Southeast

TSCG Arranges $12M Sale of Walmart-Anchored Shopping Center in Tampa

by Julia Sanders September 23, 2021

TAMPA, FLA. — TSCG has arranged the sale of The Greenhouse Shops, a Walmart-anchored shopping center in Tampa. Anthony Blanco and Mallory Silva of TSCG represented Abaco-Greenhouse, a private partnership in the $12 million sale to an affiliate of CF Properties, a private real estate investment firm from Miami. Built in 1985 and renovated in 2014, The Greenhouse Shops totals 36,670 square feet, not including Walmart, and was 96 percent leased at the time of sale. The Walmart Neighborhood Market totals 41,689 square feet. Located at 3611 W Hillsborough Ave., The Greenhouse Shops is situated on West Hillsborough Avenue and Himes Avenue. Also included in the sale was a Murphy’s USA Express gas station along Hillsborough Avenue. Other tenants in the center include Sanitas Medical Center, La Familia Pawn and Jewelry and El Oso Blanco Supermarket.

September 23, 2021

Development Georgia Leasing Activity Retail Southeast

GID Signs Puttshack to 26,000 SF Lease at High Street Development in Atlanta

by Julia Sanders September 23, 2021

ATLANTA — Puttshack, a mini golf and entertainment provider, has signed a second lease in Atlanta at High Street, a $2 billion, 36-acre mixed-use property in Perimeter Center Parkway on the northside of Atlanta. National real estate developer, owner and operator GID Development Group is developing High Street and inked the lease with Puttshack. Puttshack is the first anchor tenant to be announced for High Street. The mini golf retailer will have more than 26,000 square feet of space and will feature four custom-made, tech-driven mini golf courses. The property will also feature ‘Trackaball’ technology, which includes automated scoring, bonus points opportunities and interactive games at each hole. The entertainment venue will also have a dining menu and full cocktail bar. The first phase of the project will break ground this year and is slated to open by 2023. The project will include 150,000 square feet of entertainment-driven retail and restaurants, approximately 600 rental apartments, 90,000 square feet of loft offices and 222,000 square feet of existing office space. Located at 211 Perimeter Center Parkway, High Street is situated at the intersection of Perimeter Center Parkway and Hammond Drive. The project is also located close to the Dunwoody MARTA Station, …

September 23, 2021

Acquisitions Georgia Multifamily Southeast Student Housing

Stratus Development Group Sells 286-Bed Student Housing Community Near University of Georgia

by Julia Sanders September 23, 2021

ATHENS, GA. — Stratus Development Group has sold The Haven of Athens, a 286-bed student housing community located near the University of Georgia campus in Athens. Inland Real Estate Acquisitions acquired the cottage-style community for an undisclosed price. The property was completed in fall 2020 and offers 93 two-, three- and four-bedroom units. Shared amenities include a resort-style swimming pool, grill, fire pit, dog park, fitness center, clubhouse, nature trails, green space, covered parking and study rooms. Travis Prince, Shawn Lubic and Victoria Marks of Cushman & Wakefield’s student housing capital markets group along with the company’s Sunbelt Advisory Group represented the seller in the transaction.

September 23, 2021

Acquisitions District of Columbia Office Southeast

JBG Smith, Landmark Partners Sell 500 L’Enfant Plaza Office Building in D.C. for $167M

by Julia Sanders September 22, 2021

WASHINGTON, D.C. — JBG Smith and Landmark Partners, an Ares Co, have sold 500 L’Enfant Plaza, a 215,000-square-foot office property in Washington, D.C. The buyer, which purchased the property for $167 million, was not disclosed. Jim Meisel and Matt Nicholson of JLL represented JBG Smith in the sale. Delivered in 2019 and designed by ZGF Architects, 500 L’Enfant Plaza is a LEED Gold-certified property. The plaza was 96 percent leased to seven tenants at the time of the sale. The building serves as Urban Institute’s global headquarters and is home to other tenants including Cobec Consulting, Noblis and the Office of the Inspector General for the Washington Metropolitan Area Transit Authority.

September 22, 2021

Acquisitions Florida Multifamily Southeast

Newmark Brokers $95.5M Sale of Multifamily Community in Orlando

by Julia Sanders September 22, 2021

ORLANDO, FLA. — Newmark has brokered the sale of Alta Headwaters, a 328-unit multifamily community located at 4000 Headwaters Way in Orlando that will be rebranded as Luma Headwaters. Wood Partners sold the property to Waypoint Residential for $95.5 million. Scott Ramey, Patrick Dufour and Brad Downing of Newmark represented the seller in the transaction. Matthew Williams and Kyle Schlitt of Newmark arranged a $41.3 million Freddie Mac acquisition loan for Waypoint Residential. Built in 2020, Luma Headwaters is a four-story, 314,583-square-foot apartment community. The units include stainless steel appliances, soft-close kitchen cabinetry with under-cabinet lighting, full-sized washers and dryers, quartz countertops and wood-style planking. Community amenities include a saltwater pool with sundeck and private cabanas, a covered poolside pavilion, a 24/7 fitness center, clubhouse and game room with billiards lounge and an elevator. Luma Headwaters is located about 16 miles from downtown Orlando and approximately 7.8 miles from Walt Disney World.

