Southeast

University Partners Acquires 494-Bed Student Housing Community Near Clemson University

by Alex Tostado January 20, 2021

CLEMSON, S.C. — University Partners has acquired Grandmarc, a 494-bed student housing community located near Clemson University in South Carolina. The property was built in 2017 and offers two- and four-bedroom units with bed-to-bath parity, as well as 9,000 square feet of retail space. Communal amenities include a pool and hot tub, 24-hour fitness center, clubhouse, private study rooms and a sand volleyball court. University Partners will oversee management of the community. Ryan Lang, Jack Brett and Ben Harkrider of Newmark brokered the transaction. The seller and terms of the transaction were not disclosed.

January 20, 2021

Acquisitions Florida Retail Southeast

JLL Negotiates $9.1M Sale of Grocery-Anchored Shopping Center in Orlando

by Alex Tostado January 20, 2021

ORLANDO, FLA. — JLL has negotiated the $9.1 million sale of Southgate Shopping Center, a 144,052-square-foot retail property in Orlando. Aldi anchors the center, which was 92 percent leased at the time of sale to tenants including AutoZone, dd’s Discount’s, Aaron’s and Value Pawn. Additionally, the property can be expanded with the addition of a 6,000-square-foot pad site and drive-thru ATM development opportunity. The asset spans 17 acres and is located at 4649 S. Orange Blossom Trail, four miles south of downtown Orlando. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller, Marx Realty, in the transaction. An undisclosed Texas-based real estate company purchased the property.

January 20, 2021

Acquisitions Arkansas Industrial Self-Storage Southeast

Goldman Investment Advisors Brokers $4.1M Sale of Self-Storage Property Near Memphis

by Alex Tostado January 20, 2021

WYNNE, ARK. — Goldman Investment Advisors has brokered the $4.1 million sale of Handy Rentals, a 96,455-square-foot self-storage property in Wynne. The property spans nine acres and is located at 1306 S. Falls Blvd., 49 miles west of downtown Memphis. Milwaukee-based Bank Five Nine provided acquisition financing to the buyer, Wynne Properties Group. Larry Goldman of Goldman Investment Advisors represented the undisclosed seller in the transaction. Goldman Investment Advisors is an affiliate of Denver-based Argus Self Storage Advisors.

January 20, 2021

Acquisitions Multifamily North Carolina Southeast

Berkadia Arranges Sales of Two Apartment Communities Totaling $68.7M in Charlotte

by Alex Tostado January 19, 2021

CHARLOTTE, N.C. — Berkadia has arranged the sales of two apartment communities totaling $68.7 million in Charlotte. Miami-based One Real Estate Investment bought the 310-unit Kelston Apartments and the 240-unit Avalon Apartments from an undisclosed seller(s). Kelston was built in 1986 and is located at 1207 Kelston Place, seven miles east of downtown Charlotte. The property offers one-, two- and three-bedroom floor plans. The buyer plans to upgrade the clubhouse, fitness center, cyber café and pool. Built in 1999, Avalon Apartments is situated at 6000 Regal Estate Lane, less than one mile from Kelston Apartments. Avalon also offers one- through three-bedroom floor plans. Shared amenities include a renovated clubhouse, coffee and tea bar, media and entertainment lounge, pool table, fitness center and a dog spa. Voya Financial provided a three-year, interest-only loan with a floating interest rate for the Kelston acquisition. Berkadia provided a 10-year, fixed-rate Fannie Mae loan for the Avalon purchase. Mitch Sinberg and Brad Williamson of Berkadia originated both acquisition loans, which totaled $51.4 million. Additionally, Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick of Berkadia arranged MLG Capital as a joint venture equity partner for One Real Estate Investment’s acquisition of Avalon. MLG Capital invested $13.1 million …

January 19, 2021

Development Hospitality Maryland Southeast

Alfred Weissman Real Estate Completes Renovation of 298-Room DoubleTree by Hilton Hotel in Metro D.C.

by Alex Tostado January 19, 2021

GAITHERSBURG, MD. — Alfred Weissman Real Estate LLC has completed the renovation of DoubleTree by Hilton Washington, D.C. North/ Gaithersburg, a 298-room hotel in Gaithersburg. The renovations included reconfiguring the lobby, introducing farm-to-table restaurant Knife & Fork, adding a Hertz car rental office on the premises and reconfiguring parking to eliminate certain parking restrictions. The developer also upgraded the hotel’s 16,356 square feet of meeting space with new vinyl flooring, carpeting and lighting. The hotel also features a 24/7 fitness center, pool and dry-cleaning services. Marshall Hotels & Resorts manages the property.

