COLLEGE PARK, MD. — Terrapin Development Co. (TDC), in partnership with the University of Maryland (UM) College Park, has entered into an exclusive development agreement with Brandywine Realty Trust for an upcoming mixed-use project on the UM campus. The Philadelphia-based REIT will develop a mixed-use neighborhood spanning five acres in College Park, within UM’s Discovery District. The development project is set to cost over $300 million. The Discovery District’s development will feature 550,000 square feet of Class A workspaces encompassing research, office, collaboration and retail space, as well as 200 to 250 multifamily residential units. The property will be located close to mass transit and major roadways and will serve as a natural extension of UM’s research enterprise. The Discovery District will provide pedestrian movement along the Baltimore Avenue corridor and campus. The project is adjacent to the new Purple Line, offering connections to Metro light rail system. The development has set forth sustainability goals, including LEED classification, to responsibly develop the land. The development plan will be executed over four phases. Baltimore-based Ayers Saint Gross and Michael Vergason Landscape Architects are the development’s architects.
CHESAPEAKE, VA. — NorthMarq’s Wink Ewing and Mike Marshall, along with the firm’s Ryan Rilee, has arranged the $67.3 million sale of the Streets of Greenbrier apartment community in Chesapeake. The NorthMarq team represented the Richmond-based seller, GrayCo Inc., which sold the property to Capital Square, a DST (Delaware Statutory Trust) platform based in Richmond. Built in 2013, the Streets of Greenbrier is a 280-unit property located at 929 Wintercress Way. A joint venture with Wood Partners & GrayCo Inc. originally developed the property. The market conditions were extremely favorable due to Chesapeake reporting some of the highest annual rent growth in the area at more than 6 percent. The property is located close to the Greenbrier and Summit Pointe business districts. Greenbrier is the largest business district in Hampton Roads, containing 19 million square feet of commercial space. The property includes one-, two- and three-bedroom floorplans. The apartment features include 9- to 10-foot ceilings, attached/detached garages, ceramic tile flooring and tub surrounds in bathrooms, custom lighting package, espresso cabinetry with nickel hardware, LVP flooring in entries and kitchen, open kitchens with granite countertops/islands, stainless steel Whirlpool appliances, oversized bedrooms, patio/sunroom options, soaking tubs in master bathrooms, tile backsplash in …
RALEIGH, N.C. — Tri Properties | NAI Carolantic has brokered the $26.5 million sale of Trinity Place, a four-story, Class A office building located at 1201 Edwards Mill Road in Raleigh. The 113,368 square-foot-building is situated on 6.3 acres across from PNC Arena. Jimmy Barnes of Tri Properties | NAI Carolantic, handled the transaction on behalf of the buyer, JPB Raleigh Holdings. The seller was Chicago-based Origin-Trinity Holding. Trinity Place was 90 percent leased at the time of sale to tenants representing a diverse mix of industries, including public relations, insurance, real estate, data processing and other business services. JPB Raleigh Holdings currently owns over 400,000 square feet of Class A office space in its Raleigh/Durham portfolio, including other buildings such as Northchase on Six Forks Road and Time & Temperature on Glenwood Avenue. The firm has renovation plans to refurbish Trinity Place’s lobby and common areas and upgrade the landscaping. Tri Properties | NAI Carolantic will handle the leasing and management.
LINTHICUM HEIGHTS, MD. — JLL has arranged the sale of Element Linthicum Heights, an apartment community located just outside of Baltimore in Linthicum Heights. JLL worked on behalf of the seller, JLB Partners, to complete the sale to the buyer, AvalonBay Communities Inc. Walter Coker, Brian Crivella and Robert Jenkins of JLL arranged acquisition financing on behalf of AvalonBay. The loan amount and sales price were not disclosed. Located at 820 Concorde Circle, Element Linthicum Heights includes one- and two-bedroom floorplans with features, including walk-in closets, in-unit washers and dryers, 9-foot ceilings, stainless steel appliances and quartz or granite countertops. Community amenities include a pool, outdoor lounge and entertainment areas, courtyard with hammocks, grilling area, fitness center with CrossFit equipment, clubroom, pet park and a pet spa. Element Linthicum Heights is near Baltimore’s Inner Harbor area, less than 10 miles from downtown Baltimore and less than 30 miles from Washington, D.C. Additionally, the property is proximate to Baltimore-Washington Parkway, Interstate 195, Interstate 95, Interstate 97 and MARC Rail’s Penn Line.
CHARLESTON, S.C. — Target has signed a 30,000-square-foot retail lease at Majestic Square, a mixed-use and office building located at 211 King St. in downtown Charleston’s historic district. The Beach Co., a locally based real estate developer and owner, is the landlord of Majestic Square. Majestic Square is located on the corner of King and Market streets in the heart of Charleston’s walkable neighborhood. Dotan Zuckerman of Zuckerman Co., along with Beach Commercial, represented the landlord, Majestic Square LLC, an affiliate of The Beach Co. Rich Barta of CORE Properties represented Target Corp. An opening date will be announced closer to the store’s opening.
