Southeast

Sunstone Hotel Investors Sells Renaissance Baltimore Harborplace Hotel for $80M

by Alex Tostado July 8, 2020

BALTIMORE — Sunstone Hotel Investors has sold Renaissance Baltimore Harborplace, a Marriott-affiliated, 622-room hotel in downtown Baltimore. The Buccini/Pollin Group acquired the asset for $80 million, or $129,000 per room. The hotel is situated along the Inner Harbor at 2020 E. Pratt St. The hotel features 30,000 square feet of flexible meeting and event space, three food and beverage outlets including a waterfront restaurant called Watertable, a 24-hour fitness center and a business center. This is the 17th Marriott-affiliated hotel in The Buccini/Pollen Group’s portfolio. Mark Elliott, Jay Morrow and Jeff Berkman of Hodges Ward Elliott (HWE) represented the seller in the transaction. Lawrence Britvan of HWE originated an acquisition loan on behalf of the buyer. Details of the financing were not disclosed.

July 8, 2020

Development Multifamily North Carolina Southeast

Alliance Residential to Build 260-Unit Apartment Complex in North Charlotte

by Alex Tostado July 8, 2020

CHARLOTTE, N.C. — Alliance Residential has purchased 10.8 acres to develop Broadstone Highland Creek, a planned 260-unit multifamily community in north Charlotte’s Highland Creek neighborhood. The community will offer one-, two- and three-bedroom floor plans averaging 991 square feet. Communal amenities will include a pool, clubroom, dog park and a fitness center, as well as 8,000 square feet of ground-level retail space. The property is located at 5050 Ridge Road, 14 miles north of downtown Charlotte. Alliance Residential expects to break ground later this year and open the community in early 2022. The project team includes architect Cline Design Associates and civil engineer McAdams Co.

July 8, 2020

Alabama Development Industrial Self-Storage Southeast

NitNeil Partners to Construct 100,000 SF Self-Storage Facility in Huntsville

by Alex Tostado July 8, 2020

HUNTSVILLE, ALA. — NitNeil Partners will develop a four-story, 100,000-square-foot self-storage facility in Huntsville. The Atlanta-based developer acquired 2.1 acres at 2312 Memorial Parkway SW for the project, which is two miles southwest of downtown Huntsville. NitNeil expects to break ground in August and anticipates opening the property in summer 2021. The development will also feature a one-acre outparcel along Memorial Parkway for a future restaurant or retail use.

July 8, 2020

Acquisitions Alabama Multifamily Southeast

ApexOne Investments Acquires 135-Unit Multifamily Property in Metro Birmingham

by Alex Tostado July 8, 2020

HOMEWOOD, ALA. — ApexOne Investments has acquired The Moretti at Vulcan Park, a 135-unit multifamily community in Homewood. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, car wash area, clubhouse, fitness center and a conference room. The asset is located at 101 Moretti Circle, three miles south of downtown Birmingham. Stephen West, Matt Wallach and Will Baker of Walker & Dunlop originated a Freddie Mac acquisition loan on behalf of the buyer. The 10-year loan features five years of interest-only payments and a fixed interest rate. Kris Mikkelsen and Telly Fathaly of Walker & Dunlop represented the seller, Raia Capital Management, in the transaction. The sales price was not disclosed.

July 8, 2020

Acquisitions Multifamily South Carolina Southeast Top Stories

Southwood Realty Acquires 1,120-Unit Apartment Portfolio in South Carolina for $146M

by Kristin Harlow July 8, 2020

GREENVILLE, HARDEEVILLE AND IRMO, S.C. — Southwood Realty has acquired a four-property apartment portfolio totaling 1,120 units across South Carolina for $146 million. The four communities include Ardmore at the Park and Ardmore Howell Road in Greenville, Ardmore New River in Hardeeville and Ardmore Ballentine in Irmo. Each of the properties features amenities such as a pool, fitness center, playground, business center and grilling area. Austin Green and Caleb Troop of Capstone Apartment Partners represented the seller, Greensboro, N.C.-based Ardmore Residential. The team also procured the Gastonia, North Carolina-based buyer. “We continue to see demand from investors for well-located, new-construction garden product across the Carolinas,” says Troop. “Multifamily investment throughout in-migration markets like Greenville, Charleston, Columbia and Hilton Head has weathered the pandemic storm quite well this year.” The 305-unit Ardmore at the Park sold for $39.8 million and has been renamed Palisades at the Park. Built in 2017, it was 95 percent occupied at the time of sale. Ardmore Howell Road, now renamed Palisades at Howell Road, sold for $33.3 million. Built in 2016, it was 90 percent leased at the time of closing. Located less than 25 miles from the Atlantic Coast, Ardmore New River sold for $35.1 …

