Southeast

Cushman & Wakefield | Thalhimer Arranges $61M Sale of Crossways Commerce Center in Hampton Roads

by Julia Sanders May 28, 2021

CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has arranged the $61 million sale of Crossways Commerce Center I & II, a three-building, 525,082-square-foot industrial/flex portfolio in Virginia’s Hampton Roads region. The properties are located at 1449 Kristina Way and 1501 and 1545 Crossways Blvd. in Chesapeake. Eric Berkman of Cushman & Wakefield’s Washington, D.C., office, as well as Eric Robison of Cushman & Wakefield | Thalhimer, represented the seller, D.C.-based DSC Partners. A family office out of New Jersey known as Heritage Capital acquired the property. Crossways Commerce Center I & II was 100 percent leased at the time of sale to tenants including General Dynamics, Fiserv, Sentara Healthcare, Safelite Fulfillment Inc., Mid-Atlantic Engineering and Regus.

May 28, 2021

Acquisitions Georgia Multifamily Southeast

Marcus & Millichap Brokers $31.8M Sale of Multifamily Community in Metro Atlanta

by Julia Sanders May 28, 2021

KENNESAW, GA. — Marcus & Millichap has brokered the sale of Lewis House at Kennesaw, a 132-unit apartment property located in the Atlanta suburb of Kennesaw. The property sold for $31.8 million, which equates to approximately $240,530 per unit. Walt Gill of True North Cos. built the Lewis House at Kennesaw. The Class A property was less than 30 percent occupied when it was brought to market. The community is located adjacent to several recreational and entertainment venues, including a new $10 million recreation center, a new 4,400-seat amphitheater and a 33-acre community park. The Lewis House is approximately 2.2 miles from Kennesaw State University. The property features a unique “big house” design concept that is single-family-home-like in appearance while providing apartment amenities and services to its residents. John Brigel of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller and procured the buyer, an undisclosed limited liability company. John Leonard of Marcus & Millichap assisted in closing the transaction.

May 28, 2021

Affordable Housing Development Georgia Multifamily Southeast

Tapestry, Columbia Residential Open $19M Affordable Seniors Housing Community in Decatur, Georgia

by Julia Sanders May 28, 2021

DECATUR, GA. — Decatur-based Tapestry Development Group and Atlanta-based Columbia Residential have opened Stride Senior Residences, a $19 million mixed-income seniors housing community in Decatur. The property offers income-restricted and market-rate units, with 80 percent of the residences affordable to seniors at 60 percent of area median income. Currently, 88 of the 90 units are leased, including all the affordable units. The property is located at 651 Decatur Village Drive, about 2.2 miles north of downtown Decatur. The community is also close to stores, restaurants, professional services options, DeKalb Medical Center, MARTA bus lines and the MARTA Decatur station. Amenities include a shared community park, fenced community garden, movie theater room, fitness center, computer center, community room with a kitchen and free Wi-Fi in common areas. The new community is situated at Scott Boulevard and North Decatur Road within Decatur Crossing, a 26-acre mixed-use development by Atlanta-based Fuqua Development. Decatur Crossing’s three phases contain approximately 94,000 square feet of commercial space, including three grocery stores, 14,000 square feet of office space and over 950 apartments. Tapestry Development Group and Columbia Residential assembled the land in December 2017 and broke ground in May 2019. The developers had the Stride project certified …

May 28, 2021

Acquisitions Industrial South Carolina Southeast

McCraney Sells 201,600 SF 85 Logistics Park in Metro Greenville to Pall Corp.

by Julia Sanders May 28, 2021

DUNCAN, S.C. — McCraney Property Co. has sold 85 Logistics Park, a 201,600-square-foot, speculative industrial building located on 18.6 acres at 816 Berry Shoals Road in Duncan. This property is the first location in South Carolina for the new owner and buyer, Pall Corp., a global manufacturer of high-tech filtration, separation and purification products servicing the advanced manufacturing, food and life sciences industries. The sales price was not disclosed. The addition of Pall Corp. to the Greenville-Spartanburg industrial submarket will result in the addition of 425 new jobs, according to Joseph Curley of McCraney. Trey Pennington and Jeff Benedict of CBRE represented McCraney in the transaction. Frank Larsen of CBRE represented the buyer.

May 28, 2021

Acquisitions Kentucky Retail Southeast

NAI Isaac Brokers Sale of 16,300 SF Retail Center in Lexington, Kentucky

by Julia Sanders May 28, 2021

LEXINGTON, KY. — NAI Isaac has brokered the sale of a 16,300-square-foot retail center located at 268-278 Southland Drive in Lexington. An unnamed, locally based investor purchased the property for an undisclosed price. The buyer retained NAI Isaac as property manager. The center spans two buildings and is occupied by Planned Parenthood, Gold & Diamond Apparel, GDA Jewelers, Lexington Healing Arts Academy, Associates in Rehab and Providence Community Church. Jamie Adams and J. L. Cannady of NAI Isaac represented the buyer in the transaction. John Bunch of SVN Stone Commercial Real Estate represented the seller.

