Property Type

Jamestown Breaks Ground on 79-Acre Navy Yard Redevelopment Project in North Charleston

by Jeff Shaw January 31, 2023

NORTH CHARLESTON, S.C. — Jamestown, along with local real estate developers Weaver Capital Partners and WECCO Development, has broken ground on the first buildings at Navy Yard Charleston, the 79-acre mixed-use redevelopment of a former naval base in North Charleston. This first phase of the redevelopment involves converting two historic storehouses — Storehouse 8 and Storehouse 9 — on the project site into a total of 107,000 square feet of mixed-use space for restaurants, retail, office space and apartments. The buildings are scheduled to open in 2024. The 40,000-square-foot, two-story building known as Storehouse 8 will be restored and repurposed as a restaurant, event space and offices. To preserve the history and character of the building, which was constructed in 1906 as naval administrative offices, the renovation will salvage architectural details such as the original hallways, trim, railings, flooring, slate roof and copper soffits. The adjacent Storehouse 9, a 67,000-square-foot, four-story building constructed in 1918 as naval administration offices and storage facility, will be converted into restaurant and retail space on the ground floor, a rooftop bar and restaurant with views of the Cooper River and 86 multifamily units offering flexible live/work layouts. In addition to the redevelopment of Storehouses …

January 31, 2023

Market Reports Mixed-Use North Carolina Restaurant Retail Southeast Southeast Market Reports

Triangle’s Retail Market Turns New Page Led by Openings of Mixed-Use Developments

by John Nelson January 31, 2023

The retail market across the Raleigh-Durham region, also known as the Triangle, soared to new heights in 2022 despite significant global economic headwinds. Spurred by population growth and major economic development announcements, 2022 was filled with the groundbreaking and opening of new retail and mixed-use projects across the region. For the second consecutive year, North Carolina witnessed record-breaking economic development activity. New and expanding companies announced more than 12,700 jobs and more than $11 billion in new investments in the Triangle region alone. While the urban sectors lagged through 2020 and 2021, they saw a resurgence in 2022 with major tenant announcements for Smoky Hollow (Kane Realty Corp.) such as Midwood Smokehouse, The Crunkleton, Madre, Dose and New Anthem Beer Project. Downtown Raleigh also featured the delivery of 301 Hillsborough at Raleigh Crossing (Barings), Tower Two of Bloc 83 (City Office REIT) and construction of Seaboard Station (Hoffman & Associates). Downtown Durham boasted major groundbreaking, retailer and restaurant announcements as well, including the groundbreaking of Novus (Austin Lawrence Partners), encompassing 23,000 square feet of ground-floor retail space and 27 floors of high-end residential. American Tobacco Campus reimagined its restaurant mix to announce Five Star, Press, Queen Burger and the soon-to-open …

January 31, 2023

Bohler Content Partner Data Centers Development Features Midwest Northeast Texas Western

Data Center Developers Consider Unconventional Sites, Streamlining Strategies to Meet Immense Demand

by Sarah Daniels January 31, 2023

Data center development is simultaneously growing by leaps and bounds as well as suffering from its own success. The easy-to-develop sites have been snapped up and demand for additional data and cloud services continues to grow, forcing developers to look beyond the obvious locations for sites. This can entail running into less-than-obvious delays in the development process. Data centers reliably store and transmit the deluge of information that makes modern life possible. The factors driving the need for data centers — enterprise demand for cloud services, dependence on 5G cell networks, artificial intelligence technology, edge computing capabilities, social media use and streaming needs — will continue to grow exponentially in the coming years. According to a September 2022 report by advisory company Arizton, approximately 2,825 megawatts of power capacity will be added to the data center market in the next five years. The same report forecasts the U.S. data center construction market will reach $25 billion by 2027, up from $20 billion in 2021. Data centers are utility-intensive property types, and the sites that can support their formidable power, communication and water needs often require high-level considerations right from the start. How can the development process for such projects be streamlined …

January 31, 2023

Acquisitions Alabama Georgia Self-Storage Southeast Tennessee

Marcus & Millichap Brokers Sale of 3,369-Unit Self-Storage Portfolio in the Southeast

by John Nelson January 30, 2023

COLUMBUS, OHIO — Marcus & Millichap has arranged the sale of a self-storage portfolio comprising 10 Boardwalk Storage facilities located in Alabama, Georgia and Tennessee. The properties total 3,369 units across 569,530 square feet. Gabriel Coe, Nathan Coe and Brett Hatcher of Marcus & Millichap arranged the sale on behalf of the undisclosed seller and procured the buyer, which was also not disclosed. At the time of sale, the portfolio, which includes a mix of climate-controlled and non-climate-controlled units, was 64 percent leased. The Alabama property is located in the city of Opelika, with the Georgia properties located in Dahlonega, Clermont, Loganville, Perry and Jasper. In Tennessee, the facilities are situated in Ooltewah, Chattanooga and Soddy-Daisy. Marcus & Millichap’s brokers of record in Alabama, Georgia and Tennessee are Eddie Greenhalgh, John Leonard and Jody McKibben, respectively.

