Thursday, March 6, 2025
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DevelopmentMixed-UseMultifamilyRetailSouth CarolinaSoutheast

Flournoy Breaks Ground on 365-Unit District South Apartment Property in Greenville

by John Nelson

GREENVILLE, S.C. — Flournoy Development Group has broken ground on District South, a 365-unit apartment development located on a 21-acre site in Greenville. The property will include five four-story apartment buildings, 12 townhome buildings, three carriage home buildings and 13 retail spaces. Amenities will include a grab-and-go market, lounge, fitness and wellness center, resort-style swimming pool with a courtyard, outdoor entertainment areas, dog park and an indoor pet spa. The project team for District South includes architect Dynamik Design, general contractor McShane Construction and civil engineer Gray Engineering. Flournoy Properties Group will manage the apartment property. The construction timeline was not released.

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Affordable HousingDevelopmentLoansMultifamilySoutheastVirginia

Advantage Capital Closes Financing for Affordable Housing Development in Charlottesville, Virginia

by John Nelson

CHARLOTTESVILLE, VA. — Advantage Capital has closed the financing for the second phase of Kindlewood, a $68 million affordable housing redevelopment and expansion in Charlottesville. Phase II, which broke ground last month, will add 100 new units, half of which are replacement units for existing residents and the rest are new affordable housing units. The second phase will also include a new learning center, community center and the headquarters for Piedmont Housing Alliance, a partner in Kindlewood’s development team. National Housing Trust is also a development partner for Kindlewood. The last tranche of financing was $9.6 million in state Low-Income Housing Tax Credits (LIHTCs) in connection with the Virginia Housing Opportunity Tax Credit (HOTC) program. The development team expects to deliver the second phase in fall 2026.

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AcquisitionsFloridaRestaurantRetailSoutheast

SRS Brokers $4.1M Sale of Restaurant in Spring Hill, Florida Leased to Chipotle

by John Nelson

SPRING HILL, FLA. — SRS Real Estate Partners has brokered the $4.1 million sale of a new restaurant located at 10377 County Line Road in Spring Hill, about 50 miles north of Tampa. Chipotle Mexican Grill leases the 2,489-square-foot property on a 20-year, corporate-guaranteed lease. The restaurant is an outparcel to Seven Hills Center, a shopping center anchored by Publix, and is situated a half-mile from Tampa General Hospital Spring Hill. Patrick Nutt and William Wamble of SRS represented the seller, a developer based in Florida, in the transaction. A private investment firm based in Colorado purchased the restaurant at a 4.66 percent cap rate.

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Leasing ActivityMixed-UseNorth CarolinaOfficeRetailSoutheast

One Alliance Brings 32,936 SF Johnsbury Square Mixed-Use Property in Metro Charlotte to Full Occupancy

by John Nelson

CORNELIUS, N.C. — One Alliance Cos. has fully leased Johnsbury Square, a mixed-use property located at 19901-19905 W. Catawba Ave. in Cornelius, about 20 miles north of Charlotte. RE/Max Executive leased the last remaining office suite at Johnsbury Square. Kasandra Brew Blum represented the landlord on an internal basis. Existing tenants include Fusion Bowl, FitFast20, Apotheca Canabis Dispensary and Coffee Republic & Bakery, among others.

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1065-Link-Anaheim-CA
CivicDistrict of ColumbiaLeasing ActivityOfficeSoutheast

Easterly Government ‘Remains Committed’ to Public-Private Partnership With Federal Government Amid DOGE Activity

by John Nelson

WASHINGTON, D.C. — Easterly Government Properties (NYSE: DEA), an office REIT that owns assets leased to the U.S. government and affiliates, has released its fourth-quarter 2024 results. The company exceeded its initial full-year guidance and achieved results at the upper end of raised guidance, with a net income of $20.6 million. In 2024 alone, Easterly purchased 10 properties either solely or in joint venture arrangements totaling $230 million. The company also expanded its investment strategy to include office properties leased to private sector government contractors and reduced its total portfolio energy consumption by 4 percent year-over-year.  “We are pleased with the position of our portfolio,” said Darrell Crate, president and CEO of Easterly. Easterly has been directly affected by the recent activities of the Department of Government Efficiency (DOGE), a newly created federal department championed by Elon Musk, owner of Tesla, X (formerly Twitter) and SpaceX. According to multiple media outlets, DOGE has announced that it has terminated 2.3 million square feet of federal office leases and saved $145 million. DOGE is now targeting the termination or consolidation of nearly 100 more leases at government offices in several markets, most notably in the nation’s capital, according to The Wall Street Journal. …

