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Southeast

DevelopmentIndustrialNorth CarolinaSoutheast

Merritt Properties Delivers 213,800 SF Industrial Park in Garner, North Carolina

by John Nelson

GARNER, N.C. — Merritt Properties has delivered 42 Crossing, a three-building industrial park in the Raleigh suburb of Garner that spans 213,800 square feet. Situated on 22 acres near I-40 and I-540, the park’s facilities feature 18- to 24-foot clear heights, rear-loaded docks and drive-in capabilities. 42 Crossing also offers incubator warehouses that are ideal for companies seeking 1,800 to 3,600 square feet of small-bay industrial space. These move-in ready facilities include two offices, a bathroom, a climate-controlled warehouse and at-grade drive-in access. Committed tenants at 42 Crossing include Quartz America (12,629 square feet); C. E Gandee (1,800 square feet); The Spa Haus (1,800 square feet); Choufani & Bailey Roofing (1,800 square feet); Fibrezone USA (1,800 square feet); Dock, Door, & Grille Solutions (1,800 square feet); JMO Import Automotive (1,800 square feet); Konecranes (1,800 square feet); and Pickles and Play (18,350 square feet), marking the company’s third indoor pickleball facility at a Merritt property.

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AcquisitionsFloridaRestaurantRetailSoutheast

Orion Acquires Net Lease Retail Portfolio Located in Florida, Texas, Illinois for $50M

by John Nelson

MIAMI— Florida-based Orion Real Estate Group has acquired a net lease retail portfolio located in Florida, Texas and Illinois for $50 million. An undisclosed family office sold the portfolio, which totals 94,000 square feet across 12 properties. Tenants at the portfolio — which include 11 single-tenant properties and two two-tenant properties — include banks, a fitness center, pharmacy, urgent care facility and a quick-service restaurant. The portfolio has 6.5 years of weighted average remaining lease term. Alex Sharrin, Jeff Cicurel, Eric Osika and Noel O’Donnell of JLL represented the seller in the transaction.

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AlabamaLoansMultifamilySoutheast

Greystone Provides $14.5M Agency Loan for 700 Riverchase Apartments in Hoover, Alabama

by John Nelson

HOOVER, ALA. — Greystone has provided a $14.5 million Fannie Mae loan for the refinancing of 700 Riverchase, a 216-unit apartment community located in the Birmingham suburb of Hoover. The non-recourse loan features a five-year term, fixed interest rate, interest-only payments for the full term and a 30-year amortization schedule. Rob Meehan of Greystone originated the financing, and HKS Capital Partners acted as correspondent. The borrower was not disclosed. Built in 1983, 700 Riverchase is a garden-style multifamily community with one-, two- and three-bedroom units. Amenities include a fitness center, laundry facilities, swimming pool, outdoor grill center, dog park, playground and a pickleball court.

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FloridaLeasing ActivityRetailSoutheast

Primark to Open 36,200 SF Store at The Florida Mall in Orlando

by John Nelson

ORLANDO, FLA. — Primark has signed a 36,000-square-foot lease at The Florida Mall in Orlando. Spanning two stories, the store will feature an entire floor dedicated to Disney merchandise. Scheduled for the end of August, the opening will bring the retailer’s U.S. portfolio to 26 locations. Primark currently operates one store in the state at Sawgrass Mills in Sunrise. Indianapolis-based Simon Property Group owns The Florida Mall, which opened in 1986.

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DevelopmentIndustrialSoutheastTennessee

USGBC Certifies REI Co-Op’s 400,000 SF Distribution Center Near Nashville as LEED v4 Platinum

by John Nelson

LEBANON, TENN. — The U.S. Green Building Council (USGBC) has certified REI Co-Op’s 400,000-square-foot distribution center in Lebanon as LEED v4 Platinum. Situated roughly 30 miles east of Nashville, the property is the largest LEED Platinum-certified industrial property in the Southeastern United States and one of 10 warehouses in the country to achieve LEED v4 Platinum certification, as well as the only facility in the state with that rating. Al. Neyer designed and developed the distribution center in 2023. Sustainable features of the REI distribution center include 100 percent renewable electricity via an onsite solar array, as well as a nearby solar array in east Tennessee that REI helps support; the use of reclaimed wood and metal sourced from the original barn onsite; a polished concrete stream inspired by the nearby Cumberland River; numerous skylights; and water systems to repurpose rain water. The Lebanon facility serves REI stores and customer online order fulfillment in the Midwest and Southeast, and complements REI’s three existing distribution centers in Bedford, Pa.; Goodyear, Ariz.; and Sumner, Wash. REI employs roughly 275 people at the Lebanon property, which has received industry awards from local chapters of national organizations including  NAIOP and ULI.

