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DevelopmentFloridaMultifamilySoutheast

Madison Communities Delivers 276-Unit Apartment Community in Metro Jacksonville

by John Nelson

ST. JOHNS, FLA. — Madison Communities has opened Madison Fountains, a 276-unit apartment community located in the Jacksonville suburb of St. Johns. BenCo, the project’s general contractor, is an affiliate of Madison Capital Group Holdings. The development features studios, one-, two- and three-bedroom floorplans, ranging from 708 square feet to 1,363 square feet in size, according to Apartments.com. Monthly rental rates for studio apartments begin at $1,378. Amenities at the property include a clubhouse-integrated fitness center, resort-style swimming pool with grilling stations and an onsite dog park and grooming station, as well as proximity to the Gourd Island Conservation Area, a 3.7 dog-friendly trail system. Additionally, the community is within walking distance to Jacksonville’s St. Johns Town Center, a super-regional open-air mall that features more than 175 stores.

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AcquisitionsIndustrialNorth CarolinaSoutheast

JLL Arranges Sale of 265,000 SF Manufacturing Facility in Newton, North Carolina

by John Nelson

NEWTON, N.C. — JLL Capital Markets has arranged the sale of Corning Hickory, a 265,000-square-foot manufacturing facility located within the Trivium Corporate Center in Newton, about 43 miles northwest of Charlotte. Constructed in 2022, the build-to-suit facility is fully leased to Corning Inc., a multinational technology company that specializes in glass and ceramics science and optical physics. Pete Pittroff, Jason DeWitt, Dave Andrews, Michael Scarnato, Zach Lloyd and Allan Parrott of JLL’s Capital Markets team represented the seller, Atlanta-based Stonemont Financial Group, in the transaction. PRP Real Estate Investment Management purchased the property for an undisclosed price. Situated on 30 acres, the facility features 32-foot clear heights, ESPR fire suppression, LED lighting, a climate-controlled interior, two 4,000-amp switchboards, 83 car parking spaces and 56 trailer parking spaces. The property also offers an additional 83,000 square feet for options to expand.

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DevelopmentGeorgiaLeasing ActivityRetailSoutheast

Lalani Ventures, Ravine to Open 181,000 SF Music Venue at Underground Atlanta

by John Nelson

ATLANTA — Atlanta-based Lalani Ventures, in partnership with Ravine, will open a 181,000-square-foot live music and performance venue at Underground Atlanta, a shopping and entertainment district situated in the Five Points neighborhood of south downtown Atlanta. Following the closure of its former location in 2021, Ravine’s new location, Ravine at Underground, will feature two stages with covered indoor and outdoor event space. One stage will accommodate 6,000 guests, while the other stage will accommodate 2,500 patrons. Ravine at Underground will join additional entertainment venues at Underground Atlanta, including The Masquerade, a four-hall concert venue; The Frisky Whisker, a sound gallery and art space that includes a cat research and therapy center; and a 30,000-square-foot event hall. 

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DevelopmentFloridaMultifamilySoutheast

Fairfield Delivers Two Multifamily Developments in Fort Lauderdale Totaling 537 Units

by John Nelson

FORT LAUDERDALE, FLA. — Fairfield, a multifamily developer and owner based in San Diego, has completed construction of Coasterra Apartments in downtown Fort Lauderdale. The mid-rise community has 242 studio, one-, and two-bedroom apartments. Located at 150 SE 3rd Ave. in the Las Olas district, the community is adjacent to the One Financial Plaza office building. Fairfield also recently completed construction of Treo Apartments at 6500 N. Andrews Ave. in Fort Lauderdale. Treo has 295 studio, one- and two-bedroom units.

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AcquisitionsGeorgiaIndustrialSoutheast

CenterPoint Acquires 347,013 SF Industrial Facility in Powder Springs, Georgia

by John Nelson

POWDER SPRINGS, GA. — CenterPoint Properties has acquired a 347,013-square-foot industrial property located at 4795 Innovative Way in Powder Springs, a western suburb of Atlanta. The newly built facility is situated three miles from a Norfolk Southern intermodal terminal and 14 miles from I-285 via I-20. The metro Chicago-based investor purchased the facility, which was delivered in third-quarter 2024 and fully leased to two tenants, for an undisclosed price. CBRE brokered the off-market transaction. The facility covers less than a quarter of the 36-acre site and features 36-foot clear heights, 68 dock-high doors, two drive-in doors and parking for 210 cars and 77 trailers. CenterPoint now owns 90 assets comprising more than 18.5 million square feet in its East Region markets of New York/New Jersey, Lehigh Valley, Charleston, Savannah, Atlanta and South Florida.

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DevelopmentIndustrialLoansSouth CarolinaSoutheast

RL Capital Arranges $28.5M Construction Loan for Industrial Development in Upstate South Carolina

by John Nelson

EASLEY, S.C. — RL Capital Associates has arranged a $28.5 million construction loan for Speedway Business & Technology Park, a 335,000-square-foot industrial park in Easley, a city west of Greenville in South Carolina’s Upstate region. The development is situated on a 600-acre site in Pickens County that formerly housed the Greenville-Pickens Speedway. First National Bank provided the loan on behalf of the borrower, RealtyLink. The locally based developer plans to initially invest $100 million in Phase I of Speedway Business & Technology Park, which will comprise 1 million square feet of industrial space.

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AcquisitionsFloridaMultifamilySoutheast

Berkadia Brokers Sale of 268-Unit West Woods Apartments in Pensacola, Florida

by John Nelson

PENSACOLA, FLA. — Berkadia has brokered the sale of West Woods Apartments, a 268-unit community located at 3202 W. Nine Mile Road in Pensacola, a city in Florida’s Panhandle near the Alabama border. David Etchison of Berkadia led the transaction on behalf of the seller, Benefit Street Partners. The undisclosed buyer assumed in-place HUD financing as part of the transaction. The sales price was also not released. West Woods was delivered in 2016 and 2017 on a 14-acre site and offers one-, two- and three-bedroom floor plans averaging 1,087 square feet in size. Amenities at the gated-community include a clubhouse, two 24-hour fitness facilities, two resort-style pools, two dog parks, a business center, playground, 24-hour pet spa, car care center, fire pit, ping pong table and detached garage rentals. West Woods was 96 percent occupied at the time of sale.

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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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