Southeast

JLL Arranges Sale of Alpharetta City Center in Georgia

by Alex Tostado October 3, 2019

ALPHARETTA, GA. — JLL has arranged the sale of Alpharetta City Center, a mixed-use development featuring 168 residential units, a town green and 82,700 square feet of retail and restaurant space. Amorance, the multifamily community on-site, spans two buildings, offering one- and two-bedroom floor plans averaging 1,067 square feet. The property, which South City Partners and Morris & Fellows delivered in 2018, features communal amenities such as a clubroom with outdoor patio, catering kitchen, communal living room with a fireplace and TV, swimming pool courtyard, grilling area, fire pit, lounge seating areas, and a fitness center with yoga and spin rooms. The District, a 41,650-square-foot collection of local boutiques and service providers, sits at street level below the apartments. The Gardens, developed by Morris & Fellows, houses 41,050 square feet of chef-driven restaurants spanning two acres of parks and green spaces across three city blocks of Main Street. The retail and restaurants were fully leased at the time of sale. David Gutting, Margaret Caldwell (now with Arden Capital Advisors), Derrick Bloom and Margaret Jones of JLL represented the sellers, South City Partners and Morris & Fellows, in the transaction. CBRE Global Investors purchased the property on behalf of a separate account client …

October 3, 2019

Development Industrial South Carolina Southeast

Crescent Communities to Develop 104,000 SF Flex Building Near Charlotte

by Alex Tostado October 3, 2019

FORT MILL, S.C. — Crescent Communities has acquired 15 acres within Lakemont Business Park in Fort Mill to develop Stateline Logistics Center, a 104,000-square-foot flex industrial building less than two miles from the South Carolina-North Carolina state border and 18 miles south of downtown Charlotte. The new building will feature 24-foot clear heights, 26 trailer parking spaces and surface parking. Crescent Communities expects to deliver the building in second-quarter 2020.

October 3, 2019

Acquisitions Multifamily North Carolina Southeast Student Housing

Preiss Sells Three Student Housing Communities Near North Carolina State University

by Alex Tostado October 3, 2019

RALEIGH, N.C. — The Preiss Co. has sold three student housing communities serving North Carolina State University in Raleigh. Dispositions include University Village at 2505, a 288-bed community developed in 2012; Campus West at Tryon, a 162-bed community developed in 2014; and The College Inn, a 440-bed community developed in 2004. Ryan Lang, Brandon Buell and Jack Brett of Newmark Knight Frank represented the seller in the transaction. Chicago-based Inland acquired the portfolio for an undisclosed amount. University Village at 2505 offers four-bedroom, fully furnished units with shared amenities including a clubhouse, 24-hour fitness center, computer lab, study room and beach volleyball court. Campus West at Tryon offers three-bedroom units with bed-to-bath parity alongside shared amenities including a lounge area, outdoor grilling areas and picnic space. The College Inn offers two-, three- and four-bedroom, fully furnished units with shared amenities including a fitness center, swimming pool, grill and patio area, a media and game room, and an internet cafe.

October 3, 2019

Acquisitions Retail Southeast West Virginia

Palomar Group Trades 135,804 SF, Kroger-Anchored Shopping Center in Oak Hill, West Virginia

by Alex Tostado October 3, 2019

OAK HILL, W.VA. — The Palomar Group has sold Fayette Square, a 135,804-square-foot, Kroger-anchored shopping center in Oak Hill. The property was 92 percent leased at the time of sale to tenants including Kroger, Goodwill, Burger King, Big Lots, Sherwin Williams, Anytime Fitness and AutoZone. Kroger recently renewed its lease for another five-year term at the location, which is situated three miles north of downtown Oak Hill. The buyer and sales price were not disclosed.

October 3, 2019

Acquisitions Florida Loans Multifamily Southeast

Berkadia Secures Sale, Financing of New Multifamily Property in Panama City Beach

by Alex Tostado October 3, 2019

PANAMA CITY BEACH, FLA. — Berkadia has arranged the sale of Vantage at Panama City Beach, a 288-unit, garden-style multifamily community. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, business center, internet café, swimming pool, covered pool lounge, outdoor grills, picnic areas, large and small breed dog parks, dog wash facilities, a 24-hour fitness center and 24-hour concierge. The property was built in 2018 and is three miles from the beach. David Etchison and Cole Whitaker of Berkadia represented the seller, Vantage Communities, in the transaction. The sales price was not disclosed, but Mitch Sinberg and Matthew Robbins of Berkadia originated a $42.6 million acquisition loan on behalf of the buyer, Cardone Capital. The Freddie Mac loan features a 10-year term with a fixed interest rate and five years of interest-only payments.

