ASHEVILLE, N.C. — Mitchell Gold + Bob Williams Home Furnishings Outlet has opened at Asheville Outlets, an outlet mall located at the intersection of Interstate 40 and Interstate 26 in Asheville. The furniture retailer occupies a 14,900-square-foot space that formerly housed Forever 21. The property is situated at 800 Brevard Road, roughly five miles southwest of downtown Asheville. New England Development is the owner and operator of Asheville Outlets, which opened in May 2015. Asheville Outlets includes more than 70 retailers and restaurants, including J. Crew, Nike Factory Store, Under Armour and Tommy Hilfiger. The new Mitchell Gold + Bob Williams store is the largest authorized factory-direct outlet for the North Carolina-based brand. Mitchell Gold + Bob Williams offers furniture including sofas, sleepers, sectionals, accent chairs, beds, chests, nightstands, bookcases, media consoles, bar carts and dining tables.
UPPER MARLBORO, MD. — Cabot Properties Inc. and MRP Industrial are co-developing a speculative 86,840-square-foot warehouse/industrial building in Upper Marlboro, a Washington, D.C., suburb in Maryland’s Prince George’s County. The site is located on an approximate seven-acre parcel within Collington Park, with delivery expected to occur in the fall. Late last year, Cabot Properties acquired the development site from MRP Industrial for an undisclosed price. The property will be a single-story concrete tilt-wall building with 32-foot clear heights, 23 dock and two drive-in doors, LED lighting, a 120-foot truck court to support the movement of large tractor trailers and segregated parking fields for employee and visitor parking for nearly 100 vehicles. The large, open-space floorplate is suitable for a range of light manufacturing, warehouse, logistics and last-mile operations and can accommodate both a single- and multi-tenant use. Located 20 miles from Washington, D.C., and 40 miles from the Port of Baltimore, Collington Park is situated close to Interstate 495 and MD Route 301 and has more than 4 million square feet of industrial/warehouse space, with a current vacancy rate under 3.7 percent. Target and Amazon combined occupy more than 1 million square feet within the park. Other tenants include FedEx, …
SANDY SPRINGS, GA. — Investors Management Group Inc. (IMG) has acquired a metro Atlanta apartment complex known as the Veridian at Sandy Springs. IMG paid $42.9 million for the 272-unit property, or approximately $157,700 per unit. The Veridian was built in 1980 at 1800 Windridge Drive in Sandy Springs, near Ga. Highway 400 and Interstate 285. The community’s amenities include a clubhouse, fitness center, pool and picnic areas. The property includes 17 buildings with one- and two-bedroom units that recently received over $5 million in upgrades. IMG plans to invest an additional $2.3 million in capital improvements. IMG is a Woodland Hills, Calif.-based real estate investment and asset management firm. Mike Kemether and Travis Presnell of Cushman & Wakefield served as brokers in the transaction. Charlie Mentzer of Capital One Multifamily Finance originated Freddie Mac acquisition financing on behalf of IMG.
ARLINGTON, VA. — Hana, a flexible office space provider and subsidiary of CBRE Group, has opened a 39,000-square-foot location in Arlington known as Hana at National Landing. JBG Smith is the owner and developer of the larger 11-story office building, which is located at 2451 Crystal Drive. The property includes private office suites dubbed “Hana Team,” a conference and events space called “Hana Meet” and a portion of the unit dedicated to traditional coworking known as “Hana Share.” Hana at National Landing is located in the center of the National Landing submarket, home to Amazon’s second headquarters. The area has dining options, cultural attractions, fitness studios, outdoor parks and bike trails. The property is situated 1.2 miles from Ronald Reagan Washington National Airport. Hana at National Landing sits within Arlington’s Crystal City, part of Pentagon City and Potomac Yard. The property looks out over the Potomac River and Washington, D.C., skyline. A planned pedestrian bridge will connect Hana to Reagan National Airport. Some nearby bars and restaurants include Zen Bistro & Wine Bar, Legal Sea Foods and Highline RxR. Hana’s property at National Landing marks the company’s first East Coast location.
SARASOTA, FLA. — Coldwell Banker Commercial and Coldwell Banker Realty in Florida have represented the sellers of the former Gulf Beach Resort Motel in a transaction valued at $23.5 million. Elliot Rose with Coldwell Banker Commercial NRT and Judy Kepecz-Hays with Coldwell Banker Realty’s Longboat Key, Fla., office co-listed the property. The undisclosed buyer plans to redevelop the 2.3-acre site as a beachfront luxury condominium tower. The Gulf Beach Resort Motel is located at located at 930 Benjamin Franklin Drive in the Lido Key area of Sarasota. It was built in 1950 and was part of the post-World War II motel construction boom that addressed the needs of a growing number of tourists to the area. In 1977, the motel was converted into a condominium form of ownership containing 43 units.