January 19, 2021

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Negotiates $32M Sale of Macy’s Distribution Center in Tampa

by Alex Tostado January 19, 2021

TAMPA, FLA. — Cushman & Wakefield has negotiated the $32 million sale of Macy’s Distribution Center in Tampa. The 645,241-square-foot property serves as a warehouse and Macy’s Furniture Gallery. Macy’s sold the asset to Irvine, Calif.-based LBA Realty. The building is situated at 4130 W. Gandy Blvd., seven miles southwest of downtown Tampa. The property features 108 48-foot dock doors, one drive-in door, 225 parking spaces and interior and exterior LED lighting. Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Gary Gabriel, Adam Spies and Anthony Pasqual of Cushman & Wakefield represented Macy’s in the transaction. Macy’s will continue to lease the space.

January 19, 2021

Acquisitions Industrial Southeast Tennessee

LRC Properties Acquires Industrial Facility in Memphis for $23M

by Alex Tostado January 19, 2021

MEMPHIS, TENN. — LRC Properties has acquired a 640,000-square-foot industrial facility in Memphis for $23 million. The asset is situated at 4926 Southridge Blvd., 11 miles east of Memphis International Airport. Technicolor occupies the building on a lease that expires in 2023. The seller was not disclosed. Brian Califf of NAI Saig Co. represented the buyer in the transaction. Ready Capital closed an $18.9 million acquisition loan on behalf of the Rye Brook, N.Y.-based buyer. The non-recourse loan features interest-only payments for the duration of the four-year term, a floating interest rate, one extension option and flexible prepayment options.

January 19, 2021

Company News Florida Office Southeast

Polo Realty Group, Kay Commercial Realty to Oversee Leasing of 31,400 SF Office Building in Boca Raton

by Alex Tostado January 19, 2021

BOCA RATON, FLA. — Polo Realty Group and Kay Commercial Realty have been selected to lead the leasing effort for The Milan at Boca Center, a seven-story office building in Boca Raton. Roger Steinhardt of locally based Polo Realty and Bill Klein of New Jersey-based Kay Commercial will handle leasing on behalf of the undisclosed owner. The Milan at Boca Center is located at 1675 N. Military Trail, three miles west of downtown Boca Raton. Comerica Bank anchors the asset, which is also partially leased to Salon Sora.

January 19, 2021

Features Hospitality Midwest Net Lease Northeast Office Restaurant Retail Southeast Texas Western

Distressed Property Outlook: Valbridge Forecasts 2021 Opportunities

by Sarah Daniels January 19, 2021

When the pandemic took hold and rents of commercial properties began to waver, many experts in the industry expected a flood of distressed properties to hit the market in mid- to late 2020. To date, however, that hasn’t happened to a large extent. Valuation firms assumed they would get busier as properties fell upon hard times. Karl Finkelstein is vice president of Business Development and senior managing director for Valbridge Property Advisors, an independent, commercial valuation and advisory services firm based in Naples, Fla. with 80 offices nationwide. Finkelstein spoke recently to REBusinessOnline and explains that while not many high-profile sales have happened, other factors have kept those in his area of the industry busy in recent times. Finkelstein covers likely outcomes for distressed properties in 2021 and which sectors are performing well. A flight to quality, low rates and a reevaluation of shifting pandemic timelines have meant that the valuation business has its work cut out for it. Asset Type Winners and Losers There isn’t much surprising in the list of property types experiencing difficulties at the moment. Lodging properties (especially those tied to conventions), fly-to resorts, urban retail and standalone restaurants (particularly those without drive-thrus) all experienced a …

January 19, 2021

Development Mixed-Use Southeast Virginia

JBG Smith to Break Ground on Potomac Yard in Alexandria, Including Virginia Tech’s $1B Innovation Campus

by Alex Tostado January 18, 2021

ALEXANDRIA, VA. — JBG Smith will break ground on Potomac Yard in Alexandria this month. Phase I of the project will span 1.7 million square feet and include four office towers and two residential buildings with ground-level retail space. Potomac Yard will be situated less than two miles from Amazon’s HQ2 future site. Bethesda, Md.-based JBG Smith is building the property on behalf of Virginia Tech and JPMorgan, which received approval in December from the City of Alexandria to move forward with development. A timeline for construction of Phase I was not disclosed. Virginia Tech’s $1 billion Innovation Campus will anchor the development. Virginia Tech’s portion of the project will include an 11-story, 300,000-square-foot academic building that is expected to deliver in 2024. The university expects to break ground in summer 2022 on the project that SmithGroup designed. Potomac Yard will be situated adjacent to the Potomac Yard Metro Station, which is expected to open in 2022. The project also includes more than 57,000 square feet of planned public and private open space.

January 18, 2021

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