Southeast

Halpern Enterprises Acquires Hobby Lobby-Anchored Shopping Center in Metro Atlanta for $11.6M

by Alex Tostado January 17, 2020

NEWNAN, GA. — Halpern Enterprises Inc. has acquired Newnan Crossing, a 92,412-square-foot shopping center in Newnan, about 35 miles southwest of downtown Atlanta. Ohio-based Retail Value Inc. sold the property to Smyrna, Ga.-based Halpern Enterprises for $11.6 million. A 66,412-square-foot Hobby Lobby anchors the center, which was fully leased at the time of sale. Other tenants include CATO, GNC, Edible Arrangements, Sally Beauty, American Deli, The Athlete’s Foot and T-Mobile. Walmart and Lowe’s Home Improvement shadow-anchor the center. Newnan Crossing was built in 1996 and is situated adjacent to Interstate 85 at 963 Bullsboro Drive.

January 17, 2020

Acquisitions Multifamily Southeast Texas Top Stories Virginia

Harbor Group Acquires 36-Property Multifamily Portfolio for $1.85B

by Alex Patton January 17, 2020

NORFOLK, VA. — Harbor Group International LLC (HGI), a privately owned real estate investment and management firm based in Norfolk, has acquired a 36-property multifamily portfolio for $1.85 billion. The portfolio comprises 13,243 units, most highly concentrated in the Dallas/Fort Worth and Denver markets. The remaining properties are located in Houston, San Antonio, Atlanta, Orlando, Phoenix, Salt Lake City, Albuquerque, St. Louis and Kansas City. The properties average 350 units each, primarily in two- and three-story buildings. The transaction was the largest multifamily sale since 2016 and the fifth largest ever recorded in the U.S., according to the seller, Los Angeles-based Aragon Holdings LLC. The deal is part of Aragon’s broader $2 billion sale of its entire apartment portfolio, which consists of 15,000 units located in 12 cities and eight states across the nation. “We decided to sell our portfolio because we recognized that, in the present market conditions, the properties would have the greatest value in the hands of a ‘value-add’ operator,” says Larison Clark, founder, chairman and CEO of Aragon Holdings. “Harbor Group targets value-add opportunities, making this an ideal transaction for both firms.” Dan Guy, Aragon’s president and chief operating officer, adds that Aragon initially focused on …

January 17, 2020

Development Leasing Activity Maryland Retail Southeast

URW Unveils Renovation Plan, New Tenants at 1.4 MSF Westfield Annapolis Mall

by Alex Tostado January 16, 2020

ANNAPOLIS, MD. — Unibail-Rodamco-Westfield (URW), the owner of Westfield Annapolis mall, has unveiled plans to renovate and improve the mall, while adding new tenants. URW will convert the mall’s 110,000-square-foot former Lord & Taylor department store into a new shopping district composed of boutiques, home design stores and experience-driven offerings. The new section of the mall is slated to open to the public in 2021. URW’s mall-wide renovation program will include a new pedestrian gallery connecting the property’s Macy’s store and its Pottery Barn and Nordstrom wings. The gallery is expected to open by this September. The renovation will also create a new 40-foot architectural exterior entrance. The renovations to Westfield Annapolis come alongside new tenants arriving, including Rodizio Grill and Retro Fitness. In February of this year, Anne Arundel County’s Discoveries: The Library at the Mall, a dedicated learning space for teens and young children, is expected to open a permanent, expanded location at the mall. Shops and restaurants at Westfield Annapolis will remain open throughout the renovation process.

