Southeast

Northmarq Brokers Sale of One City Center Apartments in Downtown Durham

by John Nelson August 12, 2022

DURHAM, N.C. — Northmarq has brokered the sale of the apartments at One City Center, a 28-story mixed-use tower located at 110 Corcoran St. in downtown Durham. Jeff Glenn, Allan Lynch, Andrea Howard, Caylor Mark, John Currin and Sara Wagman of Northmarq represented the seller and developer, Austin Lawrence Partners, in the transaction. The buyer and sales price were not disclosed. Built in 2019, the property features 109 apartments, as well as a rooftop pool and hot tub, fitness center and a courtyard on the sixth floor with an al fresco dining area and fenced dog park. Individual units feature floor-to-ceiling windows, custom quartz countertops and private balconies. One City Center also features 30 for-sale condominiums, 130,000 square feet of office space and 22,000 square feet of retail space that were not part of the transaction.

August 12, 2022

Acquisitions Florida Industrial Office Southeast

Albany Road Acquires Two Office Buildings in Orlando Totaling 147,000 SF

by John Nelson August 12, 2022

ORLANDO, FLA. — Albany Road Real Estate Partners has purchased Challenger South I and II, a two-building office portfolio in Orlando totaling 147,000 square feet. Boston-based Taurus Investment Holdings LLC sold the buildings for an undisclosed price. Patterson Real Estate Advisory Group arranged an undisclosed amount of acquisition financing through Beach Bank for Boston-based Albany Road. Located on 15 acres within Central Florida Research Park, Challenger South I and II were 93 percent leased at the time of sale to eight tenants, including Vectrus, Microsemi Storage Solutions and Rockwell Collins. The buildings provide a real estate ratio of 80 percent offices and 20 percent high-bay warehouse space.

August 12, 2022

Affordable Housing Development Southeast Virginia

Woda Cooper Opens 50-Unit Affordable Housing Community in Downtown Portsmouth, Virginia

by John Nelson August 12, 2022

PORTSMOUTH, VA. — Woda Cooper Cos. Inc. has opened Holley Pointe, an affordable housing community located at 622 Effingham St. in downtown Portsmouth. The property features 50 two- and three-bedroom apartments reserved for residents earning up to 30 to 80 percent of area median income. Rents are $350 to $1,135 per month depending on the unit size and income restriction. Designed by Hooker DeJoung Architecture, community spaces at Holley Pointe include a community room with a kitchen, library, laundry, fitness room, elevator, park areas with benches, bike racks and off-street parking, as well as an onsite leasing and management office and 6,500 square feet of commercial space on the ground floor. Virginia Housing awarded Low Income Housing Tax Credits to Woda Cooper to support financing, including equity invested by Wells Fargo. Cedar Rapids Bank & Trust also provided construction financing. The project team includes civil engineer Hoggard-Eure Associates and structural engineer Speight Marshall Francis. Holley Pointe is named after the late Dr. James Holley III, a former mayor of Portsmouth.

August 12, 2022

Acquisitions Restaurant Southeast Tennessee

SRS Negotiates $2.4M Sale of New Restaurant Near Knoxville Ground Leased to Texas Roadhouse

by John Nelson August 12, 2022

ALCOA, TENN. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.4 million ground-lease sale of an 8,354-square-foot restaurant at 1125 Franck St. in Alcoa, a suburb of Knoxville. The landowner and tenant, Louisville-based Texas Roadhouse Inc., sold the 2.4-acre site to an undisclosed investor based in Virginia. The newly constructed restaurant is set to open in September, and Texas Roadhouse is subject to a 15-year ground lease. Morgan Creech and Sarah Shanks of SRS’ Louisville office represented Texas Roadhouse in the transaction. Feldman Ruel Urban Property Advisors represented the buyer.

August 12, 2022

Arkansas Development Industrial Southeast

Dollar General Plans $140M Distribution Center in North Little Rock, Arkansas

by John Nelson August 11, 2022

NORTH LITTLE ROCK, ARK. — Dollar General, the national discount merchandise retailer, has unveiled plans to develop a new $140 million distribution center in North Little Rock. The Goodlettsville, Tenn.-based company expects construction to begin this fall and wrap up by late 2023. Dollar General announced the project as part of a three-distribution center expansion in Arkansas, Colorado and Oregon that represents a total investment of $480 million. The 1 million-square-foot facility in Arkansas will be serviced by DG Private Fleet, Dollar General’s in-house freight division that launched in 2016 and currently utilizes 950 tractors and drivers. The distribution center will also be a “dual facility,” meaning it will service the traditional Dollar General merchandise as well as the DG Fresh supply chain network. The Northwest Arkansas Democrat Gazette reported that Dollar General bought the 152-acre site, which is located along U.S. Highway 70 and near an Amazon fulfillment center, from Tulip Farms Inc. for $2.4 million. The development team for the project was not released or reported. Dollar General currently employs more than 4,300 Arkansas residents, having opened its first store in the state in 1975 and now operating approximately 500 stores. Management hiring at the industrial facility is …

August 11, 2022

Development Florida Multifamily Southeast

Middleburg, Parse Capital to Develop 300-Unit Mosby Citrus Ridge Apartments in Central Florida

by John Nelson August 11, 2022

DAVENPORT, FLA. — A joint venture between Middleburg Communities and Parse Capital has broken ground on Mosby Citrus Ridge, a 300-unit multifamily community located at 100 Orlando Breeze Circle in Davenport. As part of the joint venture arrangement, Middleburg will serve as development manager and Parse Capital, a subsidiary of The Wolff Co., will serve as an investment partner. Situated along Highway 27 and I-4, Mosby Citrus Ridge will consist of five four-story residential buildings and feature a saltwater pool, fitness center, outdoor pavilions with fire pits and grilling stations and a yoga lawn. The community will offer one-, two- and three-bedroom floor plans. Middleburg and Parse Capital expect to complete the property by May 2024.

