KNOXVILLE, TENN. — The Cooper Commercial Investment Group has negotiated the $24.5 million sale of Parkside Plaza I, an office building in Knoxville that was fully leased at the time of sale to tenants such as Raymond James and Waste Connections. Dan Cooper of Cooper Commercial represented the seller, a private investor and repeat client of Cooper Commercial, in the transaction. The buyer was an undisclosed, privately based investment group based in Louisville, Ky.
SALISBURY AND MOORESVILLE, N.C. — CBRE has arranged the $23.6 million sale of two self-storage facilities in the Charlotte suburbs of Salisbury and Mooresville. Lakeland Village acquired the portfolio, both of which are operated by Extra Space Storage, from an undisclosed private investor. Morgan Windbiel of CBRE’s Self Storage Advisory Group represented the seller in the transaction. The Salisbury facility, located at 725 Jake Alexander Blvd. S, measures 66,000 square feet and includes 680 units. A second phase expansion was delivered at certificate of occupancy, according to CBRE. The Mooresville facility, located at 1110 Brawley School Road, measures 70,994 square feet and consists of 705 units.
MADISON, ALA. — KIRCO has delivered and opened Madison Crossings, an independent living and memory care seniors housing community in Madison, about 10 miles from downtown Huntsville. Phoenix Senior Living operates the community, which features an outdoor swimming pool, wellness center, dining experience, pub, beauty salon and spa, yoga studio, outdoor pickleball and bocce ball courts. Madison Crossings comprises 105 independent living apartments and 27 memory care residences. The property represents the 10th seniors housing facility in Alabama operating under the Phoenix Senior Living brand. KIRCO MANIX, a third-party construction services firm and affiliate of KIRCO, completed the construction for Madison Crossings.
SUWANEE, GA. — Macy’s has opened its “off-mall” store concept, Market by Macy’s, in the metro Atlanta area. The 30,000-square-foot store is located within Johns Creek Town Center at 3630 Peachtree Parkway in Suwanee, a northeast suburb of Atlanta in Gwinnett County. The store, the third Markey by Macy’s in the Atlanta area, includes a rotating installation of apparel called “Trend Village,” a Toys ‘R’ Us store-within-a-store and home décor and cosmetics departments. By the end of the year, Macy’s plans to expand Market by Macy’s to eight total locations, including new stores coming to metro St. Louis and Chicago, as well as a couple stores in the Dallas-Fort Worth area.
ATLANTA — Prestwick Development Co. and Atlanta Neighborhood Development Partnership Inc. (ANDP) will soon break ground on 1055 Arden, a 58-unit affordable housing community located at 1055 Arden Ave. SW in Atlanta’s Capitol View neighborhood. The development includes 58 units, of which 28 units will be available for individuals and families earning at or below 50 percent area median income (AMI), with six set aside as permanent supportive housing through a program with Atlanta Housing/Partners for HOME for individuals who are experiencing homelessness. Twenty apartments will be available for individuals and families earning at or below 60 percent AMI, and 10 apartments will be available at market-rate rents. Funding for 1055 Arden comes from several partners and sources, including $2 million from the Atlanta BeltLine Affordable Housing Trust Fund, permanent debt from Centrant, a land note from ANDP, a construction loan and “Capital Magnet Funds” from Reinvestment Fund, a grant from HomeFirst program for permanent supportive housing, including project-based rental assistance from Atlanta Housing and supportive services provided by Fulton County and LIHTC equity from Georgia Department of Community Affairs, Enterprise Community Investments and US Bank. 1055 Arden will include 2,000 square feet of ground-floor commercial space that could serve …
Amazon recently reconfigured and consolidated its network of warehouses, and many other retailers followed suit. The result? The outlook for industrial real estate, particularly retail warehouses, is now more difficult to interpret. Many retail clients are repositioning their supply chains to help avoid slowdowns and a potential International Warehouse Logistics Association (IWLA) union strike on the West Coast. This change has merged with a corporate need to find additional options for shipping and transport (especially as prices for transportation and industrial rents rise). The demand for industrial space has increased rapidly in less “congested” areas. As economic uncertainty continues, there is a shift towards tertiary markets for industrial real estate. This change provides significant opportunities for industrial investors, says Steve Pastor, VP of global supply chain, and ports/rail logistics/consultant at NAI James E. Hanson, who serves as NAI Global Industrial Council Chair. Investors and developers may be able to take advantage of a pause in a highly competitive field, in tertiary markets that have been traditionally less expensive than major and core markets. Amazon’s Impact News of Amazon’s plans to scale back its acquisition of industrial space (and to sublease its existing property to other retailers) has given some users opportunities …
