CRESTWOOD, KY. — SRS Real Estate Partners has arranged the $3.5 million sale of Crestwood Crossing, a 19,129-square-foot retail center in Crestwood, about 19 miles west of Louisville. Matthew Mousavi, Patrick Luther and Chris Edwards of SRS represented the seller, a local developer, in the transaction. The property was 94 percent leased at the time of the sale to a mix of fitness, dental, service-oriented and restaurant tenants. The Ohio-based buyer bought the center that was built in 2007.
RICHMOND, VA. — Cushman & Wakefield | Thalhimer Capital Markets Group has arranged the sale of Deep Run 3, a 355,449-square-foot office building in Richmond. The Class A office building recently underwent a $19 million renovation, with new additions including a 250,000-square-foot parking garage, roof, fitness center and cafeteria. The renovation also included updating the building’s lobbies and elevators. Deep Run 3 was 98 percent leased at the time of sale to tenants including McKesson Medical-Surgical, Essex Bank’s headquarters and Travelers Insurance. Eric Robison and Erik Berkman of Cushman & Wakefield | Thalhimer represented the seller, Markel | Eagle Partners, in the transaction. An undisclosed buyer acquired the property for $158 per square foot.
WEST PALM BEACH, FLA. — McCraney Property Co. has sold a total of 498,487 square feet of industrial space in two separate transactions to Cabot Properties in West Palm Beach. The first deal was for a warehouse and distribution portfolio totaling 173,812 square feet within Vista Business Park. The second transaction included four of the five industrial buildings with Turnpike Business Park totaling 324,675 square feet. Turnpike Business Park spans 35 acres, and notable tenants include Primestones Granite, XPO Logistics, TCI, Summit Retail Solutions, Intellico Solutions, Stanley Stephens Flooring, United Water, MasTec Advanced Technologies, Contents Only and RENCO Construction. Christopher Thomson, Chris Metzger, Richard Etner Jr., Matthew McAllister, Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented Cabot Properties in both transactions. The sales prices were not disclosed.
RICHMOND, VA. — Marcus & Millichap has arranged the $33.2 million sale of a 201-unit multifamily portfolio in Richmond. The sold portfolio includes Lofts at Franklin, a 67-unit complex situated in Richmond’s Shockoe Bottom neighborhood. The pet-friendly complex offers one- and two-bedroom floor plans and includes onsite security cameras and a furnished roof deck. The other property in the portfolio sale was Plant I, a 134-unit multifamily community situated just south of Shockoe Slip along the James River in the Manchester District, about two miles south of downtown Richmond. The pet-friendly community offers one-, two- and three-bedroom floor plans. Amenities include a fitness center, furnished roof deck, onsite security cameras, valet trash pickup and assigned parking spaces. Christopher Chadwick and Martin Mooradian of Marcus & Millichap represented the seller, a privately owned development company, and procured the buyer, a Philadelphia-based privately owned investment and management entity.
ALEXANDRIA, VA. — KeyBank has provided a $25.3 million CMBS refinancing loan for Rose Hill Plaza, a 145,925-square-foot shopping center in Alexandria. The non-recourse, 10-year loan was underwritten with a fixed interest rate and 30-year amortization schedule. The loan will be used by the undisclosed borrower to refinance existing debt. The Safeway-anchored shopping center is situated about five miles west of downtown Alexandria and its 31 tenants include Dollar Tree, McDonald’s, Tuesday Morning, Walgreens, Subway, Advance Auto Parts, Anytime Fitness, SunTrust Bank, 7-Eleven, Gabe’s, T-Mobile and Little Caesars.
BURLINGTON, N.C. — Trez Forman has provided a $20.5 million construction loan to developer Diamondback Investment Group LLC for a mixed-use development in Burlington. Named St. Marks, the project will entail 183 apartment units and 2,500 square feet of retail space. Bret Forman of Trez Forman originated the loan on behalf of the borrower. St. Marks is situated on seven acres and apartment amenities will include a dog park, clubhouse, saltwater pool and a lounge area. Terms of the loan and a timeline for the project were not disclosed.
How many cities can boast a multifamily history that goes back 300 years? New Orleans can, as it is celebrating its Tricentennial. New Orleans is home to the first apartment building in the United States. Historians have noted the “oldest continuously rented” multifamily development in the country is the Pontalba Apartments. Built in 1849 by the wealthy Baroness Michaela Pontalba, the iconic apartment’s crown molding, sconces, iron railings and balconies are now synonymous with New Orleans architecture. The Pontalba Apartments occupies prime real estate at the east and west side of the historic Jackson Square in the French Quarter. And yes, there is a waiting list to lease a unit. Today the city that sits on the bend of the Mississippi River has a limited amount of land, which keeps the equilibrium between supply and demand in sync. Thus new development is confined to urban infill locations, adaptive reuse projects or the few submarkets with available land — primarily located to the north of Lake Pontchartrain. Households that have income levels necessary to support the rents required for new properties are fueling market-rate development. The NOLA metro market has an inventory of approximately 54,000 units situated in nine distinct submarkets. …
UPPER MARLBORO, MD. — Finmarc Management Inc. has acquired Largo Town Center, a 280,000-square-foot shopping center in Upper Marlboro, for $43.9 million. The asset was fully leased at the time of the sale to tenants such as Marshalls, Regency Furniture, Shoppers Food Warehouse, Advanced Auto, Dollar Tree and Dress Barn. The center’s tenant roster features 35 retailers and restaurants, including both fast-casual and sit-down concepts. Largo Town Center is situated about 18 miles east of downtown Washington, D.C., and about three miles east of FedEx Field, home of the Washington Redskins. Bill Kent, Ryan Sciullo and Chris Decoufle of CBRE represented the seller, Site Centers, in the transaction.
RICHMOND, VA. — HFF has arranged the sale of the newly constructed Pepsi Bottling Distribution Center in Richmond. ElmTree Funds purchased the 220,825-square-foot asset for $25.9 million. The center was delivered in November and is triple-net-leased to Bottling Group LLC, a wholly owned subsidiary of Pepsi Beverages Co. Situated along Interstate 95 near Interstates 64 and 295, the facility is located about 12 miles south of downtown Richmond. Steve Conley, Bruce Strasburg, Chris Norvell, Coler Yoakam and Patrick Nally of HFF represented the seller, Armada Hoffler Properties Inc., in the transaction.
WASHINGTON, D.C. — KeyBank Real Estate Capital has provided a $30.3 million construction loan for a planned 67,000-square-foot, two-story retail property that will be fully leased to Target upon completion. The property is situated at 1515 New York Ave. N.E. in Washington, D.C.’s Ivy City neighborhood. Scott Bois and Ashley Reiser of KeyBank arranged the fixed-rate, non-recourse loan with a 20-year amortization schedule. The loan included a credit tenant lease transaction to facilitate the funding. According to Washington Business Journal, the developer, Douglas Development Corp., is planning to open the Target in fall 2020.
