We are fortunate to live and work in a region that experiences steady growth and maintains a healthy economy. From a commercial real estate perspective, the Richmond market is a consistent performer due to its diversified economy and reliable and consistent business drivers. Industrial and multifamily construction activity has remained strong without being overbuilt, eliminating the pattern of “boom and bust” that some other areas experience. A submarket that has been red hot is Scott’s Addition, a 20-square-block neighborhood that has been transformed from warehouses and light industrial to a mixed-use mecca of multifamily, office and retail. Developers and tenants alike appreciate the proximity to the interstate, numerous amenities and abundant diversity within the community. Exceptional walkability scores, along with a thriving restaurant and brewery scene, seem to be driving tenants’ willingness to pay the highest rents in the area. The high cost of new construction also informs these rents and, ultimately, is passed through to end users. Scott’s Addition will likely continue to be a desirable location for many, although high rents and challenging parking will remain an issue for some. Another very desirable submarket and consistent performer is Glen Forest. Primarily office- and medical-focused, this area offers Class …
LEXINGTON, S.C. — Lexington Land Development Co., a locally based developer led by NAI Columbia shareholders Ben Kelly and Patrick Chambers, has broken ground on Platt Springs Crossing, a $65 million mixed-use development in the Columbia suburb of Lexington. Located on 57 acres at 5400 and 5470 Platt Springs Road, the project will comprise a Lowes Foods grocery store, 10,000 square feet of inline retail space, 13 retail outparcels and 142 residential townhouses. In addition to the Lowes Foods anchor, confirmed tenants include Chipotle Mexican Grill (which began construction earlier this summer), Panda Express, Whataburger, Harbor Freight Tools, Heartland Dental, WellStreet Urgent Care, Big Blue Marble Academy, Planet Fitness and Tidal Wave Car Wash. The Lowes Foods grocery store is anticipated to open in third-quarter 2025, as well as the first swath of townhomes. Some of the outparcel retailers will open as early as first-quarter 2025. Site work for the townhomes will begin next month. NAI Columbia is leasing the remaining available space at Platt Springs Crossing on behalf of Lexington Land Development.
COCOA, FLA. — Sinatra & Co. has acquired Cocoa Grand Apartments, a multifamily community located in Cocoa, for $64 million. Built in 2022, the property totals 268 units. The buyer financed the acquisition through its SCRE FL Value Add Fund, with Stolar Capital, The Nanula Family Office and Citi Bank providing debt for the purchase. David Etchison, Cole Whitaker and Mary Beale of Berkadia represented the undisclosed seller in the transaction. Bob Falese of Berkadia arranged financing on behalf of Sinatra & Co., which plans to implement amenity and landscaping improvements at the property.
HUNTSVILLE, ALA. — An affiliate of Greystone Monticello has provided $47.5 million in bridge financing for Metronome at MidCity, a multifamily community located in Huntsville. Situated within the 140-acre master planned community of MidCity District (MCD), the property features 296 residential units within a five-story apartment building, as well as 35,584 square feet of street-level retail space. Randy Wolfe and Drew Marley of Northmarq arranged the 24-month floating-rate financing on behalf of the borrower, RCP Cos. Chris Hetzel of Greystone Monticello originated the loan. Amenities at Metronome at MidCity include a coworking lounge, sky lounge, firepit, pizza oven and grills, a game and media room, fitness room and saltwater pool. MCD also features a Trader Joe’s, 8,000-person amphitheater and 40-acre public park, as well as additional multifamily, retail, hospitality and office space.
