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AcquisitionsSouth CarolinaSoutheastStudent Housing

Pierce Education Properties Acquires 382-Bed Student Housing Portfolio Near Clemson University

by John Nelson

CLEMSON, S.C. — Pierce Education Properties has acquired a two-property portfolio of student housing communities offering 382 beds near Clemson University in South Carolina. Acquisitions include The Enclave in Town and The Enclave on Old Central, both of which were constructed in 1998 and offer two- and three-bedroom units. The communities are situated at 423 Lindsay Road and 1146 Old Central Road and feature shared amenities, including a swimming pool, 24-hour fitness center and dog park. Teddy Leatherman, Scott Clifton and Stewart Hayes of JLL represented the seller, a joint venture between Centerlane Capital and Burkely Communities, in the transaction. The sales price was not disclosed.

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AcquisitionsNorth CarolinaRetailSoutheast

ShopOne Centers REIT Purchases Grocery-Anchored Shopping Center in Cary, North Carolina

by John Nelson

CARY, N.C. — ShopOne Centers REIT Inc., a privately held retail real estate investor and owner based in New York City, has purchased Shoppes on the Parkway in Cary. Located 10 miles west of downtown Raleigh, the 40,000-square-foot property was 96 percent leased at the time of sale to tenants including The Fresh Market. ShopOne acquired the grocery-anchored center in a joint venture with Pantheon and an unnamed global institutional investor. The seller and sales price were not disclosed.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Crescent Communities Sells Apartment Community in Charlotte’s Lower South End District for $140M

by John Nelson

CHARLOTTE, N.C. — Crescent Communities has sold Novel LoSo Station, a 344-unit apartment community located at 4015 Craft St. in Charlotte. Mid-America Apartment Communities purchased the newly built property for $140 million, according to Charlotte Business Journal. Situated near the Scaleybark Light Rail Station in Charlotte’s Lower South End neighborhood (LoSo), Novel LoSo Station is a part of the larger LoSo Station master development by Beacon Partners that includes more than 500,000 square feet of office space, 45,000 square feet of retail space and 125 townhomes. Units at Novel LoSo Station come in studio, one-, two- and three-bedroom floor plans with high-end finishes. Community amenities include a double-story fitness center with a dedicated yoga and spin room, a LTH Coffee & Social café on the ground level, coworking area, saltwater pool with a tanning ledge, rooftop terrace with outdoor heated space and outdoor grilling and picnic areas. Crescent Communities sold Novel LoSo Station almost exactly one year after opening the community. The developer has recently announced the land closings of two build-to-rent communities in Charlotte, Harmon Five Points and Harmon Ballantyne, as well as the development of multifamily communities Novel Mallard Creek and Novel University Place, which are both under …

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DevelopmentLoansMultifamilySoutheastTennessee

JLL Arranges $133.6M Construction Loan for 19th & Church Apartments in Midtown Nashville

by John Nelson

NASHVILLE, TENN. — JLL has arranged $133.6 million in construction financing for the development of 19th & Church, a 383-unit apartment development located at 1815 Church St. in Nashville’s Midtown neighborhood. Chris Knight led the JLL team that arranged the financing through Square Mile Capital Management LLC on behalf of the borrower, a joint venture between Ascend Real Estate Group and Wanxiang America Real Estate Group that is doing business as 19th Church Street LLC. Upon completion, the 16-story property will feature studio, one- and two-bedroom apartments with an average size of 814 square feet and high-end finishes. Community amenities will include a coffee bar, fitness center and yoga studio, indoor entertainment room, gourmet chef’s kitchen, music and podcast studio, an outdoor bar with TVs and bar seating, a courtyard with a pool, grilling stations and firepits and private work rooms. Additionally, 19th & Church will offer 6,000 square feet of retail space. No construction timeline was disclosed.

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AcquisitionsOfficeSoutheastVirginia

Cushman & Wakefield | Thalhimer Negotiates $24M Sale of Hampton Roads Office Property in Virginia

by John Nelson

CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has negotiated the sale of Crossways I & II, a 213,955-square-foot office property located at 1434 Crossways Blvd. in Chesapeake, a city in Virginia’s Hampton Roads region. Seminole Trail Properties acquired the asset for $24 million and is bringing on affiliate Seminole Trail Management to operate the property. Eric Robison, Bo McKown and Christine Kaempfe of Thalhimer represented the undisclosed seller in the transaction. Kenneth Penrose Jr., also with Thalhimer, represented the buyer. Originally developed in 1999 and expanded in 2002, Crossways I & II was fully 100 leased at the time of sale to tenants including anchor Conduent Business Services, a publicly traded international business services provider that specializes in healthcare and human resources solutions. Conduent occupies more than 50 percent of the property, and the remaining space is leased to insurance, education and financial services firms.

