MOBILE, ALA. — Easterly Government Properties has acquired a 79,212-square-foot outpatient facility leased to the Department of Veterans Affairs (VA) in Mobile. The facility provides a range of medical and ancillary services, including primary care, mental health services and laboratory services to the approximately 54,000 veterans in the surrounding region. The property was developed in 2018 on a 13-acre campus, five miles west of downtown Mobile. The VA signed a 15-year lease in 2018 that expires in 2033. Further details of the transaction were not disclosed.
SAVANNAH, GA. — NXT Capital has provided a $29.9 million acquisition loan for Liberty Oaks in Savannah. The 300-unit property offers one-, two- and three-bedroom floor plans with rental rates ranging from $795 to $1,095 per month. Communal amenities include a fitness center, pool, playground and walking/biking trails. The community is situated at 5110 Garrad Ave., six miles southwest of downtown Savannah. Richard Jordan of CBRE originated the loan on behalf of the undisclosed borrower. The seller was also not disclosed.
HUNTSVILLE, ALA. — Cushman & Wakefield has arranged the $11.8 million sale of Chaney Place, an 80-unit multifamily community in Huntsville. The property offers two- and three-bedroom, townhome-style floor plans averaging 1,350 square feet. The property, which was delivered in 2015, is situated at 1060 Chaney Place Drive, 10 miles south of downtown Huntsville. Craig Hey and Andrew Brown of Cushman & Wakefield represented the seller, Morrison Avenue Capital Partners, in the transaction. Birmingham-based Red Street Investment Co. acquired the property.
CHARLOTTE, N.C. — Willis Towers Watson has signed a 22,000-square-foot, 11-year lease at Forest Park IV, a 62,000-square-foot office building in Charlotte. The London-based advisory firm is the first tenant to sign a lease at the single-story building, which is owned by Wakefield, Mass.-based Franklin Street Properties Corp. The property is situated at 600 Forest Pointe Circle, nine miles southwest of downtown Charlotte.
In January, the Atlanta market was ticking like a fine Swiss watch. With leadership from its robust crew of business, education, healthcare, accommodations and leisure services industries, the economy cruised into 2020 with a full head of steam. Although moderately slower than regional peers, Atlanta’s pace of job creation was considerably faster than state and national averages, contributing to falling unemployment — the metro rate was only 3.2 percent in January, the lowest ever for the first month of the year — and strong absorption of office space in blossoming Midtown. Construction projects large and small transformed the landscape at a formidable pace, molding urban neighborhoods in a grand style rarely seen in 21st century America. Multibillion dollar developments like Centennial Yards and the ambitious mass-transit-inspired Atlanta Beltline project promised to enhance the urban living environment while preserving Atlanta’s renowned quality of life. No commercial real estate segment was more active than multifamily. Last year, apartment properties valued at nearly $8 billion exchanged hands, establishing a metro series record. In addition, construction of more than 17,000 units is underway — assets with stabilized value of about $2.5 billion — and another 25,000 units are planned. Late-decade property performance was among …
CURTIS BAY, MD. — Germany-based GLL Real Estate Partners has acquired Brandon Woods III, a two-building industrial development in Curtis Bay, for $90 million. Chesapeake Real Estate Group LLC (CREG) and EverWest Real Estate Investors LLC sold the buildings. The sale also includes two land parcels with the potential for another 250,000 square feet of development. The two assets span 840,000 square feet at 7550 Perryman Court and 7659 Solley Road, just south of Baltimore near the Patapsco River. The building at 7550 Perryman Court is considered the largest speculative industrial building ever constructed in Anne Arundel County, according to CREG. Best Buy leased the entire building in summer 2018 and currently employs approximately 300 workers at the facility. The building is used as a warehouse and distribution center for large products, as well as a repair site for major appliances and televisions. The other building, 7659 Solley Road, is a recently delivered, 340,000-square-foot speculative property. It features a clear height of 36 feet, 87 dock doors, four drive-in doors, a 130-foot truck court and parking for 257 cars and 61 trailers. CREG was retained to oversee the construction, leasing and management at Brandon Woods III, which should total approximately …
BLACKSBURG, VA. — Greystar will redevelop an 11.5-acre site near Virginia Tech University into 424 student housing units. Sturbridge Square Apartments currently sits at the property, which is located at 1001 University City Blvd., one mile north of campus. The developer expects to break ground on the development this summer, with completion slated for fall 2022. Sturbridge Square Apartments currently comprises 11 buildings. The new community will offer six buildings offering one- through four-bedroom floor plans as well as townhomes. Communal amenities will include green recreational space, a half basketball court, swimming pool and a picnic area. David Eyzenberg of Eyzenberg & Co. with help from analyst Fan Yu structured the ground-lease on behalf of Sturbridge Square LLC and procured Greystar to develop the student housing community. BSB Design Inc. is serving as the architect of the redevelopment.
PORT ST. LUCIE, FLA. — Brennan Investment Group has delivered a 411,000-square-foot industrial facility for City Electric Supply/Tamco in Port St. Lucie. The property, which features 40,000 square feet of office space, will also serve as City Electric’s North American Manufacturing headquarters. The tenant manufactures and distributes lighting and electrical equipment products through City Electric Supply branches throughout the country. Tamco, one of City Electric’s retail brands with stores nationwide, is consolidating its space from five locations around Port St. Lucie to the new facility. In addition to developing the new facility, Brennan also acquired the five locations that Tamco occupied before selling them to an undisclosed Florida-based investor.
SMYRNA, TENN. AND CANTON, MISS. — Nissan Group of North America will furlough 10,000, hourly manufacturing employees in its Tennessee and Mississippi plants. The decision comes on the heels of the Japanese automaker closing its manufacturing plants in Smyrna and Canton until at least the end of April due to the coronavirus pandemic. The plant in Smyrna is located 27 miles southeast of downtown Nashville. The plant produces 640,000 vehicles annually and employs 7,250 workers. The plant in Canton is located 22 miles north of Jackson. The plant produces 450,000 vehicles annually and employs 5,250 workers.
SUMTER, S.C. — Colliers International has arranged the $13.9 million sale of a triple-net leased, Walmart Neighborhood Market-occupied property in Sumter. Hutton Development developed and sold the 41,990-square-foot building, which is situated at 343 Pinewood Road, three miles south of downtown Sumter and 40 miles east of downtown Columbia. Walmart signed a new 13-year lease with the new owner, an undisclosed private investor based in Florida completing a 1031 exchange. Jereme Snyder of Colliers represented the seller in the transaction.