CHARLOTTE, N.C. — LendingTree, an online lending marketplace, will relocate its headquarters to Charlotte’s South End submarket in late 2020. LendingTree will occupy 175,000 square feet of office space within The Spectrum Cos.’ five-acre mixed-use project on South Tryon Street at Carson Boulevard, less than two miles south of downtown Charlotte. A ground-breaking for the first of two 11-story office buildings within the project is scheduled for June. The mixed-use development will feature 580,000 square feet of office space, 50,000 square feet of retail space, a conference center, fitness center and a one-acre urban courtyard. LendingTree is currently headquartered in the Ballantyne submarket, 13 miles south of downtown Charlotte.
LITTLE ROCK, ARK. AND SHREVEPORT, LA. — BSR REIT has sold four multifamily properties in Little Rock and Shreveport for a total of $31.7 million. The two properties in Little Rock are Briarwood Apartments, a 280-unit complex built in 1972, and Spring Valley Apartments, a 245-unit community built in 1975. The Shreveport assets are Fox Trail Apartments, a 144-unit property built in 1971, and South Pointe Apartments, a 104-unit complex built in 1972. The seller(s) was not disclosed.
TAMPA, FLA. — The Dilweg Cos. has acquired Concourse Center, a four-building office property spanning 294,000 square feet in Tampa. The three-story buildings were built between 1982 and 1984 and were 90 percent leased at the time of sale. Notable tenants include BayCare Medical Group, State of Florida, Enterprise and Pegasus TSI. Dilweg plans to invest $4 million to improve the buildings’ operating systems, common areas, tenant amenities and provide a “best in class” office experience for existing and future tenants. The property is situated between Interstate 275 and Tampa International Airport in the Westshore submarket. The seller and sales price were not disclosed.
WEST MELBOURNE, FLA. — Mahaffey Co. is currently underway on The Carlton of West Melbourne, a 16-building, 382-unit apartment complex in West Melbourne. The project is situated at the intersection of Palm Bay Road and Interstate 95 in south Brevard County. Amenities will include a clubhouse, social lounge, fitness center, business center, swimming pool, playground and a dog park. Interior units will include sunrooms, double master bedrooms and balconies. The design team includes civil engineer BSE Consultants and architect Fugleberg Koch. A timeline for completion was not disclosed.
CHAPEL HILL, N.C. — Grubb Properties has acquired a mixed-use property spanning two buildings in downtown Chapel Hill for $23.5 million. Grubb Properties is planning a $12 million renovation to transform the connected buildings into an entrepreneurial hub to attract companies with modern amenities and access to technology. The buildings, located at 137 E. Franklin St. and 136 E. Rosemary St., were 30 percent leased at the time of sale. The buildings span 118,517 square feet of commercial space and include an adjacent 276-stall parking deck. The two buildings and parking deck span one city block and are situated within an opportunity zone directly across from the University of North Carolina at Chapel Hill. A timeline for the renovations was not disclosed. Dunn Mileham, David Morris and Mark Alviano of Trinity Partners represented the undisclosed seller in the transaction.
WASHINGTON, D.C. — Greysteel has arranged the $21.8 million receivership sale of a multifamily portfolio in Washington, D.C., on behalf of the receiver, E&G Group. E&G Group received Elsinore Courtyard and Fitch Apartments in June 2017 when lender Wilmington Trust asked the Superior Court of the District of Columbia to empower E&G Group to market and sell the properties after previous owner Sanford Capital defaulted on its loans, according to Street Sense Media. Elsinore Courtyard was built between 1960 and 1966 at 5311-5330 E St., 5108-5112 Call Place and 5109-5117 C St. SE. The 15 -units average 894 square feet. Fitch Apartments was built between 1969 and 1971 and is situated at 351 53rd St. SE, 5033 Call Place SE, 5040 & 5216 D St. SE and 5218–5220 F St. SE. The 75 units average 728 square feet. Both properties are situated near Benning Road Metro Station, providing access to WMATA’s Blue/Silver Line trains. Ari Firoozabadi, Kyle Tangney, Herbert Schwat, Christian Alves and Dutch Seitz of Greysteel represented E&G Group in the transaction. The Washington, D.C.-based team also procured the undisclosed buyer.
ORLANDO, FLA. — Cushman & Wakefield has arranged the $10.6 million sale of a 17.1-acre development site within the MetroWest master planned community in Orlando. The buyer, Valdosta, Ga.-based Rise, plans to develop a five-building, 442-unit apartment community within the 1,805-acre MetroWest, which is located 10 miles southwest of downtown Orlando. Margery Johnson and Andy Slowik of Cushman & Wakefield represented the seller, Valencia Properties, in the transaction. A timeline for construction was not disclosed.
AVENTURA, FLA. — Miller Construction Co. has delivered an $8.4 million, 993-unit CubeSmart facility in South Florida for the owner, Urban Storage Fund LLC. The building is situated at 19301 W. Dixie Highway in Aventura, 19 miles north of downtown Miami. The two-story structure spans 107,429 square feet and offers 75 locker units. Units range in size from 25 to 300 square feet. The project team included architect WHA Design and engineering firms Hajjar & Associates Inc., Zamora & Associates Inc. and Alkemeyer & Associates.
ALEXANDRIA, HERNDON, MANASSAS AND LEESBURG, VA. — WashREIT (NYSE: WRE) has acquired a five-property, 1,685-unit multifamily portfolio in Northern Virginia for $379.1 million. The properties include: 205 Century Place in Alexandria; 13690 Legacy Circle and 2511 Farmcrest Drive in Herndon; 10519 Lariat Lane in Manassas; and 86 Heritage Way NE in Leesburg. Sellers were not disclosed. “We are pleased to be growing our Northern Virginia multifamily portfolio by 53 percent at a time when that region is poised to deliver strong economic growth fueled by a thriving technology sector,” says Paul McDermott, president and CEO of WashREIT. “We look forward to capitalizing on northern Virginia’s robust job growth prospects and its continued demand for quality, value-oriented rental housing on an even larger scale.” Although details on the properties were not disclosed, the buyer refers to the portfolio as being value-add, suggesting property improvements are on the horizon for the portfolio. WashREIT now owns a total of 4,861 multifamily units in Northern Virginia. The company expects to close on a second acquisition totaling 428 units across two apartment communities in Maryland’s Montgomery County during the second quarter of this year for $81.9 million. The company plans to pay for its expansion …
VIRGINIA BEACH, VA. — Armada Hoffler will acquire Red Mill Commons and Marketplace at Hilltop in Virginia Beach for a combined $105 million from local retail developer Venture Realty Group. As part of the acquisition, Armada Hoffler will exchange 4.1 million operating partnership units each valued at $15.55, as well as the assumption of $36 million in debt and $5 million in cash. Red Mill Commons is a 374,000-square-foot retail center that was 98 percent leased at the time of sale to more than 90 tenants, including T.J. Maxx, HomeGoods, Dollar Tree, Outback Steakhouse, Walgreens, Panera Bread, Buffalo Wild Wings, Starbucks Coffee and Chipotle Mexican Grill. Walmart, Target and The Home Depot shadow anchor the property, which is located five miles from both Sandbridge Beach and Naval Station Oceana, the second largest employer in the city. Marketplace at Hilltop is a 118,000-square-foot center that features tenants such as Total Wine, Michaels, Panera Bread, Chick-fil-A and Arby’s. The shopping center is 100 percent occupied and adjacent to the only Whole Foods Market in the city. Venture Realty Group has been retained to lease and manage both properties. Armada Hoffler expects both deals to close this quarter.