ATLANTA AND SAVANNAH, GA. — Plymouth Industrial REIT Inc. has purchased a five-property, 924,036-square-foot industrial portfolio in Atlanta and Savannah for $34.7 million. Fully leased to four tenants with weighted average lease terms of approximately seven years, the portfolio comprises two buildings in the Northwest and I-20 East industrial submarkets of Atlanta and three buildings in Savannah. The acquisition also includes 39 acres of developable land in Atlanta. The seller(s) was not disclosed.
MURFREESBORO, TENN. — Hamilton Zanze has acquired Springfield Apartments, a 270-unit multifamily community in Murfreesboro. The property comprises 16 buildings with one-, two- and three-bedroom floor plans. Units average 1,013 square feet. Communal amenities include a dog park, gaming area, saltwater pool, hammock garden and an entertainment pub. Springfield Apartments is located at 3726 Manson Pike, 30 miles southeast of downtown Nashville. The property was delivered in 2018 and was 97 percent occupied at the time of sale. Denver-based Mission Rock Capital will manage the property. Further details of the sale were not disclosed.
MIAMI — Aztec Group has arranged a $17.4 million refinancing loan for Sunset Strip, an 86,029-square-foot retail center in Miami. Presidente Supermarket and Dollar Tree anchor the property, which includes other tenants such as Atlantis Academy, Metro PCS, Inkaholik and Atlakat Restaurant & Grill. The property is situated at 10855 S.W. 72nd St., 12 miles west of downtown Miami. Starwood Mortgage Capital provided the loan to an affiliate of Miami-based CF Properties. The nonrecourse, interest-only loan has a 10-year term with a fixed 3.57 percent interest rate.
RALEIGH, N.C. — Golden Corral has signed a lease agreement with landlord Keystone Corp. to occupy 42,500 square feet of the first two floors of Palisades III, an under-construction office building in Raleigh. Palisades III will stand six stories and span 166,290 square feet. Building amenities will include a café, onsite conferencing, lounge, fitness center and a rooftop terrace. Keystone expects to deliver the property in early 2021. The property is situated at 5410 Trinity Road, adjacent to Palisades I and II, which Keystone acquired in summer 2018. CBRE|Raleigh represented the landlord in the transaction. Golden Corral’s headquarters are currently located at 5151 Glenwood Ave. in Raleigh. The company operates 100 buffet and grill restaurants nationwide with franchisees operating another 400 locations.
The surge of momentum happening in Miami’s office market is undeniable with the metro emerging as a new international hub for startups and regional companies alike. Fueled by a multilingual workforce and easy access to Latin America and the Caribbean, Miami’s status as an international gateway is drawing the attention of office landlords and investors from around the country, as well as a wide variety of office users. Investors like Starwood Capital, Appaloosa Management and Icahn Enterprises are leaving their traditional New York and New Jersey locations to come to Florida, one of just seven states that do not impose state income tax. Paired with favorable weather and a high quality of life, Miami is a desirable destination for businesses and its workforce. Entrepreneurial activity in the region is also helping to fuel the office market, as the number of foreign business owners who choose to relocate to Miami and set up shop continues to grow. Hot submarkets Miami’s Wynwood neighborhood has quickly earned the reputation as one of the city’s up-and-coming places to be. The district is poised to become the next 24/7 hotspot thanks to a healthy pipeline of residential development underway that will support office growth in …
GREENSBORO, N.C. — Highwoods Properties Inc. (NYSE: HIW), a publicly traded REIT based in Raleigh, has sold its industrial and single-story flex portfolio in Greensboro, comprising 2.8 million square feet, for $193.4 million. The company also plans to close the $40 million sale of The Knollwood, a 250,000-square-foot office complex in Greensboro, by Feb. 15. The sale follows Highwoods’ recent announcement of its initiative to exit both the Greensboro and Memphis, Tennessee, markets. That plan led to the recent $76.4 million sale of the 248,000-square-foot International Paper IV office building in Memphis. “These sales are a significant step to completing the first phase of our plan to exit the Greensboro and Memphis markets and reinvest that capital in … high-growth markets such as Charlotte,” says Ted Klinck, president and CEO of Highwoods Properties. “With these dispositions, we will have completed approximately 75 percent of the first phase of sales, and we remain on track to complete the first phase by mid-2020.” Highwoods’ two-phased exit plan consists of selling a select portfolio of its Greensboro and Memphis assets and acquiring Bank of America Tower at Legacy Union in Charlotte in November for $436 million. The second phase consists of selling all remaining …
NEW ORLEANS — A joint venture between Texas-based NewcrestImage and Columbia, Md.-based Baywood Hotels will develop Canopy by Hilton, a 176-room hotel in downtown New Orleans. The 14-story hotel will be at the site of the former Oil and Gas Building, which was built in 1959 and placed on the National Register of Historic Places in 2014 for its innovative use of glass, steel and abstract geometry in a skyscraper. The hotel will be situated at 1100 Tulane Ave., adjacent to the French Quarter. Canopy by Hilton will feature a fine-dining concept and meeting space with an outdoor terrace. The joint venture will begin construction in early February with a planned completion date in summer 2021.
COLUMBIA, S.C. — Resort Lifestyle Communities (RLC) has unveiled plans for Lakeview Retirement Community, an active adult property in Columbia. The 180,000-square-foot property will offer units ranging from studios to three-bedroom apartments. Development costs are estimated at $30 million. A groundbreaking ceremony is scheduled for Tuesday, Feb. 11. Although services will not be offered directly, residents needing care are free to contract with a home health provider, according to RLC.
NASHVILLE, TENN. — JLL has arranged the $45.3 million sale of Lion’s Head Village, a Trader Joe’s-anchored shopping center in Nashville. The center is shadow-anchored by Target and was fully leased at the time of sale to tenants including Great Clips, Sport Seasons, Cosmos Nails, Plato’s Closet Nashville and Dalts American Grill. Lion’s Head Village is situated on 9.5 acres at 90 White Bridge Road, two miles from Vanderbilt University and four miles from downtown Nashville. Jim Hamilton of JLL represented the locally based seller, Boyle Investment Co., in the transaction. San Francisco-based Stockbridge acquired the shopping center.
GREENSBORO, N.C. — Berkadia has provided a $25.8 million Freddie Mac acquisition loan for Waterford Place, a 240-unit apartment complex in Greensboro. The property was built in 1997 at 101 Shore Lake Drive, a few blocks from Lake Jeanette and six miles north of downtown Greensboro. Waterford Place offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool, playground, tennis court and maid service. Mitch Sinberg, Matthew Robbins and Abigail Beauchamp of Berkadia secured the loan on behalf of the buyers, a joint venture between New York City-based GMF Capital and Lakewood, N.J.-based Eminent Capital. The loan features a 10-year term with a fixed interest rate and five years of interest-only payments. The seller was McLean, Va.-based Kettler Management.