Southeast

Lincoln Property Co. Purchases 626,061 SF Airpark West Industrial Park in Charlotte

by John Nelson December 1, 2022

CHARLOTTE, N.C. — Lincoln Property Co. has purchased Airpark West, a four-building, 626,061-square-foot industrial park located off Air Park West Drive in Charlotte. Toronto-based BentallGreenOak sold the infill park for an undisclosed price. Dave Andrews, Pete Pittroff, Patrick Nally and Zach Lloyd of JLL represented the seller in the transaction. Located adjacent to the I-85 and I-485 interchange, Airpark West was fully leased to multiple tenants at the time of sale. The development was completed in phases between 2007 and 2019 and is situated within a few miles from Charlotte Douglas International Airport and the Norfolk Southern CLT Intermodal Terminal.

December 1, 2022

District of Columbia Leasing Activity Office Southeast

Oxford Signs Law Firm to 40,914 SF Lease Renewal, Expansion at 1101 New York Avenue in D.C.

by John Nelson December 1, 2022

WASHINGTON, D.C. — Oxford Properties Group has signed Allen & Overy LLP to a long-term lease renewal and expansion at 1101 New York Ave. in Washington, D.C. The law firm will continue to occupy the 11th floor and expand into a portion of the tower’s 10th floor. The tenant plans to begin renovations to its space in early 2023. Tom Fulcher, Julie Rayfield and Adam Brecher of Savills represented Allen & Overy in the lease negotiations. Matt Pacinelli, Kyle Luby and John Klinke of Stream Realty Partners represented Oxford Properties.

December 1, 2022

Acquisitions Multifamily Seniors Housing South Carolina Southeast

Hudson Capital Sells Active Adult Community in Myrtle Beach for $53.2M

by John Nelson November 30, 2022

MYRTLE BEACH, S.C. — Hudson Capital Properties (HCP) has sold Inspire Coastal Grand, a 194-unit active adult community in Myrtle Beach. An undisclosed buyer acquired the property for $53.2 million. Tai Cohen of Cushman & Wakefield represented HCP in the transaction. Units are available in one-, two- and three-bedroom options. Cape Fear Commercial co-developed the project alongside HCP. The partnership broke ground on the community in 2019. Like many of the Southeastern markets where HCP invests, the greater Myrtle Beach area benefits from continued population growth that has strong potential to continue over the long term, according to HCP.

November 30, 2022

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Arranges $35.6M Sale of Astoria Apartments in Mobile, Alabama

by John Nelson November 30, 2022

MOBILE, ALA. — Cushman & Wakefield has arranged the sale of Astoria, a 252-unit multifamily community in Mobile. Carter Multifamily purchased the community from Saxony Capital Management for $35.6 million. Andrew Brown and Ben Thomas of Cushman & Wakefield represented the seller in the transaction. Built in 2001, Astoria’s amenities include a resident lounge with billiards, foosball and a coffee bar; a remodeled clubhouse and wellness center; valet trash removal; and a saltwater swimming pool with an outdoor kitchen area. Carter Multifamily plans to make interior renovations to Astoria during its ownership period, according to Cushman & Wakefield.

November 30, 2022

Acquisitions Alabama Hospitality Southeast

Berkadia Brokers $8.5M Sale of Hampton Inn Hotel in Birmingham

by John Nelson November 30, 2022

BIRMINGHAM, ALA. — Berkadia has brokered the $8.5 million sale of Hampton Inn & Suites Birmingham East Irondale, a 99-room hotel located at 950 Old Grants Mill Road in Birmingham. Dan Hawkins and Jake Pietras of Berkadia’s Hotels & Hospitality division completed the sale on behalf of the undisclosed seller. The buyer was also not disclosed. Amenities at the Hampton Inn hotel include an indoor pool, fitness center, business center, a complimentary breakfast and 576 square feet of meeting space.

