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.
SANDY SPRINGS, GA. — First National Realty Partners (FNRP) has acquired City Center Crossing, a grocery-anchored shopping center located at 6331 Roswell Road in Sandy Springs, a northern suburb of Atlanta. City Center Crossing is a 98,408-square-foot asset that is 77 percent occupied. A 27,858-square-foot Lidl Supermarket that opened in May 2020 anchors the property. The seller and price were not disclosed. “We are extremely excited to not only acquire our first asset in the Atlanta Market but to also add Lidl to our portfolio, one of the most rapidly growing grocers in the country,” says Matt Annibale, senior director of acquisitions at First National Realty Partners. “The remaining vacancy in the center will provide significant upside for our investors.”
NORTH LITTLE ROCK, ARK. — The New York office of Colliers Mortgage has arranged an $11.3 million Fannie Mae loan for the acquisition of The Pointe North Hills Phase II, an 86-unit, market-rate apartment community in North Little Rock. The pet-friendly property was constructed in 2020 and shares resort-style amenities with Phase I of the property, including a 24-hour fitness center, pool, two private movie theaters, virtual fitness studio and sports simulator lounge. The borrower is The Pointe North Hills LLC. The seller was not disclosed. The loan features a 10-year term and 30-year amortization.
Fueled by the acceleration of e-commerce amid the COVID-19 pandemic, the Memphis industrial market’s record-setting momentum continued into the first half of the year. Demand fundamentals are the strongest they’ve ever been, with lease transaction volume at mid-year exceeding 12.2 million square feet for the second year in a row and total market direct net absorption reaching an unprecedented 5.3 million square feet. To put these numbers in perspective, lease transaction volume and direct absorption through June of pre-pandemic years averaged 5.8 million square feet and 1.6 million square feet, respectively. The market’s direct vacancy rate has hovered around 6.5 percent since the end of 2019, an impressive feat given the exceptional amount of speculative product that has been added to inventory over the past year and a half. New to the market The region’s central location, complemented by its world-class transportation infrastructure and low rental rates, make Memphis an attractive option for industrial users. Notable deals that have occurred since the beginning of 2020 include Milwaukee Tool’s 1.1 million-square-foot lease at I-269 Industrial Park, as well as two new Amazon leases totaling nearly 2 million square feet, growing the e-commerce giant’s Memphis-area footprint to more than 6.7 million square …
FAYETTEVILLE, ARK. AND TALLAHASSEE, FLA. — Cushman & Wakefield has secured $73 million in acquisition financing for two student housing properties in Arkansas and Florida. The borrowers, GFH Financial Group and Student Quarters, received the fixed-rate financing for VOX in Tallahassee and The Avenue in Fayetteville. Guardian Life Insurance provided the seven-year financing. VOX is a 602-bed student housing property serving Florida State University. Completed in 2020, the property features a mix of one- through five-bedroom floor plans, all offering bed-bath parity. Community amenities include an outdoor interval training center, a two-story indoor fitness center, social lounge, an outdoor courtyard and fire pit and a covered parking garage. The Avenue is a 652-bed student housing property serving the University of Arkansas. Built in the fall of 2019, The Avenue offers two- and four-bedroom floorplans, all offering bed-bath parity. Community amenities include 507 parking spaces, a fitness center and a swimming pool with cabanas. Gideon Gil, Alex Lapidus, Meredith Donovan and Sebastian Sanchez of Cushman & Wakefield arranged the loan on behalf of the borrowers.
DECATUR, GA. — CBRE has arranged the sale of North Dekalb Mall in Decatur, about 8.6 miles east from downtown Atlanta. West Palm Beach, Fla.-based Sterling Organization sold the property for an undisclosed price. The buyer, Edens, who has a headquarters office in Washington, D.C., plans to redevelop the mall into a mixed-use property, according to The Atlanta Journal-Constitution. Located at 2050 Lawrenceville Highway, North Dekalb Mall is located on 76.7 acres at the intersection of Lawrenceville Highway and North Druid Hills Road. The property is situated less than 1.5 miles west of Interstate 285. The enclosed mall’s tenants include AMC Theatres, Dollar Tree, Burlington and Marshalls. AMC Theatres has a maximum of six years left on its lease term at the location.