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Sage-Cypress-Cay_Lutz-Fla
AcquisitionsFloridaMultifamilySoutheastTop Stories

Argyle, Sembler Acquire 576-Unit Multifamily Portfolio in Metro Tampa

by Hayden Spiess

LUTZ, FLA. — Argyle Real Estate Partners and Sembler Investments Real Estate Partners (SIREP) have acquired a 576-unit multifamily portfolio located in Lutz, roughly 14 miles north of downtown Tampa. The acquisition includes the communities Sage at Cypress Cay and Lantana at Cypress Cay.  Built in 2022, Sage at Cypress Cay totals 324 units. Apartments at the property feature one-, two- and three-bedroom layouts. Amenities include a resort-style pool with outdoor kitchens and firepits, a clubhouse, fitness center, dog park and pet spa.  Lantana at Cypress Cay was developed in 2023 and comprises 252 units. According to a press release issued by Argyle, the property includes residences and amenities comparable to those of Sage of Cypress Cay. The buyers plan to implement minor capital improvements at Lantana at Cypress Cay.  Both communities are situated near the University of South Florida (USF), Veterans’ Hospital and Advent Health’s main hospital campus.  “With approximately 30,000 healthcare and education jobs in the immediate vicinity, and their proximity to downtown Tampa, these two properties are well positioned to benefit from these growing and diverse employment hubs and provide quality living solutions to these employees,” says Mark Sembler, chief executive officer of SIREP.  — Hayden Spiess

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DevelopmentNorth CarolinaSeniors HousingSoutheast

PruittHealth Breaks Ground on $385.5M Redevelopment of Seniors Housing Campus in Raleigh

by John Nelson

RALEIGH, N.C. — PruittHealth has broken ground on a $385.5 million redevelopment project at The Oaks at Whitaker Glen, a seniors housing property in Raleigh. Upon completion, the continuing care retirement community (CCRC) property will comprise 246 independent living units in studio, one-, two- and three-bedroom layouts; 82 assisted living apartments; and a new, 106-bed skilled nursing center. The campus, which spans 20 acres, will also feature public-facing retail stores and healthcare space. The Oaks at Whitaker Glen is accepting preconstruction reservations now. A construction timeline was not released.

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AcquisitionsArkansasHealthcareSoutheast

Sila Realty Trust Acquires Healthcare Facility in Fort Smith, Arkansas for $28.3M

by John Nelson

FORT SMITH, ARK. — Sila Realty Trust Inc., a publicly traded net lease healthcare REIT based in Tampa, has purchased a 50-bed inpatient healthcare facility in Fort Smith, a city on the Arkansas-Oklahoma border. An undisclosed seller sold the approximately 62,500-square-foot healthcare property for $28.3 million. Built in 2021, the facility was fully leased at the time of sale to Mercy Rehabilitation Hospital, a joint venture between Mercy Hospital Fort Smith and Lifepoint Health. The rehabilitative property is tailored for individuals recovering from stroke, brain injury, neurological conditions, trauma, spinal cord injury, amputation and orthopedic injury. Year-to-date, Sila Realty Trust has purchased eight Class A healthcare properties for an aggregate price of $164 million.

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AcquisitionsNorth CarolinaOfficeSoutheast

JLL Brokers Sale of 166,653 SF Landmark at North Hills Office Building in Raleigh

by John Nelson

RALEIGH, N.C. — JLL Capital Markets has brokered the sale of Landmark at North Hills, a 166,653-square-foot office building located at 4601 Six Forks Road in Raleigh. A joint venture between Edgewater Ventures and Northridge Capital acquired the property for an undisclosed price. Ryan Clutter, Daniel Flynn, C.J. Liuzzo and Sarah Holloway of JLL represented the seller, BentallGreenOak (BGO), in the transaction. Dennis Hurley, Hillman Duncan and Patti Autry of JLL will manage leasing at the property on behalf of the new ownership. Landmark at North Hills, which sits on seven acres and comprises two five-story buildings connected by a sky bridge, was 84.3 percent leased at the time of sale.

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AcquisitionsGeorgiaLoansMultifamilySoutheast

Berkadia Arranges $13M Acquisition Financing for Arcadia Decatur Apartment Community in Metro Atlanta

by John Nelson

DECATUR, GA. — Berkadia has arranged a $13 million loan for the acquisition of Arcadia Decatur, a 101-unit apartment community located at 220 N. Arcadia Ave. in Decatur, a northeast suburb of Atlanta. Scott Wadler, Matt Robbins and Abigail Beauchamp of Berkadia secured the five-year, fixed-rate financing on behalf of the borrower, a joint venture between Atlantic Pacific Cos. and Highline Real Estate Capital. Built in 2020, Arcadia Decatur features one- and two-bedroom apartments, as well as a fitness center, outdoor grills, swimming pool and a sundeck.  

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