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17-17-Route-208-Fair-Lawn-New-Jersey
AcquisitionsNew JerseyNortheastOffice

Atkins Cos. Buys Northern New Jersey Office Building for $22M

by Taylor Williams

FAIR LAWN, N.J. — Locally based development and investment firm Atkins Cos. has purchased a 150,000-square-foot office building in the Northern New Jersey community of Fair Lawn for $22 million. Summit Health anchors the three-story building via a 78,000-square-foot footprint. Jeff Dunne, Doug Rodio, Travis Langer, Dan Blumenkrantz, Brannan Knott and Chris Bodnar of CBRE represented the seller, metro Philadelphia-based Keystone Development + Investment, in the transaction. The team also procured Atkins Cos. as the buyer. Upon closing, the new ownership also secured leases with law firm Gottlieb & Greenspan (6,000 square feet) and SportsCare Physical Therapy (4,600 square feet), bringing the property to full occupancy.

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AcquisitionsMixed-UseNew YorkNortheast

Ariel Property Advisors Negotiates $11.8M Sale of East Harlem Mixed-Use Building

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $11.8 million sale of a 29,975-square-foot mixed-use building in East Harlem. The building is located at 1875 Lexington Ave. and comprises 30 multifamily units and six commercial spaces. Shimon Shkury, Victor Sozio and Alexander Taic of Ariel represented the undisclosed seller in the transaction. The buyer was locally based private equity firm Tahari Capital.

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The-Crawford-Roseville-CA
CaliforniaDevelopmentMultifamilyWestern

USA Properties Fund Begins Construction of 265-Unit Affordable Housing Project in Roseville, California

by Amy Works

ROSEVILLE, CALIF. — USA Properties Fund has started construction on The Crawford, an affordable multifamily community in Roseville. Located at Fiddyment Road and Harvey Way, The Crawford will offer 265 one-, two- and three-bedroom apartments, with some available as early as fall 2026. Completion is slated for spring 2027. Community amenities will include a community room, fitness room, swimming pool and dog park. Additionally, residents will have access to LifeSTEPS, a social-services provider that offers numerous services for residents. The Crawford residents must meet income requirements, earning 30 percent to 70 percent of the area median income of Placer County, Calif., about $35,370 to $82,530 per year for a four-year household. The City of Roseville Housing Authority provided eight project-based vouchers, securing apartments for very low-income residents, for the project. Bank of America is the tax credit investor and construction lender, while Citi Community Capital is the permanent lender on the $112 million project. Safehold is the leaseholder of the property.

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2525-Main-St-Irvine-CA
AcquisitionsCaliforniaOfficeWestern

J+R Group Divests of Office Property in Irvine, California for $37.6M

by Amy Works

IRVINE, CALIF. — J+R Group has completed the sale of 2525 Main Street, an office building in Irvine, to Pacific Tree Capital for $37.6 million, or $262 per square foot. Situated on 3.7 acres, 2525 Main Street offers 143,269 square feet of office space. At the time of sale, the property was 98 percent leased to nine tenants. Prior to sale, J+R Group invested significant capital into all aspects of the building, including all common areas, tenant spaces, a brand new six-story parking garage and approved residential entitlements on excess land. Jeffrey Cole, Nico Napolitano, Kevin Nolen, Jason Kimmel and Kristen Schottmiller of Cushman & Wakefield represented the seller in the transaction.

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AcquisitionsMultifamilyNew YorkNortheast

Marcus & Millichap Brokers $4.6M Sale of Queens Apartment Building

by Taylor Williams

NEW YORK CITY — Marcus & Millichap has brokered the $4.6 million sale of a 10-unit apartment building in Queens. The elevator-served building at 18-10 Astoria Blvd. offers studio and one-bedroom units, as well as a landscaped rooftop terrace. Sean Fopeano, Shaun Riney, Louis Zarif and David Cornejo of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity.

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