Southeast

ATLANTA — Canterbury Court, a continuing care retirement community in Atlanta’s Buckhead district, has doubled in size with its new expansion. The property now includes two new additions: The Garden Tower, a high-rise that features 105 independent living apartments and a ground-level restaurant; and Monarch Pavilion, a four-story building that offers seniors housing units, amenities and services in a neighborhood setting. Monarch Pavilion comprises Azalea View, a new assisted living community; Wisteria Park, a memory care destination centered around a courtyard garden; and Sage Glen, a skilled nursing neighborhood that features dedicated physical, speech and occupational therapists. The construction period for the expansion lasted approximately two years. Greystone Communities served as the project’s financial advisory and financial consultant, and JLL provided project management services. The design-build team included architect Rule Joy Trammell + Rubio and general contractor Brasfield & Gorrie.

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HYATTSVILLE, MD. — JLL has secured a $63 million refinancing for Vie Towers, a 910-bed student housing community located in the Washington, D.C., suburb of Hyattsville. The high-rise community serves students attending both Howard University and the University of Maryland. Doug Opalka, Dan Kearns, Jayme Nelson and Owen Claypool of JLL worked on behalf of the borrowers, Safanad and Vie Management, to secure the three-year, floating-rate loan through Värde Partners. Built in 2006 and renovated in 2019, the community offers a mix of two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a rooftop pool deck, modern fitness center, yoga studio and coworking and creative space.

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MIAMI — CBRE has brokered the $49.3 million sale of Trail Plaza, a grocery-anchored shopping center located on 17 acres at the corner of SW 8th Street and SW 67th Avenue in west Miami. Boston-based Longpoint Realty Partners LP purchased the 181,558-square-foot shopping center from an unnamed client advised by MetLife Investment Management. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction. Built in 1987, Trail Plaza was 99 percent leased at the time of sale to tenants including grocer Fresco y Mas, Walgreens, Harbor Freight Tools, Party Depot and six outparcel tenants.

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CHARLOTTE, N.C. — Berkadia has arranged the sale of a two-property multifamily portfolio in Charlotte. The assets include Hamilton Square, a 120-unit property located at 6017 Williams Road, and Heatherwood Trace, a 172-unit community located at 5600 Paces Glen Ave. Caleb Troop and Thomas Colaiezzi of Berkadia’s Charlotte office represented the seller, European Investment Management Corp. (EIMC), in the transaction. The buyer and sales price were not disclosed.

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SPARTANBURG, S.C. — Two entities of SVN | Blackstream — Reedy River Retail and Second Story Real Estate Management — have been retained to offer for sale the leasehold interest of WestGate Mall, an enclosed regional shopping mall in Spartanburg. The mall’s anchor tenants include Belk, Dillards, JC Penney and Costco, which is located on a separate parcel and not included in the sale. The sale includes 431,306 square feet of gross leasable area as part of a ground lease that has extension options through 2084. WestGate Mall, which is the only enclosed mall in Spartanburg County, is located on a 52-acre site along I-26. The asset is currently 82 percent occupied. The mall’s former owner, Chattanooga-based CBL Properties, filed for bankruptcy in 2020 and the mall is now in receivership, according to local media outlets.

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MORRISVILLE, N.C. — King Street Properties and BE&K Building Group have topped out the second building in Phase I of Pathway Triangle, an advanced manufacturing campus underway in Morrisville, a western suburb of Raleigh. The 75-acre project will span 1 million square feet of space and represent a total investment north of $1 billion, according to the property website. The first building in Phase I is a 160,000-square-foot building that is set to open this year. The second building will span 200,000 square feet and be delivered in early 2024. Other facilities planned for the first phase include a 140,000-square-foot research-and-development building and an 8,000-square-foot amenity center. CBRE | Raleigh handles the leasing assignment at Pathway Triangle. King Street has a similar campus underway in Devens, Mass., that is home to three tenants and also branded under the Pathway concept.

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CLEMSON, S.C. — Eric Newton Real Estate has broken ground on Maverick Hills, a 517-bed student housing development located near the Clemson University campus in South Carolina. The property will offer cottage and townhome units in a mix of two-, three- and four-bedroom configurations with bed-to-bath parity. Shared amenities are set to include a resort-style swimming pool with lounge seating; clubhouse; full-service coffee bar; study rooms; 24-hour fitness center; courtyard for outdoor games; dog park; pickleball and basketball courts; and “The Rock” community center. The project is scheduled for completion in fall 2025. 

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NASHVILLE, TENN. — Chicago-based Brennan Investment Group has acquired a 75,000-square-foot distribution facility located at 565 Brick Church Park Drive in Nashville. The seller and sales price were not disclosed. Situated on a 5.3-acre site five miles north of downtown Nashville, the property was fully leased at the time of sale to locally based AllParts Medical, a division of Philips Healthcare that uses the facility to stock, test, repair and distribute more than 60,000 replacement parts used in high-end medical tools. Built in 1996 and renovated in 2019, the infill building features a 135-foot truck court, 24-foot maximum clear heights, LED lighting, climate control and 12,500 square feet of office space. The facility was formerly used as a studio for the TV show “Nashville.” The 565 Brick Church Park property represents Brennan’s fourth acquisition in the Nashville market since 2019.

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INDIAN HARBOUR BEACH, FLA. — The Sembler Co. has signed a 21,000-square-foot retail lease with Michaels for a new store at Causeway Shopping Center in Indian Harbour Beach, a suburb of Melbourne on Florida’s Space Coast. The 112,000-square-foot shopping center is owned by Forge Real Estate Partners III, a joint venture between Sembler and Forge Capital Partners. Sembler also handles leasing at Causeway, whose other tenants include Ross Dress for Less, Bealls Outlet, GNC and Panera Bread, among others. Michaels plans to open the new store before the end of the year. The store formerly housed an Office Depot, which closed in June.

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NEWTON, N.C. — Planet Fitness has signed an 18,000-square-foot lease in Newton, roughly 40 miles outside of Charlotte. The tenant will operate in half of a space formerly occupied by Bi-Lo at Marketplace Center. Prior to the lease, the space was vacant for more than seven years. Tad Anderson of Ardor Commercial Advisors represented the landlord, RVS Realty, in the lease negotiations. Jay Hagerman of Providence Group represented Planet Fitness.

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