Wednesday, May 21, 2025
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DevelopmentGeorgiaLoansMixed-UseMultifamilyRestaurantRetailSoutheast

CCI Real Estate Obtains $18M Construction Financing for Mixed-Use Project on Georgia Tech Campus in Atlanta

by John Nelson

ATLANTA — CCI Real Estate has obtained an $18 million construction loan for a mixed-use development at 740 Techwood Drive, which is on the Georgia Tech campus in Atlanta near Bobby Dodd Stadium. CCI is co-developing the 64,000-square-foot project, which will replace the existing Baptist Collegiate Ministries (BCM) location, with the Georgia Baptist Mission Board. Summerhill CRE arranged the financing through locally based Southern States Bank on behalf of the borrower. Set to break ground this summer and open in summer 2027, the five-story project will offer 12,000 square feet of retail and student gathering space on the ground level, as well as 55 one- and two-bedroom residences, upgraded ministry facilities, an onsite coffeeshop and additional lounge space. CCI is also redeveloping existing BCM locations at the University of Georgia in Athens and Georgia Southern University in Statesboro.

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Leasing ActivityNorth CarolinaRestaurantRetailSoutheast

CBL Signs Six New Restaurants and Retailers at Friendly Center in Greensboro, North Carolina

by John Nelson

GREENSBORO, N.C. — CBL Properties has announced that four new restaurants and two new retailers will be joining the tenant lineup at Friendly Center, the company’s 1.3 million-square-foot regional retail center located in Greensboro. All four restaurants — Cooper’s Hawk, First Watch, North Italia and French artisan bakery Tous les Jours — as well as LEGO, plan to open by the end of the year, while Rowan anticipates opening this summer. Current tenants at Friendly Center — which comprises more than 140 shops, restaurants and service retailers — include Anthropologie, Pottery Barn, lululemon, Warby Parker, Carhartt, Apple, Williams Sonoma, American Eagle and J. Crew Factory. Last summer, CBL Properties and Davis Moore Capital opened a more than 20,000-square-foot medical office building within the former Macaroni Grill at Friendly Center called Atrium Health Wake Forest Baptist Medical Plaza.

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AcquisitionsDistrict of ColumbiaMixed-UseSoutheastTop Stories

Hoffman, Madison Marquette Sell The Wharf in Southwest D.C. to PSP Investments at $1.8B Valuation

by John Nelson

WASHINGTON, D.C. — In two separate releases, co-developers Hoffman & Associates and Madison Marquette have announced that they sold their stake in The Wharf, a 3.5 million-square-foot mixed-use destination in southwest Washington, D.C. The Public Sector Pension Investment Board (PSP Investments), a pension fund investor based in Quebec, is now the sole owner of The Wharf, following more than a decade of having a minority stake in the development. The Wharf was constructed over the course of 15 years by Hoffman & Associates and Madison Marquette. The mixed-use neighborhood features a mile of waterfront development along the Potomac River. The sales price was not shared in either announcement, but Green Street News reports that Hoffman & Associates and Madison Marquette sold their stake at a $1.8 billion valuation. Previous components at The Wharf have sold in recent years and were thus not included in the sale to PSP Investments, including 300 condominiums, two office buildings and the Willard InterContinental Washington hotel, which Willard Investments purchased and rebranded in 2022. The Wharf was delivered by the sellers in two separate phases. Phase I opened in October 2017 and included three hotels, two multifamily and condominium buildings and 210,000 square feet of retail, …

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Industrial geoffrey moffett unsplash
Content PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesMidwestMultifamilyNortheastOfficeRetailSoutheastTexasUncategorizedWestern

Lee & Associates: Tariffs Add to Q1 Industrial Challenges; All Sectors See Constrained Development

by Sarah Daniels

The end of the first quarter of 2025 saw market uncertainty in the face of new U.S. trade and tariff policies combined with an unclear geopolitical outlook, according to Lee & Associates’ 2025 Q1 North America Market Report. The effect of these concerns within the commercial real estate world are most evident in the industrial sector, which is also contending with oversupply and softening rent growth. Development is slow across property types. Retail, despite high-profile store closures in early 2025, remains historically tight on space as years of underbuilding keep availabilities near record lows. Office demand has stabilized in several major metros following years of contraction, though vacancy remains elevated. The pipeline of new construction is both drying up and favoring new types of tenants beyond traditional office spaces. Multifamily is seeing strong tenant demand in certain markets despite a flood of new deliveries. Lee & Associates has made their full market report available here (click through for detailed breakdowns and city-by-city information). The information below for the industrial, office, retail and multifamily sectors offers clarity on market-wide demand, rent growth trends and challenges likely to shape trajectories throughout 2025. Industrial Overview: Soft Markets Face Tariff Disruptions North America’s industrial markets …

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DevelopmentSoutheastStudent HousingVirginia

Subtext, Kayne Anderson Break Ground on 1,332-Bed Student Housing Development Near University of Virginia

by John Nelson

CHARLOTTESVILLE, VA. — A joint venture between Subtext and Kayne Anderson Real Estate has broken ground on VERVE Charlottesville, a 1,332-bed student housing project located adjacent to the University of Virginia campus at 100 Stadium Road in Charlottesville. The 12-story community will span 729,262 square feet and offer 463 units in studio, one-, two-, three- and four-bedroom floorplans. Amenities will include a fireside lobby lounge, coffee café, two-story fitness and wellness center, multi-sport gaming lounge, F1 driving simulator, pool terrace, dog spa and pet park, makerspace, an outdoor fitness lawn and dedicated library and study spaces. The joint venture will also contribute $6.8 million to the Charlottesville Affordable Housing Fund as part of its development agreement with the City of Charlottesville. The development team for the project includes John Moriarty & Associates, Sumitomo Mitsui Banking Corp., ESG Architecture & Design, Wolf Ackerman Design, AJC Design Group, SK&A and Timmons Group. VERVE Charlottesville is slated for completion in summer 2027.

