Southeast

Westside Acquires Multifamily Community in Tampa for $29.5M

by Alex Tostado September 17, 2019

TAMPA, FLA. — Westside Capital Group has acquired Watermans Crossing Apartments, a 337-unit multifamily community in Tampa’s Wellswood neighborhood, for $29.5 million. The property, which Westside Capital will rebrand as Westshore Crossing, comprises 20 buildings and offers studio through three-bedroom floor plans averaging 895 square feet. Communal amenities include a clubhouse, 876 parking spots, fitness center and three swimming pools. Westside plans to invest $5 million in capital improvements, which will include updating common areas and perform targeted interior unit upgrades. Bridge Investment Group provided the buyer with a $26.3 million acquisition loan with a five-year term and a floating interest rate. Charles Foschini of Berkadia arranged the loan on behalf of the buyer. Luis Elorza and Brad Capas of Cushman & Wakefield represented the buyer in the sale. The seller was not disclosed.

September 17, 2019

Acquisitions Georgia Multifamily Southeast

Cortland Purchases New Apartment Complex in Metro Atlanta

by Alex Tostado September 17, 2019

PEACHTREE CORNERS, GA. — Cortland has purchased Echo Lakeside, a 296-unit apartment complex in Peachtree Corners that was delivered in April. The buyer will rebrand the property as Cortland Peachtree Corners. The property is bordered by two lakes, which includes two docks for residents to fish from or launch kayaks. Additional communal amenities include a clubhouse, business center, fitness center, swimming pool, rideshare space and a dog park. The seller and sales price were not disclosed, though the Gwinnett Daily Post reported that Brand Properties was the developer.

September 17, 2019

Industrial Leasing Activity South Carolina Southeast

Expeditors International Signs 143,000 SF Industrial Lease in Metro Charleston

by Alex Tostado September 17, 2019

HANAHAN, S.C. — Expeditors International of Washington Inc. has signed a 143,000-square-foot industrial lease within North Pointe Commerce Park in Hanahan. Expeditors will occupy 58 percent of the 247,000-square-foot building located at 1017 Northpointe Industrial Blvd., which is situated 14 miles northwest of downtown Charleston. Of the 143,000 square feet, 22,000 will be office space that the landlord, West-Signal, will build out. The building features tilt-up concrete construction, 32-foot clear heights, ESFR sprinkler systems and LED lighting. Expeditors is expected to begin occupying the space in early October. Jeff Kernochan of Fischer International and Hagood Morrison of Bridge Commercial represented the tenant in the lease negotiations. Peter Fennelly, Simons Johnson and Tim Raber of Bridge Commercial represented West-Signal, which is a joint venture owned by an affiliate of North Signal Capital LLC and a fund managed by Westport Capital Partners LLC.

September 17, 2019

Development Multifamily Southeast Tennessee

Beach Co. Breaks Ground on Apartment Complex in Downtown Nashville

by Alex Tostado September 16, 2019

NASHVILLE, TENN. — The Beach Co. has broken ground on Sixth South, an apartment complex in downtown Nashville that will feature 299 multifamily units and 5,400 square feet of retail space. Communal amenities will include a saltwater swimming pool, pool deck, outdoor kitchens, pet spa, club room and a fitness center. The Beach Co. expects to complete Sixth South in summer 2021. JC Darby and Jon Petty with Southeast Venture are the listing agents for the retail space.

September 16, 2019

Acquisitions Florida Multifamily Southeast

CBRE Negotiates $29.5M Sale of Multifamily Complex in Metro Tampa

by Alex Tostado September 16, 2019

LARGO, FLA. — CBRE has negotiated the $29.5 million sale of Enclave on East, a 196-unit multifamily complex in Largo. The property was 95 percent occupied at the time of sale. Enclave on East is located at 3660 E. Bay Drive, 20 miles west of downtown Tampa. Communal amenities include a swimming pool, playground, picnic tables, hammocks, clubhouse, business center and a car wash area. Shelton Granade, Luke Wickham, Justin Basquill, Michael Regan and Francesco Carriera of CBRE represented the seller, Insula Cos. The buyer was Providence Acquisitions LLC.

September 16, 2019

Acquisitions Georgia Multifamily Southeast

FCP Acquires Multifamily Community in Southwest Atlanta for $23.2M

by Alex Tostado September 16, 2019

ATLANTA — FCP has acquired Ashford at Spring Lake, a 180-unit multifamily community in southwest Atlanta, for $23.2 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, playground, fitness center and a swimming pool. The complex is located at 6200 Bakers Ferry Road, 13 miles west of downtown Atlanta. Pinnacle Management, which manages 17 communities for FCP throughout the Southeast, will manage Ashford at Spring Lake. Matt White, Andrew Mays and Paul Vetter of Berkadia represented the undisclosed seller in the transaction.

