Southeast

MAG Capital Partners Buys 75,469 SF Industrial Facility in Carrollton, Kentucky in Sale-Leaseback Transaction

by John Nelson April 12, 2023

CARROLLTON, KY. — MAG Capital Partners LLC has acquired a 75,469-square-foot industrial facility located at 3356 U.S. Highway 42 E in Carrollton. The Dallas-based investment firm purchased the asset in a sale-leaseback with the tenant, DRC Industries, a regional converter and distributor of paper products and other packaging materials. Forest Bender of Marcus & Millichap represented the seller in the transaction, the sales price of which was not disclosed. Built in 1992 along the Ohio River, the warehouse has three drive-in doors, nine docks and 20-foot clear heights. The property is proximate to DRC’s production facility located where the Ohio and Kentucky rivers meet.

April 12, 2023

Acquisitions Affordable Housing Georgia Multifamily Southeast

GREA Arranges $6.5M Sale of Affordable Housing Community in Douglasville, Georgia

by John Nelson April 12, 2023

DOUGLASVILLE, GA. — GREA (Global Real Estate Advisors) has arranged the $6.5 million sale of Douglasville Proper, a 100-unit affordable housing community located at 8424 Chicago Ave. in Douglasville, a suburb of Atlanta. Cory Caroline Sams and Taylor Brown of GREA represented the seller, Signature Management, in the transaction. The buyer, S & S Capital Partners, plans to preserve the affordability of the LIHTC property during its ownership. Built in 1995, Douglasville Proper features one-, two- and three-bedroom floor plans.

April 12, 2023

Development Multifamily Southeast Virginia

Middleburg, Resmark to Develop 310-Unit Apartment Community in Metro Richmond

by John Nelson April 11, 2023

GLEN ALLEN, VA. — A joint venture between Middleburg Communities and The Resmark Cos. plans to develop The Brook, a 310-unit apartment development located on a 13.5-acre site at 9002 Brook Road in Glen Allen, a suburb of Richmond. The co-developers expect to begin construction this month, with the community scheduled to open in late 2024. The Brook will comprise five four-story apartment buildings totaling 274 units, as well as six six-unit townhome buildings. Apartments will come in a mix of one-, two- and three-bedroom floor plans, and townhomes will come in two- and three-bedroom layouts. The Brook’s amenities will include an outdoor swimming pool, fitness center and yoga studio, grilling stations, dog park, pet spa and electric vehicle charging stations. Truist Bank provided an undisclosed amount of construction financing for the project.

April 11, 2023

Development Hospitality Restaurant Southeast Tennessee

McHugh Construction Delivers Inn and Spa at Southall Near Nashville

by John Nelson April 11, 2023

FRANKLIN, TENN. — McHugh Construction has delivered the Inn and Spa at Southall, a 325-acre luxury farm resort in the south Nashville suburb of Franklin. The approximately 95,000-square-foot property features 62 guest rooms, an executive boardroom, 15,000-square-foot spa, an all-day restaurant and bar and a 3,700-square-foot signature restaurant called January that serves fare grown onsite. Many guestrooms include wood-burning fireplaces, exposed wood beams and large windows. McHugh used cross-laminated timber and heavy timber for all four buildings in the project. Paul Mishkin, a Chicago investor, is the founder of Southall.

April 11, 2023

Acquisitions Florida Retail Southeast

SRS Brokers $28.4M Sale of Shopping Center Underway in Central Florida

by John Nelson April 11, 2023

KISSIMMEE, FLA. — SRS Real Estate Partners’ Investment Properties Group has brokered the $28.4 million sale of WaterStar Orlando, a 79,680-square-foot shopping center under construction near Walt Disney World’s Animal Kingdom Lodge. Orlando-based Equinox Development Properties is developing the center, which is located on a 7.7-acre site at 7991 W. Irlo Bronson Memorial Highway in Kissimmee. Set to open in the next few months, WaterStar Orlando will be anchored by Marshalls, Burlington and pOpshelf, and will also house Noire Nail Bar and Keke’s Breakfast Café. Equinox sold the shopping center to a South Florida-based entity doing business as Orlando 22 LLC. Kyle Stonis, Pierce Mayson and Kevin Yaryan of SRS represented the seller in the transaction, and John Ellis of Newmark represented the buyer. WaterStar Orlando is part of a mixed-use development that will also include Madison WaterStar Orlando, a 516-unit apartment development that is also under construction.

