Southeast

CBRE Arranges $101.7M Sale of Legacy Place Retail Center in Palm Beach Gardens, Florida

by Julia Sanders October 29, 2021

PALM BEACH GARDENS, FLA. — CBRE has arranged the sale of Legacy Place, a 425,316-square-foot open-air shopping center in Palm Beach Gardens. A joint venture between Lone Star Funds and Woolbright Development purchased the property for $101.7 million. Casey Rosen and Dennis Carson of CBRE National Retail Partners in Florida represented the undisclosed seller in the transaction. Legacy Place was 72 percent leased at the time of sale to tenants including Barnes & Noble, Bassett Furniture, Best Buy, Ethan Allen, Michael’s, Nicklaus Children’s Hospital, Petco, The Container Store and Total Wine & More. Located at 11290 Legacy Ave., Legacy Place is situated near the Interstate 95 interchange and PGA Boulevard. The property is also situated about 10.7 miles from West Palm Beach.

October 29, 2021

Development Florida Multifamily Southeast

Onicx Breaks Ground on $65M Multifamily Development in Orlando’s Lake Nona District

by Julia Sanders October 29, 2021

ORLANDO, FLA. — Onicx Group, a Tampa-based private real estate firm, has broken ground on East Park Village Apartments, a 264-unit multifamily development in the Lake Nona neighborhood of Orlando. The development is predicted to cost $65 million and is slated to be complete in early 2024. East Park Village will be part of a $200 million mixed-use development called East Park Village Development, which will include a 50,000-square-foot medical office building, 150-room hotel and 15,000 square feet of retail spaces. The community will comprise one-, two- and three-bedroom floorplans. Community amenities will include a swimming pool with an outdoor kitchen and recreational area, fitness center with spin/yoga room, business center, detached garages and a playground. Located at 10735 Moss Park Road, the project is situated about eight miles from Orlando International Airport, approximately 17 miles from downtown Orlando and 23.7 miles from Walt Disney World Resort. The Lunz Group, a Lakeland, Fla.-based architectural firm, designed the property. Live Oak Contracting is the general contractor for the project.

October 29, 2021

Acquisitions Florida Multifamily Southeast

Talos Holdings Sells Multifamily Community Near Pensacola Beach for $60.5M

by Julia Sanders October 29, 2021

NAVARRE, FLA. — Scottsdale, Ariz.-based Talos Holdings has sold The Sound at Navarre Beach, a 250-unit apartment community in Navarre, about 17.4 miles east of Pensacola Beach. The Brookview Cos. purchased the property for $60.5 million. Luis Elorza, Justin Hofford, Trevor Koskovich and Jesse Hudson of NorthMarq represented Talos in the transaction. Built in 2017, The Sound at Navarre Beach is located at 7381 Navarre Parkway on 15.5 acres. The property includes 52 percent one-bedroom apartments, 40 percent two-bedroom units and 8 percent three-bedroom units with an average size of 887 square feet. Community amenities include a pool, outdoor kitchen with grills, clubhouse with coffee bar and business center, fitness center, garage parking and a community bark park. Units feature stainless steel appliances, granite countertops, shaker-style cabinets, pendant lighting, balcony/patio and plantation-style blinds. The Sound at Navarre Beach is situated about 26.1 miles from Pensacola Christian College, 4.7 miles from Navarre Beach Sea Turtle Conservation Center and 26.9 miles from Destin-Fort Walton Beach Airport.

October 29, 2021

Development Industrial South Carolina Southeast

PCCP, Panattoni to Develop 182,520 SF Industrial Project in Greer, South Carolina

by Julia Sanders October 29, 2021

GREER, S.C. — PCCP LLC and Panattoni Development Co. Inc. have formed a joint venture to develop Abner Creek Logistics Center, a 182,520-square-foot warehouse in Greer. The joint venture plans to start construction in the second quarter of 2022 with completion expected by the fourth quarter of 2022. Abner Creek Logistics Center will be located on a 16.5-acre site along the east side of Deyoung Road. The project will include amenities such as 32-foot clear heights, a rear-load configuration, 44 trailer parking spaces, 123 car parking spaces and 33 dock doors. The site is located adjacent to BMW’s manufacturing facility and provides access to Interstate 85. The property is also situated six miles from Inland Port Greer.

October 29, 2021

Acquisitions Georgia Retail Southeast

Colliers Brokers $8.3M Sale of Shopping Center in Hiram, Georgia

by Julia Sanders October 29, 2021

HIRAM, GA. — Colliers International’s Atlanta-based Southeast Retail Investment Sales Team has brokered the sale of Paulding Pavilion, a 78,346-square-foot shopping center in Hiram. A private investor acquired the property from The Ardent Cos. for $8.3 million. Scott Israel and Joe Montgomery of Colliers represented the seller in the sale. Built in 1996 and renovated in 2004, Paulding Pavilion was fully leased at the time of sale to tenants including Bargain Hunt, Big Air Trampoline Park and America’s Best Contacts & Eyeglasses. Paulding Pavilion is located on more than 8.5 acres with nearby retailers including Hiram Bottle Shop, Hobby Lobby, Planet Fitness, Burger King, Jersey Mike’s Subs, Chick-fil-A and Johnny’s New York Style Pizza. Located at 4471 Jimmy Lee Smith Parkway, the property is situated about 26 miles northwest of downtown Atlanta.

