Southeast

WPC Tops Out 26-Story Apartment Tower in Silver Spring, Maryland

by Julia Sanders July 23, 2021

SILVER SPRING, MD. — Washington Property Co. (WPC) has topped out Solaire 8200 Dixon, a 403-unit apartment tower in the Ripley District in downtown Silver Spring. The general contractor, Clark Construction Co., is slated to deliver the first apartments in mid-2022. Architectural firm Design Collective designed the property. At 26 stories, Solaire 8200 Dixon will be Silver Spring’s tallest building, according to WPC. The property will feature the area’s first food hall and city market, which will be open to the public. Community amenities will include a rooftop fitness center, pool and sky lounge, as well as a club room with coworking facilities, catering kitchen, 24-hour concierge and package services, pet spa and two guest suites for residents’ use. About 75 percent of the apartments will be one-bedroom and the remainder will have two bedrooms. Solaire 8200 Dixon will be located on the former site of Progress Place, which was home to the nonprofit organization Shepherd’s Table. Through a public-private partnership with Montgomery County, WPC developed a new Progress Place building offsite at 8106 Georgia Ave. in Silver Spring. The new facility houses Shepherd’s Table and two other nonprofits, Interfaith Works and Mobile Med. WPC is a commercial real estate …

July 23, 2021

Acquisitions Multifamily North Carolina Southeast

Magma Equities, Viking Partners Acquire Multifamily Community in Durham for $42.4M

by Julia Sanders July 23, 2021

DURHAM, N.C. — Magma Equities and Viking Partners have acquired University Apartments, a 359-unit multifamily community near Duke University in Durham, for $42.4 million. The seller was not disclosed. Located on 12 acres at 1500 Duke University Road, University Apartments features studio, one- and two-bedroom units across 20 two- and three-story residential buildings. Community amenities include two 24-hour fitness centers, two swimming pools with sundecks, grills and an outdoor fireplace. Magma and Viking plan to initiate a capital improvement plan to upgrade both the unit interiors as well as the community areas. For the Manhattan Beach, Calif.-based Magma firm, University Apartments is the fifth acquisition in the Raleigh-Durham metro area this year alone and increases the company’s local multifamily portfolio to more than 3,600 units. Viking Partners is a Cincinnati-based private equity real estate investment firm.

July 23, 2021

Acquisitions Office South Carolina Southeast

Montford Group, Opterra Capital Purchase Office Building in Downtown Charleston

by Julia Sanders July 23, 2021

CHARLESTON, S.C. — The Montford Group and Opterra Capital have purchased 170 Meeting Street, a 30,000-square-foot office building located in downtown Charleston. The seller and sales price were not disclosed. The five-story property has floor-to-ceiling windows and is fully leased to tenants including Regions Bank and Regus. Currently, Montford Group and Opterra Capital plan to keep the office as is, having a goal to maintain the business banking district in downtown Charleston. Marc Knight and his team at First Reliance Bank secured an undisclosed amount of acquisition financing on behalf of the buyers. Joe Keenan and Trad Dyches of Palmetto Commercial brokered the sale.

July 23, 2021

Development Multifamily North Carolina Office Retail Southeast

Dominion Realty, New York Life Open 29-Story FNB Tower in Uptown Charlotte

by Julia Sanders July 22, 2021

CHARLOTTE, N.C. — Dominion Realty Partners and New York Life Real Estate Investors has opened the FNB Tower, a 29-story office, retail and residential development at 401 S. Graham St. in Uptown Charlotte. FNB Corp., the corporate parent company of Pittsburgh-based First National Bank, signed a long-term commitment to become the tower’s anchor office tenant. New York Life Real Estate Investors, a subsidiary of New York Life Insurance Co., is the equity partner in the development. The developers broke ground on FNB Tower in January 2019 and have designed the tower to achieve both LEED certification and Three Green Globes. The tower is Uptown Charlotte’s newest and only green-certified, vertically integrated mixed-use development and is only the second dually certified mixed-use tower in the region, according to Dominion Realty Partners. FNB Tower is situated directly between Truist Field and Bank of America Stadium, home of the Charlotte Knights and Carolina Panthers, respectively. FNB Tower is a 420,000-square-foot building that includes 156,000 square feet of Class A office space with ground floor retail. The property also houses The Reid, which comprises 196 high-rise apartments that sit atop an eight-level parking deck. Community amenities include a pool and amenity sky deck and …

July 22, 2021

Acquisitions Industrial Southeast Tennessee

LRC Properties, Rialto Capital Purchase Industrial Portfolio in Memphis for $57M

by Julia Sanders July 22, 2021

MEMPHIS, TENN. — LRC Properties, in a joint venture with funds managed by Miami-based Rialto Capital Management, has purchased a 1.1 million-square-foot industrial portfolio in Memphis for $57 million. The seller was not disclosed. The portfolio is currently 100 percent occupied by tenants including Geodis Logistics and Dayco. The properties are located at 3530 East Raines Road, 5510 East Holmes Road and 5540 East Holmes Road. LRC Properties plans to do minor capital improvements to the portfolio. With this purchase, New York City-based LRC Properties owns approximately 6 million square feet of commercial properties in the Southeast. LRC has recently purchased the 640,000-square-foot Technicolor Building in Memphis; a 288,860-square-foot industrial property at 2 Dell Parkway in Nashville; and a 469,830-square-foot industrial property in Jacksonville.

