Property Type

Marcus & Millichap Brokers Sale of 17,200 SF Industrial Park in Show Low, Arizona

by Amy Works June 5, 2024

SHOW LOW, ARIZ. — Marcus & Millichap has arranged the sale of Show Low Small Bay Industrial Park, a two-building industrial asset in Show Low, approximately 175 miles northeast of Phoenix near the New Mexico border. A private investor sold the property to a California-based private investor for $2.2 million. Located at 1241 E. Lumbermans Loop, Show Low Small Bay Industrial Park offers 17,200 square feet of small-bay industrial space on 1.5 acres. At the time of sale, the buildings were fully leased. Cory Gross of Marcus & Millichap represented the seller and procured the buyer in the deal. Ryan Sarbinoff, also of Marcus & Millichap, served as broker of record in Arizona for the transaction.

June 5, 2024

Development North Carolina Retail Southeast Top Stories

Carolina Panthers Propose $1.3B in Renovations to Bank of America Stadium

by Kristin Harlow June 5, 2024

CHARLOTTE, N.C. — The NFL’s Carolina Panthers have unveiled plans for a renovation of its Bank of America Stadium in Charlotte totaling $1.3 billion. Highlights of the renovation include a park-like setting and exterior video boards for watch parties at the stadium’s entrance. Once inside, fans would experience a new sound system, scoreboard and video boards. Plans call for social areas with skyline views, improved concessions with regional offerings and an expanded team store. Additional improvements include new seats installed throughout the bowl; improved accessibility throughout the facility; stadium safety and security enhancements; a reimagined South Lawn Pavilion area; upgraded restrooms; enhancements to the stadium exterior; and modernization of the building systems. The renovation would be an ongoing partnership between the City of Charlotte and Tepper Sports & Entertainment (TSE), which owns and operates the Carolina Panthers, Bank of America Stadium and Major League Soccer’s Charlotte Football Club. Details of the proposed partnership include a fixed investment of $650 million from the City of Charlotte and a total investment of $688 million by TSE, including $117 million that was invested prior to June 2024. The city’s investment does not require any new or increased taxes, according to a release …

June 5, 2024

Eran Dor Pavlov Spaces Multifamily Amenities quote

Content Partner Development Features Leasing Activity Midwest Multifamily Northeast Pavlov Media Southeast Texas Western

How Developers Use Mix of Technology, Amenities to Attract Residents

by Sarah Daniels June 5, 2024

The multifamily industry faces a major challenge. Final construction costs have grown 33 percent since 2019 interest rates and operational expenses are sky high; and rents may need to increase, where possible, to make deals feasible — an off-putting reality for residents. One developer solution is smaller apartments, which make units cheaper. There is also a push to add more common-space amenities that are both valuable and less costly to include. These features include rooftop spaces, green areas and decks. However, to make these spaces truly usable for today’s multifamily residents, it is important to make them technologically flexible and to offer easy internet connection. “The floor plans of most new-construction multi-dwelling units (MDUs) today are shrinking, and their amenities are expanding,” says Bryan Rader, president of MDU at networking and internet service company Pavlov Media. According to RentCafe, the average size of newly constructed apartment units fell by almost 6 percent in a decade, with half of that change occurring in the last year. Rader likens it to the “resort-style community” approach, where hotel rooms are small, and guests are encouraged to spend time everywhere else on the property. Similarly, multifamily developers create shared amenities such as comprehensive fitness …

June 5, 2024

Acquisitions Retail Southeast Virginia

Federal Realty Acquires 665,000 SF Virginia Gateway Shopping Center in Metro D.C. for $215M

by John Nelson June 4, 2024

GAINESVILLE, VA. — Federal Realty Investment Trust has acquired Virginia Gateway, a 665,000-square-foot retail center situated on 110 acres in Gainesville, about 35 miles west of Washington, D.C.. The purchase price was $215 million, and the seller was not disclosed. Tenants at the property, which is organized into five sections and was 95 percent occupied at the time of sale, include Giant Food, HomeGoods, Ulta Beauty, Total Wine & More and Hobby Lobby. The campus includes a Super Target that was not included in the transaction.

June 4, 2024

Acquisitions Industrial Maryland Office Southeast

DSC Partners, Harbert Management Buy Industrial Portfolio in Suburban Maryland for $86.4M

by John Nelson June 4, 2024

LANHAM, MD. — DSC Partners, in partnership with Harbert Management Corp. (HMC), has purchased Forbes Center, a 17-property, 785,000-square-foot portfolio comprising industrial, flex and office buildings in Lanham, about 12 miles northeast of Washington, D.C. The seller was not disclosed. Tenants at the property include distribution companies, government contractors, local and national service providers and medical groups. Rob Pugh, Ken Fellows, Keiry Martinez and Aaron Carroll of KLNB will lease the properties on behalf of the buyers, and Transwestern will provide property management services.

