Southeast

Haven Realty Capital Acquires Single-Family Rental Homes in Georgia, North Carolina for $80M

by Julia Sanders July 28, 2021

LOS ANGELES — Haven Realty Capital, a Los Angeles-based single-family rental investor, has acquired three communities in the Southeast to add to its institutional single-family rental and build-to-rent portfolio. The housing developments are currently under construction and are located in metro Atlanta and in Charlotte. The two separate transactions totaled $80 million, and the sellers were not disclosed. The first metro Atlanta community, Stapleton Park, is located at 150 John Wesley Way in McDonough and will include 76 homes. The property will have three- and four-bedroom floorplans ranging in size from 1,916 to 2,655 square feet. The other property, Rosemary Park at Sugarloaf, is located at 819 Sugarloaf Parkway in Lawrenceville and will include 78 three-bedroom and two-and-a-half bedroom townhomes. Ranging in size from 1,559 to 1,804 square feet, each home in Rosemary Park will feature granite countertops, hard surface flooring, new stainless-steel appliances and private backyard. In a separate transaction, Haven Realty closed on the first phase of Queen City Townes, a 106-unit rental townhome community in Charlotte’s South End. The two- and three-bedroom townhomes range in size from 1,370 to 1,599 square feet. Located at 4928 Old Pineville Road, the community is situated 0.2 miles from the Woodlawn …

July 28, 2021

Acquisitions Industrial Mississippi Southeast

JLL Brokers Sale of 328,355 SF Distribution Facility Near Memphis Leased to Toshiba

by Julia Sanders July 28, 2021

HORN LAKE, MISS. — JLL has brokered the sale of DeSoto A2, a 328,355-square-foot bulk distribution facility in Horn Lake. The facility is triple-net-leased to Toshiba, a Tokyo-based computer and electronics retailer company. Dennis Mitchell, Matt Wirth, Britton Burdette, Jim Freeman, Mitchell Townsend and Jack Wohrman of JLL represented the seller, Preylock Holdings, in the transaction. Bixby Land Co. purchased the property for an undisclosed price. DeSoto A2 is part of DeSoto 55 Logistics Center, a business center developed in 2020 by Atlanta-based Core5 Industrial Partners. The single-tenant building features 36-foot clear heights, ESFR fire protection, a TPO roof, auto and trailer parking and dock-high doors with view windows. The facility is located at 1453 Commerce Parkway in a suburb less than 20 miles south of downtown Memphis. The infill location is just off Interstate 55, about 10 miles from Memphis International Airport. Additionally, the property has unparalleled regional access along with proximity to multiple intermodal facilities, including Canadian National Harrison Yard, BNSF Railway and Norfolk Southern.

July 28, 2021

Development Georgia Multifamily Single-Family Rental Southeast

PulteGroup, Invitation Homes to Build 7,500 Single-Family Rental Projects in Next Five Years

by Julia Sanders July 28, 2021

ATLANTA AND DALLAS — Atlanta-based PulteGroup Inc. and Dallas-based Invitation Homes have formed a joint venture to build and lease new single-family rental homes. PulteGroup expects to design and build approximately 7,500 new homes over the next five years specifically for sale to Invitation Homes for inclusion in its single-family rental leasing portfolio. The companies have already agreed on the construction and sale of over 1,000 homes across seven communities over the next several years, with the first sales expected to close in 2022. Initial projects are scheduled for delivery in growth markets such as Florida, Georgia, Southern California, North Carolina and Texas. PulteGroup Inc. is a homebuilding company with operations in more than 40 markets throughout the country. Invitation Homes is a single-family home leasing and management company.