November 30, 2022

Leasing Activity North Carolina Office South Carolina Southeast

IWG to Open Five New Regus Coworking Locations in the Carolinas

by John Nelson November 30, 2022

ZUG, SWITZERLAND — IWG plc, a Swiss coworking provider, plans to open five new Regus-branded flexible offices in North and South Carolina. The five locations include 3511 Shannon Road in Durham; 8024 Glenwood Ave. in Raleigh; 140 Stoneridge Drive in Columbia, S.C.; 222 N Lafayette St. in Shelby, N.C. (Charlotte suburb); and 900 Trail Ridge Road in Aiken, S.C. (Augusta suburb). All five locations will offer IWG’s full suite of services, including private offices, coworking and collaboration spaces, meeting rooms and a host of tech services, including IT support. The new Carolinas locations are part of IWG’s plan to add more than 500 locations throughout the United States.

November 30, 2022

Healthcare Leasing Activity Maryland Retail Southeast

Edge Negotiates 20,000 SF Retail Lease With Vet Clinic at Frederick Crossing in Maryland

by John Nelson November 30, 2022

FREDERICK, MD. — Edge has negotiated a 20,000-square-foot retail lease with Partner Veterinary Emergency and Specialty Center at Frederick Crossing, a nearly 300,000-square-foot power retail center located at 7330 Guilford Drive in Frederick. Kristin Rebeck of Edge represented the tenant, which plans to open the clinic in the spring and employ roughly 70 people once fully operational. Adam Greenberg of DLC Management Group represented the landlord, a partnership between DLC and Acadia Realty Trust. Situated near I-70, Frederick Crossing’s tenant roster includes Kohl’s, Best Buy, Regency Furniture, Ross Dress for Less, Off Broadway Shoes, Five Below, Ulta Beauty and Dollar Tree.

November 30, 2022

Development Georgia Industrial Southeast

Automotive Supplier to Invest $926M for Manufacturing Facility Near Hyundai Plant in Metro Savannah

by John Nelson November 29, 2022

RICHMOND HILL, GA. — Hyundai Mobis, an automotive supplier based in South Korea, plans to invest $926 million for a new manufacturing facility near Hyundai’s previously announced electric vehicle and battery campus in Bryan County. Situated near the Port of Savannah, the new 1.2 million-square-foot facility will employ at least 1,500 people once fully operational. The project is located within the Georgia Ready for Accelerated Development (GRAD) Certified Belfast Commerce Park in Richmond Hill. Hyundai Mobis will supply electric vehicle power electric systems and charging control units to the mega Hyundai plant nearby and in Montgomery, Ala., as well as the Kia plant in West Point, Ga. Hyundai Mobis is the “parts and services” arm for South Korean auto giants Hyundai, Genesis Motors and Kia. The company has had an operational base near the Kia plant since 2009. The new Bryan County facility is expected to break ground in 2023 and begin operations in 2024.

November 29, 2022

Development Loans Maryland Multifamily Southeast

ACRES Capital Provides $83.7M Loan for Multifamily Project in Frederick, Maryland

by John Nelson November 29, 2022

FREDERICK, MD. — ACRES Capital has provided an $83.7 million construction loan for Residences at East Church, a 350-unit multifamily project located on a 14.8-acre site at 605 E. Church St. in Frederick. The borrower, The Goldstar Group, is developing the five-story community to feature a clubhouse, swimming pool and fitness center, as well as 525 parking spaces. The construction timeline was not disclosed. Jamie Butler of Walker & Dunlop originated the loan on behalf of Goldstar. Principals involved in the loan transaction include Michael Brodsky of Goldstar and Drew Miller of ACRES Capital’s New York office.

November 29, 2022

Development Florida Multifamily Southeast

Daniel Delivers $60M Porte at Pathstone Apartments in Pensacola, Florida

by John Nelson November 29, 2022

PENSACOLA, FLA. — Development firm Daniel has delivered Porte at Pathstone, a 336-unit apartment community in Pensacola. The $60 million property is situated within the Pathstone development across Nine Mile Road from Navy Federal Credit Union’s office campus. The design-build team includes general contractor Doster Construction and design firm Nelson Architects. Community amenities include a resort-style swimming pool, outdoor grilling area and game lawn, fitness center, yoga lawn, coworking space with private conference rooms, coffee bar, pet spa and a dog park. Rental rates range from $1,649 to $2,599, according to the property website.

November 29, 2022

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