MEMPHIS, TENN. — Eastern Union has secured a $13 million loan for the refinancing of Garden View Apartments, a multifamily community located at 1033 and 1087 Whitaker Drive in Memphis. Bellco Federal Credit Union provided the 30-year loan, which carries a 7.3 percent interest rate, to the undisclosed borrower. Built in 1963, Garden View Apartments totals 156 units across 15 buildings spanning 131,000 rentable square feet. The community features 60 one-bedroom units and 96 two-bedroom units. Motti Blau and Mendy Pfeifer of Eastern Union arranged the financing on behalf of the borrower. Dov Bakon of Eastern Union served as the underwriter for the transaction.
In the Tampa Bay area, industrial activity remains strong to this point in 2024. According to market research from Colliers, the industrial market closed the first quarter of the year with a vacancy rate below 6 percent. From 2019 to 2022, leasing activity increased, with some fluctuations between quarters. Meanwhile, 2023 saw more than 12.2 million square feet of renewals, expansions and new leases in the greater Tampa Bay area. The data backs up what we are seeing as brokers – a high-demand market with positive net absorption. With that, there are also several trends that have emerged in 2024. 1.) A generally competitive but well-balanced market. While the Tampa Bay industrial market is competitive, it’s overall well-balanced — favoring neither the landlord nor tenant in its current state (of course, dependent on size and submarket). This balance can be attributed to a slowdown in new construction, high occupancy rates, rising rental rates and continued strong demand. However, rates are not rising as quickly as they have been in the past few years, and tenants are selective about space and want to see several options and thoroughly survey the market before executing a deal. There are also pockets of the …
CARY, N.C. — The development team behind the 92-acre Fenton mixed-use development in Cary, which includes Hines, Columbia Development and Affinius Capital, has announced a new 186-room hotel coming to the development. The master developers are bringing on Mainsail Lodging & Development and Ross Hotel Partners to co-develop the seven-story hotel, with Mainsail also signed on to operate the property upon completion. The developers will break ground in first-quarter 2025 and open the hotel in first-quarter 2027. Designed by BRPH, the hotel will be a member of the Tribute Portfolio Hotels by Marriott International family of brands and will feature a second-floor signature restaurant and bar; a lobby bar and coffee shop; 6,000 square feet of event space spanning six meeting rooms; a ballroom to accommodate groups up to 300 people; and a 1,500-square-foot culinary studio for cooking demonstrations and ticketed experiences. Other amenities will include a fitness center and an outdoor heated pool with an expanded sundeck. Additionally, the master developers have signed office leases with two new tenants. The deals include a nearly 17,000-square-foot lease with Burns & McDonnell, an engineering, construction and architecture firm, and an approximately 4,400-square-foot lease with Surety Systems, an enterprise resource planning, human …
NASHVILLE, ARK. — Phoenix Investors has purchased three industrial properties in Nashville, a city in southwest Arkansas. Swedish power tool manufacturer Husqvarna sold the properties, which total roughly 816,000 square feet, for an undisclosed price. Husqvarna had previously decided to shutter its Nashville plants in July 2023 with the goal to phase out the properties by the end of 2024. The acquisition includes a 351,763-square-foot facility located at 630 Highway 27 Bypass; a 299,885-square-foot property at 1 Poulan Drive; and a 165,046-square-foot facility at 139 Old Airport Road. Phoenix Investors plans to implement a capital improvement plan to attract high-quality industrial users to the area. The acquisition also included a solar farm of an undisclosed size.
BRANDON AND TAMARAC, FLA. — A joint venture between ShopOne Centers REIT, Pantheon and a global institutional investor has acquired two shopping centers in Florida totaling 287,407 square feet. Located in Tamarac, Midway Plaza comprises 218,400 square feet. Publix anchors the property, which was 84 percent occupied at the time of sale. Walmart anchors Lithia Square in Brandon. The 69,007-square-foot property was 79 percent occupied at the time of sale. The sellers and sales price were not disclosed. This acquisition brings the joint venture’s portfolio to 1.8 million square feet of grocery-anchored retail space.
