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AcquisitionsGeorgiaSoutheastStudent Housing

TSB Realty Brokers Sale of 330-Bed Student Housing Community Near Georgia Tech in Midtown Atlanta

by John Nelson

ATLANTA — TSB Realty has brokered the sale of 100 Midtown, a 330-bed student housing community located near the Georgia Tech campus in Atlanta’s Midtown neighborhood. Pope & Land Real Estate purchased the property from an undisclosed seller. In addition to TSB Realty brokering the sale, TSB Capital Advisors acted as consultant for acquisition financing with First Carolina Bank. 100 Midtown offers fully furnished two- and four-bedroom units. Shared amenities include a fitness center, clubhouse, film lounge, business center and private study rooms. The property was originally developed in 1968 and repositioned as student housing in 2004. The community was 98 percent occupied at the time of sale.

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LoansMultifamilyNorth CarolinaSoutheast

BWE Arranges $35.9M Refinancing for Accent Southrail Apartments in Charlotte

by John Nelson

CHARLOTTE, N.C. — BWE has arranged a $35.9 million loan for the refinancing of Accent Southrail, a 304-unit mid-rise apartment community located at 6026 Station Crossing Ave. in Charlotte’s Lower South End (LoSo) district. Alan Tapie, Thomas Wiedeman, Brad Walker and Hanley Long of BWE arranged the three-year, fixed-rate loan through a life company lender on behalf of the borrower, Atlanta-based Westplan Investors. The loan features flexible prepayment options. Built in 2021, Accent Southrail features a mix of one-, two- and three-bedroom floor plans. Amenities include a gym, pool with loungers and Orbit daybeds, clubroom with lounge, hammock sun garden, centralized bike storage, coffee bar, outdoor patios with grilling stations, a dog washing station and coworking spaces.

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AcquisitionsKentuckySeniors HousingSoutheast

Walker & Dunlop Negotiates Sale of 128-Unit Seniors Housing Property in Metro Cincinnati

by John Nelson

FLORENCE, KY. — Walker & Dunlop has negotiated the sale of Legacy Living Florence, a 128-unit seniors housing community in Florence, just south of Cincinnati. Built in 2022, Legacy Living features independent living, assisted living and memory care units. The buyer was an undisclosed REIT. The seller and sales price were also not disclosed. Alex Vice, Joshua Jandris and Brett Gardner led the Walker & Dunlop Investment Sales team in brokering the sale.

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AcquisitionsRetailSoutheastTennessee

Marcus & Millichap Secures $5.3M Sale of Retail Center in Chattanooga

by John Nelson

CHATTANOOGA, TENN. — Marcus & Millichap has secured the $5.3 million sale of South Terrace Plaza, a 46,700-square-foot retail center located at 5076-5084 S. Terrace in Chattanooga. The property is shadow-anchored by AMC Theatres and is located near the I-75 transition into I-24. South Terrace Plaza was 94 percent leased at the time of sale to 12 tenants that have an average 23-year tenure at the property. According to Marcus & Millichap, six new leases were executed at the center in the past year. Zach Taylor and Eric Abbott of Marcus & Millichap’s Atlanta office represented the seller, a Tennessee-based developer, in the transaction. Jody McKibben of Marcus & Millichap served as the broker of record in Tennessee in the deal. The buyer was not disclosed. “The strength of the Chattanooga market and the significant upside potential of the center created a highly competitive bid process for this property,” says Taylor.

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Company NewsRetailSoutheastVirginia

Dollar Tree Explores Future of Family Dollar Business Segment, Including Possible Sale

by John Nelson

CHESAPEAKE, VA. — Dollar Tree Inc. (NASDAQ: DLTR) has announced a formal review of its Family Dollar business segment, including the possibility of selling, spinning off or other disposition methods of the brand. In March, Dollar Tree announced the closure of 1,000 stores nationally, approximately 970 of which were underperforming Family Dollar Stores. Additionally, Dollar Tree has recently acquired up to 170 former 99 Cents Only stores. “Dollar Tree has been on a multi-year journey to help the company fully achieve its potential,” says Rick Dreiling, chairman and CEO of Dollar Tree Inc. “Our goal is to position both the Dollar Tree and Family Dollar banners to progress further and faster, and to determine whether the exclusive attention of a dedicated team will benefit both, while creating value for Dollar Tree shareholders and other stakeholders.” Family Dollar’s same-store net sales increased 0.1 percent year-over-year in fiscal first-quarter 2024, which ended May 4. (The data does not include the previously mentioned stores that Dollar Tree closed during the first quarter.) By comparison, Dollar Tree’s same-store net sales increased 1.7 percent in the same time period. Dollar Tree has retained J.P. Morgan Securities LLC as its financial advisor and Davis Polk & Wardwell …