WEST PALM BEACH, FLA. — Dalfen Industrial has acquired Turnpike Logistics Center, a 317,499-square-foot logistics facility in West Palm Beach. The sales price was $60.6 million. John Huguenard, Luis Castillo, Cody Brais, Sky Groden of JLL Capital Markets represented the developer and seller, Jeff Greene. Completed in 2020, Turnpike Logistics Center is a two-building facility comprising a 124,479-square-foot building at 1673 Meathe Drive and a 193,000-square-foot building at 1715 Meathe Drive. The rear-load buildings have features such as 32-foot clear heights, concrete tilt-wall construction, deep column spacing, a total of 94 dock-high doors, two drive-in doors, ESFR fire protection and vehicle parking. Formerly known as Greene Space Industrial, Turnpike Logistics Center has direct on-ramp access to the Florida Turnpike and is located about 5.9 miles from Palm Beach International Airport. The property is also about 6.8 miles from downtown West Palm Beach.
UNION CITY, GA. — Crown Bay Group LLC, an Atlanta-based multifamily real estate investment firm, has purchased The Park at Netherley, a 294-unit workforce housing community in Union City. The sales price was $31.1 million, or nearly $106,000 per unit. The seller was Blue Magma. Built in 1988, The Park at Netherley offers one-, two- and three-bedroom apartments. Community amenities include a business center, clubhouse, playground, swimming pool and a fitness center. The property was 93 percent occupied at the time of sale. Located at 6770 Buffington Road, The Park at Netherley is located about 13.4 miles from the Atlanta Metropolitan State College and 15.2 miles from Clayton State University. Additionally, the property is about 7.8 miles from Hartsfield-Jackson Atlanta International Airport. Since 2019, more than $1 million of capital improvements have been completed at the apartment complex in order to enhance curb appeal, upgrade interiors, improve exteriors and common area amenities. As the new owner, Crown Bay plans to launch an interior renovation program to enhance unit interiors. Crown Bay Management, the firm’s property management division, will manage the residential community.
GREENSBORO, N.C. — Marcus & Millichap has brokered the sale of West Market Shopping Center, a 152,030-square-foot, Food Lion-anchored retail property in Greensboro. The property sold for $9.1 million. David Gant and Lori Schneider of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed. Built in 1963, West Market Shopping Center is located at 4637-4653 W. Market St. The property’s tenant roster includes Cato, Strength & Body and Reconsidered Goods.
WASHINGTON, D.C. — JLL Capital Markets has arranged the sale of a portfolio of eight infill neighborhood retail assets totaling 695,991 square feet in Washington, D.C., northern Virginia and southern Maryland. Stephen Conley, Danny Finkle, Jordan Lex and Kim Flores of JLL represented the D.C.-based seller, WashREIT (NYSE: WRE), which sold the portfolio for $168.3 million. The buyers were Rosenthal Properties and an undisclosed institutional partner, according to the Washington Business Journal. The news outlet also reports the seller had acquired the eight properties over the span of five decades. The portfolio includes two properties in Washington, D.C., two in Northern Virginia and four in Maryland. The properties in D.C. include Chevy Chase Metro Center and Spring Valley Village. The Virginia properties are 800 S. Washington St. in Alexandria and Concord Centre in Springfield. The southern Maryland properties are Montrose Shopping Center and Randolph Shopping Center in Rockdale; Takoma Park Shopping Center in Takoma; and Westminster Shopping Center in Westminster. The properties are 82 percent leased collectively. Four of the shopping centers are grocery-anchored by stores such as Mom’s Organic Market at Montrose Shopping Center and Aldi at Springfield’s Concord Centre. Other grocery anchors include Food Lion and Giant. The …