Southeast

Waypoint Real Estate Acquires Apartment Complex in Daytona Beach for $57.1M

by Alex Tostado December 7, 2020

DAYTONA BEACH, FLA. — Waypoint Real Estate Investments has acquired Tomoka Pointe, a 276-unit apartment complex in Daytona Beach, for $57.1 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a business center, pool, resident lounge, 24-hour fitness center and a clubhouse. The asset is situated at 1317 Tomoka Town Center Drive, five miles west of downtown Daytona Beach. The seller, Tomoka Pointe Housing LP, delivered the community in 2019. Scott Ramey, Erik Bjornson and Patrick Dufour of Newmark represented the seller in the transaction.

December 7, 2020

Acquisitions Kentucky Multifamily Southeast Student Housing

Newmark Arranges Sale of 649-Bed Student Housing Community Near University of Kentucky

by Alex Tostado December 7, 2020

LEXINGTON, KY. — Newmark has arranged the sale of The Lex, a 649-bed student housing community near the University of Kentucky in Lexington. The property is the closest student housing community to Rupp Arena, the home court of the university’s men’s basketball team. Communal amenities at The Lex include a business center, game room, 24-hour fitness center, pool and grilling areas. The property offers studio to four-bedroom floor plans. Debbie Corson, Ryan Lang and Jack Brett of Newmark represented the seller, a partnership between Atlanta-based CF Real Estate Services and global private equity firm SFO Group, in the transaction. Boston-based William Fideli Investments acquired the asset for an undisclosed price.

December 7, 2020

Georgia Leasing Activity Retail Southeast

DD’s Discounts to Occupy 17,656 SF Within Shopping Center in Metro Atlanta

by Alex Tostado December 7, 2020

DORAVILLE, GA. — DD’s Discounts has signed a lease to occupy 17,656 square feet of space within Pinetree Plaza in Doraville. A timeline for the store opening was not disclosed. Halpern Enterprises Inc. has owned, leased and managed Pinetree Plaza for more than 60 years. The 206,496-square-foot shopping center is located at 5289 Buford Highway, 16 miles northeast of downtown Atlanta. Other tenants at the center include Supermercado Chicago, LanZhou Ramen, Bo Bo Garden Asian Cuisine, Dim Sum Heaven, Mango Mango and I-CE-NY. Pinetree Plaza is also home to Mundo Hispánico, Atlanta’s largest Spanish-language newspaper, which moved into Halpern’s former office headquarters in 2018. DD’s Discounts operates 270 locations in 20 states and offers discounted apparel, accessories, footwear and home fashions.

December 7, 2020

Georgia Market Reports Office Southeast Southeast Market Reports

Atlanta’s Office Market is Going to be Just Fine as New Developments Come on Line

by Alex Tostado December 7, 2020

We’ve all seen the depressing commercial real estate news stories about the state of the office market, with words like “bleak,” “hazy” or “obsolete” in the headlines. Questions surround every major market, including Atlanta — a metro market known for its dependable economy and robust demand. Admittedly, Atlanta has had its struggles during the pandemic, like slow leasing activity and rising rental rates, but not everything is doom and gloom. New City Properties, in the middle of breaking ground on Mailchimp’s new headquarters, announced it was upping the budget to prepare for future pandemics, including setting money aside for technology that is not even available yet. Other developers are choosing to prioritize private green space over expensive machinery. Midtown’s new Norfolk Southern headquarters, opening by the third quarter of 2021, takes advantage of its 3.4-acre lot by developing a campus-style hub filled with parks and a rooftop garden. Employees who utilize these outdoor spaces decrease the risk of airborne transmissions, as well as promote healthy habits. Not every office building has the room for large outdoor forums, so other owners are doing away with cubicles and building out private offices. Or if they have cubes, they’re advised to choose bigger …

December 7, 2020

Development Multifamily North Carolina Southeast

Aventon to Develop $140M Apartment Community in Raleigh

by Alex Tostado December 4, 2020

RALEIGH, N.C. — Aventon Cos. will develop Aventon North Ridge, a 372-unit apartment community in Raleigh. Aventon expects construction to cost $140 million and to open the community in late 2021. The asset will comprise four three- and four-story buildings, 12 detached carriage homes over private garages and a two-story clubhouse. The property will offer one-, two- and three-bedroom floor plans. Communal amenities will include a fitness center, yoga studio, media lounges, podcast studio, pool, two dog parks and an outdoor kitchen. Cline Design Associates is the architect. Locally based Aventon acquired 39 acres to develop the project, which will span 26 acres in its first phase. Aventon will develop the additional 13 acres into a separate multifamily community, for which further details were not disclosed.

