Southeast

BoConcept Signs Retail Lease at Gateway at Wynwood in Miami

by Julia Sanders March 21, 2022

MIAMI — BoConcept, a furniture retailer, has signed a 3,000-square-foot lease at The Gateway at Wynwood, an office building in Miami. Alex Cesar of CBRE represented the landlord of The Gateway at Wynwood, R&B Realty Group in the transaction. Drew Schaul of CBRE represented BoConcept. BoConcept is the first retail tenant at The Gateway at Wynwood and will occupy a ground-floor retail space at the newly opened office building. The Danish retail furniture chain has more than 300 stores in over 65 countries around the world, and this will be the company’s fifth store in South Florida. The Miami store is expected to open by the fall.

March 21, 2022

Acquisitions Florida Multifamily North Carolina South Carolina Southeast

Arch Cos. Sells Multifamily Portfolio in Carolinas, Florida for $199M

by Julia Sanders March 18, 2022

NEW YORK CITY — Arch Cos. has sold 1,993 multifamily units across six properties in Winston-Salem, N.C.; Spartanburg, S.C.; and Jacksonville, Fla. The sales price was $199 million. The buyer was not disclosed. Arch Cos. invested more than $15.5 million in capital expenditures in the properties and renovated 59 percent of all units over the past two years. The properties in the sale include The Arlington, The Arcadian and The Charleston in Winston-Salem; The Abner in Spartanburg; and Riverbank and Midtown Oaks in Jacksonville. Jeffrey Julien, Roberto Casas, Vic Ciancetta, Bill Weber, Bill Shippen and Denise Fansler of JLL represented Arch Cos. in the portfolio transaction. Other agents involved in the transaction include Kay Hill and Bern DuPree of Furman Capital Advisors and John Rutherford of NAI Hallmark.

March 18, 2022

Development Georgia Office Southeast

PCCP, Portman Holdings to Develop 143,500 SF Office Property in Atlanta’s Old Fourth Ward

by Julia Sanders March 18, 2022

ATLANTA — PCCP LLC and Portman Holdings have formed a joint venture with plans to develop O4W Office, a 143,500-square-foot boutique office building in Atlanta’s Old Fourth Ward district along the Atlanta BeltLine’s Eastside Trail. Construction is slated to be complete by the summer of 2023. O4W Office will include three stories of offices, 6,900 square feet ground-floor retail space and two levels of parking. Building amenities will feature a coffee bar, bicycle and scooter storage, restrooms with showers, outdoor terraces and 11,000 square feet of outdoor space. Located at 667 Auburn Ave., the office development is situated three miles south of Midtown and two miles east of downtown Atlanta. Nearby retail to the project includes Krog Street Market and Ponce City Market, which both are walkable along the BeltLine and include food halls and shops.

March 18, 2022

Acquisitions Hospitality Louisiana Southeast

HREC Arranges $16.9M Sale of Whitney Hotel in New Orleans

by Julia Sanders March 18, 2022

NEW ORLEANS — HREC Investment Advisors has arranged the sale of The Whitney Hotel, a historic 93-room hotel in New Orleans. Cleveland-based GBX Group LLC acquired the property for $16.9 million. Len Wormser, Ketan Patel, Barry Swanson and Michael Salloway of HREC represented the seller, The MCC Real Estate Group, in the transaction. Built in 1870, The Whitney was renovated about 24 years ago, and features 24 suites, meeting space, parking and a 7,000-square-foot lobby. The property is situated close to the 1.2 million-square-foot New Orleans Ernest N. Morial Convention Center, the French Quarter and Superdome.

March 18, 2022

Acquisitions Georgia Retail Southeast

Stan Johnson Co. Brokers $3.1M Sale of Retail Strip Center in North Georgia

by Julia Sanders March 18, 2022

CORNELIA, GA. — Stan Johnson Co. has brokered the sale of a multi-tenant retail strip center in Cornelia. Billy Benedict of Stan Johnson Co. represented the seller, a Florida-based investment group known as JETS Associates Ltd. Atlanta-based Newburger-Andes acquired the property for $3.1 million. Built in 2019 on a 1.3-acre parcel, the 6,668-square-foot center is leased to Starbucks Coffee, Cricket Wireless and Jersey Mike’s Subs. At the time of sale, the property was 74 percent occupied with one available space totaling 1,750 square feet. The property is an outparcel to a Lowe’s Home Improvement store. Located at 216 Carpenters Cove Lane, the center has direct frontage to U.S. Highway 441 South. The property is located approximately 70 miles northeast of downtown Atlanta.

