Southeast

Marcus & Millichap Negotiates $3.1M Sale of Affordable Housing Community in Sarasota

by Alex Tostado June 5, 2020

SARASOTA, FLA. — Marcus & Millichap has negotiated the $3.1 million sale of Beneva Oaks, a 40-unit affordable housing community in Sarasota. The property offers one- and two-bedroom floor plans ranging from 521 to 702 square feet. Communal amenities include a community room with a fully equipped kitchen. Beneva Oaks is located at 650 N. Beneva Road, three miles east of downtown Sarasota. Luis Baez, Miles Tombrink, Casey Babb and Shawn Rupp of Marcus & Millichap’s The Babb Group represented both the buyer and seller in the transaction. Though neither was disclosed, the Sarasota Herald-Tribune reports the buyer was Beneva Redevelopment LP and the seller was an affiliate of Goodwill Manasota.

June 5, 2020

Acquisitions Industrial Maryland Southeast

Stewart Properties Sells 550,050 SF Cold Storage Facility Near Baltimore

by Alex Tostado June 4, 2020

NORTH EAST, MD. — Stewart Properties has sold Principio Commerce Center II, a 550,050-square-foot cold storage facility in North East. The asset is fully leased to KeHE Distributors LLC. Stewart Properties delivered the property in February. The building features 36-foot clear heights; LED lighting; wide column spacing; loading positions including 43 dry, 14 cold and 36 additional punch-outs; four drive-in doors; and significant freezer and cooler buildouts. Principio Commerce Center is located at 585 Principio Parkway W., 47 miles northeast of downtown Baltimore and the Port of Baltimore. Bruce Strasburg, Dave Dannenfelser, Jay Wellschlager, Tyler Boykin and Craig Childs of JLL represented the seller in the transaction. CBRE Global Investors acquired the asset for an undisclosed price.

June 4, 2020

Development Multifamily Southeast Tennessee

Alliance Residential to Develop 343-Unit Multifamily Community in Nashville

by Alex Tostado June 4, 2020

NASHVILLE, TENN. — Alliance Residential Co. will develop Broadstone Nations, a planned 343-unit multifamily community in Nashville’s The Nations neighborhood. Alliance Residential closed on the 6.3-acre land sale and expects to begin construction later this year with the first units slated to open in early 2022. The five-story building will offer studio, one- and two-bedroom floor plans averaging 809 square feet. Communal amenities will include a private meditation room, fitness center with a separated yoga room and a saltwater pool. Unit interiors will feature soft-close cabinetry, built-in desks, chef-inspired kitchen islands, and select units will feature home offices, dry bars and wine refrigerators. The community will be located at 4731 Centennial Blvd., five miles west of downtown Nashville.

June 4, 2020

District of Columbia Southeast

First-Time Jobless Claims Up by 1.9M, Initial Filings Decline for Ninth Straight Week

by Alex Tostado June 4, 2020

WASHINGTON, D.C. — Another 1.9 million Americans filed first-time unemployment claims in the week ending May 30, the U.S. Department of Labor reported. The latest figure is about 100,000 claims higher than economists surveyed by Dow Jones expected, with the forecast looking at just under 1.8 million claims. Since the COVID-19 outbreak in the U.S. in March, approximately 42.4 million claims have been filed. The Department of Labor also reported that the four-week moving average is at nearly 2.3 million claims, a decrease of 324,750 from the previous four-week average. Additionally, the number of first-time jobless claims has decreased for nine consecutive weeks.

June 4, 2020

Development Florida Multifamily Seniors Housing Southeast

Watercrest, Titan Development Open Seniors Housing Community in Metro Orlando

by Alex Tostado June 4, 2020

WINTER PARK, FLA. — Watercrest Senior Living Group and Titan Development Real Estate Fund I have opened Watercrest Winter Park Assisted Living and Memory Care, a 107-unit seniors housing community in Winter Park. Watercrest Winter Park features 75 assisted living and 32 memory care apartments. The property is located at 1501 Glendon Parkway, seven miles north of downtown Orlando. This is the second senior living development partnership between Watercrest and Titan Development. Titan Development Real Estate Fund I is a $200 million private equity real estate fund established in 2017 to raise and invest equity in approximately $600 million of Titan Development’s investment opportunities.