January 16, 2020

Acquisitions Florida Office Southeast

Ivy Realty Sells Miami Office Building for $30.4M

by Alex Tostado January 16, 2020

MIAMI — Greenwich, Conn.-based Ivy Realty has sold the Waterford Centre at Blue Lagoon office building in Miami for $30.4 million. An affiliate of Coral Gables-based Patton Real Estate Group bought the six-story property for $332 per square foot. The 91,431-square-foot office building is located on four acres at 6205 Blue Lagoon Drive. Miguel Alcivar, Dominic Montazemi, Scott O’Donnell and Mike Davis of Cushman & Wakefield’ s Capital Markets team represented Ivy Realty in the sale, while Stuart Kapp of Kapp Morrison LLP provided the seller with legal counsel during negotiations. Ivy Realty originally acquired Waterford Centre for $21.9 million in an entity sale in 2014. Developed in 1999, Waterford Centre is situated in Miami’s Waterford Business District, a 250-acre master-planned, mixed-use park located directly across the Dolphin Expressway (Fla. State Road 836) from Miami International Airport. The park is composed of 22 office buildings totaling more than 3.3 million square feet, as well as four hotels, numerous restaurants, banking facilities, a day care center and a United States Postal Service branch. The building was 88.8 percent leased at the time of sale to tenants including The Parker Co., CheckAlt LLC, Travel Traders LLC and Cardinia Real Estate LLC of Omnicom Group.

January 16, 2020

Acquisitions Office Retail Southeast Tennessee

Coro Realty Acquires Historic Office, Retail Building in Chattanooga

by Alex Tostado January 16, 2020

CHATTANOOGA, TENN. — Atlanta-based Coro Realty Advisors LLC has acquired Signal Mill, a 44,764-square-foot office and retail building situated on three acres in the NorthShore district of Chattanooga. An affiliate of Woodberry Group LLC sold the renovated property, which is a former textile mill, for an undisclosed amount. Colliers International’s Hayes Swann, Joe Montgomery and Tony D’Ambrosio brokered the sale. Signal Mill was built in 1916 and is listed on the National Register of Historic Places. The two-story brick building at 205 Manufacturers Road was originally used for making clothing until it closed in 1986. Developers renovated the former mill in 2017. Food Works, Genevieve Bond Gifts, Edley’s Bar-B-Que, Mean Mug Coffee and Pigtails & Crewcuts are among the retail and dining tenants occupying Signal Mill’s first floor. Covenant Transport Service, a trucking and logistics company, occupies the entire second floor. Located across the street from the 23-acre Renaissance Park, Signal Mill is within walking distance of the historic Walnut Street Pedestrian Bridge, which connects the NorthShore area to downtown Chattanooga.

January 16, 2020

Development Loans Multifamily South Carolina Southeast

Phillips Realty Capital Structures $27.8M Construction Financing for Charleston Apartment Project

by Alex Tostado January 16, 2020

CHARLESTON, S.C. — Phillips Realty Capital Corp. (PRC) has structured $27.8 million in joint venture equity financing on behalf of Woodfield Development for the construction of Morrison Yard in Charleston. The 380-unit multifamily community will be built in Charleston’s North of Morrison (NoMo) neighborhood within a qualified opportunity zone. PRC’s Adam Bieber structured the equity financing through investor Argosy Real Estate Partners. PCCP recently provided a $100.6 million construction loan to a joint venture between Woodfield and Argosy to finance the development of Morrison Yard. Construction has commenced on the site, which will consist of a 10-story, concrete building and a six-story, wood-framed building, each featuring studio, one-, two- and three-bedroom floor plans. The complex will offer ground-floor retail, a two-story parking structure, clubhouse, courtyard spaces and water features. Woodfield plans to have Morrison Yards’ first units delivered in the fourth quarter of 2021, with the entire project slated for delivery in late 2022.

January 16, 2020

Industrial Leasing Activity North Carolina Southeast

Transpacific Suppliers Alliance Signs 120,000 SF Lease in Metro Raleigh Industrial Park

by Alex Tostado January 16, 2020

KNIGHTDALE, N.C. — Transpacific Suppliers Alliance Inc. has signed a 120,000-square-foot lease in Hinton Oaks Industrial Park with owner and developer Wake Stone Corp. The park is located at 520 Hinton Oaks Blvd. in Knightdale, roughly nine miles east of Raleigh. KW Commercial’s Brian Donnelley represented the tenant in the lease negotiations. Foundry Commercial, led by Alexis Lambeth, leases the park on behalf of Wake Stone. The 48-acre industrial park is master-planned for five buildings totaling 524,000 square feet. The property is now fully leased, with the fifth and final building slated for delivery in April. Hinton Oaks is adjacent to Interstate 540 and to Wake Stone’s current quarry operation and headquarters in Knightdale. The industrial park currently has 10 tenants, including granite supplier AG&M. Williams Realty & Building Co. Inc. is the general contractor for the entire Hinton Oaks project.

