Southeast

Merritt Buys Land Near Raleigh for $2.5M, Plans to Build Industrial Business Park

by Julia Sanders May 18, 2021

KNIGHTDALE, N.C. — Merritt Properties plans to build a light industrial business park in Knightdale, a metro Raleigh market near Interstates 540 and 87. The company bought 35 acres off Hinton Oaks Boulevard in the East Wake County town for $2.5 million. The development, known as Merritt Midway Business Park, will include up to five flex and light industrial buildings totaling 271,450 square feet. Properties will range from 28,800 to 84,700 square feet and feature 18-foot clear heights, with leasable bays starting at approximately 3,300 square feet. Merritt expects to deliver the park during the fourth quarter of 2021. Merritt Midway Business Park should help satisfy pent-up demand for industrial space as the northeast Wake County submarket is 95 percent occupied and has seen 4.4 percent rent growth over the past 12 months. Barry Bowling of CBRE represented Merritt in the land transaction, and Jimmy Barnes of NAI Tri Properties represented the undisclosed seller. Barnes, Ed Brown and Michael Wallace of NAI Tri Properties will help oversee leasing for Merritt Midway Business Park. Baltimore-based Merritt owns 736,740 square feet of flex/light industrial product across two developments in the Raleigh-Durham area. The company’s first project, Merritt TW Crossing in Durham, delivered …

May 18, 2021

Acquisitions Alabama Multifamily Southeast

Berkadia Brokers $38.3M Sale of 100 Inverness Apartments in Birmingham

by Julia Sanders May 18, 2021

BIRMINGHAM, ALA. — Berkadia has brokered the $38.3 million sale of 100 Inverness, a 322-unit, Class B multifamily property in Birmingham. David Wilson, Caleb Frizzell and Steve Nunnelley of Berkadia, with support from David Oakley of OG Capital, represented the seller, Colorado-based FPA Multifamily, in the transaction. Tucker Knight of Berkadia assisted the unnamed buyer in assuming an existing Berkadia-originated loan on the property as part of the transaction. Three seasoned multifamily investors from Texas syndicated the buyer group for this transaction, the first acquisition in Alabama for the new ownership. Located at 100 Iverness Lane, the property is situated on a 39-acre lakefront site in the Highway 280 submarket of Birmingham. 100 Inverness features 2,450 feet of shoreline on Lake Heather and frontage on the Iverness Country Club golf course. Community amenities include swimming pools, tennis courts, a 24-hour fitness center, two garage buildings and private balcony and patios. The property was built in two phases in 1974 and 1979 and has 62 townhomes spanning over 1,850 square feet. The apartments are 97 percent occupied. FPA Multifamily, a private equity group, acquired the property in 2015 and completed renovations over the past five years, including exterior updates, renovating the …

May 18, 2021

Acquisitions Florida Retail Southeast

CBRE Arranges Sale of 45,000 SF Best Buy-Leased Store in West Palm Beach

by Julia Sanders May 18, 2021

WEST PALM BEACH, FLA. — CBRE has arranged the sale of a 45,000-square-foot store situated on approximately four acres at 1880 Palm Beach Lakes Boulevard in West Palm Beach. Best Buy has operated at this location for 25 years. Will Pike, Chris Bosworth and Brian Pfohl of CBRE’s Atlanta office, along with Dennis Carson and Casey Rosen of CBRE’s National Retail Partners Florida Team, represented the seller, which was advised by Orion Investments based in Miami. The buyer was RK Centers, an owner of retail properties in both South Florida and Massachusetts.

May 18, 2021

Development Georgia Leasing Activity Restaurant Southeast

Rosé Bistro & Champagne Bar to Open at Atlantic Station in West Midtown Atlanta

by Julia Sanders May 18, 2021

ATLANTA — Rosé Bistro & Champagne Bar, a Parisian cuisine and wine bar concept, is set to open this fall at Atlantic Station, the 138-acre retail, restaurant and entertainment destination in West Midtown Atlanta. Located at 232 19th St., the bistro will feature a wine list and French dishes for brunch, dinner and light bites. Houston-based Hines is the property management firm at Atlantic Station. Situated near Atlantic Green, Rosé Bistro & Champagne Bar will offer a raw bar, indoor and outdoor dining and a full bar with cocktails including rosé champagne punch and French 75. The 1,634-square-foot bistro is the newest restaurant to join the tenant mix at Atlantic Station. With additional tenants to be announced, Atlantic Station plans to open tenants such as Azotea Cantina, LINDBERGH and Toscano Ristorante Italian this year. Another current tenant is the Regal Atlantic Station, which just opened back up after being closed since October 9, 2020 due to COVID-19.

May 18, 2021

Acquisitions Office Southeast Tennessee

Rubicon Equities, Meritage Group Purchase Downtown Nashville Office Building for $95M

by Julia Sanders May 17, 2021

NASHVILLE, TENN. — Rubicon Equities and Meritage Group LP have purchased Capitol View Plaza, a Class A office building located at 1 Lifeway Plaza in downtown Nashville, for $95 million. Capitol View Plaza was built in 2017 on the site of the previous headquarters of Lifeway Christian Resource. The property is part of the 32-acre Capitol View master planned community developed by Boyle Investment Co. The property is the third investment for Rubicon and Meritage in Nashville. David Atchison and Brian Casey of Colliers International represented the undisclosed seller in the transaction. Stream Realty and Sandeema Co. are enlisted to market the building for lease. Rubicon Equities is a Nashville-based real estate investment and development firm with over $500 million of assets under management. Meritage Group LP is a private investment firm based in San Francisco that invests in public and private equity, credit and real estate.

