Southeast

Starwood REIT Acquires Multifamily Community in Metro Atlanta for $82M

by Alex Tostado August 25, 2020

DECATUR, GA. — Starwood REIT has acquired The Baxter Decatur, a 290-unit multifamily community in Decatur, for $82 million. The property, which was formerly known as Solis Decatur, offers one-, two and three-bedroom floor plans. Communal amenities include a car charging station, fitness center, pool, sundeck, game room, bike storage and a pet washing area. The Baxter was 89 percent occupied at the time of sale. Additionally, the property features 20,000square feet of retail space on the ground floor leased to tenants such as Jason’s Deli, 100% Chiropractic, Club Pilates and F45. According to Terwilliger Pappas’ website, the Atlanta-based developer delivered the property in May 2019. The community is located at 1605 Church St., eight miles northeast of downtown Atlanta. The seller was not disclosed.

August 25, 2020

Acquisitions Industrial South Carolina Southeast

Sealy Purchases 1.2 MSF Industrial Portfolio in Greenville from Blackstone

by Alex Tostado August 25, 2020

GREENVILLE, S.C. — Sealy & Co. has acquired an eight-property industrial portfolio totaling 1.2 million square feet in Greenville. Blackstone sold the portfolio for an undisclosed amount. All eight buildings were fully leased to national and international companies at the time of sale. This is the first purchase in South Carolina for Dallas-based Sealy. Scott Sealy Jr., Jason Gandy and Christopher Martin of Sealy worked with Trey Barry of CBRE to acquire the assets.

August 25, 2020

Acquisitions Multifamily North Carolina Southeast

Capstone Negotiates $37.2M Sale of Apartment Complex in Metro Charlotte

by Alex Tostado August 25, 2020

GASTONIA, N.C. — Capstone Apartment Partners has negotiated the $37.2 million sale of Ashbrook Village, a 423-unit apartment complex in Gastonia. The property offers one- and two-bedroom floor plans averaging 754 square feet. Communal amenities include a saltwater pool, leasing office, clubhouse and two laundry facilities. The asset is situated at 2295 Pineview Lane, 20 miles west of downtown Charlotte. The community was 99.5 percent occupied at the time of sale. The seller, locally based Southwood Realty, developed the complex in 1985 and has owned and managed it since. Austin Green, Alex McDermott, Rhodes Marley and Brian Ford of Capstone represented the seller and procured the buyer, New York City-based Gindi Equities.

August 25, 2020

Development Florida Leasing Activity Retail Southeast

Hobby Lobby Expands Footprint with Three New Stores in Florida

by Alex Tostado August 25, 2020

OKLAHOMA CITY — Hobby Lobby is in the midst of expanding its Florida footprint with three new 55,000-square-foot stores. The Oklahoma City-based arts and crafts retailer opened a location in Panama City Beach on July 6, a store within Terra’s Pines City Center in Pembroke Pines on Aug. 8 and will open a store in Urban-X Group’s River Landing project in Miami on Sept. 8. Hobby Lobby locations are typically single-story stores in suburban areas. The location in River Landing will be the first multi-level Hobby Lobby. David Emihovich of Katz & Associates represented Hobby Lobby in the lease negotiations.

August 25, 2020

Acquisitions Industrial Kentucky Southeast

JLL Arranges $6.2M Sale of New Industrial Facility in Northeast Kentucky

by Alex Tostado August 25, 2020

GRAYSON, KY. — JLL has arranged the $6.2 million sale of a new 25,000-square-foot industrial property double-net leased to Flowserve in Grayson. The seller, Houston-based Investment & Development Ventures LLC, delivered the asset as a build-to-suit for the company, which produces engineered and industrial pumps, seals and valves, as well as a range of related flow management services. The facility sits on three acres within EastPark, a 1,000-acre industrial park located approximately 25 miles from the Kentucky-Ohio-West Virginia border. Alex Sharrin, Trent Agnew, Brian Shanfeld, Jason DeWitt and Alex Geanakos of JLL represented the seller in the transaction. B.J. Feller, Isaiah Harf and Andy Gatchell of Stan Johnson Co. represented the buyer, an undisclosed family partnership based in Tulsa, Okla.