October 29, 2021

Development Georgia Mixed-Use Southeast

Armada Hoffler to Break Ground on $110M Southern Post Mixed-Use Project in Roswell, Georgia

by Julia Sanders October 28, 2021

ROSWELL, GA. — Armada Hoffler Properties Inc. plans to break ground in the fourth quarter on Southern Post, a 260,000-square-foot mixed-use development project in downtown Roswell. Construction is slated for initial completion in summer 2023. The development cost for the project is expected to be approximately $110 million. Located at 1023 Alpharetta St., Southern Post will include 128 apartments, nine townhomes, 95,000 square feet of creative loft office space, 40,000 square feet of retail space and 600 parking spaces with a parking deck. Belux Coffee, a coffee shop, is committed to 1,200 square feet, and Mexican eatery Arotea Cantina will lease out about 4,700 square feet. Other tenants will include Ponko Chicken, DaVinci Donuts and Silla Del Toro. Armada Hoffler Construction Co. will serve as the general contractor for this project. Retail and office space is currently available for lease. Transwestern is in charge of office and medical office leasing, while Dart Retail Advisors is in charge of retail leasing. The apartments will begin preleasing in the first quarter of 2023.

October 28, 2021

Loans Maryland Multifamily Southeast

KeyBank Secures $53.7M Refinancing for Multifamily Community in Largo, Maryland

by Julia Sanders October 28, 2021

LARGO, MD. — KeyBank Real Estate Capital has secured $53.7 million of fixed-rate Freddie Mac financing for Truman Park Apartments, a 284-unit mid-rise complex in Largo. Dirk Falardeau and Matt Purtell of KeyBank Real Estate Capital structured the refinancing with a 10-year, interest-only period on behalf of the borrower, The Dolben Co. Built in 2002, Truman Park includes seven four- and five-story residential buildings on nearly 10 acres of land. The property offers one- and two-bedroom floorplans with units that feature full-size washers and dryers, gas fireplaces, nine-foot ceilings and patios or balconies. Community amenities include a fitness center, swimming pool, nature trail, car wash area, gated entry, five-story parking garage and a club suite. Located at 601 Harry S. Truman Drive, the apartment community is situated about 13.2 miles from the University of Maryland, 13.4 miles from Washington, D.C. and 17.3 miles from Alexandria, Va.

October 28, 2021

Development Maryland Seniors Housing Southeast

Kisco, Welltower Begin Construction on Seniors Housing Project in Gaithersburg, Maryland

by Julia Sanders October 28, 2021

GAITHERSBURG, MD. — Carlsbad, Calif.-based Kisco Senior Living and joint venture partner Welltower Inc. have broken ground on The Carnegie at Washingtonian Center, a seniors housing project in Gaithersburg. The seven-story complex will offer 302 one- and two-bedroom floorplans for independent living, assisted living and memory care residences. Floorplan options will range in size from one-bedroom, one-bath with an average of 837 square feet to two-bedrooms, two-baths and a den at about 1,487 square feet, as well as a club level living option that includes concierge and valet services. Situated on 8.5 acres, The Carnegie is slated for completion by the spring of 2024. The property is located beside RIO Lakefront at Washingtonian Center, a popular area shopping center. Community amenities will include indoor and al fresco dining venues; an indoor heated, saltwater pool; fitness center; wellness spa; yoga studio; and access to healthcare onsite. Additional amenities will include a lecture hall, computer learning center, art gallery, cooking demonstration kitchen and an outdoor landscaped park with a trail. THW Design is the project’s architect, StudioSIX5 is the interior designer and Balfour Beatty is the general contractor.

October 28, 2021

Acquisitions Kentucky Multifamily Southeast

Vision & Beyond Acquires 146-Unit Creekside North Apartments in Lexington, Kentucky

by Julia Sanders October 28, 2021

LEXINGTON, KY. — Vision & Beyond Capital Investments has acquired Creekside North Apartments, a 146-unit, two-story multifamily community in Lexington. The seller and sales price were not disclosed. Creekside North Apartments offers one-bedroom/one-bath, two-bedroom/two-bath and two-bedroom/one-bath floorplans. Community amenities include laundry facilities, property manager onsite and public transportation. Located at 2223 Devonport Drive, Creekside North Apartments is situated about 3.7 miles from Blue Grass Airport, 3.2 miles from University of Kentucky and about 24.3 miles from Frankfort. Vision & Beyond plans to invest more than $30 million on property acquisitions and related improvements to its properties. Improvements at Creekside North Apartments will include foundation repair and renovations to HVAC, electric and plumbing systems. The construction team will also make updates to amenities in units. The firm says no tenants will be displaced while renovations are underway.

October 28, 2021

Acquisitions Hospitality Multifamily North Carolina Southeast

Blaze Capital, Argosy Purchase Extended-Stay Hotel in Southwest Charlotte for Multifamily Conversion

by Julia Sanders October 28, 2021

CHARLOTTE, N.C. — Blaze Capital Partners and Argosy Real Estate Partners have purchased The Spoke at Tyvola Station, an extended-stay hotel in the Southwest submarket of Charlotte, with plans to convert the former hotel into a 116-unit multifamily community. The seller and sales price were not disclosed. Built in 1985 as a hotel, The Spoke at Tyvola Station was renovated in 1998 and recently underwent additional interior upgrades over the past 18 months. As part of the repositioning plans, Blaze Capital and Argosy will renovate the interior units and common areas, including the clubhouse, leasing office, exterior curb appeal and landscaping. The Spoke at Tyvola Station will include 10 two-story residential buildings and one three-story building with a mix of one- and two-bedroom floorplans. Community amenities will include a clubhouse, swimming pool and outdoor lounges. Located at 5816 Westpark Drive, The Spoke at Tyvola Station offers access to Interstate 77 and Tyvola Road. The community is situated about 6.5 miles from downtown Charlotte and about 8.3 miles from Charlotte-Douglas International Airport.

October 28, 2021

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