Southeast

RK Centers Acquires Retail Property in Davie, Florida for $28.7M

by Julia Sanders January 11, 2022

DAVIE, FLA. — Sunny Isles Beach, Fla.-based RK Centers has acquired Lakeside Town Shops, a 79,746-square-foot retail property in Davie. The sales price was $28.7 million, or $361 per square foot. An entity known as Lakeside Town Shops LLC, which is managed by Columbia, S.C.-based Edens, was the seller. Dennis Carson of CBRE represented the seller and the buyer in the transaction. Lakeside Town Shops features three buildings on 10.3 acres. The property was 98 percent leased at the time of sale to 25 tenants, including Dollar Tree, Ross Dress for Less, Target SuperCenter and Chick-fil-A. Located at 5800 South University Drive, the property is situated 9.1 miles from Hollywood, 24.7 miles from Miami Beach and 7.6 miles from Miami Gardens. Lakeside Town Shops is also located 23.9 miles from Miami International Airport and 33.3 miles from the University of Miami.

January 11, 2022

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $9.1M Sale of CVS-Leased Store in Athens, Georgia

by Julia Sanders January 11, 2022

ATHENS, GA. — Marcus & Millichap has brokered the sale of a property located at 795 Oglethorpe Ave. in Athens that is leased to CVS/pharmacy. An undisclosed buyer purchased the 14,781-square-foot property for $9.1 million. Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the undisclosed seller. “This CVS traded at list price for $600,000 more than what the sellers paid for it seven years ago, in addition to $3 million they collected in rent. This transaction is another example of the current peak demand for quality net lease inventory in the market today,” says McMinn. “Due to this demand and current supply constraints, we are still seeing cap rate compression and historic pricing for our sellers. There is no better time to be a seller than the present.”

January 11, 2022

District of Columbia Market Reports Maryland Restaurant Retail Southeast Southeast Market Reports Virginia

Grocery Chains and Other Retail Categories are Making Hay in Mid-Atlantic Region

by John Nelson January 11, 2022

The Washington, D.C., and Baltimore markets, when combined, represent the fourth-largest metropolitan region in the nation by population, and retailers are taking notice again. Grocery-anchored projects are the most prevalent in the headlines. For example, the first of nearly 20 Amazon Fresh locations has opened in the area. Additionally, Wegmans’ smaller format rollout plan is active with its first location in Stonebridge’s Carlyle Crossing in Alexandria opening spring 2022, along with Roadside Development’s City Ridge Project at the former Fanny Mae Headquarters in Northwest D.C. Former Shoppers Food Warehouse boxes also continue to get absorbed by new grocers. A less-covered sector of the grocery market is the international markets category, which remains very active in the region. There are 29 different banners across the region that exceed 10,000 square feet in size, with the newest entrant being Oh! Markets in Northern Virginia. Other international market newcomers, including 99Ranch and Enson Market, are also searching for space. With the immense ethnic diversity of the region, we expect investors to start taking notice of this sector with their acquisition appetite, just as they have in other regions like Texas and Florida. Publix, a customer favorite, is in the early stages of identifying …

January 11, 2022

Acquisitions Multifamily North Carolina Southeast

AMAC Purchases Multifamily Property in Charlotte for $113M

by Julia Sanders January 10, 2022

CHARLOTTE, N.C. — New York City-based AMAC has purchased Steele Creek Rivergate, a 408-unit garden-style multifamily property in Charlotte, for $113 million. Austin Green, Alex McDermott, Caleb Troop and Rhodes Marley of Charlotte-based Capstone Apartment Brokers represented the seller, Lucas Development, in the transaction. Built in May 2021, Steele Creek Rivergate offers one-, two- and three-bedroom floorplans with units averaging 1,053 square feet. Unit features include stainless steel appliances, granite countertops, walk-in closets and plank flooring. Community amenities include a fitness center, clubhouse, cyber café, pool, grilling stations, playground and multiple pet parks. Located at 12509 Park Sharon Court, the Class A property is situated close to Uptown Charlotte and Charlotte Douglas International Airport, as well as Interstate 77 and Highway 49. Steele Creek Rivergate sits directly behind the Rivergate Shopping Center, providing renters direct access to a Super Target. AMAC plans to renovate the property, including adding outdoor amenity space, inserting a package room and creating work-from-home spaces for residents.

January 10, 2022

Development Georgia Industrial Southeast

CRG Breaks Ground on 463,250 SF Spec Industrial Facility in Metro Savannah

by Julia Sanders January 10, 2022

ELLABELL, GA. — CRG has broken ground on Building E at The Cubes at Interstate Centre II, a 463,250-square-foot spec industrial facility in Ellabell, about 23 miles west of Savannah. CRG is slated to deliver the facility in July. JLL is overseeing the leasing at the project. Located on Interstate Centre Boulevard, The Cubes at Interstate Centre II is situated 1.5 miles from Interstate 16, approximately 15 miles from Interstate 95 and within 25 miles of the Port of Savannah and Savannah-Hilton Head International Airport. Upon full buildout, the Cubes at Interstate Centre II will offer approximately 4.3 million square feet of Class A industrial space. Building E will offer features such as 36-foot clear heights, an ESFR sprinkler system, 80 dock doors and four drive-in doors. The project will also provide truck courts with 185-foot depths, 131 trailer spaces and 225 auto spaces. CRG’s parent company Clayco is the builder for the project, while Lamar Johnson Collaborative is the architect. Building E will be the second facility CRG has built within the 300-acre Interstate Centre II. The first facility was Building A, a 700,000-square-foot building located on 56.3 acres that was fully leased to McKesson Medical-Surgical, a medical supplies …