January 16, 2020

Development Florida Loans Multifamily Southeast

3650 REIT Provides $50M Construction Loan for Multifamily Community in Miami Gardens

by Alex Tostado January 15, 2020

MIAMI GARDENS, FLA. — 3650 REIT has provided a $50 million construction loan for the development of the Center at Miami Gardens, a 259-unit multifamily property to be located at 19279 NW 27th Ave. in Miami Gardens. Located 18 miles northwest of Miami and less than three miles from Interstate 95, the Center at Miami Gardens will feature three residential buildings and a clubhouse. Los Angeles-based multifamily developer The Latigo Group LLC broke ground in October 2019 and plans to deliver the first apartments in late 2020, with completion scheduled for spring of 2021. The complex will be situated on approximately 10 acres of land along with parks and ponds.

January 15, 2020

Development Industrial Kentucky Southeast

Hunt Midwest to Develop 322,000 SF Spec Industrial Facility in Louisville

by Alex Tostado January 15, 2020

LOUISVILLE, KY. — Kansas City, Mo.-based Hunt Midwest will develop Blankenbaker Logistics Center, a speculative industrial building located 13 miles southeast of downtown Louisville within Blankenbaker Station business park. Blankenbaker Logistics Center will occupy a 20-acre site at 13007 Rehl Road and include more than 322,000 square feet of leasable space, 187 surface parking stalls, 44 tractor trailer parking stalls and a 140-foot truck court. Building features will include 32 dock positions in a cross-dock configuration with 36-foot clear heights, four drive-in doors and mechanical dock equipment. Completion of the Blankenbaker Logistics Center is scheduled for December of this year. Located south of Interstate 64 and west of Interstate 265, Blankenbaker Logistics Center will be adjacent to the local FedEx Ground terminal, with access to UPS Worldport and Ford’s Kentucky Truck and Louisville Assembly Plants. The design team includes civil engineer Mindel Scott, architect H2B Architects and general contractor Summit Construction. Kevin Grove of CBRE will represent Hunt Midwest in the lease-up of the facility.

January 15, 2020

Acquisitions Alabama Multifamily Southeast

Newmark Knight Frank Arranges $21M Sale of Two Urban Birmingham Apartment Properties

by Alex Tostado January 15, 2020

BIRMINGHAM, ALA. — The Newmark Knight Frank (NKF) Multifamily group has brokered the sale of two Birmingham multifamily assets: Pawnee Square, a 72-unit community located in the city’s Highland Park neighborhood; and Jemison Flats, a 59-unit community located downtown. The Jemison Flats sale also included more than 23,000 square feet of commercial space. Bo Flurry and Justin Uffinger of NKF’s Birmingham office represented the sellers in both transactions. San Diego-based Verada Properties sold Pawnee Square, located at 2912 Pawnee Ave., to Birmingham-based Welden Field Development. The apartment building was 92 percent occupied at the time of sale. Constructed in 1979, Pawnee Square offers one- and two-bedroom floorplans, including loft-style units. The community features a pool and is situated near both the University of Alabama at Birmingham and the central business district. Jemison Flats, located at 1827 1st Ave. in Birmingham’s Theater District, was sold by Birmingham-based LIV. JLL worked on behalf of the borrower, Highland Real Estate Capital, to secure a three-year, floating-rate acquisition loan through Bridge Investment Group. The apartment building was 93 percent occupied at the time of sale and offers studios, one- and two-bedroom loft-style floorplans, as well as an outdoor green space area, fitness center, grilling station …

January 15, 2020

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