Southeast

Glenstar Properties to Develop 290-Acre Industrial Park in Gaffney, South Carolina

by John Nelson February 15, 2023

GAFFNEY, S.C. — Glenstar Properties plans to develop Cherokee Commerce Center 85, a 290-acre industrial park in Gaffney, which is situated between the Greenville-Spartanburg market and Charlotte. Glenstar, along with capital partner Creek Lane Capital, will break ground this spring on the first building of the park, a 550,000-square-foot speculative warehouse that will be expandable to 1.3 million square feet. The cross-dock warehouse, dubbed Building 2, is expected to come on line in spring 2024 and feature 40-foot clear heights, up to 232 dock doors, four drive-in doors and parking for 452 trailers and 540 cars. At full buildout, Cherokee Commerce Center 85 will span 3.6 million square feet across five buildings. The design-build team includes architect Ware Malcomb, general contractor The Conlan Co. and civil engineer SeamonWhiteside. Glenstar has tapped Colliers to lease the park.

February 15, 2023

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Secures $77.5M Sale of Broadstone Ingleside Apartments in Metro Charleston

by John Nelson February 15, 2023

LADSON, S.C. — Cushman & Wakefield has secured the $77.5 million sale of Broadstone Ingleside, a 336-unit apartment community located in the Charleston suburb of Ladson. A joint venture between Abacus Capital and Westbrook Partners purchased the property, which was delivered in 2021. John Phoenix, Louis Smart and Austin Green of Cushman & Wakefield represented the undisclosed seller in the transaction. Broadstone Ingleside features one-, two- and three-bedroom apartments, as well as a resort-style swimming pool, coworking spaces, dog park, hammock lawn, outdoor kitchen and firepit, walking trail, 24/7 package room, bocce ball court and an outdoor fitness area, according to Apartments.com.

February 15, 2023

Acquisitions North Carolina Self-Storage Southeast

CBRE Negotiates $24.8M Sale of Self-Storage Facility in Chapel Hill, North Carolina

by John Nelson February 15, 2023

CHAPEL HILL, N.C. — CBRE has negotiated the $24.8 million sale of an 816-unit self-storage facility located at 12330 U.S.-15 501 North in Chapel Hill. Dallas-based Rosewood Property Co. purchased the 76,051-square-foot property from an entity doing business as Carolina Storage Partners LLC. CBRE’s Self Storage Advisory Group represented the seller in the transaction. Extra Space Storage operates the facility, which features climate-controlled units ranging in size from 20 to 300 square feet, as well as 67 wine storage units.

February 15, 2023

Acquisitions Kentucky Retail Southeast

Cooper Commercial Arranges $6.1M Sale of Houston Commons Shopping Center in Florence, Kentucky

by John Nelson February 15, 2023

FLORENCE, KY. — The Cooper Commercial Investment Group has arranged the $6.1 million sale of Houston Commons, a shopping center in Florence that is shadow-anchored by Target. PetSmart anchors the center, which was 88 percent leased at the time of sale. The retailer recently executed an early extension at Houston Commons through 2035. An Illinois-based buyer purchased the center from the seller, a private investor. Both parties requested anonymity. Dan Cooper of Cooper Commercial represented the seller in the transaction.

February 15, 2023

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $2.9M Ground-Lease Sale of Burger King-Occupied Restaurant in West Palm Beach

by John Nelson February 15, 2023

WEST PALM BEACH, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.9 million ground-lease sale of a single-tenant retail property in West Palm Beach. Developed in 2022 at 65 Benoist Farms Road, the 2,866-square-foot property is occupied by Burger King and has a 20-year triple-net ground lease in place. Patrick Nutt and William Wamble of SRS represented the seller, Brightwork Development, in the sale. The buyer was a private investor based in South Florida.

