MEMPHIS, TENN. — A new joint venture between Plymouth Industrial REIT Inc. and Madison International Realty has agreed to purchase a 28-property, 2.3 million-square-foot industrial portfolio in metro Memphis for $86 million. The buyers expect the sale to close by the end of the year. The acquisition will be funded through equity from the developers and debt financed at approximately 60 to 65 percent loan-to-value. Further details of the sale were not disclosed. This is the first acquisition for the $150 million Plymouth and Madison joint venture. Under the agreement, Plymouth will own a 20 percent interest and Madison will own an 80 percent interest. Plymouth will be responsible for day-to-day oversight of the joint venture, its subsidiaries and properties and will be entitled to an annual asset management fee equal to 1 percent of the total equity contributed to the joint venture by the partners. Additionally, Plymouth has options to purchase properties out of the joint venture over time.
COLUMBIA, MD. — Newmark Knight Frank (NKF) has arranged the sale of a six-building, 253,079-square-foot office portfolio in Columbia. At the time of the sale, the properties were leased to more than 20 tenants, including Liberty Mutual Insurance, AXA, Howard Chamber of Commerce and State Farm. The portfolio is located at 6200-6250 Old Dobbin Lane, 16 miles southwest of downtown Baltimore. Richmond, Va.-based real estate investment bank John B. Levy & Co. and an affiliate of Fernau LeBlanc Investment Partners acquired the portfolio for an undisclosed price. Cris Abramson, Nicholas Signor and Ben McCarty of NKF represented the undisclosed seller in the transaction.
MADISON, ALA. — Wicker Park Capital Management has sold Elements of Madison, a 336-unit apartment complex in Madison. The property offers one-, two- and three-bedroom floor plans averaging 999 square feet. Communal amenities include two pools, a business center, playground, fitness center and a clubhouse. Elements of Madison was built in two phases between 1986 and 1999. The asset was 95 percent occupied at the time of sale. The community is located at 101 Royal Drive, 12 miles west of downtown Huntsville. Justin Uffinger and Bo Flurry of Newmark Knight Frank (NKF) represented the Savannah, Ga.-based seller in the transaction. Mishawaka, Ind.-based The Sterling Group acquired the complex for an undisclosed price.
Robinson Weeks Signs Power Equipment Manufacturer to 310,128 SF Industrial Lease in Metro Charleston
LADSON, S.C. — Robinson Weeks Partners has signed Daye North America to a 310,128-square-foot industrial lease within Ladson Industrial Park in Ladson. Daye North America, which specializes in outdoor power equipment, is a subsidiary of Ningbo Daye Garden Machinery Co. Daye North America will occupy roughly 75 percent of Building 1, which was recently delivered. At full buildout, Ladson Industrial Park will span 102 acres and total 1.2 million square feet. The park is situated less than two miles from Interstate 26 and 20 miles northwest of the Port of Charleston. Peter Finley and Simons Johnson of Bridge Corporate Solutions represented the tenant in the lease negotiations. Lee Allen and Kevin Coats of JLL represented the Atlanta-based landlord.
ATLANTA — A joint venture between Crown Bay Group LLC, Acorn Property Group LLC and Iron Street Capital LLC has acquired FortyThree 75 Apartments, a 260-unit multifamily community in southwest Atlanta. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse, dog park, playground and a MARTA bus stop. The buyers plan to renovate unit interiors as they become available. The asset is situated at 4375 Cascade Road, 12 miles west of downtown Atlanta. The seller and sales price were not disclosed.
ST. PETERSBURG, FLA. — Allied Group Holdings has completed the acquisition of two retail buildings in St. Petersburg, with plans to redevelop the properties into a seniors housing-anchored mixed-use project. The buyer acquired Maximo Mall, a 2.8-acre, 39,000-square-foot retail center, and the adjacent Maximo Plaza, a 2.5-acre, 10,600-square-foot, single-tenant retail building leased to Ace Hardware. The properties are situated in the Waterfront Skyway Marina District of St. Petersburg, three miles from downtown and one mile from the beach. Local private lender LV Lending provided $3.6 million in financing for the transactions. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending led the financing. Allied Group Holdings plans to redevelop the site into an eight-story, 154-unit assisted living facility. Construction is scheduled to begin in first-quarter 2021. Additional retail development will take place along U.S. Highway 19 at the same time. Jack Dougherty of Allied Group Holdings is also the developer of Marina Walk, a $50 million waterfront apartment complex under construction on the site of the former Flamingo Resort across the street from this new project.
VIRGINIA BEACH, VA. — Apex Entertainment will open an 84,000-square-foot location at the former site of a Dick’s Sporting Goods within Town Center of Virginia Beach. The asset will be situated at 4631 Columbus St., equidistant between downtown Norfolk and Virginia Beach. The property will feature a variety of activities including indoor go karting, bowling, laser tag, escape rooms, ropes courses, arcade, sports simulators, ax throwing, mini golf, bumper cars, virtual reality and event meeting space. The location will also offer a full-service kitchen. Marlborough, Mass.-based Apex expects to open the location by the end of the year.
GULFPORT, MISS. — Gulf Coast Housing Partnership (GCHP) and South Mississippi Housing & Development Corp. (SMHD) have broken ground on the redevelopment of North Park Estates in Gulfport. Phase I of the redevelopment will include demolishing 92 units, 31 of which are uninhabitable, according to the developers. SMHD and GCHP expect to deliver Phase I in summer 2021. The units will be reserved for residents earning at or below 60 percent of the area median income (AMI). North Park Estates was originally built in 1959 as the former L.C. Jones public housing complex for the Mississippi Regional Housing Authority No. VIII (MRHA VIII). SMHD acquired the asset in 2008 and rebranded the 160-unit community as North Park Estates. The project was funded, in part, via a $500,000 Affordable Housing Program (AHP) grant from The Peoples Bank and the Federal Home Loan Bank of Dallas (FHLB Dallas).
Nationwide Insurance Provides $38.2M Acquisition Loan for Industrial Portfolio Near Port of Virginia
SUFFOLK AND CHESAPEAKE, VA. — Nationwide Insurance Co. has provided a $38.2 million acquisition loan for a four-building industrial portfolio in Suffolk and Chesapeake. The 655,852-square-foot portfolio was fully leased at the time of the sale and comprises shallow bay properties. Three of the properties are located at 6900-6950 Harbour View Blvd. in Suffolk, eight miles northwest the Port of Virginia. The fourth property is located at 2601 Indian River Road in Chesapeake, seven miles east of the Port of Virginia. Michael Ryan, Brian Linnihan, Richard Henry and Blake Cohen of Cushman & Wakefield originated the financing on behalf of the borrower, Equus Capital Partners Ltd. The seller was not disclosed.
DORAL, FLA. — Cushman & Wakefield has arranged the $11.6 million sale of the former Miami Herald Printing Facility in Doral. The three-story warehouse spans 118,993 square feet and features 15 dock-high positions, one grade-level ramp and clear heights from 10 feet to 46 feet. The property was built in 2013 and is situated at 3500 NW 89th Court, 14 miles west of downtown Miami. Miguel Alcivar, Wayne Ramoski, Gian Rodriguez, Dominic Montazemi and Skylar Stein of Cushman & Wakefield, represented the undisclosed seller in the transaction. MG3 Group, a private real estate company, acquired the property. According to the Miami Herald, in 2019 the newspaper has a print circulation of 75,000 customers.