Southeast

Wegmans Plans $175M Distribution Facility, Office in Hanover County, Virginia

by Julia Sanders August 12, 2021

HANOVER COUNTY, VA. — Wegmans Food Markets Inc., an upscale supermarket chain based in Rochester, N.Y., has purchased nearly 221 acres in Hanover County for $4 million. The grocer plans to build a $175 million distribution facility on the site, which is located along Sliding Hill and Ashcake roads and is accessible by Interstate 95. The 1 million-square-foot center will support Wegmans’ Mid-Atlantic stores and will include 30,000 square feet of office space. Wegmans has a total of 106 stores across seven states, including 13 stores in Virginia. J.R. Burdette and Donny Self with Coldwell Banker Commercial Elite represented Wegmans in the land transaction. The seller was Air Park Associates LP, according to Richmond Biz Sense. The news outlet also reported that the facility will support 700 new jobs.

August 12, 2021

Acquisitions Multifamily Southeast Tennessee

Nicol Investment Sells Summit at Nashville West Apartment Community for $57M

by Julia Sanders August 12, 2021

NASHVILLE, TENN. — Nicol Investment Co. has sold the Summit at Nashville West, a 190-unit apartment community in west Nashville. New York-based Zurich Alternative Asset Management purchased the property for $57 million. Built in 2014, Summit at Nashville West offers one-, two- and three-bedroom units across three stories. Community amenities include a pool, fitness center, clubhouse, pet play area and a business center. The units feature in-unit washers and dryers, dishwashers, walk-in closets and hardwood floors. Located at 7201 Charlotte Pike, the multifamily community is situated about nine miles from downtown Nashville. Nicol Investment purchased the community in February 2016, and since then, has made improvements to the units and the clubhouse. Walker & Dunlop represented Nicol Investment in the transaction. Chris Edgar and Sean Bannon represented Zurich Alternative Asset Management internally.

August 12, 2021

Acquisitions Florida Multifamily Southeast

Capstone Apartment Partners Brokers $25.5M Sale of Two Multifamily Communities in Tampa

by Julia Sanders August 12, 2021

TAMPA, FLA. — Capstone Apartment Partners has brokered the $25.5 million sale of Seastone and River Rock Apartments, a two-property, 160-unit multifamily portfolio in Tampa. Jad Richa, Brian Hunsicker, Tom Huffsmith and Nasser Al-Hafi of Capstone represented the seller, Trinity Property Group. The buyer, Axcent Investments, bought the apartment properties for about $159,375 per unit. Seastone and River Rock Apartments were built in 1973 and 1974, respectively, on about 8.9 total acres. The properties are approximately 0.3 miles from one another. The properties’ combined occupancy was approximately 96.9 percent at the time of sale. Seastone is located at 11050 Le Jardin Circle. The property offers two-bed/two bath and three-bed/two bath units. Community amenities include a dog park, guest parking, on-call maintenance and a pool. The units offer a balcony or patio, granite countertops, walk-in closets, all-electric kitchen appliances and in-unit washers and dryers. Located at 11301 N. 53rd St., River Rock offers two-bed/two-bath and three-bed/two-bath units. Community amenities include a laundry facility, picnic area, pool, guest parking, on-call maintenance and a play area. Unit amenities include a balcony or patio, dishwashers, pantries, walk-in closets, extra storage and in-unit washers and dryers. Axcent Investments plan to add upon the previous owner’s …

August 12, 2021

Industrial Leasing Activity Maryland Southeast

MacKenzie Arranges 28,800 SF Warehouse Lease in Northern Maryland

by Julia Sanders August 12, 2021

ELDERSBURG, MD. — MacKenzie Commercial Real Estate Services LLC has arranged a 28,800-square-foot industrial lease in Eldersburg for Hajoca Corp., a privately owned wholesale distributor of plumbing, heating and industrial supplies. The lease is for warehouse space in Londontown Business Center, which is located at 1332 Londontown Blvd. Hajoca will be relocating from Baltimore City. Dennis Boyle and Daniel Hudak of MacKenzie represented the landlord in the transaction. Londontown Business Center is a 365,812-square-foot warehouse and office project located in downtown Eldersburg. The property’s common areas have been recently renovated and include flexible floor plans. Hajoca’s new location will include office space and an outside storage area. There is still approximately 21,000 square feet remaining for lease at the project.

August 12, 2021

Acquisitions Industrial Self-Storage Southeast Virginia

JLL Brokers Sale of 934-Unit Self-Storage Facility Near D.C.

by Julia Sanders August 12, 2021

ALEXANDRIA, VA. — JLL has brokered the sale of Oakville Self Storage, a 934-unit self-storage facility in Alexandria, about 8.3 miles north of Washington, D.C. The sales price was not disclosed. An entity doing business as Potomac Yard Mini U Storage LLC in partnership with Elevation Fund 8 LLC has bought the facility. Brian Somoza, Steve Mellon, Bruce Strasburg and Craig Childs of JLL represented the seller, an institutional investor. Built in 1949, Oakville Self Storage is a three-story building that was converted to a self-storage facility in 1989. The property is now operating under the Mini U Storage brand. The property features non-climate-controlled interior units, dock-high drive-up units and elevator access to upper floors. The facility is roughly 79 percent leased with over 675 tenants. Located at 405 Swann Ave., Oakville Self Storage is situated in the center of Oakville Triangle, a master-planned, 1 million-square-foot mixed-use redevelopment comprising Class A multifamily, townhomes, retail and healthcare properties. The self-storage facility will undergo exterior and interior renovations, including a complete exterior upgrade and the addition of a new office space and climate-controlled units. The facility will remain open throughout construction. BWD Architects is the design firm for the renovation project.