September 22, 2021

Acquisitions Georgia Industrial Southeast

JLL Arranges Sale of 1.1 MSF Bulk Distribution Facility in Metro Atlanta

by Julia Sanders September 22, 2021

MCDONOUGH, GA. — JLL Capital Markets has arranged the sale of a fully leased bulk distribution facility totaling 1.1 million square feet within PNK Park Southern Gateway at Lambert Farms in McDonough, about 30.5 miles south of Atlanta. Britton Burdette, Matt Wirth, Dennis Mitchell and Mitchell Townsend of JLL represented the seller, PNK Group. KKR via the KKR Real Estate Select Trust Inc. acquired the property for an undisclosed price. The distribution facility is part of the 260-acre PNK Park Southern Gateway at Lambert Farms. The industrial park is situated about 25 miles south of Hartsfield-Jackson Atlanta International Airport. The property features walking and biking trails, electric vehicle charging stations, two food truck courts with seating areas and two points of access to Interstate 75. The building was 100 percent triple-net-leased at the time of sale to two tenants, a publicly traded direct-to-consumer mattress company and a logistics and supply chain company. Completed in 2020, the cross-dock building features 40-foot clear heights, LED lighting, ESFR fire protection and two 190-foot truck courts.

September 22, 2021

Acquisitions Florida Retail Southeast

Private Investor Purchases Crossroads Center Retail Property in Margate, Florida for $10.7M

by Julia Sanders September 22, 2021

MARGATE, FLA. — Investor and president of Current Capital Management, Todd Nepola, has purchased the Crossroads Center in Margate for $10.7 million. SW Global Inc was the seller. Located at 5000 Coconut Creek Parkway, the Crossroads Center has 84,500 square feet of space with tenants including Dollar General and Hollywood Institute of Beauty. A new lease was just signed with Chen Medical for a 7,400-square-foot space in the center. The center was built in 1983. Harry Chas Chaskalson of NEG Property brokered the sales transaction. Southstate Bank provided a $9 million loan with $7.3 million used to fund the sales transaction and the remainder held back for renovations on the center. The planned renovations include painting and minor remodeling of the center, as well as landscape, signage and lighting improvements. Current Capital Management has now acquired over 400,000 square feet of commercial centers in south Florida since 2020 and has purchased five properties in just over 18 months.

September 22, 2021

Acquisitions Georgia Multifamily Southeast

Partnership Acquires 270-Unit Bellevue at Avondale in Decatur, Georgia

by Julia Sanders September 22, 2021

DECATUR, GA. — Nicholas Residential via the fund, Nicholas SunTx RE Partners II, and in cooperation with Hughes Capital Partners, has acquired Bellevue at Avondale, a 270-unit apartment community in Decatur. The seller and sales price were not disclosed. Built in 2020, Bellevue at Avondale was previously named Alexan Avondale. The property features studio, one- and two-bedroom apartment homes. Community amenities include a swimming pool, fitness facility, podcast studio and maker’s studio. Nicholas Residential’s subsidiary, Bellevue Living, will manage the community.

September 22, 2021

Affordable Housing Content Partner Features Lument Midwest Multifamily Northeast Single-Family Rental Southeast Texas Video Western

Manufactured Housing Communities Garner Investor Interest

by Sarah Daniels September 22, 2021

Interest in affordable paths to homeownership and the growing popularity of lower density living are raising the profile of the manufactured housing option among American households and investors. At the same time, the government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac are making concerted efforts to better serve this historically underfinanced market at both the individual homeowner and community levels. The combination of robust cash flow growth (particularly in Sunbelt and Western markets), cap rate compression, and liquidity provided by the GSEs makes a compelling case for manufactured housing community (MHC) acquisitions and refinances. As increased competition has left market participants looking for an edge amidst compressing cap rates, the importance of working with an experienced MHC lender with access to short- and long-term loan programs has become more apparent. The following provides an in-depth analysis of the recent performance of rental MHCs, sales volume and pricing trends, and loan and underwriting trends in the MHC space. The Performance of the Site Rental Market The COVID-19 pandemic affected American housing preferences in profound ways. Increasingly, households are seeking lower density options with larger floor plans, home offices, and dedicated space for entertaining or distanced learning. This phenomenon …

September 22, 2021

Development Multifamily North Carolina Southeast

Capital Square to Develop $121M Multifamily Tower in Raleigh’s Warehouse District

by Julia Sanders September 21, 2021

RALEIGH, N.C. — Capital Square plans to develop a 20-story multifamily tower at 320 W. South St. in Raleigh’s Warehouse District. The 297-unit development is slated for completion by June 2024. Capital Square plans to break ground on the approximately $121 million project in April 2022. The development will offer studios, one-, two- and three-bedroom units. The apartment community will also feature 8,384 square feet of ground-floor commercial space, as well as an adjacent, standalone parking tower with 437 parking spaces. Community amenities will include a swimming pool, rooftop lounge, coworking space and a fitness center. The property is situated at the intersection of the Boylan Heights neighborhood, Dorothea Dix Park and downtown Raleigh. The apartment community will be close to the RedHat Amphitheater and Raleigh Convention Center and will be situated adjacent to U.S. Highway 70. CSRA Opportunity Zone Fund VI, Capital Square’s project-specific fund seeking to raise $48.5 million from accredited investors and a minimum investment of $100,000, will provide part of the financing for the project.

September 21, 2021

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