Southeast

Continental Realty Corp. Sells Shopping Center in Metro Baltimore for $11.9M

by Julia Sanders April 26, 2022

DUNDALK, MD. — Baltimore-based Continental Realty Corp. (CRC) has sold Merritt Manor Shopping Center, an 88,332-square-foot, fitness-anchored retail center in Dundalk. Columbia, Md.-based Abrams Development Group purchased the property for $11.9 million. Dean Zang and David Crotts of Marcus & Millichap represented CRC in the transaction. Merritt Manor was 96 percent leased at the time of sale to tenants including Gold’s Gym, Sherwin-Williams, Dollar General, Hair Cuttery, GNC, Chicken Rico and Leslie’s Swimming Pool Supplies. CRC completed renovations on the property, including upgrading the center’s exterior facade, enhancing all landscaping elements and upgrading the center’s signage. Located at 1119-1211 Merritt Blvd., the property is 9.9 miles from Baltimore and 18.7 miles from Baltimore/Washington International Thurgood Marshall Airport.

April 26, 2022

Acquisitions Multifamily South Carolina Southeast Student Housing

Armada Hoffler Disposes of Student Housing Property in Charleston

by Julia Sanders April 26, 2022

CHARLESTON, S.C. — Armada Hoffler Properties Inc. has sold Summit Place, a 357-bed student housing community located at 530 Meeting St., about one mile from the College of Charleston. The sales price and buyer were not disclosed. Completed by Armada Hoffler in 2020 at the corner of Spring and Lee streets, Summit Place is a five-story building offering private bathrooms, roommate matching, a study lounge, individual leases available and individual locking bedrooms. Community amenities include a clubhouse, pool, fitness center, business center, grill and an elevator. Earlier this month, Armada Hoffler announced the closing of the sale of Hoffler Place, also in Charleston. Hoffler Place and Summit Place were the company’s last remaining student housing properties. The Virginia Beach-based company will use the sale proceeds of Summit Place to fund development and acquisition opportunities in the conventional multifamily, mixed-use and grocery-anchored real estate sectors.

April 26, 2022

Acquisitions Office South Carolina Southeast

Stan Johnson Co. Brokers $8.2M Sale of Medical Office Building in Metro Charleston

by Julia Sanders April 26, 2022

HANAHAN, S.C. — Stan Johnson Co. has brokered the $8.2 million sale of a 15,030-square-foot healthcare facility in Hanahan leased to Coastal Kids Dental and Braces. Jeff Enck and Teresa Lovely of Stan Johnson Co. represented the seller, a locally based private investor. The asset was purchased by a group of 1031 exchange investors from California. Built in 2017, the flagship location houses the tenant’s dental and orthodontic practice, as well as its office support and executive staff. Located at 996 Tanner Ford Blvd. on 1.5 acres, the two-story property is situated 15.1 miles from Charleston and 7.9 miles from Charleston International Airport.

April 26, 2022

Development Industrial North Carolina Southeast

Beacon Partners Begins Construction on 375,874 SF Industrial Park in Charlotte

by Julia Sanders April 25, 2022

CHARLOTTE, N.C. — Beacon Partners has begun construction on two speculative buildings totaling 375,874 square feet within Carolina Logistics Park, a master-planned industrial park in Charlotte. Building 2 will span 202,403 square feet and Building 3 will be 173,471 square feet. Buildings 2 and 3 are situated at one of the park’s two entrances at the intersection of Carolina Logistics Drive and Downs Road. Both buildings will offer 32-foot clear heights, 180-feet concrete truck courts with ample trailer parking and six-inch floor slabs. The buildings are scheduled for delivery in the third quarter. Additionally, Building 4, a 525,624-square-foot property located at 11925 Carolina Logistics Drive, is already underway and scheduled for completion in June. Tim Robertson of Beacon Partners is handling leasing for Carolina Logistics Park. The project team includes general contractor Conlan Co., Merriman Schmitt Architects and civil engineer Orsborn Engineering Group. Wells Fargo is providing construction financing for the two speculative buildings. Carolina Logistics Park is a 288-acre park that will eventually accommodate up to 3.6 million square feet of Class A space. The site sits within proximity to Interstates 77 and 485, Charlotte Douglas International Airport and Uptown Charlotte. The park’s existing tenants include Amazon (1 million …

April 25, 2022

Acquisitions Georgia Retail Southeast

First National Realty Acquires 170,000 SF Grocery-Anchored Shopping Center in Savannah

by Julia Sanders April 25, 2022

SAVANNAH, GA. — Red Bank, N.J.-based First National Realty Partners LLC has acquired McAlpin Square, a 170,000-square-foot shopping center in Savannah. David Rivers of Palomar Group represented the undisclosed seller in the transaction. The sales price was not disclosed. Opened in 1980, McAlpin Square is anchored by a 43,600-square-foot Kroger, one of the original tenants at the center. Kroger operates a branded onsite fuel center as well. McAlpin Square’s other retailers include Big Lots, Goodwill, the US Postal Service, Family Dollar, Rainbow, Rent-A-Center, Subway, Domino’s Pizza and GameStop. Located at 1900 E. Victory Drive, McAlpin Square sits at the intersection of East Victory Boulevard and Truman Parkway, just three miles southeast of downtown Savannah.

