Southeast

JLL Facilitates Sale of 136,500 SF Industrial Property in Charleston

by Julia Sanders July 14, 2021

CHARLESTON, S.C. — JLL Capital Markets has facilitated the sale of 553 Trade Center Parkway, an industrial facility located within Charleston Trade Center. Pete Pittroff, Patrick Nally, Dave Andrews, Michael Scarnato and Josh McArdle of JLL worked on behalf of the developer and seller, The Keith Corp., to complete the sale to the buyer, LBA Logistics. The sales price was not disclosed. Built in 2019, the 136,500-square-foot property was 100 percent leased at the time of sale to Thorne Research Inc. and Advanced Packaging Solutions & Products Inc. The building is positioned adjacent to Interstate 26 with direct access to Charleston International Airport, the Port of Charleston and large local manufacturers including Mercedes-Benz, Boeing and Volvo. The Keith Corp. is a privately held commercial real estate firm based in Charlotte. LBA Logistics is an Irvine, Calif.-based industrial real estate and investment and management company, which operates a portfolio that totals over 68 million square feet across the country.

July 14, 2021

Acquisitions Georgia Multifamily Southeast

Fogelman, Thackeray Purchase 150-Unit Legacy at Lanier Apartments in Gainesville, Georgia

by Julia Sanders July 14, 2021

GAINESVILLE, GA. — Fogelman Properties, in a joint venture with Dallas-based Thackeray Partners, has purchased the Legacy at Lanier apartments in Gainesville. The sales price and seller were not disclosed. Built in 2004, Legacy at Lanier is a 150-unit multifamily community that offers one-, two- and three-bedroom apartment homes. The property was 98 percent occupied at the time of sale with rental rates ranging from $850 to $1,275. The new ownership will undertake community upgrades including the addition of a new fitness center, renovations to the clubhouse, pool area and all unit interiors. Located at 1750 Columns Drive, the property is situated nine miles away from Lake Lanier. The apartment transaction marks the 12th acquisition for the Fogelman-Thackeray partnership, now totaling more than 3,000 units.

July 14, 2021

Development Indiana Midwest Multifamily Northeast Pennsylvania South Carolina Southeast Student Housing Top Stories

Landmark Properties to Develop Three New Student Housing Projects in Pennsylvania, Indiana, South Carolina

by Kristin Harlow July 14, 2021

PHILADELPHIA; BLOOMINGTON, IND.; AND COLUMBIA, S.C. — Landmark Properties has unveiled plans to develop three new student housing projects totaling 2,544 beds across three states. The developments include The Standard at Philadelphia adjacent to the University of Pennsylvania and Drexel University; The Standard at Bloomington near Indiana University; and The Standard at Columbia near the University of South Carolina. All of the properties are slated to open in fall 2023. With these project starts, Landmark will have more than $3.5 billion in properties under construction. The Standard at Philadelphia will feature 280 units with 802 beds. Floor plans will range from studios to six bedrooms. Amenities will include a fitness center, pool, hot tub, sauna, study lounge, clubhouse, gaming lounge, grill station and computer labs. The complex will also feature more than 3,000 square feet of retail space on the ground floor. The Standard at Bloomington will include 1,064 beds across 439 units. Amenities will include a pool, spa, exterior jumbotron, fitness center, sports simulator, indoor basketball court, pickleball court, gaming lounge and grilling stations. The Standard at Columbia will consist of 678 beds across 247 units. Floor plans will range from studios to five bedrooms. Amenities will include a …

July 14, 2021

Acquisitions Florida Hospitality Michigan Mixed-Use Southeast

Veteran Services USA, Lockwood Buy Hotel Portfolio for $225M, Plan Mixed-Use Redevelopments

by Julia Sanders July 13, 2021

MIAMI AND SOUTHFIELD, MICH. — Veteran Services USA and Southfield, Mich.-based Lockwood Asset Management have bought a 10-property hotel portfolio totaling more than 1.6 million square feet, for $225 million. The seller(s) was not disclosed. Veteran Services USA plans to redesign and convert existing buildings into mixed-use properties with Radisson Hotel accommodations. The properties will include separate studio and one-bedroom residential apartments for veterans age 55 and over who live on a fixed income. SarahCare, a Canton, Ohio- based brand that provides senior daytime care and activities, will lease space at several locations within the portfolio. In addition to the residential space and SarahCare facilities, the building’s large-scale, existing kitchen facilities will be available for lease for a ghost kitchen. The 10 properties include the following: • Crowne Plaza located at 6121 N. Interstate Highway 35 in Austin, Texas; • Crowne Plaza located at 33 E. Fifth St. in Dayton, Ohio; • Crowne Plaza located at 9090 Southwest Freeway in Houston, Texas; • Marriott located at 200 E. Amite St. in Jackson, Miss.; • Radisson located at 1775 Parkway Place in Marietta, Ga.; • Crowne Plaza located at 2625 Thousand Oaks St. in Memphis, Tenn.; • Clarion Inn located at …

July 13, 2021

Acquisitions Georgia Multifamily Southeast

ZMR Capital Acquires Multifamily Community in Metro Atlanta for $40.1M

by Julia Sanders July 13, 2021

MABLETON, GA. — ZMR Capital has acquired Upland Townhomes, a 348-unit multifamily community in metro Atlanta in Mableton, for $40.1 million. The seller was not disclosed. Located at 6850 Mableton Parkway, Upland Townhomes offers a mix of one-, two- and three-bedroom townhomes. Approximately half of the homes were recently upgraded, and ZMR is planning a capital improvement program to update the remainder of the units. Planned upgrades include stone countertops, new cabinetry, upgraded lighting and plumbing fixtures, new vinyl plank flooring and stainless appliances. Community improvements will include the addition of a new clubhouse that will include a business center and fitness center and upgrades to the playground, a dog park and grilling areas. ZMR Capital is a Tampa-based real estate investment firm. Upland is ZMR’s third acquisition in the metro Atlanta area over the past three years and brings the firm’s Atlanta portfolio to just under 1,000 units. The company is looking to invest approximately $250 million in metro Atlanta over the next 24 to 36 months.