March 18, 2022

Georgia Loans Multifamily Southeast

Berkadia Secures Acquisition Loan for 280-Unit Apartment Community in LaGrange, Georgia

by Julia Sanders March 18, 2022

LAGRANGE, GA. — Berkadia has secured an acquisition loan for Exchange at 1105, a new 280-unit garden-style multifamily property in LaGrange. Scott Wadler and Matt Nihan of Berkadia’s Miami office arranged the financing through AllianceBernstein on behalf of the borrower, Coral Gables, Fla.-based Beacon Real Estate Group. The loan amount was not disclosed. The first phase of Exchange at 1105 was completed in 2021 and includes 198 units. Phase I was 97 percent occupied at the time of sale. The second phase is under construction and slated for delivery by the fourth quarter. The property offers one-, two- and three-bedroom floorplans. Unit features include smart lock entry, stainless steel appliances, granite kitchen countertops, soaking bathtubs and walk-in closets. Community amenities include a clubhouse, fitness facility, resident lounge with pool table, Wi-Fi enabled clubhouse with business center, dog park with pet spa and designer pool with sun deck. Located at 1105 and 1195 S. Davis Road, the property is located near Interstates 85 and 185.

March 18, 2022

Acquisitions Development Mixed-Use South Carolina Southeast Top Stories

13th Floor Investments Acquires 168 Acres in Greenville, Plans for Mixed-Use Development

by Julia Sanders March 18, 2022

GREENVILLE, S.C. — Miami-based 13th Floor Investments has acquired 168 acres in Greenville with plans to build the first phase of On The Trail, a mixed-use project. The sales price for the land was not disclosed. In partnership with Miami-based developers Dean Warhaft and Warren Zinn, the team plans to redevelop the abandoned 250 acres surrounding Greenville’s historic Union Bleachery mill, which fronts the Swamp Rabbit Trail, a 22-mile, multi-use recreational greenway. Originally built in the 1990s, The Union Bleachery mill formerly was used as a commerce center but has sat vacant since a fire shut down its operations in 2003. 13th Floor Investments, which now owns a majority ownership stake in the development project, will take over the management, construction and implementation of Warhaft and Zinn’s strategic vision for the site. Warhaft is a licensed professional land surveyor with experience as a real estate development lawyer and manager of all aspects of construction projects. Zinn is an attorney with experience acquiring, developing and managing commercial properties. On The Trail will be built in multiple phases, featuring a variety of residential, commercial, office, retail and hospitality uses. Construction of the project’s first phase is slated to begin later this year …

March 18, 2022

Acquisitions District of Columbia Multifamily Southeast

Avanath Capital Management Acquires 2M Street Apartments in D.C. for $103.5M

by Julia Sanders March 17, 2022

WASHINGTON, D.C. — Avanath Capital Management LLC has acquired 2M Street Apartments, a 315-unit multifamily community in Washington, D.C., for $103.5 million. The seller was not disclosed. Built in 2014, 2M Street is an apartment community that offers studio, one- and two-bedroom floorplans. Unit features include fully equipped kitchens, balconies, breakfast nooks, granite countertops and washers and dryers in-unit. Community amenities include a basketball court, onsite maintenance, media center, movie theater, pool and a fitness center. The apartment community was designed to meet LEED Gold standards. Located at 2 M St. NE, the property is situated close to the Capitol Building and is 1.6 miles from downtown.

March 17, 2022

Acquisitions Georgia Retail Southeast

Coro Realty Sells Cross Country Plaza Shopping Center in Columbus, Georgia for $42.6M

by Julia Sanders March 17, 2022

COLUMBUS, GA. — Atlanta-based Coro Realty has sold Cross Country Plaza, a 314,000-square-foot retail center in Columbus, for $42.6 million. The buyer was an affiliate of Hackney Real Estate Partners. Transwestern’s Southeast Investment Services Group represented Coro Realty in the transaction. Anchored by Publix, Cross Country Plaza was 90 percent occupied at the time of sale. Other tenants include T.J. Maxx, Burlington, Goodwill, Chipotle, Chuck E Cheese’s, Mattress Firm and 2nd & Charles. Located on Macon Road off Interstate 185, the property is 10.9 miles from Fort Benning, which is the third largest employer in Georgia. The property is also 42.6 miles from Auburn University. Built in 1956, the property was renovated in 2000 and then again in 2012.

March 17, 2022

Acquisitions Development Industrial North Carolina Southeast

Merritt Properties Buys 142 Acres Near Raleigh, Plans to Build Industrial Park

by Julia Sanders March 17, 2022

CARY, N.C. — Merritt Properties has bought 142 acres in Cary for $9 million with plans to build Merritt RDU Business Park, a 738,750-square-foot industrial park. The transaction includes three parcels. Construction is expected to begin early 2023. The seller of the land was not disclosed. Merritt RDU Business Park will span up to 13 single-story buildings ranging from 8,400 to 108,225 square feet. The industrial park will offer clear heights from 18 to 32 feet, leasable bays starting at 1,500 square feet, traditional rear-loaded docks and drive-in capabilities and free surface parking. The first phase of the project will include three buildings on the western side of the site, near the corner of Nelson and Pleasant Grove Church roads. The park will be located three miles from RDU International Airport, and will be close to Interstates 540 and 40, as well as US Highway 70. The project will be Merritt’s’ sixth speculative industrial project in the state, as well as the company’s largest North Carolina project since 2020. Merritt has nearly 2 million square feet of leasable space that is developed, proposed or under construction across five other projects in the Triangle area.

March 17, 2022

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