Southeast

SRS Brokers $2.3M Sale of New Wendy’s-Occupied Property in Metro Tampa

by Julia Sanders February 28, 2022

LAND O LAKES, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.3 million sale of a newly developed, single-tenant retail property in Land O Lakes. William Wamble and Patrick Nutt of SRS represented the seller, an entity doing business as RS Roach LLC. The buyer was a private investor based in Wyoming. Built in 2022 and situated on 1.1 acres, the 2,500-square-foot ground-lease property has a 15-year tenant lease in place with Wendy’s. Located at 7775 Land O Lakes Blvd., the freestanding property is directly across the street from Connerton, a mixed-use project situated on 1,800 acres that is currently under development.

February 28, 2022

Leasing Activity Maryland Retail Southeast

GBT Realty Adds DSW to Tenant Lineup at Ellsworth Mixed-Use Project in Silver Spring, Maryland

by Julia Sanders February 28, 2022

SILVER SPRING, MD. — GBT Realty Corp. has added DSW Designer Shoe Warehouse to Ellsworth Place, a 350,000-square-foot retail and entertainment center in Silver Spring, a Maryland suburb of Washington, D.C. The Brentwood, Tenn.-based developer and owner acquired Ellsworth Place in 2018. The discount shoe retailer signed the lease last month with plans to renovate the former Guitar Center storefront. Construction on the property is currently underway with DSW expected to open in March. Located on level four of Ellsworth Place, DSW will be in a 17,500-square-foot store. The tenant’s new location is convenient to Town Center Garage via the pedestrian bridge. DSW joins tenants at Ellsworth Place including Burlington, Ross Dress for Less, Marshalls, Michaels, T.J. Maxx and Dave & Buster’s.

February 28, 2022

Content Partner Development Features Healthcare Leasing Activity NAI Northeast Southeast Western

Midwest Healthcare/MOB Properties Adapt to Post-COVID Demands, Tenant Expectations

by Sarah Daniels February 28, 2022

The famed stability of healthcare and medical office building (MOB) real estate continues in 2022, with the Midwest acting as a microcosm for the sector’s trends and challenges nationwide. Adapting to complement large healthcare system needs, adding urgent care centers and keeping costs low are some of the main concerns for brokers this space. Five healthcare/MOB brokers sat down with REBusinessOnline to discuss what is influencing the sector. Michael Kalil, chief operating officer and director of brokerage, and Jeff Cavazos, senior vice president, NAI Farbman, Southfield, Mich.; Matthew Gregory, senior VP office brokerage, and Michael Simpson, president, NAI Ohio Equities, Columbus, Ohio; and Doug Taatjes, partner/associate broker, NAI Wisinski of West Michigan, Grand Rapids, Mich. weighed in on the present and future of healthcare/MOB real estate. REBusiness: What trends are we going to see in healthcare in 2022? What factors might influence further investment in this field? Matt Gregory: Improvements to building infrastructure will be the most significant trend in 2022. There will be a push toward better HVAC filtration, higher cleaning standards and so forth. Mike Simpson: Yes, I think the healthy building initiative is something that’s going to pick up more momentum this year. Doug Taatjes: In our …

February 28, 2022

Market Reports Multifamily North Carolina Southeast Southeast Market Reports

High Demand for Raleigh-Durham Multifamily Drives Record Sales Volume, Pricing

by John Nelson February 28, 2022

Raleigh-Durham is increasingly popping up at the top of shopping lists for multifamily investors, and buyer demand — coupled with strong rent growth — is resulting in record sale prices. As of this writing, 2021 is on pace to be one of the best years ever in terms of total transaction volume. As capital continues to flow into the market across the spectrum of investor groups from institutions to high net worth individuals, cap rates also have dropped into record territory. Just about every sale in the market is trading at a cap rate in the 3s, and even sub-3 percent in some cases. For example, Northmarq recently brokered the sale of the 489-unit Indigo Apartments in Morrisville on behalf of Blue Heron Asset Management. The asset sold for $121.9 million. The deal was one of the largest single-property multifamily sales in North Carolina in 2021, and the largest in Raleigh-Durham’s history upon closing. The property received multiple qualified offers before selling to Toronto-based Starlight Investments for $249,000 per unit, surpassing initial pricing guidance by nearly 20 percent. The phenomenon of lower return expectations and compressed cap rates is not unique to the Raleigh-Durham market. That trend is occurring throughout …

February 28, 2022

Development Georgia Multifamily Southeast

Joint Venture to Develop 576-Unit Apartment Community in Atlanta’s Upper Westside

by John Nelson February 25, 2022

ATLANTA — A joint venture between Golub & Co., AB Capital, local entrepreneur Thierry Francois and a client advised by MetLife Investment Management plans to build a two-building apartment community in Atlanta totaling 576 units. The joint venture recently purchased a 5.8-acre development site at 2164 Marietta Blvd. in the city’s Upper West Side submarket for the project. Bruce Armstrong and Joel Sandridge of Chicago-based Golub will oversee the design and construction of the community, along with architectural firm Lord Aeck Sargent. The property will feature an industrial aesthetic, central courtyard and an undisclosed amount of retail space. The joint venture plans to break ground on the unnamed property in the third quarter with delivery of the first phase slated for third-quarter 2023.

