Southeast

Kirkland Brokers $90.9M Sale of Apartment Community in Charlotte

by John Nelson June 23, 2022

CHARLOTTE, N.C. — The Kirkland Co. has brokered the $90.9 million sale of Amaze @ NoDa, a 298-unit apartment community in Charlotte. Built in 2020, the gated property is situated in Charlotte’s NoDa (north of Davidson Street) district along the Lynx Blue Line rail. Dennis Harris, Austin Haney and Matt Behr of Kirkland represented the seller and developer, Neyland Apartment Associates, in the transaction. Stoneweg U.S. LLC, a multifamily investor and developer based in St. Petersburg, Fla., was the buyer. Amaze @ NoDa features studio, one- and two-bedroom units, as well as a pool, clubhouse, sky lounge with an outdoor bar, business center, bike storage, fitness center, dog park, firepits, courtyard and grills.

June 23, 2022

Acquisitions Georgia Southeast Student Housing

Blue Vista, StepStone Purchase Theory Interlock Student Housing Project in Atlanta

by John Nelson June 23, 2022

ATLANTA — Blue Vista Capital Management and StepStone Real Estate, the real estate arm of investment firm StepStone Group, have purchased Theory Interlock, a 240-unit student housing project underway near Georgia Tech in Atlanta’s West Midtown district. Blue Vista and PeakMade Real Estate are the developers behind the community, which is one of the anchors of the $450 million The Interlock mixed-use destination that SJC Ventures is developing. Theory Interlock, which will feature a unit mix ranging from studios to five-bedroom apartments, is slated to open ahead of the fall 2023 semester. The acquisition of Theory Interlock is the first investment for a $90 million co-investment partnership between Blue Vista and StepStone that is focused on student housing opportunities.

June 23, 2022

Acquisitions Multifamily Southeast Tennessee

Penler Sells 240-Unit Parkstone Apartment Community in Gallatin, Tennessee

by John Nelson June 23, 2022

GALLATIN, TENN. — Penler has sold The Parkstone, a newly developed apartment community located in the Nashville suburb of Gallatin. The Atlanta-based developer sold the 240-unit, townhouse-style property to Weinstein Properties, a Richmond-based investor that has rebranded the property to Bexley Parkstone. The sales price was not disclosed. Penler acquired the 16.5-acre site in summer 2020 and opened The Parkstone in January 2022. The community, which was fully stabilized at the time of sale, features one-, two- and three-bedroom units. Amenities include a 24-hour package room, dog park, detached garages, clubhouse, pool with a sundeck and cabanas, fitness center and a picnic area with grills, according to Apartments.com.

June 23, 2022

Acquisitions Development Georgia Restaurant Retail Southeast

Marcus & Millichap Arranges $2.4M Sale of Chick-fil-A Ground Lease in Metro Savannah

by John Nelson June 23, 2022

POOLER, GA. — Marcus & Millichap has arranged the $2.4 million sale of a Chick-fil-A ground lease located at 2100 Pooler Parkway in Pooler, about 12 miles west of Savannah’s downtown historic district. The 5,181-square-foot restaurant is currently underway on a 1.5-acre site, and Chick-fil-A has 15 years remaining on its lease. An out-of-state, privately held investor purchased the ground lease in an all-cash transaction at a 3.45 percent cap rate. The seller was not disclosed. Don McMinn and Brian Munn of Marcus & Millichap brokered the transaction. “This property was sold pre-construction eight months out from delivery,” says McMinn. “[The transaction] demonstrates the strong demand and aggressive pricing for quality net-lease assets.”

June 23, 2022

Development District of Columbia Loans Multifamily Southeast

MRP Realty, Barings Obtain $69.4M Construction Loan for Multifamily Development in D.C.

by John Nelson June 22, 2022

WASHINGTON, D.C. — A joint venture between MRP Realty and Barings has received a $69.4 million construction loan for Phase III of Washington Gateway, a mixed-use development in Washington, D.C.’s NoMa district. Eastdil Secured arranged the loan through Santander Bank. Located at 202 Florida Ave. NE, the third phase will comprise a 16-story high-rise called The 202 that features 254 apartment and 3,800 square feet of retail space. The property will include a mix of studio, one- and two-bedroom apartments with 10-foot ceilings, designer kitchens and high-end finishes. Amenities will include a rooftop clubroom, pet facilities, fitness center, shared workspaces and a direct connection to the Metropolitan Bike Trail. The previous phases of Washington Gateway included Elevation at Washington Gateway that delivered in 2014 and The Burton, which delivered in December 2021 and is currently in lease-up. MRP Realty and Barings plan to break ground on The 202 in August. Bozzuto Management will oversee the leasing and management of the property.

