Southeast

Franklin Street Arranges $6.3M Sale of Davie Plaza Shopping Center in South Florida

by Julia Sanders July 13, 2021

DAVIE, FLA. — Franklin Street has arranged the $6.3 million sale of Davie Plaza, a 24,623-square-foot shopping center located in Davie. Greg Matus and Jonathan De Maa of Franklin Street represented a local private investor in acquiring the property. An entity doing business as Davie Investments LLC was the seller. Located at 7110-7162 Stirling Road in South Florida’s Broward County, Davie Plaza is situated on the corner of Stirling and Davie roads and is surrounded by neighboring retail plazas, as well as several multifamily development projects. The 1970s-era property was 100 percent leased at the time of sale to tenants including anchor Boost Mobile. The center includes a retail outparcel ground-leased to McDonald’s.

July 13, 2021

Acquisitions Maryland Multifamily Southeast

Eastern Union Arranges $42M Sale of Portabello Apartments in Oxon Hill, Maryland

by Julia Sanders July 12, 2021

OXON HILL, MD. — Eastern Union has arranged the $42 million sale of Portabello Apartments, a 254-unit multifamily property in Oxon Hill. Alex Bensahel of Eastern Union led the sales transaction. The seller and buyer were not disclosed. Portabello Apartments is located at 6441 Livingston Road, about 13 miles from Washington, D.C. The apartment community includes one- to three-bedroom units, and rents ranges from $1,145 to $1,820. Built in 1965, the property’s amenities include a playground, pool, laundry facilities, onsite maintenance, property manager onsite, clubhouse and public transportation. Eastern Union is a New York-based national commercial real estate firm.

July 12, 2021

Acquisitions Mississippi Multifamily Southeast

Kushner Cos. Purchases Four-Property Multifamily Portfolio in Jackson

by Julia Sanders July 12, 2021

JACKSON, MISS. — Kushner Cos. has purchased a four-property residential portfolio in Jackson for an undisclosed price. Blake Pera, Tommy Bronson III, Bo Flurry and Gray Fiser of Newmark represented the seller, MAA, a publicly traded REIT. Additionally, Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Issa Abbassi of Newmark arranged an undisclosed amount of acquisition financing on behalf of Kushner Cos., a New York City-based real estate developer and owner. The portfolio spans more than 1,200 units across 71 acres. The properties’ amenities include pools, fitness centers, tennis courts, playgrounds, grilling and picnic areas, sundecks and fireplaces. The four properties are called Pear Orchard, Crosswinds, Reflection Pointe and Lakeshore Landing, and they were built between 1974 and 1988. Kushner Cos. currently owns more than 24,000 units across eight states, 2.2 million square feet of retail space, 5.4 million square feet of office space, 1 million square feet of industrial space and 697 hotel rooms.

July 12, 2021

Georgia Leasing Activity Southeast

SJC Ventures Signs Retail Lease for Taste Boutique at The Interlock Project in West Midtown Atlanta

by Julia Sanders July 12, 2021

ATLANTA — SJC Ventures has signed new tenant, The Taste Boutique, to The Interlock in Atlanta. Located at 1115 Howell Mill Road Northwest, The Interlock is a $450 million mixed-use development with entertainment, living and dining options, office space and outdoor connections. Taste Boutique will occupy 1,448 square feet of space and offer women’s and men’s apparel, home decor items and gifts. This location will be the first brick and mortar store for the lifestyle retailer, which has operated entirely online for 10 years. Taste Boutique is expected to open at the beginning of 2022. SJC Ventures, the Atlanta-based developer of The Interlock, also recently welcomed the first U.S. location for Puttshack, several first-to-market restaurants and The Bellyard, a Marriott Tribute Portfolio hotel. The developer also signed a lease with Publix for the project’s second phase. SJC Ventures, formerly S.J. Collins Enterprises, is a mixed-use commercial real estate development firm. The Interlock is a nine-acre property with 200,000 square feet of loft office space, 105,000 square feet for retail and restaurant space, 349 apartments, 18 townhomes, 70 single-family homes and the 161-room Bellyard. The property will also include a 50,000-square-foot incubator space by Georgia Technology Ventures and WeWork’s 120,000-square-foot coworking …

July 12, 2021

Development Georgia Multifamily Southeast

McShane Completes Construction of 315-Unit Archer Multifamily Community in Acworth, Georgia

by Julia Sanders July 12, 2021

ACWORTH, GA. — McShane Construction Co. has completed construction at The Archer, a 315-unit apartment community in Acworth. The property was built on behalf of RangeWater Real Estate, a real estate company based in Atlanta. The Archer features 12 four-story, garden-style buildings with one- to three-bedroom unit options, as well as granite countertops, stainless steel appliances, in-unit washers/dryers and private balconies. Community amenities include a central clubhouse, fitness center, social room with a game table, an indoor/outdoor double-sided fireplace, swimming pool, pool deck with private cabanas, an outdoor bar with a kitchen and grilling area and a trellised fire pit area. Located northwest of Atlanta in Cobb County, the development offers access to Interstate 75. Poole & Poole Architecture provided the architectural services for The Archer. McShane Construction Co. is a construction firm based in Rosemont, Ill.

