Southeast

Cushman & Wakefield Arranges $63M Sale of 20 North Orange Office Building in Downtown Orlando

by Julia Sanders May 25, 2021

ORLANDO, FLA. — Cushman & Wakefield has arranged the $63 million sale of 20 North Orange Avenue, a 279,780-square-foot office tower located in downtown Orlando’s central business district. Banyan Street Capital, a Miami-based private equity firm, purchased the property in a joint venture with a fund managed by DRA Advisors. The price was disclosed by the Orlando Business Journal. Mike Davis, Rick Colon, Rick Brugge and Dominic Montazemi of Cushman & Wakefield, with support from colleagues Zach Eicholtz, Ryan Jenkins and Brooke Tulley, represented the selling partnership, which comprised funds managed by Apollo Global Management, principals of Square2 Capital and Steelbridge Capital. The new ownership has tapped Robert Kellogg, Todd Davis and Colin Morrison of Cushman & Wakefield to lease the property. Banyan Street Capital will operate the office building in collaboration with Square2 Capital. Built in 1983, the 16-story building was purchased by the sellers in 2014 when it was 73 percent leased. The previous ownership spent approximately $5.3 million in capital improvements, including streetscape enhancements, updating both lobby areas, modernizing elevator and mechanical systems and renovating all of the common areas. As a result of these enhancements, occupancy improved to 90 percent. New tenants have been added such …

May 25, 2021

Data Centers Development Industrial Southeast Virginia

Digital Fortress Opens 250,000 SF Data Center Campus in Chesterfield, Virginia

by Julia Sanders May 25, 2021

CHESTERFIELD, VA. — Digital Fortress, a multi-tenant and wholesale data center provider, has opened a 250,000-square-foot data center campus in Chesterfield, about 16 miles south of Richmond. The facility, known as Digital Fortress Richmond, features a raised floor design for its data center space that has 4.1 megawatts of IT load, as well as an additional 200,000 square feet of shell core expansion space supporting up to 25 megawatts of power. The property also features office space that can house up to 120 employees and N+1 redundancy, which offers a fully distributed, uninterrupted power supply for users. The facility is LEED Gold-certified, meaning it takes steps to be environmentally conscious. Located in Meadowville Technology Park, Digital Fortress Richmond provides connectivity with a newly constructed fiber system that links to major connectivity hubs in the market. Digital Fortress operates 10 data center and colocation facilities in Chicago, Denver, Lynwood, Calif., Piscataway, N.J., Portland, Richmond and Seattle.

May 25, 2021

Acquisitions Multifamily North Carolina Southeast

Capstone Brokers $29.1M Sale of Scarlet Point Apartments in West Charlotte

by Julia Sanders May 25, 2021

CHARLOTTE, N.C. — Capstone Apartment Partners has brokered the $29.1 million sale of Scarlet Point, a 274-unit apartment community in Charlotte. The approximately 24-acre site is situated on Springmont Lane in west Charlotte, approximately five miles from the Uptown district. Scarlet Point was built in 1974 and was approximately 85 percent occupied at the time of sale. Originally two separate adjacent communities, the property features two swimming pools, two laundry facilities and a dog park. Scarlet Point’s unit mix includes one- and two-bedroom flat- and townhome-style floorplans. Ron Corrao of Capstone represented the seller, TG Real Estate, in the transaction. The buyer, Lucern Capital Partners, plans to continue TG’s renovation program and invest several million dollars into interior upgrades and necessary capital improvements. Select apartment homes were recently upgraded with wood-style vinyl flooring, shaker cabinetry and stainless steel appliances.

May 25, 2021

Acquisitions Florida Multifamily Southeast

American Commercial Realty Acquires 152-Unit Hampton Forest Apartments in Gainesville, Florida

by Julia Sanders May 25, 2021

GAINESVILLE, FLA. — American Commercial Realty (ACR) has acquired Hampton Forest Apartments, a 152-unit multifamily community in Gainesville. The seller, an entity doing business as Fox Hollow Apartments LLC, sold the property for an undisclosed price. JLL arranged the sale, as well as $14 million in acquisition financing for the buyer. Hampton Forest Apartments has one- and two- bedroom floorplans, with most having private balconies or patios. The community includes 19 two-story concrete block buildings with a leasing office and resident services building, as well as a swimming pool on a nearly 10-acre site. The property was 96 percent occupied at the time of sale. ACR is planning to make a series of improvements at Hampton Forest, including new quartz countertops and cabinets in the kitchens, the addition of modern plank flooring and contemporary fixtures and washers and dryers in many of the units. There will also be new grilling and dining stations, as well as enhancements to the pool area and upgrades to the landscaping. Park Partners, a Boca Raton, Fla.-based renovation management company, is in charge of doing the upgrades to Hampton Forest. Atrium Management will manage the property. Located at 7301 W. University Ave., Hampton Forest is …

May 25, 2021

Development Florida Industrial Southeast

Joint Venture to Open 860-Unit Self-Storage Facility in Stuart, Florida

by Julia Sanders May 24, 2021

STUART, FLA. — A joint venture partnership between Lumpkin Development, MacArthur Holdings and Live Oak Capital Partners plans to open a 110,000-square-foot self-storage facility located at 700 SW Federal Highway in Stuart. The 860-unit property will be close to downtown Stuart and the city’s surrounding neighborhoods. CubeSmart Self Storage will manage the four-story, climate-controlled property. DC Construction is building the facility, and Iberia Bank provided the debt financing for the project. MacArthur Holdings is a real estate business based in New York City, Lumpkin Development develops and operates self-storage, retail and industrial real estate throughout the Southeast and Live Oak Capital Partners is a developer and real estate investment firm based in Atlanta.

