Southeast

Matthews Arranges Portfolio Sale of Two Shopping Centers in Tennessee

by John Nelson August 21, 2024

ELIZABETHTON AND LAFOLLETTE, TENN. — Matthews Real Estate Investment Services has arranged the portfolio sale of two Tennessee shopping centers: Elk Crossing in Elizabethton and Cumberland Crossing in Lafollette. Kyle Stonis, Pierce Mayson and Boris Shilkrot of Matthews represented the seller, Big V Property Group, in the portfolio sale. An entity doing business as Vishal 1 LLC purchased the portfolio for an undisclosed price. The centers, situated roughly 140 miles from each other, span a combined 170,900 square feet and were 99.4 percent leased at the time of sale. Elk Crossing’s tenant roster includes Ross Dress for Less, United Grocery Outlet and Workout Anytime, and Cumberland Crossing’s tenant roster includes Big Lots and Ross Dress for Less.

August 21, 2024

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $3.7M Sale of New Central Florida Restaurant Property Leased to Chipotle

by John Nelson August 21, 2024

HAINES CITY, FLA. — SRS Real Estate Partners has brokered the $3.7 million sale of a newly delivered restaurant property located at 35654 U.S. Highway 27 in Haines City, a city in Central Florida. Chipotle Mexican Grill occupies the property on a 15-year triple-net lease. The 2,493-square-foot restaurant sits on 0.7 acres and features a drive-thru. Patrick Nutt, William Wamble and Connor Barton of SRS represented the seller, an undisclosed development firm based in Florida, in the transaction. The buyer, a private investment firm based in Spain, purchased the restaurant at a 4.5 percent cap rate.

August 21, 2024

Civic Development District of Columbia Office Southeast

GSA Awards $524M Construction Contract for CISA Headquarters Building in DC

by John Nelson August 20, 2024

WASHINGTON, D.C. — The U.S. General Services Administration (GSA), along with the U.S. Department of Homeland Security, has awarded Clark Construction the $524 million contract to build the new headquarters for the Cybersecurity and Infrastructure Security Agency (CISA). The new 630,000-square-foot federal building will be located at the St. Elizabeths West Campus in Washington, D.C. As part of the Biden Administration’s goal to achieve net-zero emissions from federal buildings by 2045, the contract features $80 million to purchase low-embodied carbon construction materials including asphalt, concrete, glass and steel, as well as $35 million to meet high-performance green building standards. The new CISA building is designed to meet LEED Gold certification standards with sustainable features including chilled beams, a dedicated outside air system with energy recovery and demand-controlled ventilation, advanced lighting controls and a high-performance building envelope. The contract includes a nearly $115.9 million investment via the Inflation Reduction Act (IRA), making it the GSA’s largest single IRA investment to date. CNBC, citing data from the Massachusetts Institute of Technology (MIT) and the Rhodium Group, reports that companies have announced approximately $493 billion of investments in clean energy tech, infrastructure and electric vehicle manufacturing since the IRA was signed into law …

August 20, 2024

Florida Loans Mixed-Use Multifamily Restaurant Retail Southeast

PMG, Greybrook Obtain $178M Refinancing for Society Wynwood Mixed-Use Development in Miami

by John Nelson August 20, 2024

MIAMI — PMG and Greybrook have obtained $178 million for the refinancing of Society Wynwood, a 10-story mixed-use property located at 176 N.W. 25th St. in Miami’s Wynwood Arts District. Eastdil Secured arranged the financing through funds managed by Ares Management and Monarch Alternative Capital on behalf of the borrowers. Randy Barcelo of Stearns Weaver Miller advised PMG in the transaction. Society Wynwood, which opened in March, features 318 luxury apartments and co-living units, 50,210 square feet of retail space and 82,000 square feet of amenities, including a rooftop pool, theater lawn, outdoor gym and coworking spaces. PMG expects the multifamily component to reach full stabilization by spring 2025. Retail tenants include Dave’s Hot Chicken, Bodega Taqueria, Chama de Fogo’s Brazilian steakhouse, Nacho Daddy, Starbucks, Voodoo Donuts and I Scream Gelato.

August 20, 2024

Development Southeast Student Housing Virginia

Pinecrest Delivers 509-Bed Student Housing Development Near VCU in Richmond

by John Nelson August 20, 2024

RICHMOND, VA. — Pinecrest has delivered Parc View at Commonwealth, a 509-bed student housing development located pedestrian to the Virginia Commonwealth University (VCU) campus in Richmond. The 16-story community spans 275,000 square feet and offers units in one-, two-, three- and four-bedroom configurations with bed-to-bath parity. Shared amenities include a rooftop sky deck, art room, fitness center and collaborative study spaces. The development team for the project included Rycon Construction Inc. as general contractor; Hickok Cole Architects; Timmons Group as civil engineer; and University Partners as managing operator. CIBC Bank USA provided construction financing for the development.