February 25, 2022

Acquisitions Georgia Multifamily Southeast

Icer Properties Buys Apartment Community in Southwest Atlanta for $43.5M

by John Nelson February 25, 2022

ATLANTA — Icer Properties has purchased The Life at Greenbriar Apartments, a 376-unit multifamily community located at 2909 Campbellton Road in southwest Atlanta, for $43.5 million. Built in 1971, the property features a leasing office, controlled access gate, playground, dog park and a laundry center. Taylor Brown, Chandler Brown and Barden Brown of GREA represented the seller, Olive Tree Holdings, in the transaction. New York-based Icer Properties is rebranding the property as The Hills at Greenbriar and plans to finish interior renovations, as well as bring 14 vacant units back on line.

February 25, 2022

Florida Loans Self-Storage Southeast

Talonvest Capital Arranges $21.4M Loan for Self-Storage Facility in Miami

by John Nelson February 25, 2022

MIAMI — Talonvest Capital has arranged a $21.4 million loan for a new self-storage facility in Miami. Situated near Interstate 95 and Miami’s Wynwood district, the seven-story property spans 106,940 square feet and comprises 1,100 climate-controlled units. An unnamed private investment firm based in New York provided the loan to the borrower, SpareSpace Storage, a locally based owner-operator. The firm will use the three-year loan to refinance construction debt and also finance the phased buildout of the facility. David DiRienzo, John Chase, Jim Davies, Ivan Viramontes, and Thalia Tovar of Talonvest Capital originated the loan, which features interest-only payments for the life of the loan with two 12-month extension options.

February 25, 2022

Acquisitions Florida Retail Southeast

CBRE Brokers $19.2M Sale of Publix-Anchored Center in Metro Jacksonville

by John Nelson February 25, 2022

ST. JOHNS, FLA. — CBRE has brokered the $19.2 million sale of Shoppes at Beachwalk, a newly built, Publix-anchored shopping center located on County Road 210 in St. Johns, a suburb of Jacksonville. The developer, Pebb Enterprises, delivered the 58,887-square-foot shopping center last year. Publix Super Markets purchased Shoppes at Beachwalk, which was fully occupied at the time of sale. Casey Rosen and Dennis Carson of CBRE’s National Retail Partners team represented the seller in the transaction.

February 25, 2022

Development Industrial South Carolina Southeast

Frampton Begins Construction on 89,000 SF Industrial Facility Near Port of Charleston

by John Nelson February 25, 2022

CHARLESTON, S.C. — Frampton Construction Co. has broken ground on a “transload” industrial facility near the Port of Charleston spanning 89,000 square feet. The Keith Corp. is developing the property in partnership with the South Carolina Ports Authority on behalf of the tenant, TradePort Logistics. The third-party logistics firm handles cargo for retailers like Walmart, which recently opened its 3 million-square-foot distribution hub nearby. TradePort’s concrete, tilt-up building will feature 20-foot clear heights, 130 dock doors, 630 trailer parking spaces and 110 employee parking spaces, as well as approximately 2,000 square feet of office space. The site is located off Clements Ferry Road. An access road is being built to connect the facility to Charleston Regional Parkway, according to Frampton. Other project members include architect Berenyi Inc. and civil engineer Thomas + Hutton. Frampton expects to deliver the facility this summer.

February 25, 2022

Acquisitions Multifamily South Carolina Southeast Tennessee

GVA Management, Leste Real Estate Purchase Sun Belt Multifamily Portfolio for $380M

by Julia Sanders February 24, 2022

MIAMI, AND AUSTIN, TEXAS — Austin, Texas-based GVA Management and Miami-based Leste Real Estate U.S. have purchased a portfolio of five Class B multifamily properties in Texas, Tennessee and South Carolina. The sales price for the portfolio was $380 million. The seller was not disclosed. The multifamily acquisition includes 1,670 individual units in total. The firms plan to make about $17 million in capital improvements across the portfolio. GVA Management will manage the portfolio and oversee the value-add improvements.

February 24, 2022

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