Southeast

Excelsa Purchases Apartment Community in Columbia, Maryland for $78M

by John Nelson November 9, 2022

COLUMBIA, MD. — Excelsa Properties has acquired Columbia Pointe, a 325-unit multifamily community located at 5764 Stevens Forest Road in Columbia, approximately 20 miles southwest of Baltimore. Newmark represented the seller, Morgan Properties, in the $78 million transaction. Built in 1972, the 18-acre property features one residential tower and 14 garden-style buildings with apartments in one-, two- and three-bedroom layouts. Excelsa plans to invest $3.2 million in the renovation of about half of Columbia Pointe’s units that will include kitchen and bathroom upgrades. Occupancy at the time of sale was 95 percent.

November 9, 2022

Build-to-Rent Development Loans Multifamily North Carolina Single-Family Rental Southeast

Banyan Secures $64.5M Construction Loan for Single-Family Rental Community in Wilmington, North Carolina

by John Nelson November 9, 2022

WILMINGTON, N.C. — Wells Fargo has provided Banyan Residential with a $64.5 million loan to finance the construction of Banyan Silo Ridge, a single-family rental community located in Wilmington. The development, which spans 75 acres, will offer homes in two-, three- and four-bedroom layouts. Each home will feature a one- or two-car attached garage and a private backyard. Community amenities include a 4,000-square-foot clubhouse, fitness center, pool, landscaped grounds and a fenced dog park. Construction is underway on the property, with completion scheduled for the third quarter of 2024 and the first homes expected to be delivered in early 2023.

November 9, 2022

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $25.5M Sale of Dollar General Portfolio Across Six States

by John Nelson November 9, 2022

ATLANTA — Marcus & Millichap’s Taylor McMinn Retail Group has arranged the sale of a Dollar General portfolio comprising 14 stores located in six states. Don McMinn of Marcus & Millichap based in Atlanta brokered the $25.5 million transaction. All 14 stores were constructed this year and are subject to 15-year triple net leases. An undisclosed developer sold the properties to an undisclosed, institutional retail owner. Of the sale, McMinn comments that there is an “increased institutional interest for net lease portfolios due to their attractive returns caused by a surplus of inventory and rising interest rates.”

November 9, 2022

Acquisitions North Carolina Retail Southeast

JLL Brokers Sale of 102,539 SF Emerald Plantation Shopping Center in Coastal North Carolina

by John Nelson November 9, 2022

EMERALD ISLE, N.C. — JLL has arranged the sale of Emerald Plantation Shopping Center, a 102,539-square-foot retail center located in Emerald Isle on the coast of North Carolina. Tom Kolarczyk of JLL represented the seller, Cameron Street Partners, in the $12 million transaction. Charlie Barzola of Eastern Commercial represented the unnamed buyer. The shopping center, which is anchored by a Food Lion, was 100 percent leased at the time of sale to tenants including Michelangelo’s Pizza, Shark’s Den Bar and Grill, Rucker John’s and Elly’s.

November 9, 2022

Development Hospitality South Carolina Southeast

Lowe Tops Out 225-Room Cooper Hotel in Downtown Charleston

by John Nelson November 8, 2022

CHARLESTON, S.C. — Lowe, with construction company BL Harbert International, has completed the vertical construction of The Cooper, a 225-room, waterfront hotel located at 176 Concord St. in downtown Charleston. The hotel will feature 12,000 square feet of ground-floor retail space, a 7,000-square-foot spa and fitness center, almost 20,000 square feet of indoor-outdoor event space, food-and-beverage offerings and an outdoor infinity-edge pool. Lowe is also working with the City of Charleston to expand Joe Riley Waterfront Park at the site by 400 feet. McMillan Pazdan Smith and Robert Glazier were architects for the project, with interior design by Champalimaud Design and landscape architecture by DesignWorks.

