Southeast

Cushman & Wakefield Arranges Sale of 252-Unit Oak Ridge at Pelham in Greenville

by Julia Sanders September 29, 2021

GREENVILLE, S.C. — Cushman & Wakefield has arranged the sale of Oak Ridge at Pelham, a 252-unit apartment community located in Greenville. Tai Cohen, Marc Robinson and John Phoenix of Cushman & Wakefield represented the seller, Graves Brothers Co., in the transaction. Timberland Partners acquired the property for an undisclosed price. Built in 1986, Oak Ridge at Pelham is a two-story multifamily community. Located at 150 Oak Ridge Place, the property’s units offer walk-in closets, vinyl flooring, washer/dryer hookups and fireplaces. The community offers one- and two-bedroom floor plans with an average unit size of 824 square feet. Community amenities include a basketball court, car care center, fitness center, grilling/picnic areas, laundry facilities, nature trail, pet park, business center, swimming pool and tennis court.

September 29, 2021

Development Industrial Kentucky Southeast Tennessee Top Stories

Ford Plans $11.4B in Electrical Vehicle Manufacturing Developments in Tennessee, Kentucky

by Jeff Shaw September 28, 2021

STANTON, TENN., AND GLENDALE, KY. — Ford (NYSE: F) has unveiled plans to build Blue Oval City, a massive manufacturing campus for its electric vehicles in the tiny town of Stanton, approximately 50 miles northeast of Memphis and with a population of fewer than 500 people. In addition, the car builder is planning the BlueOvalSK Battery Park manufacturing campus in Glendale, approximately 50 miles south of Louisville, to produce the lithium-ion batteries that power those electric vehicles. Ford estimates development costs for Blue Oval City at $5.6 billion and BlueOvalSK Battery Park, which will comprise two separate manufacturing facilities, at $5.8 billion. Both plants are scheduled to begin production in 2025. The auto maker predicts the Stanton location will create 6,000 jobs, while the Glendale location will create 5,000 jobs. Blue Oval City will span 3,600 acres — nearly six square miles — and focus on producing F-Series electric pickup trucks. The company noted that it will work with Redwood Materials on domestic battery recycling and that the facility will be carbon neutral, producing zero landfill waste once fully operational. In addition to the new plant, Ford said it will make a new investment to increase production of the F-150 …

September 28, 2021

California Georgia Illinois Industrial Loans Southeast Tennessee

PGIM Real Estate Provides $250M Acquisition Financing for Five-State Core Logistics Portfolio

by Julia Sanders September 28, 2021

SANTA MONICA, CALIF. — PGIM Real Estate has provided $250 million in fixed-rate debt to Santa Monica-based GLP Capital Partners LP. The funds will be used to acquire a five-property core logistics portfolio located across Atlanta, Dallas-Fort Worth, Chicago, Memphis and California’s Central Valley. All five of the properties were acquired on behalf of GLP Capital Partners IV, a closed-end, discretionary private equity fund. The portfolio is fully leased to four nationally recognized companies, all of which are investment grade credit tenants, according to PGIM. The seller and price were not disclosed. The five properties total 3.2 million square feet and are located within an average of one mile from each region’s primary transportation arteries.

September 28, 2021

Development Florida Multifamily Southeast

Merrimac Breaks Ground on $90M Multifamily Development in Plantation, Florida

by Julia Sanders September 28, 2021

PLANTATION, FLA. — South Florida-based development firm, Merrimac Ventures has broken ground on Merrimac Plantation, a multifamily development in Plantation. Located at 1711 N. University Drive, Merrimac Plantation will total 293,945 square feet with 306 apartments across two six-story midrise buildings. Construction is slated for completion in 2023. The apartment units will range from one- to three-bedroom layouts, featuring stainless-steel appliances, quartz countertops and smart locks and thermostats. Community amenities will include a double-height lobby; club room; pool; covered terrace; barbecue grilling stations; two exterior courtyards; fitness center; co-working and business center with private offices and conference rooms; resident lounge; dog park and dog spa; electric vehicle charging stations; and Wi-Fi connectivity throughout the property. Merrimac Plantation will be adjacent to the Plantation Midtown Business District, an 860-acre, master-planned development featuring 2.5 million square feet of retail and restaurants as well as 3 million square feet of office space. The apartment community is also near Plantation Pointe Office Park, Westside Regional Medical Center, the Plantation Walk mixed-use redevelopment, the 1 million-square-foot Fountain Shoppes lifestyle center, the 2.4 million-square-foot Sawgrass Mills and Plantation’s 103-acre Central Park.

September 28, 2021

Acquisitions Alabama Retail Southeast

JLL Arranges Sale of Publix-Anchored Retail Center in Metro Huntsville for $19.2M

by Julia Sanders September 28, 2021

MADISON, ALA. — JLL Capital Markets has arranged the $19.2 million sale of Madison Commons, a 75,340-square-foot shopping center in Madison. JRW Realty represented the buyer, ExchangeRight. Brad Peterson, Whitaker Leonhardt, Jim Hamilton, Brad Buchanan, Andrew Michols and Michael Brewster of JLL represented the seller, Michael Collard Properties. Completed in 2018, Publix anchors the property, which is currently 92 percent occupied. Other national and regional tenants include Easy Vet Clinic, Golden China, ATI Physical Therapy, Goodwill, Primp and Posh Nail and Pita Mediterranean. Located at 300 Hughes Road, the asset sits at the intersection of Hughes and Brows Ferry roads less than two miles from U.S. Highway 72.