May 24, 2021

Development Florida Retail Southeast

Sleiman Breaks Ground on 90,000 SF Publix-Anchored Shopping Center in Yulee, Florida

by Julia Sanders May 24, 2021

YULEE, FLA. — Sleiman Enterprises has broken ground on Crossings at Wildlight, a Publix-anchored shopping center in Yulee. Located at the corner of Fla. Highway 200 and William Burgess Boulevard, the retail center will be situated a quarter-mile off Interstate 95 and offer the first grocery store in the community. Designed by Cuhaci & Peterson, the 90,000-square-foot project will include five single- or multi-tenant buildings and up to three outparcels. Sleiman is planning a grand opening for spring 2022. The shopping center will serve as a retail component within Wildlight, a master-planned development in Nassau County by Raydient Places + Properties. Other recent uses to open at Wildlight include its second neighborhood, Forest Park, as well as UF Health Wildlight and a YMCA.

May 24, 2021

Development Georgia Retail Southeast

Branch Properties, Carter to Develop 87,000 SF Publix-Anchored Shopping Center in Atlanta’s Summerhill District

by Julia Sanders May 24, 2021

ATLANTA — A joint venture between Branch Properties and Carter USA will develop an 87,000-square-foot, grocery-anchored shopping center in the south Atlanta neighborhood of Summerhill. The center will be anchored by a 50,000-square-foot Publix grocery store and will feature a two-level parking deck. Leasing at the development, which is scheduled for completion in fall 2022, is currently underway with roughly 37,000 square feet of space available for a variety of retail or service tenants. Carter is currently redeveloping the surrounding 19-block area into a hub for retail, dining, housing and office space alongside Georgia State University’s (GSU) athletic facilities, namely Center Parc Credit Union Stadium (formerly Turner Field). Adjacent to the future Publix shopping center is the recently redeveloped Georgia Avenue, which features restaurants and bars, such as Wood’s Chapel BBQ, Maepole, Hero Doughnuts, Halfway Crooks Beer, Little Tart Bakeshop, Junior’s Pizza and Big Softie. Summerhill is an 80-acre project south of downtown Atlanta. Following the Atlanta Braves’ move away from Turner Field to Truist Park in Cobb County, Carter, in partnership with GSU, purchased 80 acres of land in the community, with the vision of creating a walkable district within close proximity to transportation options and downtown Atlanta. In …

May 24, 2021

Acquisitions Florida Retail Southeast

CBRE Arranges Sale of 70,970 SF Heather Island Plaza in Ocala, Florida

by Julia Sanders May 24, 2021

OCALA, FLA. — CBRE has arranged the sale of a Heather Island Plaza, a 70,970-square-foot, Publix-anchored shopping center in Ocala. Built in 2000, the property is located at 7878 SE Maricamp Road, and was 85 percent leased at the time of sale. CBRE represented the seller, a joint venture between Madison International Realty and SITE Centers Corp., in the transaction. The seller, New Bandera Ventures, sold the asset for an undisclosed price.

May 24, 2021

Acquisitions Multifamily North Carolina Southeast

Capstone Brokers $4.4M Sale of Multifamily Development Site in Leland, North Carolina

by Julia Sanders May 24, 2021

LELAND, N.C.— Capstone Land Sales has brokered the $4.4 million sale of a 22.8-acre multifamily development site within the Westgate community of Leland, about 10 miles west of Wilmington, N.C. The buyer, Virginia-based Kotarides Developers, will break ground in 2023 on a 360-unit luxury apartment community at the site. Caleb Troop and Eric Liebich of Capstone Land Sales led the sales transaction. The seller was not disclosed. Kotarides’ apartment project will offer views of Jackeys Creek and be part of the greater 550-acre Westgate community, which includes retail and dining, apartment communities and single-family homes, as well as the 146-acre Westgate Nature Park. The project will be the first apartment property in the Wilmington market for Kotarides, which has several other communities in Raleigh and Charlotte. The regional firm now owns and manages 24 apartment communities and several million square feet of commercial properties.

May 24, 2021

Acquisitions Georgia Industrial Southeast

Coldwell Banker Arranges Sale of 370,000 SF Warehouse in Manchester, Georgia

by Julia Sanders May 21, 2021

MANCHESTER, GA. — Coldwell Banker Commercial has arranged the sale of a 370,000-square-foot warehouse and distribution building located at 1000 W. Main St. in Manchester. The sales price was not disclosed. Ernie Smallman IV of Coldwell Banker Commercial Kennon, Parker, Duncan & Davis represented the buyer, FW Logistics, and the seller, Global Track Warehouse. Built in 1978, the single-story property is situated on 30 acres roughly 39 miles from Columbus, Ga., and 19 miles from Pine Mountain, Ga. The property has 21 exterior dock doors and 300 parking spaces located outside of the building. FW Logistics has selected Coldwell Banker Commercial as the exclusive leasing agent for the property. The firm intends to lease 300,000 square feet of the building to a tenant and utilize the remaining space for its own operations. The company also plans to do upgrades and renovations to the building.

May 21, 2021

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