Southeast

Joint Venture Acquires 120,000 SF Mixed-Use Property in North Palm Beach, Florida

by Julia Sanders November 29, 2021

NORTH PALM BEACH, FLA. — American Commercial Realty Corp., a Palm Beach Gardens-based commercial real estate firm, and Investment Capital Partners, a commercial real estate firm based in Connecticut, have acquired Crystal Cove Commons, a mixed-use property in North Palm Beach totaling over 120,000 square feet of commercial space. The seller and sales price were not disclosed. Crystal Cove Commons includes 73,738 square feet of retail space and 46,787 square feet of office space on three floors. The property is anchored by Cod & Capers, a seafood market and restaurant, as well as Cucina Cabana, a fine Italian dining and entertainment attraction. Stormhouse Brewery, a family-owned brewpub, also recently joined the tenant roster. Other tenants include Fuse Specialty Appliances, USA Tile & Marble, Crystal Tree Carpet by STARK, Cabinets by Lenore and The Ice Cream & Yogurt Club. In total, more than 50 businesses call the center their home, many of which have been in the plaza for more than thirty years. The mixed-use property is situated along US 1 just south of PGA Boulevard. Built in 1982, Crystal Cove Commons was substantially renovated between 2017 and 2019.

November 29, 2021

Acquisitions Florida Multifamily Southeast

Ready Capital Closes $35.3M Loan for Multifamily Portfolio in Tampa

by Julia Sanders November 29, 2021

TAMPA, FLA. — Ready Capital has closed on a $35.3 million loan for the acquisition, renovation and stabilization of two Class B, garden-style multifamily properties in the Northwest Tampa submarket of Tampa totaling 293 units. Upon acquisition, the unnamed sponsor will implement a capital improvement plan to renovate unit interiors, building exteriors and common areas of both properties. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options and flexible prepayment. Neither of the properties’ names were disclosed.

November 29, 2021

Acquisitions Florida Hospitality Southeast

DSH Hotel Advisors Arranges Sale of 90-Room Days Inn By Wyndham in Clearwater, Florida

by Julia Sanders November 29, 2021

CLEARWATER, FLA. — DSH Hotel Advisors, a Tampa-based hotel brokerage and advisory firm, has arranged the sale of Days Inn By Wyndham, a 90-room hotel in Clearwater. Dennis Hopper and Randy Taylor of DSH represented the seller, an entity known as Mega C Hospitality LLC, and the buyer, an entity known as Prism Development LLC. The sales price was not disclosed. Located at 2940 Gulf to Bay Blvd., the Days Inn is about 13.6 miles from Tampa International Airport and six miles from Clearwater Beach.

November 29, 2021

Acquisitions Industrial Maryland Southeast

Terreno Realty Purchases Industrial Property in Hyattsville, Maryland for $8M

by Julia Sanders November 29, 2021

HYATTSVILLE, MD. — Terreno Realty Corp. has purchased an industrial property in Hyattsville for approximately $8 million. The seller was not disclosed. The industrial property is located on a 2.9-acre land parcel at 5380 Tuxedo Road. The property is situated less than one mile outside of Washington, D.C., and is adjacent to the intersection of U.S. Route 50 and the Baltimore-Washington Parkway. The property is fully leased to two undisclosed tenants. Terreno Realty Corp. is a Bellevue, Wash.-based commercial real estate company that acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.

November 29, 2021

Acquisitions Florida Healthcare Office Southeast

SRS Brokers $2.9M Sale of Single-Tenant Medical Office Property in West Palm Beach

by Julia Sanders November 29, 2021

WEST PALM BEACH, FLA. — SRS Real Estate Partners’ National Net Lease Group (NNLG) has brokered the $2.9 million off-market sale of a single-tenant medical office property fully occupied by Heartland Dental in West Palm Beach. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based private investor, in the deal. Richard Dorfman of SRS represented the buyer, a Massachusetts-based private investor. Located at 8961 Okeechobee Blvd., the 3,533-square-foot medical office property is located near a Publix, Mobil gas station and T-Eka Photo electronics store. Built in 2000, the property previously was a Truist Bank property and now is currently being renovated by Heartland Dental, which recently signed a 10-year lease for the property. The asset was acquired by the new ownership during the renovation process and prior to the rent commencement date.

November 29, 2021

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield Arranges $75M Sale of Country Club Apartments in Charlotte

by Julia Sanders November 24, 2021

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $75 million sale of Country Club, a 454-unit apartment community in Charlotte. Watson Bryant and Brooks Colquitt of Cushman & Wakefield represented the seller, New York-based JEM Holdings, in the transaction. New Jersey-based Concordia Properties acquired the property. Built in 1969, the Country Club offers one-, two- and three-bedroom floorplans that range in size from 647 to 1,405 square feet. The units include in-unit washers and dryers, vinyl flooring and walk-in closets. Community amenities include two playgrounds, a common lounge area, laundry facilities, soccer field and a pool. The property was 97 percent occupied at the time of sale. Located at 2332 Dunlavin Way, Country Club is situated near the 78-acre mixed-use Eastland Mall redevelopment located close to the future Lynx Gold Line stop at Eastway Drive. The property is also situated 5.8 miles from downtown Charlotte and 13.4 miles from Charlotte Douglas International Airport.