July 28, 2021

Acquisitions Hospitality South Carolina Southeast

Lodging Partners Arranges Sale of Quality Inn & Suites Hotel in Myrtle Beach

by Julia Sanders July 28, 2021

MYRTLE BEACH, S.C. — Lodging Partners LLC has arranged the sale of Quality Inn & Suites Myrtle Beach, a 65-room hotel. Lodging Partners represented the undisclosed seller in the transaction. The sales price was not disclosed. The eight-story hotel sold to a regional owner and operator of select-service hotels. The property is located directly across the street from the Atlantic Ocean and 6.7 miles from Family Kingdom Amusement Park and Splashes Water Park and 7.5 miles from the Myrtle Beach Boardwalk. Quality Inn & Suites Myrtle Beach is the 20th hotel deal that Lodging Partners has been involved with in the Myrtle Beach market. Other recent sales completed in 2021 by Lodging Partners include the sale of three mid-market extended-stay hotels: the Affordable Corporate Suites located in Concord, Statesville and Kannapolis, N.C. Lodging Partners is a specialized hotel brokerage and advisory firm focused on the sale of select-service hospitality investment properties on behalf of institutional and private investors throughout the United States.

July 28, 2021

Acquisitions Kentucky Retail Southeast

SVN | Stone Secures $17.4M Sale of Mist Lake Plaza Shopping Center in Lexington, Kentucky

by Julia Sanders July 28, 2021

LEXINGTON, KY. — SVN | Stone Commercial Real Estate has brokered the $17.4 million sale of Mist Lake Plaza, a 217,292-square-foot shopping center in Lexington. Matt Stone, Justin Ryder and Nathan Dilly of SVN | Stone represented the seller, DF Lexington Properties LLC. Jim Powell of The Gibson Co. represented the buyer, S & P Holdings LLC. The center will be the future home of Lexington Motorsports, a motorcycle dealer in Kentucky. Mist Lake Plaza is located near Man O’ War Boulevard, Saint Joseph East Hospital and Hamburg Pavilion. The City Council of Lexington approved the lifting of a deed restriction that would allow Lexington Motorsports to operate on the site. Lexington Motorsports will occupy about 125,442 square feet of the facility. Built in 1992, Mist Lake Plaza is 89 percent occupied. The other tenants at the property include Nay’s Hair Braiding, Gabe’s, Hibbett Sports, Texas Roadhouse, Check Advance, H&R Block, Pro Nail Salon and Rent-A-Center.

July 28, 2021

Development District of Columbia Office Southeast

Office Properties Income Trust Breaks Ground on $200M Redevelopment Project in D.C.

by Julia Sanders July 27, 2021

WASHINGTON, D.C. — Office Properties Income Trust has broken ground on a redevelopment of a Class B office building located at 20 Massachusetts Ave. NW in Washington, D.C. The project will expand and reimagine the seven-story, 340,119-square-foot building to a 10-story, 427,000-square-foot property. The project, named 20 Mass, is expected to be completed in early 2023 and is predicted to cost approximately $200 million. Designed by Leo A. Daily Architects, 20 Mass will include 184,000 square feet of Class A office space on the top four floors with 45,000-square-foot floor plates, 14,000 square feet of retail space, a 271-room Royal Sonesta Hotel and a fitness club. Property amenities will include a vegetated green roof and a conference center. 20 Mass will feature touchless systems and will have WELL and LEED certifications. Located in D.C.’s Capitol Hill neighborhood, 20 Mass is adjacent to Union Station, a regional transit hub, and Capital One Arena, home stadium of the Washington Wizards basketball club and Washington Capitals ice hockey team. The property is also close to neighborhoods such as Chinatown, Penn Quarter and the Mount Vernon Triangle. Office Properties Income Trust is a REIT managed by the operating subsidiary of The RMR Group Inc., …

