Wednesday, June 18, 2025
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Southeast

AcquisitionsArkansasIndustrialSoutheast

Marcus & Millichap Negotiates $5.3M Sale of Industrial Facility in Jonesboro, Arkansas

by John Nelson

JONESBORO, ARK. — Marcus & Millichap has negotiated the $5.3 million sale of a 26,000-square-foot industrial facility located at 2800 Fair Park Blvd. in Jonesboro. Situated on a 6.4-acre site near I-55, the property was fully leased at the time of sale to SRS Distribution, a building materials supplier that was recently acquired by The Home Depot. The building was delivered in 2013, according to LoopNet Inc. Giancarlo Mata of Marcus & Milllichap’s Jacksonville office represented the seller and former tenant, Jonesboro Cycle and ATV, in the transaction. The buyer was not disclosed. Steve Greer served as Marcus & Millichap’s broker of record in Arkansas for the transaction.

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GeorgiaIndustrialLoansSoutheast

McCraney Obtains $84M Financing for 1 MSF Industrial Property in Savannah

by John Nelson

SAVANNAH, GA. — McCraney Property Co. has obtained $84 million in senior financing for Phase I of Logistics 16 at Ottawa Farms, a 1 million-square-foot industrial development in Savannah. The three-building property is situated approximately 16 miles from the Port of Savannah. Melissa Rose, Michael DiCosimo and Nicole Barba of JLL arranged the financing package, which includes a three-year, floating-rate loan through Truist. McCraney delivered the three rear-load distribution buildings in 2024. The facilities, which were nearly 85 percent leased at the time of financing, feature 32- to 36-foot clear heights, dock doors and ESFR sprinklers. Logistics 16 at Ottawa Farms is expected to span 4.4 million square feet across nine buildings at full build-out.

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AcquisitionsFloridaRetailSoutheast

PEBB Enterprises, Banyan Development Sell Shopping Center in Port St. Lucie, Florida for $32M

by John Nelson

PORT ST. LUCIE, FLA. — A joint venture between PEBB Enterprises and Banyan Development has sold The Shoppes at the Heart of Tradition, a 71,000-square-foot shopping center located within the master-planned community of Tradition in Port St. Lucie, for $32 million. One Investment Group represented the buyer, an entity doing business as 4Y Plaza LLC, in the transaction. The center — which was completed in 2024 — is anchored by Aldi. Additional tenants include Papa John’s Pizza, Carmela Coffee, Kyle G’s Amore Italian Chophouse, Spanish restaurant Port Tradition, Tomalty Dental, Peach Cobbler Factory, Picasso Nails & Spa, Rita’s Italian Ice & Frozen Custard and Swift Mediterranean Grill. Tradition, which opened in 2003, spans approximately 8,300 acres and features a variety of residential, retail and commercial spaces. PEBB Enterprises and Banyan Development are also developing Shoppes at Southern Grove within Tradition, which will include a 14.2-acre retail development with additional outparcels available for ground lease.

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AcquisitionsBuild-to-RentMultifamilyNorth CarolinaSingle-Family RentalSoutheast

Berkadia Brokers $31M Sale of Build-to-Rent Community in Metro Charlotte

by John Nelson

INDIAN TRAIL, N.C. — Berkadia has brokered the sale of Poplin Trace, a 99-unit build-to-rent community in Indian Trail, a city about 15 miles southeast of Charlotte. The sales price was not disclosed, but the Charlotte Business Journal reported the asset traded for $31 million. The seller was Arizona-based Belleview. The buyer was not disclosed. Caleb Troop, Matt Robertson, Mark Forrester and Andrew Curtis of Berkadia led the transaction on behalf of Belleview. Built in 2021, Poplin Trace offers three-bedroom townhomes with attached two-car garages. The property was 93 percent occupied at the time of sale.

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HealthcareLoansMississippiSoutheast

MMCC Arranges $13.3M Refinancing for Emergency Hospital in Batesville, Mississippi

by John Nelson

BATESVILLE, MISS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.3 million loan for the refinancing of Progressive Health of Batesville, a rural emergency hospital located at 303 Medical Center Drive in Batesville, a city in northern Mississippi. The full-service hospital offers emergency medicine, surgery, women’s health, children’s health, intensive outpatient care, outpatient radiology, rehabilitation and wound care services. Steven Rock of MMCC’s Westchester, N.Y., office secured the financing with a national credit union service organization on behalf of the borrower, a national investment company that invests in credit tenant, double-net and triple-net lease properties. The five-year loan includes an 8.5 percent interest rate with a 30-year amortization period and a 75 percent loan-to-value ratio.