June 4, 2020

Development North Carolina Retail Southeast

Halpern Delivers Publix-Anchored Shopping Center in Oak Island, North Carolina

by Alex Tostado June 4, 2020

OAK ISLAND, N.C. — Halpern Enterprises has delivered Oak Island Market Place, a 35,800-square-foot, Publix-anchored property in Oak Island. Publix occupies 28,800 square feet. The remaining restaurant and retail space is available for lease. The property is situated at 5001 E. Oak Island Drive, 36 miles south of downtown Wilmington. This is the ninth shopping center Halpern has developed or redeveloped with a Publix anchor and the fourth in North Carolina.

June 4, 2020

Development Healthcare North Carolina Office Southeast

Healthcare Company Grail to Invest $100M in New Cancer Center in Durham

by Alex Tostado June 3, 2020

DURHAM, N.C. — Grail Inc. will invest $100 million at a new laboratory facility in Durham’s Research Triangle Park, a project that is expected to create about 400 new jobs. Menlo Park, Calif.-based Grail will be able to detect more than 50 types of cancer from a single blood sample at the facility. The average salary at the cancer center will be in line with Durham’s average household income of $71,756 per year, according to North Carolina Gov. Roy Cooper. Over the course of 12 years, the project is estimated to grow the state’s economy by $1.2 billion. The North Carolina Economic Investment Committee approved a Job Development Investment grant, which authorizes the potential reimbursement of $5.2 million to Grail if the company meets specific job creation measures and investment targets. This will mark Grail’s first production lab outside of California. Jay Phillips, Wayne Kumagai, Ben Stern and Doug Brock of Newmark Knight Frank (NKF) represented Grail in the land transaction. Alan Reeves, Joe Gioino, Ramya Sannananjegowda and Bob Hess, also of NKF, advised the buyer on the site selection. A timeline for construction was not disclosed.

June 3, 2020

Development Florida Industrial Southeast

Easton Group to Develop 266,000 SF Warehouse Near Miami

by Alex Tostado June 3, 2020

HIALEAH GARDENS, FLA. — Easton Group will develop a 266,000-square-foot warehouse in Hialeah Gardens near Miami. An affiliate of Easton acquired an 8.5-acre site for $8.2 million. In September, a different Easton affiliate bought an adjacent 8.5-acre site for $5.6 million. Easton will develop the 266,000-square-foot property across the entire 17-acre site, which is located on NW 107th Street near the Florida Turnpike. The facility will feature 32-foot clear heights and 75 trailer parking spaces. Construction is expected to start in the first quarter of 2021, and leasing efforts are already underway. Ware Malcomb designed the property. Dalton Easton internally represented the buyer in both land transactions. The seller(s) was not disclosed.

June 3, 2020

Loans Maryland Multifamily Southeast

KeyBank Provides $66.7M Refinancing Loan for Multifamily Community Near Baltimore

by Alex Tostado June 3, 2020

ELKRIDGE, MD. — KeyBank has provided a $66.7 million Freddie Mac refinancing loan for Verde at Howard Square, a 344-unit multifamily community in Elkridge. The 16-year loan features 10 years of interest-only payments followed by a 30-year amortization schedule. The property, which was built in 2019, comprises eight four-story buildings spanning 20 acres. Communal amenities include covered parking, a business center, clubhouse, fitness center, pool, lounge deck, game room and a dog-washing room. Dirk Falardeau of KeyBank originated the loan on behalf of the borrower, Atapco Properties.

June 3, 2020

Acquisitions Georgia Industrial Southeast

Transwestern Investment Group Acquires 238,533 SF Industrial Property in Metro Atlanta

by Alex Tostado June 3, 2020

FAIRBURN, GA. — Transwestern Investment Group has acquired Bohannon Logistics Center, a 238,533-square-foot industrial building in Fairburn. The seller, DHL Supply Chain, delivered the asset earlier this year. The property is situated at 5002 Bohannon Road, 13 miles southwest of Hartsfield-Jackson Atlanta International Airport and 22 miles southwest of downtown Atlanta. The building features 47 dock doors, 32-foot clear heights, 130 auto parking spaces, 54 trailer parking spaces and a 185-foot concrete truck court. Transwestern Real Estate Services will provide property management services. Reed Davis and Bob Currie of JLL are handling leasing efforts. Mike Chambers and Bill Kee of NAI Brannen Goddard represented the seller in the transaction. The sales price was not disclosed.

June 3, 2020

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