May 28, 2021

Acquisitions Arizona Multifamily Southeast Tennessee

TruAmerica Multifamily Acquires Two Apartment Communities in Metro Nashville, Phoenix for $196M

by Julia Sanders May 27, 2021

FRANKLIN, TENN. AND PHOENIX, ARIZ. — TruAmerica Multifamily has acquired two garden-style communities in Phoenix and Nashville’s Cool Springs district in separate transactions totaling $196 million. The two properties add about 1,000 apartments to the company’s national multifamily portfolio. The 435-unit Phoenix property is dubbed The Urban. Built in 2005, the property is located at 3601 E. McDowell Road and features floorplans that range in size from studio to three-bedroom, two-bathroom units. Community amenities include two swimming pools, an outdoor kitchen, fitness center and community green space. The Urban is the second acquisition in Phoenix this year for TruAmerica, after purchasing The Bella, a 200-unit, garden-style community on the city’s north side. The metro Nashville property is Viera Cool Springs, a 468-unit property built in 1987. Acquired in an off-market transaction from Miami-based Lindemann Multifamily, Viera Cool Springs is located at 300 Royal Oaks Boulevard in Franklin, 25 miles south of downtown Nashville. The property has one- and two-bedroom apartment homes that are situated in 38 two-story buildings on a 36.5-acre site. Community amenities include lighted tennis courts, two swimming pools, resident clubhouse and business center, yoga studio and fitness center. Viera Cool Springs is TruAmerica’s second investment in metro …

May 27, 2021

Acquisitions Loans Multifamily Southeast Tennessee

CBRE Global Investors Provides $52M Acquisition Loan for Avana Overlook Apartments in Nashville

by Julia Sanders May 27, 2021

NASHVILLE, TENN. — A fund sponsored by CBRE Global Investors has provided a $52 million acquisition loan for a 452-unit multifamily property in Nashville. The borrower is a subsidiary of Charleston, S.C.-based Greystar Real Estate Partners. The seller was not disclosed. The property, known as Avana Overlook, is a garden-style apartment located at 727 Bell Road. Built in 1998, the property offers one-, two- and three- bedroom units that include in-unit washers and dryers, private patios and balconies and walk-in closets. Community amenities include two swimming pools with cabanas, a 24-hour fitness center, playground, outdoor grilling area, clubhouse and a dog park. Avana Overlook is situated one mile from Interstate 24 and State Highway 41. The property is 14 miles from downtown Nashville, 7.2 miles from Nashville International Airport and less than two miles from the Century Farms Development, a 310-acre, $1.7 billion mixed-use project currently under construction. Nate Sittema of CBRE’s Charlotte office arranged the loan on behalf of Greystar.

May 27, 2021

Acquisitions Georgia Retail Southeast Virginia

SRS Brokers $10.6M Sale of Two New Petsuites-Occupied Stores in Virginia, Georgia

by Julia Sanders May 27, 2021

NEWPORT NEWS, VA. AND LAWRENCEVILLE, GA. — SRS Real Estate Partners’ National Net Lease Group has brokered the sales of two single-tenant retail properties for a combined $10.6 million. The properties are located in Newport News and Lawrenceville and were both built in 2020. Petsuites, a pet resort and spa operator based in Erlanger, Ky., signed long-term, 20-year leases at both locations. The properties were in high demand as the $232 billion pet care industry has seen a huge increase in growth amid the pandemic, according to Raymond of SRS. Britt Raymond and Kyle Fant of SRS represented the seller, a North Carolina-based developer, in both 1031 exchange transactions. Both stores span 14,000 square feet. The Newport News location is located at 12533 Warwick Blvd. The property is situated on just over two acres and sold for $5.5 million. Danny Brooker of Monument Retail represented the Florida-based, privately held buyer. The store is close to other national retailers including Harris Teeter, Food Lion and Chick-fil-A. The Lawrenceville property is located at 2525 Sugarloaf Parkway and is situated on 4.7 acres. Elizabeth Morgan of Pinnacle Real Estate represented the Minnesota-based buyer in the $5.1 million transaction.

May 27, 2021

Build-to-Rent Development Georgia Leasing Activity Multifamily Southeast

Parkland Residential Breaks Ground on Build-for-Rent Townhome Property in Lawrenceville, Georgia

by Julia Sanders May 27, 2021

LAWRENCEVILLE, GA. — Atlanta-based Parkland Residential has broken ground on Sweetwater Springs, the company’s first build-for-rent (BFR) community. The property is located at 1510 Duluth Highway in Lawrenceville, about 28 miles northeast of downtown Atlanta. The development will be completed by December 2021. Managed by Lincoln Property Group, Sweetwater Springs will be one of the first BFR communities in Gwinnett County and the first stacked townhome property within the county. Parkland Residential has begun leasing the townhomes at rents ranging from $1,950 to $2,300 per month. The three-bedroom units total 1,950 square feet and offer two-and-a-half baths plus a loft. Two-bedroom units offer 1,630 square feet of total living space. The rear-entry stacked townhomes in Sweetwater Springs will offer one-car garages and two- or three-bedroom units, including private owner’s suites with walk-in closets and baths featuring dual vanities. The open floor plans will feature kitchens that open into family rooms with covered outdoor living spaces. NorthMarq arranged $12 million of construction financing through Trez Capital on behalf of Parkland Residential. The developer says it plans to build several more BFR communities over the next several years as it provides an attractive housing alternative for the middle class.

May 27, 2021

District of Columbia Southeast

First-Time Claims for Unemployment Insurance Decrease Again to 406,000, Another Pandemic-Era Low

by Julia Sanders May 27, 2021

WASHINGTON, D.C. — A total of 406,000 Americans filed for first-time unemployment insurance assistance for the week that ended May 22, the U.S. Department of Labor reported Thursday. These claims were a decrease of 38,000 from last week’s unrevised unemployment claims of 444,000 and were lower than Dow Jones economists’ estimates of 425,000. This week’s claims were the lowest claims since March 14, 2020, which had 256,000 claims. Continuing claims, data of which lags a week, decreased by 96,000 to 3.64 million, according to CNBC. Some states are recovering better than others during the pandemic-induced recession, according to the Department of Labor. For the week ending in May 15, there were large increases in initial claims in New Jersey, Washington, West Virginia and Rhode Island. For the same week, there were large decreases in initial claims in Georgia, Kentucky, Texas, Michigan and Florida.

May 27, 2021

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