September 28, 2021

Loans Multifamily South Carolina Southeast

Electra Capital Funds $16.9M Acquisition Loan for Apartment Complex in Charleston

by Julia Sanders September 28, 2021

CHARLESTON, S.C. — Electra Capital has provided a $16.9 million bridge loan for the acquisition of Avalon at North Charleston III, a 145-unit apartment complex in Charleston. Carolina Multifamily Investments, a privately held real estate investment firm based in Chalfont, Penn., acquired the garden-style apartment community for $22.4 million. The seller was not disclosed. Located at 7604-7749 Warsaw Road, Avalon at North Charleston III is a newly renovated townhome community offering one- and two-bedroom apartments ranging from 688 square feet to 1,196 square feet. The community was formerly known as Willow Ridge. Renovations include updated kitchens with white shaker cabinetry, granite countertops, black appliances and plank flooring throughout the main level. Bathrooms have been updated with white shaker vanities, lighting and rain showers. Avalon is located about 1.3 miles from the Charleston Air Force Base and 4.3 miles from Charleston International Airport.

September 28, 2021

Acquisitions Florida Mixed-Use Southeast

CBRE Negotiates $3.8M Sale of Capitol Mall in Palm Springs, Florida

by Julia Sanders September 28, 2021

PALM SPRINGS, FLA. — CBRE has facilitated the $3.8 million sale of Capitol Mall, a mixed-use property featuring a 23,698-square-foot, multi-tenant retail center and a 7,250-square-foot, multi-tenant warehouse building behind the retail stores. Located at 3745 South Congress Ave. in Palm Springs, the buyer was Capitol Mall LLC, a South Florida-based private investor. Congressional Developers Inc. was the seller. David Donnellan and Patricia Friend of CBRE represented the buyer in the transaction.

September 28, 2021

Acquisitions Hospitality Maryland Southeast

Condor Hospitality Trust to Sell Entire Hotel Portfolio to Blackstone for $305M

by Jeff Shaw September 27, 2021

BETHESDA, MD. — Condor Hospitality Trust Inc. (NYSE: CDOR) has agreed to sell its entire hotel portfolio to affiliates of Blackstone Real Estate Partners for $305 million. The all-cash transaction does not include the assumption of any existing debt. Completion of the deal, which is expected to occur in the fourth quarter of 2021, is subject to customary closing conditions, including the approval of the company’s shareholders. The Bethesda-based real estate investment trust’s hotel portfolio includes 15 properties in eight states. Blackstone entered into voting agreements with Condor’s certain shareholders that hold approximately 60 percent of the common shares. Those shareholders voted in favor of the transaction.

September 27, 2021

Acquisitions Florida Hospitality Southeast

Pebblebrook Hotel Trust Acquires Margaritaville Hollywood Beach Resort in Florida for $270M

by Jeff Shaw September 27, 2021

HOLLYWOOD, FLA. — Pebblebrook Hotel Trust (NYSE: PEB) has acquired the 369-room Margaritaville Hollywood Beach Resort in Hollywood. An affiliate of KSL Capital Partners LLC sold the asset for $270 million. Davidson Hospitality Group will continue to manage the lifestyle resort. Margaritaville Hollywood Beach Resort is located on 6.2 acres off the Hollywood Boardwalk with 450 linear feet of direct beach frontage. Built in 2015, the resort includes over 30,000 square feet of indoor and outdoor event space overlooking the Atlantic Ocean. The resort also features eight dining venues, including Jimmy Buffet’s Margaritaville, Landshark Bar & Grill, JWB Prime Steak and Seafood, 5 o’Clock Somewhere Bar & Grill and Floridays Airstream Cafe. Resort amenities also include the 11,000-square-foot St. Somewhere Spa, Fitness and Salon, multiple outdoor swimming pools, 22 full-service cabanas, the Flowrider Surf Simulator, the Parakeets Kid’s Club, retail outlets and live entertainment nightly at one of the resort’s several outdoor entertainment venues. Located at 1111 N Ocean Dr., Margaritaville Hollywood Beach Resort is located about 16.2 miles from Miami Beach and 9.6 miles from Fort Lauderdale. The resort is also about 6.4 miles from the Fort Lauderdale International Airport. Pebblebrook plans to make physical enhancements to the property …

September 27, 2021

Acquisitions Florida Office Southeast

TerraCap Management Sells 82,000 SF Office Building in Tampa

by Jeff Shaw September 27, 2021

TAMPA, FLA. — TerraCap Management LLC has sold Eastpointe, a three-story, Class B office building in Tampa that totals approximately 82,000 square feet. Rick Brugge, Mike Davis, Rick Colon, Ryan Jenkins and Zach Eicholtz of Cushman & Wakefield represented the seller, TerraCap, in the transaction. TriOut Advisory acquired the property for an undisclosed price. Built in 1987, the property has a two-story parking garage. TerraCap acquired Eastpointe in March 2014 as part of a two-property acquisition. TerraCap invested capital into the roof, HVAC, parking lot, parking garage, restrooms and signage. After signing Circle K to a 10-year deal for approximately 19,000 square feet and extending the approximately 36,000-square-foot anchor tenant Pharmerica through 2025, Eastpointe reached 96 percent occupancy, and TerraCap began moving the property towards a disposition.

September 27, 2021

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