Southeast

Blue Heron Receives Construction Financing for 164-Unit Multifamily Community in Durham

by Camren Skelton May 18, 2018

DURHAM, N.C. — Blue Heron Asset Management has received a construction loan for the development of Foster on the Park, a 164-unit apartment community located at 545 Foster St. in Durham. Roger Edwards, Justin Good and Henry Sisson of HFF arranged the loan through First National Bank, a subsidiary of FNB Corp., on behalf of Blue Heron. Foster on the Park will feature ground-floor retail and restaurant space and will overlook Central Park — the city’s main urban park that hosts a twice-weekly farmers market, food truck rodeos and community and social events. In addition, the community will be located adjacent to Durham Innovation District, a 1.7 million-square-foot, planned mixed-use development, as well as the Historic Durham Athletic Park. In addition to Blue Heron, the project team includes general contractor Resolute Building Co., architect Cline Design Associates and civil engineer Coulter Jewell Thames. Bell Partners will manage the community upon completion in the first quarter of 2020.

May 18, 2018

Acquisitions Industrial North Carolina Southeast

Meritex Acquires 100,286 SF Industrial Building Near Charlotte Douglas International Airport

by Camren Skelton May 18, 2018

CHARLOTTE, N.C. — The Meritex Co. has acquired Airpark West V, a 100,286-square-foot industrial property located three miles from Charlotte Douglas International Airport. Justin Smith and Rob Speir of Colliers International arranged the transaction on behalf of Meritex. The name of the seller and sales price were not disclosed. Airpark West V was initially constructed in 2004 and expanded in 2007. Meritex acquired the building completely vacant, and will invest in capital improvements to the property. Planned renovations include the addition of more dock doors, energy-efficient LED lighting, new HVAC systems, exterior enhancements and newly updated office suites. Foundry Commercial will manage the property and handle the building’s leasing assignment.

May 18, 2018

Development Florida Retail Southeast Top Stories

Triple Five Group’s $4B Mall, Theme Park in Miami Wins County Approval

by Kristin Harlow May 18, 2018

MIAMI — Miami-Dade County has approved the development of the American Dream Miami retail theme park. From Canadian developer Triple Five Group, the project is expected to cost $4 billion and span 6.2 million square feet. Located at the intersection of Interstate 75, Florida’s Turnpike Extension and Miami Gardens Drive, American Dream Miami will include a selection of retailers, restaurants, a performing arts center, multi-screen theater, hotel, theme park, indoor ski park, indoor waterpark, indoor skating rink, aquarium and submarine ride. The project is slated to become the largest mall in the United States and draw a large number of visitors each year. The site is located near both Miami International Airport and Ft. Lauderdale-Hollywood International Airport. “American Dream Miami will not only create jobs and attract investment to our community, but it will also contribute to the county nearly $60 million in impact fees, a transit center, new buses for Miami-Dade and Broward and $210 million for roads and interchange improvements to accommodate traffic,” says Miguel Diaz de la Portilla, attorney with Saul Ewing Arnstein & Lehr representing Triple Five on the project. Triple Five is the developer behind Minnesota’s Mall of America, Canada’s West Edmonton Mall and American …

May 18, 2018

Alabama Development Leasing Activity Mixed-Use Restaurant Retail Southeast

RCP Signs Three Restaurant Concepts to Join $350M MidCity Project in Huntsville

by Camren Skelton May 17, 2018

HUNTSVILLE, ALA. — RCP Cos. has signed three restaurant concepts to join the tenant lineup at MidCity, a $350 million mixed-use development under construction in Huntsville. Two celebrity-driven dining concepts — Wahlburgers and Rascal Flatts — will open first-to-market locations at the project. Wahlburgers, owned by reality TV and movie star brothers Mark, Donnie and chef Paul Wahlberg, will open a 4,000-square-foot location at the development. The location will be Wahlburgers’ second in Alabama. Construction on the restaurant is expected to begin this year, with a scheduled opening in 2019. Rascal Flatts — named for and endorsed by the country music band of the same name — will open a 7,500-square-foot restaurant that will feature a Southern-inspired menu, live entertainment, sound stage, a bar and retail space. Currently und er design, Rascal Flatts will be located across the bridge from Topgolf. Upon opening in 2019, the location will mark the restaurant’s first in the Southeast. In addition, Alchemy Lounge, a coffee house that offers an assortment of coffee, craft beer and other beverages and treats, will open at The Camp, MidCity’s music and arts outdoor entertainment venue. Currently under construction, the venue is scheduled to open in June. The new …

May 17, 2018

Kentucky Leasing Activity Retail Southeast

CBL Properties Inks Lease with Entertainment Retailer to Backfill Former Macy’s in Louisville Mall

by Camren Skelton May 17, 2018

LOUISVILLE, KY. — CBL Properties has signed a lease with Round1 Bowling & Amusement at Jefferson Mall, a 904,967-square-foot regional mall in Louisville. The announcement is part of the first phase of the property’s redevelopment plans. The new-to-market entertainment concept will backfill the space formerly occupied by Macy’s. Construction on the new space is currently underway. Round1 offers bowling, an arcade, karaoke, billiards, food and beverages. As of May 2018, the Japanese-based company had 21 locations in the United States. The new location at Jefferson Mall will be the retailer’s first in Kentucky. Chattanooga, Tenn.-based CBL Properties is also in the planning stages for the redevelopment of the Sears building at Jefferson Mall, which will include a mix of dining, entertainment and retail.

