Property Type

Terwilliger Pappas to Develop 210-Unit Solis Birkdale Apartments in Huntersville, North Carolina

by John Nelson February 23, 2023

HUNTERSVILLE, N.C. — Terwilliger Pappas plans to break ground this September on Solis Birkdale, a 210-unit apartment community in the Charlotte suburb of Huntersville. The property will serve as the multifamily component of Birkdale Place, a mixed-use development by Gustafson Partners that will also feature a 140-room hotel and conference center and 45,000 square feet of shops and restaurants. Terwilliger Pappas plans to complete Solis Birkdale in the second quarter of 2025. The property will have studio, one- and two-bedroom apartments and townhomes, as well as a resort-style pool, fitness center with yoga studio, coworking offices, game and lounge areas and a pet spa. The project team includes general contractor Clancy & Theys, architectural firm BB+M and landscape architect and civil engineer Bolton & Menck. Also in the Carolinas, Terwilliger Pappas recently sold Solis Nexton in the Charleston suburb of Summerville, S.C., to Boston-based West Shore. The sales price was not disclosed.

February 23, 2023

Acquisitions Alabama Industrial Southeast

Coro Realty, H2RE Capital Purchase 319,413 SF Industrial Campus in Birmingham

by John Nelson February 23, 2023

BIRMINGHAM, ALA. — A joint venture between Coro Realty and H2RE Capital has purchased Airport Highway Park, a 319,413-square-foot industrial campus in Birmingham. The sales price and seller were not disclosed. The seven-building park is situated along Messer Airport Highway near Birmingham-Shuttlesworth International Airport. The seven warehouses were fully leased at the time of sale. Tripp Alexander of Colliers brokered the transaction. Coro and H2RE Capital plan to make capital improvements to Airport Highway Park during their ownership period.

February 23, 2023

Acquisitions North Carolina Retail Southeast

Stream Realty Brokers $10.3M Sale of Retail Center in Charlotte’s NoDa District

by John Nelson February 23, 2023

CHARLOTTE, N.C. — Stream Realty Partners has brokered the sale of 36 & NoDa, a 26,447-square-foot retail center located at 501-517 E. 36th St. in Charlotte’s North Davidson (NoDa) neighborhood. AJ Capital Partners purchased the center from Charlotte-based Ascent Real Estate Capital for $10.3 million. Jared Londry and Alex Olofson of Stream Realty represented the seller in the transaction. 36 & NoDa was fully leased at the time of sale to tenants including Salud Cerveceria and Neighborhood Theatre.

February 23, 2023

Company News District of Columbia Maryland Multifamily Southeast Virginia

KLNB Acquires Edge Commercial Real Estate Brokerage Firm

by John Nelson February 23, 2023

WASHINGTON, D.C., AND ROCKLEDGE, MD. — KLNB has acquired Edge Commercial Real Estate, a Rockledge-based brokerage with offices in Maryland, Virginia and Washington, D.C. The move increases the size of the Washington, D.C.-based commercial real estate brokerage firm by 20 percent and serves as KLNB’s entry into the multifamily brokerage arena. KLNB is adding 32 total employees, 18 of which are brokers who specialize in multiple facets of office, industrial, tenant representation and multifamily investment sales. Six of the brokers will be immediately installed as principal partners at KLNB. “The acquisition of Edge fits perfectly in our timeline for smart and disciplined progression,” says Marc Menick, president of KLNB. “By acquiring Edge, we will be able to do virtually everything we’re already known for, but at an even higher level and a wider reach. And in the case of multifamily, this opportunity brings the KLNB customer experience to a whole new sector that we have wanted to approach for some time.” Additionally, KLNB will fold Edge’s property management division, which oversees a 1 million-square-foot portfolio, into its KLNB Asset Services platform, a joint venture between KLNB and Divaris Real Estate. Terms of the transaction were not disclosed.

February 23, 2023

Affordable Housing Development Michigan Midwest Mixed-Use Multifamily Office Retail Top Stories

Bedrock Plans 1.5 MSF Cadillac Square Mixed-Use Development in Downtown Detroit

by Jeff Shaw February 23, 2023

DETROIT — Locally based real estate firm Bedrock has unveiled plans for Development at Cadillac Square, a 1.5 million-square-foot mixed-use campus in downtown Detroit. The site is located near Ford Field, home of the NFL’s Detroit Lions, as well as Campus Martius Park and Cadillac Square. The development will feature residential, retail, office and entertainment space, as well as parking. Bedrock is owned by billionaire and Rocket Cos. founder Dan Gilbert, who with his companies has invested $5.6 billion in the purchase and rehabilitation of buildings in downtown Detroit, according to Forbes. Gilbert himself boasts a net worth of $18 billion and owns Rocket Mortgage Fieldhouse — home of the NBA’s Cleveland Cavaliers (also owned by Gilbert) — in Cleveland, Ohio, where his real estate arm is planning the Cuyahoga Riverfront, another in the trend of developing mixed-use projects around sports stadiums. Upon completion, the Development at Cadillac Square property will include 230,000 square feet of residential space, comprised of 250 to 280 units. The project is subject to an Affordable Housing Agreement with the City of Detroit. Retail space will total 90,000 square feet in the form of a market hall, grocery store, restaurants and other shops. Plans for …

