Southeast

Continental Realty Group, MLG Capital Sell Apartment Community in Memphis’ Germantown District for $64M

by Alex Tostado March 5, 2020

MEMPHIS, TENN. — Continental Realty Group and MLG Capital have sold The Park at Forest Hill, a 601-unit apartment community in Memphis, for $64 million. The property was built in two phases in 2002 and 2007 at 8285 Irene Blvd., in Memphis’ Germantown submarket. The community offers one- and two-bedroom floor plans with rents ranging from $715 to $1,075 per month. Communal amenities include a pool, dog park, clubhouse, playground, fitness center and picnic tables. Continental Realty and MLG purchased the property in 2016 for $39.1 million. The partnership implemented $3.1 million worth of upgrades, which included upgrading select units with items such as new vinyl plank flooring, stainless steel appliances, kitchen and bathroom cabinet fronts and all new unit hardware. The buyer was not disclosed.

March 5, 2020

Acquisitions Georgia Multifamily Southeast

Marcus & Millichap Arranges $21M Sale of Apartment Portfolio in Macon, Georgia

by Alex Tostado March 5, 2020

MACON, GA. — Marcus & Millichap has arranged the $21 million sale of a 296-unit apartment portfolio in Macon. Both the buyer and seller were undisclosed limited liability companies. The first property is Anthos at Hidden Lake, a 144-unit property located at 180 Hidden Lake Court. The community offers one-, two- and three-bedroom floor plans, as well as amenities including a fitness center, pool and a playground. The second property is Anthos at Shadowood West, a 152-unit property also offering one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, playground and a volleyball court. Anthos at Shadowood West is situated at 4334 W. Highland Drive. Mason Taylor, Cole Carros and Nate McDaniel of Marcus & Millichap represented the seller in the transaction. The team also procured the buyer.

March 5, 2020

Acquisitions Florida Office Southeast

Bankers Healthcare Acquires 130,000 SF Office Building in South Florida

by Alex Tostado March 5, 2020

MIRAMAR, FLA. — Bankers Healthcare Group has acquired 3700 Lakeside Drive, a six-story, 130,000-square-foot office building in Miramar. Bankers Healthcare will relocate its headquarters to the new building in October after remodeling the space to include a fitness center with personal trainers, café, yoga room and a massage room. G. Alvarez Studio will serve as the architect of the renovation. The building is located 26 miles northwest of downtown Miami in Broward County. Bankers Healthcare will have 260 employees occupying the first three floors. Current tenants on the fourth through sixth floors will remain in place. Bankers Healthcare is currently in Davie, Fla., and will retain that space after the move to make it available for commercial lease. The company provides financial advice to licensed healthcare practitioners. Butters Realty & Management represented the buyer in the off-market transaction. Further details of the sale were not disclosed.

March 5, 2020

Acquisitions Industrial North Carolina Southeast

Dalfen Purchases 58,160 SF Industrial Building Near Charlotte Airport

by Alex Tostado March 5, 2020

CHARLOTTE, N.C. — Dalfen Industrial has purchased CLT Industrial Distribution Center, a 58,160-square-foot building in Charlotte’s Eagle Lake neighborhood. The building was delivered in 2001 and is fully leased to CLT Air Freight Carrier. CLT Industrial Distribution Center is situated at 4325 Beam Road, less than two miles from Charlotte Douglas International Airport and seven miles south of downtown Charlotte. The property features 24 dock high doors, more than 60 parking spaces and a 140-foot truck court. Further details of the transaction were not disclosed.

March 5, 2020

Development Industrial North Carolina Southeast

Publix Breaks Ground on 940,000 SF Distribution Center in Greensboro, North Carolina

by Alex Tostado March 4, 2020

GREENSBORO, N.C. — Publix has broken ground on a 940,000-square-foot refrigerated distribution center in Greensboro. Publix expects the project to deliver the facility by the end of 2022 and to create 1,000 jobs by 2025. The new distribution center will be Publix’s 10th, joining other facilities in Boynton Beach, Deerfield Beach, Jacksonville, Lakeland, Miami, Orlando and Sarasota, Fla.; Lawrenceville, Ga.; and McCalla, Ala. Publix announced the project in 2018.

