FAIRFAX, VA. — Federal Realty Investment Trust has purchased Twinbrooke Shopping Centre, a 110,000-square-foot, grocery-anchored neighborhood shopping center in Fairfax. The undisclosed seller sold the asset to Federal Realty for $33.8 million. Located at 9525 Braddock Road, Twinbrooke Shopping Centre was 86 percent leased at the time of sale to tenants such as anchors Safeway and Walgreens. Other tenants include Outback Steakhouse, Pho Saigon 75, Waraku Japanese Restaurant, Potomac Valley Veterinary Hospital, Twinbrook Music Inc., Hair Xpressions Fairfax and 153 Barber Shop. The property is situated on 10 acres off Braddock Road (VA Route 620), which is a main east-west thoroughfare providing access to Interstate 495. Federal Realty anticipates increasing the value of Twinbrooke over time through remerchandising and incremental capital investment.
BIRMINGHAM AND HUNTSVILLE, ALA. — JLL Capital Markets has arranged the sale of Crossings of Hoover and Strong Station, two retail centers totaling 133,705 square feet in Birmingham and Huntsville, respectively. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the Brentwood, Tenn.-based seller, GBT Realty Corp., in the transaction. Warner Robins, Ga.-based Livingston Properties acquired both properties for a total of $26.6 million. Built in 2015, Crossings of Hoover is a 37,765-square-foot retail center anchored by Sprouts Farmers Market. The property is located 11 miles south of downtown Birmingham and has direct access to Interstate 459. Strong Station is anchored by Sprouts Farmers Market and Hobby Lobby and is shadow-anchored by Academy Sports + Outdoors. Built in 2015, the shopping center spans 95,940 square feet.
ATLANTA — Atlanta-based Songy Highroads, in a joint venture with Baltimore-based Alex. Brown Realty Inc., has acquired a two-property apartment portfolio with a total of 108 units in the Atlanta’s Upper Westside neighborhood. The sellers and sales price were not disclosed. Chris Cain, John McCalla and Mason Taylor of Marcus & Millichap represented the sellers of both properties. The adjacent communities are located at 2100 and 2113 Defoors Ferry Ave., and the new owners plan to combine the properties into one apartment community. Songy Highroads and Alex. Brown Realty also plan to make capital investment improvements such as upgrading unit interiors, adding shared amenities and improving the curb appeal of the assets. The planned added amenities will include a shared gym / fitness center, a playground, grilling stations and improving the pool at both properties. The two Defoors apartments are located in the heart of the Upper Westside, close to Collier Village, West Midtown, The Works, Westside Village and Peachtree Road. The properties also feature access to Interstates 75 and 285. The 2100 Defoors apartments, a 60-unit community, offer one- and two-bedroom units with rents ranging from $1,200 to $1,525. Current unit features include quartz countertops, walk-in closets, in-unit washers …
WARNER ROBINS, GA. — The Palomar Group has brokered the $3.8 million sale of Willow Lake Crossing, a 19,650-square-foot shopping center in Warner Robins. Built in 1998, Willow Lake Crossing is fully occupied, and shadow anchored by Target and Academy Sports + Outdoors. Other tenants include Shane’s Rib Shack, Stevi B’s and H&R Block. Located at 2907 Watson Blvd., the shopping center is situated about 19.5 miles from Macon and 8.9 miles from the Middle Georgia Regional Airport. The property is also situated at the intersection of Watson Boulevard and Houston Lake Road. Earlier this year the previous owner, an unnamed investor based in the Southeast, completed renovations at the center, including resealing and restriping of the parking lot, façade upgrades and LED lighting installation in the parking lot. Jordan Collier and Brian Sweeting with Meybohm Commercial represented the buyer, an unnamed regional investor. Palomar represented the seller, which had owned the center for over 20 years.
PENDERGRASS, GA. — Trammell Crow Co., in a partnership with CBRE Global Investors on behalf of one of its investment funds, has acquired a 287-acre development site in Pendergrass. The seller and sales price were not disclosed. At the site, the firms plan to build a 2.3 million-square-foot, Class A logistics center known as Jackson 85 North Business Park. Located in the metro Atlanta area along Interstate 85 in Jackson County, Jackson 85 North Business Park is located approximately 60 miles northeast of Atlanta and will be developed in two phases. Wilson Hull & Neal Real Estate will handle leasing for the project. Construction on Phase I is expected to begin in December with completion during the second half of 2022. Phase I will include a 538,450-square-foot cross-dock facility and a 1 million-square-foot cross-dock facility. Phase II will include a single 713,050-square-foot cross-dock facility. The construction timeline for Phase II was not disclosed. All three buildings will feature 185- to 190-foot deep concrete exterior truck courts, 40-foot clear heights and ESFR fire sprinklers.
