LEESBURG, VA. — TA Realty LLC, a provider of real estate investment management services to domestic and international institutional investors, plans to develop a new $1.8 billion secure data center campus in Leesburg. The Loudoun County project will be the first data center development for the Boston-based firm. TA Realty’s new data center campus will be situated on the east side of Sycolin Road with Cochran Mill Road to the north and Energy Park Drive to the south. With the initial buildings slated to come on line in late 2021, the fully built-out campus will feature over 1.5 million square feet of space with 300 megawatts of power and a dedicated onsite substation. According to Michael Haggerty, Managing Partner at TA Realty, the campus will house both hyperscale and cloud providers. The site is shovel-ready and positioned atop major fiber routes, according to TA Realty. According to the Loudoun County Department of Economic Development, much of the world’s internet traffic passes through the county’s digital infrastructure.
TAMPA, FLA. — Westmount Realty Capital LLC has bought Interstate Business Park, a seven-building suburban office/flex property in Tampa. The Class B, 12.5-acre business park is close to Interstates 75 and 4, U.S. Highway 301 and State Roads 60 and 618. The acquisition is Westmount’s first office purchase in Florida. The seller and sales price were not disclosed. Interstate Business Park, which also has a small portion of warehouse space with grade-level access, is 73 percent occupied with more than 32,000 square feet of vacancy. National credit, government and construction tenants at the property include Kissinger Campo & Associates, Cohen Veterans Network, Ferguson Enterprises, Flatwoods Consulting Group, Nova Engineering & Environmental and the Florida Department of Agriculture. Most current leases expire between 2023 to 2026, according to Westmount. The property has five two-story buildings and two one-story buildings. The seller, an institutional owner and operator, invested over $1.6 million dollars on capital improvements. Renovations in 2020 totaled more than $340,000 including exterior painting, window replacements, awning replacements, parking lot updates and an elevator remodel. Westmount Realty Capital is a Dallas-based commercial real estate company that specializes in value add and big opportunity investments within the U.S.
GULF SHORES, ALA. — An affiliate of OG Capital has purchased Marbella Luxury Apartments, a 96-unit luxury apartment community situated on 4.8 acres at 1910 E. First St. in Gulf Shores. The buyer, an entity doing business as OG Marbella LLC, purchased the property from Marbella Gulf Shores LLC for $15 million. Troy Wilson and Frank Malone of Bellator Real Estate & Development brokered the transaction. ServisFirst Bank provided acquisition financing. Marbella Luxury Apartments features 99,600 square feet of rentable space including one- and two-bedroom residences. OG Capital plans to improve the community’s clubhouse and pool areas and install washers and dryers in each unit, as well as add grill stations and outdoor gathering spaces. The Mitchell Co., a Mobile-based multifamily operator led by Chris Sylvester, will manage the community. The property is situated close to Gulf Shores Elementary School, a Rouse’s Market and is located less than two miles to the Gulf Shores Beach. OG Capital is a Birmingham, Ala.-based multifamily real estate investment firm. In addition to its latest acquisition of Marbella, the firm has holdings in markets from Chattanooga, Tenn., to south Alabama.
TUCKER AND DULUTH, GA. — Cushman & Wakefield has arranged the sale of Carrington Chase and Carrington Court, two apartment communities located in the Atlanta suburbs of Tucker and Duluth, respectively. Carrington Chase has a total of 410 units and is located at 6280 S. Norcross Tucker Road in Tucker. Carrington Court has a total of 446 units and is located at 3800 Club Drive in Duluth. Both apartments offer community amenities such as car care centers, cyber cafés, fitness centers, grilling/picnic areas, laundry facilities, business centers, lounges, soccer fields, sports courts and swimming pools with fountains. Carrington Chase was 97 percent occupied at the time of sale, and Carrington Court was 96 percent occupied. Nathan Swenson and Travis Presnell of Cushman & Wakefield represented the seller, Ohio-based White Oak Partners, in the transaction. Charleston-based Greystar Real Estate Partners LLC was the buyer of the two properties. The sales price was not disclosed.
