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AcquisitionsMultifamilySoutheastTennessee

Joint Venture Buys 360-Unit Multifamily Community in Metro Nashville

by Alex Tostado

ANTIOCH, TENN. — A joint venture between Admiral Capital Group and Security Properties has bought Cambridge at Hickory Hollow, a 360-unit multifamily community in Antioch. The garden-style complex was built in 1997 and is located 15 miles southeast of downtown Nashville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a 24-hour fitness center, breakfast bar, fitness center, swimming pool, outdoor kitchen, fire pit and package receiving service. The seller and sales price were not disclosed.

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FloridaLeasing ActivityOfficeSoutheast

Lennar Homes Signs 156,000 SF Office Lease for New Headquarters in Miami

by Alex Tostado

MIAMI — Lennar Homes LLC has signed a 16-year lease to occupy 156,000 square feet of office space for its new headquarters in Miami. Lennar Homes will move into Franklin Street Properties’ Blue Lagoon property, which is a nine-story, 213,000-square-foot building located seven miles west of downtown Miami.

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AcquisitionsGeorgiaRetailSoutheast

Marcus & Millichap Arranges $2.7M Sale of New Aldi-Occupied Building in Statesboro, Georgia

by Alex Tostado

STATESBORO, GA. — Marcus & Millichap has arranged the $2.7 million sale of an Aldi-occupied grocery store located in Statesboro. The freestanding property, which was delivered in June, is leased to the German grocer on a 20-year, triple-net ground lease. The store spans 23,435 square feet within Statesboro Crossing shopping center. It is located at 270 Henry Blvd., two miles from both downtown Statesboro and Georgia Southern University. Don McMinn of Marcus & Millichap represented the seller, Statesboro Crossing LLC, in the transaction. Martina Crevecoeur of International Capital Acquisitions LLC represented the buyer, H.H. US Real Estate Statesboro LLC.

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AcquisitionsGeorgiaIllinoisMidwestRestaurantRetailSoutheastTop Stories

Arby’s Parent Company to Acquire Jimmy John’s

by Kristin Harlow

ATLANTA AND CHAMPAIGN, ILL. — Inspire Brands Inc., the parent company of Arby’s, has agreed to acquire Jimmy John’s Gourmet Sandwiches. Terms of the transaction, expected to close by the end of October, were not disclosed. The Jimmy John’s Board of Directors, including founder and chairman Jimmy John Liautaud, unanimously approved the agreement. Jimmy John’s had $2.15 billion in U.S. sales last year across 2,803 stores, a roughly 50 percent increase in both sales and locations since 2013, according to The Wall Street Journal. Jimmy John’s, based in Champaign, opened its first sandwich shop in 1983, and is known for fast delivery. Atlanta-based Inspire is a multi-brand restaurant company founded in 2018. Its current portfolio includes more than 8,300 Arby’s, Buffalo Wild Wings, Sonic and Rusty Taco locations worldwide. Following completion of the transaction, Inspire will be the fourth-largest restaurant company in the United States, according to a news release. Inspire expects to have more than $14 billion in annual sales and more than 11,200 restaurants across 16 countries. James North will serve as president of the Jimmy John’s brand, reporting to Paul Brown, co-founder and CEO of Inspire. Liautaud will step down as chairman and transition to an advisor …

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District of ColumbiaLoansOfficeSoutheast

JLL Arranges $181.5M Refinancing Loan for Office Building in Southwest D.C.

by Alex Tostado

WASHNIGTON, D.C. — JLL has arranged a $181.5 million refinancing loan for Portals III, a 510,157-square-foot office building in southwest Washington, D.C. ACORE Capital provided the loan, which will be used to refinance existing debt, lease up the asset and fund capital improvements throughout the property. Portals III marks the third phase of the Portals mixed-use development, which comprises more than 1.5 million square feet of office space, more than 370 residential units, a 400-room Mandarin Oriental hotel and retail space. Andrew Weir, Cary Abod, Rob Carey, Drake Greer and Jay Graham of JLL represented the borrower, Washington, D.C-based Franklin L. Haney Co., in the loan transaction.

