ROSWELL, GA. — Berkadia has brokered the $70.5 million sale of Grace Apartment Homes Roswell, a 396-unit multifamily property in Roswell, roughly 22 miles north of Atlanta. Located at 100 Chattahoochee Circle, the community features apartments in one-, two- and three-bedroom layouts. Amenities at the property include a swimming pool, fitness center, clubhouse and a business center. Andrew Mays, Paul Vetter, Matt White, Judy MacManus and Ian Shaw of Berkadia represented the seller, Georgia-based MSC Investment, in the transaction. RH Investment Management purchased the property.
HAGERSTOWN, MD. — Binswanger has arranged a lease at a 2.1 million-square-foot distribution facility currently underway in Hagerstown in northwest Maryland. Binswanger secured the 10-year lease on behalf of the tenant, Conair, a developer, manufacturer and marketer of health, beauty and kitchen products. Trammell Crow Co. is developing the property within its Mid-Atlantic Crossings industrial park. Originally planned as two separate facilities at 10440 Downsville Pike and 17250 Sterling Road, the warehouse will now be developed and operated as a single, contiguous building.
FORT MYERS, FLA. — Glenstar Logistics has signed leases with two new tenants at Tri-County 75, an industrial park currently underway at 6115-6150 Tri-County Commerce Way in Fort Myers. Glenstar is developing the 816,866-square-foot project in partnership with Columnar Holdings. Coldest, a Florida-based water bottle manufacturer, has signed a lease at the development for 52,866 square feet of warehouse and office space. Additionally, an unnamed third-party logistics provider (3PL) has signed a 22,784-square-foot lease at the property’s Building 4. General contractor The Conlan Co. will build out 1,400 and 1,100 square feet of office space for Coldest and the 3PL tenant, respectively. Lee & Associates, which is overseeing leasing at the development, represented Glenstar in the lease negotiations. Jeff Buckler of Lee & Associates represented Coldest, and Shawn Stoneburner of Cushman & Wakefield represented the 3PL. Ware Malcomb is the project architect for Tri-County 75, and DeLisi Fitzgerald is serving as the civil engineer. Affinius Capital is providing construction financing for the development.
MURFREESBORO, TENN. — JLL has arranged a cash-out refinancing totaling $125 million for The Avenue Murfreesboro, an 864,467-square-foot open-air retail center located in the southern Nashville suburb of Murfreesboro. Chris Drew, Brian Dawson and Matt Casey of JLL arranged the five-year balance sheet loan on behalf of the borrower, Big V Property, which acquired the center in 2020. The direct lender was not disclosed. Built in 2007, Avenue Murfreesboro was 93.1 percent leased at the time of sale to tenants including Best Buy, Belk, Dick’s Sporting Goods, Havertys Furniture, Burlington, Barnes & Noble, Victoria’s Secret, Old Navy, H&M, Michaels, Petco, Ulta Beauty and Sephora.
RINCON, GA. — Atlanta-based Core5 Industrial Partners plans to develop Effingham Business Center, a 121-acre industrial park situated in Rincon, a city in the Savannah market of Effingham County. The site is approximately 9.5 miles from Port of Savannah’s Garden City Terminal and 10 miles from Savannah/Hilton Head International Airport. The park will feature a 401,760-square-foot rear-load building, which will accommodate tenants 100,000 square feet and higher, and a 362,880-square-foot front-load building designed to accommodate tenants of 150,000 square feet and higher. Both buildings are being developed on a speculative basis and will feature 36-foot clear heights, automobile parking, office finishes, dock equipment, lighting and 185-foot truck courts. Delivery of both buildings is scheduled for the first quarter of 2025. CBRE’s Savannah office will handle leasing efforts on behalf of Core5 for both buildings.
APOPKA, FLA. — An affiliate of PGIM Real Estate has sold Northwest Distribution Center, a four-property, 646,436-square-foot industrial park in Apopka, a suburb of Orlando. New York-based Clarion Partners purchased the asset for an undisclosed price. Situated off State Road 429 and Ocoee Apopka Road, the portfolio was 85 percent leased at the time of sale. Buildings A and B at Northwest Distribution Center were built in 2008, and Buildings C and D were delivered in 2017. Jose Lobón, Frank Fallon, Trey Barry, David Murphy, Royce Rose and Alain Bonvecchio of CBRE represented the seller in the transaction.
DULUTH, GA. — Cushman & Wakefield has negotiated the sale of SODO Duluth, a newly built, 257-unit apartment community located in downtown Duluth, a northeast suburb of Atlanta in Gwinnett County. The sellers, The Residential Group (TRG) and PointOne Holdings, delivered SODO Duluth earlier this year. The buyer, Weinstein Properties, purchased the asset for an undisclosed price. Robert Stickel, Alex Brown, Ashlyn Warren and Michael Kay of Cushman & Wakefield represented the sellers in the transaction. According to Apartments.com, SODO Duluth features studio, one- and two-bedroom apartments ranging in size from 616 to 1,470 square feet. Amenities include a sky lounge, saltwater swimming pool, fitness center, coworking spaces, EV charging stations, package lockers and a dog park.
NORTH CHARLESTON, S.C. — Marcus & Millichap has brokered the $5.4 million sale of Clement Arms Apartments, a 49-unit multifamily community located at 1815 Clements Ave. in North Charleston. The property was built in 1980 on 1.2 acres. Ryan Lipomi, Will Graves and Nate McDaniel of Marcus & Millichap’s Charleston office represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
Self-storage has had an amazing run since just before the pandemic. Cap rates started near 6 percent, with buildings starting at $150 per square foot. Then came the flood of pandemic capital pushing prices — by mid-2022 prices jumped to a point no one had previously experienced. “In some of the bigger markets, we were seeing per-square-foot prices of $300 and above for the first time,” says Denise Nunez, executive managing director with NAI Horizon. Cap rates fell to as low as 4 percent. “The low cap rates had gotten to such a point where many brokers were not even pricing deals because they didn’t want to miss that extra that they could get on the sale.” But rising interest rates have had an impact on self-storage, as they have had on every other commercial real estate asset class, with prices reversing again. Investors are still unsure of what the Federal Reserve will be doing in the near term with monetary policy. Building costs are high — final delivery construction costs are still higher by 40 percent or more than pre-pandemic. That reality has resulted in investors alternating between cold feet and, with some signs that the Fed may plan …
MYRTLE BEACH, S.C. — DC Blox, a data center provider based in Atlanta, has opened its Cable Landing Station in Myrtle Beach. The 125,000-square-foot facility is equipped with 19 megawatts (mW) of power and can host up to five subsea cables and colocation space for network and cable operators, communications providers, local enterprises and partners. DC Blox is also building a dark fiber route from the new facility to its communications hub in Atlanta. Google has announced two subsea cables that will land at the Myrtle Beach station, including the Firmina cable connecting Myrtle Beach to Argentina, Brazil and Uruguay, and the Nuvem cable to connect to Portugal and Bermuda. Edge Holdings (a subsidiary of Meta, parent company of Facebook and Instagram) has announced that it plans to land its Anjana cable connecting to Spain.