February 23, 2023

Development Features Multifamily Multifamily & Affordable Housing Feature Archive

Report: Commercial-to-Multifamily Conversions Bring Balance to Markets

by Jeff Shaw February 23, 2023

WASHINGTON, D.C. — With many office buildings, hotels and shopping malls sitting vacant or underutilized, repurposing commercial properties into multifamily housing is growing more commonplace. A recently released report suggests that these conversions could be financially feasible across a broad range of markets and circumstances. “Conversions have existed for decades, but the pandemic has accelerated their growth potential by rendering more commercial properties obsolete,” says Anita Kramer, senior vice president of the ULI Center for Real Estate Economics and Capital Markets. “Our research demonstrates that there’s no ‘cookie-cutter’ formula for executing a successful project, but we do hope the insights that experienced developers shared with us can provide valuable guidance.” Behind the Facade: The Feasibility of Converting Commercial Real Estate to Multifamily was conducted by the National Multifamily Housing Council (NMHC) Research Foundation and the Urban Land Institute (ULI) Terwilliger Center for Housing. The report examines the viability of converting old or under-utilized commercial properties, with data gathered through interviewing the developers of 29 commercial-to-multifamily conversion projects. According to the report, costs can vary based on several factors, particularly the initial acquisition and the demographic the project targets once completed. Most developers reported successful returns on investment regardless of cost, however, …

February 23, 2023

Indiana Industrial Market Reports Midwest Midwest Market Reports

Slowdown in Construction Starts Helps Balance Indianapolis Industrial Market

by Kristin Harlow February 23, 2023

By Ken Martin, JLL The Indianapolis industrial real estate market ended 2022 nearing a record high for a single year with more than 19.6 million square feet of absorption. Much of this was recorded in Hendricks, Johnson and Hancock counties with total year-end net absorption of 7.3, 6.4 and 3.2 million square feet, respectively. These submarkets continue to offer tenants excellent access to both interstate highways to transport goods across the country, as well as strong employment bases. Developers and tenants often cite employment bases as their No. 1 criteria in selecting an optimum site. With vacancy at an all-time low of sub 5 percent for the majority of 2022, developers and owners were able to push rents as demand outstripped supply. As recently as two to three years ago, rents were consistently in the high $3’s per square foot range and now we consistently see rents in the $5 per square foot range or higher. Year-end asking rents averaged $5.54 per square foot overall and $6.48 per square foot for mid-sized warehouse space. In some markets, however, rents for warehouse space were well above the average. In the central business district, for example, asking rates for warehouse …

February 23, 2023

Development Georgia Industrial Southeast

Automotive Supplier to Open $300M Manufacturing Facility in Rincon, Georgia

by John Nelson February 22, 2023

RINCON, GA. — Sewon America, a subsidiary of Korean-based automotive supplier Sewon Precision Industry Co., plans to invest $300 million for a new manufacturing facility in Rincon. Situated within the Grande View industrial park, the project is expected to support 740 new jobs in the Effingham County area. Sewon America’s new manufacturing location will produce electric vehicle body parts for automotive manufacturers, including Hyundai. Operations are expected to begin in 2025. The company opened a manufacturing facility in LaGrange, Ga., in 2008, which has since doubled in size. The Sewon America development is the latest in a string of automotive suppliers announcing projects around the Hyundai Metaplant in Bryan County, representing roughly $1.8 billion in investment to-date. This announcement fulfills Hyundai’s commitment to create jobs and investment in all four of the Savannah Harbor Interstate-16 Joint Development Authority (JDA) counties.

February 22, 2023

Acquisitions Multifamily Southeast Virginia

Cushman & Wakefield Negotiates $101.9M Sale of Marina Shores Apartment Homes in Virginia Beach

by John Nelson February 22, 2023

VIRGINIA BEACH, VA. — Cushman & Wakefield has negotiated the $101.9 million sale of Marina Shores Apartment Homes, a 392-unit multifamily community located at 257 Willow Oak Circle in Virginia Beach. FPA Multifamily acquired the property from the undisclosed seller. Jorge Rosa and T.J. Liberto of Cushman & Wakefield partnered with NAI Global to represent the seller in the transaction. Marina Shores features one-, two- and three-bedroom units, as well as a saltwater swimming pool, fitness center, resident clubhouse and kitchen, two fenced dog parks, outdoor grilling and lounge area, tennis court and covered parking.

February 22, 2023

Acquisitions Florida Seniors Housing Southeast

Grandbridge Arranges Sale of Three Seniors Housing Communities in Florida

by John Nelson February 22, 2023

BRADENTON, SANFORD AND PINELLAS PARK, FLA. — Grandbridge Real Estate Capital’s Senior Housing Investment Sales team has arranged the sale of three seniors housing communities in Florida in three separate transactions. The seller, an unnamed national REIT, sold the assets for undisclosed prices. The properties include the 112-unit Bradenton Oaks located in Bradenton, the 94-unit Renaissance Retirement Center in Sanford and the 145-unit Bayside Terrace in Pinellas Park. Bradenton Oaks was built in 1973 and 1988, The Renaissance was built in 1984 and Bayside Terrace was built between 1986 and 1989. The communities were operating at low occupancies and an operational loss at the time of sale, according to Grandbridge. The buyers include a Florida-based real estate investment firm and two seniors housing owner-operators.

February 22, 2023

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