Southeast

Washington Property Delivers 20-Story Multifamily Community in Metro D.C.

by Alex Tostado June 5, 2019

SILVER SPRING, MD. — Washington Property Co. (WPC) has delivered Solaire 8250 Georgia Avenue, a 20-story, 338-unit multifamily community in Silver Spring. The building offers studio, one- and two-bedroom floor plans, as well as 5,000 square feet of amenity space, including a rooftop swimming pool and pool deck; café with free Wi-Fi; private courtyard with grilling areas; fitness center; and an expansive residents’ club room with catering kitchen, library, flat-screen TV, indoor-outdoor fireplace and a game room. The property is situated two blocks from the Silver Spring Metro station and six miles north of downtown Washington, D.C. The building totals 470,000 square feet and includes three stories of below-grade parking. Collective of Baltimore served as the architect for the project, and Lendlease was the general contractor.

June 5, 2019

Development Georgia Hospitality Southeast

Motto by Hilton to Anchor $80M Mixed-Use Project Within Opportunity Zone in Atlanta’s Old Fourth Ward

by Alex Tostado June 5, 2019

ATLANTA — Sixty West Funds and Lucror Resources have picked Motto by Hilton to anchor their $80 million mixed-use project in Atlanta’s Old Fourth Ward. The project, named Waldo’s Old 4th Ward, is situated on 1.5 acres at the intersection of Edgewood and Boulevard within an Opportunity Zone. Construction on the hotel is expected to begin in August. TVSDESIGN is serving as the architect, and Hirsch Bender & Associates is serving as the interior designer. Waldo’s Old 4th Ward will also offer more than 100,000 square feet of office space. The project is funded through the Sixty West O4W Opportunity Fund and will be one of the first developments to break ground within an Opportunity Zone in the city.

June 5, 2019

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Arranges $12M Sale of New Grocery-Anchored Shopping Center in Upstate South Carolina

by Alex Tostado June 5, 2019

GREER, S.C. — Marcus & Millichap has arranged the $12 million sale of Riverside Crossing, a 58,358-square-foot, Lowes Foods-anchored shopping center in Greer. Other tenants include Smoothie King, Great Clips, Family Dentistry at Riverside Crossing, CT Nails and Madi Boutique. EA Riverside LLC built the center in 2017 and sold it to JohnCo LP, a private family office. Zach Taylor, Brian Munn and Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller in the transaction.

June 5, 2019

Industrial Leasing Activity Maryland Southeast

Duke Realty Signs Ace Logistics to 351,000 SF of Industrial Space in Baltimore

by Alex Tostado June 5, 2019

BALTIMORE — Duke Realty has signed Ace Logistics to two industrial leases totaling 351,000 square feet in Baltimore. The first lease, a renewal at Chesapeake Commerce Center 5900, spans 169,000 square feet. The second lease totals 182,000 square feet and is located at Chesapeake Commerce Center 6000, which is a build-to-suit building still under construction. The industrial campus comprises 177 acres and is situated off Interstate 95, one mile north of the Port of Baltimore. A construction timeline for the build-to-suit building was not disclosed, but Chesapeake Commerce Center will be fully occupied upon completion, according to Duke Realty. Peter Hajimihalis and Ben Meisels of JLL represented the tenant in the lease transactions. Justin Mohler of CBRE and Battista Orcino of Duke Realty represented the landlord.

June 5, 2019

Acquisitions Maryland Multifamily Southeast Top Stories

Star Real Estate Ventures Acquires 2,566-Unit Multifamily Portfolio in Maryland for $500M

