BENTON, ARK. — Legacy Realty Group Advisors has brokered the $9.3 million sale of Benton Commons, a 74,870-square-foot retail center located in Benton, roughly 25 miles southwest of Little Rock. Kroger anchors the property, and other tenants include State Farm Insurance, Sumo Express and H&R Block. Jacob Baruch, Jonah Warshaw and Daniel Baruch of Legacy represented the undisclosed buyer in the transaction. Todd Rice of Colliers Arkansas represented the undisclosed seller.
CHAPEL HILL, N.C. — Beechwood Carolinas, a subsidiary of The Beechwood Organization, has received approval from the Town of Chapel Hill to develop a 43-acre residential district on the city’s south side. Known as South Creek by Beechwood, the development will include market-rate and affordable housing apartments and townhomes, for-sale condominiums, 21,000 to 52,000 square feet of commercial and retail space and open gathering areas. Total housing units will total 815 residences, a vast majority of which will be condominiums. The development will be situated along the 15-501 corridor at 4511 S. Columbia St., about two miles south of University of North Carolina-Chapel Hill. Council members unanimously approved the site’s rezoning in early June. Beechwood Carolinas plans to break ground in late 2024 and anticipates first occupancy in 2025. The developer’s project partners include architectural firm FMK Architects and Lee Bowman of Legion Land & Development.
ARLINGTON, VA. — Walker & Dunlop has arranged a $46.6 million HUD 221(d)(4) loan for the conversion of Park Shirlington, a 294-unit multifamily property in Arlington, from a market-rate community to an affordable housing property. Rents are now restricted at the property to households earning 60 percent of the area median income through at least 2053. The borrower is Standard Communities, a multifamily owner with headquarters offices in Los Angeles and New York City. In addition to HUD and Walker & Dunlop, Standard Communities’ capital partners on the conversion project include Virginia Housing, AEGON USA Realty Advisors LLC and Arlington County’s Affordable Housing Investment Fund. Chris Rumul of Walker & Dunlop led the HUD LIHTC financing transaction, which covers $34 million in renovation costs that include interior and exterior work and the construction of a new community center.
JUPITER, FLA. — Rendina Healthcare Real Estate has opened PAM Health Rehabilitation Hospital of Jupiter, a 48,000-square-foot, 42-bed inpatient rehabilitation hospital in South Florida. The facility provides a range of services that include physical therapy, occupational therapy and speech therapy. The property features specialized equipment, patient rooms and physical rehab gymnasiums. The hospital is a joint venture between Rendina Healthcare and PAM Health, a health system based in Pennsylvania that operates outpatient rehabilitation facilities across the country.
ATLANTA — Resurgens Technology Partners, a tech-focused private equity firm, has opened its new 15,000-square-foot headquarters office at One Phipps Plaza, a newly built, Class A office tower in Atlanta’s Buckhead district. The office building anchors the newly expanded Phipps Plaza mixed-use campus, which is owned by mall REIT Simon and includes the Nobu Hotel & Restaurant, five-story Life Time athletic club and Citizen’s Market food hall. Resurgens Technology Partners has offices in Austin, London and Silicon Valley in addition to Atlanta. Other office tenants at One Phipps Plaza include aluminum rolling and recycling company Novelis and financial giant Goldman Sachs & Co.
VERO BEACH, FLA. — Marcus & Millichap has brokered the $6.4 million sale of Best Western Vero Beach, a 65-room hotel located at 9330 19th Lane in Vero Beach. The buyer, a private, undisclosed 1031 exchange investor, financed the acquisition with a bridge loan. Ahmed Kabani and Kian McLean of Marcus & Millichap’s Miami office represented the seller, a partnership, in the transaction. The Best Western hotel is situated off I-95 near the Vero Beach Outlets, an outlet mall housing national retailers including LOFT and Columbia Factory Store. Hotel amenities include complimentary breakfast, guest laundry, an outdoor swimming pool and a fitness center.
A rapidly evolving connectivity frontier is shaping the future of cell tower lease sales and encouraging many commercial property owners who rent space to tower companies to sell their leases at values at the top of the market. Telecom carriers have considerably slowed their buildouts for 5G networks and are already preparing for 6G mobile networks, expected to roll out around 2024. Brokers are seeking to amend and renegotiate old cell tower leases in the face of predicted wireless infrastructure obsolescence and connectivity innovations, which may negate some physical infrastructure needs entirely. The key to maximizing sale proceeds in this landscape is to secure landlord-friendly terms and ensure clarity in a new lease or renewal. Among other elements, building owners must insist on strong insurance indemnities and well-defined subordination, non-disturbance and attornment (SDNA) in the amended agreements. But no landlord demand may be more important to future value than denying the tenant a right of first refusal to purchase the lease, says David Moore, CEO and principal of NAI Global Wireless, a Redlands, California-based national wireless real estate brokerage that represents landlords. Cell tower leases in which tenants don’t have right of first refusal are more appealing to buyers, a …
CARTERSVILLE, GA. — McShane Construction Co. has delivered Authentix Cartersville, a 240-unit multifamily community located at 5000 Canton Highway in Cartersville. The 25-acre site is situated about 45 miles north of downtown Atlanta via I-75. Developed by Wisconsin-based Continental Properties, Authentix Cartersville comprises 10 two-story, wood-framed buildings housing one-, two- and three-bedroom floor plans. Excel Engineering designed the community to feature a clubhouse with a coffee bar, 24-hour fitness center, resort-style swimming pool, barbeque area and a sun deck. The pet-friendly community also offers a leash-free dog park and a pet spa. Authentix Cartersville is the 22nd apartment community that McShane has constructed for Continental Properties.
BRUNSWICK, GA. — Single-family rental operator ARK Homes for Rent has begun leasing Walker Point, a 237-unit build-to-rent residential property in Brunswick, a coastal city about 80 miles south of Savannah. The property features three floor plan options ranging from two to four bedrooms. Amenities will include a clubhouse, fitness center, swimming pool and a dog park. Monthly rents will start at $1,650, according to ARK Homes.
GREER, S.C. — Cushman & Wakefield has brokered the sale of Lively Victor Park, a 318-unit apartment community located at 250 Victor Ave. in Greer, a city in South Carolina’s Upstate region that includes Greenville and Spartanburg. John Phoenix, Louis Smart and Austin Green of Cushman & Wakefield represented the undisclosed buyer in the transaction. The locally based developer, Orange Capital Advisors, sold the property for an undisclosed price. Jim Sewell, Dave Lansbury, Erika Maston and Andrew Burns of CBRE represented the seller. Built in 2022, the four-story property includes a resort-style saltwater pool with adjacent bocce ball area, sky lounge, dog park, multiple gathering areas and a two-story gym with an indoor climbing wall. Lively Victor Park’s apartments range from studio to three-bedroom units commanding rental rates from $1,225 to $1,785, according to Apartments.com. Floor plans range from 478 to 1,206 square feet in size.