March 4, 2020

Development Georgia Industrial Southeast

Hines to Develop 737,000 SF Busch Logistics Park Near Atlanta

by Alex Tostado March 4, 2020

CHATSWORTH, GA. — Houston-based Hines will develop Busch Logistics Park, a planned two-building, 737,000-square-foot industrial property in Chatsworth. Both buildings will be developed simultaneously, and Hines expects to deliver them in early 2021. Building A will span 526,400 square feet and feature cross-dock configuration and 36-foot clear heights, and Building B will span 210,600 square feet and feature rear load configuration and a 32-foot clear heights. The property is situated on 97 acres off Cass White Road and Interstate 75, 45 miles northwest of Atlanta. Reed Davis and Bob Currie of JLL will handle leasing efforts on behalf of the developer.

March 4, 2020

Acquisitions Hospitality Southeast Virginia

Stonebridge Acquires Marriott Hotel in Northern Virginia for $17.3M

by Alex Tostado March 4, 2020

HERNDON, VA. — Stonebridge Cos. has acquired Residence Inn by Marriott Herndon Reston in Herndon for $17.3 million. The hotel offers 168 rooms and features complimentary Wi-Fi, a pool, barbecue and picnic area, complimentary breakfast buffet, 24-hour market, an onsite business center and meeting space. The property is situated at 315 Elden St., 24 miles west of downtown Washington, D.C. and two miles from Reston Town Center, which features more than 50 retailers and 35 restaurants. LNR Partners LLC sold the hotel.

March 4, 2020

Florida Industrial Leasing Activity Southeast

Bridge Development Signs Grocer to 114,808 SF Industrial Lease in Metro Miami

by Alex Tostado March 4, 2020

MIAMI GARDENS, FLA. — Bridge Development Partners has signed HapCor, a grocer in the Caribbean and Latin America, to a 114,808-square-foot industrial lease within Bridge Point Commerce Center in Miami Gardens. Phase I of the industrial park was delivered in late 2019 and includes three buildings spanning 1.1 million square feet. The buildings feature 32-foot clear heights and are divisible by 40,000 square feet. At full build-out, the property will comprise 2.1 million square feet. The asset is situated on 185 acres at 3900 NW 215th St., 20 miles from both Miami International Airport and Fort Lauderdale-Hollywood International Airport. Tom O’Loughlin and David Albert of CBRE represented the landlord in the lease transaction. Tom Viscount and Wayne Schuchts of Avison Young represented the tenant.

March 4, 2020

Development Retail Southeast Tennessee

Whole Foods Opens 44,500 SF Store in Downtown Nashville

by Alex Tostado March 4, 2020

NASHVILLE, TENN. — Whole Foods Market has opened a 44,500-square-foot store in downtown Nashville. Whole Foods employs about 120 full- and part-time workers at the new store, which is situated at 1202 Broadway. The store will be open 7 a.m. to 10 p.m. daily. The new location features a full-service coffee bar called BroadBrews, offering coffee, espresso, cold brew, teas, beer, wine and pastries. The new Whole Foods is situated at the ground level of 1200 Broadway, a 26-story, 313-unit apartment complex. This is Whole Foods’ third location in metro Nashville, joining a store seven miles south of downtown in Green Hill and a store in Franklin, 18 miles south of Nashville.

March 4, 2020

Acquisitions North Carolina Office Southeast Top Stories

JLL Arranges $102M Sale of Three Office Buildings Within Charlotte’s Coliseum Centre

by Kristin Harlow March 4, 2020

CHARLOTTE, N.C. — JLL Capital Markets has arranged the sale of Coliseum Centre III, V and VI in Charlotte for $102 million. The three Class A office buildings total 511,344 square feet and are located immediately adjacent to Billy Graham Parkway in Charlotte’s Airport submarket. Completed between 1996 and 1998, the six-story buildings are 87 percent occupied overall. Amenities include onsite dining options, three fitness centers, boardrooms, training facilities, a conference facility, tenant lounge and collaboration area. Ryan Clutter, Chris Lingerfelt and Zack Drozda of JLL represented the seller, America’s Capital Partners. Travis Anderson and Taylor Allison of JLL arranged a $79.3 million acquisition loan on behalf of the buyer, Charlotte-based South Street Partners. Brookfield provided the four-year, floating-rate loan. “Given the strong employment growth and corresponding leasing demand in Charlotte, opportunities like Coliseum Centre are very attractive to investors,” says Clutter. “Charlotte has become one of the top markets for office investment nationally and is poised to continue to see significant inbound capital flows.” America’s Capital Partners is a private commercial real estate investment firm headquartered in Coral Gables, Fla. South Street Partners is a private equity real estate investment firm that has deployed $640 million of capital across …

March 4, 2020

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