RG Real Estate acquired TownPark Commons for $42 million, a steep discount from an appraisal of the property four years earlier. In April 2021, the office park had been appraised at $79.1 million. It sold for almost 47% less, or roughly $120 per square foot. The Kennesaw office park spans 20 acres off George Busbee Parkway, a short drive from Kennesaw State University.

Special servicer KeyBank National Association facilitated the sale on behalf of a trust.

The Atlanta Business Journal reports TownPark Commons was part of Adventus Realty Services’ portfolio, which was tied to a $350 million commercial mortgage. The loan had been securitized, and the trust representing the loan’s investors foreclosed on the metro Atlanta properties in December. 

TownPark Commons has four office buildings that span a total of 350,000 square feet. It’s 96% occupied.

Homebuilder Taylor Morrison paid $58 million for lakefront property outside of Charlotte.

Taylor Morrison says it will deliver a mix of townhomes, single-family homes and lakefront options in The Palisades neighborhood at Lake Wylie. The company is permitted to build 499 units on 162 acres. The Coves at Lake Wylie will be part of a master-planned community that will include retailers, grocers and a variety of restaurants 30 minutes from Charlotte’s city center.

Alex Phillips, Andy Slowik, Battle Smith and Sparling Davis of Cushman & Wakefield represented the seller, Drapac Capital. Phillips added, “What really set the Coves at Lake Wylie apart is the years of effort put in by Drapac Capital Partners to mitigate all controllable risk and deliver a fully approved site.” The developer is expected to begin work immediately.

Penzance, along with its partner TriWest Multifamily, acquired Stoney Trace Apartments, a 380-unit multifamily community in Charlotte. Penzance purchased Stoney Trace from Bridge Investment Group for $59.8 million. Bridge purchased it in 2019 for $42.1 million.

Stoney Trace is located at 4616 Stoney Trace Drive in the Mint Hill neighborhood. The recently renovated community amenities include a fitness facility, club room with a business center and pool table, soccer field, dog park and an outdoor pool with a grilling area.

Penzance and TriWest Multifamily are planning various renovations and upgrades throughout the property. ZRS Management will serve as the property manager. Walker & Dunlop’s Blake Hockenbury and Bryan Frazier arranged acquisition financing.

Penzance, which was founded in 1996, has managed $3.9 billion worth of assets in its history.

TriWest is based in Southern California and is “focused on multifamily investments throughout the Western United States. “

Mesirow sold a 216-unit Charlotte apartment community to Expedition Capital Advisors (ExCap) for $54.7 million.

Northmarq’s Andrea Howard, John Currin, Allan Lynch, Caylor Mark, Jeff Glenn, and Austin Jackson brokered the sale of Enclave at Rivergate, a multifamily property built in 2009 and located at 12400 Toscana Way.

Northmarq’s Carolinas Debt + Equity team, led by Faron Thompson, Grant Harris, and Cabell Thomas, secured the permanent fixed loan on behalf of ExCap. The deal was completed with a loan from Freddie Mac and structured on a 5-year term with a 35-year amortization schedule.

Enclave at Rivergate features several renovations and upgrades since 2019, including painted balconies and breezeways, an added hammock garden, a reconfigured clubhouse layout, expanded and upgraded fitness and cardio center, more communal and coworking space, introduced a 24-hour package concierge service, upgraded pool furniture, installed modern pergolas and soft seating for the pool, renovated grill stations and installed an oversized fire pit, and added outdoor gaming and entertainment options.

S2 Capital (“S2”) acquired a distressed multifamily portfolio consisting of four Tennessee properties facing foreclosure in Nashville and Knoxville, TN. An additional property was picked up in Dallas.

S2 invested $60 million of rescue capital in a new joint venture with the existing Limited Partner through a structured preferred equity investment and secured a new 5-year $170 million senior loan through ACORE Capital. S2 will take over as the general partner with full operational control across property, asset, and construction management plus major decision rights to protect the preferred equity investment. The transaction was sourced off-market.

S2’s Ryan Everett added, “Our internal data analytics platform projects Southeast Nashville to be a top quartile submarket for investment, given the continued year-over-year demand growth of 11% while supply and permits have plummeted by 80% to less than 2.5% of inventory, coupled with expected strong household formation and in-migration.”

