Property Type

Beechwood Carolinas Breaks Ground on 120-Acre Mixed-Use Development in Chapel Hill

by John Nelson September 23, 2024

CHAPEL HILL, N.C. — Beechwood Carolinas, a division of The Beechwood Organization, has broken ground on South Creek, a 120-acre mixed-use development in Chapel Hill. Located at 119 US Highway 15 501 S, the campus will comprise 92 apartments, 606 condominiums, 100 townhomes, 52,000 square feet of retail space and an 80-acre nature preserve with walking trails. An estimated 15 percent of South Creek’s for-sale homes will be designated as affordable. Additionally, the property will feature amenities including a fitness center, multiple club and lounge areas, a dog park and firepits, as well as multiple electric vehicle charging stations and bike parking spaces. Beechwood Carolinas plans to begin vertical construction in early 2025.

September 23, 2024

Build-to-Rent Development Loans Multifamily Single-Family Rental Southeast

JLL Arranges $52.7M Construction Financing for Build-to-Rent Project on Florida’s Space Coast

by John Nelson September 23, 2024

PALM BAY, FLA. — JLL has arranged a $52.7 million construction loan for Havens at Palm Bay, a 266-unit build-to-rent residential development on Florida’s Space Coast. Max La Cava, Pier Barinci and Shane Ciacci of JLL arranged the non-recourse loan on behalf of the borrowers, Stellar Communities and Adam America Real Estate (AARE). Additionally, JLL arranged an undisclosed amount of joint venture limited partner (LP) equity on behalf of the borrowers. The sources for the debt and equity capital were not disclosed. Havens at Palm Bay will feature one-, two- and three-bedroom casita-style units fronting a natural lagoon. Amenities will include a resort-style pool, clubhouse, tot lot, dog park, self-storage and detached parking, as well as walkability to a newly built Publix. Stellar and AARE plan to deliver the property in 2026.

September 23, 2024

Acquisitions Florida Industrial Southeast

Equus Capital Partners Acquires Industrial Property in Lakeland, Florida for $38M

by John Nelson September 23, 2024

LAKELAND, FLA. — Equus Capital Partners Ltd. has acquired a two-building industrial property located at 900 and 920 N. Chestnut Road in Lakeland, about 35 miles east of Tampa. An affiliate of High Street Logistics Properties sold the 299,241-square-foot property for $38 million. Frank Fallon and Jose Lobon of CBRE represented the seller in the transaction. Equus Capital purchased the property on behalf of a programmatic joint venture between one of its affiliates and a domestic public pension plan. The two industrial buildings were built in 2021 and were fully leased at the time of sale to two tenants: Gruma and Safelite. The property sits 1.5 miles from I-4 and a little over four miles from Lakeland Linder International Airport.

September 23, 2024

Acquisitions Maryland Retail Southeast

KLNB Brokers $16.7M Sale of Arbutus Shopping Center in Metro Baltimore

by John Nelson September 23, 2024

ARBUTUS, MD. — KLNB has brokered the $16.7 million sale of Arbutus Shopping Center in Arbutus, roughly 10 miles outside Baltimore. Weis Markets anchors the property, which totals 87,939 square feet and was 95 percent occupied at the time of sale. Other tenants at the center include Walgreens, Advance Auto Parts, Dollar Tree and Truist Bank. Meir Duke of Duke Arbutus acquired Arbutus Shopping Center from AmCap Inc., which acquired the property in 1981. Chris Burnham and Vito Lupo of KLNB represented the seller in the transaction, and MFI Realty represented the buyer.

September 23, 2024

Acquisitions Florida Retail Southeast

Marcus & Millichap Negotiates $6M Sale of Retail Center in Orlando

by John Nelson September 23, 2024

ORLANDO, FLA. — Marcus & Millichap has negotiated the $6 million sale of Orange Avenue Plaza, a retail center located in Orlando’s Ivanhoe Village. Situated near Orlando’s downtown business district, the property comprises seven units leased to tenants including White Wolf Café; Fluent, a cannabis dispensary; Miscellaneous Market, a local boutique shop; Better Than Sex, a dessert eatery; the Savoy Orlando nightclub; El Cigarro smoke shop; and Rare Earth gift shop. Tarek Chbeir of Marcus & Millichap represented the undisclosed, privately held seller in the transaction.