July 27, 2021

Acquisitions North Carolina Office Southeast

CP Group Purchases 370,000 SF Harris Corners Office Campus in Charlotte

by Julia Sanders July 27, 2021

CHARLOTTE, N.C. — CP Group has purchased Harris Corners, a 370,000-square-foot office campus located at 9115 Harris Corners Parkway in Charlotte. CP Group and Siguler Guff, a private equity investment firm based in New York, purchased the property in a joint venture. The sales price and seller were not disclosed. Built between 2000 and 2006, Harris Corners includes two five-story buildings and one four-story building. Property amenities include a conference facility, tenant lounge with a café, fitness center, food truck program and a central courtyard. The property is also home to a newly constructed Courtyard/Residence Inn. Harris Corners is located 14.7 miles north of the Charlotte Douglas International Airport. Following the acquisition, CP Group will renovate the common areas and amenities while implementing its Class A management and tenant service programs. Formerly known as Crocker Partners, CP Group is a Boca Raton, Fla.-based owner-operator and developer of commercial real estate.

July 27, 2021

Acquisitions Multifamily North Carolina Southeast

EverWest Acquires Mint Apartments in Uptown Charlotte for $64.1M

by Julia Sanders July 27, 2021

CHARLOTTE, N.C. — EverWest Real Estate Investors has purchased The Mint, a 178-unit multifamily community in Uptown Charlotte. EverWest purchased The Mint from Spectrum Cos. Allan Lynch and Caylor Mark of NorthMarq represented Spectrum Cos. in the transaction. The sales price was $64.1 million. Located 425 W. Trade St., The Mint totals seven stories and 161,723 square feet. The property offers studio, one- and two-bedroom apartments with an average unit size of 909 square feet. Delivered in 2015, The Mint features a brick, stone and stucco façade. Community amenities include a fitness center, Zen courtyard, swimming pool, resident clubhouse, sky lounge and dog run. Denver-based EverWest plans to upgrade the property’s unit interiors, amenity spaces and exteriors. The plan includes modernization of all amenity spaces and an upgrade of unit interiors with new plank flooring, updated kitchen and bathroom cabinets, designer lighting and hardware fixtures and a full technology package.

July 27, 2021

Development Industrial Loans Maryland Self-Storage Southeast

Talonvest Capital Secures $45.5M Construction Loan for Self-Storage Project in Bethesda, Maryland

by Julia Sanders July 27, 2021

BETHESDA, MD. — Talonvest Capital Inc. has secured a $45.5 million construction loan to fund the ground-up development of a self-storage facility in Bethesda. Upon completion, the self-storage facility will feature a 131,559 net rentable square feet of climate-controlled space in approximately 1,560 units across nine levels. The project is expected to be completed in 2022. The loan features a low interest rate, a three-year term with an extension option and prepayment flexibility. Jim Davies, Erich Pryor, Mason Brusseau and Tom Sherlock of Talonvest secured the loan on behalf of the borrower, 1784 Capital Holdings, which is a self-storage developer based in Scottsdale, Arizona. Talonvest Capital is an Irvine, Calif.-based real estate firm that provides advisory services to self-storage and commercial real estate investors, owners and developers nationally.

July 27, 2021

Acquisitions Development Maryland Multifamily Office Southeast

Trout Daniel Arranges Sale of Former Department Store in Baltimore, Buyer Plans Multifamily Conversion

by Julia Sanders July 27, 2021

BALTIMORE — Trout Daniel & Associates (TD&A) has arranged the sale of 300 West Fayette Street, a 120,000-square-foot building in Baltimore. The buyer, an entity doing business as 300 W. Fayette Finance LLC, is led by a local investment group. The company plans to redevelop the property into an apartment community. The sales price and seller were not disclosed. The property is a seven story building that formerly was a department store. The building will be converted into 107 market-rate apartments and will include street-level retail and flexible office space. Construction is slated to start in a few months. Built in 1908, the building was the original home of Berkheimer Brothers Department Store. In addition to the original department store, the sale includes an adjoining brownstone building that once housed Robert L. Richardson Mortgage Co. Gary Olschansky of TD&A represented the undisclosed seller, who had owned the building since 2005. Brad Byrnes of Byrnes & Associates Inc. represented the buyer. TD&A is a Baltimore-based commercial real estate services company.

July 27, 2021

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