Southeast

CIM Group Purchases Southern Towers Multifamily Campus in Northern Virginia for $506M

by Alex Tostado September 2, 2020

ALEXANDRIA, VA. — CIM Group has purchased Southern Towers, a 2,346-unit multifamily campus in Alexandria, for $506 million. The acquisition comprises Monticello, The Graham, Ashlawn, The Sherwood and The Stratford, each standing 16 stories. The combined properties span 41 acres at 4901-5055 Seminary Road, eight miles southwest of downtown Washington, D.C. Each community offers studio to three-bedroom floor plans. The combined campus features two pools, tennis courts, a playground, fitness center, community room and a business center. Snell Properties and Caruthers Properties sold the portfolio, which was built between 1961 and 1965 and renovated in 2015.

September 2, 2020

Acquisitions Multifamily North Carolina Southeast

StoneBridge Buys Magnolia Terrace Apartment Complex in Charlotte for $40.7M

by Alex Tostado September 2, 2020

CHARLOTTE, N.C. — StoneBridge Investments has acquired Magnolia Terrace, a 264-unit apartment complex in Charlotte, for $40.7 million. The property, which was built in 1989, offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, clubhouse, dog park, fitness center, playground and business center. The asset is located at 8301 Paces Oaks Blvd., nine miles northeast of downtown Charlotte. Jordan McCarley and Brooks Colquitt of Cushman & Wakefield represented the seller, Atlanta-based RADCO Cos., in the transaction. Elliott Throne, Cory Fowler, and Amit Kakar of JLL originated a Freddie Mac acquisition loan on behalf of the buyer.

September 2, 2020

Acquisitions Florida Office Southeast

IPA Arranges $28.5M Sale of North Lake Business Park in Altamonte Springs, Florida

by Alex Tostado September 2, 2020

ALTAMONTE SPRINGS, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $28 million sale of North Lake Business Park, a 15-building office campus in Altamonte Springs. The property comprises 270,000 square feet and was 90 percent leased at the time of sale to a mix of technology, real estate and healthcare tenants. North Lake Business Park is situated on 29 acres at 600 Northlake Blvd., 11 miles north of downtown Orlando. Douglas Mandel of IPA represented the seller, Real Capital Solutions, in the transaction. Mandel also procured the buyer, Taurus Investment Holdings LLC.

September 2, 2020

Acquisitions Florida Retail Southeast

PMAT Acquires Publix-Anchored Shopping Center Near Orlando for $7.7M

by Alex Tostado September 2, 2020

KISSIMMEE, FLA. — The PMAT Cos. has acquired Columbia Promenade, a 68,853-square-foot shopping center in Kissimmee. Publix anchors the center, which is located at 1251 W. Columbia Ave., 19 miles south of downtown Orlando. The asset was 93 percent leased at the time of sale to tenants including Publix, Get Nails & Spa, Keke’s Breakfast Café and Little China. JLL and Ten-X represented the undisclosed seller in the transaction.

September 2, 2020

Georgia Retail Southeast

Avalon to Host Inaugural Pop-Up Holiday Market in Metro Atlanta

by Alex Tostado September 2, 2020

ALPHARETTA, GA. — North American Properties (NAP), developer and manager of the 86-acre mixed-use property Avalon in Alpharetta, will host its inaugural Holiday Market at Avalon. The event will be a six-week, outdoor pop-up market that will share an intersection with Tesla, Rumi’s Kitchen and Apple. Holiday Market at Avalon will open Nov. 22 as part of Avalon’s 2020 Holiday Experience, which has been altered due to the COVID-19 pandemic. The holiday program will include Santa experiences and Avalon on Ice, the destination’s Rockefeller Center-sized ice-skating rink. Holiday Market at Avalon will be held at a 9,000-square-foot retail space at the intersection of Avalon Boulevard and 1st Street. The market will be open through Jan. 3. Participating businesses will have the opportunity to create their own retail experience in individual spaces ranging from 150 feet to 700 square feet.

