SPRING HOPE, N.C. — Legacy Realty Group Advisors has brokered the $4.8 million sale of Spring Hope Commons, a retail center located in Spring Hope, approximately 35 miles northeast of Raleigh. Food Lion anchors the 47,950-square-foot property. Jacob Baruch and Daniel Baruch of Legacy represented the buyer and seller, neither of which were disclosed, in the transaction.
ATLANTA — High Street Residential (HSR), the housing subsidiary of Trammell Crow Co. (TCC), has started construction of The Grace Residences. The 280-unit apartment tower will be located adjacent to Georgia Institute of Technology within the Science Square mixed-use project in Atlanta. Rule Joy Trammell + Rubio designed the 14-story building, which will offer one-, two- and three-bedroom floorplans, with 28 units designated as affordable housing. Amenities at the community will include a bike room; club room; an outdoor courtyard with fire pits, grilling areas and a pool; a fitness center; pet spa; package room; coworking spaces; and an indoor/outdoor sky lounge. Completion of the building is scheduled for May 2024. Preleasing will begin early next year. The tower will also feature 2,350 square feet of ground-floor retail space. Adrienne Crawford and Lily Heimburger of SRS Real Estate Partners will handle retail leasing for the development. Construction on Science Square began in 2022. The first phase includes a 364,740-square-foot lab/office tower that Perkins + Will designed.
BLYTHEWOOD, S.C. — Magnus Development Partners has broken ground on Access 77, a 210,600-square-foot speculative industrial facility in Blythewood. Situated within Northpoint Industrial Park, the building will feature a minimum 32-foot clear height; 54-foot by 50-foot bay spacing with a 60-foot speed bay; a 130-foot-deep truck court; motion-detected LED lighting; trailer parking; 13 dock doors expandable to 52; and two drive-in doors. The design allows for both single- and multi-tenant uses. Chuck Salley, Dave Mathews, Thomas Beard and John Peebles of Colliers will handle leasing at the property. A construction timeline was not disclosed.
MURFREESBORO, TENN. — Argyle Real Estate Partners has acquired Easton Place, a 184-unit multifamily community located in Murfreesboro, roughly 35 miles southeast of Nashville. Amenities at the property include a swimming pool, community firepit and clubhouse with a movie theater. The buyer plans to implement a capital improvement plan at the community, which Greystar will manage. This marks Argyle’s first acquisition in metro Nashville. The price and seller were not disclosed.
MT. CRAWFORD, VA. — An entity doing business as Buc-ee’s Mt. Crawford LLC has purchased 21.3 acres located on Frieden’s Church Road in Mt. Crawford for the development of a Buc-ee’s Super Center at the site. Nathan Shor and Larry Agnew represented the buyer in the $6.6 million transaction. Upon completion, the property will feature 75,000 square feet of retail space, as well as 120 fuel pumps, electric vehicle chargers and parking for more than 650 cars. This will mark the second location in the state for the brand. The location matches the Buc-ee’s strategy of opening massive gas stations and retail centers in rural towns along major thruways outside larger metro areas. The site is located along Interstate 81 west of Washington, D.C. and Baltimore.
PITTSBORO, N.C. — Five new tenants have joined the lineup at Northwood Landing, a 62,000-square-foot retail center recently developed in Pittsboro, roughly 35 miles east of Raleigh. Dunkin’ Donuts will occupy a 2,100-square-foot building, and FirstHealth of the Carolinas will open a 4,849-square-foot clinic at the property. Vet Pets and Zaxby’s will join the center as well, leasing 2,750 and 3,162 square feet, respectively. Hubie’s Express Car Wash will also open at the property in the fourth quarter of this year. A 44,000-square-foot Lowes Foods anchors the center, which comprises multiple buildings and 10 outparcels situated across from MOSAIC, a $180 million entertainment and lifestyle development. Lee & Associates has been designated as the property manager for Northwood Landing.
SIMPSONVILLE, KY. — A joint venture partnership between Hunt Midwest and Marshall Planing Mill has announced plans to break ground on a 3.4 million-square-foot industrial park in Simpsonville, roughly 25 miles east of Louisville. The 300-acre development, dubbed Simpsonville 64 Logistics Park, will be located on Kentucky Route 1848 near the Ford Kentucky Truck Plant, Ford Kentucky Assembly Plant and GE Appliance Park. The project will be developed in phases, with construction of Phase I set to begin in the fourth quarter of this year. Phase I will include the development of a 207,400-square-foot, rear-load industrial building with 210 parking spaces and 80 semi-trailer truck parking space, as well as a 486,720-square-foot cross-dock industrial building with 206 parking spaces and 140 semi-trailer truck parking spaces. The development will also include retail space along Buck Creek Road. Build-to-suit opportunities are available at the site for industrial users up to 1.5 million square feet. A timeline for the project was not announced. The development team for Simpsonville 64 Logistics Park includes H2B Architects and Mindel Scott. Kevin Grove of CBRE will handle leasing for the industrial portion of the park. Jody Zimmerman and John Agan with Walter Wagner Jr. Co. will lead …
No one in the multifamily sector needs a lecture on the difficulty of financing projects and deals these days. But, when there are challenges in the market, attention to detail and alternative financing can result in a better chance of finding solutions. Considering life insurance companies as viable investors is one example. Insurers often can provide needed liquidity as they search for yield, especially in the multifamily world. Multifamily fell to the same forces that have affected every other commercial real estate (CRE) class. After a buildup of easy money over more than a decade, the zero-interest rate policy in response to the pandemic collapse set asset investment on fire. Prices soared, opportunities were widespread and big leverage was in. “Starting in 2019/2020, you saw a lot of floating-rate bridge money,” says Susan Mello, executive vice president and group head of capital markets at Walker & Dunlop. But as loans came up for refinancing, quick and large Federal Reserve hikes of the benchmark federal funds rate kicked up loan costs everywhere and made penciling a deal difficult, if not impossible. “The rapid rise of interest rates put values in question across the board. That’s exacerbated by how much liquidity there …
LEBANON, TENN. — JLL Capital Markets has arranged a $40 million loan for the acquisition of Alligood Industrial Park, a two-building industrial development located in Lebanon, roughly 30 miles east of Nashville. Totaling 410,370 square feet, the development features 32-foot clear heights, 135-foot truck courts, 76 dock doors and ESFR sprinklers. Aldon Cole, Brian Carlton and Brad Vansant of JLL secured the five-year, fixed-rate financing on behalf of the buyer, Pearlmark Real Estate.
GREENSBORO, N.C. — Capstone Cos. has brokered the $13.5 million sale of Cottage Gardens, an apartment community located in Greensboro. Built in 1960, the property totals 176 units. Ron Corrao, Eric Liebich, Josh Greenwald, Scott Fuller, Matt Weinstein and Dane Lozier of Capstone represented the undisclosed seller in the transaction. VanRock Real Estate was the buyer.