FORT MYERS, FLA. — Westside Capital Group, a Miami-based real estate investment holding firm, has purchased Campo Felice, a 24-story residential tower located in downtown Fort Myers. Westside Capital acquired Campo Felice for $55 million, or $170,000 per unit. Campo Felice was originally built as a Sheraton hotel in 1986. In 2015, The MacFarlane Group acquired and redeveloped the property into a seniors housing community. As the new owners, Westside Capital intends to invest up to $5 million in capital improvements, upgrades and professional management to convert the property to a market-rate apartment tower. Existing senior residents will be welcomed to stay and lease at the property under the new ownership, though there will no longer be an active adult component. The 323-unit property features one- and two-bedroom apartments with floor-to-ceiling windows. Community amenities include four dining venues, a pool with jet spa, a 2,200-square-foot fitness center, a 49-seat movie theater, salon, dog park, ballroom and 521 parking spaces. The property was approximately 50 percent occupied at the time of sale. Located at 2500 Edwards Drive, the property sits on a 3.2-acre site on the south bank of the Caloosahatchee River, directly behind the Fort Myers Yacht Basin, a marina …
ORLANDO, FLA. — Aventon Cos. and co-developer CrossHarbor Capital Partners has broken ground on Aventon Belle Isle, a 348-unit apartment community in Orlando, about 8.8 miles south of downtown Orlando. The property will include 12 garden-style buildings on 24 acres with one-, two- and three-bedroom floorplans. Community amenities will include a fitness center, yoga studio, remote work offices, automated package delivery, coffee bar, pet spa and a poolside social lounge. Outdoor spaces will include a private pool, cabanas with day beds, hammock garden, outdoor kitchen with grills and dining spaces, walking trails and a dog park. Located at 5051 Hoffner Ave., the property is located two miles from Orlando International Airport and about 18.7 miles from Walt Disney World Resort. Maitland, Fla.-based Scott + Cormia Architects is designing Aventon Belle Isle, and Marietta, Ga.-based Design Environments Inc. will designing the interiors. Construction is slated to be complete in the spring of 2023. With the addition of Aventon Belle Isle, Aventon Cos. now has 891 apartment units under construction in the metro Orlando area. Aventon Alaira, just east of Disney, will deliver 296 units and recently opened its clubhouse, while Aventon Gem Lake will deliver 247 units to the Winter Park …
MIAMI — Marcus & Millichap has brokered the $16 million sale of a freestanding CVS/pharmacy-occupied retail property located in Miami. The 14,989-square-foot building is situated on a 2.4-acre parcel, a portion of which is subleased to Wendy’s. Ronnie Issenberg, Gabriel Britti, Ricardo Esteves and Kevin O’Hanlon of Marcus & Millichap represented the sellers, an entity doing business as TRR Everglades Holdings LLC and a group of local Miami investors and developers. The buyer was International Capital Acquisitions LLC, a foreign investor based in Germany. Located at 10660 SW 40th St., the CVS/pharmacy is situated 1.2 miles from Kendall Regional Medical Center, 4.3 miles from Westchester General Hospital, about 5.2 miles from Nicklaus Children’s Hospital and approximately 13.7 miles from Miami International Airport.
NORTH CHESTERFIELD, VA. — Cushman & Wakefield | Thalhimer has arranged the sale of Midlothian Crossing in North Chesterfield, about 9.7 miles south of Richmond. Midlothian Crossing is an 87,938-square-foot shopping center that was 95.6 percent leased at the time of sale to tenants such as Big Lots and Goodwill. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the seller, an entity doing business as RCC Midlothian Crossing LLC. The Richmond-based buyer, an entity doing business as 8501 MIDLO PIKE LCC, acquired the property for $6.6 million. Located off the Midlothian Turnpike, Midlothian Crossing’s tenant roster includes Red Wing Shoes, Alliance Rehabilitation, PeopleReady Inc. and John Smith Subs. The center has 406 surface parking spots.
TALLAHASSEE, FLA. — Seefried Industrial Properties has broken ground on a 2.8 million-square-foot fulfillment center in Tallahassee. The developer did not disclose the tenant, but the Tallahassee Democrat reported that the occupant will be Amazon. Dubbed “Project Mango,” the development will be situated on 118 acres near the Mahan Drive and I-10 interchange. Seefried says that the four-story project is record-breaking in terms of its size and functionality, and that it will feature cutting-edge material handling and product retrieval systems. Equipped with advanced robotics technology, the property will assist in efficient package delivery. The facility will feature 49 dock doors, 1,250 car parking spaces, 265 trailer spaces and 100,000 square feet of office and break room space. The fulfillment center is expected to generate 1,346 full-time jobs and an economic impact of $451 million, according to Seefried. The Conlan Co. is serving as general contractor. Completion is slated for the fourth quarter of 2022. Amazon also recently unveiled plans for a new fulfillment center in Port St. Lucie, Fla., along with five new delivery stations in the Sunshine State. The e-commerce giant currently operates more than 50 sites in Florida that support customer fulfillment and delivery operations. Atlanta-based Seefried is …