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Leasing ActivityNorth CarolinaOfficeSoutheast

SouthState Banks Signs 40,000 SF Office Lease in Charlotte’s South End District

by John Nelson

CHARLOTTE, N.C. — Florida-based SouthState Bank has signed a 40,000-square-foot office lease at 110 East, a 23-story office tower located at the intersection of East and South boulevards in Charlotte’s South End district. Chris Schaaf and Jim Thorpe of JLL represented SouthState in the lease transaction. Rhea Greene, Jennifer Kurz and John Hannon of Trinity Partners represented the landlord, a partnership between Stiles and Shorenstein Properties. Other committed tenants at the 370,000-square-foot office tower include Humana, Patterson Pope and Iberian Pig, a Spanish tapas dining concept by Castellucci Hospitality that will occupy a 4,600-square-foot restaurant on the ground level. SouthState Bank plans to take occupancy at 110 East in second-quarter 2026 and staff around 100 employees for its regional office hub. Hastings Architecture designed the office tower, which opened last year.

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DevelopmentMarylandMixed-UseRestaurantRetailSoutheast

SJC Ventures Unveils Plans for $100M Transformation of Harford Mall Site in Metro Baltimore

by John Nelson

BEL AIR, MD. — SJC Ventures has unveiled plans for a $100 million transformation of the Harford Mall site located in Bel Air, roughly 23 miles north of Baltimore. The redevelopment is a partnership between the Atlanta-based mixed-use development firm and the mall owner, Chattanooga, Tenn.-based CBL Properties. Upon approval by the Bel Air Economic and Community Development Commission, the redevelopment project will feature 48,000 square feet of open-air retail, restaurants and amenities that will replace a former Macy’s store, as well as a 35,000-square-foot grocery store. If approved, the new development will complement SJC’s project on the mall’s former Sears parcel, as well as the multifamily development adjacent to the former Sears. SJC Ventures also plans to incorporate pedestrian walkways for enhanced connectivity, pocket parks and open gathering spaces at the Harford Mall site.

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DevelopmentFloridaMixed-UseMultifamilySoutheast

Gateway Jax to Break Ground on Multifamily Building at $2B Pearl Square Mixed-Use Project in Downtown Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Gateway Jax has unveiled plans to break ground on the second building at Pearl Square, a 1.5 million-square-foot mixed-used development underway in downtown Jacksonville. Following the groundbreaking of 515 Pearl in October 2024, 425 Beaver Street will feature 286 multifamily units, onsite parking and nearly 20,000 square feet of retail space. The 425 Beaver Street project team includes SK+I Architecture, Elks Manfredi Architects, Cecconi Simone (interior designer); SK&A Structural Engineers; Lighthouse; and England-Thims & Miller (civil engineer). Jacksonville-based Faver Gray will serve as the general contractor, while the new parks and public spaces will be designed by Hoerr Schaudt. Upon completion, Pearl Square will deliver more than 1,250 residential units; approximately 200,000 square feet of retail space; a 100-room boutique hotel; new public spaces, including widened and shaded sidewalks; public park spaces; and a signature curbless festival street with several outdoor dining options. Retail tenants at the development will include a full-service grocer and fitness club, as well as grab-and-go bodegas, restaurants and other daily service providers like salons and shops. The full build-out of Gateway Jax’s holdings will total an estimated $2 billion in capital investment over the next decade. 425 Beaver Street will break ground on …

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DevelopmentGeorgiaMultifamilySoutheast

RangeWater, NASH Open 303-Unit Camino at BuHi Apartments in Doraville, Georgia

by John Nelson

DORAVILLE, GA. — A partnership between RangeWater Real Estate and North America Sekisui House (NASH) has opened Camino at BuHi, a 303-apartment community located at 3712 Stewart Road in Doraville, an eastern suburb of Atlanta. The new development is situated at the intersection of Buford Highway and Jess Norman Way. Camino at BuHi offers a mix of studio, one-, two- and three-bedroom apartments and townhomes ranging in size from 474 to 1,411 square feet. Monthly rental rates range from $1,387 to $3,254, according to Apartments.com. Amenities include a dog park and spa, resort-style pool courtyard, coworking offices with dedicated podcast recording space, an outdoor grilling station, fitness center, rooftop lounge and a private speakeasy.

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DevelopmentFloridaLoansMixed-UseRetailSoutheast

Codina Partners Obtains $38.8M Construction Loan for Downtown Doral Retail Expansion

by John Nelson

DORAL, FLA. — Codina Partners has obtained a $38.8 million construction loan for the third phase of Downtown Doral’s retail expansion. Ocean Bank provided the loan. Downtown Doral is a 250-acre mixed-use district in South Florida, and the third phase will add nearly 25,000 square feet of retail space along 87th Avenue, with 932 dedicated garage parking spaces for retail visitors. UHealth – University of Miami Health System has leased 11,243 square feet on the north end of the expansion for UHealth Way, which will include comprehensive eye care from the Bascom Palmer Eye Institute and physical therapy services, such as hand therapy and pelvic floor rehabilitation. The south portion of the expansion includes 13,644 square feet of retail space divided into nine customizable units — seven on the ground floor and two on the second floor. The expansion project is scheduled to break ground in the second quarter, with an estimated completion in 2026.

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