Southeast

Cushman & Wakefield Negotiates $82M Sale of Apartment Complex in Charlotte

by Alex Tostado September 24, 2019

CHARLOTTE, N.C. — Cushman & Wakefield has negotiated the $82 million sale of Overton Row, a 323-unit apartment complex in Charlotte. The property offers studio, one- and two-bedroom floor plans. Communal amenities include a craft beer station, dog park, dog washing station, clubhouse, fitness center, business center, swimming pool, coffee bar and a yoga station. Overton Row is located at 1201 Central Ave., which is on the edge of the Plaza Midwood neighborhood and two miles east of downtown Charlotte. CampusWorks Development, Kaplan Residential and an affiliate of global investment firm The Carlyle Group sold the asset to Lindemann Multifamily Management. Marc Robinson, Jordan McCarley and Watson Bryant of Cushman & Wakefield represented the sellers in the transaction.

September 24, 2019

Acquisitions Company News Hospitality Maryland Southeast Top Stories

Condor Hospitality Trust’s Shareholders Approve $318M Merger with NexPoint

by John Nelson September 24, 2019

BETHESDA, MD. — Shareholders of Condor Hospitality Trust Inc., a lodging REIT based in Bethesda, have approved the proposed $318 million merger between Condor and NexPoint Hospitality Trust, a hotel REIT headquartered in Toronto. NexPoint and Condor expect the merger to close in the fourth quarter. As part of the deal, NexPoint will acquire Condor’s outstanding equity interests and operating partnership. “The transaction instantly expands [our] geographical footprint and balances NexPoint’s value-add portfolio with extended-stay hotels,” says Jim Dondero, CEO of NexPoint. “We believe the future for quality extended-stay and select-service hotels remains bright.” The shareholders of Condor (NYSE: CDOR) held a special meeting on Monday, Sept. 23 whereby 81.8 percent of the shares of Condor common stock voted in favor of adopting and approving the merger agreement, which NexPoint announced in late July. The merger allows NexPoint to enter several new markets, including Georgia, Kansas, Kentucky, Maryland, Mississippi and South Carolina. The move will also expand the REIT’s presence in Florida and Texas. Condor Hospitality Trust currently owns 15 hotels in eight states totaling more than 1,900 rooms. The hotel flags in the company’s portfolio includes Hilton, Marriott and InterContinental Hotels Group (IHG). NexPoint Hospitality Trust began operations in …

September 24, 2019

Acquisitions Multifamily South Carolina Southeast

Northland Investment Acquires Two Charleston Multifamily Communities Comprising 592 Units

by Alex Tostado September 23, 2019

CHARLESTON, S.C. — Northland Investment Corp. has acquired two multifamily communities in Charleston: Wharf 7 and The Standard. The 312-unit Wharf 7 is located on Daniel Island, 13 miles north of downtown Charleston. The community offers studio- through three-bedroom floor plans. Communal amenities include a saltwater pool, poolside TV lounges and grilling stations, hammock garden, fitness center with a separate yoga/spinning studio, community bikes and an event lawn with a terraced, outdoor amphitheater. The 280-unit The Standard is located on James Island, five miles southwest of downtown Charleston. The Standard offers communal amenities such as a saltwater pool with a tanning ledge and cabanas, picnic courtyard with grilling station and outdoor kitchen, public courtyard and a Lowcountry-inspired clubhouse. The seller and sales prices were not disclosed.

September 23, 2019

Acquisitions Industrial North Carolina Southeast

CBRE|Raleigh Arranges Sale of Two Industrial Buildings Totaling 513,787 SF in Opportunity Zone

by Alex Tostado September 23, 2019

RALEIGH, N.C. — CBRE|Raleigh has arranged the sale of Beltline Center, a two-building, 513,787-square-foot industrial center in Raleigh. The buildings offer warehouse and flex space and were 62 percent leased at the time of sale to tenants including UPS, Iron Mountain and Andrew & Hamilton Co. Inc. Beltline Center is located within an Opportunity Zone on 30.8 acres, two miles from downtown Raleigh. Ben Kilgore, Butch Miller, Ann-Stewart Patterson, Chandler Hawkins and Leslie Holmes of CBRE|Raleigh, along with the BPG Management team of Ken Pennington and Mike Green, represented the seller, Equus Capital Partners, in the transaction. New York City-based LM Real Estate Partners acquired the property.

September 23, 2019

Development Healthcare North Carolina Southeast

Flagship Healthcare Delivers 20,995 SF Ambulatory Surgery Center in Granite Falls, North Carolina

by Alex Tostado September 23, 2019

GRANITE FALLS, N.C. — Flagship Healthcare Properties has delivered a 20,995-square-foot ambulatory surgery center within RiverCrest Medical Park in Granite Falls. Atlantic Union Bank provided construction financing for the project, which began in July 2018. The center was built for Prime Surgical Suites, an affiliate of Caldwell UNC Healthcare. Flagship Healthcare Trust Inc., Flagship’s private REIT, owns the building. Flagship will also provide property and asset management services for the facility.

