Tuesday, June 17, 2025
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Southeast

Affordable HousingBuild-to-RentDevelopmentMixed-UseMultifamilyNorth CarolinaSingle-Family RentalSoutheast

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

by John Nelson

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.

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Build-to-RentDevelopmentLoansMultifamilySingle-Family RentalSoutheast

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

by John Nelson

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.

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AcquisitionsFloridaIndustrialSoutheast

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

by John Nelson

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.

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AcquisitionsMarylandRetailSoutheast

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

by John Nelson

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.

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AcquisitionsFloridaRetailSoutheast

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

by John Nelson

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.

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

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

by Taylor Williams

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 …

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Affordable HousingDevelopmentGeorgiaMultifamilySoutheast

Lalani Ventures, Exact Capital to Develop $160M Mixed-Income Multifamily Tower at Underground Atlanta

by John Nelson

ATLANTA — Lalani Ventures, owner of the historic Underground Atlanta development in downtown Atlanta, has formed a joint venture with New York-based Exact Capital to develop a $160 million multifamily high-rise project. The 30-story tower will feature a mix of 163 affordable housing units, with incomes restricted to households earning at or below 60 percent of the area median income, as well as 242 market-rate apartments and community amenities. Lalani Ventures and Exact Capital are currently in the planning and design phases for the tower and have tapped architectural firm Niles Bolton to handle the unnamed tower’s design, engineering and permitting. The site for the tower is at Underground Atlanta’s fountain plaza, which is bordered by Peachtree Street to the west, Wall Street to the north, Pryor Street to the east and Upper Alabama Street to the south. The board at Invest Atlanta, the City of Atlanta’s economic development arm, voted yesterday to approve an inducement for a $40 million tax-exempt bond issuance to help finance the tower’s affordable housing units. The Invest Atlanta board will have an opportunity to review the project again before providing its final resolution in advance of the Lalani-Exact joint venture closing on its construction …

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DevelopmentIndustrialMarylandSoutheast

Rockefeller Group Breaks Ground on 136,500 SF Distribution Center Near BWI Airport

by John Nelson

LINTHICUM HEIGHTS, MD. — Rockefeller Group has broken ground on a 136,500-square-foot distribution center located at 1305 Furnace Road in Linthicum Heights. The New York City-based developer has dubbed the project “Rockefeller Group Logistics Center BWI” given its three-mile distance to Baltimore/Washington International Thurgood Marshall Airport (BWI Airport). The Class A property will feature 36-foot clear heights, 54- by 50-foot column spacing, a 60-foot-wide speed bay, 147 car parking spaces and 33 dock doors with two additional drive-in doors. The development will also feature one acre of industrial outdoor storage. The project team includes Morris & Ritchie Associates (civil engineer), Morgan Gick McBeath Associates (architect) and FCL Builders (general contractor). John Boote, Jarred Testa and McLane Fisher of Cushman & Wakefield will oversee leasing of the project on behalf of Rockefeller Group, which plans to deliver the facility in fourth-quarter 2025.

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LoansSeniors HousingSoutheastWest Virginia

Live Oak Bank Closes $39M Loan for Seniors Housing Community in Morgantown, West Virginia

by John Nelson

MORGANTOWN, W.VA. — Live Oak Bank has closed a $39 million unitranche loan — a hybrid financing structure that combines senior debt and subordinated debt into one loan — on behalf of a Charleston, S.C.-based owner and operator of seniors housing communities. Loan proceeds were used to retire existing bank debt along with partnership debt associated with the sponsor’s 2021 purchase of a 175-unit independent living, assisted living and memory care community located in Morgantown, home city of West Virginia University. The three-year loan provides a bridge-to-agency option and includes 24 months of interest-only payments and no exit fee. Berkadia Commercial Mortgage’s Seniors Housing & Healthcare Group funded the subordinate debt.

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AcquisitionsFloridaRetailSoutheast

SRS Brokers $8M Sale of New Retail Strip Center in Davenport, Florida

by John Nelson

DAVENPORT, FLA. — SRS Real Estate Partners has brokered the $8 million sale of Legacy Shoppes, a 10,744-square-foot, multi-tenant strip retail center located at 942 Heritage Pass in Davenport. Patrick Nutt and William Wamble of SRS represented the seller, a private development firm based in Florida, in the transaction. The buyer was a private investor that is also based in Florida. Legacy Shoppes was fully leased at the time of sale to three tenants — Another Broken Egg, Orlando Health and Encore Nails — all of which have 10-year triple-net leases in place. The property was delivered earlier this year and sits on a 3.4-acre site roughly 26 miles southwest of Orlando.

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