DAVENPORT, FLA. — Wood Partners has broken ground on Alta Citron, a multifamily project in Davenport. Upon completion, the development will comprise 324 apartments in one-, two- and three-bedroom layouts. Amenities at the property will include a pool, clubhouse with a fitness center, grilling stations, outdoor fire pits, hammocks and a pet park with a washing station. Pre-leasing at the community is expected to begin this fall, with the opening scheduled for the fourth quarter of this year.
HENRICO AND MIDLOTHIAN, VA. — H.I.G. Realty Partners has purchased a shopping center portfolio for $110 million and formed a joint venture partnership with Rosenthal Properties and FarmViewVentures. Totaling 592,000 square feet, the portfolio includes Parham Plaza, Ridge Shopping Center and Staples Mill Square in Henrico, roughly 10 miles outside Richmond, and Stonehenge Village Center in Midlothian, roughly 15 miles outside Richmond. The portfolio was approximately 95 percent leased at the time of sale to tenants including Wegmans, Walmart, The Fresh Market and Aldi. Todd Soloway, Danielle Schechner, Ari Tran, Benjamin Teig, Kyle Miller, Nicholas Ratsep, David Saltzman and Michael Kumar of Pryor Cashman represented H.I.G in connection with the acquisition and financing of the shopping center portfolio. The seller and direct lender for the acquisition financing were not disclosed.
CANTON, GA. — Acadia Realty Trust has received a $36 million loan for the refinancing of Canton Marketplace, a 335,445-square-foot shopping center in Canton, roughly 40 miles north of Atlanta. Located at 1810 Cumming Highway, the property is 95 percent leased to tenants including Dick’s Sporting Goods, Best Buy, T.J. Maxx and pOpshelf. Mike Ryan, Brian Linnihan, Richard Henry and JP Cordeiro of CBRE secured the financing on behalf of Acadia through Voya Investment Management.
MIAMI BEACH, FLA. — CBRE has brokered the $15 million sale of Greenview Hotel, a 45-room boutique hotel located at 1671 Washington Ave. in Miami Beach. Natalie Castillo and Austin LaPoten of CBRE Hotels represented the seller, an entity doing business as Greenview Hotel LLC, in the transaction. The buyer was a private investor with other South Florida hotels in its portfolio.
ORLANDO, FLA. — Marcus & Millichap has arranged the $7.2 million sale of a single-tenant building located at 2701 South Orange Ave. in Orlando. CVS occupies the building, which comprises 13,616 square feet, on a net-lease basis. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap represented the undisclosed seller in the transaction.
The Atlanta industrial market needs very little validation when it comes to answering the question “Why Atlanta?” More than a dozen companies started or based in Atlanta have grown over the past decade to valuations above $1 billion. Metro Atlanta had the second highest rate of job growth in the nation among large metro areas (6.7 percent), according to the U.S. Bureau of Labor Statistics. So rather than ask “Why Atlanta,” the better question is “Where in Atlanta?” As the Southeast’s population continues to grow, the metro Atlanta area continues in equal parts to add density to its thriving urban core as well as expand its suburban reach. With limited geographic barriers to development, outlying towns are quickly becoming absorbed into the definition of the Atlanta area. This persistent growth is placing demand on industrial space at an all-time high, requiring a nuanced view of site selection within the Atlanta MSA. The four corners of the Atlanta market reach nearly 60 miles from the urban center in each direction along highways I-75 and I-85, with new speculative projects under construction as far out as Adairsville, Commerce, Locust Grove and La Grange. Its breadth now includes Bremen and Rutledge in either …
MANASSAS, VA. — Skanska has topped out George Mason University’s new Life Sciences and Engineering Building at the school’s Prince William County Science and Technology (SciTech) Campus in Manassas. The $83.6 million, 132,000-square-foot building will support students enrolled in STEM-H majors, such as kinesiology, materials science, forensic science, bioengineering and mechanical engineering. (STEM-H is short for science, technology, engineering, math and health sciences.) The facility will comprise specialized instructional labs, classrooms, experiential learning laboratories and faculty and administrative offices. The property will also be part of the university’s Innovation Town Center, which will provide students at the SciTech Campus with a residential campus experience from their freshman year through their post-graduate work.
ATLANTA — Hunter Hotel Advisors, a national hospitality brokerage firm based in Atlanta, has arranged the sale of four hotels in Alabama totaling 361 rooms. The assets include Home2 Suites Madison Huntsville Airport, Hilton Garden Inn Madison, Home2 Suites Decatur Ingalls Harbor and Home2 Suites Opelika Auburn. Tim Osborne and Trey Scott of Hunter represented the seller, an undisclosed institutional investment firm, in the sale. The portfolio’s buyer and sales price were also not disclosed.
CHARLOTTE, N.C. — Northridge Capital, an independent real estate management firm based in Washington, D.C., has sold a historic creative office building in Charlotte’s FreeMoreWest submarket. An undisclosed real estate investment firm based in Charlotte purchased Grinnell Water Works, located at 1435 W. Morehead St., for $19.2 million. Alex Olofson of Stream Realty Partners and Jared Londry of PointBlank Ventures represented Northridge Capital in the transaction. Grinnell Water Works was built in 1930 and offers approximately 52,000 square feet of rentable office space across two floors. The asset was 70 percent leased at the time of sale.
WAYNESVILLE, N.C. — Divaris Real Estate has brokered the $14.8 million sale of Russ Avenue Plaza, a shopping center located at 1153-1220 Russ Ave. in Waynesville, approximately 26 miles west of Asheville, N.C. The 17-acre retail property formerly housed a big-box Kmart store. Jessica Johnson of Divaris represented the seller, an entity doing business as Russ Avenue Plaza LLC, in the transaction. The buyer and future plans for Russ Avenue Plaza were not disclosed.