June 22, 2022

Alabama Development Industrial Southeast

Halstatt, CA South to Build 306,380 SF Industrial Project in Huntsville

by John Nelson June 22, 2022

HUNTSVILLE, ALA. — Halstatt Real Estate Partners and CaliforniaSouth Co. (CA South) are co-developing a light industrial project on Bibb Garrett Road in Huntsville. The project will span 306,380 square feet across two facilities. The buildings, which will be divisible to seven units spanning 43,000 square feet each, will feature 32-foot clear heights, 60-foot speed bays, 130-foot truck courts, 390 car parking spaces and 30 trailer spaces. The construction timeline and project team members were not disclosed.

June 22, 2022

Acquisitions Georgia Industrial Southeast

LRC Properties Acquires Vacant Industrial Building in Morrow, Georgia for $31.5M

by John Nelson June 22, 2022

MORROW, GA. — LRC Properties has purchased a vacant, 522,071-square-foot industrial building located at 1791 Mt. Zion Road in Morrow, about 15 miles south of Atlanta and about seven miles from Hartsfield-Jackson Atlanta International Airport. LRC purchased the asset in a joint venture with an unnamed, institutional investor for $31.5 million. The seller was also not disclosed. The new ownership plans to make capital improvements at the site, including removing 54,000 square feet from the property that will improve access, generate better traffic flow and add trailer parking and dock space. The new ownership also plans to install a new ESFR sprinkler system, LED lighting and exterior building and pavement improvements. Mike Sutter of Lee & Associates is handling the leasing assignment at the facility.

June 22, 2022

Acquisitions Florida Retail Southeast

CBRE Arranges $31M Sale of Arena Shoppes in South Florida

by John Nelson June 22, 2022

NORTH LAUDERDALE, FLA. — CBRE has arranged the $31 million sale of Arena Shoppes, a 130,558-square-foot shopping center located roughly 33 miles outside Miami in North Lauderdale. Dennis Carson, Casey Rosen, David Donnellan and Patricia Friend of CBRE represented the undisclosed seller in the transaction. Paul Ahmed and Mackenzie Lampman, also with CBRE, secured $20.7 million in acquisition financing on behalf of the buyers, South Florida-based investors doing business as Arena Shoppes NL LLC and Lyons Plaza CC LLC. The 10-year, fixed-rate loan was secured through an unnamed regional bank. Located at 7296 W. McNab Road, Arena Shoppes was fully leased at the time of sale to 20 tenants, including off-price apparel, fitness, restaurant, beauty services, service and medical users.

June 22, 2022

Acquisitions Hospitality Southeast Virginia

Hunter Brokers Sale of 295-Room Delta Hotel in Virginia Beach

by John Nelson June 22, 2022

VIRGINIA BEACH, VA. — Hunter Hotel Advisors has brokered the sale of Delta Hotel by Marriott Virginia Beach Bayfront Suite, a 295-room hotel located on the north shore of Virginia Beach. The beachfront hotel was renovated in 2020 and features three food and beverage options, including Tin Cup Kitchen + Oyster Bar, as well as a fitness center and outdoor pool. Lingerfelt CommonWealth Partners sold Delta Hotel to a joint venture between BlackPearl Capital and an affiliate of Paceline Equity Partners for an undisclosed price. Trey Scott and Spencer Davidson of Hunter Hotel Advisors represented the seller in the transaction.

June 22, 2022

Acquisitions Multifamily North Carolina Southeast

Magma Equities Acquires Litchford 315 Apartments in Raleigh for $83M

by John Nelson June 21, 2022

RALEIGH, N.C. — Magma Equities has purchased Litchford 315 Apartments, a 240-unit multifamily community in Raleigh that was delivered in January. The Southern California-based investor purchased the property in an off-market transaction for $83 million, which represents the company’s fourth investment in North Carolina this year and its largest single-property acquisition in the state. Litchford 315 features one-, two- and three-bedroom apartments across 10 buildings. Community amenities include a clubhouse, resort-style swimming pool, fitness center, billiards and gaming lounge and a dog park. Litchford 315 was 96 percent occupied at the time of sale. The seller/developer was not disclosed.

June 21, 2022

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