Southeast

Marcus & Millichap Arranges $7.1M Sale of Shopping Center Near Augusta

by Alex Tostado April 10, 2019

AIKEN, S.C. — Marcus & Millichap has arranged the $7.1 million sale of Aiken Exchange, a 101,488-square-foot shopping center in Aiken that is shadow-anchored by Target. Built in 2002 about 20 miles northeast of downtown Augusta, the property is anchored by PetSmart and Planet Fitness. Zach Taylor and Taylor McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, Lamar Cos., in the transaction. Marc Strauss, also of Marcus & Millichap, represented the buyer, Aiken Exchange Plaza LLC. The buyer purchased the shopping center in a 1031 exchange.

April 10, 2019

Company News Florida Multifamily Southeast

Aimco Hires Steve Witten as Senior Advisor

by Alex Tostado April 10, 2019

FORT LAUDERDALE, FLA. — Apartment Investment and Management Co. (Aimco) has hired Steve Witten to focus on acquisitions as the new senior advisor to the REIT’s chairman and CEO, Terry Considine. Witten previously worked with Marcus & Millichap for the past 20 years, where he helped found the firm’s Institutional Property Advisors (IPA) division. Witten will be based in Fort Lauderdale and will focus on providing support for Aimco to increase its multifamily portfolio across South Florida. Witten graduated from Temple University in 1972 and completed the Certified Commercial Investment Member (CCIM) program in 1984.

April 10, 2019

Development Florida Multifamily Southeast

ZOM Living, Moinian Group Purchase Land to Develop 43-Story Apartment Tower in Miami Worldcenter

by Alex Tostado April 9, 2019

MIAMI — ZOM Living and The Moinian Group have partnered to purchase the land necessary to develop Luma, a 43-story, 434-unit apartment community within downtown Miami’s Miami Worldcenter project. The joint venture plans to break ground in the coming weeks. Luma will offer floor plans ranging from 566 to 1,808 square feet and amenities such as a wellness center, speakeasy, sundry shop, dog salon, fitness center and a swimming pool. Miami Worldcenter is a $4 billion mixed-use project that will sit on 27 acres, span 10 city blocks and offer more than 2,000 hotel rooms, 500,000 square feet of office space and 300,000 square feet of retail and entertainment space at full buildout. Robert Given and Robert Kaplan of Cushman & Wakefield arranged equity and debt financing on behalf of the joint venture to acquire the land.

April 9, 2019

Acquisitions Florida Industrial Southeast

Gladstone Commercial Acquires Industrial Portfolio in Central Florida for $19.1M

by Alex Tostado April 9, 2019

OCALA, FLA. — Gladstone Commercial Corp. has acquired a two-building, 383,000-square-foot industrial portfolio in Ocala for $19.1 million. The two buildings are fully leased to Signature Brands LLC with a 20-year lease term. Gladstone acquired the buildings in a sale-leaseback transaction with Signature Brands, a food manufacturer and distributor focusing on confectionary products like sugar, sprinkles and icings. The first building, a 207,000-square-foot facility located at 1900 SW 38th Ave., was built in 2001 and expanded in 2010 and primarily serves as Signature Brands’ popcorn manufacturing and distribution center. Signature Brands has invested more than $15 million in the facility. The other building is located at 808 SW 12th St., spans 176,000 square feet and is used for the manufacturing of decorative baking products.

April 9, 2019

Acquisitions Maryland Retail Southeast

Neuman Commercial Arranges $18.2M Sale of Grocery-Anchored Shopping Center in Baltimore

by Alex Tostado April 9, 2019

BALTIMORE — Neuman Commercial Group has arranged the $18.2 million sale of Alameda Marketplace, a 124,000-square-foot shopping center anchored by Shoppers Food in Baltimore. The asset was 90 percent leased at the time of the sale to 15 tenants including Walgreens, Family Dollar, Rent-A-Center, Planet Fitness, Fresenius Medical, Rainbow and Bank of America. Gil Neuman of Neuman Commercial represented the sellers, Atlantic Realty Co. and Walton Street Capital, in the transaction. The buyer was a private regional investment group. This is the second time that Neuman Commercial has represented the seller in selling Alameda Marketplace. In 2014, Continental Realty Co. sold the property to Atlantic Realty for $11.3 million.