September 16, 2019

Acquisitions Alabama Retail Southeast

Marcus & Millichap Arranges $15.7M Sale of Walmart-Anchored Shopping Center Near Birmingham

by Alex Tostado September 16, 2019

SYLACAUGA, ALA. — Marcus & Millichap has arranged the $15.7 million sale of Payton Park, a 231,820-square-foot retail center in Sylacauga. Walmart Supercenter anchors the property, which also includes tenants such as Burkes Outlet, CATO, Shoe Show and Sally Beauty. The center is located at 41301 U.S. Highway 280, 45 miles southwest of downtown Birmingham. Zach Taylor, Andrew Margulies and Don McMinn of Marcus & Millichap represented the seller, an affiliate of Brixmor Property Group, in the transaction. The buyer was Chattanooga, Tenn.-based Rise Partners.

September 16, 2019

Acquisitions North Carolina Retail Southeast

RCG Ventures Sells Retail Center in Central North Carolina for $15.2M

by Alex Tostado September 16, 2019

GOLDSBORO, N.C. — RCG Ventures LLC has sold Ashley Plaza, a 160,356-square-foot retail center in Goldsboro, for $15.2 million. Hobby Lobby anchors the property, which was 98 percent leased at the time of sale to tenants including Planet Fitness, Ashley Furniture HomeStore, Harbor Freight Tools, Shoe Show, Chuck E. Cheese and Smart Repair Center. Ashley Plaza is located at 201 N. Berkeley Blvd., adjacent to Seymour Johnson Air Force Base and about 60 miles east of downtown Raleigh. Thomas Kolarczyk and Jim Hamilton of JLL represented the seller in the transaction. The buyer was Medalist Diversified REIT Inc., an investment and management firm based in Richmond that specializes in value-add real estate.

September 16, 2019

Acquisitions Maryland Retail Southeast Texas Top Stories

InvenTrust Acquires Two Grocery-Anchored Shopping Centers in Texas, Maryland for $123M

by Taylor Williams September 16, 2019

FRISCO, TEXAS AND ROCKVILLE, MD. — InvenTrust Properties Corp., an Illinois-based shopping center REIT, has acquired two grocery-anchored properties in Texas and Maryland for $123 million. Eldorado Marketplace is a 186,068-square-foot property in Frisco, a northern suburb of Dallas, and Travilah Square is a 56,220-square-foot center in Rockville, a suburb of Washington D.C. The properties fetched sales prices of $71 million and $52 million, respectively. Market Street serves as the anchor tenant for Eldorado Marketplace, which also houses tenants such as AT&T, Jersey Mike’s, PetSmart and UPS. Trader Joe’s anchors Travilah Square, which houses tenants such as TITLE Boxing and Tropical Smoothie. InvenTrust officials cited Frisco’s emergence as a hub for corporate relocations, specifically the PGA and Keurig Dr. Pepper, as a key factor in the acquisition of Eldorado Marketplace. InvenTrust pointed to growing household income and steady population growth as the drivers behind the purchase of Travilah Square. The basic need to deploy capital before year’s end also played into the equation, says Christy David, executive vice president of InvenTrust. “InvenTrust has now acquired over $400 million of high-quality, grocery-anchored centers in key growth markets year-to-date. We remain on track to hit the company’s acquisition goals for 2019, and …

September 16, 2019

Industrial Market Reports Maryland Southeast Southeast Market Reports

Land Scarcity in Baltimore Driving More ‘Smart Growth’ for Industrial Sector

by Alex Tostado September 16, 2019

Continuing a trend that started approximately 10 years ago, the Central Maryland region remains an extremely attractive area for warehouse and industrial development with vacancy rates hovering in the 7 percent range, more than 3 million square feet currently underway and an additional 5 million square feet of space expected to break ground over the next 18 months. But new challenges are also starting to emerge in this marketplace, driven by barriers-to-entry such as land scarcity and increased government regulations. On the positive side, rental rates continue to inch upwards and end-user requirements in the 30,000- to 100,000-square-foot range, long the bread and butter of this region, have returned. Over the past decade, numerous local and national developers have been enjoying the high life in the Interstate 95 corridor spanning from Harford County north of Baltimore City, through Howard County and touching Prince George’s County, which is considered a suburb of Washington, D.C. A who’s who of retail royalty have signed substantial leases such as Amazon, Best Buy, FedEx, Floor & Décor, The Container Store, The Home Depot, Pier 1 Imports, Sephora Cosmetics, XPO Logistics and Under Armour. While many touched 1 million square feet of space, what previously was …

September 16, 2019

Newer Posts

Older Posts