Southeast

SRS Brokers Sale of 262,847 SF Retail Property in Memphis

by Julia Sanders March 29, 2022

MEMPHIS, TENN. — SRS Real Estate Partners has brokered the sale of Cross Creek Shopping Center, a 262,847-square-foot retail property in Memphis. A New York-based entity doing business as Allied Development of Memphis LLC sold the property for an undisclosed price to Aspen Real Estate. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction, and Aspen was self-represented. Cross Creek is shadow-anchored by The Home Depot and features tenants including Ross Dress for Less, Conn’s HomePlus, dd’s Discounts and Five Below. Located at 3505-3619 Riverdale Road, the property is situated 18.8 miles from downtown Memphis.

March 29, 2022

Acquisitions Florida Industrial Southeast

AGS Properties Acquires 112,000 SF Last-Mile Industrial Facility in Metro Tampa

by Julia Sanders March 29, 2022

GIBSONTON, FLA. — AGS Properties has acquired a newly constructed, last-mile delivery facility located within Tampa Regional Industrial Park in Gibsonton, about 15.6 miles from Tampa. Tampa Regional Industrial Park is a master-planned distribution park that totals 1.4 million square feet and includes tenants such as Republic National Distributing Co. and Siemens Corp. Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Zachary Eicholtz and Kayla Hankins of Cushman & Wakefield represented the undisclosed seller in the transaction. The sales price was not disclosed. Built in 2022, the facility totals 112,000 square feet and was fully leased at the time of sale to an unnamed e-commerce company. Property amenities include LED lighting, 32-foot minimum clear heights, a 9 per 1,000-square-foot parking ratio and direct access to Interstate 75, U.S. Highway 41 and the Port of Tampa. The facility also offers future development capabilities through a 44,000-square-foot expansion of the existing facility and construction of an additional 198,000-square-foot facility. Located at 13010 Bay Industrial Drive, the property is situated 25.4 miles from Tampa International Airport.

March 29, 2022

Florida Loans Retail Southeast

Concord Summit Capital Secures $16M Refinancing for Shopping Center in Delray Beach, Florida

by Julia Sanders March 29, 2022

DELRAY BEACH, FLA. — Concord Summit Capital LLC has secured a $16 million loan for the refinancing of Bed Bath & Beyond Plaza, a shopping center in Delray Beach. The Florida-based sponsor, Berta Management, will use the bridge loan to construct a new Starbucks store, provide for capital improvements and pay off existing debt. Massachusetts-based Seven Hills Realty Trust provided the non-recourse loan. Justin Neelis and Daniel Rojo of Concord Summit Capital LLC sourced the financing on Berta Management’s behalf. Bed Bath & Beyond Plaza was 86 percent leased at the time of financing to a newly renovated Bed Bath & Beyond and a CVS/pharmacy, which was built in 2018. The property also features tenants including Enterprise, Marios Market, Agapi Gourmet, Jack’s Pizza, Philly Grill, USPS, JN Nails and Celebrity Dry Cleaning. The Starbucks will be built as an outparcel facing Atlantic Avenue. Site work is underway, and once construction is completed, the shopping center will total 86,043 square feet of leasable space. Built in 1981 at 14802 S. Military Trail, the shopping center is situated seven miles from Boca Raton and Boca Raton Airport.

March 29, 2022

Acquisitions Multifamily Southeast Tennessee

Marcus & Millichap Arranges Sale of 200-Unit Apartment Community in Memphis

by Julia Sanders March 29, 2022

MEMPHIS, TENN. — Marcus & Millichap has arranged the sale of Ashton Hills Apartments, a 200-unit complex in Memphis. Bryan Sisk, David Dorris and Brad Barham of Marcus & Millichap represented the seller, an Iowa-based limited liability company. The team also secured the buyer, an investment group out of Denver. The sales price was not disclosed. Built in 1975, Ashton Hills offers one-, two- and three-bedroom floorplans with a unit size range of 580 to 1,044 square feet. Unit features include washer and dryer hookups, vinyl flooring and walk-in closets. Community amenities include a pool, package service, maintenance onsite, property manager onsite, business center and a playground. The seller previously made significant upgrades to the property, according to Marcus & Millichap. Located at 4183 Troost Drive on 12.6 acres, Ashton Hills is situated 20.6 miles from Memphis International Airport and 13.9 miles from downtown Memphis.

March 29, 2022

Outdoor Hospitality quote from Jesse Pine, NAI

Content Partner Features Hospitality Loans Midwest NAI Northeast Southeast Texas Western

Outdoor Hospitality Properties Draw Greater Investment Interest Following Rapid Growth During the Pandemic

by Sarah Daniels March 29, 2022

Where do people go to “get away from it all” — especially when the world shuts down? Many seek relaxation and recreation in the great outdoors. Interest in camping — especially the subset of high-end camping often referred to as “glamorous camping” or “glamping” — grew steadily in the years before the pandemic. The arrival of COVID and the desire for socially distanced vacations created a rapid increase in demand and revenue. The result for commercial real estate has been a large increase in the number of investors interested in outdoor hospitality properties. “Before 2020, the trend was already very strong; the pandemic just accelerated it,” says Sean Wood, associate broker at NAI Outdoor Hospitality Brokers. Wood cites the Kampgrounds of America (KOA) 2021 Annual North American Camping Report: “From 2014 to 2018, there was consistent growth of about 2 million new households per year getting into camping across North America. From 2018 to 2019, we saw a jump from 39.2 million to 41.9 million households that went camping. And then in 2020, we saw an explosion in interest: from 41.9 million households to 48.2 million households camping each year.” The specialists at NAI Outdoor Hospitality Brokers expect this renewed …

