CHARLOTTE, N.C. — Simon Property Group, the Indianapolis-based mall giant and retail REIT, has purchased Phillips Place, a 134,000-square-foot, open-air shopping center in Charlotte’s SouthPark neighborhood. The seller and sales price were not disclosed. Simon also owns the nearby SouthPark Mall. Phillips Place’s tenant roster includes more than 25 retail shops and restaurants, including alice+ olivia, Peter Millar, rag & bone, Ralph Lauren, Veronica Beard, RH Gallery (as well as its rooftop restaurant) and The Palm. The center is part of a mixed-use campus that includes a 180-room Hampton Inn & Suites hotel that Simon also owns and apartments. Simon’s plans for any redevelopment opportunities at Phillips Place were not released.
Vulcan Elements Signs Full-Building Industrial Lease at CrossPoint Logistics Center in Metro Raleigh
BENSON, N.C. — Vulcan Elements, a rare earth magnet manufacturer, has signed a full-building lease at CrossPoint Logistics Center, a speculative industrial facility in the south Raleigh suburb of Benson. The developer, Edgewater Ventures, broke ground on the facility in 2022. Vulcan Elements plans to expand the current 501,215-square-foot facility to more than 1 million square feet and create 1,000 new jobs. CrossPoint Logistics Center is the largest speculative industrial facility ever constructed within the Raleigh-Durham MSA, according to Edgewater Ventures. Ed Brown of NAI Tri Properties and Anna Lea Stroud of A. Stroud & Co. represented Vulcan Elements in the lease transaction. Al Williams, Matthew Greer, Lee Allen and Diane Jones of JLL represented Edgewater Ventures.
CHESAPEAKE, VA. AND ELIZABETH CITY, N.C. — Newbrook Capital Properties has purchased a two-property multifamily portfolio in Chesapeake and Elizabeth City for $58.2 million. The seller was not disclosed. The properties include Green Tree, a 208-unit, garden-style community located at 749 Green Tree Circle in Chesapeake, and Emerald Lake, a 132-unit, garden-style property located at 1500 Emerald Lake Circle in Elizabeth City. The properties are 1990s vintage and sit roughly 40 miles apart. The portfolio acquisition grows Newbrook Capital’s assets under management to $400 million. The firm plans to invest in value-add capital improvements and has tapped StoneCreek to manage the portfolio. Hunter Bowling and Paul Marley of Cushman & Wakefield represented the seller for Emerald Lake in the transaction, and Drew White and Carter Wood of Berkadia represented the seller for Green Tree.
ATLANTA — Hunter Hotel Advisors has negotiated the sale of the Hyatt House Atlanta/Cobb Galleria, a 149-room, extended stay hotel located in Atlanta’s Cumberland/Galleria submarket. The property is situated in close proximity to Cobb Galleria Centre, Cumberland Mall, Cobb Energy Performing Arts Centre, The Battery Atlanta and Truist Park, home ballpark of the Atlanta Braves. Hospitality Asset Procurers (HAP) purchased the hotel and has selected its affiliate company, ROHM Group, to manage the hotel. The institutional seller and sales price were not disclosed. Mayank Patel of Hunter Hotel Advisors brokered the transaction.
TALLAHASSEE, FLA. — Berkadia has arranged the sale of Grove Park, a 324-unit apartment community located at 3148 Dick Wilson Blvd. in Tallahassee. The Class A community was developed in 2021 and 94 percent occupied at the time of sale. David Etchison of Berkadia represented the seller, Alabama-based TrimCor, in the transaction. Brad Williamson and Wes Moczul of Berkadia arranged acquisition financing through MF1 Capital on behalf of the buyer, Miami-based Monument Capital Management. The sales price and loan amount were not disclosed. Grove Park features one-, two- and three-bedroom layouts ranging from 1,219 to 2,120 square feet in size, including single-story duplexes with fenced yards. Amenities include a clubhouse with café bar, TV lounge, business center and rentable conference room and event space. Other amenities include a saltwater zero-entry pool and sundeck, fitness center, cedar sauna, playground and a bark park.