August 11, 2022

Development Leasing Activity Life Sciences North Carolina Southeast

Life Sciences Firm Leases 100,000 SF at Midtown BioCenter in Midtown Raleigh

by John Nelson August 11, 2022

RALEIGH, N.C. — Targan, a locally based research-and-development firm serving the poultry industry, has leased 100,000 square feet at Midtown BioCenter, a life sciences conversion project in Raleigh’s Midtown district. Situated at the intersection of Six Forks and Wake Forest roads, the property was formerly a Kroger grocery store. The developer and landlord, East West Partners, plans to deliver the project in spring 2023. Upon completion, Midtown BioCenter will feature lab and biomanufacturing space, as well as office space. The project team includes general contractor ARCO Design/Build and lead architect Redline Design Group. Brad Corsmeier and Lee Clyburn of CBRE|Raleigh represented East West Partners in the lease deal. Kathryn Lawn and Deborah Boucher of Cushman & Wakefield represented Targan.

August 11, 2022

Acquisitions Florida Retail Southeast

SRS Brokers $23.8M Portfolio Sale of Three Single-Tenant Retail Properties Under Construction in Homestead, Florida

by John Nelson August 11, 2022

HOMESTEAD, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $23.8 million sale of three ground-leased, single-tenant retail properties located in Homestead. The properties are under construction and have been preleased by Target, Raising Cane’s and Murphy Oil. Target will open in late 2022, Raising Cane’s will open this month and Murphy Oil will open in the fall. Patrick Nutt and William Wamble of SRS represented the seller, an entity doing business as Homestead Pavilion LLC, in the transaction. The buyer was an entity doing business as Wells Acquisition LLC. The buildings, which will span 78,436 square feet on 8.6 acres, will serve as outparcels to Homestead Pavilion, a 450,000-square-foot shopping center leased to Kohl’s, Ross Dress for Less, Bed Bath and Beyond and T.J. Maxx.

August 11, 2022

Acquisitions Florida Retail Southeast

Avanti Way Realty Arranges $7.1M Sale of Retail Center in Lakeland, Florida

by John Nelson August 11, 2022

LAKELAND, FLA. — Avanti Way Realty has arranged the $7.1 million sale of Shoppes at Lakeland Square Mall, a 44,375-square-foot retail center located at 4000 U.S. Highway 98 in Lakeland. Carrera Family Investments purchased the property in a 1031 exchange from an entity doing business as Lakeland Retail. Maria Gueits of Avanti Way Realty represented the buyer, and Anthony Bernabe and Jordan Characo of Equity Commercial Real Estate Solutions represented the seller in the transaction. Shoppes at Lakeland Square Mall was fully leased at the time of sale to tenants such as Ollies Bargain Outlet, All About Puppies, My Salon Suite, Regal Nails Salon & Spa and VidaCann, among others. The two-building property is situated on 4.5 acres adjacent to Lakeland Square Mall, an enclosed shopping mall anchored by Burlington, Dillard’s, JC Penney and Re-Sale America.

August 11, 2022

Office Southeast Top Stories Virginia

Turnbridge Equities, Fundamental Advisors Sell Five-Property Office Portfolio in Northern Virginia for $220M

by Katie Sloan August 11, 2022

NEW YORK CITY — A joint venture between two New York City-based investors, Turnbridge Equities and Fundamental Advisors LP, has sold its five-building Northern Virginia Cybersecurity and Defense Infrastructure office portfolio for $220 million. The buyer was undisclosed. The joint venture began assembling the 860,000-square-foot portfolio in 2018 with the goal of mitigating rollover risk related to single-tenant occupancy by creating a multi-tenant portfolio with staggered lease terms. The properties were 96 percent occupied at the time of sale by tenants that include Lockheed Martin Corp., General Dynamics Corp., Boeing and Northrop Grumman Corp. The portfolio includes a 205,074-square-foot property at 460 Herndon Parkway in Herndon; a 84,652-square-foot property at 14700 Lee Road in Chantilly; a 112,623-square-foot building at 21700 Atlantic Blvd. in Sterling; a 184,414-square-foot property at 12450 Fair Lakes Circle in Fairfax; and a 273,713-square-foot complex located at 10302 and 10304 Eaton Place in Fairfax. Eric Berkman, Shaun Weinberg and Kevin Sidney of Cushman & Wakefield represented the seller in the transaction. “Cybersecurity is among the fastest growing areas of government contracting, and the portfolio was assembled to take advantage of these trends with a strong roster of leading tenants that are immune to work-from-home trends …

August 11, 2022

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