Colliers are marketing CCC-85 Building 2 on behalf of ownership.
NASHVILLE, TENN. — Wood Partners is nearing full completion on The Station by Alta, a 302-unit multifamily development at 900 E. Trinity Lane in Nashville. The apartment community, now open for leasing and move-ins, is currently 45 percent leased. Units at The Station by Alta range in size from 550 to 1,152 square feet, with studio, one- and two-bedroom layouts. Amenities at the community include coworking space Alta Work, a 24-hour workout area, swimming pool, dog park and a pet spa. Monthly rental rates at the property begin at $1,540.
CLERMONT, FLA. — Alliance Residential Co. has opened Broadstone Overlands, a multifamily community located at 5000 Collina Terrace in Clermont, about 26 miles west of Orlando. Totaling 200 units, the property features apartments in one-, two- and three-bedroom layouts, as well as eight townhomes. Amenities at the community — which was designed by MSA Architects with interiors by Atlanta-based Focus Design Interiors — include a saltwater pool, fitness center, outdoor kitchen and grilling stations, billiards, shuffleboard, two dog parks with wash stations, a 24-hour mail and parcel kiosk, access-controlled parking, valet garbage service, a putting green and high-speed Wi-Fi throughout the property. Monthly rental rates at Broadstone Overlands range from $1,734 to $3,935, according to Apartments.com.
SUWANEE, GA. — Byline Bank’s Commercial Real Estate Group (BCREG) has provided an $18.3 million loan for the acquisition of a warehouse and distribution facility located at 460 Horizon Drive in Suwanee, roughly 30 miles northeast of Atlanta. High Street Logistics Properties is the borrower. Situated on 18.5 acres, the property totals 230,530 square feet and can be configured for one or three tenants. The seller was not disclosed. The loan marks the fifth transaction Byline Bank has funded for High Street Logistics to date, with previous loans funding industrial properties in Georgia, Texas and Illinois.
BRUNSWICK, GA. — BPR Properties has opened TownePlace Suites by Marriott Brunswick in Brunswick on the Georgia coast, roughly 80 miles southwest of Savannah. LBA Hospitality will manage the hotel. A ribbon-cutting event is scheduled for Thursday, Aug. 22. This marks BPR’s 17th hotel opened in partnership with LBA. TownePlace Suites by Marriott Brunswick is situated adjacent to Residence Inn Brunswick, another BPR-LBA hotel.