June 4, 2024

Development Multifamily Southeast Virginia

DRP, Stony Point to Break Ground on 328-Unit Multifamily Development in Charlottesville, Virginia

by John Nelson June 4, 2024

CHARLOTTESVILLE, VA. — Dominion Realty Partners (DRP), in partnership with Stony Point Development Group (SPDG), has announced plans to break ground on Rio Point Apartments, a multifamily development in Charlottesville. United Bank will provide construction financing and Quad Capital Partners is providing equity for the project, which is scheduled to begin construction in the coming days. Upon completion, the property will total 328 units, with 15 percent of residences designated as affordable housing for residents earning 80 percent of the area median income (AMI). Apartments will feature one-, two- and three-bedroom layouts. Amenities will include a pool with grilling stations, fitness center and an interior park with a separate dog park. The first units of Rio Point are scheduled for completion in summer 2025.

June 4, 2024

Acquisitions Alabama Multifamily Southeast

Oakley Group Purchases 110-Unit Deerfield Place Apartments in Florence, Alabama

by John Nelson June 4, 2024

FLORENCE, ALA. — Birmingham-based Oakley Group has acquired Deerfield Place, a 110-unit apartment community located at 137 Deerfield Place in Florence. Built in 2018 and totaling 137,500 net rentable square feet, the property comprises 13 one- and two-story buildings. Pinehurst Investments, the original developer, sold the community to Oakley Group for an undisclosed price. David Sizemore of CommerceOne Bank arranged acquisition financing on behalf of the buyer in the form of a fixed-rate, five-year loan. The property was 95 percent occupied at the time of sale. Oakley Group plans to implement improvements to the community, including the addition of a fitness center and outdoor gathering place. Arlington Properties will continue to serve as the onsite management firm on behalf of the new owner.

June 4, 2024

Industrial Leasing Activity Louisiana Southeast

Feil Organization Signs Two Industrial Leases Totaling 20,700 SF in Elmwood, Louisiana

by John Nelson June 4, 2024

ELMWOOD, LA. — The Feil Organization has signed two industrial leases totaling 20,700 square feet at Elmwood Distribution Center in Elmwood, about nine miles west of New Orleans. Mayesh Wholesale Florist and 1-800 Radiator will occupy 9,500 and 11,200 square feet at the property, respectively. Built in 1974, Elmwood Distribution Center totals 411,689 square feet at 5600 Jefferson Highway, with warehouse suites ranging from 5,625 to 25,000 square feet. Bert Duvic of Max Derbes represented 1-800 Radiator in the lease negotiations. Gerard Henry, also of Max Derbes, represented Mayesh Wholesale Florist. Feil was represented on an in-house basis by Katina Spera.

June 4, 2024

Development Industrial Self-Storage Texas

Bakke, Batson-Cook Break Ground on 751-Unit Self-Storage Facility in San Antonio

by Taylor Williams June 4, 2024

SAN ANTONIO — A partnership between San Antonio-based Bakke Development Corp. and Atlanta-based Batson-Cook Development Co. (BCDC) has broken ground on a 751-unit self-storage facility at the corner of SW Loop 410 and Palo Alto Road in San Antonio. The facility will span 86,475 net rentable square feet of space. Project partners include Alamo Architects, civil engineer INK Civil, general contractor Independent Contractors and construction lender Security State Bank. Completion is slated for the second quarter of 2025. The project marks the seventh self-storage collaboration between Bakke and BCDC, with construction on the most recent project, a 773-unit facility in Weslaco, beginning earlier in March.

June 4, 2024

Industrial Leasing Activity Texas

Control Panels USA Preleases 145,950 SF Industrial Project in Georgetown, Texas

by Taylor Williams June 4, 2024

GEORGETOWN, TEXAS — Control Panels USA has preleased a 145,950-square-foot industrial project in the northern Austin suburb of Georgetown. The manufacturer will occupy the entirety of Building 2 at CrossPoint Business District, the first phase of which will feature 488,758 square feet across three buildings and 61.7 acres. The company expects to take occupancy in January 2025. Darryl Dadon and Olivia Reed of CBRE represented the landlord, a partnership between Jackson-Shaw and Diamond Realty Investments, in the lease negotiations.

June 4, 2024

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