August 20, 2024

Development Florida Multifamily Southeast

Mast Capital, Rockpoint Complete 248-Unit Harlow Apartments in Metro Tampa

by John Nelson August 20, 2024

WESLEY CHAPEL, FLA. — Mast Capital and Rockpoint have completed The Harlow, a 248-unit luxury apartment community located on 16 acres in the Tampa suburb of Wesley Chapel. Designed by Dwell Design Studio, The Harlow features one-, two- and three-bedroom layouts ranging from 750 to 1,500 square feet in size. Monthly rental rates range from $1,503 to $2,800, according to Apartments.com. Amenities include a clubhouse with a full-service fitness studio, game room, coworking lounge with private offices, lounge areas, resort-style swimming pool with a sundeck, an outdoor pavilion, pet park and a children’s playground. Other features at the garden-style property include detached garages and electric vehicle charging stations.

August 20, 2024

Loans Retail Southeast Virginia

MMCC Arranges $14.5M Refinancing for Somerset Crossing Shopping Center in Gainesville, Virginia

by John Nelson August 20, 2024

GAINESVILLE, VA. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $14.5 million loan for the refinancing of Somerset Crossing, a 108,000-square-foot shopping center located on Somerset Crossing Drive in Gainesville, about 30 miles west of downtown Washington, D.C. Jared Cassidy of MMCC’s D.C. office worked with Dean Zang and David Crotts of Institutional Property Advisors (IPA), a division of Marcus & Millichap, to arrange the 18-month loan through Trevian Capital. The borrower, an unnamed development firm, used the non-recourse financing to refinance its existing acquisition loan on the property, as well as pay off its investor base and fund tenant build-outs and improvements. Urban Air and Goodwill will anchor Somerset Crossing in the near future.

August 20, 2024

Development Industrial North Carolina Southeast

Natron Energy to Develop $1.4B Battery Manufacturing Facility in North Carolina

by John Nelson August 19, 2024

EDGECOMBE COUNTY, N.C. — Natron Energy, a sodium-ion battery manufacturer, has announced plans to develop a $1.4 billion factory at the Kingsboro CSX Select Megasite in Edgecombe County. Situated on 2,187 acres about 70 miles east of Raleigh, the facility will create more than 1,000 jobs, according to the company. Natron will receive roughly $30 million for the project from the North Carolina Megasite Readiness Program, which is overseen by the Economic Development Partnership of North Carolina (EDPNC). Christopher Chung, CEO of the EDPNC, says that the fund allows the state to “support the recruitment of large announcements like Natron.” A construction timeline was not disclosed.

August 19, 2024

Acquisitions Florida Seniors Housing South Carolina Southeast

Sonida to Purchase $103M Seniors Housing Portfolio in Florida, South Carolina

by John Nelson August 19, 2024

DALLAS — Dallas-based Sonida Senior Living has announced that it is under contract to acquire a portfolio of seniors housing communities situated within the Southeast for $103 million. The seller was not disclosed. Totaling 555 assisted living and memory care units across eight properties, the communities are located in Jacksonville, Orlando and Daytona Beach in Florida, as well as the South Carolina markets of Hilton Head Island, Charleston and Florence. Occupancy across the properties averages roughly 83 percent. Average monthly revenue per occupied room (RevPOR) at the communities is $6,000. The acquisition, which is expected to close later this year, will bring Sonida’s total operating portfolio to 91 communities. “With this planned acquisition, Sonida will further broaden its high-quality and regionally focused real estate portfolio with newer vintage communities in mid-to-large metropolitan areas with favorable growth prospects,” says Brandon Ribar, president and CEO.

August 19, 2024

Acquisitions Florida Retail Southeast

Colliers Brokers $33.1M Sale of Palm Aire Marketplace in Pompano Beach, Florida

by John Nelson August 19, 2024

POMPANO BEACH, FLA. — Colliers has brokered the $33.1 million sale of Palm Aire Marketplace, a shopping center located in the South Florida city of Pompano Beach. Presidente Supermarket and dd’s DISCOUNTS anchor the property, which totals 143,219 square feet. Other tenants at Palm Aire Marketplace include T-Mobile, Chase Bank and McDonald’s. Harry Blyden, Bastian Schauer, Ruben Suarez, Billy Weiser and Ariel Davis of Colliers represented the seller, an entity doing business as Pompano Realty USA, in the transaction. Longpoint Realty Partners acquired the asset, which is situated across from The Pomp, a $2 billion mixed-use project currently underway at the 223-acre site of the former Pompano Park racetrack. The Pomp will include a Topgolf venue and a 1.5 million-square-foot industrial park by Rockpoint, as well as the existing Harrah’s Pompano Beach Casino.

August 19, 2024

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