by Kristin Harlow June 5, 2019

MARYLAND — Star Real Estate Ventures LLC has acquired a five-property multifamily portfolio totaling 2,566 units in Maryland for approximately $500 million. Most of the communities are located in suburban Baltimore. The properties include Charleston Place in Ellicott City, Morningside Heights in Owings Mills, Top Field in Cockeysville, Tamarron in Olney and Village Square in Glen Burnie. All of the communities feature pools and playgrounds, while four of the five have tennis courts. Home Properties recently operated all five communities. Financing for the transaction included five separate Fannie Mae loans for a total of $320 million, as well as equity from Related Fund Management. David Webb, Maxi Leachman, Brynn Wendel and Robert LaChapelle of CBRE arranged the financing. Bill Roohan, Michael Muldowney, Robert Dean and Malcolm McComb of CBRE represented the seller, a global private equity firm. Star Real Estate Ventures is a real estate investment and management firm that owns and manages 14,500 apartment units in 11 states. The company is headquartered in New York City with offices in Boca Raton, Fla. and Okemos, Mich. This is the firm’s second acquisition of 2019, following the purchase of an 852-unit portfolio in Cincinnati in February. Star is actively looking for …

June 5, 2019

Acquisitions Maryland Retail Southeast

New Market Properties Acquires Shopping Center in Suburban Maryland for $72M

by Alex Tostado June 4, 2019

BOWIE, MD. — New Market Properties LLC has acquired Free State Shopping Center, a 264,000-square-foot retail center in Bowie, for $72 million. The Giant Food-anchored center is situated 19 miles east of downtown Washington, D.C. Tenants include Ross Dress for Less, Tuesday Morning, Starbucks Coffee, T.J. Maxx, Office Depot and Sakura Japanese Steakhouse. Federal Investment Realty Trust sold the property.

June 4, 2019

Development Georgia Multifamily Southeast

Wood Partners Opens 312-Unit Multifamily Community in Atlanta Dairies Project

by Alex Tostado June 4, 2019

ATLANTA — Wood Partners has opened Alta Dairies, a 312-unit multifamily community in Atlanta. Alta Dairies is the multifamily component of the Atlanta Dairies project, Paces Properties’ redevelopment in East Atlanta that will include direct access to the Atlanta BeltLine upon completion this summer. Alta Dairies offers one- and two-bedroom floor plans and communal amenities including a rooftop sky lounge with a double-sided fireplace, outdoor biergarten with bocce and yard games, outdoor kitchens with gas grills, saltwater swimming pool with a tanning shelf, bicycle storage room and repair center, 24-hour fitness center with power gym and yoga studio, pet spa and wash room, and a business center and conference room with rentable office spaces.

June 4, 2019

Development Georgia Industrial Southeast

Plethora to Invest $17M in New Facility in Metro Atlanta

by Alex Tostado June 4, 2019

MARIETTA, GA. — Plethora, an on-demand manufacturer specializing in custom prototypes and end-production in various industries, will invest $17 million in a new 57,000-square-foot facility in Marietta. The move will add 250 new jobs to the area. Plethora is working with Lanier Technical College, Kennesaw State University and Georgia Institute of Technology to connect with a potential workforce in metro Atlanta. A timeline for Plethora’s move was not disclosed, though multiple news outlets report the facility will open at the end of the month.

June 4, 2019

Acquisitions Florida Office Southeast

CBRE Arranges $15M Sale of Office Building in Metro Orlando

by Alex Tostado June 4, 2019

LAKE MARY, FLA. — CBRE has arranged the $15 million sale of Contact Pointe, a 92,127-square-foot office building in Lake Mary. The building was fully occupied at the time of sale to tenants including AT&T and Falck USA. The asset is situated 17 miles north of downtown Orlando. Ron Rogg and Chip Wooten of CBRE represented the sellers, Orlando-based Tower Realty Partners and Dallas-based TriGate Capital Partners, in the transaction. Exeter Property Group acquired the property.

June 4, 2019

Acquisitions Florida Office Southeast

Key International, 13th Floor Investments Sell Office Building in Miami for $13.9M

by Alex Tostado June 4, 2019

MIAMI — Key International and 13th Floor Investments have sold Highland Park Center, a fully occupied, 44,740-square-foot office building in Miami’s Health District, for $13.9 million. TopMed Realty, a healthcare real estate private equity firm, acquired the property. Highland Park Center was built in 2011 and is situated two blocks from the Miami-Dade Courthouse and less than one mile from the intersection of Dolphin Expressway and Interstate 95. The partnership acquired the then-vacant building in 2014 for $7.9 million. Douglas Mandel and Benjamin Silver of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the transaction.

June 4, 2019

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