April 9, 2019

Acquisitions Georgia Retail Southeast

Cole Credit Property Trust Sells LA Fitness-Anchored Retail Center in Metro Atlanta

by Alex Tostado April 9, 2019

DOUGLASVILLE, GA. — Cole Credit Property Trust IV Inc. has sold Village at Chapel Hill, a 62,719-square-foot, LA Fitness-anchored retail center in Douglasville, about 20 miles west of downtown Atlanta. The asset was built in 2009 and was 97 percent leased at the time of the sale. The property is shadow-anchored by Aldi and includes other tenants such as Yogli Mogli, One Main Financial, Chapel Hill Dentistry and Blue Agave Mexican Restaurant. Jim Hamilton, Brad Buchanan, Mike Allison and Andrew Kahn of HFF represented the seller in the transaction. LBX Investments bought the retail center. The sales price was not disclosed.

April 9, 2019

Leasing Activity North Carolina Office Southeast

Avison Young Negotiates 56,556 SF Headquarters Lease for Automotive Tech Firm in Charlotte

by Alex Tostado April 9, 2019

CHARLOTTE, N.C. — Avison Young has negotiated a 56,556-square-foot lease for Transbotics to move its headquarters to 2205 Beltway Blvd. within Westpark85 in Charlotte. The tenant, which specializes in automatic guided vehicles (AGVs), is almost doubling its square footage with the move from its existing facility at 3400 Latrobe Drive in Charlotte. Transbotics expects to move into the space in June when the landlord, Foundry Commercial, completes the interior buildout of the space. Westpark85 is a 1.2-million-square-foot development being constructed in two phases on 107 acres near interstates 85 and 485. Christopher Skibinski, Henry Lobb and Tom Tropeano of Avision Young represented the tenant in the lease transaction. Fermin Deoca and Warren Snowdon of Foundry Commercial internally represented the landlord.

April 9, 2019

Development Maryland Multifamily Southeast

AvalonBay to Develop 437-Unit Residential Project at Foundry Row in Metro Baltimore

by Alex Tostado April 8, 2019

OWINGS MILLS, MD. — AvalonBay Communities Inc. will develop Avalon Foundry Row, a 437-unit multifamily community within Foundry Row in Owings Mills, a suburb of Baltimore. Avalon Foundry Row will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a fitness center, clubroom, coworking space, dog parks and a pool. AvalonBay expects to break ground this spring. Greenberg Gibbons and Vanguard are developing Foundry Row, a mixed-use project which includes a 110,000-square-foot Wegmans Food Market, LifeBridge Health, Old Navy, DSW Shoe Warehouse, LA Fitness, Ulta Beauty, HomeGoods, La-Z-Boy, Mission BBQ, Chipotle Mexican Grill and Panera Bread.

April 8, 2019

Acquisitions Georgia Multifamily Southeast

Berkadia Brokers $26M Sale of Multifamily Community in Atlanta

by Alex Tostado April 8, 2019

ATLANTA — Berkadia has brokered the $26 million sale of The Preserve at Collier Ridge, a 419-unit multifamily complex in west Atlanta. The property offers one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, playground and a picnic area. The buyer, Montreal-based Frankforter Group, plans to upgrade the fitness center and add a business center and community room. Andrew Mays, Paul Vetter, Judy MacManus and Matthew White of Berkadia represented the seller, Atlanta-based DRI Legacy LLC, in the transaction.

April 8, 2019

Loans Maryland Multifamily Southeast

Hunt Real Estate Capital Provides $15.7M Green Acquisition Loan for Apartment Community in Baltimore

by Alex Tostado April 8, 2019

BALTIMORE — Hunt Real Estate Capital has provided a $15.7 million Fannie Mae acquisition loan for Park Raven Apartments, a 253-unit community in Baltimore. The 15-year loan includes eight years of interest-only payments and a 30-year amortization schedule. The asset was built in 1949 and renovated in 2006. The property comprises 23 two-story, garden-style buildings. The borrower, Park Raven DNB LLC, plans to implement on-site water and energy conservation measures as part of Fannie Mae’s Green Reward program. The goal is to save more than 30 percent of the combined water and energy usage, including a minimum of 15 percent energy savings. The seller was Park Raven Holdings LLC.

April 8, 2019

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