March 29, 2022

Acquisitions Georgia Multifamily Southeast Student Housing

Landmark Properties Forms Joint Venture with ADIA, Targets $1B in Student Housing Investment

by Julia Sanders March 28, 2022

ATHENS, GA.— Landmark Properties has formed a joint venture with a wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) initially targeting $1 billion in investment. The venture will be focused on acquiring and operating value-add student housing properties in select markets across the U.S. “Landmark and ADIA have been aligned from the start of our relationship, seeing tremendous opportunity in top-tier student housing markets,” says Wes Rogers, president and CEO of Athens, Georgia-based Landmark. “We are confident we can find acquisition targets across the nation that will complement our existing development strategy. We are appreciative of the opportunity to expand our relationship with ADIA, one of the world’s leading institutional real estate investors.” Hodes Weill Securities LLC acted as financial advisor on behalf of Landmark Properties in connection with the formation and capitalization of the joint venture. Further details were undisclosed.

March 28, 2022

Acquisitions Georgia Multifamily Seniors Housing Southeast

Atlas Senior Living Acquires Three Seniors Housing Communities in Metro Atlanta

by Julia Sanders March 28, 2022

PEACHTREE CITY, KENNESAW AND MARIETTA, GA. — Alabama-based Atlas Senior Living has acquired three assisted living and memory care communities, all located in the greater Atlanta area. The properties include Legacy Ridge at Brookstone in Kennesaw, Legacy Ridge at Peachtree in Peachtree City, and Legacy Ridge at Sandy Plains in Marietta Atlas will replace the current operator, Heritage Senior Living, effective April 1. The acquisitions bring Atlas’ total number of properties to 35, with 10 in Georgia.

March 28, 2022

Acquisitions Florida Retail Southeast

CBRE Arranges Sale of 146,759 SF Shopping Center in Boynton Beach, Florida

by Julia Sanders March 28, 2022

BOYNTON BEACH, FLA. — CBRE has arranged the sale of Shoppes at Woolbright, a 146,759-square-foot shopping center in Boynton Beach. Casey Rosen, Dennis Carson, Chris Bosworth, Will Pike and Brian Pfohl of CBRE represented the seller, Des Moines, Iowa-based Principal Real Estate Investors. New York-based The Georgetown Co. acquired the property for an undisclosed price. Built in 2008, the property was 99 percent leased at the time of sale with Publix as the anchor tenant. The shopping center is located at 10935 Jog Road at the intersection of Jog and Woolbright roads. The property is situated 17.1 miles from Boca Raton and 8.4 miles from Delray Beach.

March 28, 2022

Acquisitions Multifamily North Carolina Southeast

American Landmark Purchases Two Multifamily Communities in North Carolina

by Julia Sanders March 28, 2022

CHARLOTTE AND HILLSBOROUGH, N.C. — Tampa, Fla.-based American Landmark Apartments has purchased two multifamily communities in North Carolina for an undisclosed price. The seller was also not disclosed. The two properties include Ardmore King’s Grant Apartments in Charlotte and the 270-unit Ardmore Cates Creek Apartments in Hillsborough. American Landmark plans to enhance both properties with landscaping and amenity upgrades, along with adding new subway tile kitchen backsplashes, upgraded cabinets, new faucets and lighting fixtures, new ceilings fans and new USB outlets to all units. Ardmore King’s Grant Apartments has been renamed Conrad at Concord Mills. Built in 2015 and located at 9015 Kings Grant Drive, Conrad at Concord Mills offers one-, two- and three-bedroom floorplans ranging from 740 to 1,430 square feet. Community amenities include a pool, grilling pavilions, fitness center, complimentary Starbucks Coffee bar, pet play area and pet wash station, car wash station and valet trash. Ardmore Cates Creek has been renamed Cadence at Cates Creek. Built in 2016 and located at 100 Waterstone Park Circle, Cadence at Cates Creek offers one-, two- and three-bedroom floorplans ranging from 753 to 1,509 square feet. Community amenities include a saltwater swimming pool, onsite clubhouse with resident lounge, business center, fitness …

March 28, 2022

Leasing Activity Maryland Retail Southeast

Four Retailers Join Tenant Lineup at National Harbor in Metro D.C.

by Julia Sanders March 28, 2022

OXON HILL, MD. — Four new tenants are joining the tenant lineup at National Harbor, a waterfront destination in Oxon Hill. Peterson Cos. developed National Harbor around 14 years ago. National Harbor is home to eight hotels, shops, restaurants, entertainment options, as well as the Capital Wheel, a 180-foot observation wheel and the Guide by Cell outdoor art gallery tour. The four tenants include Tom’s Watch Bar, Sticky Situation, Escapology and Silver Diner. Peterson Cos. announced three new tenants in January including Bombay Street Food, PrimoHoagies and BurgerFi. Located at 200 American Way, Tom’s Watch Bar is a 10,881-square-foot sports bar that offers food and beverages. The tenant is opening at National Harbor in late 2022. Sticky Situation, which will open at 170 American Way, is a 2,862-square-foot honey and syrup tasting room experience. Opening in August, the store will provide tastings and education on a variety of honeys and maple syrups from local honey, artisan-infused honey, real maple syrup and bee pollen from more than 12 bee colonies across the country. Situated at 230 American Way, Escapology will feature 3,675 square feet of escape room space. Opening in the fall, the property has five rooms and expansion plans to …

March 28, 2022

Newer Posts

Older Posts