September 2, 2020

Development Florida Retail Southeast

American Commercial Realty to Redevelop Shopping Center in Central Florida

by Alex Tostado September 1, 2020

OCALA, FLA. — American Commercial Realty Corp. will redevelop Pearl Britain Plaza, a Publix-anchored shopping center in Ocala. The Palm Beach Gardens, Fla.-based developer will demolish the existing Publix, which was built in 1991, and build a new 48,387-square-foot Publix. Anchoring the 77,637-square-foot center, the new Publix will feature a drive-thru pharmacy. Existing tenants including Stay Faded Barber, Sam’s Nails, Wise Guys Pizzeria, Jackson Hewitt and Shang Hai Restaurant will remain in place when the center reopens, scheduled for early 2021. Pearl Britain Plaza is situated at 2657 NE 35th St., 38 miles south of downtown Gainesville. Cuhaci & Peterson designed the shopping center. Elliott Throne and Jesse Wright of JLL originated a construction loan through First Florida Integrity Bank on behalf of the borrower. The seven-year loan features a fixed interest rate.

September 1, 2020

Acquisitions Industrial Southeast Tennessee

JLL Negotiates $30.9M Sale of Industrial Property Near Nashville

by Alex Tostado September 1, 2020

MT. JULIET, TENN. — JLL has negotiated the $30.9 million sale of 245 Couchville Industrial, a fully leased, 709,652-square-foot industrial property in Mt. Juliet. The property is 67 percent leased to ElectroluxNorth America Inc., a subsidiary of Electrolux AB. The other tenant was not disclosed. The asset is situated on nearly 44 acres at 245 Couchville Industrial Blvd., 30 miles east of downtown Nashville and 22 miles east of Nashville International Airport. Britton Burdette, Pete Pittroff, Matt Wirth, Dennis Mitchell, Jim Rodrigues, Mitchell Townsend and Perry Wolcott of JLL represented the seller, a joint venture between Sansone Group and Fortress Investment Group. Dallas-based Westmount Realty Capital LLC acquired the facility.

September 1, 2020

Acquisitions Healthcare Office South Carolina Southeast

Stan Johnson Co. Arranges $30.5M Sale-Leaseback of Medical Office Portfolio in Upstate South Carolina

by Alex Tostado September 1, 2020

GREENVILLE, EASLEY AND SIMPSONVILLE, S.C. — Stan Johnson Co. has arranged the $30.5 million sale-leaseback of a four-property medical office portfolio in Upstate South Carolina. The properties are situated at 5 Stevens St. and 601 Halton Road in Greenville, 220 S. Pendleton St. in Easley and 1 Colony Centre Way in Simpsonville. Teresa Lovely and Jeff Matulis of Stan Johnson Co. represented the seller and tenant, Jervey Eye Group, which executed long-term leases at the time of sale. Indiana-based Cornerstone Cos. Inc. acquired the portfolio, which was built between 2000 and 2018.

September 1, 2020

Georgia Leasing Activity Office Southeast

Coworking Provider Firmspace to Open 27,000 SF Office in Atlanta’s Buckhead District

by Alex Tostado September 1, 2020

ATLANTA — Firmspace will open a new 27,000-square-foot “proworking” space in Atlanta’s Buckhead district. Different from traditional coworking space, Firmspace Atlanta will offer members more privacy in the form of private offices, floor-to-ceiling walls and sound-masking technology. Firmspace is targeting individuals who aren’t satisfied working from home or with traditional coworking spaces. Firmspace Atlanta is equipped to address COVID-19 concerns, with common areas being electrostatically disinfected and members being required to wear masks. The space is located within the Sovereign Building at 3344 Peachtree Road NE, 10 miles north of downtown Atlanta. The office’s soft opening to members will be Tuesday, Sept. 8.

September 1, 2020

Acquisitions Florida Industrial Southeast

Americold Realty Trust Purchases New Cold Storage Facility in Tampa for $25M

by Alex Tostado September 1, 2020

TAMPA, FLA. — Americold Realty Trust has acquired a 3.2 million-cubic-foot cold storage facility in Tampa for $25 million in an all-cash deal. The Atlanta-based refrigerated real estate owner and operator expects to implement $500,000 in capital expenditures. The facility features 12,400 pallet positions, as well as blast-freezing capabilities. The property will offer support to two Americold facilities in nearby Plant City and Bartow, Fla. The seller was not disclosed.

September 1, 2020

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