Southeast

Matthews Real Estate Negotiates $20.5M Sale of Village Plaza in Augusta, Georgia

by Amy Works June 2, 2022

AUGUSTA, GA. — Matthews Real Estate Investment Services has facilitated the sale of Village Plaza, a shopping center in Augusta. The property traded for $20.5 million. The names of the seller and buyer were not released. Located at 270 Bobby Jones Expressway, Village Plaza features 208,269 square feet of retail space. Current tenants include Gold’s Gym, GNC, Bealls Outlet and Tractor Supply Co. The property is shadow anchored by Walmart. Johnny Blue Craig of Matthews Real Estate Investment Services represented the seller in the deal.

June 2, 2022

Acquisitions Florida Retail Southeast

Plaza Advisors Brokers Sale of 139,478 SF Murdock Carrousel Shopping Center in Port Charlotte, Florida

by Amy Works June 2, 2022

PORT CHARLOTTE, FLA. — Plaza Advisors has arranged the sale of Murdock Carrousel Shopping Center, a retail property situated on US 41 in Port Charlotte. AGRE Murdock Owner LLC sold the asset to Murdock Owner LLC for an undisclosed price. Havertys, Office Depot, Five Guys, Aaron’s, Leslie’s Swimming Pool Supplies, Subway, Comcast Xfinity and HearUSA are tenants at the 139,478-square-foot property. At the time of sale, the shopping center was 83.4 percent occupied. Plaza Advisors represented the seller in the deal.

June 2, 2022

Acquisitions Office Southeast Virginia

ABMAR Villa Park Acquires Lab, Warehouse Complex in Henrico County, Virginia for $12.4M

by Amy Works June 2, 2022

HENRICO COUNTY, VA. — AMBAR Villa Park LLC has purchased Villa Park I, a flex lab/industrial complex located in Henrico County, from an undisclosed seller for $12.4 million. Located at 8040 Villa Park Drive, the 74,862-square-foot property offers significant warehouse and lab buildouts. At the time of sale, Villa Park I was 94 percent occupied by three tenants, including LabCorp and Technology Integration Group. LabCorp’s space is the company’s regional medical lab testing hub for Central Virginia, and Technology Integration Group leases 45 percent of the property. Eric Robison and Bo McKown of Cushman & Wakefield|Thalhimer’s capital markets group, along with Graham Stoneburner of Thalhimer, negotiated the transaction.

June 2, 2022

Acquisitions Affordable Housing Florida Multifamily Southeast

Greysteel Arranges Sale of 144-Unit Parkside Gardens Affordable Housing Property in Ocala, Florida

by Amy Works June 2, 2022

OCALA, FLA. — Greysteel has brokered the sale of Parkside Gardens, a Section 8 affordable multifamily community in Ocala. An affiliate of Boston-based JE Properties acquired the asset from Christiansburg, Va.-based Community Housing Partners for an undisclosed price. Built in 1970, Parkside Gardens features 144 apartments. The buyer plans to rehabilitate the property to improve the physical asset and the quality of life for residents. Fletcher Hultman of Greysteel represented the seller and procured the buyer in the transaction.

June 2, 2022

Development Georgia Industrial Southeast Top Stories

Kubota Plans $140M Expansion at Research, Development Center in Gainesville, Georgia

by Katie Sloan June 2, 2022

GAINESVILLE, GA. — Farming and construction machinery producer Kubota North America Corp. has unveiled plans for a $140 million expansion of its 280-acre research and development (R&D) center in Gainesville, approximately 50 miles northeast of Atlanta. The center opened in April of this year and currently includes engineering offices, workshops and testing labs, alongside outdoor tracks for testing turf, utility vehicles, tractors and construction equipment. Construction of the expansion is scheduled to begin later this year and will include the development of a building dedicated to broadening production and loader capacity to meet growing market demands, while freeing up space at the company’s existing facility in nearby Jackson County. “Through further investments like these, our supply chain continues to evolve to better meet the needs of our sister-company partners and Kubota dealers,” says Brian Arnold, president of Kubota Manufacturing of America. “With this expansion our production capacity will almost double and, at the same time, we will improve our quality and efficiency through innovations in welding and painting technologies.” The project is slated for completion in 2024, bringing with it more than 500 new manufacturing jobs at the facility. Kubota North America employs more than 3,000 team members across its manufacturing, …

June 2, 2022

Content Partner Features Leasing Activity Midwest Mixed-Use NAI Northeast Restaurant Retail Southeast Texas Western

Which Way is the Retail Pendulum Swinging?

