Southeast

Donaldson Group, Declaration Partners Acquire Multifamily Community in Suburban Maryland for $53M

by Alex Tostado September 26, 2019

SILVER SPRING, MD. — The Donaldson Group and Declaration Partners have acquired Vista at White Oaks Apartments, a 272-unit garden-style multifamily community in Silver Spring, for $53 million. The property offers one- and two-bedroom floor plans. Communal amenities include a picnic area, swimming pool, playground and a tennis court. Vista at White Oak sits on 11 acres at 11430 Lockwood Drive, 11 miles north of downtown Washington, D.C. The buyers are planning a renovation program that includes unit upgrades, common area enhancements, exterior improvements and mechanical system modernization. Maxi Leachman of CBRE originated an acquisition loan through Freddie Mac on behalf of the partnership. The seller was not disclosed.

September 26, 2019

Acquisitions Georgia Retail Southeast

Colliers Arranges Sale of Two Metro Atlanta Shopping Centers Totaling 147,444 SF

by Alex Tostado September 26, 2019

MONROE AND VILLA RICA, GA. — Colliers International has arranged the sale of two shopping centers near Atlanta: Monroe Plaza and Villa Rica Crossing. Monroe Plaza spans 89,860 square feet and is located at 748-796 W. Spring St. in Monroe, about 45 miles east of downtown Atlanta. The center was fully leased at the time of sale to tenants including Quality Foods, Cato, Family Dollar and Roses Express. A private buyer acquired the property from Malon D. Mimms Co. for an undisclosed price. Food Depot anchors Villa Rica Crossing, which was 98 percent leased at the time of sale. The 57,584-square-foot center is situated at 664 W. Bankhead Highway in Villa Rica, 34 miles west of downtown Atlanta. A private buyer purchased the property from Ziff Properties for an undisclosed price. Tony D’Ambrosio and Joe Montgomery of Colliers represented the sellers in both transactions.

September 26, 2019

Acquisitions Florida Retail Southeast

Stock Development Sells Retail Center in Naples for $26.5M

by Alex Tostado September 26, 2019

NAPLES, FLA. — Stock Development has sold Stock Plaza, a 65,297-square-foot retail center in Naples, for $26.5 million. Stock Development delivered the five-building center in 2017 and 2018. The property was 98 percent leased at the time of sale to tenants including NCH Healthcare, Sherwin Williams, Five Guys, AT&T and Tropical Smoothie Café. All the tenants recently signed long-term triple net leases. Stock Plaza is located on 8.8 acres at 7735 Collier Blvd., nine miles east of downtown Naples. Britt Raymond, Kyle Fant, Matthew Mousavi and Patrick Luther of SRS National Net Lease represented the seller in the transaction. The buyer was an undisclosed private family office based in New York City.

September 26, 2019

Acquisitions Louisiana Office Southeast

Wampold, Lemoine Acquire Historic 500,000 SF Office Complex in New Orleans

by Alex Tostado September 25, 2019

NEW ORLEANS — Wampold Cos. and The Lemoine Co. have acquired the Whitney Bank Building Complex, a 500,000-square-foot office campus comprising seven buildings in New Orleans. The Whitney Bank Building, built in 1911, anchors the four-block development. Wampold and Lemoine plan to turn the former headquarters of Hancock Whitney Bank into a mixed-use development comprising hotel rooms, apartments, stores and restaurants. Construction is expected to begin in mid-2020. Hancock Whitney Corp. sold the complex to the joint venture for an undisclosed price.

September 25, 2019

Acquisitions Florida Hospitality Southeast

Impulsive Group Purchases Beachfront Hotel in South Florida for $44M

by Alex Tostado September 25, 2019

POMPANO BEACH, FLA. — The Impulsive Group has purchased the Residence Inn by Marriott Fort Lauderdale Pompano Beach in Pompano Beach for $44 million. The 106-room hotel offers beach access and features a swimming pool, fitness center, business center, two meeting rooms and The Sandbar Restaurant. The seller was not disclosed.