November 8, 2022

Acquisitions Georgia Multifamily Southeast

Capital Square Sells Ivy Commons Apartments in Metro Atlanta for $75.5M

by John Nelson November 8, 2022

MARIETTA, GA. — Capital Square has sold Ivy Commons Apartments, a 344-unit multifamily community located in Marietta, a northeast suburb of Atlanta. A group of Delaware statutory trust (DST) investors owned the 28.4-acre property, which was acquired by Capital Square in 2018. The property features 39 residential buildings with apartments in one-, two- and three-bedroom layouts. Community amenities include a swimming pool, fitness center, business center, tennis courts, laundry facility, playground and conference room. Investors saw a 200 percent total return on their 1031-exchange investment, according to Capital Square. The buyer was not disclosed.

November 8, 2022

Acquisitions Georgia Retail Southeast

Sarofim Realty Advisors Sells 343,748 SF Plaza Fiesta Shopping Center in Atlanta

by John Nelson November 8, 2022

ATLANTA — Sarofim Realty Advisors has sold Plaza Fiesta, a 343,748-square-foot retail center located on Buford Highway in northeast Atlanta. Chris Decoufle, Kevin Hurley, Matt Karempelis, Mike Burkard and Steve Shields of CBRE represented the seller in the transaction. Charlotte-based Asana Partners acquired the property for an undisclosed price. Mercado Fresco, a Hispanic grocery store, anchors the plaza, which was 95 percent leased at the time of sale. Plaza Fiesta’s tenant roster includes Ross Dress for Less, Planet Fitness, Ollie’s, Aaron’s, and a freestanding CVS/pharmacy and QuikTrip.

November 8, 2022

Acquisitions Georgia Hospitality Southeast

Hodges Ward Elliott Brokers Sale of 103-Room Artmore Hotel in Midtown Atlanta

by John Nelson November 8, 2022

ATLANTA — Hodges Ward Elliott (HWE) has arranged the sale of Artmore Hotel, a 103-room boutique hotel located in Midtown Atlanta across from the Woodruff Arts Center and one mile from the Georgia Tech campus. Originally opened as the Granada Apartments in 1924, the property was converted to hotel use in 1984. Todd Ratliff and Nate Ries of HWE represented the undisclosed seller in the transaction. The buyer and sales price were not disclosed.

November 8, 2022

Leasing Activity North Carolina Office Southeast

CBRE Opens 24,535 SF Office in Charlotte’s South End District

by John Nelson November 8, 2022

CHARLOTTE, N.C. — CBRE has opened a new office at Vantage South End, a 635,000-square-foot mixed-use development located in Charlotte’s South End neighborhood. The Dallas-based real estate services giant now occupies 224,535 square feet of space on the second floor of the campus’ east tower, located at 1120 S. Tryon St. The office space is designed with a focus on hybrid work compatibility and flexibility, including a “free address” style wherein desks and workstations are not assigned. The office also features a wellness lounge with a petrified moss wall and anonymous occupancy sensors to monitor employee behaviors. Artwork was curated with a focus on Charlotte artisans and regional representation.

November 8, 2022

Development Mixed-Use Southeast Tennessee

GBT Completes 15-Story Parke West Mixed-Use Development in Nashville

by John Nelson November 7, 2022

NASHVILLE, TENN. — GBT Realty Corp. has delivered Parke West, a 15-story mixed-use project located in the West End neighborhood of Nashville. Parke West features 210 residential units, 11,000 square feet of retail space and a nine-story Hilton hotel. Occupancy in the residential tower, which began leasing this summer, is approaching 15 percent. The tower features apartments in studio, one- and two-bedroom layouts. Community amenities include a dog run and washing station, coffee bar, fitness center, game room, club room and a rooftop pool. Monthly rents begin at $1,865. Current retail leases on the ground floor include Stride Fitness and Complexion, an aesthetics and skincare boutique. Both concepts will open in spring 2023 and occupy 2,611 square feet and 3,030 square feet, respectively. Opened in October of this year, the hotel is dual-branded, with 103 Hilton Garden Inn keys and 69 Home2Suites by Hilton keys. Shared amenities comprise a lobby bar and restaurant, rooftop pool deck and 4,000 square feet of flexible meeting space.

November 7, 2022

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