September 23, 2019

Acquisitions Florida Hospitality Loans Southeast

Ready Capital Provides $18M Acquisition, Renovation Loan for Hotel in South Florida

by Alex Tostado September 23, 2019

WEST PALM BEACH, FLA. — Ready Capital Structured Finance has provided an $18 million acquisition and renovation loan for a 199-room hotel in West Palm Beach. The undisclosed borrower plans to upgrade the property and reflag it from a Holiday Inn hotel to a Crowne Plaza. The non-recourse, floating-rate loan features a 36-month term and two extension options. The seller was not disclosed.

September 23, 2019

Acquisitions Florida Retail Southeast

Generation Income Properties Acquires Walgreens-Occupied Retail Building in Space Coast for $4.5M

by Alex Tostado September 23, 2019

COCOA, FLA. — Generation Income Properties Inc. (GIP) has acquired a Walgreens-occupied retail building in Cocoa for $4.5 million. The 15,000-square-foot building is located at 1106 Clearlake Road, 19 miles west of the Kennedy Space Center. American Momentum Bank provided acquisition financing. The seller was not disclosed.

September 23, 2019

Industrial Market Reports Southeast Southeast Market Reports Virginia

Industrial Construction Activity Remains Robust in Greater Richmond Area

by Alex Tostado September 23, 2019

At the mid-year mark, the greater Richmond area industrial market has continued to strengthen, closing with an overall occupancy rate of 91 percent in the categories being tracked (Class A, B, C vacant and investor-owned product with a minimum of 40,000 square feet total RBA). Class A occupancy increased slightly from 89 percent at the end of the first quarter to 91 percent at the end of the second quarter, and the majority of the Class A vacancy is attributed to a vacancy approaching 800,000 square feet in the former Ace Hardware facility in Prince George’s County. Ashley Capital purchased the property in early July for $21.7 million and will be offering the facility for lease. Class B occupancy has also experienced an increase to 92 percent, up from 89 percent at the end of the first quarter. CoStar Group reports overall industrial occupancy at 96 percent for product of all sizes, including investor-owned facilities, but excluding flex space (minimum 50 percent office). Richmond’s strategic Mid-Atlantic location along Interstate 95 provides access to 55 percent of the nation’s consumers within two days’ delivery by truck. In addition to being the northernmost right to work state on the Eastern Seaboard, Virginia …

September 23, 2019

Acquisitions Georgia Multifamily Southeast

NexPoint Sells Apartment Complex in Metro Atlanta for $101M

by Alex Tostado September 20, 2019

SANDY SPRINGS, GA. — NexPoint Residential Trust has sold Edgewater at Sandy Springs, a 700-unit apartment complex in Sandy Springs, for $101 million. According to Fulton County property deeds, Bridge Investment Group acquired the property for $132,000 per unit. Edgewater at Sandy Springs offers one- and two-bedroom floor plans. The asset is located at 7600 Roswell Road, 19 miles north of downtown Atlanta. Communal amenities include a swimming pool, clubhouse, car wash area, business center, playground and a tennis court.

September 20, 2019

Acquisitions Development Georgia Mixed-Use Southeast

Ackerman, MDH Partners Acquire Mixed-Use Project in Atlanta’s West End for $40.3M

by Alex Tostado September 20, 2019

ATLANTA — Ackerman & Co. and MDH Partners have acquired the four-building, 433,204-square-foot Lee + White project in Atlanta’s West End for $40.3 million. The seller, Stream Realty Partners, recently redeveloped the buildings, which were initially constructed as industrial facilities in the 1950s and 1960s. The Lee + White buildings are currently home to breweries, restaurants, retailers and food manufacturers. The buyers plan to add a 20,000-square-foot food hall, 30,000 square feet of additional retail and 170,000 square feet of creative loft offices. A masterplan for the redevelopment is under way and construction is expected to begin in six to 12 months. Leo Wiener and Kelly Wilson of Ackerman will lead the restaurant and retail leasing efforts at the property. Porter Henritze and Sonia Winfield of Cushman & Wakefield will represent ownership in office leasing. The property features more than a half-mile of frontage along the Atlanta BeltLine with direct access to the westside trail. Lee + White is located three miles southwest of downtown Atlanta. Miles Theodore, Mack Freudenstein, Mark Zebouni and Drew Nations of Eastdil Secured represented the seller in the transaction. The buyer was represented internally.

September 20, 2019

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