November 24, 2021

Acquisitions Multifamily North Carolina Southeast

Goldman Sachs, Lansing Melbourne Sell Metro Charlotte Apartment Community for $59M

by Julia Sanders November 24, 2021

KANNAPOLIS, N.C. — Goldman Sachs and Lansing Melbourne Group have sold Vida Kannapolis, a 289-unit apartment community in Kannapolis, about 25.9 miles north of Charlotte. Red Bank, N.J.-based Denholtz Properties purchased the recently delivered property for $59 million, or approximately $204,152 per unit. Located at 210 S. Main St. in downtown Kannapolis, Vida Kannapolis is a five-story complex that offers studio, one-, two- and three-bedroom floorplans. Built in March 2021, the units feature stainless steel appliances, washers and dryers and walk-in closets. Community amenities include a fitness center, pool, indoor parking, game room, grill, pet play area, roof terrace, elevator and bicycle storage. The monthly rent ranges from $1,455 to $1,895, according to Apartments.com. Goldman Sachs partnered with the Fort Lauderdale-based development firm Lansing Melbourne Group and the City of Kannapolis to build the property. Jonathan Brody of Rosewood Realty Group represented the buyer, Denholtz Properties, and Jacob Vogel of Rosewood Realty Group represented the sellers in the transaction.

November 24, 2021

Development Georgia Hospitality Southeast

Songy Highroads to Open 218-Room Hyatt Centric Buckhead Atlanta Hotel

by Julia Sanders November 24, 2021

ATLANTA — Songy Highroads (SHR) will open the Hyatt Centric Buckhead Atlanta, a 218-room hotel located in Atlanta’s Buckhead district. The hotel will open in mid-December adjacent to Bloomingdale’s at Lenox Square. In early 2020, Atlanta-based SHR started to develop the hotel in a joint venture with Hyatt Hotels Corp. New York-based Sawyer & Co. designed the hotel. The Hyatt Centric Buckhead Atlanta hotel has two dining options both run by James Beard Award-winning chef Hugh Acheson. One of the dining options is Mount Royal, a Montreal-style steakhouse. The menu combines French cooking techniques with Southern cuisine, and will change often based on seasonal vegetables, fruit and other ingredients sourced from local farmers and artisans. The other dining option, Spaceman, will anchor the hotel’s 15th floor rooftop. Spaceman is a bar and sports lounge with a menu of shareable bites plus wine, beer and cocktails. The dining option will offer indoor seating plus dual outdoor patios, as well as yard games and TVs to stream live sports and events. The lounge will be able to be rented for private parties and corporate events. The Johnson Studio at Cooper Carry, an Atlanta-based design firm for hospitality, designed both restaurants. The hotel …

November 24, 2021

District of Columbia Southeast

Weekly First-Time Claims for Unemployment Insurance Fall to 199,000, Lowest Level Since 1969

by Julia Sanders November 24, 2021

WASHINGTON, D.C. — A total of 199,000 Americans filed for first-time unemployment insurance assistance for the week that ended Nov. 20, the U.S. Department of Labor reported Wednesday. The claims were much lower than the revised 270,000 from the previous week, as well as lower than the 260,000 expected. Additionally, this week’s unemployment figure is the lowest level in 52 years, since November 1969. From the week that ended on Nov. 20 to the previous week, workers filing for initial unemployment benefits declined by 71,000. The four-week moving average hit a new pandemic-era low as well at 252,250 claims, a decrease of 21,000 from the previous week’s revised average. The Wall Street Journal reports that the decline of Delta variant cases, as well as a surge of job openings, has contributed to the lower unemployment numbers. There were 52 percent more job postings on Indeed.com, an online job-search engine, than there were before the pandemic in February 2020. The sudden decrease in unemployment claims may be due to the upcoming holiday season and the way seasonal adjustment is calculated. On a non-seasonally adjusted basis, initial claims for the past four weeks were up by 18,000 to 259,000. There were big …

November 24, 2021

Acquisitions Kentucky Office Southeast

Marcus & Millichap Brokers Sale of 165,759 SF Office Building in Lexington

by Julia Sanders November 24, 2021

LEXINGTON, KY. — Marcus & Millichap has arranged the sale of 101 Yorkshire Blvd., a 165,759-square-foot office property located in Lexington. The sales price was $11.5 million. Joseph DiSalvo, Alexander Nulf and Gus Poulos of Marcus & Millichap represented the seller, an undisclosed private investor, in the deal. John Mundell of Marcus & Millichap represented the buyer, an undisclosed private investor. Colby Haugness of Marcus & Millichap also assisted in closing this transaction. 101 Yorkshire is a four-story office property located on 15.3 acres with 350 parking spaces. The building has a mixture of executive offices, conference rooms and cubicle spaces. The property is located just off the intersection of US Route 25 and Man O War Boulevard, which is the outer loop bypass for State Road 68 and Interstate 75. Previously, 101 Yorkshire operated as a single-tenant call center for Xerox prior to its recent separation of operations from Conduent. As a result of the separation, Conduent absorbed and redistributed all call center operations from this facility effective June 2020 to predominately East Coast locations. The office property has since been completely vacant.

November 24, 2021

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