December 4, 2020

District of Columbia Southeast

US Economy Adds 245,000 Jobs in November, Missing Economists’ Projections by a Wide Margin

by Alex Tostado December 4, 2020

WASHINGTON, D.C. — The U.S. economy added 245,000 jobs in November, the U.S. Bureau of Labor Statistics (BLS) announced Friday. Economists surveyed by Dow Jones had expected the total jobs added to reach 469,000. The unemployment rate dipped 20 basis points from October to 6.7 percent. The most recent figure marks the seventh consecutive month of job growth following the onset of the coronavirus pandemic. According to the BLS, outside factors such as surging coronavirus cases, new restrictions in some states and an unapproved stimulus package slowed growth for the month. Job growth was also stunted in part due to the lack of retail hiring ahead of the holiday season. Employment in the retail sector fell by 35,000 jobs, led by decreases in general merchandise stores (-21,000); and sporting goods, hobby, book and music stores (-12,000). Notable job gains occurred in the transportation and warehousing sector, which added 145,000 jobs in November. The figure is still 123,000 jobs below its February level. Employment in professional and business services increased by 60,000 jobs. Employment in the sector is struggling to return to pre-pandemic norms as it is still 1.1 million jobs behind its February level. The healthcare industry added 46,000 jobs, …

December 4, 2020

Acquisitions Florida Industrial Southeast

JLL Arranges $71.5M Sale of Industrial Facility Near Orlando

by Alex Tostado December 4, 2020

APOPKA, FLA. — JLL has arranged the $71.5 million sale of a 289,839-square-foot industrial facility in Apopka. The property is situated within the 180-acre Mid-Florida Logistics Park, 20 miles northwest of downtown Orlando. The seller, BlueScope Properties Group, delivered the asset in July on a build-to-suit basis for an undisclosed beverage company. The asset features 36-foot clear heights, ESFR sprinklers, LED lighting, cold storage capacity with space for 6,200 pallets, five cold dock doors and 10 dry dock doors. John Huguenard, Sean Devaney, Julia Silva, Luis Castillo, Brian Walsh and Keith Largay of JLL represented the seller in the transaction. Realty Income Corp. acquired the property.

December 4, 2020

Acquisitions Georgia Multifamily Southeast

RADCO Sells Apartment Complex Near Atlanta for $71.3M

by Alex Tostado December 4, 2020

NORCROSS, GA. — The RADCO Cos. has sold Ashford Indian Trail, a 467-unit apartment complex in Norcross, for $71.3 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, sundeck, barbecue areas, sand volleyball court, fitness center and a dog park. TruAmerica Multifamily Investments acquired the asset, which is located at 1100 Indian Trail Lilburn Road NW, 22 miles northeast of downtown Atlanta. Shea Campbell, Colleen Hendrix and Ashish Cholia of CBRE represented the seller in the transaction.

December 4, 2020

Acquisitions Georgia Multifamily Southeast

Olive Tree Disposes Multifamily Community in Metro Atlanta for $21.2M

by Alex Tostado December 4, 2020

COLLEGE PARK, GA. — Olive Tree Property Holdings LLC has sold The Life at Lakeview, a 326-unit multifamily community in College Park, for $21.2 million. The property offers studio, one- and two-bedroom floor plans. According to Apartments.com, rents at the gated complex range from $733 per month to $965. Olive Tree acquired the asset in 2018 for $12.7 million and implemented upgrades to the security systems around the complex. The buyer was not disclosed.

December 4, 2020

Acquisitions Development Mixed-Use North Carolina Office Southeast

Cousins Properties Acquires RailYard Office Building, Adjacent Parcel in Charlotte’s South End for $229.1M

by Alex Tostado December 3, 2020

CHARLOTTE, N.C. — Cousins Properties has acquired RailYard, a 328,985-square-foot office building, and an adjacent 3.4-acre plot for the development of a mixed-use project in Charlotte’s South End district. The Atlanta-based REIT paid $201 million for RailYard and $28.1 million for the land. Charlotte-based Beacon Partners delivered RailYard in 2019 and sold it to Cousins for approximately $611 per square foot. At the time of sale, the 296,392-square-foot office portion was 97 percent leased to tenants including Allstate, Parsons Corp., EY, Slalom Consulting and WeWork. RailYard also features 32,593 square feet of ground-level retail space. Patrick Gildea, Matt Smith, Will Yowell, Grayson Hawkins and Brandon McMenomy of CBRE represented Beacon Partners in the sale. Cousins Properties acquired the adjacent land, which features access to the Bland Street Metro Station, from an undisclosed seller. Cousins plans to develop a mixed-use project spanning up to 700,000 square feet that will include office and residential space.

December 3, 2020

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