October 3, 2019

Acquisitions Development Georgia Industrial Southeast

Rooker Acquires 600 Acres in Northeast Georgia, Plans 6 MSF Industrial Park

by Alex Tostado October 2, 2019

COMMERCE, GA. — Rooker has acquired 600 acres in the northeast Georgia city of Commerce to construct Bana 85 Commerce Center, a planned 6 million-square-foot business and logistics park. Road and utility construction are slated to begin in 2020, as will grading for an initial site to accommodate 1.5 million square feet. Bana 85 Commerce Center will have sites available in a range of sizes for build-to-suit or user sales in the warehousing, distribution and manufacturing sectors. The site is located 20 miles east of Georgia Ports Authority’s 104-acre inland port in Gainesville, which is slated for completion in 2021. Atlanta-based Rooker acquired the undeveloped land by assembling multiple properties within the area. The land acquisition included several industrial-zoned parcels and three commercial-zoned parcels. Brent Story of Avalon Real Estate Partners represented the sellers in the land acquisition.

October 2, 2019

Development Florida Loans Multifamily Southeast

Lotus Capital Arranges $100M Construction Loan for Residential Tower in South Florida

by Alex Tostado October 2, 2019

HALLANDALE BEACH, FLA. — Lotus Capital has arranged a $100 million construction loan for SLS Residence, a planned 250-unit residential tower in Hallandale Beach. Related Fund Management provided the five-year loan to the developer, Connecticut-based PPG Development. The 26-story building will be a part of a 150-acre project that will include SLS Hotel, tennis courts, a marina and a Greg Norman-designed golf course. The borrower expects to complete the multifamily units in late 2021.

October 2, 2019

Acquisitions District of Columbia Office Southeast

Drawbridge Realty Purchases CoStar Group Headquarters Building in D.C. for $87M

by Alex Tostado October 2, 2019

WASHINGTON, D.C. — Drawbridge Realty has acquired 1331 L St., a 169,430-square-foot, 10-story office building in Washington, D.C., for $87 million. The building serves as the corporate headquarters for CoStar Group Inc., with approximately 850 employees on site. The building features a 2,940-square-foot roof terrace with views of downtown, a conference center with seating for 76 people and a 3,000-square-foot fitness center with showers and locker rooms. A three-level, below-grade parking garage offers 102 spaces with 12 electric vehicle charging stations. Built in 2008, 1331 L St. is located five blocks from The White House and two blocks from the McPherson Square Metro Station. Nicholas Pappas and Tim McDonald of Eastdil Secured represented the undisclosed seller in the transaction.

October 2, 2019

Acquisitions District of Columbia Office Southeast

JLL Negotiates $69.8M Sale of Office Building in D.C.

by Alex Tostado October 2, 2019

WASHINGTON, D.C. — JLL has negotiated the $69.8 million sale of 1120 G St., a 10-story, 134,964-square-foot office building located three blocks from The White House. The building was 75 percent leased at the time of sale to 13 tenants. Jim Meisel, Matt Nicholson, Andrew Weir, Stephen Conley and Dave Baker of JLL represented the undisclosed seller in the transaction. A fund sponsored by Global Real Estate of Credit Suisse Asset Management acquired the property.

October 2, 2019

Acquisitions Florida Retail Southeast Virginia

Branch Properties Buys Two Grocery-Anchored Shopping Centers in Florida, Virginia for $47M

by Alex Tostado October 2, 2019

PUNTA GORDA, FLA. AND WILLIAMSBURG, VA. — Branch Properties LLC has acquired two grocery-anchored shopping centers in the Southeast for $47 million. The two properties are Burnt Store Marketplace in Punta Gorda and Lightfoot Marketplace in Williamsburg. Branch Properties acquired the 95,625-square-foot Burnt Store Marketplace for $17 million. A 46,500-square-foot Publix anchors the center, which includes four undeveloped outparcels. The center was 88 percent leased at the time of sale to tenants including Anytime Fitness, Pet Supermarket and The Home Depot, which was not a part of the sale. Built in 1989, the center was fully renovated in 2017 as part of Publix’s store replacement and expansion. Lightfoot Marketplace spans 116,023 square feet and was 85 percent occupied at the time of sale to tenants including anchor Harris Teeter, Great Clips, SunTrust Bank, Pet Valu and Panera Bread. Atlanta-based Branch Properties bought the center for $30 million. The sellers were not disclosed.

October 2, 2019

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