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FloridaGeorgiaIndustrialLoansSelf-StorageSoutheast

Talonvest Capital Secures $123.3M Refinancing for Self-Storage Portfolio in Three States

by Alex Tostado

IRVINE, CALIF. — Irvine-based Talonvest Capital Inc. has secured two refinancing loans totaling $123.3 million on behalf of Metro Self Storage. Lake Forest, Ill.-based Metro Self Storage will use the loan proceeds to refinance existing debt on eight properties in Georgia, 12 properties in Florida and two properties in Illinois. The portfolio totals more than 1.5 million square feet of rentable space. The two non-recourse loans feature a fixed 3.2 percent interest rate and 10 years of interest-only payments. An undisclosed national bank provided the funds.

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DevelopmentGeorgiaMultifamilySoutheast

Alliance Residential to Develop 276-Unit Multifamily Community in Atlanta’s Summerhill District

by Alex Tostado

ATLANTA — Alliance Residential has acquired five acres within Carter’s Summerhill development to construct a 276-unit multifamily community. The master-planned project is located southeast of downtown Atlanta and just north of Georgia State Stadium, formerly known as Turner Field. Broadstone Summerhill will offer studio, one-and two-bedroom floor plans averaging 729 square feet. Communal amenities will include a swimming pool, clubroom, fitness center, flexible indoor /outdoor spaces and a top-floor sky lounge with views of the Downtown and Midtown skylines. The community is within a mile of the Atlanta BeltLine, Grant Park, Zoo Atlanta, The Georgia State Capitol and Georgia State University. Alliance Residential expects to break ground later this year and deliver the project in 2021.

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AcquisitionsDistrict of ColumbiaOfficeSoutheast

Normandy Real Estate Partners Sells Office Building in D.C. for $104.6M

by Alex Tostado

WASHINGTON, D.C. — Normandy Real Estate Partners has sold 950 L’Enfant Plaza, a 315,726-square-foot office building in Washington, D.C., for $104.6 million. The nine-story building was 86 percent leased at the time of sale. I.M. Pei designed the property, which is situated within the 2.5 million-square-foot L’Enfant Plaza mixed-use development. The asset overlooks the Southwest Waterfront and has access to the L’Enfant Metrorail Station and is two blocks from the Virginia Railway Express Station. Matt Nicholson, Jim Meisel, Andrew Weir, Stephen Conley and Dave Baker of JLL represented the seller in the transaction. The buyer was not disclosed.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Cushman & Wakefield Negotiates $82M Sale of Apartment Complex in Charlotte

by Alex Tostado

CHARLOTTE, N.C. — Cushman & Wakefield has negotiated the $82 million sale of Overton Row, a 323-unit apartment complex in Charlotte. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a craft beer station, dog park, dog washing station, clubhouse, fitness center, business center, swimming pool, coffee bar and a yoga station. Overton Row is located at 1201 Central Ave., which is on the edge of the Plaza Midwood neighborhood and two miles east of downtown Charlotte. CampusWorks Development, Kaplan Residential and an affiliate of global investment firm The Carlyle Group sold the asset to Lindemann Multifamily Management. Marc Robinson, Jordan McCarley and Watson Bryant of Cushman & Wakefield represented the sellers in the transaction.

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Springhill Suites San Antonio
AcquisitionsCompany NewsHospitalityMarylandSoutheastTop Stories

Condor Hospitality Trust’s Shareholders Approve $318M Merger with NexPoint

by John Nelson

BETHESDA, MD. — Shareholders of Condor Hospitality Trust Inc., a lodging REIT based in Bethesda, have approved the proposed $318 million merger between Condor and NexPoint Hospitality Trust, a hotel REIT headquartered in Toronto. NexPoint and Condor expect the merger to close in the fourth quarter. As part of the deal, NexPoint will acquire Condor’s outstanding equity interests and operating partnership. “The transaction instantly expands [our] geographical footprint and balances NexPoint’s value-add portfolio with extended-stay hotels,” says Jim Dondero, CEO of NexPoint. “We believe the future for quality extended-stay and select-service hotels remains bright.” The shareholders of Condor (NYSE: CDOR) held a special meeting on Monday, Sept. 23 whereby 81.8 percent of the shares of Condor common stock voted in favor of adopting and approving the merger agreement, which NexPoint announced in late July. The merger allows NexPoint to enter several new markets, including Georgia, Kansas, Kentucky, Maryland, Mississippi and South Carolina. The move will also expand the REIT’s presence in Florida and Texas. Condor Hospitality Trust currently owns 15 hotels in eight states totaling more than 1,900 rooms. The hotel flags in the company’s portfolio includes Hilton, Marriott and InterContinental Hotels Group (IHG). NexPoint Hospitality Trust began operations in …

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