May 17, 2018

Development Mixed-Use Southeast Virginia

BECO to Develop Mixed-Use Project in Coastal Virginia

by Camren Skelton May 17, 2018

SUFFOLK, VA. — BECO, a Virginia-based multifamily and commercial property developer, has unveiled plans for Bridgeport, a mixed-use development in Suffolk. The first phase of the waterfront project will include 3800 Acqua, a 288-unit multifamily community; 10,000 square feet of Class A office space; and 60,000 square feet of retail space. The multifamily portion of the project is scheduled to open in spring 2019. Construction on Phase I is expected to begin later this summer, and additional phases are in the planning stages.

May 17, 2018

Acquisitions Alabama Healthcare Southeast

Fairfield Arranges $15.8M Sale of New Medical Office Building Near Birmingham

by Camren Skelton May 17, 2018

PELL CITY, ALA. — Fairfield Asset Advisors has arranged the $15.8 million sale of a 50,400-square-foot medical office building located at 74 Plaza Drive in Pell City, roughly 24 miles east of Birmingham. Northside Medical — a Birmingham-based specialty practice — anchors the building, which was constructed in 2017. An undisclosed borrower acquired the asset from the developers, a physician group.

May 17, 2018

Development Florida Multifamily Southeast Student Housing

Mallory & Evans to Break Ground on 376-Bed Student Housing Community in Daytona Beach

by Camren Skelton May 17, 2018

DAYTONA BEACH, FLA. — Mallory & Evans is set to break ground on Bellamy Daytona, a 376-bed student housing community located in Daytona Beach. The $26 million community will serve students at Embry-Riddle Aeronautical University, Daytona Beach; Daytona State College; The Florida State University College of Medicine, Daytona Beach; The University of Central Florida, Daytona Beach; Bethune-Cookman University; and Keiser University, Daytona Beach. The four-story property will offer three-, four- and five-bedroom, fully furnished apartments with bed-to-bath parity. Every unit will have “smart house” features including Amazon Alexa, thermostats and keyless entry locks operated through smartphone applications. Shared amenities will include a clubhouse, 24-hour fitness center, tanning studio and a resort-style pool. Construction and leasing are expected to begin this summer, with completion scheduled for fall 2019. Caliber Living will manage and lease the property upon completion.

May 17, 2018

Development Mixed-Use Property Type South Carolina Southeast Top Stories

RocaPoint Partners to Lead $1B Mixed-Use Redevelopment in Upstate South Carolina

by Camren Skelton May 17, 2018

GREENVILLE, S.C. — RocaPoint Partners, an affiliate of The Georgetown Co., has unveiled plans to develop a $1 billion mixed-use project in downtown Greenville. The Atlanta-based development firm has received unanimous approval from Greenville County Council to redevelop 37 acres along University Ridge. The land currently houses administrative offices at County Square, along with offices across the street including the South Carolina Department of Motor Vehicles and the Greenville County Public Health Department. The redevelopment will add approximately 3 million square feet of new Class A office, retail, hotels, residential and public spaces, as well as a new build-to-suit county government building. In addition, the project will be located within walking distance to Falls Park, located in downtown Greenville’s Historic West End; Fluor Field, home of Greenville’s minor league baseball team; and the Greenville Health System Swamp Rabbit Trail, a 20.6-mile multi-use greenway system. “The project is going to have a $1.1 billion impact on the local economy and create a more walkable environment to further support local business growth, as well as providing a distinct gathering place for residents and visitors,” says Phil Mays, principal of RocaPoint Partners. The development team for the project includes local partner KDS Commercial …

May 17, 2018

Acquisitions Maryland Multifamily Southeast

Rittenhouse Brokers $21.9M Sale of Apartment Community in Northern Maryland

by Camren Skelton May 16, 2018

ELKTON, MD. — Rittenhouse Realty Advisors has arranged the $21.9 million sale of The Apartments at Iron Ridge, a 156-unit multifamily community in the northern Maryland city of Elkton. The community offers a mix of one-, two- and three-bedroom units and features a fitness center, pool, playground and a tennis court. The names of the buyer and seller were not disclosed.

May 16, 2018

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