January 30, 2023

Development Maryland Mixed-Use Southeast

ARLS Underway on 35-Acre Bel Air Village Mixed-Use Development in Metro Baltimore

by John Nelson January 30, 2023

BEL AIR, MD. — ARLS Properties LLC is underway on the construction of Bel Air Village, a 35-acre mixed-use community located in Bel Air, roughly 30 miles northeast of Baltimore. Upon completion, the development will feature 115,000 square feet of office and retail space, 252 multifamily units and 24 townhomes. Four freestanding buildings, ranging in size from 7,000 to 11,000 square feet, will comprise the retail component, along with five pad sites of one to two acres each. A 50-unit multifamily building will be completed first, with the additional multifamily buildings to be built next year. Completion of the first phase of the project is scheduled for later this year. Sean Langford and Tom Fidler of MacKenzie Commercial Real Estate Services LLC will handle retail leasing for the development.

January 30, 2023

Development Multifamily South Carolina Southeast

Atlas, FIDES Acquire Site in Charleston for 331-Unit Darby Apartment Project

by John Nelson January 30, 2023

CHARLESTON, S.C. — Atlas Real Estate Partners and FIDES Development have acquired a site in Charleston for the development of The Darby, a 331-unit multifamily community. Located at 1590 Meeting St., the asset will be situated in Charleston’s NoMo corridor. Full entitlements and site plan approval have been obtained for the project, which will include units in studio, one- and two-bedroom layouts. Upon completion, the community will feature two courtyards, a pool, pickleball court, dog park and 9,000 square feet of indoor amenity space, including a coworking facility. The sales price for the land was not disclosed.

January 30, 2023

Acquisitions Florida Retail Southeast

JLL Brokers $24.1M Sale of Shopping Center in St. Augustine, Florida

by John Nelson January 30, 2023

ST. AUGUSTINE, FLA. — JLL Capital Markets has arranged the $24.1 million sale of Parkway Village at St. Johns, a 52,070-square-foot retail center located at the intersection of International Golf Parkway and Commerce Lake Drive in St. Augustine, roughly 40 miles southeast of Jacksonville. Danny Finkle, Alex Sharrin, Eric Williams, Jorge Portela, Jeff Cicurel and Kim Flores of JLL brokered the sale on behalf of the developer and seller, a joint venture between Stiles Corp. and Cantrell & Morgan. Built in 2022, the property was fully leased at the time of sale. A 52,070-square-foot Publix anchors the center. Other tenants include Supercuts, Orangetheory Fitness and The Loop, with Starbucks Coffee and Heartland Dental occupying two outparcels. An undisclosed private buyer acquired the property.

January 30, 2023

Florida Loans Mixed-Use Office Retail Southeast

Whalou Properties Receives $24M Financing for Improvement of Mixed-Use Development in Miami

by John Nelson January 30, 2023

MIAMI — Whalou Properties has received $24 million in financing for the improvement and modernization of Mayfair in the Grove, a mixed-use development in Miami’s Coconut Grove neighborhood that comprises 281,721 square feet of office and retail space. Craig Romer of Dockerty Romer & Co. arranged the permanent mortgage financing through Guggenheim Partners on behalf of Whalou, which is owned and controlled by Timo Kipp. Mayfair in the Grove was fully leased at the time of sale to tenants including Sapient, Santander, Sony Music and One Park Financial. Whalou acquired the development in 2010.

January 30, 2023

Acquisitions California Development Hospitality Western

Weller Development Partners Buys 2,870-Acre Aetna Springs Resort in Napa Valley

by Amy Works January 30, 2023

POPE VALLEY, CALIF. — Weller Development Partners has acquired Aetna Springs, a 2,870-acre wine country resort in Pope Valley. Mosaic Real Estate Investors sold the asset for an undisclosed price. Located at 1600 Aetna Springs Road, the property has producing vineyards, a community clubhouse, a nine-hole golf course designed (currently closed, but minimally maintained), tennis courts, a swimming hole and 40 planned estate lots. Development plans include 70 guest cottages in the historic resort village, 18 glamping sites, expansion of the existing vineyards and construction of the estate homes. Additional plans include recreational activities on Lake Juliana, a full-service spa, recreational center, restaurants and a boutique winery. Six Senses will operate the resort upon completion. Aetna Springs’ history stems from its 19th century origins, when it was best known for its mineral hot springs and outdoor activities. The property is 16 miles north of downtown St. Helena, and its vineyards produce cabernet sauvignon, sauvignon blanc and petite syrah grapes that are sold to premier wine brands, including Rombauer, Frank Family, Duckhorn and The Prisoner. Henry Bose, Alex Lee-Bull, Elena Quach, Jeff Woolson, Tom Berry and Morgan Abbott of CBRE represented the seller in the deal.

January 30, 2023

Acquisitions Idaho Retail Western

Ironwood Partners Sells 105,406 SF Ironwood Square Shopping Center in Coeur d’Alene, Idaho

by Amy Works January 30, 2023

COEUR D’ALENE, IDAHO — Ironwood Partners LLC has completed the disposition of Ironwood Square, a retail center in Coeur d’Alene. EMES Ironwood LLC acquired the property for an undisclosed price. Kobe Furqueron of Marcus & Millichap’s Salt Lake City office represented the seller, while Allan Friedman of Westlake Associates procured the buyer in the deal. Adam Lewis is Marcus & Millichap’s brokers of record in Idaho. At the time of sale, the 105,406-square-foot Ironwood Square was 96.2 percent occupied. Current tenants include Staples, Rite Aid, Holiday’s Hallmark, Wells Fargo, Tesoro Fuel Center, Beyoutiful Hot Yoga and Norco Medical. Staples and Rite Aid recently extended their leases by seven and 10 years, respectively.

January 30, 2023

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