Southeast

Experience Senior Living Plans 26-Story Community Within Strathmore Square Mixed-Use Development in Bethesda, Maryland

by Jeff Shaw September 9, 2022

BETHESDA, MD. — Experience Senior Living, a seniors housing developer, has unveiled plans for The Reserve at Strathmore Square. The project will be part of Strathmore Square, a planned arts-centric mixed-use community located in north Bethesda above the Grosvenor-Strathmore Red Line Metro station and adjacent to the Strathmore Music Center. The seniors housing community will rise 26 stories and span 300,000 square feet, featuring 240 units of independent living, assisted living and memory care. Experience plans to break ground on the project in the fourth quarter of 2023. Amenities at the community will include a swimming pool, pickleball court, wellness suite with a fitness room, salon, massage, sky lounge, outdoor spaces including a private memory care courtyard, multiple dining venues and a bar. The plan calls for The Reserve to be part of an intergenerational housing development with programs and activities for engagement between residents of the seniors housing community and the other residential properties in Strathmore Square. The larger Strathmore Square project comprises eight acres of developable space. The master-plan developer, Fivesquares Development, expects the full build-out to include 2,000 residential units, approximately 35,000 square feet of retail, walking paths to the Metro station and a 1.3-acre central park. …

September 9, 2022

Acquisitions Georgia Retail Southeast

Octave Holdings Acquires Barrett Pavilion Shopping Center in Kennesaw, Georgia for $58.8M

by John Nelson September 8, 2022

KENNESAW, GA. — Octave Holdings and Investments LLC, a privately held investment firm based in Alpharetta, Ga., has purchased Barrett Pavilion, a 369,971-square-foot shopping center in Kennesaw. Octave Holdings acquired the center from Stockbridge and Lincoln Property Co. via investment vehicle Octave Opportunity Fund LLC for $58.8 million. Situated near Town Center Mall and shadow-anchored by Target, Barrett Pavilion’s tenant roster includes Total Wine & More, REI, Ulta Beauty, Shoe Carnival, Old Navy, Best Buy Outlet, AMC Barrett Commons 24, Urban Air, buybuy Baby, Hudson Grill, Ted’s Montana Grill and Cold Stone Creamery. Octave’s operations affiliate Pinnacle Leasing and Management will manage the shopping center.

September 8, 2022

Acquisitions Multifamily South Carolina Southeast

Northland Purchases 511 Meeting Apartments in Charleston

by John Nelson September 8, 2022

CHARLESTON, S.C. — Northland, a private equity investment firm based in Newton, Mass., has purchased 511 Meeting, a 221-unit apartment community located in Charleston’s North Meeting Street neighborhood. The seller and sales price were not disclosed. Situated near King Street and the upcoming Lowcountry LowLine linear park, 511 Meeting comprises studio, one-, and two-bedroom apartments, 33 of which are rent-restricted. The podium-style, mid-rise building features a fitness center with a separate yoga studio, bike storage and repair area, media center, business center and a second-story pool deck with a fire pit and grill stations. Other amenities include a resident lounge with a billiards table, foosball table and bar space, as well as 2,960 square feet of retail space occupied by Blum, a local coffee and wine bar. 511 Meeting is Northland’s third investment in the Charleston area, joining The Standard on James Island and Wharf 7 on Daniel Island.

September 8, 2022

Affordable Housing Development Georgia Loans Seniors Housing Southeast

Bellwether Enterprise Provides $23.9M HUD-Insured Loan for Rehab of Affordable Seniors Apartments in Atlanta

by John Nelson September 8, 2022

ATLANTA — Bellwether Enterprise Real Estate Capital LLC has provided a $23.9 million HUD 221(d)(4) loan to finance the rehabilitation of Jewish Tower and Zaban Tower, two affordable housing communities for seniors located at 3156 and 3160 Howell Mill Road in Atlanta. Jeff Mion of Bellwether’s Duluth, Ga., office originated the loan on behalf of the borrower, The Jewish Home Tower Inc. Following completion of rehabilitation, Bellwether will convert the interest-only construction period loan to a permanent loan at the same interest rate (3.99 percent) for a period of 40 years. Jewish Tower is a 200‐unit, eight‐story building, and Zaban Tower is a 60‐unit, four‐story building. Both assets were delivered in the 1970s and provide affordable, independent living for seniors aged 62 and older. The two properties are situated on the same campus and are connected through a third building, the William Breman Jewish Home, which contains assisted living and nursing care units, as well as a full‐service dining room that is open to residents of all three buildings. The borrower plans to use the financing to upgrade handicap accessibility in common areas and resident units, replace the roof and windows and upgrade unit interiors. Building system improvements will include …

September 8, 2022

Acquisitions Florida Healthcare Southeast

CREG Brokers $18.6M Sale of Southpoint Surgery Center in Jacksonville

by John Nelson September 8, 2022

JACKSONVILLE, FLA. — Capital Real Estate Group – U.S. Healthcare Investment Sales (CREG) has brokered the sale of Southpoint Surgery Center, a 34,029-square-foot medical office building in Jacksonville. An unnamed REIT purchased the property for $18.6 million. CREG represented the undisclosed seller in the transaction. Southpoint Surgery Center is anchored by Ascension St. Vincent (ASC), a healthcare system in Northeast Florida. The first floor of the property houses the surgery center and the second and third floors are leased to Florida Eye Specialists. Southpoint Surgery Center is located adjacent to the 309-bed hospital campus of ASC’s Medical Center Southside, an affiliate of Ascension Health.

September 8, 2022

Acquisitions Louisiana Retail Southeast

SRS Arranges $2.2M Sale of Single-Tenant Retail Property in Lafayette, Louisiana

by John Nelson September 8, 2022

LAFAYETTE, LA. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a single-tenant retail property in Lafayette leased to Shoe Station. The buyer, a private investor based in Texas, purchased the property for $2.2 million. Sabrina Kortlandt of SRS’ New Orleans office represented the seller, a Washington-based family trust, in the off-market transaction. The 13,125-square-foot store is located at 3606 Ambassador Caffery Parkview near Acadiana Mall, Acadiana Square and Ambassador Row.

September 8, 2022

Acquisitions Florida Office Southeast

JLL Arranges Sale of 701 San Marco Office Tower in Downtown Jacksonville

by John Nelson September 7, 2022

JACKSONVILLE, FLA. — JLL has arranged the sale of 701 San Marco, a 700,000-square-foot office tower located in the Southbank district of downtown Jacksonville. Hermen Rodriguez, Robbie McEwan, Ike Ojala, Matthew McCormack and Peter Politi of JLL represented the seller, The Prudential Insurance Company of America, in the sale of the property to Bradford Allen Investment Advisors. The sales price was not disclosed. 701 San Marco represents the second major investment in Jacksonville for Bradford Allen. The property comprises a seven-story west wing and a 19-story east wing connected by a pedestrian walkway over San Marco Boulevard. Amenities include 13 conference rooms, restaurant space on the ground floor, a 282-seat cafeteria, 1,277 garage parking spaces and 945 surface parking spaces. The property is currently 60 percent leased to tenants including Prudential Insurance, Interline Brands and The Army Corps. of Engineers. The property is positioned on 14.5 acres within steps of the popular St. John’s Riverwalk.

September 7, 2022

Acquisitions Georgia Retail Southeast

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

by John Nelson September 7, 2022

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.

September 7, 2022

Acquisitions Industrial Southeast Tennessee

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

by John Nelson September 7, 2022

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.

September 7, 2022

Acquisitions North Carolina Retail Southeast

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

by John Nelson September 7, 2022

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.

September 7, 2022

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