NORTH LITTLE ROCK, ARK. — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Sherwood Park, a 242-unit apartment community located at 1707 Arrowhead Road in North Little Rock. The buyer, seller and sales price were not disclosed. Paul Yazbeck of TMG represented the seller in the transaction, and Chase Davis, also with TMG, procured the buyer. Built in 1977, Sherwood Park includes amenities such as a package service, laundry facility, storage space, swimming pool, playground and picnic tables. The property has seven floor plans, including some townhomes, and more than half of the units are two-bedroom apartments.
WASHINGTON, D.C. — The U.S. Bureau of Labor Statistics (BLS) has reported that the U.S. economy has added 114,000 jobs in July, far below the 215,000 monthly average over the previous 12 months. The total is also below the 185,000 jobs that Dow Jones economists estimated for the month, according to CNBC. Additionally, the BLS revised down the May and June totals by a collective 29,000 jobs. The U.S. unemployment rate increased to 4.3 percent, its highest level since October 2021 and a 20-basis-point increase from June. Healthcare saw the largest monthly increase with 55,000 jobs added in July, a little below the sector’s monthly average of 63,000 over the prior 12 months. Sectors that saw nominal growth included construction (25,000 jobs), government (17,000), transportation and warehousing (14,000) and social assistance (9,000). Information employment declined by 20,000 jobs. Other sectors, including manufacturing, professional and business services and leisure and hospitality, saw minimal change from June.
ST. PETERSBURG, FLA. — The City of St. Petersburg has selected Skanska USA as the owner’s representative for the $6.5 billion redevelopment of the Historic Gas Plant property in St. Petersburg, including the design and construction of the new Major League Baseball stadium for the Tampa Bay Rays. The 86-acre redevelopment was announced nearly a year ago and will transform the site, which houses the Rays’ current home ballpark Tropicana Field, into an 8 million-square-foot mixed-use campus. In addition to the new stadium, plans call for new affordable housing, hotels, offices, shops, restaurants and the new home of the Woodson African American Museum of Florida. As the city’s owner’s representative, Skanska USA Building Inc. will provide project management services, including design reviews, project accounting, management of the redevelopment schedule, permitting assistance, onsite quality assurance, ensuring compliance with the development agreements and communication with area stakeholders. The Pinellas County Commission approved the project on Tuesday, July 30 — the final votes needed for the plan to move forward. The St. Petersburg City Council approved plans for the ballpark and the accompanying Historic Gas Plant District development on July 18.
LYNCHBURG, VA. — LifeSpire of Virginia has announced plans for an $80 million expansion of The Summit, a continuing care retirement community in Lynchburg, about 55 miles east of Roanoke, Va. Although the number of units was not disclosed, the company says the project will “create dozens of new residences” via 18 cottage homes and multiple villa options, as well as a new memory care neighborhood. The nonprofit LifeSpire of Virginia, which acquired The Summit in late 2021, plans to complete the expansion over the next 24 months. The Summit sits on a 125-acre campus, which comprises scenic trails; a 10-acre lake for fishing, kayaking and canoeing; and forested areas.
Northmarq Secures $32M Refinancing for Build-to-Rent Residential Community in Coastal South Carolina
OKATIE, S.C. — Northmarq has secured a $32 million bridge loan for the refinancing of Saddlewood at Pepper Hall, a 121-unit build-to-rent (BTR) residential community in Okatie, a city 11 miles west of Hilton Head Island. The borrowers, RP Communities and Argosy Real Estate Partners, delivered the BTR property last year within the Pepper Hall master-planned development. Grant Harris, David Vinson and Faron Thompson of Northmarq arranged the five-year loan on behalf of the borrowers through Atlanta-based ACRE. Saddlewood at Pepper Hall features one-, two- and three-bedroom townhomes and carriage homes with private porches and detached garages. Amenities include a pool, dog park, green spaces and a clubhouse with a fitness center. Additionally, the site will feature a planned state waterfront park that will include a kayak launch and walking trails.