Southeast

JLL Arranges $7.4M Sale of Distribution Building in Wilkesboro, North Carolina

by Julia Sanders March 2, 2022

WILKESBORO, N.C. — JLL Capital Markets has arranged the $7.4 million sale of an 80,000-square-foot, single-tenant industrial facility in Wilkesboro that is triple net leased to InterFlex Group, a provider of flexible and sustainable packaging solutions. Pete Pittroff, Patrick Nally, Dave Andrews, Zach Lloyd, Michael Scarnato and Josh McArdle of JLL represented the seller, Effingham, Ill.-based Agracel Inc., in the transaction. McLean, Va.-based Gladstone Commercial Corp. acquired the property, which was a build-to-suit in 2014 for InterFlex. With 12.7 years of remaining on the lease term, the tenant uses the facility for its manufacturing and distribution of packaging products. Situated on 9.2 acres at 251 Industrial Drive, the facility is adjacent to US-421, which connects to North Carolina’s Triad region. The location is also proximate to Interstates 77 and 40, providing connectivity to Charlotte and Raleigh, as well as Interstate 85. The property is also located less than two miles from InterFlex’s North American headquarters.

March 2, 2022

Acquisitions Georgia Hospitality Southeast

Blaze Capital, Argosy Purchase Extended-Stay Hotel in Savannah for Multifamily Conversion

by Julia Sanders March 2, 2022

SAVANNAH, GA. — Charleston-based Blaze Capital Partners has purchased Spoke Savannah, an extended-stay hotel in Savannah, for an undisclosed price. In partnership with Argosy Real Estate Partners, Blaze Capital plans to convert the hotel into a 106-unit multifamily community and to invest $3.2 million in capital improvements to reposition and rebrand the property. Spoke Savannah was originally constructed in 1990 as an extended-stay hotel. The property has undergone recent material renovations with the additions of a remodeled clubhouse, gym, sport court and pool area with grilling capabilities. Unit interiors have been upgraded to feature solid-surface countertops and stainless steel appliances. The two firms plan to make additional interior unit upgrades, including new plank flooring, renovated light fixtures and paint touch-ups, as well as property and common area improvements, including a clubhouse and leasing office renovation, outdoor amenity space upgrades, an expansion of the onsite laundry facility, rebranded signage and exterior paint. Located at 5820 White Bluff Road, Spoke Savannah sits in Midtown, just four miles south of the city’s historic downtown district. The property is less than three miles away from the Memorial University Medical Center and St. Joseph’s Hospital. The property is also located near Savannah Technical College and …

March 2, 2022

Affordable Housing Content Partner Features Midwest Southeast Texas Western

M&T Realty Capital Increases its Commitment to Multifamily Sector to Expand Loan Volume

by Sarah Daniels March 2, 2022

M&T Realty Capital Corp. is beginning 2022 with ambitious plans to increase its multifamily financings as part of an effort to double its real estate loan volume over the next two to three years. To achieve those goals, it is leveraging a new leadership structure and a recently announced strategic partnership with the Marcus & Millichap Capital Corp. M&T Realty Capital, M&T Bank’s commercial mortgage banking subsidiary, recorded $5.1 billion in loan volume in 2021, a level that was just below its high watermark of $5.2 billion in 2019, says Michael Berman, CEO of M&T Realty Capital. Multifamily loans made up of the lion’s share of financings, he adds, and the sector provides a significant growth opportunity going forward. “Multifamily is a hot a sector right now — everyone is trying to invest in it,” he says. “It’s just an extraordinarily healthy asset class because of its supply and demand dynamics.” Indeed, the U.S. apartment market enjoyed a banner year in 2021 across all measures. Investment volume reached a record $335.3 billion, nearly 75 percent above the record volume of $193.1 billion posted in 2019, according to commercial real estate brokerage CBRE. Meanwhile, renters absorbed 617,500 apartment units in 2021, …

March 2, 2022

Acquisitions Hospitality Southeast Tennessee Top Stories

Xenia Hotels & Resorts Agrees to Acquire W Nashville Hotel for $328.7M

by Taylor Williams March 2, 2022

NASHVILLE — Xenia Hotels & Resorts (NYSE: XHR), an Orlando-based hospitality REIT, has agreed to acquire the 346-room W Nashville hotel for $328.7 million. The sales price equates to roughly $950,000 per room. The seller and developer of the 14-story hotel, which opened in October 2021 in the city’s Gulch neighborhood and is part of the Marriott family of brands, was not disclosed. The deal is scheduled to close by the end of the first quarter. The W Nashville features six food and beverage options, including two concepts by Chef Andrew Carmellini, as well as rooftop and pool bars. The property also offers 18,000 square feet of indoor meeting and event space and 26,000 square feet of outdoor amenity space, including a 10,000-square-foot pool deck and terraces contiguous with meeting, food and beverage and event spaces. The hotel’s offering of guestrooms includes 60 suites, representing about 17 percent of the total room count. “We are thrilled to have reached an agreement to acquire an outstanding, newly constructed luxury lifestyle hotel located in the desirable Gulch neighborhood in the heart of Nashville,” says Marcel Verbaas, Xenia’s chairman and CEO. “The W Nashville is extremely well-designed and perfectly situated to attract year-round …

March 2, 2022

Acquisitions Development Mixed-Use Southeast Tennessee

Monarch Alternative, GBT Realty Acquire Development Site in Midtown Nashville for $110M

by Julia Sanders March 1, 2022

NASHVILLE, TENN. — Monarch Alternative Capital LP has acquired an eight-acre development site in Nashville’s Midtown district for $110 million in partnership with locally based GBT Realty Corp. The site is currently zoned for 1.8 million square feet of mixed-use real estate. Currently home to Beaman Toyota and directly west of Interstates 40 and 65, the site provides immediate access to the Gulch, Music Row, Vanderbilt University and downtown Nashville. The site’s zoning allows for the possible development of residential, retail, hospitality and office use. Construction plans are still in the works and haven’t been released yet.

