Southeast

Matthews Arranges $10.6M Sale of Retail Property in Virginia Beach Leased to CVS

by John Nelson October 31, 2022

VIRGINIA BEACH, VA. — Matthews Real Estate Investment Services has brokered the sale of a 13,225-square-foot store located at 1701 Independence Blvd. in Virginia Beach. The single-tenant property was leased to CVS/pharmacy at the time of sale Preston Schwartz and Chad Kurz of Matthews represented the private seller in the transaction. Jason Maier of Stan Johnson Co. represented the undisclosed buyer, which acquired the property for $10.6 million. CVS/pharmacy has a little over 12 years remaining on the lease.

October 31, 2022

Development Florida Multifamily Southeast

Alliance Residential Acquires 12 Acres in Tampa for Waterfront Multifamily Development

by John Nelson October 28, 2022

TAMPA, FLA. — Alliance Residential Co. has acquired a 12-acre property located at 5105 W. Tyson Ave. in Tampa for $15. 8 million. Mark Eilers and Ed Miller of Colliers brokered the sale on behalf of the undisclosed seller. The Arizona-based developer plans to use the site for the development of Broadstone Westshore, a 325-unit luxury apartment community. To be developed in partnership with Santander Bank, Broadstone Westshore will comprise apartments ranging in size from 593 to 1,520 square feet, as well as a clubhouse, pool, fitness center, dog park and wash station, podcast studio, business center and media lounge. Construction is scheduled to begin within the next few weeks, with the first units expected to be ready in April 2024.

October 28, 2022

Development Industrial South Carolina Southeast

Treeline to Build 300,000 SF Industrial Park in Gaffney, South Carolina

by John Nelson October 28, 2022

GAFFNEY, S.C. — New York-based Treeline has acquired a 36-acre site in Gaffney, a city in South Carolina roughly equidistant between Greenville, S.C., and Charlotte. Treeline was self-represented in the transaction, in which they acquired the property from Hart Consumer Products Inc. The land will be used for the development of a 300,000-square-foot, $30 million industrial facility dubbed Victory Crossing. The project will mark Treeline’s third industrial facility in the Southeast. Choate Construction Co. will serve as general contractor for the development, with Warren Snowdon of Foundry Commercial acting as the exclusive leasing agent for the property, which will house manufacturing and warehouse/distribution tenants.

October 28, 2022

Acquisitions Affordable Housing Maryland Multifamily Southeast

OneWall Purchases Affordable Housing Community in Metro D.C. for $23M

by John Nelson October 28, 2022

SUITLAND, MD. — OneWall Communities has acquired Gateway Station — formerly Allentown Apartments — a 178-unit affordable multifamily property located in the Washington, D.C., suburb of Suitland. CBRE Affordable Housing arranged the transaction, in which RailField Realty Partners sold the property for $23 million. Built in 1963 and renovated in 2007, Gateway Station features eight buildings comprising apartments in a mix of studio, one-, two- and three-bedroom layouts. Community amenities include a swimming pool, onsite laundry facilities and a playground. The property currently operates under the Low Income Housing Tax Credit (LIHTC) program, which reserves units at various income restrictions. Connecticut-based OneWall plans to preserve Gateway Station’s affordability during its ownership.

October 28, 2022

Development Florida Industrial Southeast

Merritt Properties Buys Land in Jacksonville for 158,400 SF Industrial Development

by John Nelson October 28, 2022

JACKSONVILLE, FLA. — Merritt Properties has acquired 16 acres off of First Coast Expressway in Jacksonville for the development of a business park comprising 158,400 square feet. The development will feature four single-story, flex/light industrial buildings ranging from 21,600 to 57,600 square feet. Construction is slated to begin before the end of this year, with the first phase including three buildings along Armstrong Lane.

October 28, 2022

Acquisitions Georgia Retail Southeast

Northmarq Arranges Sale of 20,053 SF Retail Center in McDonough, Georgia

by John Nelson October 28, 2022

MCDONOUGH, GA. — Northmarq has arranged the sale of Towne Crest Village, a 20,053-square-foot retail center located in McDonough, approximately 30 miles south of Atlanta. Jeff Enck of Northmarq represented the private Florida-based buyer in the transaction. An individual Los Angeles-based investor sold the property for $5.7 million. Built in 2005, Towne Crest was 100 percent leased at the time of sale to a mix of local businesses including service retailers and restaurants.