July 13, 2021

Acquisitions Georgia Retail Southeast

Principal Real Estate Investors Sells Kroger-Anchored Retail Center in Metro Atlanta for $20.8M

by Julia Sanders July 13, 2021

ROSWELL, GA. — Principal Real Estate Investors has sold Coleman Village, a 90,981-square-foot, Kroger-anchored shopping center in Roswell. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the seller in the transaction. The Georgetown Co. acquired the property for $20.8 million. Situated on 12.2 acres at 800 Marietta Highway, Coleman Village was 97 percent leased at the time of sale. The tenant roster includes Starbucks, El Porton Mexican Restaurant, Attitude Fitness and Mavis Tire. Principal Real Estate Investors manages or sub-advises $90.3 billion in commercial real estate assets and is based in Des Moines, Iowa. The Georgetown Co. is a New York-based, privately held real estate firm.

July 13, 2021

Acquisitions North Carolina Office Southeast

Northpond Partners Acquires Packard Place Office Building in Downtown Charlotte for $15.4M

by Julia Sanders July 13, 2021

CHARLOTTE, N.C — Northpond Partners has acquired Packard Place, a five-story creative office building located at 222 South Church St. in downtown Charlotte. Dunn Mileham and David Morris of Trinity Partners arranged the transaction on behalf of the seller, Packard Place Properties LLC, an entity owned by Sara and Dan Roselli. The sales price was $15.4 million. After purchasing the 95,128-square-foot property in 2010, Sara and Dan Roselli founded The Garage at Packard Place, a nonprofit focused on providing Charlotte’s start-up and entrepreneurial community with technical, educational and business support. Currently 60 percent leased, Packard Place has served as home to the Arts & Science Council, Insight Enterprises, DealCloud, Sunlight Financial, Not Just Coffee and Ink n Ivy. Northpond has selected architectural firm Gensler to lead the design for the property’s comprehensive common area renovations. Potential plans include the creation of an open lobby allowing for tenant connection and collaboration. Capital improvements are expected to begin later this year and be completed in second-quarter 2022. Northpond has retained Maddy Howey and Tim Arnold of Trinity Partners to lease the property. Additionally, Trinity Partners will manage the property. Northpond Partners is a Chicago-based real estate investment firm. This property is Northpond’s …

July 13, 2021

Acquisitions Florida Retail Southeast

Franklin Street Arranges $6.3M Sale of Davie Plaza Shopping Center in South Florida

by Julia Sanders July 13, 2021

DAVIE, FLA. — Franklin Street has arranged the $6.3 million sale of Davie Plaza, a 24,623-square-foot shopping center located in Davie. Greg Matus and Jonathan De Maa of Franklin Street represented a local private investor in acquiring the property. An entity doing business as Davie Investments LLC was the seller. Located at 7110-7162 Stirling Road in South Florida’s Broward County, Davie Plaza is situated on the corner of Stirling and Davie roads and is surrounded by neighboring retail plazas, as well as several multifamily development projects. The 1970s-era property was 100 percent leased at the time of sale to tenants including anchor Boost Mobile. The center includes a retail outparcel ground-leased to McDonald’s.

July 13, 2021

Acquisitions Maryland Multifamily Southeast

Eastern Union Arranges $42M Sale of Portabello Apartments in Oxon Hill, Maryland

by Julia Sanders July 12, 2021

OXON HILL, MD. — Eastern Union has arranged the $42 million sale of Portabello Apartments, a 254-unit multifamily property in Oxon Hill. Alex Bensahel of Eastern Union led the sales transaction. The seller and buyer were not disclosed. Portabello Apartments is located at 6441 Livingston Road, about 13 miles from Washington, D.C. The apartment community includes one- to three-bedroom units, and rents ranges from $1,145 to $1,820. Built in 1965, the property’s amenities include a playground, pool, laundry facilities, onsite maintenance, property manager onsite, clubhouse and public transportation. Eastern Union is a New York-based national commercial real estate firm.

July 12, 2021

Acquisitions Mississippi Multifamily Southeast

Kushner Cos. Purchases Four-Property Multifamily Portfolio in Jackson

by Julia Sanders July 12, 2021

JACKSON, MISS. — Kushner Cos. has purchased a four-property residential portfolio in Jackson for an undisclosed price. Blake Pera, Tommy Bronson III, Bo Flurry and Gray Fiser of Newmark represented the seller, MAA, a publicly traded REIT. Additionally, Jordan Roeschlaub, Dustin Stolly, Nick Scribani and Issa Abbassi of Newmark arranged an undisclosed amount of acquisition financing on behalf of Kushner Cos., a New York City-based real estate developer and owner. The portfolio spans more than 1,200 units across 71 acres. The properties’ amenities include pools, fitness centers, tennis courts, playgrounds, grilling and picnic areas, sundecks and fireplaces. The four properties are called Pear Orchard, Crosswinds, Reflection Pointe and Lakeshore Landing, and they were built between 1974 and 1988. Kushner Cos. currently owns more than 24,000 units across eight states, 2.2 million square feet of retail space, 5.4 million square feet of office space, 1 million square feet of industrial space and 697 hotel rooms.

July 12, 2021

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