March 1, 2022

Acquisitions Georgia Industrial Southeast

Tamarack Investments Buys 212,740 SF Warehouse in Dalton, Georgia

by Julia Sanders March 1, 2022

DALTON, GA. — Atlanta-based Tamarack Investments has bought 1505 Coronet Drive, a vacant 212,740-square-foot warehouse in Dalton. David Nixon and Rob Kruer of CBRE represented the seller, Victory Carpet, and procured the buyer. The sales price was not disclosed. Built in 1996, the building features 31-foot clear heights, 50-foot by 60-foot column spacing, 25 dock positions and 6,000 square feet of open-plan offices with floor to ceiling glass. Extensive renovations are already underway on the building. Upon completion, the facility will become the new home of Florida-based Q.E.P. Co. Inc., a global provider of flooring and flooring installation solutions.

March 1, 2022

Acquisitions Georgia Industrial Office Southeast

JLL Arranges Sale of 191,526 SF Industrial and Office Park in Metro Atlanta

by Julia Sanders March 1, 2022

NORCROSS, GA. — JLL Capital Markets has arranged the sale of Plaza 85 Business Park, a nine-building industrial, office and flex park totaling 191,526 square feet in Norcross. Dennis Mitchell, Matt Wirth, Britton Burdette, Mitchell Townsend and Bo Osgood of JLL represented the seller, Atlanta-based Elmo Enterprises LLC. Dallas-based Westmount Realty Capital LLC purchased the park for an undisclosed price. Plaza 85 Business Park is leased to 43 tenants and includes clear heights ranging from 12 to 18 feet, dock-high and drive-in doors and a combination of rear- and front-loading configurations. Since acquiring the property in 2020, Elmo Enterprises executed a property improvement plan that resulted in exterior and interior upgrades, new roofs on some buildings and office space. Situated on 13.8 acres at 5970-6040 Unity Drive, the property has immediate access to Interstate 85.

March 1, 2022

Acquisitions Retail Southeast Virginia

Colliers Brokers $6.9M Sale of Grocery-Occupied Retail Property in Metro Richmond

by Julia Sanders March 1, 2022

MIDLOTHIAN, VA. — Colliers has brokered the sale of a 31,394-square-foot retail property located at 1200 Huguenot Road in Midlothian. The freestanding store is leased to The Fresh Market. An entity known as California-based 101 North A ST LLC acquired the grocery-occupied property for $6.9 million. Mark Williford, Will Bradley, Peter Vick and Harrison Hall of Colliers represented the California-based seller, an entity doing business as 1200 Huguenot Road LLC. Situated at the intersection of Midlothian Turnpike and Huguenot Road, the store is near other retailers and restaurants including Tazza Kitchen Alverser Plaza, DSW, Carrabba’s Italian Grill, Macy’s, Crunch Fitness and Chipotle Mexican Grill.

March 1, 2022

Acquisitions Retail Southeast Virginia

JFS Real Estate Purchases Indian River Shopping Center in Virginia Beach for $6M

by Julia Sanders March 1, 2022

VIRGINIA BEACH, VA. — JFS Real Estate LLC has purchased the Indian River Shopping Center, a 128,017-square-foot retail center in Virginia Beach. Anchored by Burlington and Food Lion, Indian River’s other tenants include It’s Fashion and One Price Cleaners. The property was fully occupied at the time of sale. The seller, Earle W. Kazis Associates Inc., sold the property for $6 million. Mike Zarpas of S.L. Nusbaum Realty Co. represented the seller, and Janet Whitbeck of Cushman Wakefield | Thalhimer represented the buyer in this transaction. Zarpas will also represent the new owner in repositioning the property. Located on 12.7 acres at 880 S. Military Highway, the property is close to the intersection of S. Military Highway and Indian River Road. The property is also 16.1 miles from Virginia Beach.

March 1, 2022

Acquisitions Arizona Company News Healthcare Southeast Tennessee Top Stories Western

Healthcare Realty Trust, Healthcare Trust of America Agree to Merge, Forming $11.6B Medical Office Building REIT

by John Nelson March 1, 2022

NASHVILLE, TENN. AND SCOTTSDALE, ARIZ. — Healthcare Realty Trust Inc. (NYSE: HR) and Healthcare Trust of America Inc. (NYSE: HTA), two of the larger owners of medical office buildings in the country, have agreed to merge. Upon closing, the combined company will operate under the Healthcare Realty name and use the same stock exchange ticker symbol of “HR,” as well as keep its headquarters in Nashville with offices in Charleston and HTA’s current headquarters of Scottsdale. The combined company is expected to have a pro forma equity market capitalization of approximately $11.6 billion upon the close of the transaction, which is expected to occur in the third quarter pending approval from the shareholders of both companies. The boards of directors of both Healthcare Realty and HTA unanimously approved the merger. With 727 properties totaling 44 million square feet, the new company will be the largest “pure-play” real estate investment trust specializing in medical office buildings (MOB), with nearly double the square footage of the next-largest MOB portfolio. The company will own the largest portfolio of on-campus or adjacent to hospital campus properties comprising 28.2 million square feet. Additionally, 94 percent of the portfolio will be concentrated in the top 100 …

March 1, 2022

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