July 8, 2020

Acquisitions Georgia Multifamily Southeast

Radco Sells Multifamily Community in Atlanta for $49.5M

by Alex Tostado July 7, 2020

ATLANTA — The Radco Cos. has sold Ashford 2788, a 297-unit multifamily community in Atlanta, for $49.5 million. The firm acquired the property in 2014 and renovated the community to include a new clubhouse, fitness center and dog park. Other communal amenities include a pool, grilling area, playground and a business center. The Atlanta-based company also renovated unit interiors and property exteriors. Ashford 2788 features two- and three-bedroom floor plans. The community is situated in Atlanta’s Upper Westside neighborhood at 2788 NW Defoors Ferry Road, eight miles northwest of downtown Atlanta. Robert Stickel, Mike Kemether, Travis Presnell and Alex Brown of Cushman & Wakefield represented the seller in the transaction. Quintus Corp. acquired the property.

July 7, 2020

Development Retail Southeast Virginia

Development Group to Build New Earth Fare Grocery Store in Christiansburg, Virginia

by Alex Tostado July 7, 2020

CHRISTIANSBURG, VA. — A group of developers will build a new prototype of the specialty grocer in Christiansburg. Walt Rector, founding principal of Flagstaff, Ariz.-based Bromont Investments, and investment partner Chris Carlsen, are leading the development of the Earth Fare, which will be located within Christiansburg Marketplace. The new store will feature a smaller footprint than previous Earth Fare stores. Fletcher, N.C.-based Earth Fare closed all of its 46 stores and filed for bankruptcy in February. Randy Talley, cofounder of the original Earth Fare, and Dennis Hulsing, an Asheville, N.C.-based investor, teamed up to acquire shuttered Earth Fare locations in mid-April, as well as the grocer’s trade name. The Christiansburg location is slated to open in spring 2021. The investors have also recently reopened closed Earth Fare stores in Roanoke, Va.; and Asheville and Boone, N.C. Other tenants at Marketplace at Christianburg include AspenDental, Chipotle, Elegant Nails, Harbor Freight, Mission BBQ, Orangetheory Fitness, Sandros, Skyline Bank, Starbucks and Verizon.

July 7, 2020

Company News Leasing Activity Maryland Office Southeast

Armada Hoffler, WeWork Agree to Terminate 69,000 SF Office Lease in Baltimore

by Alex Tostado July 7, 2020

BALTIMORE — Armada Hoffler Properties and WeWork have mutually agreed to terminate WeWork’s 69,000-square-foot office lease at Wills Wharf in Baltimore’s Harbor Point neighborhood. The New York City-based coworking company was slated to occupy the top two stories of the office portion of Wills Wharf. A Canopy by Hilton hotel will be situated on the top four floors of the 12-story, 325,000-square-foot building. Armada Hoffler has begun marketing the space again to join other office tenants, which include EY, Jellyfish and Bright Horizons. WeWork also terminated its lease with landlord Columbia Property Trust at 189 Madison Ave. in New York City.

July 7, 2020

Acquisitions Mississippi Retail Southeast

SRS Negotiates Sale of 60,835 SF Retail Property in Starkville, Mississippi

by Alex Tostado July 7, 2020

STARKVILLE, MISS. — SRS Real Estate Partners has negotiated the sale of a 60,835-square-foot retail property in Starkville. Vowell’s Marketplace, a regional grocery store, fully occupies the building with two years remaining on its corporate-guaranteed lease. The property was built in 1992 and is located at 118 Mississippi Highway 112, less than one mile from downtown Starkville and less than two miles west of Mississippi State University. Britt Raymond, Kyle Fant, Matthew Mousavi, Patrick Luther and Martin Smith of SRS represented the seller, a New York-based private investor. The buyer was a private investor from Starkville.

July 7, 2020

Acquisitions Industrial Southeast Virginia

Direct Mail Solutions Acquires Industrial Building in Richmond for $9.4M

by Alex Tostado July 7, 2020

RICHMOND, VA. — Richmond-based Direct Mail Solutions has acquired a 229,829-square-foot industrial building in Richmond for $9.4 million. The property features ESFR sprinklers and 38-foot clear heights. The property spans 23.8 acres and is located at 4650 Oakleys Lane, seven miles east of downtown Richmond. Cliff Porter and Robert Porter III of Porter Realty Co. Inc. represented the seller, 4650 Oakleys Lane LLC, in the transaction.

July 7, 2020

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