GALLATIN, TENN. — Brennan Investment Group has acquired and executed a 90,250-square-foot sale-leaseback of an industrial building fully leased to Bennett Tool & Die, a contract tooling and metal stamping supplier. The building is located at 1550 Airport Road in Gallatin, 33 miles northeast of downtown Nashville. The facility serves as Bennett Tool & Die’s corporate headquarters and primary manufacturing facility. The sales price and terms of the new lease were not disclosed.
WEST PALM BEACH, FLA. — Cushman & Wakefield has arranged the $13.8 million sale of Brandywine Centre I, a 69,954-square-foot office building in West Palm Beach. The three-story property comprises 60,854 square feet of office space and a 9,100-square-foot restaurant outparcel. Notable tenants at the time of sale included Divine Blalock Martin Sellari LLC, Renegades Country Western Bar, Online Trading Academy, Landcastle Title Group and DBA Trident Title. The asset is located at 580 Village Blvd., four miles west of downtown West Palm Beach. Greg Miller, Scott O’Donnell, Dominic Montazemi, Mike Ciadella and Miguel Alcivar of Cushman & Wakefield represented the sellers, KAS Brandywine LLC and KAS Hags CUP LLC, in the transaction. John DeMarco of ReMax 5 Star Realty represented the buyer, Palm Beach Business Center GP.
CHARLESTON, S.C. AND PHOENIX — Multifamily development and management firm Greystar Real Estate Partners has acquired the property management business of competitor Alliance Residential Co., the fourth-largest apartment management firm in the United States. Financial terms of the transaction were not disclosed, but The Wall Street Journal reports that the all-cash deal totaled nearly $200 million. Phoenix-based Alliance Residential will shift its focus from property management to development, construction and acquisition across the multifamily spectrum, including workforce housing and seniors housing. As part of the deal, Greystar will provide management services to Alliance Residential’s owned portfolio going forward, including both new developments and acquisitions. Alliance Residential has been the No. 1 developer of multifamily units in the United States for the last two years, and Greystar is the largest apartment management firm in the country, according to the National Multifamily Housing Council. The combined property management business will operate under the Greystar brand, bringing the Charleston-based firm’s total unit count to 660,000. The combined portfolio comprises 2,400 properties in 42 states and 13 countries. Additionally, the acquisition will bring Greystar’s workforce to nearly 19,000 team members. The acquisition boosts Greystar’s property management business by approximately 25 percent and gives the …
CIG Capital Provides $125M Construction Loan for Affordable Housing Community in West Point, Georgia
WEST POINT, GA. — CIG Capital has provided a $125 million construction loan for The Villages at West Point, a planned 624-unit affordable housing community in West Point. The Villages will sit on 70 acres within one mile from West Point Lake and Campground. CIG Capital provided the loan to the development team, which includes Utah-based American Development Corp., which specializes in developing multifamily charter schools. The Villages will offer onsite parking facilities for residents’ boats, recreational vehicles and camp trailers. The developers plan to hold a ribbon-cutting ceremony in late August. West Point is situated near the Georgia-Alabama border along Interstate 85.
PLANTATION, FLA. — Newmark Knight Frank (NKF) has negotiated the $53.5 million sale of a two-property, 398-unit multifamily portfolio in Plantation. The communities, Hamlet Plantation and The Continental Apartments, are located less than one mile from each other and six miles west of downtown Fort Lauderdale. Each property offers one- and two-bedroom floor plans, and each was recently renovated to include new roofs, paint and impact glass windows. Tal Frydman, Avery Klann, Hampton Beebe, Tyler Minix and Jonathan Senn of NKF represented the seller, Jenco Properties, in the transaction. Canadian investment firm Prism Multifamily Group acquired the assets.
ELKRIDGE, MD. — Merritt Properties has acquired The Lyndwood Executive Center, a two-building, 165,000-square-foot office campus in Elkridge. BentallGreenOak’s U.S. Core Fund sold the buildings for an undisclosed amount. The assets were 98 percent leased at the time of sale to 14 tenants. The Lyndwood Executive Center is located at 6085-6095 Marshalee Drive, 14 miles southwest of downtown Baltimore. Jonathan Carpenter and Graham Savage of Cushman & Wakefield represented the seller in the transaction.
BUFORD, GA. — Olympic Steel Inc. has opened a 120,000-square-foot metal processing facility in Buford. Olympic Steel will use the facility as its flat rolled fabrication hub. From the Buford facility, the metal will be moved to a property in Winder, Ga., where it will undergo first-stage metal processing and distribution. The Buford property is located at 3525 Gravel Springs Road, two miles from Interstate 85 and 37 miles northeast of downtown Atlanta. Olympic Steel plans to host an opening event and offer tours of the new facility later this year.
RESTON, VA. — Phillips Realty Capital has arranged a $29 million acquisition loan for Reston Metro Center One, a 124,076-square-foot office building in Reston. The property is located at 12120 Sunrise Valley Drive, which is within walking distance of the planned Reston Town Center Silver Line Metrorail Station and 22 miles west of downtown Washington, D.C. The asset was built in 2000 and its amenities include a lounge area and a fitness center. The building was vacant at the time of sale. Malcolm Shaw, Steve Shaw, Harmon Handorf and Bill Wrench of Phillips Realty arranged the loan on behalf of the borrower, HighBrook Investors. Rubenstein Mortgage Capital, the debt investment platform of Rubenstein Partners LP, provided the floating-rate loan. The seller was not disclosed.
GAINESVILLE, GA. — Walker & Dunlop provided a $44.3 million Freddie Mac acquisition loan for Century New Holland, a 348-unit multifamily community in Gainesville. The property, which was built in 2018, offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, car care detailing area, bocce ball court, picnic areas and grilling areas. The asset is located at 1465 Jesse Jewell Pasrkway NE, two miles north of downtown Gainesville and 57 miles northeast of downtown Atlanta. Centennial Holding Co. acquired the property from the undisclosed seller. Brian Moulder, Chris Goldsmith and Sean Williams of Walker & Dunlop represented the buyer in the sale transaction. Taylor Williams of Walker & Dunlop originated the fixed-rate loan, which features five years of interest-only payments.
WOONSOCKET, R.I. — CVS/pharmacy has added 55 COVID-19 testing sites in North Carolina and 15 sites in South Carolina. The tests are accessible through appointments only. Patients will be required to stay in their cars and will be directed to the pharmacy drive-thru window, where they will be provided with a test kit and given instructions. A CVS team member will observe the self-swab process to ensure it is done properly. Tests will be sent to an independent, third-party lab for processing and the results will be available in approximately three days. In North Carolina, the 55 new sites are located in 29 cities, including seven sites in Charlotte, five in Raleigh, four in Cary, four in Durham, three in Fayetteville and three in Winston-Salem. In South Carolina, the locations are in Anderson, Charleston, Clemson, Columbia, Greenville, Mount Pleasant, Myrtle Beach, North Charleston, North Augusta, Spartanburg and West Columbia. With the 70 locations, Woonsocket-based CVS has now opened 986 testing sites in the country. Click here to see a full list of the locations.