Southeast

Capstone Negotiates Sales of Two Apartment Communities in the Carolinas Totaling $44.5M

by John Nelson December 21, 2020

BOILING SPRINGS, S.C. AND GASTONIA, N.C. — Capstone has negotiated the sales of Village at Mills Gap in Boiling Springs and Destination at Union in Gastonia. Alex McDermott, Austin Green and Caleb Troop of Capstone represented the seller, Read Property Group, in both transactions. In the first transaction, Read sold Village at Mills Gap, a 208-unit apartment community in Upstate South Carolina, to Southwood Realty for $25 million. The property offers one-, two- and three-bedroom floor plans that were 90 percent occupied at the time of sale. Communal amenities include a pool, fitness center, game room, dog park, grilling area, playground and a car care center. The asset is situated at 97 Mills Gap Road, six miles northwest of downtown Spartanburg. The buyer acquired the community as part of a 1031 tax exchange. In the second deal, URS Capital Partners purchased Destination at Union from Read for $19.5 million. Built in 1998, the property offers one-, two- and three-bedroom floor plans that were 93 percent occupied at the time of sale. The buyer plans to upgrade the communal amenities, which include a pool, fitness center and a dog park. The asset is situated at 1272 Union Road, 21 miles west …

December 21, 2020

Acquisitions Georgia Multifamily Southeast

Venterra Realty Acquires 505-Unit Multifamily Community in Metro Atlanta

by John Nelson December 21, 2020

SANDY SPRINGS, GA. — Houston-based Venterra Realty has acquired The Harrison, a 505-unit multifamily community in Sandy Springs. The seller is Covenant Capital Group, a private equity investor based in Nashville. The property spans 40 acres and offers one-, two- and three-bedroom floor plans ranging from 900 to 1,649 square feet. Rents range from $1,104 to $1,554 per month. Communal amenities include two playgrounds, a sand volleyball court, bocce ball court, pool, grilling area and a dog park. The Harrison was built in 1975 and is situated at 5675 Roswell Road, 12 miles north of downtown Atlanta. The sales price was not disclosed.

December 21, 2020

Acquisitions Florida Retail Southeast

SRS Brokers $4.2M Sale of Orlando Gas Station Leased to Wawa

by John Nelson December 21, 2020

ORLANDO, FLA. — SRS Real Estate Partners has arranged the $4.2 million ground-lease sale of a 1.9-acre parcel leased to Wawa in Orlando. The property comprises eight gas pumps and a 5,615-square-foot convenience store. Wawa occupies the space on a triple-net lease with 12 years remaining on the corporate-guaranteed lease. The property is situated at 4700 S. Goldenrod Road, nine miles southeast of downtown Orlando. Patrick Nutt and Connor Barton of SRS represented the buyer, a New York-based private investor. Mark Thompson and Eric Parrs of STNL, a brokerage affiliate of NNN Capital LLC, represented the undisclosed seller.

December 21, 2020

Leasing Activity Maryland Mixed-Use Restaurant Retail Southeast

KLNB Arranges Four Retail Leases at The Can Company Building in Baltimore

by John Nelson December 21, 2020

BALTIMORE — KLNB has brokered four retail leases totaling 9,000 square feet within The Can Company building in Baltimore’s Canton neighborhood. Ryan Wilner led the KLNB team that represented the landlord, a joint venture between MCB Real Estate, Angelo Gordon and JMC Holdings LLC, in all four transactions. The new tenants include HalfSmoke, Kisner’s Salon & Barber, uBreakiFix and AllCare Family Medicine and Urgent Care. HalfSmoke is a Washington, D.C.-based restaurant that will occupy 4,000 square feet at The Can Company building. This will be the restaurant’s first location in Baltimore and third overall. Kisner’s will occupy 1,300 square feet, marking the second location for the 14-year-old company. This will also be the first location in Baltimore City for uBreakiFix, an electronics repair store. The chain, specializing in iPhone, Samsung, PC, Mac and other phones and tablets, has 10 stores in Maryland. Lastly, AllCare will occupy 2,275 square feet. This will be the medical office’s first site in Baltimore and sixth in Maryland. The Can Company is a 205,865-square-foot mixed-use building situated at 2400 Boston St., two miles southeast of downtown Baltimore. MCB Real Estate completed renovations at the property in 2018. The asset, which was originally built in 1895, …

December 21, 2020

Development Industrial South Carolina Southeast

Textile Manufacturer to Invest $100M in Upstate South Carolina to Expand Production Facility

by Alex Tostado December 18, 2020

SIMPSONVILLE, S.C. — Fitesa plans to invest $100 million in and create 40 jobs over the next five years to expand its footprint in Simpsonville. Fitesa was founded in 1973 and designs and manufactures nonwoven fabrics for the hygiene and healthcare industries. The facility is situated at 840 SE Main St., less than one mile from Interstate 385 and 14 miles southeast of downtown Greenville. The expansion will include a new production line that will manufacture materials for the healthcare industry. The expansion is expected to be completed in 2023. The company is headquartered in Brazil and has executive offices in Simpsonville.