August 25, 2020

Development Georgia Multifamily Southeast

Alliance Residential to Develop 354-Unit Multifamily Community in East Atlanta

by Alex Tostado August 24, 2020

ATLANTA — Alliance Residential Co. will develop Broadstone at Pullman Yards, a planned 354-unit multifamily community in east Atlanta’s Kirkwood district. The developer expects to break ground this year and open the property in early 2022. The complex will offer studio, one- and two-bedroom floor plans. Unit interiors will include two-toned custom cabinetry, tile backsplashes, veined quartz countertops, matte black fixtures and electronic locks. Communal amenities will include a two-story clubroom with a demonstrator kitchen, lounge space, fitness center and a saltwater pool. Brock Hudgins Architects designed the community, which will be situated at 105 Rogers St. NE, four miles east of downtown Atlanta. Local media outlets reported last year that Atomic Entertainment sold the site within its Pratt-Pullman Yard redevelopment to Phoenix-based Alliance Residential.

August 24, 2020

Arkansas Development Multifamily Southeast Student Housing

Servitas, National Park College Complete 180-Bed Student Housing Project in Hot Springs, Arkansas

by Alex Tostado August 24, 2020

HOT SPRINGS, ARK. — A public-private partnership between Servitas and National Park College has completed construction of Dogwood Hall, a 180-bed residence hall that will serve students of the public community college in Hot Springs. The community is National Park College’s first on-campus student housing building. The three-story property comprises 52 fully furnished units. Communal amenities include study lounges on each floor, package lockers, an onsite laundry room and resident parking. Servitas served as lead developer for the project and will manage the community. The development team also included BGO Architect, Design Collective, Annex and Stevens Financing. Students began moving into Dogwood Hall on Aug. 20 and in-person classes at National Park began today.

August 24, 2020

Acquisitions Georgia Retail Southeast

JLL Arranges $18.6M Sale of Kroger-Anchored Shopping Center Near Atlanta

by Alex Tostado August 24, 2020

CANTON, GA. — JLL has arranged the $18.6 million sale of Hickory Flat Commons, a Kroger-anchored shopping center located along Hickory Flat Highway in Canton, about 34 miles north of downtown Atlanta. The 115,000-square-foot property was 97 percent leased at the time of sale to tenants such as Anytime Fitness, Mathnasium, furniture store Phillips Trading, Great Clips and Platinum Cleaners. Jim Hamilton of JLL represented the undisclosed seller in the transaction. Phillips Edison & Co. acquired the center as part of a 1031 tax exchange.

August 24, 2020

Acquisitions Florida Office Southeast

Pacer Partners, Drake Real Estate Sell 120,500 SF Office Building in Tampa

by Alex Tostado August 24, 2020

TAMPA, FLA. — A joint venture between Pacer Partners and Drake Real Estate has sold a 120,500-square-foot office building in Tampa for $26.9 million. The property is located at 3620 Queen Palm Drive within Sabal Park, nine miles east of downtown Tampa. The asset was fully triple net leased to Ford Motor Credit Corp. at the time of sale. The sellers, which acquired the property in 2016, extended the tenant’s lease five years prior to the sale. Dale Peterson, Joe Chick, Kristen McFarland and Courtney Snell of CBRE represented the joint venture in the transaction. CTO Realty Growth purchased the asset for an undisclosed price.

August 24, 2020

Acquisitions Healthcare Office Southeast Virginia

Edge Negotiates $5.5M Sale of Medical Office Portfolio in Fredericksburg, Virginia

by Alex Tostado August 24, 2020

FREDERICKSBURG, VA — Edge has negotiated the $5.5 million sale of The Park at Snowden, a six-building, 22,400-square-foot medical office portfolio in Fredericksburg. The asset was 95 percent leased at the time of sale and is situated adjacent to Mary Washington Hospital. Tenants at the park include National Spine & Pain Centers, Fresenius Center, Integrated Health, Century Pediatrics, Fredericksburg Dental Associates and other medical practitioners affiliated with the Mary Washington Healthcare System. The Park at Snowden was delivered in 2002 and sits on 1.7 acres. Joe Friedman and Cristine Kleine of Edge represented the seller, a Fredericksburg-based private partnership, in the transaction. The team also procured the buyer, affiliates of Bethesda, Md.-based Fernau LeBlanc.

August 24, 2020

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