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Southeast

AcquisitionsGeorgiaRetailSoutheast

Hackney Trades Two Grocery-Anchored Shopping Centers in Metro Atlanta for $29M

by John Nelson

ACWORTH AND SMYRNA, GA. — Hackney Real Estate Partners has sold two grocery-anchored shopping centers in metro Atlanta for $29 million. The assets include the 144,678-square-foot Cherokee Corners in Acworth and the 185,601-square-foot Concord Village in Smyrna. Brad Buchanan, Jim Hamilton and Andrew Kahn of JLL represented Hackney in the portfolio transaction. Both shopping centers are anchored by Food Depot, which has recently signed a 10-year renewal at both locations. Built in 1984 and renovated in 2016, Cherokee Corners was fully leased at the time of sale to tenants such as Woodstock Market, Dolce Furniture and Family Dollar. Concord Village was built in 1988 and renovated in 2016. The center was 99 percent leased at the time of sale to tenants such as Goodwill, Citi Trends, Mega Furniture Outlet, Dollar General and CSL Plasma.

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AcquisitionsIndustrialSoutheastTennessee

Lincoln Property Co. Acquires 200,000 SF Industrial Facility in Franklin, Tennessee

by John Nelson

FRANKLIN, TENN. — Dallas-based Lincoln Property Co. has sold a 200,000-square-foot industrial facility located on 15.6 acres at 117 SE Parkway in Franklin, a suburb of Nashville. The asset was fully leased at the time of the sale to the undisclosed seller, which has leased back 100 percent of the space. The sales price was not disclosed. Built in 1981, the distribution facility features 18- to 22-foot clear heights, 13 docks (including one drive-in) and 73 parking spots. Patterson Real Estate Advisory Group arranged an undisclosed amount of acquisition financing through Renasant Bank.

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AcquisitionsNorth CarolinaRetailSoutheast

PEBB Enterprises Sells Concord Station Retail Center Near Charlotte for $15.2M

by John Nelson

CONCORD, N.C. — PEBB Enterprises, a South Florida-based private equity real estate investment firm, has sold Concord Station, a 45,569-square-foot retail center located at 8591 Concord Mills Blvd. in the Charlotte suburb of Concord. The buyer, an entity doing business as South Coast Commercial LLC, purchased the center for $15.2 million. Evan Halkias and Margaret Jones of Cushman & Wakefield represented PEBB in the transaction. Situated at the entrance of Simon’s newly renovated Concord Mills Mall, Concord Station was fully leased at the time of sale to tenants including Big Blue Swim School, McAlister’s Deli, Guitar Center, The UPS Store and Wild Birds Unlimited. The property, which offers direct access to I-85, was constructed on 6.3 acres in 2004.

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AcquisitionsGeorgiaSoutheastStudent Housing

Fountain Residential Partners Disposes of 241-Bed Student Housing Community Near KSU in Metro Atlanta

by John Nelson

KENNESAW, GA. — Fountain Residential Partners has sold 14 SixtyFive, a 241-bed student housing community near Kennesaw State University in metro Atlanta. The development was recently completed and offers two-, three-, four- and five-bedroom, fully furnished units with bed-to-bath parity. Community amenities include study spaces on every floor, a gaming room, 24-hour fitness center, outdoor kitchen, barbecue grills, resort-style swimming pool and a study lounge. The 52-unit property is situated one mile north of campus at 1465 Shiloh Road in Kennesaw. Teddy Leatherman, Stewart Hayes and Scott Clifton of JLL represented the seller in the disposition of the property to Nuveen Real Estate. The sales price was not disclosed.

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Conference CoverageFeaturesMultifamilySeniors HousingSoutheastSoutheast Feature Archive

Supply Chain Issues Slow Seniors Housing Development as Demand Balloons, Say InterFace Panelists

by Kristin Harlow

ATLANTA — Delays in the arrival of building materials — everything from windows and roof trusses to microchips for electrical panels — is one of the biggest hurdles slowing down new seniors housing developments, according to Kristin Kutac Ward, CEO of Solvere Living. Ward’s comments came during the ninth annual InterFace Seniors Housing conference. The event, which took place Aug. 17 at the Westin Buckhead in Atlanta, was hosted by France Media’s InterFace Conference Group and Seniors Housing Business and drew 324 attendees. Joining Ward on the development panel was Tod Petty, vice chairman with Lloyd Jones Senior Living; Matthew Griffin, senior vice president, eastern states, with Griffin Living; and Jim Vogel, president of Solvida Development Group. Rick Shamberg, managing director of Scarp Ridge Capital, served as the moderator. Despite the challenges in today’s building environment, there is pent-up demand and plenty of excitement regarding new seniors housing projects, said Ward. As baby boomers age, there will be a need for seniors housing care for about 50 million more people in the U.S., according to Shamberg. There’s ample opportunity for developers to fill that void in housing. According to Petty, the need for seniors housing units will be most pronounced …