by Sarah Daniels June 2, 2022

Although the pandemic wreaked havoc on the retail sector in general, the culling of weak concepts has left space for strong retailers to flourish. The retail industry is seeing an explosion in experiential retail, medical/dental space is ubiquitous and non-traditional tenants are jumping at opportunities to secure prime locations. As a result, shopping centers have proven very resilient, says George Macoubray, vice president of retail brokerage with NAI Elliott in Portland, Oregon. “Today’s centers continue to evolve and to address what consumers need in terms of a place for people to congregate and participate in the activities that are important to them.” The entertainment sector was hit hard by the pandemic, he notes. “But now those operators seem to be out looking for locations, and they’re seeing the light at the end of the tunnel. People want to gather. They want to be entertained. They want to go out and do activities. Those kinds of experiences are happening more and more often in shopping centers — and you can’t buy those activities on Amazon.” Exciting new in-person experiences are helping to elevate shopping centers. “There’s an influx of experiential retail. From golf simulator experiences to ping-pong places to axe-throwing activities, …

June 2, 2022

Acquisitions District of Columbia Office Southeast

Newmark Arranges $228M Sale of Two-Building Office Complex in Washington, D.C.

by Amy Works June 1, 2022

WASHINGTON, D.C. — Newmark has arranged the sale of Universal North and South, two Class B office buildings encompassing an entire city block near Dupont Circle in downtown Washington, D.C. Bethesda, Md.-based JBG Smith sold the assets to Philadelphia-based Post Brothers for $228 million. Totaling 659,459 square feet, the two-building office complex is located at 1825 and 1875 Connecticut Ave. NW. Universal North is a 12-story, 368,071-square-foot, value-add property, which was 40 percent leased at the time. Universal South is a 10-story, 291,387-square-foot, cash-flowing asset that was 98 percent leased at the time of sale. The project can accommodate an additional 73,428 square feet. Jud Ryan and James Cassidy of Newmark represented the seller in the deal.

June 1, 2022

Acquisitions Multifamily Southeast Tennessee

Conor Group Sells Elliston 23 Apartment Property in Nashville for $162M

by Amy Works June 1, 2022

NASHVILLE, TENN. — Dayton, Ohio-based The Conor Group has completed the disposition of Elliston 23, a multifamily community located at 2312 Elliston Place in Nashville’s West End submarket. San Diego-based Sunroad Enterprises acquired the asset for $162 million. Brett Carr and Kevin Geiger of CBRE represented the seller in the transaction, and Nate Sittema of CBRE’s Debt & Structured Financing Group arranged acquisition financing for the buyer. Elliston 23 features 331 apartments in a mix of studio, one- and two-bedroom floorplans averaging 844 square feet. Units offer in-suite washers/dryers, granite countertops and stainless steel appliances. Community amenities include a 24-four fitness center, year-round heated pool and sundeck area, 24-hour conference room, controlled access parking structure and a courtyard with gas grilling stations. Additionally, Elliston 23 features more than 15,000 square feet of ground-floor retail space, including multiple restaurants, a cycling studio, beauty salons and a spa.

June 1, 2022

Acquisitions Maryland Multifamily North Carolina Seniors Housing Southeast Virginia

Foundry Commercial Buys 24-Property Spring Arbor Senior Living Portfolio in Mid-Atlantic

by Amy Works June 1, 2022

ORLANDO — Foundry Commercial, in partnership with an investment fund managed by Morgan Stanley Real Estate Investing, has purchased the Spring Arbor Senior Living collection of 24 assisted living and memory care communities across the Mid-Atlantic. As part of the transaction, Foundry Commercial acquired the current operator, which will continue to manage the properties post-closing. The portfolio contains 1,424 units throughout Maryland, North Carolina and Virginia, with capacity for more than 1,800 residents. The Spring Arbor platform will continue operations under the Spring Arbor Senior Living brand. Capital Funding arranged financing for the transaction. Terms of the acquisition were not released.

June 1, 2022

Wellness-Center-West-Falls-Falls-Church-VA

Development Healthcare Southeast Virginia

Trammell Crow, Diamond Realty Break Ground on 125,000 SF Medical Office Building in Falls Church, Virginia

by Amy Works June 1, 2022

FALLS CHURCH, VA. — Trammell Crow Co. and Diamond Realty Investments have broken ground on The Wellness Center at West Falls, a six-story medical office building in Falls Church. Slated for delivery in late 2023, the 125,000-square-foot property is part of West Falls, a 1.2 million-square-foot mixed-use property master-developed by Hoffman & Associates. The Wellness Center at West Falls is designed specifically for medical users with the ability to accommodate clinical and surgical requirements for healthcare systems, specialty practice groups and independent practitioners. The building will feature a dedicated curbside patient pick-up and drop-off at the lobby, along with a covered parking garage that is connected to the building via a pedestrian-friendly street. Tenants will also have an opportunity for signage and branding on the ground floor and top floor. The project team includes Gensler as architect, Clark Construction Group as general contractor and Cushman & Wakefield as the leasing team.

June 1, 2022

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