NORCROSS, GA. — SRS Real Estate Partners’ Investment Properties Group has brokered the sale of an 18,550-square-foot retail strip center in Norcross. The seller, an entity doing business as OMI 5770 IB LLC, sold the property to Shallya Wholesale Distributing LLC for $4.3 million. The property, known as Peachtree Corners Pavilion, is located at 5770 Peachtree Industrial Blvd. The center is situated on the border of Norcross and Peachtree Corners, and sits on roughly 1.9 acres. It was fully leased at the time of sale to retailers including TapOut Fitness, Avis, Shane’s Rib Shack and CBD Plus USA. The retail center was built in 2006. Kyle Stonis and Pierce Mayson of SRS’ Investment Properties Group represented the seller in the transaction. Chase Murphy of Skyline Seven Real Estate represented the buyer.
CLEMSON, S.C. AND KNOXVILLE, TENN. — Arcapita, a global investment manager with offices in Atlanta, London and Singapore, has acquired two student housing communities in the Southeast for a combined $120 million. Clemson Lofts is a 640-bed community located approximately one mile from Clemson University in South Carolina that was fully occupied at the time of sale. Quarry Trail is an 840-unit property serving the University of Tennessee in Knoxville. The properties were acquired in separate transactions, with the sellers in each deal opting to remain anonymous. Clemson Lofts features one-, two-, three- and four-bedroom units. The property’s amenity package was recently expanded and upgraded and now includes a pool, fitness center, dog park, group and private study rooms, outdoor yoga space, indoor gaming lounge and a resident clubroom with TVs. Quarry Trail also offers one-, two-, three- and four-bedroom floor plans that feature full-size washers and dryers and private patios in select units. Communal amenities include a new dog park, fitness center, pool and study areas, as well as a resident clubhouse and shuttle service to campus. Arcapita says it is bullish on the student housing sector and intends to aggressively pursue deal opportunities in 2021. In particular, Arcapita …
CHARLOTTE, N.C. — Haven Communities and Wheelock Street Capital have purchased a 1.9-acre site at the corner of South Church and West Bland streets in Charlotte’s South End district. The firms were able to buy the property with the assistance of its capital advisor, Patterson Real Estate Advisory Group. Haven and Wheelock are planning to co-develop Haven South End, a 304-unit, Class A multifamily development at the site. The partnership plans to break ground this summer. Haven South End is located near the LYNX Blue Line’s Bland Street Station and the Charlotte Rail Trail and has immediate access across I-277 into Uptown Charlotte. Haven Communities is a developer of multifamily and student housing communities and mixed-use developments across the Southeast, Wheelock is a private real estate investment firm and Patterson is a capital placement and real estate finance advisory firm.
WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has financed a 112-unit affordable housing development in Washington, D.C.’s Anacostia neighborhood on the city’s southeast side. Mid-Atlantic Realty Partners and Taylor Adams Associates are the borrowers and co-developers of the $52.6 million development. DCHFA financed the project with a $27 million in tax-exempt bond financing and the underwriting of $20.6 million in 4 percent low income housing tax credits (LIHTC). Additionally, the DC Department of Housing and Community Development is providing a $16.5 million loan from its Housing Production Trust Fund for the property. The new community will be located at 2442 Martin Luther King Ave SE, just 500 feet from the Anacostia Metro Station. The apartments will be priced at 30 to 50 percent of area median income relative to Ward 8’s Anacostia neighborhood. The property will consist of 24 one-bedroom, 57 two-bedroom and 31 three-bedroom apartments. Six units will be designated Permanent Supportive Housing (PSH) units and will be supported by the Local Rent Supplement Program. Community Connections of DC will provide supportive services for the residents of the PSH units. The community’s planned amenities include a business center, community room and a parking garage with …
NEWNAN, GA. — CA Ventures has entered into a joint venture partnership with AIG to deliver a 215,000-square-foot, Class A light industrial facility in Newnan. The project, known as Coweta Business Center, will feature 32-foot clear heights, 200 auto parking spaces and up to 55 dock doors. The site is located adjacent to Interstate 85, less than one mile from the full diamond interchange at Exit 51. The joint venture partnership is planning to start construction later this year and finish construction in December. Wes Budd and Chris Irby of NAI Brannen Goddard represented CA in the acquisition of the land and will also be leasing the project. Mark Sixour, Dennis Mitchell, Matt Wirth and Britton Burdette of JLL Capital Markets arranged the joint venture partnership. CA Ventures, a Chicago-based firm, is a global real estate development and investment management company. AIG is a global finance and insurance firm based in New York City.