FAYETTEVILLE, ARK. — Aspen Fayetteville, a 202-unit student housing community located less than one mile from the University of Arkansas campus in Fayetteville, has opened ahead of schedule. Austin, Texas-based student housing developer and owner Aspen Heights developed the property and will manage it on behalf of the owner, an entity affiliated with Platform Ventures. Located on Beechwood Avenue, Aspen Fayetteville offers a mix of two-, three- and four-bedroom units that are fully furnished by Gus Design Group. Shared amenities include an indoor and outdoor fitness center, resort-style swimming pool, hot tub, lounge and study rooms, a fire pit and grilling station.
GROVELAND, FLA. — National supermarket chain Kroger and online grocer Ocado have opened Kroger Ocado Customer Fulfillment Center in Groveland, about 30 miles from Orlando. The high-tech facility spans 338,000 square feet and broke ground in January 2019. The four-story property includes a distribution center, office space, two-story break room and a mezzanine floor. Ryan Cos. is the developer of the asset, which is set to support the packaging and shipment of groceries for home deliveries this summer. The property is unique in that it’s not a store-support facility as Kroger does not currently operate any grocery stores in the region. Ryan Cos., which served as the lead architect, engineer, developer and construction team, has completed 40 automated warehouses exceeding 33 million square feet in 20 states for national brands such as Target, SuperValu and Nestle Purina. The firm also oversaw the Kroger-Ocado fulfillment center that opened near Cincinnati, as well as a Kroger-Ocado facility in suburban Atlanta that will open later this year.
DUNCAN, S.C. — Cushman & Wakefield has brokered the $105.6 million sale of the Apple Valley Industrial Portfolio, a four-building portfolio of industrial facilities in the Upstate South Carolina market of Duncan. An affiliate of Lexington Realty Trust purchased the facilities from Panattoni and PCCP. Stewart Calhoun and Casey Masters of Cushman & Wakefield, along with Marcus Cornelius of CBRE and Ryan Koop of Broadstreet Partners, represented the sellers in the transaction. Situated near Inland Port Greer and BMW’s campus, the Class A portfolio is located off of Apple Valley Road and totals more than 1 million square feet.
SANDY SPRINGS, GA. — Kaplan Residential, a multifamily developer with offices in Atlanta and Miami, has sold Square One, a 203-unit mixed-use multifamily community in Sandy Springs. Atlanta-based Audubon purchased Square One for $59.2 million. Located at 6050 Roswell Road, Square One encompasses studios starting from 620 square feet to two-bedroom units spanning 1,361 square feet. Unit interiors feature stainless steel appliances, full-size washers and dryers, nine- and 10-foot ceilings, granite kitchen islands, subway tile in kitchens and bathrooms and walk-in closets. Community amenities include a rooftop bar and pool, coffee bar, onsite dog park, preferred parking for energy-efficient cars and a fitness center. The property also includes 10,000 square feet of retail space on the ground level leased to a wax salon, nail salon, gym and Vietnamese restaurant. George Morgan and Candy Morgan of George S. Morgan Development Co. Inc. partnered with Kaplan Residential for the entirety of the project. The firm enlisted architectural firm Niles Bolton Associates to design the shared amenity spaces, units and overall structure. Robert Stickel of Cushman & Wakefield represented the buyer in the transaction. Steven Kennedy of Seyfarth Shaw represented the seller. Kaplan Residential opened the five-story property, which sits at the corner …
BOCA RATON, FLA. — Grover Corlew, a locally based real estate investment and development firm, has purchased the 109,497-square-foot Bank of America Tower in downtown Boca Raton. The undisclosed seller sold the office building in an off-market transaction for $44.6 million. In addition to Bank of America, the building’s tenants include Charles Schwab and Waypoint Residential. Originally built in 1970, the eight-story Bank of America Tower offers onsite management and a building engineer, Wi-Fi access in the lobby, a conferencing facility and free and secure surface and garage parking. Located at 150 East Palmetto Park Road, Bank of America Tower is located 28.7 miles from Palm Beach International Airport and 4.1 miles from Boca Raton Airport. Additionally, the building is adjacent to Royal Palm Place and within walking distance to Mizner Park and the future Brightline Station. Dominic Montazemi, Scott O’Donnell and Mike Davis of Cushman & Wakefield brokered the transaction. Jason Hochman and Ron Granite of Cushman & Wakefield arranged acquisition financing on behalf of Grover Corlew through Wells Fargo Bank.
WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has issued a statement in strong opposition to legislation being considered by Congress to create a national eviction moratorium through the end of the year. The legislation would extend the Centers for Disease Control and Prevention’s (CDC) residential eviction ban, which was created in September 2020 and extended three times before expiring on Saturday, Aug. 1. The House of Representatives, which is currently on its scheduled August recess, was unable to pass new legislation before the eviction moratorium deadline. The Senate will begin its August recess next week. NMHC led a coalition of national real estate trade groups in sending a letter urging Congress to focus instead on accelerating the distribution of nearly $50 billion in federal Emergency Rental Assistance Program (ERAP) funds that were provided by Congress earlier this year. The NMHC states that the eviction moratorium jeopardizes the financial stability of housing providers and is not constructive in supporting the continued affordability and availability of housing. The Washington, D.C.-based trade association supports federal programs as a means to help provide renter relief benefits, which it cites as helping millions of Americans pay their rent amid the COVID-19 pandemic.
What a difference a year makes! Retail real estate in Miami is not dead nor in the depths of huge vacancy rates and declining rents; current vacancy rate is 4.3 percent and rental rates have slipped by 0.1 percent over the past year. Let’s explore several indicators of the value and use of the current state of the shopping center industry, restaurant space, entertainment space and big-box retailers. South Florida restaurant space, due to COVID-19 restrictions, was not open to customers over the last 18 months. Many anticipated only a few restaurants to survive with lots of second-generation restaurant space expected to be given back to landlords. Due to the U.S. Small Business Administration’s Paycheck Protection Program and restaurateurs flocking to Miami from across the country — mainly the Northeast, especially New York City — the glut of restaurant space vacancy never occurred. When there is available second-generation restaurant space, it gets leased quickly. South Florida has seen national chain quick-service restaurants (QSR) looking for ghost kitchens which restricts customers to pick-up and delivery. Restaurant sales are back to pre-COVID-19 levels beginning the second quarter this year. The restaurant market appears to be healthy, again. News is not so great …
DAVENPORT, FLA. — Berkadia has secured $43.2 million in acquisition financing for Legends at ChampionsGate, a 252-unit multifamily community located outside of Orlando. Mitch Sinberg and Matthew Robbins of Berkadia secured the financing on behalf of Taurus Investment Holdings, which acquired the property for $53.8 million from an undisclosed seller. The three-year, floating-rate, interest-only loan was underwritten at a 75 percent loan-to-cost ratio and inclues additional funds to finance capital improvements. Located at 8101 Champions Circle, Legends at ChampionsGate was built in 2002 and includes one-, two- and three-bedroom floor plans. The units include built-in shelving, digital thermostats, hardwood style flooring, walk-in closets and private balconies. Community amenities include a swimming pool, fitness center, playground, business center and yoga room. Situated 26.5 miles south of downtown Orlando, the community is approximately 7.2 miles from Interstate 4.
ORLANDO, FLA. — Newport Capital Partners has acquired West Colonial Oaks, a 160,792-square-foot, grocery-anchored shopping center situated on the southwest corner of West Colonial Drive and North Hiawassee Road in Orlando. Newport Capital acquired the property via its Newport Capital Partners Fund III. The property was sourced and acquired off-market from a private investor. Newmark arranged acquisition financing through Ameris Bank. The seller and sales price were not disclosed. West Colonial Oaks is currently 94 percent leased and its largest tenant is national discount retailer Ollie’s Bargain Outlet. The property’s other tenants include Fancy Fruit & Produce, Office Depot, Crazy Buffet, Family Dollar, Olive Garden and Optum Primary Care. The shopping center is shadow-anchored by The Home Depot and is also close to employment and education drivers including Valencia College, Orlando Health Central Hospital and the Seaboard Industrial neighborhood, which is home to Amazon’s 1.1 million-square-foot distribution center.
ARLINGTON, VA. — JLL Capital Markets has facilitated the sale of Alexan Earl, a 333-unit multifamily community in Arlington. Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin of JLL represented the seller, Trammell Crow Residential, which also had an equity partner. Lincoln Property Co. and Cadillac Fairview acquired the property for an undisclosed price. Additionally, Michael Cosby, Jimmy Conley, Jamie Leachman and Andy Scott of JLL secured a five-year, floating-rate acquisition loan through Mesa West Capital LLC. Alexan Earl features studio, one- and two-bedroom residential units averaging 827 square feet across two buildings. The property also features 3,396 square feet of retail space. Units include quartz countertops, undercabinet lighting, movable and fixed islands, undermount sinks, hard wood inspired laminate tile flooring, custom closets, stainless steel appliances and washers and dryers. Community amenities include a rooftop pool with an indoor/outdoor bar, ground-level courtyard, two fitness centers, social clubroom, complimentary Wi-Fi in all shared spaces, 24/7 concierge services and coworking space. Located off Wilson Boulevard at 1122 North Hudson St., Alexan Earl is located within walking distance of the Clarendon Metro Station.