Wednesday, July 2, 2025
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AcquisitionsMultifamilyNorth CarolinaSoutheast

FCP, Terwilliger Pappas Sell Two Multifamily Communities in Charlotte Totaling $128.6M

by Alex Tostado

CHARLOTTE, N.C. — FCP and Terwilliger Pappas Multi Family Partners (TPMP) have sold two multifamily communities in Charlotte. The partners sold Solis Waverly for $84.4 million to Dallas-based Lan Properties/Lantower Residential and Solis Ballantyne for $44.2 million to Baltimore-based Continental Realty Corp. Solis Waverly is a 375-unit community located about 14 miles south of downtown Charlotte. Completed in 2016, the property features a pool with a sundeck, 24-hour fitness center, conference room, electric car charging station and an outdoor terrace. It is part of Waverly, a master-planned development with office space, retail space, single-family homes and a hotel. Solis Ballantyne was also completed in 2016 and is located about 14 miles south of downtown Charlotte. The community includes 194 units and features a pet washing station, pool, fitness center, bike storage and package service. Phil Brosseau Jr., Howard Jenkins, Kevin Kempf and David Lansbury of CBRE represented the sellers in the transaction for Solis Waverly. Andrea Howard, Jim Sewell, David Gutting and Derrick Bloom of JLL represented the sellers in the transaction for Solis Ballantyne. Fortune Johnson was the general contractor for both developments.

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AcquisitionsMarylandMultifamilySoutheast

JLB, Crow Holdings Sell Multifamily Complex in Annapolis for $75.6M

by Alex Tostado

ANNAPOLIS, MD. — A joint venture between JLB Partners and Crow Holdings has sold The James, a 236-unit multifamily community in Annapolis, for $75.6 million to an undisclosed buyer. The James was delivered in 2016 and features a pool, entertainment lounge and a wellness center. The property is located about four miles west of the United States Naval Academy. Al Cissel and Ryan Ogden of Newmark Knight Frank represented the seller in the transaction.

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GeorgiaLeasing ActivityRetailSoutheast

Pellerin Announces Wave of Retail Tenants Coming to The Beacon in Atlanta’s Grant Park

by Alex Tostado

ATLANTA — Pellerin Real Estate has announced new tenants coming to The Beacon, a redevelopment project in Atlanta’s Grant Park neighborhood. Scheduled to open in 2019 are Bailey Room Wine Cellar, a wine bar concept created by Cynthia Bailey of “The Real Housewives of Atlanta”; Adara Clothing; Cultural Accents, a shop offering West African fashion; Squishieland, an art gallery by Ray Geier; Marguerites Bistro, a Jamaican fusion restaurant; and Third Street Market Deli & Bar. Existing tenants include A Haute Cookie; Nica Life, an artisan jewelry company; Kickstart Martial Arts; and Divine Dermatology. According to Curbed Atlanta, the $30 million development spans nine acres and 110,000 square feet. The Beacon is situated about one mile south of Zoo Atlanta and will have about 600 feet of frontage along the Atlanta BeltLine’s forthcoming Southside Trail.

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AcquisitionsKentuckyRetailSoutheast

Kimco Sells 216,235 SF Shopping Center in Lexington to Kaden Cos.

by Alex Tostado

LEXINGTON, KY. — An affiliate of Kimco Realty Corp. has sold South Park Shopping Center, a 216,235-square-foot retail center in Lexington, to Kaden T LLC, an affiliate of Louisville, Ky.-based Kaden Cos. South Park Shopping Center is anchored by Best Buy, Office Depot and Bed Bath & Beyond. Other tenants include Ulta Beauty and Value City Furniture. Bruce Isaac and Jamie Adams of NAI Isaac assisted Kevin James of Black Gate Partners in representing the seller, Kimco Lexington 140 LLC, in the transaction. The sales price was not disclosed.