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DevelopmentFloridaLeasing ActivityMixed-UseRetailSoutheast

Target to Open 150,000 SF Store at Lake Nona West in Orlando

by John Nelson

ORLANDO, FLA. — Target plans to open a 150,000-square-foot store at Lake Nona West, marking the first anchor tenant at the 405,000-square-foot open-air shopping center project in Orlando’s Lake Nona district. Tavistock Development is Lake Nona West’s developer and landlord. Situated on 54 acres near the Brightline Station and Orlando International Airport, the development is scheduled for completion in fall 2025. Tavistock is currently in advanced discussions with a variety of tenants, aiming to feature a mix of national brands alongside local shops, restaurants and service operators.

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AcquisitionsSouth CarolinaSoutheastStudent Housing

CapitaLand Ascott Trust Completes Acquisition of 678-Bed Student Housing Community Near University of South Carolina

by John Nelson

COLUMBIA, S.C. — CapitaLand Ascott Trust (CLAS) has acquired the Standard at Columbia, a student housing community located near the University of South Carolina campus in Columbia. CLAS acquired the property in phases over the past three years. In June 2021, CLAS jointly acquired a 90 percent stake in the development alongside The Ascott Limited. The company acquired Ascott’s 45 percent stake in the property in November 2022. The remaining 10 percent stake not owned by CLAS was recently acquired, bringing the company to full ownership of the community. The 678-bed property was completed in August 2023 and offers studio through five-bedroom units. Shared amenities include a fitness center, academic lounge, private study rooms, a computer lab, rooftop swimming pool, jumbotron, fire pit, grilling station, bike storage, multi-sport simulator and a resident clubroom.

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DevelopmentIndustrialLeasing ActivityMarylandSoutheast

Merritt Properties Signs Three Industrial Tenants to Join White Marsh Interchange Park in Metro Baltimore

by John Nelson

WHITE MARSH, MD. — Merritt Properties has signed three new tenants to join Phase I of White Marsh Interchange Park, an industrial park underway in the Baltimore suburb of White Marsh. Phase I, which totals 235,900 square feet across three buildings, was delivered in late May. Restaurant Depot, a national wholesale foodservice supplier, has signed a 60,000-square-foot lease; Dill Dinkers, a pickleball operator, has signed a 24,400-square-foot lease; and Sensi Auto, an automotive solutions provider, has secured a 6,560-square-foot lease. Situated on 56 acres near I-95, Phase I of White Marsh Interchange Park features buildings with clear heights ranging from 20 to 32 feet, truck courts, rear-loaded docks and drive-in capabilities. Merritt Construction Services, Merritt’s construction division, will be responsible for the build-out of all three tenants’ spaces. At completion, White Marsh Interchange Park will span 750,000 square feet across nine buildings.

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AcquisitionsArkansasSeniors HousingSoutheast

SLIB Brokers Sale of 121-Unit Indian Rock Village Seniors Housing Property in Fairfield Bay, Arkansas

by John Nelson

FAIRFIELD BAY, ARK. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Indian Rock Village, a 121-bed independent living, assisted living and memory care community in Fairfield Bay. Located along Greers Ferry Lake approximately 80 miles north of Little Rock, the community was built in 1990. A regional seniors housing owner-operator looking to exit the skilled nursing industry sold the asset to a regional owner. The sales price was not disclosed. Daniel Geraghty and Bradley Clousing handled the transaction for SLIB.

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DevelopmentNorth CarolinaRetailSoutheastTop Stories

Carolina Panthers Propose $1.3B in Renovations to Bank of America Stadium

by Kristin Harlow

CHARLOTTE, N.C. — The NFL’s Carolina Panthers have unveiled plans for a renovation of its Bank of America Stadium in Charlotte totaling $1.3 billion.   Highlights of the renovation include a park-like setting and exterior video boards for watch parties at the stadium’s entrance. Once inside, fans would experience a new sound system, scoreboard and video boards. Plans call for social areas with skyline views, improved concessions with regional offerings and an expanded team store. Additional improvements include new seats installed throughout the bowl; improved accessibility throughout the facility; stadium safety and security enhancements; a reimagined South Lawn Pavilion area; upgraded restrooms; enhancements to the stadium exterior; and modernization of the building systems. The renovation would be an ongoing partnership between the City of Charlotte and Tepper Sports & Entertainment (TSE), which owns and operates the Carolina Panthers, Bank of America Stadium and Major League Soccer’s Charlotte Football Club. Details of the proposed partnership include a fixed investment of $650 million from the City of Charlotte and a total investment of $688 million by TSE, including $117 million that was invested prior to June 2024. The city’s investment does not require any new or increased taxes, according to a release …

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