April 25, 2022

Development Multifamily Southeast Virginia

Jefferson Apartment Group, STARS REI Break Ground on 98-Unit Multifamily Project in Arlington, Virginia

by Julia Sanders April 25, 2022

ARLINGTON, VA. — Jefferson Apartment Group, with its Chilean-based partner STARS REI, has broken ground on a 98-unit apartment community at 1031 N. Vermont St. in Arlington. Construction is expected to be completed by early 2024. The new development will offer one-, two- and three-bedroom floorplans in a seven-story building. Unit features will include quartz countertops, tile backsplashes, stainless steel appliances and plank flooring. Many units will also include private terraces and balconies. Community amenities will include a resident lounge, rooftop terrace, below-grade parking totaling 120 spaces, 40 bicycle spaces and resident storage. KGD Architecture is the designer for the project and Donohoe Construction Co. is the general contractor. United Bank provided an undisclosed amount of financing.

April 25, 2022

Leasing Activity Maryland Office Southeast

Cushman & Wakefield Secures 26,000 SF Office Lease for Design Firm in Baltimore

by Julia Sanders April 25, 2022

BALTIMORE — Cushman & Wakefield has secured a new 26,000-square-foot office lease in Baltimore for Design Collective, a locally based architecture and design firm. The firm will relocate from its current location in The Power Plant at 601 East P. St. to 100 E. Pratt St. The new office location offers a David & Dad’s Café Express, Starbucks, fitness center, concierge service and outdoor seating. Bronwyn LeGette and David Downey of Cushman & Wakefield represented Design Collective in the transaction. Linn Worthington of Cushman & Wakefield represented the landlord, Vision Properties.

April 25, 2022

Acquisitions Florida Industrial Southeast

Stan Johnson Co. Arranges $7.1M Sale of Infill Industrial Facility in West Palm Beach

by Julia Sanders April 25, 2022

WEST PALM BEACH, FLA. — Stan Johnson Co. has arranged the $7.1 million sale of an infill industrial outdoor storage facility located at 3945 Fiscal Court in West Palm Beach. Brandon Duff and Mack Wolfgram of Stan Johnson Co. brokered the transaction between the seller, an individual investor based in Fort Lauderdale, and the buyer, a private investment and development company based in Philadelphia. Built in 1990, the property features a 14,000-square-foot concrete building situated on a 3.6-acre site. The asset includes an improved industrial yard that is fully paved with lighting and perimeter fencing. The property is fully leased to United Site Services on a triple-net basis. Additionally, with direct frontage on Interstate 95, the property is positioned in an industrial corridor that includes other national tenants such as ABC Supply Co., Herc Rentals, SiteOne Landscape Supply, Builders FirstSource, Allied Trailers and Enterprise Truck Rental.

April 25, 2022

Alabama Market Reports Retail Southeast Southeast Market Reports

Birmingham is Poised to Stake its Claim as a Burgeoning Retail Destination

by John Nelson April 25, 2022

Like many of the markets within the Sun Belt, Birmingham’s economy remained relatively resilient through the emergence of the COVID-19 pandemic. Despite its share of small business and restaurant closures, leasing activity is back to par, and owners continue to see steadily rising rental rates — up 3.1 percent over the last 12 months — as tenant demand continues to be robust. Retail absorption over the last 12 months is a healthy 400,000 square feet compared to -510,000 square feet a year ago, which is a phenomenal 909,000-square-foot change just 18 months out from the emergence of the Coronavirus and effective shutdown of the U.S. economy. As Americans return to whatever the new normal is deemed to be and retail conditions continue to rebound, Birmingham is poised and ready to stake its claim in the South’s hierarchy of bourgeoning retail markets. Over the course of retail’s revival during the last 12 to 15 months, development has picked up throughout the Birmingham MSA, fueled primarily by build-to-suit projects for established chains in rapidly expanding suburban markets like Hoover. Stadium Trace Village, a master-planned, mixed-use development at Interstate 459 and Ala. Highway 150, has been one of the most recent projects to …

April 25, 2022

Acquisitions Retail Southeast Top Stories Virginia

Avison Young Brokers $200M Sale of Retail Portfolio in Kingstowne, Virginia

by Julia Sanders April 22, 2022

KINGSTOWNE, VA. — Avison Young has brokered the sale of a retail portfolio totaling 410,398 square feet in Kingstowne, located in Fairfax County approximately 13 miles southwest of Washington, D.C. Federal Realty Investment Trust (NYSE: FRT) purchased the portfolio for $200 million. The deal will close in two parts, with the first half already completed and the second half scheduled to close in July. Dean Sands and Chip Ryan of Avison Young represented the seller, The Halle Cos. The portfolio is 97 percent leased to 61 tenants, including supermarkets Safeway and Giant. According to local news outlets, the properties also feature tenants such as T.J. Maxx, Ross, HomeGoods, &pizza and Cava. The retail portfolio includes a significant portion of Kingstowne Towne Center, a live-work-play power center in Virginia. The Halle Cos. developed Kingstowne Towne Center in the mid-1980s, converting 1,200 acres into a master-planned community. With large expanses of green space and a centralized town center, Kingstowne is considered one of Northern Virginia’s best places to live and work, according to Avison Young. “Kingstowne Towne Center, with its attractive demographics and significant barriers to entry, is reflective of our Northern Virginia growth strategy, and further demonstrates our corporate commitment to …

April 22, 2022

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