PEACHTREE CORNERS, GA. — Spalding Site Partners LLC has acquired a 2.2-acre land parcel in Peachtree Corners with plans to develop a mixed-use property. Upon completion, the development will include 170 residential units, ground-floor retail space, a fitness center and an extension of the Peachtree Corners public trail system. Redline Property Partners, which has a 98,040-square-foot office building at the site, sold the land for an undisclosed price.
ORLANDO, FLA. — CBRE has arranged the sale of an industrial portfolio comprising 241,124 square feet across three buildings in Orlando. Located at 10425 S. Orange Ave., 523 W. Grant St. and 44 27th St., the buildings total 130,400, 62,210 and 48,514 square feet, respectively. GID Industrial purchased the portfolio, which was fully leased to 14 tenants, including USPS, at the time of sale. José Lobón, Trey Barry, Frank Fallon, Royce Rose and Alain Bonvecchio of CBRE Capital Markets represented the undisclosed, Boston-based seller in the transaction. David Murphy and Monica Wonus of CBRE also assisted with the sale, the price of which was not disclosed.
KNOXVILLE, TENN. — MZ Capital Partners has purchased the Residences at Devanshire, a community comprising 87 single-family rental homes in Knoxville. Built in 2006, the property features units with three bedrooms and two full bathrooms. Homes also feature back porches or patios, attached garage parking and grass backyards. The sales price and seller were not disclosed.
RICHMOND, VA. — Cushman & Wakefield|Thalhimer’s Capital Markets Group has brokered the $7.3 million sale of Wistar Center in Richmond. Located at 8101-8157 Staples Mill Road, the portfolio comprises 49,092 square feet of industrial and retail space. Fully leased to 20 tenants, the retail property features 20,436 square feet. Totaling 28,656 square feet across two buildings, the industrial space was also fully leased at the time of sale. Bo McKown, Catharine Spangler and Eric Robison of Cushman & Wakefield|Thalhimer arranged the sale on behalf of the seller, Fernau LeBlanc Investment Partners. Prudent Growth Partners was the buyer.
Retail is not dead. In fact, coming out of COVID-19, retail is arguably the strongest that it’s been in many years. According to S&P Global Market Intelligence data, in 2022 we saw a 13-year low in retail companies filing for bankruptcy. Here in Baltimore, we’re seeing extremely low vacancy rates and steady demand, which in turn, is cultivating a competitive environment. However, despite the challenges that retail has faced over the past several years, its resilience is where we continue to find plenty of reasons to be optimistic. A look back In March 2020, the phones stopped ringing and businesses shuttered for what was anticipated to be a few short weeks. We soon came to find that was not the case. Retail did struggle, significantly in some cases. Restaurants, service-based businesses, soft goods, fitness, entertainment and experiential concepts amongst many others, whether large corporate-owned or mom-and-pop users, struggled to stay afloat. And many did fail. Space came back on the market and concepts dwindled at an uncanny pace. But the so-called “retail apocalypse” — a common phrase that was originally coined because of the increased popularity of e-commerce — was, again, proved to be hyperbole. Retailers sought ways to enhance …
SAVANNAH, GA. — Olympus Property has acquired Capital Crest at Godley Station, a 203-unit apartment community located in Savannah. Built in 2017 along Benton Boulevard, the property offers 14 floor plans in one-, two- and three-bedroom layouts. Amenities at the community include a 2,500-square-foot sports club, saltwater swimming pool, poolside cabanas and fireplace, a theater, car care center, dog park, pet spa and attached and detached garage parking. The seller and purchase price were not disclosed.
BRIDGEPORT, W.VA. — KeyBank Real Estate Capital (KBREC) has arranged a $33 million loan for the acquisition of Meadow Creek Apartments, a multifamily community located in Bridgeport. Built in 2017 on 31.5 acres, the property comprises 29 buildings ranging from two to four stories. Alan Isenstadt, Pranav Sarda and John Ward of KBREC structured the fixed-rate Fannie Mae loan. Moshe Feiner of Sevenstone Capital arranged the financing on behalf of the undisclosed borrower.
MIAMI — Forman Capital, a South Florida-based lender owned by Brett Forman and Ben Jacobson, has acquired a $24.1 million loan secured by a development site in Miami. Charles Foschini of Berkadia arranged the transaction. Located at 2301 N.W. 3rd Avenue, the site was acquired in September of last year by an affiliate of Neology Life Development Group for $32.1 million, with plans for a mixed-use development. The property is zoned for up to 1,800 residential units. Hermitage Palmer Land LLC provided the acquisition loan.
DELRAY BEACH, FLA. — PEBB Enterprises has signed new retail leases totaling 27,099 square feet at Delray Landing, a shopping center the company is currently redeveloping in Delray Beach. Retro Fitness will occupy 17,299 square feet at the property, and Crown Wine will lease 4,100 square feet. Keke’s Breakfast Café and a dentist office will also open at the center, leasing 4,200 and 1,500 square feet, respectively. Sprouts Farmers Market anchors the property, which is also leased to Burger King and Taco Bell. PEBB acquired the shopping center, which is located at 5024-5070 W. Atlantic Ave., in June 2021 in a joint venture with Topvalco Inc. A grand reopening is scheduled for this summer.
MECHANICSVILLE, VA. — WEDGE Acquisitions LLC has purchased a 1.7-acre parcel in Mechanicsville for $690,000 for the development of a retail strip center. Upon completion, the property, located at 8527 Meadowbridge Road, will comprise 6,500 square feet. Dunkin’ will anchor the center. Nathan Shor of S.L. Nusbaum represented WEDG in the transaction, and Douglas Tice III, also with S.L. Nusbaum, represented the seller, Lisa G. Waitman.