January 10, 2022

Acquisitions Multifamily Southeast Tennessee

Olympus Property Acquires 248-Unit Village at Apison Pike in Metro Chattanooga

by Julia Sanders January 10, 2022

OOLTEWAH, TENN. — Fort Worth, Texas-based Olympus Property has acquired The Village at Apison Pike, a 248-unit multifamily community in Ooltewah, about 18.2 miles east of Chattanooga. The Class A property is the third in Olympus Property’s 12th fund, Olympus Property XII LLC. The seller and sales price were not disclosed. Completed in 2015, Village at Apison Pike offers one-, two- and three-bedroom floorplans with units that range in size from 807 to 1,466 square feet. Unit features include granite countertops, nine-foot ceilings and stainless steel appliance packages. Community amenities include a pool with cabanas, fitness center, fully equipped clubhouse and a dog park. Located at 8605 Tradewind Circle, the apartment property is located about nine miles from the Chattanooga Metropolitan Airport and 16.3 miles from the Tennessee Aquarium. The property is also located close to restaurants including Fat Boy’s Roadside Eats and Couch’s Barbecue. Olympus plans to renovate the property with an additional $1 million in capital improvements over the next few years. Renovations will include exterior paint, minor upgrades to the clubhouse and amenity enhancements.

January 10, 2022

Acquisitions Retail Southeast Virginia

SRS Arranges $4M Sale of Two-Tenant Retail Property in Arlington, Virginia

by Julia Sanders January 10, 2022

ARLINGTON, VA. — SRS National Net Lease Group has arranged the $4 million sale of a two-tenant retail property in Arlington, about five miles southwest of Washington, D.C. Andrew Fallon and Rick Fernandez of SRS represented the seller, Chicago-based McCaffery Interests Inc. The undisclosed, Virginia-based private buyer purchased the property in a 1031 exchange. The sales price represented $1,286 per foot. Built in 1979, the 3,100-square-foot, two-story property is occupied by Wireless Rxx and Starbucks. The property is positioned on Clarendon Boulevard, across the street from a Whole Foods Market. The Starbucks has been at this location since the location was redeveloped into The Crossing Clarendon, a mixed-use destination featuring open-air retail, restaurants, residential and office buildings.

January 10, 2022

Acquisitions Louisiana Retail Southeast

Trinity REIS Brokers Sale of Family Dollar-Occupied Retail Property in New Orleans

by Julia Sanders January 10, 2022

NEW ORLEANS — Trinity Real Estate Investment Services (Trinity REIS) has brokered the sale of a Family Dollar-occupied retail property in New Orleans. Trinity REIS represented the seller, Legion Capital, in the sale. The sales price was not disclosed. The Family Dollar-occupied property spans 9,180 square feet. Located at 7437 Westbank Expressway, the property is situated about 10 miles from downtown New Orleans and 19.1 miles from the New Orleans Lakefront Airport.

January 10, 2022

Development Multifamily Southeast Virginia

Partners Group, Zom Living to Develop 492-Unit Apartment Community in Metro D.C.

by Julia Sanders January 7, 2022

ARLINGTON, VA. — Denver-based Partners Group and Orlando-based Zom Living have plans to develop Hazel & Azure at National Landing, a 492-unit apartment community in Arlington, about five miles south of Washington, D.C. The developers secured a total of $150 million in construction financing for the project. Zom Living has also secured a $26 million bridge loan with CB&S Bank for the site’s acquisition. Construction is slated to begin in the first quarter with completion set for late 2024. Hazel & Azure will feature two 14-story buildings, as well as 6,800 square feet of ground-floor retail space. The multifamily community will offer studios, one-, two- and three-bedroom floorplans, as well as townhomes, all ranging from 519 to 1,784 square feet. The units will feature floor-to-ceiling windows, vinyl plank flooring, walk-in closets, stainless steel appliances, smart thermostats, electronic locks, private balconies or terraces in most units, and views of the Potomac River and the Washington, D.C., skyline. Community amenities will include an e-lounge, concierge service in the lobby, rooftop pool, fitness and wellness spa, coworking spaces, self-serve convenience store and an indoor green space for dogs. Located at 3030 and 3130 Potomac Ave., the project will be situated less than one …

January 7, 2022

Acquisitions Florida Multifamily Southeast

Rosewood Realty Arranges $76.9M Sale of Multifamily Property in Gainesville, Florida

by Julia Sanders January 7, 2022

GAINESVILLE, FLA. — Rosewood Realty Group has arranged the $76.9 million sale of Evergreen Uptown Village, a 322-unit multifamily development in Gainesville. The property sold for $238,975 per unit. Jay Weiner of Rosewood Realty Group represented both the buyer, West Shore, and the seller, Evergreen Residential LLC, both of which are based in Boston. Built in 2004, Evergreen Uptown Village is a three-story property with a total of 478,542 square feet. The property offers one-, two- and three-bedroom floorplans with a unit size range of 810 to 1,606 square feet. Community amenities include a pool, fitness center and 450 outdoor parking spots, as well as 7,700 square feet of retail space on the ground level featuring a hair salon and a vacant restaurant. Located at 3780 NW 24th Blvd., the property is situated 5.1 miles from downtown Gainesville and about four miles from the University of Florida campus.

January 7, 2022

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