February 15, 2023

Acquisitions Development Loans Multifamily Southeast Tennessee

JLL Secures $106M Sale of Abberly Riverwalk Apartments in Nashville

by John Nelson February 14, 2023

NASHVILLE, TENN. — JLL has secured the $106 million sale of Abberly Riverwalk, a 304-unit, three-story apartment community in Nashville that is nearing completion. Matthew Lawton, Brian Dawson and Nick Brown of JLL represented the buyer, HHHunt, in the transaction. Travis Anderson and Warren Johnson of JLL arranged a $62 million, floating-rate acquisition loan on behalf of the buyer. The seller was not disclosed, but Wood Partners previously announced its groundbreaking of the property under a different name, Alta Riverwalk. Set for a July completion, Abberly Riverwalk will feature studio, one- and two-bedroom offerings with an average size of 799 square feet. Community amenities will include a sundeck courtyard, outdoor firepit, coworking space, outdoor kitchen and grills, golf simulator, putting green, pet spa and a 24/7 fitness club. The community is situated off U.S. Highway 12 along the Cumberland River and features an entrance to The Greenway, a 200-mile interconnected trail throughout the metro Nashville area.

February 14, 2023

Development Florida Loans Southeast Student Housing

Charles Street, ACRES Receive $63M Construction Financing for Student Housing Project Near Florida State University

by John Nelson February 14, 2023

TALLAHASSEE, FLA. — A joint venture between Charles Street Development and ACRES Realty Funding has received $63 million in construction financing for Renegade Apartments, a 153-unit student housing development in Tallahassee. The community will be located blocks from Florida State University’s campus at 501 Chapel Drive. Bayview Asset Management originated the financing, funding the debt stack through its wholly owned subsidiaries Bayview PACE and Oceanview Life and Annuity Co. The project’s design-build team includes Humphreys & Partners, HPA Design Group and Ruscilli Construction Co. Renegade Apartments is scheduled for completion in 2024 and will be leased and managed by Asset Living.

February 14, 2023

Acquisitions Florida Retail Southeast

Avison Young Negotiates $23M Sale of Strip Retail Center in South Florida

by John Nelson February 14, 2023

PEMBROKE PINES, FLA. — Avison Young’s Florida Capital Markets Group has negotiated the $23 million sale of Pembroke Centre, a 29,350-square-foot strip retail center located at 304-306 SW 145th Ave. in Pembroke Pines, a city in South Florida’s Broward County. David Duckworth, Michael Fay, John Crotty and Brian de la Fé of Avison Young represented the seller, PP Omni Ventures, an affiliate of Hart Lyman Cos. that developed the property, in the transaction. Monolith Real Estate Property Management represented the buyer, an entity doing business as OMAX Invest LLC. Situated on four acres near I-75 and Pines Boulevard, Pembroke Centre was fully leased at the time of sale to Pubbelly Sushi, Firebirds Wood Fired Grill and Xfinity Store by Comcast. The property sits on an outparcel with a shared entrance to Shops at Pembroke Gardens, an open-air retail and entertainment destination.

February 14, 2023

Acquisitions Multifamily Southeast Virginia

Berkadia Brokers Sale of 120-Unit Laurel Pines Apartments in Richmond

by John Nelson February 14, 2023

RICHMOND, VA. — Berkadia has brokered the sale of Laurel Pines Apartments, a 120-unit, garden-style multifamily property located at 4123 E. Wood Harbor Court in Richmond. Drew White, Carter Wood and Cole Carns of Berkadia represented the seller, Colorado-based Four Mile Capital, in the transaction. The buyer, Colorado-based Highlands Vista Group, purchased the property for an undisclosed price. Matt Schildwachter of Berkadia’s Denver office arranged a 10-year, fixed-rate, Freddie Mac loan on behalf of Highlands Vista. Laurel Pines features one-, two- and three-bedroom floor plans with private patios or balconies. Community amenities include a swimming pool, clubhouse, fitness center, laundry facilities and a playground.

February 14, 2023

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Arranges $18.2M Sale of Hotel in Treasure Island, Florida

by John Nelson February 14, 2023

TREASURE ISLAND, FLA. — Marcus & Millichap has arranged the sale of Treasure Bay Resort & Marina, an 83-room hotel located at 11125 Gulf Blvd. in Treasure Island, part of the Tampa Bay metro area. Ben Mallah, a private investor, purchased the hotel for $18.2 million in an all-cash transaction. Ahmed Kabani and Kian McLean of Marcus & Millichap’s Miami office represented the seller in the deal. Treasure Bay Resort features a hurricane-resistant exterior, pool, Jacuzzi and a marina.

February 14, 2023

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