Southeast

MIDLOTHIAN, VA. — A joint venture between HHHunt Cos. and GrayCo will soon develop The Aire at Westchester, a 334-acre master-planned community located at the intersection of the Midlothian Turnpike and State Route 288 in suburban Richmond’s Chesterfield County. The property will house 2,200 residential units and 180,000 square feet of commercial space upon completion. David Smith of Cushman & Wakefield | Thalhimer represented GrayCo, which is the landowner, in the joint venture arrangement. HHHunt is the managing partner of the ownership group. HHHunt and GrayCo plan to break ground on Phase I of The Aire at Westchester in the spring.

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MIAMI — JLL has arranged a $73.6 million acquisition loan for a four-property industrial portfolio. The assets are located in Fremont, Calif.; Houston; Gouldsboro, Pa.; and Tampa, Fla. Melissa Rose, Michael DiCosimo and Nicole Barba of JLL’s Miami office, along with JLL colleagues Colby Mueck (Houston), Michael Pagniucci (Philadelphia) and Taylor Gimian (San Francisco), arranged the financing on behalf of the borrower, a fund of Houston-based Hines. The four properties were fully leased to 10 tenants at the time of financing, including Coca-Cola, Tesla, Sysco, Costco and Americold.

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CLERMONT, FLA. — Kolter Multifamily LLC, an affiliate of Delray Beach, Fla.-based The Kolter Group, has begun leasing Alton Serenoa, a 300-unit apartment community in Clermont. The property sits about 26 miles west of Orlando and serves as a multifamily component of Serenoa, a master-planned community. Alton Serenoa will feature a mix of one-, two- and three-bedroom floor plans, as well as a one-story clubhouse and a resort-style swimming pool. Monthly rental rates range from $1,535 to $2,305, according to the property website.

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CARROLLTON, GA. — Stratus Property Group has purchased a 38,000-square-foot shopping center located at 415 Rome St. in downtown Carrollton, about 45 miles west of Atlanta. The acquisition included three acres of land. The seller and sales price were not disclosed. The center was built in 1980 and includes five tenant spaces, according to LoopNet Inc. Current tenants include long-time restaurants Shuckers Oyster House and Sutton’s American Grill. Stratus Property Group is working with the City of Carrollton to reimagine the center. In addition to the revamp of this retail center, Carrollton will soon house four breweries/distilleries and The Amp, a new public amphitheater.

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SANDY SPRINGS, GA. — First National Realty Partners (FNRP) has executed a 28,000-square-foot retail lease with US Foods CHEF’STORE in Sandy Springs, a northern suburb of Atlanta. The retailer, which caters to food industry professionals and at-home chefs, will occupy space within City Center Crossing, a 98,048-square-foot shopping center located at 6331 Roswell Road. The store will be the first location in the Atlanta area for CHEF’STORE and is set to open by the end of the year. Red Bank, N.J.-based FNRP purchased City Center Crossing in 2021. Other tenants at the center include Planet Fitness, Gold Fish Swim School and Hudson Grille.

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By Jack Armstrong and Joanna Paszek of CBRE The Nashville industrial market remained strong through 2023 despite macroeconomic pressures, fueled by persistent occupier demand and limited availabilities. Occupiers were active in the market with mostly sub-100,000-square-foot requirements, making it vital for owners and developers to consider size segment trends and supply the market based on varying occupier needs. The logistical advantage of Nashville’s geographic location continues to attract occupiers and investors to the market. Three major interstates intersect through the city, and companies can reach 72 percent of the U.S. population within two-day ground delivery. A consistent average of 100 new residents daily and waves of new-to-market companies helped promote a swift post-pandemic economic recovery and illustrate the market’s resilience. An increased presence of electric vehicle (EV) companies is paving the way for significant infrastructure upgrades, bringing high-paying jobs and growing supply-chain demand to support their product distribution. Economic incentives like Tennessee’s FastTrack Program grants for job training and infrastructure development, job tax credits and sales tax exemptions have attracted roughly 2,500 jobs and $2.8 billion of capital investment by EV-related operations to Middle Tennessee since 2020.  Together, Nashville’s pro-business environment and status as a place people want to live …

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NEW YORK CITY — Walker & Dunlop has arranged a $108 million CMBS loan for a four-property office portfolio located across the Sun Belt. The properties span nearly 1 million square feet and are located in Alpharetta, Ga.; Plano, Texas; Raleigh, N.C.; and Falls Church, Va. Sean Reimer, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz and Christopher de Raet of Walker & Dunlop’s New York City office arranged the financing through Goldman Sachs and Argentic. The borrowers are affiliates of Vero Capital and Prime Finance. The recapitalization allows the borrowers to have $20 million of available capital for leasing costs and capital improvements for the portfolio.

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JOHNS CREEK, GA. — Toro Development Co., a development firm founded by former North American Properties executive Mark Toro, has acquired a land site in the northern Atlanta suburb of Johns Creek for its upcoming Medley mixed-use development. Toro acquired the 43-acre site, which is located at the intersection of Johns Creek Parkway and McGinnis Ferry Road, for $44 million. Currently the site features a four-story office building, a demolished site of another office building and surface parking. Plans for Medley call for 200,000 square feet of retail, restaurant and entertainment space; 900 luxury residences, featuring a mix of townhomes and apartments; 110,000 square feet of office space; and a central green space. Committed tenants at Medley include Ford Fry’s Little Rey, CRÚ Food & Wine Bar, Fadó Irish Pub, Summit Coffee, Lily Sushi Bar, Knuckies Hoagies, Cookie Fix, Sugarcoat Beauty, BODY20 and AYA Medical Spa. Len Erickson and Kaitlyn Theriot of Franklin Street handle Medley’s retail leasing assignment, and Bryan Heller and Parker Welton of Stream Realty Partners handle office leasing. Medley’s design-build team includes architect Nelson Worldwide, engineer Kimley-Horn and landscape architect Site Solutions.

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MIAMI — Ares Management Real Estate has provided a $50 million loan via one of its funds for the refinancing of Soleste Spring Gardens, a newly delivered apartment community in Miami’s Spring Garden district. The eight-story community is located at 1033 Spring Garden Road, two blocks from the Culmer Metrorail station. Brian Gaswirth, Chris Drew, Jesse Wright and J.J. Hovenden of JLL arranged the loan on behalf of the borrowers, The Estate Cos. and FHCP LLC. The co-developers recently obtained a certificate of occupancy (CO) at Soleste Springs Garden, which offers studios, one- and two-bedroom units ranging in size from 400 to 1,100 square feet. Rental rates begin at $2,011, according to the property website. Amenities include a resort-style pool with a sun deck and private cabanas, outdoor kitchen and bar, dog park, pet spa, yoga lawn and electric car charging stations.

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LEXINGTON, KY. — Newmark has brokered the $19.7 million sale of Triple Crown at Tates Creek, a 228-unit apartment community in Lexington. RFM Property Group purchased the garden-style property from Monument Capital Management. Matt Newcomer of Newmark represented the seller in the transaction. Additionally, Henry Stimler and Ricky Warner of Newmark arranged a $15 million Fannie Mae acquisition loan on behalf of the borrower. Triple Crown at Tates Creek, which was 94 percent occupied at the time of sale, is situated less than five miles from downtown Lexington and the University of Kentucky.

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