ATLANTA AND NASHVILLE, TENN. — Piedmont Healthcare has signed a purchase agreement with HCA Healthcare Inc. (NYSE: HCA) for the acquisition of four Georgia hospitals and one clinic for a purchase price of $950 million. The two parties are targeting a closing date of July 31. Pending regulatory approval, Piedmont will acquire the 310-bed Eastside Medical Center in Snellville and the 119-bed Cartersville Medical Center in Cartersville, which are both located in metro Atlanta. The acquisition will also include three facilities in Macon: the 310-bed Coliseum Medical Center, the 103-bed Coliseum Northside and the 40-bed Coliseum Center for Behavioral Health. With the acquisition, Piedmont Healthcare is continuing to expand its footprint in metro Atlanta as well as strengthen its portfolio of best-in-class hospitals. Nonprofit watchdog organization Leapfrog Group rated HCA’s Coliseum Medical Centers, Coliseum Northside and Cartersville Medical Center as “A” hospitals in its spring 2021 Leapfrog Hospital Safety Grades report released last week. “HCA Healthcare has instilled a high standard of care into these facilities, and we are proud that they have trusted Piedmont to continue this legacy,” says Kevin Brown, president and CEO of Piedmont Healthcare. For HCA, the transaction increases the Nashville-based company’s financial flexibility for investments …
MIAMI — Transcendent Electra, a joint venture between single-family rental (SFR) platform Transcendent Investment Management (TIM) and multifamily owner/operator Electra America, has purchased 1,889 new single-family homes. The company has $496 million in contract process and closing and another $1 billion in the pipeline. This acquisition marks Transcendent Electra’s first significant acquisition since launching in February. The properties are new single-family homes and townhomes that are purchased directly from homebuilders throughout the following markets: Birmingham and Huntsville, Ala.; Florida; Savannah and Atlanta, Ga.; North Carolina; South Carolina; Nashville, Tenn.; and Dallas, Houston, San Antonio and Austin in Texas. Transcendent Electra aims to acquire or develop approximately $3 billion in SFR housing over the next three years, with a focus on new-build homes in the $175,000 to $300,000 price range, where average rent will be $1,500 to $2,800 per month.
RALEIGH, N.C. — Avison Young has secured a $40 million senior loan to fund the pre-development activities and horizontal infrastructure construction for Midtown Exchange, a $1 billion mixed-use development underway in Raleigh. The developer of Midtown Exchange, Dewitt Carolinas, received the funding for the 353,000-square-foot office tower. Wes Boatwright, Mike Yavinsky and Jon Goldstein of Avison Young led the financing transaction through an undisclosed lender. At full buildout, Midtown Exchange will include 790,000 square feet of Class A office space, 1,275 residential units, 300 seniors housing units, 300 hotel rooms, 125,000 square feet of retail and dining space, a convention center and more than seven acres of green space and park amenities. Raleigh-based Dewitt Carolinas is active in development, ownership, management and acquisition of real estate throughout the Carolinas. The firm has completed more than 600 developments and over $2 billion of construction.
CANTON, GA. — A joint venture between Lumpkin Development, MacArthur Holdings and Live Oak Capital Partners has broken ground on a 93,000-square-foot self-storage facility located at 7222 Cumming Highway in Canton, close to the Northside Hospital Cherokee campus. The property is slated to be open to the public in the spring of 2022. The self-storage facility will be located on 9.2 acres and will comprise of drive-up, climate-controlled units. JM Williams Contractors will construct the facility, and Renasant Bank is providing the debt financing for the project. Max Design Group is the project’s architect, and Travis Pruitt & Associates is serving as the civil engineering. The facility is Lumpkin Development’s first Class A storage property in the area. Lumpkin Development builds and operates self-storage, retail and industrial real estate throughout the Southeast. MacArthur Holdings is a New York City-based real estate business, and Live Oak Capital Partners is a real estate developer based in Atlanta.
ATLANTA — With three COVID-19 vaccines being administered, states all across the country are lessening their pandemic restrictions, including Georgia. Georgia Gov. Brian Kemp signed an executive order last Friday to lift many of the state’s last remaining pandemic restrictions, effective immediately through the month of May. The order occupancy limitations for restaurants that were in place to limit the exposure of contagions, and it also ends protocols for close-contact businesses such as gyms, movie theaters and barbershops. The executive order strongly encourages patrons to continue to practice social distancing and wearing masks in public establishments, and for shops and restaurants to utilize contactless operations where appropriate. The executive order, which is 28 pages long, also ends mask requirements for restaurant workers, lessens restrictions for live performance events and allows sports organizations such as the Atlanta Braves and Atlanta United to increase occupancy. Georgia joins a group of other states with lessening restrictions, including Texas who ended most of its restrictions in March 2021. According to The Atlanta Journal-Constitution, governors in Alabama, Arizona, Mississippi, Connecticut and West Virginia have also decreased their COVID-19 restrictions. Additionally, Florida Gov. Ron DeSantis signed an executive order on Monday, May 3 that suspends all …
NASHVILLE, TENN. — A public-private partnership between Balfour Beatty Campus Solutions, Axium Infrastructure and Vanderbilt University has broken ground on a 616-bed student housing project in Nashville. The total cost of the project was not disclosed, but the Nashville Post and Nashville Business Journal both reported late last week that the development team received approximately $107 million in construction financing. According to Vanderbilt University’s news service, construction of the project was originally scheduled to start last summer but was delayed due to COVID-19. The community will be located on Broadway between Lyle and 20th avenues and will include 25,000 square feet of retail space. The new residence hall will offer a mix of studio, one- and two-bedroom units targeting graduate and professional students. Residences will be furnished with full washers and dryers, and costs of utilities will be included in rent. Shared amenities will include a 13,000-square-foot collaboration space with a dedicated area for academic and entrepreneurial endeavors, private study spaces, fitness center and a public courtyard. “Providing an updated housing option with modern amenities in a vibrant neighborhood convenient to campus will further the university’s goal to recruit the best graduate and professional students and provide them with an …