Wednesday, July 16, 2025
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AcquisitionsFloridaIndustrialSoutheast

LPC, Walton Street Capital Buy Distribution Center in South Florida for $43.8M

by John Nelson

WESTON, FLA. — A joint venture between Dallas-based Lincoln Property Co. (LPC) and Chicago-based Walton Street Capital has acquired a 226,392-square-foot distribution center located at 1600 N. Park Drive in Weston, a city in South Florida’s Broward County. Munich-based Manova Partners sold the property for $43.8 million. José Lobón, Trey Barry, Frank Fallon, Royce Rose, George Fallon, Gabriel Braun and Daniel Sarmiento of CBRE represented the seller in the transaction. LPC will provide property management services and construction oversight for the distribution center, which was partially leased at the time of sale to Mondelēz International Inc., a global food-and-beverage distributor based in Chicago.

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AcquisitionsFloridaSoutheastStudent Housing

CAPREIT Acquires 800-Bed Student Housing Community Near Florida Gulf Coast University

by John Nelson

FORT MYERS, FLA. — CAPREIT has acquired Coastal Village, an 800-bed student housing community located near the Florida Gulf Coast University campus in Fort Myers. The acquisition marks the North Bethesda, Md.-based firm’s entry into the student housing sector. Coastal Village was developed in 2004 at 19401 Skidmore Way and offers fully furnished units in four-bedroom configurations. Shared amenities include a pool, fire pit, resident lounge, coffee bar, private study spaces and a fitness center. The seller and terms of the transaction were not released.

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AcquisitionsLouisianaMultifamilySoutheast

ECI Group Sells 378-Unit Apartment Community in Houma, Louisiana

by John Nelson

HOUMA, LA. — Atlanta-based ECI Group has sold Houma Highlands, a 378-unit apartment community located at 461 S. Hollywood Road in Houma, about 57 miles southwest of New Orleans. Oakwood Capital purchased the 16-building property for an undisclosed price. Larry G. Schedler & Associates and Mike Kemether of Cushman & Wakefield’s Atlanta office represented ECI Group in the disposition. Phase I of Houma Highlands was completed in 2004 by another developer. ECI Group purchased the first phase and then completed Phase II in 2012. The pet-friendly community features one-, two- and three-bedroom apartments, as well as a resort-style pool, fitness center and green spaces.

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DevelopmentMixed-UseMultifamilyRetailSouth CarolinaSoutheast

Flournoy Breaks Ground on 365-Unit District South Apartment Property in Greenville

by John Nelson

GREENVILLE, S.C. — Flournoy Development Group has broken ground on District South, a 365-unit apartment development located on a 21-acre site in Greenville. The property will include five four-story apartment buildings, 12 townhome buildings, three carriage home buildings and 13 retail spaces. Amenities will include a grab-and-go market, lounge, fitness and wellness center, resort-style swimming pool with a courtyard, outdoor entertainment areas, dog park and an indoor pet spa. The project team for District South includes architect Dynamik Design, general contractor McShane Construction and civil engineer Gray Engineering. Flournoy Properties Group will manage the apartment property. The construction timeline was not released.

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Affordable HousingDevelopmentLoansMultifamilySoutheastVirginia

Advantage Capital Closes Financing for Affordable Housing Development in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — Advantage Capital has closed the financing for the second phase of Kindlewood, a $68 million affordable housing redevelopment and expansion in Charlottesville. Phase II, which broke ground last month, will add 100 new units, half of which are replacement units for existing residents and the rest are new affordable housing units. The second phase will also include a new learning center, community center and the headquarters for Piedmont Housing Alliance, a partner in Kindlewood’s development team. National Housing Trust is also a development partner for Kindlewood. The last tranche of financing was $9.6 million in state Low-Income Housing Tax Credits (LIHTCs) in connection with the Virginia Housing Opportunity Tax Credit (HOTC) program. The development team expects to deliver the second phase in fall 2026.

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AcquisitionsFloridaRestaurantRetailSoutheast

SRS Brokers $4.1M Sale of Restaurant in Spring Hill, Florida Leased to Chipotle

by John Nelson

SPRING HILL, FLA. — SRS Real Estate Partners has brokered the $4.1 million sale of a new restaurant located at 10377 County Line Road in Spring Hill, about 50 miles north of Tampa. Chipotle Mexican Grill leases the 2,489-square-foot property on a 20-year, corporate-guaranteed lease. The restaurant is an outparcel to Seven Hills Center, a shopping center anchored by Publix, and is situated a half-mile from Tampa General Hospital Spring Hill. Patrick Nutt and William Wamble of SRS represented the seller, a developer based in Florida, in the transaction. A private investment firm based in Colorado purchased the restaurant at a 4.66 percent cap rate.

