JONESBORO, GA. — Brennan Investment Group has acquired 25 acres in Jonesboro to develop Jonesboro Logistics Center, a three-building, 300,000-square-foot industrial campus in Jonesboro. Buildings One and Two will span 50,500 square feet, while Building Three will total 200,000 square feet. Each building is designed to accommodate two tenants. Buildings One and Two will be able to expand to house four tenants. Construction is scheduled to begin this quarter with completion targeted for the end of this year. Nick Peacher of Stream Realty Partners represented Chicago-based Brennan in the land transaction.
ALPHARETTA, GA. — Trademark Property Co. will oversee the redevelopment of North Point Mall in Alpharetta. According to several media outlets, the previous owner, Brookfield Properties, relinquished ownership back to New York Life Insurance Co. earlier this month. Trademark will also manage and lead the leasing effort for the property. North Point Mall spans 1.3 million square feet and is located near the intersection of Ga. Highway 400 and Encore Parkway, 25 miles north of downtown Atlanta. The enclosed mall features 129 stores and restaurants, including Dillard’s, JC Penney, Von Maur, H&M, Macy’s, Sephora, AMC Theatres and The Cheesecake Factory. A timeline for redevelopment plans was not disclosed. Fort Worth, Texas-based Trademark has also redeveloped centers such as Bridgewater Commons in New Jersey; La Palmera in Corpus Christi, Texas: Victory Park in Dallas; Rice Village in Houston; WestBend in Fort Worth; Zona Rosa in Kansas City, Mo.; Annapolis Town Center in Annapolis, Md.; and Saddle Creek in Germantown, Tenn.
CHARLOTTE, N.C. — Aspen Heights Partners has broken ground on Aspen Heights University City, a 188-unit student housing community located at 300 Heritage Lake Drive near the University of North Carolina at Charlotte campus. The property will offer two-, three-, four- and five-bedroom units, two-thirds of which will feature a cottage-style design. Communal amenities will include a pool, grilling areas, basketball court, sand volleyball court, fitness center, study lounges and an onsite shuttle to campus. Austin, Texas-based Aspen Heights secured $38.1 million in construction financing from Synovus Bank for the development, which is scheduled for completion in summer 2022.
COLUMBIA, S.C. — The Home Depot has signed a 68,040-square-foot industrial lease within Midway Logistics VI in Columbia. Magnus Development is developing the 192,780-square-foot facility, which is situated within Lexington County Industrial Park, less than two miles from the Interstate 26/77 interchange and six miles southeast of the Columbia Metropolitan Airport. Midway Logistics VI features 32-foot clear heights, ESFR sprinklers, motion-sensor LED lighting and trailer parking. The Home Depot plans to utilize the space as a last-mile distribution center. A timeline for the Atlanta-based retailer’s move-in was not disclosed. Chuck Salley, Dave Mathews, Thomas Beard and John Peebles of Colliers represented the landlord in the lease negotiations.
HERMITAGE, TENN. — Ziff Real Estate Partners has acquired Jackson’s Courtyard, a 41,439-square-foot retail center in Hermitage, for an undisclosed price. The property is located at 3441 Lebanon Pike, 13 miles east of downtown Nashville. At the time of sale, the property was leased to tenants including Co. Capelli Salon & Spa, Subway, Hermitage Dance Academy and Mirage Nails Salon. The seller was not disclosed.
ORLANDO, FLA. — Dart Interests has unveiled plans to redevelop Villas at Grand Cypress in Orlando into a massive vacation rental resort and hotel project named Evermore Orlando Resort. The 1,100-acre resort is adjacent to Walt Disney World. At full buildout in 2023, the 10,000-bedroom project will represent an equity investment in excess of $1 billion. Evermore’s first phase will include nearly 1,500 rooms spread across single-family rental homes, villas, flats and hotel guestrooms. Plans call for 69 houses ranging in size from five to 11 bedrooms. “Dart is introducing an entirely new hospitality category that will change the landscape of vacation rental homes,” says Christopher Kelsey, president of Dart. “We are creating the first-ever wholly owned, large-scale community of purpose-built vacation rental homes and operating them with hotel-quality standards.” According to Kelsey, Dart’s approach to this project solves the main problem for vacation renters — uncertainty in the quality of the home. The centralized ownership model ensures the same quality for each residence, as opposed to most other vacation homes that are owned by individuals. In addition to vacation homes, the complex will also include 76 four-bedroom flats, 41 two- and four-bedroom villas and a Conrad hotel, which is …
ABERDEEN, MD. — A fund sponsored by Los Angeles-based CBRE Global Investors has acquired a two-building, 1.4 million-square-foot industrial portfolio in Aberdeen for an undisclosed price. The two buildings are located at 521 and 531 Chelsea Road, 34 miles northeast of the Port of Baltimore and five miles east of Interstate 95. The buildings serve as warehouse/distribution centers and were fully leased at the time of sale to tenants including cosmetics retailer Sephora and home appliance manufacturer Electrolux. The building housing Electrolux spans 692,000 square feet and was originally developed in 2012. The building at 531 Chelsea Road totals 655,800 square feet and was completed in 2014. Both properties are LEED Silver-certified and feature 40-foot clear heights, 50-foot-by-50-foot column spacing and truck and car parking. Bo Cashman and Jonathan Beard of CBRE represented the undisclosed seller in the transaction.
LYNCHBURG, VA. — Liberty University will redevelop the west end of River Ridge, a regional mall in Lynchburg that the university owns. The enclosed shopping mall is located less than one mile from campus. The university will demolish the Macy’s building in the first quarter of this year and plans to turn the area into an open-air shopping center with a food hall. The renovated shopping area will feature higher store elevations and urban-esque storefront designs, as well as an outdoor venue for family-themed community events. Liberty University plans to deliver the food hall in late 2021 and the rest of the project in 2022. JLL manages the mall on behalf of the owner.
AVENTURA, FLA. — JLL has provided a $50.4 million Freddie Mac refinancing loan for Lincoln Pointe Apartments in Aventura. JLL Real Estate Capital LLC, a Freddie Mac Optigo lender, will service the loan. The 285-unit property comprises four three-story buildings with one- and two-bedroom floor plans averaging 904 square feet. Communal amenities include a clubhouse, fitness center, business center and a pool. The complex is located at 17900 NE 31st Court, 19 miles north of downtown Miami. Elliott Throne and Steven Klein of JLL originated the loan on behalf of the borrower, a partnership between New York City-based firms LCOR and Madison International Realty.
CHARLOTTE, N.C. — Cushman & Wakefield has brokered the $18.5 million sale of Northridge Business Center, a four-building office and warehouse property in Charlotte. The buildings total 174,506 square feet and are situated at 5005-5035 W. W.T. Harris Blvd. in Charlotte’s West Sugar Creek neighborhood. Northridge Business Center was 92 percent leased at the time of sale. Nolan Ashton and Rob Cochran of Cushman & Wakefield represented the seller, SkyREM, in the transaction. SunCap Opportunity Fund LLC, a privately held, national commercial real estate investment firm, acquired the property.