DAVENPORT, FLA. — PREP Property Group Inc. (PREP) has purchased Posner Commons, a 460,565-square-foot shopping center in Davenport, seven miles south of Disney World’s main entrance. Built in 2008, Posner Commons is home to national tenants such as Dick’s Sporting Goods, Ross Dress for Less, JC Penney, Best Buy, PetSmart, Michaels and Cinepolis Theatre. The sales price and seller were undisclosed.
BRASELTON, GA. — Uline Inc. has purchased Braselton Logistics Center, a 1 million-square-foot distribution facility in Braselton, for $70 million. Uline bought the property as part of a purchase option in its 10-year lease from Atlanta-based Ackerman & Co., The Yates Group and JAC Real Estate Investments. Uline, which is a national shipping and business supply company, has occupied the space since it was delivered in late 2017.
ALEXANDRIA, VA. — PGIM Real Estate Finance has provided a $78 million FHA refinancing loan to Bonaventure Realty Group for Encore Apartments, a 461-unit apartment community in Alexandria. The 35-year, fixed-rate loan is fully amortizing, non-recourse and approved for green certification through HUD’s Green MIP program. The borrower, Bonaventure, will use the loan proceeds to recover costs incurred for capital improvements. Amenities at Encore Apartments include a swimming pool, movie theater/clubroom, fitness center and free community shuttle service.
NORTH CHARLESTON, S.C. — Charlotte, N.C.-based companies FCA Partners and Spectrum have kicked off the construction of a multifamily development in North Charleston. The joint venture acquired the land in late October for the project, which is expected to cost $43 million and bring 286 units near Charleston International Airport. Amenities are set to include a saltwater pool, two-story clubhouse, fitness center and a dog park. Completion is slated for summer 2020. This is the second project under development for the firms’ partnership. In September, the joint venture began construction on a 199-unit apartment complex in Greenville. This is the first time since 2014 FCA has capital investment in the multifamily sector.
OLDSMAR, FLA. — Dallas-based Rainier Realty Investments LP has acquired Woodlands Square, a 315,000-square-foot power retail center in Oldsmar. The shopping center was 96 percent leased at the time of the sale to tenants such as Marshalls, PetSmart, Ulta Beauty, Dollar Tree, Beall’s, Earth Fare and AMC Theatres. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, RAM Realty Advisors, in the transaction. Dallas-based Metropolitan Capital Advisors provided acquisition financing on behalf of Rainier Realty. The sales price was undisclosed.
SAVANNAH, GA. — Monmouth Real Estate Investment Corp. has acquired a new 126,520-square-foot industrial building in Savannah for $27.8 million. The building is part of Morgan Lakes Industrial Boulevard, a property that consists of three industrial buildings on about 29 acres. Freehold Township, N.J.-based Monmouth Real Estate’s newest acquisition is net-leased to Memphis-based FedEx for 10 years. The seller was undisclosed.
Strong market performance has allowed the Louisville industrial market to recently post the highest quarter of positive net absorption in market history during the second quarter of 2018, which occurred on the heels of the second-highest quarter of positive net absorption recorded just one quarter earlier. This outcome has been the result of recent build-to-suit projects, the availability of quality product and growing demand by new and prospective tenants in the Louisville market. Beyond healthy supply and demand fundamentals, Louisville is achieving great balance with access to available labor along with low utility costs. Tenant Demand Picks Up There are currently over 20 active prospects considering 200,000 square feet or larger in the metro Louisville market. Much of this demand is attributed to the high level of activity at the two local Ford Motor Co. plants, as well as the proximity of the UPS Worldport, the 5.2 million-square-foot-core of UPS’s global air network located in the heart of metro Louisville. Along with the natural interest from companies in the automotive supply chain and e-commerce companies benefiting from the proximity to UPS, we have recently seen an increase in pharmaceutical and food-related companies considering Louisville for a location. Strong Labor Force …
WASHINGTON, D.C. — Xenia Hotels & Resorts has sold Hilton Garden Inn Washington DC Downtown for $128 million to an undisclosed buyer. Hilton Garden Inn is a 300-room hotel that features a business center, fitness center, pool, baggage storage and room service. The hotel is located on 14th Street, about three blocks from the White House and five blocks from Washington Convention Center and Capital One Arena.
SAVANNAH, GA. — Boston-based Wayfair will open a new 1.1 million-square-foot facility in Savannah, creating 1,000 jobs. New jobs will include supervisory, administrative and warehouse positions. The company and the undisclosed landlord plan to invest about $45 million in the site over the next five years. Wayfair, founded in 2002, is an e-commerce company that sells more than 10 million home goods items. This is Wayfair’s second Georgia location, joining a warehouse and distribution center in McDonough, located about 32 miles south of downtown Atlanta. Wayfair’s new facility will be situated within Savannah River International Trade Park, according to Savannah Morning News. The park is already home to distribution centers for IKEA and Target.
ATLANTA — Massachusetts-based Aspen Square Management has sold West Eleven Apartments in southwest Atlanta to an undisclosed buyer for $31.3 million. The 224-unit apartment community is located about 15 miles from downtown Atlanta and features one-, two- and three-bedroom floor plans. Amenities include a business center, pool, tennis court, fitness center, playground and a courtyard. Paul Vetter, Andrew Mays, Russ Hardy, Judy MacManus and Matthew White of Berkadia represented the seller in the transaction.