April 11, 2023

Acquisitions Florida Industrial Southeast

JLL Arranges Sale of 464,400 SF Distribution Center in Auburndale, Florida

by John Nelson April 11, 2023

AUBURNDALE, FLA. — JLL has arranged the sale of Building 100, a 464,000-square-foot, cross-dock distribution facility located at Pace Logistics Center in Auburndale. The seller, Intersect Development Group, delivered the property earlier this year. The buyer and sales price were not disclosed. Luis Castillo, Britton Burdette, Cody Brais and Taylor Osborne of JLL represented the seller in the transaction. Paul Spellman, Taylor Allison and Emma Buch of JLL arranged an undisclosed amount of acquisition financing on behalf of the buyer. Located on a 30-acre site at 1234 Pace Road, Building 100 features 40-foot clear heights, a 60-foot speed bay, dock levelers and a 185- to 190-foot truck court.

April 11, 2023

Florida Leasing Activity Office Southeast

Law Firm Signs 37,000 SF Office Lease at Water Street Tampa

by John Nelson April 11, 2023

TAMPA, FLA. — Bradley Arant Boult Cummings LLP, a law firm based in Birmingham, Ala., has leased space on the 10th and 11th floors of Thousand & One, a trophy office tower within the $3.5 billion Water Street Tampa development. Master developer Strategic Property Partners LLC is the landlord of the office tower. The law firm will move into its 37,000-square-foot space from its current regional office on North Tampa Street in downtown Tampa before the end of the year. PEI Global Partners has also recently leased space at Thousand & One, which also houses Citadel, ReliaQuest, Sila Realty Trust, Northern Trust Corp., Weatherford Capital, Synovus Financial Corp., RSM, Suffolk Construction, USA Rare Earth and Walker & Dunlop, among other tenants. Thousand & One features a rooftop terrace, private landscaped terraces, open-air conference room, employee fitness center and town hall meeting space. On the ground level, the building features a landscaped plaza with public art and water features and several ground-floor retailers, including Naked Farmer, CAVA and the recently opened Boulon Brasserie.

April 11, 2023

Acquisitions Florida Office Southeast

JLL Brokers Sale of 170,172 SF Cornerstone Corporate Center in Plantation, Florida

by Jeff Shaw April 10, 2023

PLANTATION, FLA. — JLL Capital Markets has arranged the sale of Cornerstone Corporate Center I, a 170,172-square-foot, multi-tenant office building in Plantation, just west of Fort Lauderdale. Situated on 9.1 acres, the property was 80 percent leased at the time of sale to tenants including Marriott International, Morgan Stanley and MetLife. Amenities at the building include a covered parking deck, gym, café and access to nearby restaurants. Hermen Rodriguez, Ike Ojala, Matthew McCormack, Max Lescano and Blake Koletic of JLL represented the seller, an entity doing business as The AFL-CIO Building Investment Trust, advised by PNC Realty Investors. PIR Corner LLC acquired the property for an undisclosed price.

April 10, 2023

Acquisitions Georgia Loans Multifamily Southeast

Berkadia Arranges $45M Acquisition Financing for Prose Concord Apartments in Jefferson, Georgia

by Jeff Shaw April 10, 2023

JEFFERSON, GA. — Berkadia has arranged a $45 million loan for the acquisition of Prose Concord, a 300-unit apartment community in Jefferson, roughly 60 miles northeast of Atlanta. Located at 575 Concord Road, the community comprises one- and two-bedroom units ranging in size from 836 to 1,188 square feet. Amenities at the property include a swimming pool, clubroom with a catering kitchen, entertainment lounge, business center with coworking spaces, landscaped courtyards, concierge package locker system, fitness center and pet park. \ Scott Wadler, Matt Nihan and Mitch Sinberg arranged the Freddie Mac financing on behalf of the buyer, an affiliate of Coral Gables, Fla.-based Beacon Real Estate Group. The loan carries a 10-year term with a fixed-rate and five years of interest-only payments. The seller was not disclosed.

April 10, 2023

Acquisitions Georgia Industrial Southeast

EverWest Sells Industrial Portfolio in Metro Atlanta for $50M

by Jeff Shaw April 10, 2023

ATLANTA — EverWest Real Estate Investors has sold a five-building industrial portfolio in metro Atlanta for $50 million. Taurus Investment Holdings purchased the properties, which total 581,750 square feet. The portfolio is fully leased to tenants including Steelcase Inc., Bonded Services and Heritage Crystal Clean. Matt Wirth of JLL represented EverWest in the transaction.

April 10, 2023

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