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AcquisitionsAlabamaRetailSoutheast

Newmark Brokers $24M Sale of Cox Creek Shopping Center in Florence, Alabama

by John Nelson

FLORENCE, ALA. — Newmark has brokered the sale of Cox Creek Shopping Center, a 142,044-square-foot retail center that spans 17.3 acres at 396-398 Cox Creek Parkway in Florence, a city in northwest Alabama along the Tennessee River. U.S. Properties Group sold the shopping center to United Properties Corp. for $24 million. Mark Joines and Drew Fleming of Newmark represented U.S. Properties Group in the transaction. Cox Creek was fully leased at the time of sale to Dick’s Sporting Goods, Field & Stream, Petco, Old Navy, Five Below and Ulta Beauty. The property sits directly across from the 675,000-square-foot Florence Mall and near major retailers including AMC Theatres, Walmart, Publix, The Home Depot, T.J. Maxx, Ross Dress for Less, Hobby Lobby, Kohl’s, Academy Sports + Outdoors, Dillard’s and Belk.

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DevelopmentGeorgiaSoutheastStudent Housing

Mallory & Evans Breaks Ground on Phase II of Student Housing Community Near University of North Georgia

by John Nelson

DAHLONEGA, GA. — Mallory & Evans Development has broken ground on Phase II of Bellamy Dahlonega, a student housing community located near the University of North Georgia. The second phase of the project will add two buildings offering 128 beds. Phase I of the project was delivered in fall 2015 and offers 426 beds. The 44 new units will feature two-, three- and four-bedroom configurations and will be fully furnished with bed-to-bath parity. Phase II will also include the development of a new fitness center and renovations to the existing clubhouse. A timeline for the project was not announced.

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DevelopmentMixed-UseSoutheastVirginia

Prince William County Approves $380M Mixed-Use Development in Woodbridge, Virginia

by John Nelson

WOODBRIDGE, VA. — The Prince William County Board of Supervisors has unanimously approved the development of Riverside Station, a 19.2-acre mixed-use development located at the intersection of U.S. Route 1 and Route 123 in north Woodbridge. The co-developers, The IDI Group Cos. and Boosalis Properties, expect the town center-style development to bring over $380 million in capital investment to the area. The proposal includes up to 970 housing units and a minimum of 130,000 square feet of commercial space, primarily comprising dining and retail, as well as green spaces and a pedestrian bridge over Route 1. Eight percent of the project’s apartments are set to be affordable to households earning between 60 percent and 100 percent of the area median income. Riverside Station will be developed in three phases, with construction of the first phase, containing up to 330 apartments and 40,000 square feet of commercial space, slated to begin in mid-2023 and deliver in 2025. The current assemblage includes two parcels, one a former car dealership and the other housing a Food Lion-anchored shopping center that will be demolished. Riverside Station is expected to house the relocated Food Lion, according to a source familiar with the development. Once complete, …

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FloridaHospitalityLoansSoutheast

Sonnenblick-Eichner Originates $82.4M Refinancing for Ocean Key Resort in Key West, Florida

by John Nelson

KEY WEST, FLA. — Sonnenblick-Eichner Co. has arranged $82.4 million in financing for Ocean Key Resort & Spa, a 100-room waterfront hotel in Key West. The borrower, Kirkland, Wash.-based Noble House Hotels & Resorts, will use the five-year, fixed-rate loan to pay off an existing loan and fund a $10.5 million renovation of the property. An unnamed life insurance company provided the nonrecourse loan, which is interest-only for the entire term. Ocean Key’s amenities include a full-service restaurant, oceanfront pool with cabanas and a poolside bar and spa. The resort also includes Sunset Pier and the Sunset Pier Restaurant and Bar.

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DevelopmentFloridaSoutheastStudent Housing

Landmark, Atlantic American Partners Break Ground on 702-Bed Student Housing Project Near FSU

by John Nelson

TALLAHASSEE, FLA. — A joint venture between Landmark Properties and Atlantic American Partners has broken ground on The Metropolitan at Tallahassee, a 702-bed student housing development near Florida State University. The community will be located at 1701 W. Pensacola St. near the university’s Doak S. Campbell Stadium. The development is set to offer two- to four-bedroom, fully furnished units. Shared amenities will include an outdoor putting green, 24-hour study lounge, computer lab, fitness center, resort-style swimming pool and a grilling area. Landmark Construction will serve as the general contractor for the project, which is scheduled for completion in August 2024.

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