SANDY SPRINGS, GA. — JLL Capital Markets has arranged the refinancing for Perimeter Town Center, a 274,284-square-foot portfolio of medical office properties located in Sandy Springs, roughly 20 miles north of downtown Atlanta. Mesa West Capital provided the loan to the borrowers, Harrison Street and Ackerman & Co. Perimeter Town Center comprises three buildings adjacent to Atlanta’s Pill Hill medical hub that houses three hospitals and supporting practices and services. Timothy Joyce, Anthony Sardo and Matt Casey of JLL secured the loan on behalf of the borrower. The three-year, floating-rate financing will be used to repay existing debt, fund capital improvements and defray the costs of recent leasing activity and near-term lease maturities. The owners are currently implementing extensive renovations at the properties.
STARKVILLE, MISS. — Tailwind Group and its partners have acquired Campus Trails, a 480-bed student housing community located near the Mississippi State University campus in Starkville. The property features 156 units in two- and four-bedroom layouts. Tailwind plans to implement renovations at the community over the next 12 months, including strategic unit upgrades, repurposing interior and exterior amenity spaces and general property enhancements. Plans also include a rebranding this fall. William Vonderfecht of CBRE brokered the transaction, which marks Tailwind’s fourth student housing acquisition this year. The seller and sales price were not disclosed.
LITTLETON, COLO. — CBRE has facilitated $25.4 million in acquisition financing for Brixton Capital for the purchase of Parkside at Littleton Village, an apartment community at 300 E. Freemont Place in the Denver suburb of Littleton. The buyer and seller were not disclosed. Built in 2022, the 114-unit community features one-, two- and three-bedroom floorplans, averaging 1,215 square feet. Each unit features high-end finishes including custom cabinets, private balconies or patios, stainless steel appliances, in-unit washers/dryers and wood-style flooring. Community amenities include an entertainment and game room, electric vehicle charging stations, a clubhouse, fitness center and pet park. Scott Peterson, Mark McGovern, Brian Cruz and Colby Matzke of CBRE Capital Markets’ debt and structured finance team secured the five-year, interest-only, nonrecourse loan with a national life insurance company.
PHOENIX — Christiansen Ventures LLC has purchased Alta North Central, an apartment community located in North Central Phoenix. An institutional fund manager sold the asset for an undisclosed price. Built in 2020, Alta North Central features 229 apartments with quartz countertops, custom tile backsplashes, designer cabinetry and stainless steel appliances. Community amenities include a social lounge with a grand piano, epicurean demonstration kitchen, billiards table, multiple TV seating areas and a private resident bar. Additional on-site amenities include an athletic center with spin and yoga rooms and a swimming pool and spa area with fire features and in-water seating. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal. Troy Tegeler and CJ Connolly, along with the CBRE Debt & Structured Finance team, arranged financing for the buyer.
GALLUP, N.M. — Faris Lee Investments has arranged the sale of Zecca Plaza, a retail property located in Gallup, a small city near the Arizona border approximately 150 miles west of Albuquerque. The asset traded for $12.9 million, or $126 per square foot. Situated on 6.3 acres, Zecca Plaza offers 110,593 square feet of retail space. Current tenants include Albertsons, Goodwill, O’Reilly Auto Parts and Aaron Rents. Don MacLellan and Chris DePierro of Faris Lee Investments represented the undisclosed seller and undisclosed buyer in the transaction.
GILBERT, ARIZ. — Seefried Industrial Properties, with development partner MDH Partners, has acquired a 5.1-acre site in Gilbert, approximately 20 miles southeast of Phoenix. The developers plan to build an industrial property named Fiesta Tech Center on the land. Construction is slated to begin in third-quarter 2024, with delivery expected in second-quarter 2025. Located at 1352 N. Fiesta Blvd., Fiesta Tech Center will feature 59,723 square feet of industrial space. The facility will offer 28-foot clear heights, 19 dock-high doors, four grade-level doors and 78 parking stalls within a secure, fenced site. The building will be able to accommodate tenants with space requirements ranging from 14,930 square feet to 59,723 square feet. The project team includes DLR Group as architect, Cole Engineering as civil engineer and Alcorn Construction as general contractor. Mike Peter of CBRE will oversee leasing and marketing for the property.