September 25, 2019

Acquisitions Multifamily Southeast Tennessee

Joint Venture Buys 360-Unit Multifamily Community in Metro Nashville

by Alex Tostado September 25, 2019

ANTIOCH, TENN. — A joint venture between Admiral Capital Group and Security Properties has bought Cambridge at Hickory Hollow, a 360-unit multifamily community in Antioch. The garden-style complex was built in 1997 and is located 15 miles southeast of downtown Nashville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a 24-hour fitness center, breakfast bar, fitness center, swimming pool, outdoor kitchen, fire pit and package receiving service. The seller and sales price were not disclosed.

September 25, 2019

Florida Leasing Activity Office Southeast

Lennar Homes Signs 156,000 SF Office Lease for New Headquarters in Miami

by Alex Tostado September 25, 2019

MIAMI — Lennar Homes LLC has signed a 16-year lease to occupy 156,000 square feet of office space for its new headquarters in Miami. Lennar Homes will move into Franklin Street Properties’ Blue Lagoon property, which is a nine-story, 213,000-square-foot building located seven miles west of downtown Miami.

September 25, 2019

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $2.7M Sale of New Aldi-Occupied Building in Statesboro, Georgia

by Alex Tostado September 25, 2019

STATESBORO, GA. — Marcus & Millichap has arranged the $2.7 million sale of an Aldi-occupied grocery store located in Statesboro. The freestanding property, which was delivered in June, is leased to the German grocer on a 20-year, triple-net ground lease. The store spans 23,435 square feet within Statesboro Crossing shopping center. It is located at 270 Henry Blvd., two miles from both downtown Statesboro and Georgia Southern University. Don McMinn of Marcus & Millichap represented the seller, Statesboro Crossing LLC, in the transaction. Martina Crevecoeur of International Capital Acquisitions LLC represented the buyer, H.H. US Real Estate Statesboro LLC.

September 25, 2019

Acquisitions Georgia Illinois Midwest Restaurant Retail Southeast Top Stories

Arby’s Parent Company to Acquire Jimmy John’s

by Kristin Harlow September 25, 2019

ATLANTA AND CHAMPAIGN, ILL. — Inspire Brands Inc., the parent company of Arby’s, has agreed to acquire Jimmy John’s Gourmet Sandwiches. Terms of the transaction, expected to close by the end of October, were not disclosed. The Jimmy John’s Board of Directors, including founder and chairman Jimmy John Liautaud, unanimously approved the agreement. Jimmy John’s had $2.15 billion in U.S. sales last year across 2,803 stores, a roughly 50 percent increase in both sales and locations since 2013, according to The Wall Street Journal. Jimmy John’s, based in Champaign, opened its first sandwich shop in 1983, and is known for fast delivery. Atlanta-based Inspire is a multi-brand restaurant company founded in 2018. Its current portfolio includes more than 8,300 Arby’s, Buffalo Wild Wings, Sonic and Rusty Taco locations worldwide. Following completion of the transaction, Inspire will be the fourth-largest restaurant company in the United States, according to a news release. Inspire expects to have more than $14 billion in annual sales and more than 11,200 restaurants across 16 countries. James North will serve as president of the Jimmy John’s brand, reporting to Paul Brown, co-founder and CEO of Inspire. Liautaud will step down as chairman and transition to an advisor …

September 25, 2019

District of Columbia Loans Office Southeast

JLL Arranges $181.5M Refinancing Loan for Office Building in Southwest D.C.

by Alex Tostado September 24, 2019

WASHNIGTON, D.C. — JLL has arranged a $181.5 million refinancing loan for Portals III, a 510,157-square-foot office building in southwest Washington, D.C. ACORE Capital provided the loan, which will be used to refinance existing debt, lease up the asset and fund capital improvements throughout the property. Portals III marks the third phase of the Portals mixed-use development, which comprises more than 1.5 million square feet of office space, more than 370 residential units, a 400-room Mandarin Oriental hotel and retail space. Andrew Weir, Cary Abod, Rob Carey, Drake Greer and Jay Graham of JLL represented the borrower, Washington, D.C-based Franklin L. Haney Co., in the loan transaction.

September 24, 2019

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