Southeast

City of Atlanta, Atlanta BeltLine Acquire Land from CSX to Expand Multi-Use Trail

by Camren Skelton August 10, 2018

ATLANTA — The City of Atlanta and Atlanta BeltLine Inc. (ABI) have acquired 1.8 miles of former railroad corridor from freight rail operator CSX on Atlanta’s Westside to expand the city’s BeltLine urban trail. Upon full build-out in 2030, the 22-mile loop trail will connect 45 intown neighborhoods. The $6.3 million acquisition of the stretch of track formerly known as “the Kudzu Line” represents the final purchase of inactive rail corridor in the Atlanta BeltLine loop. The purchase will provide points of contact for potential spur trails that would connect the neighborhoods of Bankhead, English Avenue, Knight Park and Howell Station. In addition, the corridor will allow access to the Bankhead MARTA station, Maddox Park, the future Westside Park at Bellwood Quarry and the newly opened Proctor Creek Greenway. The funds to pay for the land came from TSPLOST, a transportation sales tax Atlanta voters approved in 2016. Under the purchase agreement, the City of Atlanta and ABI control approximately 80 percent of the corridor needed to construct the BeltLine trail and transit loop. The other 20 percent includes railroad and non-railroad properties. Over the next six months, CSX will remove the rails. ABI also recently acquired 2.5 acres at …

August 10, 2018

Acquisitions Georgia Office Southeast

Bridge Acquires AT&T-Leased Office Campus in Atlanta’s Buckhead District for More than $200M

by Camren Skelton August 9, 2018

ATLANTA — Bridge Office Fund Manager LLC, a subsidiary of Salt Lake City-based Bridge Investment Group, has acquired Lenox Park, a 32-acre office campus located in Atlanta’s Buckhead district. The 1 million-square-foot development includes five buildings and serves as the corporate hub for AT&T. The seller and sales price were not disclosed, but the Atlanta Business Chronicle reports Bridge acquired the campus from an affiliate of Fortress Investment Group for at least $225 per square foot, or up to $225 million. Bridge plans to renovate the recently vacated 1277 Lenox Park Blvd., a seven-story, 153,093-square-foot building located on the site. David Tennery of JLL arranged the transaction on behalf of the seller. Kevin Lott, Kim Caswell and Stewart Thrash of Bridge Commercial Real Estate — the office operating subsidiary of Bridge Investment Group — will handle Lenox Park’s leasing assignment.

August 9, 2018

Acquisitions Georgia Office Southeast

NKF Capital Markets Brokers $73.3M Sale of Office Campus in Metro Atlanta

by Camren Skelton August 9, 2018

KENNESAW, GA. — NKF Capital Markets has brokered the $73.3 million sale of TownPark Commons, a 350,000-square-foot office campus in Kennesaw, located roughly 27 miles northwest of Atlanta. Matt Tritschler of NKF Capital Markets arranged the transaction on behalf of the buyer, Adventus Opportunity Fund. Eastdil Secured represented the seller, TSP TownPark LLC. TownPark Commons includes four, four-story buildings located within the TownPark mixed-use development. The buildings were constructed in 1997 and 1998. TownPark Commons was 99 percent leased at the time of sale to tenants such as Enercon Services, INVISTA and HCC Life Insurance Co.

August 9, 2018

Development Georgia Hospitality Southeast

Braves Development, Encore to Build 140-Room Aloft Hotel at The Battery Atlanta

by Camren Skelton August 9, 2018

ATLANTA — Braves Development Co. (BDC), in partnership with Encore Hospitality LLC, has unveiled plans to construct a 140-room Aloft Hotel at The Battery Atlanta, a 1.5 million-square-foot mixed-use development in Cobb County. BDC owns and operates the development, which is home to retail, restaurants, an Omni Hotel, The Coca-Cola Roxy concert venue, multifamily residences and a Comcast office tower. The mixed-use village surrounds SunTrust Park, the new home ballpark of the Atlanta Braves. Aloft is a contemporary hotel brand that operates under the Marriott International Inc. flag. Construction on the new hotel should start this fall, with completion scheduled for third-quarter 2020, according to the Atlanta Business Chronicle. The hotel development comes on the heels of the recently announced Silverspot Cinema and Savi Provisions, a market that will be located on the ground floor of Aloft. In July, German elevator maker Thyssenkrupp announced plans to build its 420-foot-tall headquarters complex at The Battery. Combined, BDC and its partners have provided approximately $850 million in private investment across the total development.