October 28, 2022

Acquisitions Georgia Multifamily Southeast Top Stories

JLL Brokers $258M Sale of Two Abberly-Branded Apartment Communities in Decatur, Georgia

by Jeff Shaw October 28, 2022

DECATUR, GA. — JLL Capital Markets has brokered the $258 million sale of two five-story, wrap-style apartment communities located in the northeast Atlanta suburb of Decatur. Development and management company HHHunt acquired Abberly Skye for $163 million and Abberly Onyx for $95 million. Northwood Ravin was the seller for both transactions. The two communities are located on the same block around a newly built shopping center anchored by a Sprouts Farmers Market and across the street from a recently renovated shopping center anchored by a Walmart Supercenter. Both properties are approximately seven miles from Midtown Atlanta. Abberly Skye was developed in 2020. The community offers 450 studio, one-, two- and three-bedroom units. Individual units include walk-in showers, glass-front kitchen cabinets, quartz countertops in kitchens and bathrooms, stainless steel appliances and balconies with walk-up patio options. Community amenities at Abberly Skye include a golf simulator, swimming pool, sauna, business center, podcasting room, fitness areas, TV lounge and gaming courtyard. Abberly Onyx was developed in 2017 and comprises 250 units. The building offers studio, one-, two- and three-bedroom floor plans, as well as community amenities such as a rooftop swimming pool, sauna, climbing gym, two-story outdoor lounge, indoor and outdoor game areas, …

October 28, 2022

Florida Loans Multifamily North Carolina Southeast

NewPoint Provides $93.5M Freddie Mac Financing for Two Apartment Communities in Charlotte, Orlando

by John Nelson October 27, 2022

CHARLOTTE, N.C. AND ORLANDO, FLA. — NewPoint Real Estate Capital LLC has provided two separate Freddie Mac loans totaling $93.5 million for two apartment communities in Charlotte and Orlando. The borrower, an affiliate of American Landmark LLC, is using the loans to refinance both properties. The transactions include a $51 million loan for the 338-unit 8 Metro Station in Charlotte and a $42.5 million loan for the 279-unit Central Station on Orange in Orlando. Marc Cesare of NewPoint originated the 10-year, fixed-rate loans. The loans both featured five years of interest-only payments and provided cash-out options for American Landmark, an investment firm that manages over $5 billion in multifamily properties spanning approximately 32,000 units.

October 27, 2022

Acquisitions Colorado Georgia Maryland Self-Storage Southeast Tennessee Virginia

Ziff Purchases Six Self-Storage Properties in Southeast, Colorado Totaling 2,750 Units

by John Nelson October 27, 2022

MOUNT PLEASANT, S.C. — Ziff Real Estate Partners has purchased six self-storage properties in the Southeast and Colorado totaling 2,750 climate- and non-climate-controlled units, including boat and RV rental spaces. The Mount Pleasant-based investor purchased the assets for an undisclosed price via its ZRP Storage Opportunity Fund. The assets in the portfolio include four existing properties: Morristown Self Storage in Morristown, Tenn.; J&S Self Storage in Fountain, Colo.; Mocks Hwy 20 Self Storage in Cumming, Ga.; and Atlas Business Center in Gainesville, Ga. The portfolio also includes two buildings in Roanoke, Va., and Waldorf, Md., that were acquired for conversion to self-storage properties branded under the StoreEase flag. Combined the six assets span 340,000 net rentable square feet. The sellers were not disclosed.

October 27, 2022

Development Multifamily North Carolina Southeast

Alliance Residential Opens 335-Unit Broadstone Oak City Apartments in Raleigh

by John Nelson October 27, 2022

RALEIGH, N.C. — Alliance Residential Co. has opened Broadstone Oak City, a 335-unit apartment community located at 2911 Mid-Century Drive in Raleigh’s East Midtown district. Located near Capital Boulevard and I-440, the site formerly housed a Holiday Inn hotel that opened in the 1970s and was converted in 2005. Broadstone Oak City features studio, one-, two- and three-bedroom apartments ranging in size from 640 to 1,356 square feet. Amenities include a podcast studio, cold brew on tap, private workspaces, pet park, outdoor grills, resort-style saltwater pool with in-pool loungers, indoor fitness center, outdoor fitness space featuring Beaverfit equipment, 445 parking spaces and four electric vehicle charging stations. The design-build team includes LS3P, Cline Design Associates and McAdams. Rental rates range from $1,439 for a studio to $2,240 for a three-bedroom apartment, according to the property website.

October 27, 2022

Newer Posts

Older Posts