August 12, 2021

Content Partner Features Industrial Loans Midwest Multifamily Northeast Southeast Texas Walker & Dunlop Western

Walker & Dunlop: Excess Capital Makes for Competitive Lending Environment

by Sarah Daniels August 11, 2021

The third quarter of 2020 was the beginning of a significant rebound for capital markets in commercial real estate. After banks and other lenders slowed their activity during the pandemic, lenders and equity investors regained their momentum — particularly in multifamily and industrial — a trend that has continued through the third quarter of 2021. It’s a good time to be a borrower, explains Mark Strauss, managing director of capital markets, and Rob Quarton, senior director of capital markets, with Walker & Dunlop’s Irvine, California, office. Vigorous Lending Markets Currently, Quarton explains, “Banks are really competitive. Debt funds are also aggressive — their funding mechanisms, like collateralized loan obligations (CLOs), have come back strong. Further, insurance companies are under allocated to real estate, which increases their annual volume targets and desire to win more business. Consumers have been purchasing more life insurance policies and insurance in general post pandemic, which provides dry powder for insurance companies to invest. In general, lending markets are very robust today, with ample options for lenders up and down the capital stack.” “Lenders have yearly production quotas, and I don’t think any of them hit their quotas last year,” adds Strauss. “This caused an overhang of …

August 11, 2021

Acquisitions Office Restaurant Southeast Tennessee

Cicada Capital, Eightfold Purchase Clark Tower Office Building, Restaurant Outparcel in East Memphis

by Julia Sanders August 11, 2021

MEMPHIS, TENN. — Cicada Capital Partners, in partnership with Eightfold Real Estate Capital LP, has purchased Clark Tower, a 34-story, 653,614-square-foot office tower located at 5100 Poplar Ave. in Memphis. The transaction included an adjacent 5,647-square-foot restaurant outparcel located at 5110 Poplar Ave. The sales price and seller were not disclosed. Built in 1973, Clark Tower is East Memphis’ tallest building, according to the Memphis Business Journal. Cicada Capital plans to make capital investments on the property, including upgrades to the interior and exterior portions of the building and upgraded amenities. The property is located inside the Interstate 240 loop. Avison Young will provide property management and leasing advisory services on behalf of the new ownership. John Lamberson Jr. and Terry Radford of CBRE represented the seller in the transaction.

August 11, 2021

Acquisitions Mississippi Multifamily Southeast

Kushner Acquires Clare Apartments in Southaven, Mississippi for $45.1M

by Julia Sanders August 11, 2021

SOUTHAVEN, MISS. — Kushner has acquired The Clare Apartments, a 352-unit multifamily community in Southaven, for $45.1 million. The seller was not disclosed. Newmark was the broker for the transaction. Situated less than 18 miles from downtown Memphis, Clare is centrally located between Northwest Mississippi Community College, Tanger Outlets Southaven and Landers Center. The property will be rebranded as Southaven Pointe. Community amenities include a swimming pool, tennis court, volleyball court, business center, dog park and a picnic area. Kushner is a New York City-based real estate development and management firm with a portfolio including residential, commercial, retail, hospitality and industrial properties.

August 11, 2021

Acquisitions Office Southeast Tennessee

Lee & Associates Brokers $27.9M Sale of Office Facility in Antioch, Tennessee

by Julia Sanders August 11, 2021

ANTIOCH, TENN. — Lee & Associates has brokered the sale of a 121,596-square-foot office property in Antioch. The sales price was $27.9 million, but the buyer and seller were not disclosed. William Sisk and Brett Wallach of Lee & Associates represented the buyer in the transaction. Located at 5720 Crossings Blvd. on nearly 12 acres, the property, which is currently being used as a call center, is located 14.6 miles south of Nashville and about 14.4 miles from Nashville International Airport.

August 11, 2021

Hospitality Loans Southeast Tennessee

Arriba Capital Provides $18.5M Construction Loan for New Hotel in Nashville

by Julia Sanders August 11, 2021

NASHVILLE, TENN. — Arriba Capital has provided an $18.5 million construction loan for a new Hyatt Place hotel in Nashville. In addition to the construction loan, Arriba arranged a complex ground lease on the property. Hyatt Place hotel will have 130 rooms with an average size of 350 square feet. One of the hotel amenities includes a fitness center. The borrower, Rev Par Cos., is a privately held hospitality management and development group based in the Southeast. Scottsdale, Ariz.-based Arriba Capital has financed multiple projects for the borrower.

August 11, 2021

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