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DevelopmentFloridaMixed-UseMultifamilyRetailSoutheast

Joint Venture Opens Phase I of MiLine Miami, Including 338-Unit Apartment Community and Brewery

by John Nelson

MIAMI — A joint venture between ZOM Living, Mattoni Group, Scout Capital and AEW Capital Management has completed the first phase of MiLine Miami, a mixed-use development in Miami spanning 11.4 acres. Phase I includes the delivery of a six-story, 338-unit apartment community, 4,600 square feet of retail space and 1,300 linear feet of the Ludlam Trail. Apartments come in studios, one-, two- and three-bedroom options ranging from 580 to 1,700 square feet, and community amenities include a swimming pool and pool deck with cabanas, grilling area, Zen courtyard, fire pit, social room, fitness center, aqua lounge and coworking spaces. The retail space in Phase I houses Thorn, a local brewery by the founders of Lincoln’s Beard Brewing Co. The beer garden will be anchored by two restaurants to be announced soon. Phase II of MiLine Miami will comprise 337 apartments — including 32 townhome units — and is slated to start construction by the end of the year. The third phase will deliver an additional 300 apartments and 18,000 square feet of retail space. The Ludlam Trail is being redeveloped into a linear park that spans six miles and connect four parks, three waterways, two Metrorail stations at Dadeland …

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AlabamaFloridaHospitalityLoansSoutheast

Mag Mile Capital Arranges $63M Refinancing of Gulf Coast Hotel Portfolio in Alabama, Florida

by John Nelson

CHICAGO — Mag Mile Capital has arranged a $63 million CMBS loan for the refinancing of a portfolio of nine hotels in the Gulf Coast region of Alabama and Florida. The borrower is A&R Hospitality, an institutional hospitality owner and developer based in Gulf Shores, Ala. The direct lender was not disclosed. The 10-year loan features cash-out proceeds, a loan-to-value ratio of 60 percent, 30-year amortization schedule and four years of interest-only payments. The assets include five hotels in Gulf Shores: Beachside Resort Hotel, Motel 6, Quality Inn, Red Roof Inn and Staybridge Suites. The other four assets include Fairfield Inn & Suites in Orange Beach, Ala.; Home2 Suites in Daphne, Ala.; Home2 Suites in Mobile, Ala.; and Red Roof Inn in Pensacola, Fla.

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AcquisitionsFloridaHospitalitySoutheast

CBRE Brokers $59M Sale of Hotel Melby in Downtown Melbourne, Florida

by John Nelson

MELBOURNE, FLA. — CBRE has brokered the sale of Hotel Melby, Tapestry Collection by Hilton, a new 180-room located at 801 E. Strawbridge Ave. in downtown Melbourne, a city on Florida’s Space Coast. An entity doing business as Nella Invest LLC purchased the property for $59 million, or $327,778 per room. Christian Charre, Paul Weimer, Jennifer Jin and Andrew Pastorino of CBRE represented the seller, a joint venture between Opterra Capital, Willow Street Capital, Duke Hospitality and LCP Group, in the transaction. Opened in April 2021, the 11-story hotel features a 360-degree-view rooftop restaurant and bar, coffee bistro, fitness center, more than 12,000 square feet of flexible meeting space and a parking garage. The design team for Hotel Melby included Welbro Construction, ODA Architecture and EoA Group.

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AcquisitionsDevelopmentMultifamilyNorth CarolinaSoutheast

Capstone Negotiates Sale of 19.1-Acre Multifamily Development Site in North Charlotte

by John Nelson

CHARLOTTE, N.C. — Capstone has negotiated the $4.4 million sale of a 19.1-acre development site located just north of the Camp North End mixed-use development in Charlotte. The site is located within an opportunity zone at the northwest corner of Statesville and Atando avenues and offers more than 1,500 feet of frontage along I-77. The unnamed buyer is a new-to-market developer, and the site is entitled for up to 350 garden-style apartment units. The buyer plans to begin construction in the coming months, according to Capstone. A portion of the Cross-Charlotte Greenway Trail system fronts the site, providing future residents with access to a 30-mile trail and greenway facility that will stretch from Pineville, N.C., to the University of North Carolina at Charlotte campus.

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Leasing ActivityRetailSoutheastVirginia

Planet Fitness to Open New Gym at Stony Point Village in Richmond

by John Nelson

RICHMOND, VA. — Planet Fitness has leased 17,476 square feet at Stony Point Village, a 114,422-square-foot shopping center located at 3000-3096 Stony Point Road in Richmond. The fitness chain expects to open the new location, its fifth in the Richmond market, this winter. Nicki Jassy of Cushman & Wakefield | Thalhimer represented Planet Fitness in the lease negotiations. James Ashby IV, also with Thalhimer, represented the unnamed landlord. In addition to the new Planet Fitness, Stony Point Village’s tenant roster includes Trader Joe’s, Good Foods Grocery, Gelati Celesti and Einstein Bros. Bagels.

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