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GeorgiaLeasing ActivityOfficeSoutheast

NAP Signs Whole Foods to 30,000 SF Office Lease at Colony Square in Midtown Atlanta

by Alex Tostado

ATLANTA — North American Properties has unveiled plans for Building 300, an 87,500-square-foot mixed-use building in Colony Square in Midtown Atlanta. Whole Foods Market’s South regional office is set to occupy 30,000 square feet of the six-story building that is expected to deliver in 2020. The office relocation will bring about 90 employees of Whole Foods to Midtown. Building 300 will feature 11-foot ceilings, floor-to-ceiling windows and street-level retail space and restaurants. NAP recently closed a $278.4 million loan to finance the redevelopment of the 1 million-square-foot Colony Square project.

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DevelopmentGeorgiaIndustrialLeasing ActivitySoutheast

Joint Venture Completes Phase I of Logistics Park in Atlanta, Signs Medtech Firm to 1.1 MSF Lease

by Alex Tostado

ATLANTA — CT Realty, Port Logistics Realty and River Oaks Capital Partners have completed Phase I at Palmetto Logistics Park in Atlanta. The joint venture also signed Drive DeVilbiss Healthcare to a 1.1 million-square-foot lease. DeVilbiss, a global manufacturer of respiratory and ambulatory medical products, plans to move in before the end of the year. Phase II is expected to commence in January and wrap up construction by the end of 2019. Phase II will consist of a 1 million-square-foot distribution facility. The 213-acre industrial park is located about 16 miles southwest of Hartsfield-Jackson Atlanta International Airport. The joint venture bought the land in 2017.

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Leasing ActivityMarylandOffice

Social Security Administration Renews 717,011 SF Corporate Headquarters Lease in Baltimore County

by Alex Tostado

WOODLAWN, MD. — The U.S. General Services Administration (GSA), working on behalf of the U.S. Social Security Administration, has signed a 10-year lease renewal for Social Security’s Baltimore County headquarters. The GSA signed the 717,011-square-foot lease with landlord Security Land and Development Co. LP (SLDC) at the Security West Complex in Woodlawn. The lease became effective Nov. 1, 2018 and will run through Oct. 31, 2028. According to its website, GSA provides workplaces by constructing, managing and preserving government buildings and by leasing and managing commercial real estate. The terms of the lease state that GSA can exit part of the lease after three years with a 12-month written notice to SLDC and can fully exit the lease with 24-month written notice after five years. The initial annual rent is approximately $11.8 million. Regency Affiliates, which has a 50 percent interest in SLDC, simultaneously announced it refinanced Security West Complex for $30 million. The net proceeds are being used primarily to pay off existing debt at Security West and to fund capital improvements and reserves totaling about $17 million.

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DevelopmentIndustrialOfficeSoutheastVirginia

St. John Properties Breaks Ground on Four Flex Buildings in Metro D.C.

by Alex Tostado

LEESBURG, VA. — St. John Properties Inc. has broken ground on four buildings within Leesburg Tech Park in Leesburg. The tech park spans 17 acres, and the four speculative buildings will consist of 160,000 square feet of research & development/flex space with anticipated completion in the summer. St. John Properties purchased the land in 2016. The property is situated about 35 miles west of downtown Washington, D.C.

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DevelopmentFloridaIndustrialSoutheast

McCraney Property Selects General Contractor for 1.3 MSF Orlando Industrial Project

by Alex Tostado

ORLANDO, FLA. — McCraney Property Co. has chosen Lakeland, Fla.-based Macrobay Construction as the general contractor for a co-development project with Tavistock Development Co. in Orlando. The 1.3-million-square-foot project at Infinity Park is expected to break ground by the end of 2018. According to Tavistock, Infinity Park is a 200-acre mixed-use site located three miles from the Orange County Convention Center.

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AcquisitionsKentuckyMultifamilySoutheast

Waypoint Residential Acquires 264-Unit Apartment Complex in Lexington, Kentucky

by Alex Tostado

LEXINGTON, KY. — Waypoint Residential LLC has acquired Waterstone at Hamburg, a 264-unit apartment complex in Lexington. The community was built in 2017 and consists of three mid-rise buildings. The property is situated near the intersection of Interstate 75 and Man o’War Boulevard and within a mile of Hamburg Pavilion. Amenities include a clubhouse, pool, outdoor firepit, fitness center, garages, 24-hour fitness center, dog park and an outdoor bar and lounge. Monthly rental rates at Waterstone at Hamburg range from $1,039 to $1,641.

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