TORONTO AND WASHINGTON, D.C. — Toronto-based commercial real estate services firm Avison Young has signed an agreement to acquire Washington, D.C.-based Madison Marquette’s office and industrial property management, agency leasing and project management service lines. The trio of services will operate under the Avison Young brand as part of the acquisition, which is expected to close in September. Financial terms of the deal were not disclosed. The acquisition includes more than 20 million square feet of affected real estate, as well as 235 team members, including property managers, agency leasing professionals, project managers, building engineers and accountants. The former Madison Marquette staffers will integrate with Avison Young’s existing markets, primarily in Texas and California, the East Coast region and a new Hawaii office. Avison Young will integrate its data analytics, technology and global real estate intelligence platform with Madison Marquette’s trophy assets and institutional clients, such as CenterPoint Energy, Starwood Property Trustand Principal Global Investors. “This is a transformative opportunity for both companies to build on their core strengths to achieve competitive advantage,” says Vince Costantini, CEO of Madison Marquette. “We made the strategic choice to move a portion of our services to Avison Young to better serve our office …
WASHINGTON, D.C. — Potomac, Md.-based Foulger-Pratt has sold a 1,752-unit self-storage facility located at 72 Florida Ave. in Washington, D.C. A partnership between Invesco Real Estate and Baranof Holdings purchased the facility for an undisclosed price. Steve Mellon, Brian Somoza, Craig Childs, Bill Prutting and Jay Wellschlager of JLL represented the seller in the transaction. Built in March 2020, the seven-story property operates under the Extra Space Storage brand and features a 1,000-square-foot office and 400 square feet of restrooms and bike storage. The facility offers electronic access control, 24-hour video surveillance, covered loading areas and two elevators to access the upper floors.
CHAPEL HILL, N.C. — CBRE has arranged $50.6 million in construction financing for Link Apartments Calyx, a 304-unit multifamily redevelopment project in Chapel Hill. Nate Sittema, Kristen Reilley, Elliott Voreis and Ben Hardee of CBRE Capital Markets’ Debt and Structured Finance team in the Carolinas originated the 10-year, 60 percent loan-to-stabilized value construction loan through an unnamed life insurance company on behalf of the borrower, Grubb Properties. Link Apartments Calyx is located at the intersection of Lanark and Maxwell roads within Phase II of the redevelopment of Glen Lennox, an approximately 70-acre historic master-planned neighborhood that was purchased by Grubb Properties in 1985. Link Apartments Calyx will offer studio, one- and two-bedroom apartments, as well as a fitness center, coworking space, a cycle center, pool, rooftop resident lounge and a parking garage. Construction is expected to be completed in 2023. Overall, the second phase of the Glen Lennox redevelopment is set to include 650 residential units, 90,000 square feet of retail space, a 150-room hotel and 275,000 square feet of office space.
CHESTERFIELD, VA. — American Landmark has purchased Element at Stonebridge, a 400-unit apartment community located at 301 Karl Linn Drive in Chesterfield, just south of Richmond. The seller and sales price were not disclosed. Built in 2016, Element at Stonebridge offers one- and two-bedroom floor plans ranging from 563 to 1,236 square feet. The apartments include designer wood cabinets, granite counters with deep sinks and chrome fixtures, full-size washers and dryers, plank flooring, walk-in closets and island kitchens in most units. Amenities include a saltwater pool, 24-hour fitness center, yoga studio, clubroom with billiards and TVs, outdoor game and TV lounge, courtyard with grills and firepit, 24-hour business center and community Wi-Fi. Element at Stonebridge marks American Landmark’s second acquisition in Virginia this year, following Boulders Lakeside Apartments in January, which is only an hour away from Element at Stonebridge.