July 22, 2021

Florida Loans Multifamily Southeast

Berkadia Secures $52M Refinancing for Pier 19 Residences & Marina in Miami

by Julia Sanders July 22, 2021

MIAMI — Berkadia has secured a $52 million bridge loan to refinance Pier 19 Residences & Marina, a 199-unit apartment community along Miami River. Charles Foschini and Christopher Apone of Berkadia secured the financing on behalf of the sponsor, Neology Life Development Group, a Miami-based residential and commercial real estate firm. LoanCore Capital originated the two-year, floating-rate loan with three 12-month extension options at a 72 percent loan-to-value ratio. Suzanne Amaducci-Adams and Alexandra Lehson of Bilzin Sumberg were the legal team representing the venture in the refinancing and initial financing. Located at 1951 NW S River Drive, Pier 19 Residences & Marina is located 3.8 miles from downtown Miami and 4.9 miles from Miami International Airport. The property was originally built in 2011 as condominiums. In 2018, Neology purchased the 21-story property and invested more than $2 million to transform the property into a lifestyle-driven residential community. Pier 19 offers one-, two- and three-bedroom units ranging from 720 to over 1,200 square feet. Individual units feature granite countertops, marble and ceramic flooring, stainless steel kitchen appliances, walk-in closets, in-unit washer/dryer and balconies. Community amenities include a marina with 10 slips, a pool deck with pool and hot tub, a dog …

July 22, 2021

Acquisitions Florida Retail Southeast

Plaza Advisors Arranges Sale of 215,713 SF Horizon Park Shopping Center in Tampa

by Julia Sanders July 22, 2021

TAMPA, FLA. — Plaza Advisors has arranged the sale of Horizon Park, a 215,713-square-foot shopping center located at 3904 W Hillsborough Ave. in Tampa. An entity doing business as CRP II – Horizon Park LLC sold the property for $21.9 million. The buyer was not disclosed. Jim Michalak and Keith Nurre of Plaza Advisors represented the seller and were the only brokers involved in the transaction. Built in 1971, Horizon Park was renovated in 1980 and 1988 and was 86 percent leased at the time of sale. In 2011, Plaza Advisors arranged the sale of the center to the seller for $18.9 million. The shopping center’s anchor tenants include dd’s Discount, Conn’s Home Plus, Northern Tool + Equipment and Guitar Center. Additional tenants include Dollar General, Pizza Hut, Metro PCS, Amscot and Sally Beauty, as well as two outparcels occupied by Wells Fargo, Optical Outlets and Applebee’s.

July 22, 2021

Acquisitions Retail Southeast Virginia

Palomar Group Brokers $8.1M Sale of Ashland Junction Retail Property in Metro Richmond

by Julia Sanders July 22, 2021

ASHLAND, VA. — The Palomar Group has brokered the sale of Ashland Junction, a 141,701-square-foot retail property located in Ashland. The buyer, Peck Properties, was based out of Richmond and the seller, Phillips Edison & Co., was based out of Cincinnati. The sales price was $8.1 million. Ryan McArdle, Steve Collins and David Rivers of Palomar brokered the sale. Located at 167 Junction Drive, Ashland Junction is approximately 19.4 miles north of Richmond. The property, which was built in 1989, was 92 percent occupied at the time of sale to tenants including Roses, Anytime Fitness, CVS/pharmacy and Food Lion.

July 22, 2021

Acquisitions Florida Office Southeast

CBRE Arranges $99.5M Sale of One Town Center Office Tower in Boca Raton

by Julia Sanders July 21, 2021

BOCA RATON, FLA. — CBRE has arranged the $99.5 million sale of One Town Center, a 191,294-square-foot office tower located in Boca Raton. Christian Lee, José Lobón, Amy Julian, Andrew Chilgren and Royce Rose of CBRE represented the seller, a joint venture between CP Group (formerly Crocker Partners) and Siguler Guff & Co. Michael Erickson from Tower Commercial Real Estate is the leasing broker for the property. The buyer is Singapore-based Prime US REIT. KBS serves as the U.S.-based asset manager for Prime’s portfolio, which included identifying and sourcing One Town Center on Prime’s behalf. Additionally, CP Group will continue to manage the tower. One Town Center is a 10-story building with an adjacent 435-space parking garage and 274 surface parking spaces. Located on Lennox Drive, the property is situated in Boca Raton’s Midtown district near Interstate 95 and Boca Raton Airport. Originally developed in 1991 as the worldwide headquarters for WR Grace, One Town Center was developed by Tom Crocker. WR Grace vacated the property in 2001 and the space was reabsorbed by Tyco, a national security systems company. MetLife purchased the building in 2007 and Tyco vacated it in 2012. The property was sold to Crocker Partners (now …

July 21, 2021

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $54.6M Sale of National Dollar General Store Portfolio

by Julia Sanders July 21, 2021

ATLANTA — Marcus & Millichap’s Taylor McMinn Retail Group in Atlanta has brokered the $54.6 million sale of a portfolio of 35 Dollar General-leased stores across 12 states. Don McMinn of Taylor McMinn represented the seller, CMK Properties, a privately held real estate investor and syndicator based in Brentwood, Tenn., in the sales transaction. The buyer was Realty Income, a net lease REIT based in San Diego. All the Dollar General leases were triple net lease and had around 10 years of term remaining. “This transaction illustrates the current peak demand for Dollar Generals in the market today from both private and institutional investors. Due to the limited supply these stores are trading at historic levels both individually and on a portfolio level,” says McMinn.

July 21, 2021

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