Foxfield has acquired a 169,252-square-foot industrial building in Duluth, Ga. Called 3059 Premiere Parkway, the warehouse is leased to a technology company, which will occupy the space under a new six-year, triple-net lease, 

Commercial Edge reports the property changed hands for $19 million from seller Barco. The new ownership also secured a $8.6 million acquisition loan from Aegon Insurance Co., with a maturity date set for 2031. 

The deal was a sale-leaseback agreement, with Barco continuing to fully occupy the space under a six-year, triple-net lease. The industrial facility came online in 1998.

This deal marked Foxfield’s 14th acquisition made through its Foxfield Open-End Fund, that opened in 2020 and has been targeting fully leased Class A and B industrial and flex/R&D assets.

Dennis Mitchell, Matt Wirth and Britton Burdette, together with Jim Freeman with JLL’s Investment Sales and Advisory team negotiated on behalf of the seller. Hailey Realty Co.’s Howard Boyd and John Crawford also provided assistance.

CTO Realty Growth Inc. acquired three open-air shopping centers last week for $137 million. Two were in Florida and one in Charlotte.

CTO purchased the Carolina Pavilion shopping center in south Charlotte for $94 million. The deal includes 700,529 square feet of retail space that is nearly fully leased at 9541 South Blvd. The asset was acquired from Site Centers Corp. The Charlotte Business Journal reports Site Centers bought Carolina Pavilion in 2012 for $110 million.

The transaction included all of Carolina Pavilion except the Target store, which is owned by its occupant. The rest of Carolina Pavilion includes tenants such as Nordstrom Rack, Ross Dress For Less, Floor & Decor, Old Navy and others. ConnectCRE reported on the Florida Centers last week.

CTO Realty Growth is a publicly traded real estate investment trust that owns and operates a portfolio of retail-based properties primarily in higher-growth markets in the United States. 

Mesa Capital Partners has acquired a 282-unit apartment complex in West Midtown Atlanta. The company paid $70.5 million for The Mill at Westside, which was sold by Starlight Investments.

The Atlanta Business Chronicle reports that the property last sold for $72.5 million in November 2018. Mesa secured a nearly $39 million loan from Walker & Dunlop. The loan matures in July 2029.

Monthly rents for units at The Mill at Westside range from $1,486 to $2,412, and the square footage ranges from 632 to 1,396.

On its website, Mesa says it focuses on the identification of quality ground-up multifamily development investments and the opportunistic targeting of distressed, value-add multifamily assets in the primary, secondary and tertiary markets. Starlight says it focuses on servicing the U.S. middle-market household demographic in suburban areas with compelling population, economic and employment growth rates.

EQT Exeter paid $36.25 million ($125/square foot) for an office/industrial portfolio within Satellite Place at Commerce Ave in Duluth, Georgia. The portfolio, spanning 289,921 square feet, is a collection of four flex industrial /R&D/office buildings.

The offering comprises three industrial buildings at 2405, 2425 and 2450 and one single-story office building at 2400. The assets traded from Satellite Place Property, LLC and Satellite Commercial Property, LLC, to  EQT Exeter.

Newmark’s Casey Keitchen brokered the deal on behalf of the sellers, “The new ownership plans to convert the asset to a higher industrial finish ratio over time.”

EQT Exeter says it offers modern, high-quality properties in more than 50 cities around the world where its tenants most want to be. EQT Exeter Real Estate Income Trust (“EQRT”) is an externally managed, non-traded perpetual life REIT designed to provide investors access to a global, vertically integrated real estate platform. 

Lion Real Estate Group, a value-add property buyer, purchased The Apartments at Radbourne Lake, a 225-unit multifamily property in Charlotte.

The Class B property is located at 3209 Westbury Lake Dr. in Charlotte, NC, and Lion states that the property has been well-maintained and managed throughout the seller’s ten-year ownership. The disposition was timed with the seller’s debt maturity and provided an opportunity for Lion to acquire its first asset in Charlotte at a highly discounted basis. 

Lion plans to add value to the asset by focusing capital expenditures on premium interior upgrades such as quartz countertops, energy-efficient LED lighting, stainless steel appliances in all units, new paint on the exterior of the property, updating the clubhouse, and other amenity upgrades. Lion expects to bring rents up to market rates as renovations are completed and improved curb appeal is achieved.

The asset acquisition is the company’s first in the Charlotte market and expands Lion’s multifamily portfolio to 29 communities across five states.