May 17, 2021

Development Loans Maryland Multifamily Southeast

JLL Arranges $82.6M Construction Financing for Multifamily Project in Columbia, Maryland

by Julia Sanders May 17, 2021

COLUMBIA, MD. — JLL has arranged an $82.6 million construction loan for the development of Marlow, a 472-unit apartment community with 32,340 square feet of ground-floor retail space located in downtown Columbia. Mark Gibson, Jamie Leachman, Drake Greer and Jackson Cabot of JLL secured the floating-rate construction loan on behalf of the borrower, an affiliate of The Howard Hughes Corp. The four-year loan includes a one-year extension option. Located at 6200 Valencia Lane, Marlow will total 510,181 rentable square feet and include studio, one-, two- and three-bedroom floorplans, in addition to eight loft units with two-story layouts. Initial delivery of the apartments is expected in fall 2022. The Marlow will be part of Merriweather District, Howard Hughes Corp.’s 14 million-square-foot master-planned development. Merriweather District will total 2.3 million square feet of office space; 320,000 square feet of retail space; 1,900 multifamily units; a 250-room hotel, community pavilion; and about 60 acres of open space. The Merriweather District features Symphony Woods, a 40-acre parkland area, and Merriweather Post Pavilion, a music and community venue.

May 17, 2021

Acquisitions Mixed-Use Southeast Tennessee

Continental Realty Acquires 111 Broadway in Downtown Nashville for $36M

by Julia Sanders May 17, 2021

NASHVILLE, TENN. — Continental Realty Corp. (CRC) has acquired 111 Broadway, a 50,303-square-foot, mixed-use property in downtown Nashville. Tower Investments Inc., based in Philadelphia, sold the property for $36 million. The four-tenant building is 100 percent leased to tenants including Rock Bottom Brewery, Wyndham-Margaritaville Vacation Club, Glen Campbell Museum and Platinum Cos. Constructed in 1930 and positioned just one block from Cumberland River, the three-story asset has been renovated over the past five years, including improvements to the roof, windows, exterior and elevator systems. CRC is a Baltimore-based real estate investment and management company that also owns Fortress Grove Apartments, a 320-unit multifamily community located in nearby Murfreesboro, Tenn.

May 17, 2021

Acquisitions Georgia Loans Multifamily Southeast

Berkadia Secures $18.5M Acquisition Loan for Alturas Embry Hills Apartments in Doraville, Georgia

by Julia Sanders May 17, 2021

DORAVILLE, GA. — Berkadia has secured $18.5 million in acquisition financing for Alturas Embry Hills, a 140-unit, garden-style multifamily property in Doraville. Josh Finley of Berkadia’s Atlanta office originated the Freddie Mac loan on behalf of the buyer, New York-based Quad Property Group. The seller was Liquid Capital based out of New York. The 10-year loan features five years of interest-only payments, 30-year amortization schedule and a 75 percent loan-to-value ratio. Upon acquiring the property, Quad Property Group plans to spend over $1 million on interior and exterior upgrades. Located at 3544 Old Chamblee Tucker Road, Alturas Embry Hills was originally built in 1966. It has since been rebranded as Summit Embry Hills. The apartment complex underwent exterior renovations between 2018 to 2020 and features a mix of one-, two- and three-bedroom floorplans. The property has access to nearby retail shops and is close to Interstate 285. The property is currently 97 percent occupied.

May 17, 2021

Acquisitions Office Retail Southeast Tennessee

Marcus & Millichap Brokers $8.5M Sale of Friars Branch Crossing Center in Chattanooga

by Julia Sanders May 17, 2021

CHATTANOOGA, TENN. — The Giambrone Group of Marcus & Millichap has brokered the sale of Friars Branch Crossing Center, a 99,878-square-foot retail and office center in Chattanooga. Tim Giambrone of Marcus & Millichap represented both the buyer and the seller in the transaction. The buyer, Excelsior Friars Crossing LLC, was a private equity sponsor based in Nashville that purchased the property from Spirit Holdings of Chattanooga for $8.5 million. Friars Branch Crossing is located at 2204-2226 Encompass Drive just north of Interstate 75 near the Chattanooga Metropolitan Airport. Avenger Logistics, Secure America – ERMC and Astec Industries anchor the complex and represent 55 percent of the total gross leasable area.

May 17, 2021

Development Multifamily Southeast Virginia

Aventon Breaks Ground on $100M Multifamily Project in Alexandria, Virginia

by Julia Sanders May 14, 2021

ALEXANDRIA, VA. — Aventon Cos. has broken ground on Aventon Huntington, a new apartment development located adjacent to the Huntington Metro station in Alexandria that is valued at more than $100 million. The 366-unit property will be situated just south of Washington, D.C., and within a few miles of Old Town Alexandria, the Capital Beltway, Ronald Reagan Washington National Airport and Amazon’s HQ2 in National Landing. The project is slated to be complete in the spring of 2023. Located on approximately four acres at 5919 N. Kings Highway, Aventon Huntington will offer studio, one-, two- and three-bedroom apartments that include smart home technology. The seven-story property will have over 15,000 square feet of indoor amenity space including remote-working lounges with private offices, fitness and yoga studios, gaming and media lounges, a podcast studio, video conference studio, rooftop deck and indoor sky lounge with private dining space, pet spa, automated package delivery, bike storage and repair shop and covered parking. Outdoor community amenities will include a private resort-style pool, summer kitchen, outdoor media lounge and outdoor remote-working courtyard. The building will be certified Silver under the National Green Building Standard for sustainability. In January 2020, Aventon began construction on Aventon Crown, …

May 14, 2021

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