September 23, 2024

St.-Regis-Longboat-Key-Resort-&-Residences

Development Florida Hospitality Multifamily Southeast Top Stories

Unicorp National Developments Completes $376M Hotel Resort, Residences Near Sarasota, Florida

by Taylor Williams September 23, 2024

LONGBOAT KEY, FLA. — Unicorp National Developments Inc. has completed the St. Regis Longboat Key Resort & Residences, a 1.1 million-square-foot project located on a barrier island near the southwestern Florida beach city of Sarasota. The project carried a total price tag of $376 million. The 18-acre resort and residential complex consists of five six-story buildings. The hotel houses 168 guestrooms, including 26 luxury oceanfront suites that offer one- to four-bedroom options. Each suite features separate living rooms, private terraces and butler service. Additionally, the property includes 69 for-sale condo residences. Resort amenities include an 800-foot private beach and 42 water features, including a winding river and a 500,000-gallon saltwater lagoon where guests can swim with tropical fish and interact with the resident giant tortoises. The St. Regis Spa spans 20,000 square feet and features a eucalyptus steam room, a snow shower and hot and cold plunge pools. Additional amenities include a fitness center and a children’s club. The St. Regis also offers 10 indoor and outdoor meeting/event spaces totaling 36,285 square feet, with one ballroom capable of accommodating up to 600 people in a theater-style setting. The food-and-beverage component entails seven different bar and restaurant concepts. Moss Construction served …

September 23, 2024

California Market Reports Multifamily Western Western Market Reports

Shifting Generations Redefine the Bay Area’s Multifamily Market

by Jeff Shaw September 23, 2024

— By Rachel Ivers, senior analyst, multifamily investment sales team, and Bryan Danforth and Matt Thomson, senior vice presidents, Compass Commercial — The multifamily investment sales market in the San Francisco Bay Area is undergoing a noticeable transformation that’s driven by economic pressures and evolving investor strategies. Unlike in previous years — where sellers might list properties to capitalize on market highs or interest rate lows — the current environment is seeing fewer sales motivated by profit. Many sellers today are cashing out due to expiring fixed interest rates or selling for personal reasons rather than purely financial motivations. This includes circumstances such as inheritance, divorce or retirement. With the Baby Boomer generation, currently aged 60 to 78 and reaching retirement age in larger numbers, we’re beginning to see the front end of significant changes in property ownership. This demographic shift is likely to drive a substantial increase in inheritance sales in the near future as life expectancy hovers around 77.5 years. A significant factor driving this shift is the belief among many investors that the market has peaked. Concerns about stricter rent control measures, which continue to appear on ballots, are prompting these investors to seek opportunities elsewhere. Markets …

September 23, 2024

Acquisitions Development Office Texas

Partnership Buys Two North Dallas Office Buildings Totaling 230,000 SF, Plans Renovations

by Taylor Williams September 20, 2024

DALLAS — A partnership between locally based oil and gas company Gulf Coast Western and regional investment firm Enverra Real Estate Partners has purchased Parkway Office Center North and South in North Dallas. The two nine-story buildings total 230,000 square feet. JLL represented the seller, Principal Financial, the property’s previous lender that sold its interest in the loan, in the transaction. As part of the purchase, the partnership acquired the loan and foreclosed on the previous borrower. Gulf Coast Western has been the a tenant at the property for the past 12 years, and the partnership plans to undertake capital improvements. Renovations will include façade upgrades; garage and landscaping enhancements; construction of 38,000 square feet of spec suites; facelifts to lobbies, cafés and common areas; and the addition of amenities such as a fitness center, lounge, conference room and a golf simulator.

September 20, 2024

Acquisitions California Multifamily Western

Waterton Buys 410-Unit L Seven Apartment Property in San Francisco

by Amy Works September 20, 2024

SAN FRANCISCO — Chicago-based Waterton has expanded its presence in San Francisco with the acquisition of L Seven, a multifamily community at 1222 Hamilton St. in the city’s SoMa neighborhood. Terms of the transaction and the seller were not released, though many media outlets have reported that the previous owner was Brookfield Properties. Built in 2017, L Seven offers 410 studio, one- and two-bedroom apartments, as well as two-story townhomes and loft-like penthouse residences. Apartments feature modern finishes, and, in select residences, floor-to-ceiling windows, private balconies, in-unit washers/dryers and direct-access garages. The community offers 31,000 square feet of ground-floor commercial space, a rooftop amenity deck with a beer garden, grilling stations and a fire pit. L Seven also features a resident lounge and coworking space that Waterton will upgrade with various nooks and areas for increased privacy for remote workers. Additionally, Waterton will institute a light value-add program focused on enhancing underutilized amenity spaces while prolonging the life of the asset.

September 20, 2024

Affordable Housing Development Loans Multifamily Seniors Housing Texas

NHH Underway on 120-Unit Affordable Seniors Housing Project in Metro Houston

by Taylor Williams September 20, 2024

MAGNOLIA, TEXAS — New Hope Housing (NHH), a nonprofit affordable and workforce housing owner-operator, is underway on construction of a 120-unit affordable seniors housing project that will be located in the northwestern Houston suburb of Magnolia. The site at 7520 Avenue C spans 3.5 acres, and the development will house 90 one-bedroom units and 30 two-bedroom units. Of those, 19 units will be reserved for households earning 30 percent or less of the area median income (AMI); 44 units will be made available to seniors earning 50 percent or less of AMI; and 57 units will be earmarked for renters earning 60 percent or less of AMI. Amegy Bank provided $20 million in construction financing for the project, which is expected to be complete in 2026.

September 20, 2024

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