ATLANTA — KeyBank Community Development Lending and Investment (CDLI) has arranged $72.8 million in financing for a redevelopment phase of Atlanta Civic Center. The borrower, Civic Center Partners, is converting a portion of the property into a 148-unit affordable seniors housing community. Civic Center Partners — a joint venture between The Michaels Organization, Sophy Cos. and Republic Properties — is partnering with Atlanta Housing, which owns the Atlanta Civic Center, on the project. KeyBank CDLI provided a $39.1 million taxable construction loan and $25.2 million in federal low-income housing tax credit (LIHTC) equity. Key Commercial Mortgage Group originated an $8.5 million Fannie Mae MTEB permanent loan, and KeyBanc Capital Markets underwrote two series of tax-exempt bonds totaling $30 million. Upon completion, the senior living community will feature 30 units reserved for residents earning at or below 50 percent of the area median income (AMI); the remaining 118 units will be reserved for seniors earning at or below 60 percent of AMI. All units will be reserved for residents age 55 and older. Amenities at the community will include a lobby, package room, social service office, arts-and-crafts room, fitness center, community room, computer lounge and laundry room. Additionally, 500 square feet of …
RESTON, VA. — Comstock Holding Cos. Inc. has inked two office leases with Booz Allen Hamilton at two adjacent office towers within Reston Station, a 90-acre, transit-oriented mixed-use development in the Washington, D.C., suburb of Reston. Reston Station will now be the corporate headquarters for the global technology and consulting firm, which will fully occupy the nearly finished office building at 1870 Reston Row Plaza and multiple floors within the adjacent office building at 1800 Reston Row Plaza, which was recently delivered. The two leases combine for more than 310,000 square feet and include the enclosed bridge that will connect the two office towers on the seventh floor. The design team for 1800 and 1870 Reston Row Plaza included HKS Architects and Michael Graves Architecture. The two LEED Silver office towers are situated in The Row at Reston Station, the second of five planned phases of Comstock’s Reston Station development, which also houses offices for Google, ICF International, CARFAX, Spotify, Qualtrics International and Rolls-Royce of America, among other companies.
DURHAM, N.C. — Durhamite, a real estate investment and management firm, has purchased Nottingham Hall, a 105,830-square-foot office building located at 4505 Emperor Blvd. in Durham. The new owner plans to make extensive upgrades to the four-story property, including installing speculative suites. Daniel Flynn, Ryan Clutter and C.J. Liuzzo of JLL represented the undisclosed seller in the transaction. The sales price was also not disclosed. Durhamite has retained Dennis Hurley and Taylor McCuiston of JLL to lease Nottingham Hall, which is situated within the Imperial Center mixed-use business park.
METAIRIE, LA. — The Feil Organization has signed Navy Federal Credit Union to a 3,300-square-foot retail lease at 3506. N. Causeway Blvd. in Metairie, about eight miles northwest of New Orleans. The new retail bank branch will sit adjacent to Causeway Plaza, an office building owned by Feil. Kirsten Early of SRSA Commercial Real Estate represented the tenant in the 10-year lease deal. Colette Wharton and Katina Spera represented Feil on an internal basis. Feil expects construction on the Navy Federal Credit Union branch to finish in fall 2026.
RALEIGH, N.C. — Phoenix Commercial Properties, a full-service commercial real estate services firm in North Carolina’s Triangle region, has announced it will now operate as SVN | Raleigh. Founded in 2011, the brokerage firm is joining forces with SVN International Public Benefit Corp., which operates more than 200 brokerage offices with 2,000 advisors worldwide. John Powell, managing director of SVN | Raleigh, will lead the firm. The company will continue to represent buyers, tenants, landlords, sellers and developers throughout the Triangle region across office, industrial, retail, multifamily and land verticals.