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Leasing ActivityMixed-UseNorth CarolinaOfficeRetailSoutheast

One Alliance Brings 32,936 SF Johnsbury Square Mixed-Use Property in Metro Charlotte to Full Occupancy

by John Nelson

CORNELIUS, N.C. — One Alliance Cos. has fully leased Johnsbury Square, a mixed-use property located at 19901-19905 W. Catawba Ave. in Cornelius, about 20 miles north of Charlotte. RE/Max Executive leased the last remaining office suite at Johnsbury Square. Kasandra Brew Blum represented the landlord on an internal basis. Existing tenants include Fusion Bowl, FitFast20, Apotheca Canabis Dispensary and Coffee Republic & Bakery, among others.

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CivicDistrict of ColumbiaLeasing ActivityOfficeSoutheast

Easterly Government ‘Remains Committed’ to Public-Private Partnership With Federal Government Amid DOGE Activity

by John Nelson

WASHINGTON, D.C. — Easterly Government Properties (NYSE: DEA), an office REIT that owns assets leased to the U.S. government and affiliates, has released its fourth-quarter 2024 results. The company exceeded its initial full-year guidance and achieved results at the upper end of raised guidance, with a net income of $20.6 million. In 2024 alone, Easterly purchased 10 properties either solely or in joint venture arrangements totaling $230 million. The company also expanded its investment strategy to include office properties leased to private sector government contractors and reduced its total portfolio energy consumption by 4 percent year-over-year.  “We are pleased with the position of our portfolio,” said Darrell Crate, president and CEO of Easterly. Easterly has been directly affected by the recent activities of the Department of Government Efficiency (DOGE), a newly created federal department championed by Elon Musk, owner of Tesla, X (formerly Twitter) and SpaceX. According to multiple media outlets, DOGE has announced that it has terminated 2.3 million square feet of federal office leases and saved $145 million. DOGE is now targeting the termination or consolidation of nearly 100 more leases at government offices in several markets, most notably in the nation’s capital, according to The Wall Street Journal. …

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AcquisitionsGeorgiaNew YorkNortheastRetailSoutheastTop Stories

Global Net Lease Agrees to Sell 100-Property Multi-Tenant Retail Portfolio for $1.8B

by Kristin Harlow

NEW YORK CITY AND ATLANTA — Global Net Lease Inc. (NYSE: GNL) has entered into a binding agreement to sell its multi-tenant retail portfolio of 100 non-core properties to a subsidiary of RCG Ventures Holdings LLC for approximately $1.8 billion. The transaction represents an 8.4 percent cash cap rate. GNL says the transaction would accelerate its deleveraging initiative and position the company as a pure-play, single-tenant net lease (STNL) company. GNL launched its disposition initiative in 2024, with the objectives of significantly reducing debt, enhancing financial flexibility and lowering its cost of capital. Following the completion of the multi-tenant portfolio sale, which would represent the most significant step in this initiative to date, GNL expects to have completed nearly $3 billion in dispositions between the start of 2024 and the end of 2025, inclusive of properties in its disposition pipeline. The company expects to use the net proceeds from the multi-tenant portfolio sale to significantly reduce the outstanding balance on its revolving credit facility. The board of directors has concurrently approved a share repurchase program authorizing the company to opportunistically repurchase up to $300 million of its outstanding common stock in accordance with typical practice for such programs. “We believe …

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AcquisitionsData CentersKentuckySoutheast

Aphorio Carter Buys Two Data Centers in Kentucky for $35M

by John Nelson

LOUISVILLE AND SIMPSONVILLE, KY. — Aphorio Carter Critical Infrastructure Fund LLC has purchased two data centers in Louisville and Simpsonville for a combined purchase price of $35 million. The seller was not disclosed. Both properties span 102,500 square feet and are LEED Gold-certified. Additionally, both data centers were built in 2011 and are fully leased to the same tenant, an undisclosed Fortune 200 firm. The two properties also include 10,000 square feet of raised floor space, an additional 10,000 square feet of shell space for future expansion and 1 megawatt (MW) of critical power. The Louisville data center sits on 30 acres while the Simpsonville data center occupies 21 acres. LG&E provides energy services to the Louisville facility, while Kentucky Utilities services the Simpsonville property.

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