August 9, 2018

Acquisitions Multifamily North Carolina South Carolina Southeast

Berkadia Arranges Sales of Two Multifamily Assets in Carolinas for $47.7M

by Camren Skelton August 9, 2018

BELMONT, N.C. AND NORTH CHARLESTON, S.C. — Berkadia has arranged the sales of two multifamily communities located in Belmont and North Charleston. In Belmont, roughly 14 miles west of Charlotte, Berkadia arranged the $16.7 million sale of Abbey Court, a 176-unit community. Texas-based Napali Capital LLC acquired the asset from Raleigh-based American Residential Investment Management. The community includes one- and two-bedroom units and features a pool, playground, grilling and picnic area and a laundry facility. In North Charleston, Berkadia arranged the $31 million sale of Legends at Charleston Park, a 232-unit community that includes a mix of one- to three-bedroom units. Memphis, Tenn.-based Fogelman Properties acquired the asset from Macon, Ga.-based United Residential Properties. The community features a playground, barbecue station, clubhouse, fitness center, pool and garages. Mark Boyce and Blake Coffey of Berkadia represented the sellers in both transactions.

August 9, 2018

Development Florida Retail Southeast

Halvorsen Holdings to Develop $23M Publix-Anchored Retail Center in Central Florida

by Camren Skelton August 9, 2018

LOUGHMAN, FLA. — Halvorsen Holdings has unveiled plans to develop Loughman Crossing, a 78,200-square-foot retail center that will be located along Poinciana Parkway in Loughman, a city roughly 30 miles south of Orlando. Publix will anchor the $23 million development, which is approximately 40 percent preleased. Committed tenants include pending deals with a national hamburger restaurant chain, a national dental service provider and a national gas/convenience store operator. Three of the six outparcels around the perimeter of the site are available for sale or ground lease. The newly opened Poinciana Parkway is a nine-mile extension of Ronald Reagan Parkway. A construction timeline for Loughman Crossing was not disclosed.

August 9, 2018

Acquisitions Florida Multifamily Southeast

CBRE Arranges Sale of 876-Unit Multifamily Community in Central Florida

by Camren Skelton August 8, 2018

ALTAMONTE SPRINGS, FLA. — CBRE has arranged the sale of Timberlake & The Glades, an 876-unit multifamily community in Altamonte Springs, roughly 10 miles north of Orlando. The exact sales price and name of the buyer were not disclosed, but sources familiar with the transaction report the property sold for more than $110 million — the largest multifamily sale in Orlando’s history, according to CBRE. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the seller, a partnership between GoldOller Real Estate Investments and The Family Office. Timberlake & The Glades are two contiguous phases that were completed in 1986. Community amenities include four swimming pools, two fitness centers and tennis courts. In addition, the property is located within walking distance to several restaurants and a Publix-anchored shopping center.

August 8, 2018

Acquisitions Kentucky Retail Southeast

RJ Thieneman, Seay Properties Acquire 140,000 SF Shopping Center in Lexington

by Camren Skelton August 8, 2018

LEXINGTON, KY. — RJ Thieneman, in partnership with Seay Properties and a group of private investors, has acquired Regency Centre, a 140,000-square-foot shopping center located at 2325 Nicholasville Road in Lexington. The sales price and name of the seller were not disclosed. Regency Centre is home to tenants such as Kroger, T.J. Maxx, Five Below, Pet Supermarket, Title Boxing Club, IHOP and BB&T. The acquisition marks the third purchase in Central Kentucky for RJ Thieneman, which also owns and manages Franklin Square in Frankfort and Kroger Plaza in Winchester.

August 8, 2018

Acquisitions District of Columbia Multifamily Southeast

CIM Group Purchases Newly Constructed, 319-Unit Apartment Community in D.C.

by Camren Skelton August 8, 2018

WASHINGTON, D.C. — CIM Group has acquired Trellis House, a newly constructed, 319-unit apartment community located at 907 Barry Place N.W. in Washington, D.C., for an undisclosed price. Gateway Investment Partners and RISE: A Real Estate Co., completed construction on the six-story community earlier this year, according to local media reports. The LEED-certified building includes a mix of studio to two-bedroom units, as well as townhomes. Community amenities include a 12,000-square-foot courtyard and pool deck with fireplaces and grill stations; fitness center with spin stations and a yoga studio; club and game room; test kitchen, coworking area; rooftop observation deck; and a pet spa. In addition, Trellis House includes 11,000 square feet of ground-floor retail space. The community is located adjacent to Howard University and is proximate to the Green Line subway that provides connections to the entire Metro network.

August 8, 2018

Industrial Leasing Activity South Carolina Southeast

McCraney Signs 507,512 SF Lease with Third-Party Logistics Provider in Metro Charlotte

by Camren Skelton August 8, 2018

ROCK HILL, S.C. — McCraney Property Co. has signed a 507,512-square-foot lease with NFI at Logistics 77 @ Riverwalk in Rock Hill, roughly 27 miles south of Charlotte in South Carolina. NFI, a supply chain solutions provider and one of the primary third-party logistics providers to Amazon, will be the sole tenant at the facility. Warren Snowdon and David Hanna of Foundry Commercial arranged the lease on behalf of McCraney, which developed the building. Logistics 77 @ Riverwalk is located within Riverwalk Business Park, a 1,000-acre mixed-use project that includes housing, retail, office and industrial properties.

August 8, 2018

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