In spite of national trends, news of spiking default rates and a prediction of a national decline in retail tenancy, the middle Tennessee region appears to be emerging in equal (or better) condition from one of the most unusual years in history. Prior to the government-mandated shutdowns last year, retail activity in Nashville was at a fever pitch. A decade of year-over-year population and economic growth created a strong seller’s and landlord’s market, with no end in sight. The University of Tennessee’s Boyd Center for Business and Economic Research projected a 1 million-person population growth for Middle Tennessee by 2040. This strong, sustained growth pushed retail rents up more than 50 percent since 2010 and represents one of the largest cumulative increases in the nation, behind only Miami and Austin. In 2019, the Nashville region saw asking rents above the national average, according to CoStar Group. One year ago, the sudden and unexpected COVID-19 shutdowns made the collective hearts of 2008 survivors skip a beat. A real concern of what the next week or month might look like hit both landlords and tenants in the region, particularly in the downtown retail district that is historically reliant on tourism. As music …
PORT ST. LUCIE, FLA. — Investors Management Group Inc. has sold Waterleaf Townhomes and Apartments, a 230-unit community located at 1900 SE Hillmoor Drive in Port St. Lucie. Covenant Capital Group purchased the property for $41.6 million. Darron Kattan of Franklin Street’s Atlanta office represented IMG in the transaction. Waterleaf Townhomes and Apartments is located on the east side of Florida and is situated 6.9 miles from Jensen Beach and 47 miles from West Palm Beach. IMG acquired Waterleaf Townhomes and Apartments in 2017 for $26.8 million. The company invested $3.1 million on renovations in the townhome interiors plus the fitness center, pools, sports park and other common-area amenities. IMG has transacted over 1,000 units across the Miami and Tampa metros over the last decade.
GREENVILLE, S.C. — DC Blox, a provider of interconnected multi-tenant data centers, has broken ground on a multi-tenant regional data center in Greenville. With an initial capacity of 1 MW of critical load, the first phase of DC Blox’s new Greenville data center is set to be completed by the third quarter of 2021. The Atlanta-based firm is partnering with Brasfield & Gorrie, a privately held construction firm, on the project. When complete, the data center will offer access to DC Blox’s private and redundant ecosystem, interconnecting the company’s portfolio of data centers throughout the Southeast. The address for the center is 33 Global Drive. DC Blox’s Greenville data center will be located on an 8.5 acre campus in the Global Business Park off Interstate 85. Upon full buildout, the facility will feature six distinct data halls with 54,000 square feet of data center space with a full critical load capable of supporting 18 megawatts of power. The data center will also include approximately 7,000 square feet of secure storage, as well as shared and dedicated office space. The new data center will bring an expected investment of over $200 million combined between DC Blox and their tenant customers over …
MOORESVILLE, N.C. — Grandbridge Real Estate Capital has facilitated a $21.9 million loan for Ardmore at Alcove Apartments, a 150-unit garden-style multifamily property in Mooresville. Thomas Wiedeman of Grandbridge originated the refinancing through an unnamed life insurance company on behalf of the borrowers, Ardmore Residential and LaSalle Investment Management. The seven-year, fixed-rate loan was structured with an initial interest-only term followed by a 30-year amortization schedule. Ardmore at Alcove Apartments features a two-story clubhouse with a sun deck, fitness center, business center and billiards room. Other community amenities include a swimming pool with cabanas, a covered outdoor pavilion area with a flat-screen TV, fireplace and grilling stations, as well as a playground and dog park. Interior finishes include stainless steel appliances, granite countertops, Shaker-style cabinetry and nine-foot ceiling heights. The property is located close to Interstate 77, which allows access to Charlotte and downtown Mooresville.
MEMPHIS, TENN. — Capstone Apartment Partners has brokered the $8.3 million sale of Shelby Grove Apartments, a 13-building, all-brick apartment community situated on 6.5 acres off at 6357 Shelby Briar Drive in Memphis. Luke Searcy, Austin Heithcock and Adam Klenk of Capstone led the transaction. Sante Realty Investments was the seller, which acquired the asset in 2017. The buyer was EPH Properties. Built in 1999, Shelby Grove includes 98 two-bedroom units and was approximately 94 percent occupied at the time of sale. Each apartment home includes a fully equipped kitchen, ceiling fans and washer/dryer connections. The buyer plans to complete upgrades on 72 remaining unrenovated units by updating appliances, flooring, countertops and fixtures. Shelby Grove is EPH’s first investment in the Memphis market. In total, EPH has invested in more than 1,000 multifamily units and 15 commercial properties in nine markets across the United States.