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AcquisitionsMarylandMultifamilySoutheast

29th Street Capital, Willton Investment Acquire 311-Unit Multifamily Community in Metro D.C.

by John Nelson

SILVER SPRING, MD. — A partnership between Chicago-based 29th Street Capital (29SC) and Willton Investment Management has acquired Fenwick Apartments, a 311-unit multifamily community located in the Washington, D.C. suburb of Silver Spring, three blocks from the Silver Spring Transit Station. Upon completion of the Metro’s Purple Line in 2027, the complex will offer direct access to the I-270 Tech Corridor. Originally built in 2014, Fenwick Apartments — which was 96.8 percent occupied at the time of sale — comprises studio, one- and two-bedroom floorplans ranging in size from 529 square feet to 1,017 square feet, according to Apartments.com. The property is LEED Gold-certified and includes amenities such as a resort-style pool, fitness center, business center and a rooftop lounge with a vertical garden. The partnership plans to renovate the property, with enhancements to the common and amenity areas. 29th Street Living, the in-house property management branch of 29SC, will oversee day-to-day operations at Fenwick.

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AcquisitionsIndustrialSouth CarolinaSoutheast

Atlanta Property Group Buys 173,000 SF Distribution Center in Greenville

by John Nelson

GREENVILLE, S.C. — Atlanta Property Group (APG) has purchased 6 Shelter Drive, a 173,000-square-foot industrial facility located in Greenville. Situated adjacent to I-85 off the Pelham Road exit, the facility is one of the few infill locations in the area. Constructed in 2004, the property features tilt walls, 32-foot clear heights, 140-foot truck court depths and an ESFR sprinkler system. The building is currently fully leased. The seller and sales price were not disclosed. APG has acquired 15 industrial buildings since 2022 and plans to invest $100 million of equity into existing distribution centers across the Southeast.

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AcquisitionsLoansMultifamilyNorth CarolinaSoutheast

Berkadia Provides $18.4M Acquisition Loan for Multifamily Community in Hickory, North Carolina

by John Nelson

HICKORY, N.C. — Berkadia has provided an $18.4 million bridge loan for the acquisition of Hawks Landing, a 144-unit, garden-style multifamily community located in Hickory. Brian Gould, Miles Drinkwalter and Pat Cunningham of Berkadia’s D.C. Metro team secured financing through Berkadia’s Proprietary Lending Group (PLG) on behalf of the buyers, Maryland-based Klein Enterprises and RM Communities. Constructed in 2018, Hawks Landing is situated at 2778 2nd East St. near Frye Regional Medical Center. The multifamily community offers one-, two- and three-bedroom floorplans ranging in size from 746 square feet to 1,173 square feet, according to Apartments.com. Amenities at the property include a swimming pool, poolside sun deck with ample seating, outdoor grilling area, fully equipped fitness center, fenced pet park, clubhouse and a business center.

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FloridaLeasing ActivityOfficeSoutheast

Cushman & Wakefield Arranges 33,827 SF Office Lease for MSC Cruises in Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — Cushman & Wakefield has arranged a 33,827-square-foot lease for MSC Cruises USA, the North American arm of the Geneva, Switzerland-based international cruise line, at BayView Corporate Tower in Fort Lauderdale. MSC Cruises USA will expand its office by 15,000 square feet, using the sixth floor of the tower to house its finance, outbound sales, IT and human resource teams. The lease will expand the company’s presence in South Florida ahead of the opening of its North American Cruise Division Headquarters in downtown Miami’s Sawyer’s Walk development. Deanna Lobinsky and Chase Kulp of Cushman & Wakefield represented the landlord, Somerset Properties, and its equity partners, while Alan Kleber, Tyler Reynolds and Scott Quick of Cushman & Wakefield represented MSC Cruises USA. Situated at 6451 North Federal Highway, BayView Corporate Tower was originally built in 1973 and renovated in 2019. Amenities at the property — which totals 413,000 square feet — feature a conference facility, gym, café/lounge, gift shop and a five-story covered parking garage.

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RFK-Stadium_DC
CivicDevelopmentDistrict of ColumbiaMixed-UseSoutheastTop Stories

Commanders and District of Columbia Announce New Stadium, Mixed-Use Development, Team Pledges $2.7B Investment

by Taylor Williams

WASHINGTON, D.C. — The NFL’s Washington Commanders have announced plans to develop a new football stadium in Washington, D.C., (“the District”), as well as a surrounding mixed-use destination. The team, which currently plays at FedEx Field in Landover, Md., has pledged to invest at least $2.7 billion into financing the project. The District has committed to a $500 million investment for the new stadium, which is expected to open in 2030. The site spans 180 acres within the Robert Francis Kennedy (RFK) campus on the city’s east side. The Commanders, formerly known as the Redskins, are developing the new 65,000-seat stadium in partnership with the District, which recently gained control of the campus via the D.C. Robert F. Kennedy Memorial Stadium Campus Revitalization Act. The legislation, which took effect in January, gave the District the ability to develop the campus for a mix of uses, lifting the restrictions that were in place under the previous lease. The legislation also required that 30 percent of the RFK campus be reserved for parks, trails and open space, not including a 32-acre riparian area along the Anacostia River. As part of the larger development, the Commanders plan to bring a variety of commercial …

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