July 12, 2021

Acquisitions Florida Office Southeast

Hold-Thyssen Brokers $1.8M Sale of Office Building in Celebration, Florida

by Julia Sanders July 12, 2021

CELEBRATION, FLA. — Hold-Thyssen Inc. has brokered the $1.8 million sale of a 7,435-square-foot, freestanding office building in Celebration. Martin Forster of Hold-Thyssen brokered the transaction on behalf of the seller, an entity doing business as 1216 Patrick Street LLC. A firm doing business as 1216 SCARF LLC was the buyer, who comprises some leaders of Serving Children and Reaching Families LLC, a woman-owned behavioral health service provider. Located at 1216 Patrick St., the office property was built in 1997 and refurbished in 2017. The buyer has leased the one-story building since October 2017 and decided to take advantage of current low interest rates. One Florida Bank provided an acquisition loan that was originated internally by Shane McCutchen. Florida First Capital Finance Corp.’s John Hanrahan arranged a mezzanine loan insured by the U.S. Small Business Administration (SBA).

July 12, 2021

Georgia Market Reports Office Southeast Southeast Market Reports

Atlanta’s Office Market Trending Upward as Workers Set to Return En Masse

by John Nelson July 11, 2021

Following a challenging year in 2020, momentum in the Atlanta office market is beginning to trend upwards. The COVID-19 pandemic forced office users and owners to sideline their business plans and made tenants reevaluate their office needs. As government restrictions have lifted and vaccines for COVID-19 have become widely available, many companies in Atlanta are going back to the office and the “new normal” for the workplace is here. There have been several notable office announcements made in Atlanta this year. Two large technology corporations announced they were expanding their plans for major hubs in Atlanta, and companies including Adecco and Minute Maid announced plans to make Atlanta their headquarters or a hub. In total, there have been over 20 major relocation or expansion announcements in the past year, accounting for more than 3 million square feet of recent or anticipated near-term absorption. Atlanta’s most significant office lease in 2021 has been Global Payments’ 206,542 square-foot commitment at 5995 Windward in the North Fulton submarket. Other notable leases include Soliant Health’s 87,419-square-foot deal at Summit at Peachtree Parkway in the Peachtree Corners submarket and ServiceMaster’s 53,440-square-foot lease at One Glenlake in the Central Perimeter submarket. Other companies including Centene and …

July 11, 2021

Acquisitions Industrial North Carolina Southeast

JLL Brokers Sale of 520,431 SF Industrial Facility in Raleigh

by Julia Sanders July 9, 2021

RALEIGH, N.C. — JLL Capital Markets has brokered the sale of 2728 Capital Blvd., a 520,431-square-foot, last-mile industrial facility in Raleigh. Patrick Nally, Pete Pittroff, Dave Andrews and Michael Scarnato of JLL represented the seller, SharpVue Capital. Charlotte-based Beacon Partners purchased the facility for an undisclosed price. The property is situated on 32 acres and is located about 4.6 miles from downtown Raleigh.

July 9, 2021

Florida Hospitality Loans Southeast

ACRES Provides $86M Refinancing for New Hilton-Branded Hotel in Delray Beach, Florida

by Julia Sanders July 9, 2021

DELRAY BEACH, FLA. — ACRES Capital Corp. has provided a nearly $86 million loan to refinance The Ray Hotel Delray Beach, a new hotel located at 233 NE 2nd Ave. in Delray Beach. The property is a member of the Curio Collection by Hilton brand of hotels. The loan was provided to sponsor Menin Development Inc., a real estate development firm. The Ray Hotel Delray Beach is slated to open at the beginning of September 2021. Ray Hotel will span 141 rooms and four stories. The property’s amenities will include a 20,000-square-foot rooftop with an outdoor pool, restaurant and bar. In total, the hotel will also offer more than 45,000 square feet of indoor and outdoor event space. Additionally, the property will also include a 3,590-square-foot event space called The Cube, which will be used for weddings, charity functions, parties and other major events. Additional food and beverage options will include a restaurant, as well as a lobby bar and coffee bar. Other amenities will feature a fitness room, valet laundry, shuttle service to the beach and a private beach section for hotel guests. Ray Hotel is located 0.4 miles from the Delray Beach and approximately two blocks north of …

July 9, 2021

Acquisitions Industrial North Carolina Southeast

Cushman & Wakefield Arranges $71M Sale of Industrial Portfolio in Charlotte, Durham

by Julia Sanders July 9, 2021

CHARLOTTE AND DURHAM, N.C. — Cushman & Wakefield has arranged the sale of a four-property industrial portfolio located in Charlotte and Durham. Rob Cochran, Stewart Calhoun, Casey Masters, Nolan Ashton, David Finger, Sara Owen, Fermin Deoca and Eric Ridlehoover of Cushman & Wakefield represented the seller, funds managed by Rialto Capital Management LLC, in the transaction. DRA Advisors, on behalf of a separate account client, acquired the properties for $71 million. The portfolio totals 869,916 square feet and was 88 percent leased to five tenants at the time of sale. The buildings include a 406,001-square-foot building located at 1001 Bond St. in Charlotte, a 187,000-square-foot building located at 4001 Performance Road in Charlotte, a 107,968-square-foot building located at 2710 Weck Drive in Durham and a 168,847-square-foot building located at 2910 Weck Drive in Durham.

July 9, 2021

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