BALTIMORE — The Mary Harvin Transformation Center Community Development Corp. and Southern Baptist Church are leading the development of the Southern Streams Health and Wellness Center, a 120,000-square-foot project in Baltimore’s Broadway East neighborhood. This is the third project co-sponsored by the two organizations. Johns Hopkins Health Systems has signed a lease to occupy approximately 22,000 square feet of space within the building. The health center will include a 125-car parking garage. The developers expect to break ground late this year and deliver the shell building in early 2021. Trout Daniel & Associates has been retained to market available space for lease. The project is part of the master plan known as the East Baltimore Revitalization Plan.
CHAPEL HILL, N.C. — The Dilweg Cos. has sold The Courtyard of Chapel Hill, a mixed-use project located at 431 W. Franklin St. in Chapel Hill. The Courtyard at Chapel Hill comprises more than 17,000 square feet of retail space and 20 residential units known as The Courtyard Lofts. The building was delivered in 1982 and renovated in 2013. The property was fully leased at the time of sale to tenants including Kipos, Franklin Street Yoga, Vimala’s Curryblossom Café and Cat Tales Cat Café. Tom Kolarczyk and Jeff Glenn of HFF represented the seller in the transaction. New York City-based Vista Property Group acquired the asset. The sales price was not disclosed.
CLEARWATER, FLA. — Berkadia has negotiated the sale of Turnbury at Countryside, a 350-unit apartment complex in Clearwater. The Tampa Bay property was built in 1974 on 15 acres, 23 miles west of downtown Tampa. The garden-style complex offers one-, two- and three-bedroom floor plans averaging 839 square feet. Communal amenities include two swimming pools, a dog park, tennis court, sand volleyball court, 24-hour fitness center and a Wi-Fi sundeck. Jason Stanton and Cole Whitaker of Berkadia represented the seller, McKinley Cos. LLC, in the transaction. MLG Capital purchased the property for an undisclosed price.
WASHINGTON, D.C. — Marcus & Millichap has arranged the $20.3 million sale of a multifamily portfolio in northwest Washington, D.C. The portfolio consists of two properties totaling 172 residential units. The communities include Walter Reed Apartments, which is located at 6939 Georgia Ave. NW at the entrance of The Parks at Walter Reed, a 66-acre redevelopment of the Walter Reed Army Medical Center that upon completion will include over 3.1 million square feet of mixed-use development. The other property is Longfellow Apartments, located at 5521 Colorado Ave. NW near Rock Creek Park in D.C.’s 16th Street Heights neighborhood. Marty Zupancic and Christian Barreiro of Marcus & Millichap brokered the transaction between the seller, an affiliate of Poretsky Building Group that is focused on providing affordable housing, and the buyer, an entity managed by Urban Investment Partners.
SAVANNAH, GA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Savannah Commons, an independent living, assisted living and memory care community in Savannah. A partnership between Equus Development and Thrive Senior Living purchased the community for $13.2 million. The property offers 209 units approximately eight miles southwest of the city’s historic downtown district. The majority of the units — 149 — are designated for independent living. All the assisted living areas were recently converted from a personal care license to an assisted living license, giving the new owner flexibility to adapt to different acuity levels. The 178,281-square-foot facility was built in 1986 and renovated most recently in 1998. The new owners plan to make physical plant upgrades to the property. Savannah Commons was 74 percent occupied at the time of closing. The price translates to $63,271 per unit and a capitalization rate of 6.1 percent. Bradley Clousing of SLIB represented the seller, a limited liability company controlled by HJ Sims, in the transaction.
SUNRISE, FLA. — Norwich Partners has broken ground on AC Hotel by Marriott, a 174-room hotel that is expected to be complete in late 2020. The eight-story hotel will be situated within Sawgrass Mills, an outdoor and value retail shopping center in Sunrise, 35 miles north of downtown Miami. The hotel’s delivery will coincide with the mall’s 30th anniversary celebration. AC Hotel will feature the AC Lounge, a communal creative space that features a full bar serving local beers and hand-crafted cocktails, including the brand’s signature Gintonic, along with tapas plates. The hotel will also provide a European-style breakfast for guests and a 24-hour fitness center. Simon is the owner and developer of Sawgrass Mills.
COVINGTON, GA. — Monarch Private Capital (MPC) has invested an undisclosed amount of equity in Harmony at Covington Apartments, a 122-unit affordable seniors housing community in Covington, through the low-income housing tax credit (LIHTC) program. The complex will be situated at the corner of Covington Bypass and Ga. Highway 36, two miles south of downtown Covington and 35 miles east of downtown Atlanta. MPC is partnering with Hill Tide Development, Timshel Development, CRN Development and Gateway Development Corp. to build the project, which is slated for completion in late 2020. According to MPC, the current vacancy rate for affordable, elderly targeted multifamily housing in Newton County is below 1 percent.
NASHVILLE, TENN. — Reich Brothers has acquired a 182,200-square-foot manufacturing and distribution facility in Nashville. The facility comprises one main building and two smaller buildings and is located at 707 Spence Lane, four miles from both Nashville International Airport and downtown Nashville. Formerly housing Wright Industries’ main production and warehousing capabilities, the property features ceiling heights ranging from 24 feet to 38 feet and can be repurposed for a single user or subdivided into multiple sections. The new owner will repurpose the property for new tenancy. Site work for the larger building has already commenced and is expected to be completed later this year. The two smaller buildings are currently available for lease or sale. Ronnie Wenzler of Cushman & Wakefield’s Nashville office is marketing the project for Reich Brothers, a national industrial real estate owner and management firm based in White Plains, N.Y. The seller and sales price were not disclosed.
NEWNAN, GA. — Elite Comfort Solutions has leased an additional 130,028 square feet of industrial space in Newnan, bringing its total to 484,382 square feet within a former Kmart distribution center. The center spans almost 2 million square feet and is now fully leased. The property is situated 30 miles southwest of Hartsfield-Jackson Atlanta International Airport and 36 miles southwest of downtown Atlanta. Agellan Capital acquired the building in late 2017 and invested in upgraded sprinklers, loading doors and office space. Ray Stache, Lisa Pittman and Courtney Oldenburg of Cushman & Wakefield represented Agellan Capital and Hove Street, the landlords, in the lease negotiations.
BOCA RATON, FLA. — Colliers International has negotiated a 10,610-square-foot office headquarters lease for Nightingale, a registered nurse staffing company. The lease is for 89 months and costs $1.4 million. Nightingale is relocating to 7800 Congress Centre from 6401 Congress Ave., where it occupied 16,455 square feet. Bob Schneiderman of Colliers represented the tenant in the transaction.