December 18, 2020

Company News Florida Restaurant Retail Southeast

Darden Restaurants Reports 19.4 Percent Decline in Fiscal Second-Quarter Revenue

by Alex Tostado December 18, 2020

ORLANDO, FLA. — Darden Restaurants Inc. (NYSE: DRI) has reported a 19.4 percent decline in total year-over-year revenues during its fiscal year 2021 second quarter, the company said Friday. Orlando-based Darden’s second quarter ended Nov. 29 with $1.66 billion in total revenue compared with $2.06 billion in fiscal second-quarter 2020. Darden owns restaurant brands including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. Darden reports that Olive Garden year-over-year sales dipped 19 percent to $829.5 million. LongHorn Steakhouse sales fell 8.9 percent in that same time period to $407.4 million. As of Nov. 29, Darden operated 1,818 restaurants.

December 18, 2020

Industrial Leasing Activity Maryland Southeast

CBRE Negotiates 205,306 SF Industrial Lease for T.J. Maxx in Metro Baltimore

by Alex Tostado December 18, 2020

JESSUP, MD. — CBRE has negotiated a 205,306-square-foot industrial lease for T.J. Maxx within the Mid-Atlantic Commerce Center in Jessup. The owner, Grandview Partners, acquired the 853,250-square-foot property earlier this year. The Westport, Conn.-based company implemented upgrades at the property to include a new roof, dock doors, electrical system, lighting and a 123,000-square-foot tilt-wall expansion. The asset is situated at 7600 Assateague Drive, 11 miles southwest of Baltimore/Washington Thurgood Marshall International Airport and 15 miles southwest of the Port of Baltimore. Brian Kruger, Bobby Clements and Erik Evans of Newmark represented the landlord in the transaction. The Mid-Atlantic Commerce Center is now 92 percent leased.

December 18, 2020

Acquisitions Life Sciences NAI North Carolina Office Southeast

Tri Properties | NAI Carolantic Arranges $25M Sale of Life Sciences Portfolio in Raleigh-Durham

by Alex Tostado December 18, 2020

CARY, N.C. — Tri Properties | NAI Carolantic has arranged the $25 million sale of 13000 Weston and 14001 Weston Parkway, a two-building, 137,759-square-foot life sciences portfolio in Cary. Michigan-based Alidade Capital acquired the assets from JPB Raleigh Holdings. The Park City, Utah-based company acquired the properties in 2015 and 2016 and made capital improvements during its ownership. The buildings were 96 percent leased at the time of sale to tenants including healthcare company McKesson Corp., World Courier Management Inc. and biorepository company Kryosphere. Jimmy Barnes of Tri Properties | NAI Carolantic represented the seller in the transaction.

December 18, 2020

Acquisitions Georgia Retail Southeast

SRS Brokers $10.2M Sale of Big Lots-Anchored Shopping Center Near Atlanta

by Alex Tostado December 18, 2020

NEWNAN, GA. — SRS Investment Properties Group has brokered the $10.2 million sale of Shenandoah Plaza, a 146,121-square-foot retail center in Newnan. The center was 94 percent leased at the time of sale to tenants including Big Lots, Dollar General, Rent-A-Center, SalonCentric, Covington Credit and Goodwill. The property spans 19.8 acres at 228 Bullsboro Drive, 36 miles southwest of downtown Atlanta. Kyle Stonis and Pierce Mayson of SRS represented the seller, Georgia Capital Group LLC, in the transaction. An affiliate of Richmond, Va.-based Hackney Real Estate Partners acquired the asset.

December 18, 2020

District of Columbia Office Southeast Top Stories Virginia

JLL Brokers Sale of Two Office Properties in Metro D.C. for $106.5M

by Katie Sloan December 18, 2020

HERNDON, VA., AND WASHINGTON, D.C. — JLL Capital Markets has brokered the sale of two office properties owned by WashREIT (NYSE: WRE) in metro Washington, D.C., for a combined $106.5 million. The company sold Monument II, a 200,000-square foot, Class A office building in Herndon, to an affiliate of Westbrook Partners; and 1227 25th St. NW, a 136,540-square-foot office asset in Washington, D.C., to an undisclosed buyer. Completed in 2000, Monument II is an eight-story office building with a five-level parking facility. The property is located at 12950 Worldgate Drive along the Dulles Toll Road near Worldgate Centre and the future Herndon Metrorail station. Few details were released regarding 1227 25th St. NW, which is located within D.C.’s central business district. “These sales further strengthen our balance sheet ahead of the post-vaccine recovery and align with our strategy to reduce our exposure to office assets, allowing us to de-risk our portfolio and improve our ability to create long-term shareholder value,” says Paul McDermott, president and CEO of WashREIT. Stephen Conley, Matt Nicholson, Jim Meisel, Andrew Weir and Dave Baker of JLL represented the seller in both transactions. Dan McIntyre and Paul Spellman, also of JLL, assisted the buyer of Monument …

December 18, 2020

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