Southeast

JACKSONVILLE, FLA. — EDEN Living has completed the development of EDEN at Kendall West, a 265-unit multifamily community situated on 20 acres in Jacksonville. Located at 9105 Tredinick Parkway, the property features 193 single-story apartments and 72 two-story townhomes. Each unit includes a private backyard, with a private garage accompanying each townhome. Units at EDEN at Kendall West range in size from 700 to 1,300 square feet, with one-, two- and three-bedroom layouts. Amenities include a clubhouse, fitness center, swimming pool, dog grooming station, dog park, club room and walking trails. Monthly rental rates at the community begin at $1,425, according to the property website.

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RICHMOND, VA. — S.L. Nusbaum Realty Co. has brokered the $9 million sale of an industrial property located at 915 N. Allen Ave. in Richmond. James River Transportation formerly occupied the property, which totals 16,560 square feet situated on 4.3 acres. Jefferson Street Partners II LLC, an affiliate of Academy Bus Lines that acquired James River Transportation last year, was the buyer. Douglas Tice III of S.L. Nusbaum represented the seller, Storyland Properties, in the transaction.  

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Matt Williamson Pavlov Media FutureProofing Quote from article

In the rapidly evolving landscape of multifamily technology, owners and operators face a critical challenge to staying competitive. As demand for high-speed internet and robust connectivity grows, it is essential to adapt quickly. However, constantly upgrading infrastructure can be prohibitively expensive and time-consuming. The solution lies in future-proofing properties — building an adaptable infrastructure that can support unknown future technological needs. “Future-proofing is a matter of having infrastructure capable of supporting what we don’t know we will want later,” says Matt Williamson, lead sales engineer at Pavlov Media, which provides Wi-Fi, fiber-optic internet service and managed digital services to multifamily properties. Future-proofing involves implementing scalable and flexible communication systems that accommodate both current and emerging digital demands. By focusing on future-proofing, multifamily properties can meet residents’ increasing expectations for high-speed internet and comprehensive Wi-Fi coverage while also reducing operational costs and enhancing overall efficiency. Balance Current Needs with Future Trends “Multifamily residents now expect extremely high-speed internet connections in their units and throughout the entire property, including common areas like gyms, conference rooms, pools and walking paths,” Williamson says. Residents want robust internet connections for activities such as streaming, video calls and remote home monitoring. The importance of upload speeds …

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ATLANTA — Cousins Properties and Town Lane have acquired Proscenium, an office building located in the Midtown submarket of Atlanta, for $83 million. The purchase was executed through a newly formed joint venture, with Town Lane owning 80 percent of the venture and Cousins owning the remaining 20 percent. Atlanta Business Chronicle reports that the seller is an affiliate of Manulife Financial Corp. Locally-based Cousins will manage the property — which totals 526,000 square feet — and provide leasing services. Located within the Colony Square mixed-use development, the Proscenium was 74 percent leased at the time of sale. The new ownership plans to execute improvements at the property. Simpson Thacher & Bartlett LLP is providing legal counsel to Town Lane, and Eversheds Sutherland (US) LLP is serving as counsel to Cousins.

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SUMMERVILLE, S.C. — Woodfield Development has completed and opened The Ames, a 304-unit apartment development located at 3800 Zephyr Road in Summerville. Situated within the Nexton master-planned development, the property offers residences in a mix of studio, one-, two- and three-bedroom layouts. Amenities at The Ames include a swimming pool, courtyard, grilling stations and a 1,500-square-foot pool cabana with a bar area. This marks Charleston-based Woodfield’s 17th multifamily delivery in the state.

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MIAMI — Tom Brady Enterprises (TBE) Capital Management has signed an 8,415-square-foot office lease at THE WELL Bay Harbor Islands, a mixed-use project currently under development in Miami. TBE will relocate its headquarters to a 113,000-square-foot office building located at 1177 Kane Concourse within the development. Scheduled to open in 2025, the office building is currently 35 percent preleased. Blanca Commercial Real Estate, which serves as the leasing agent for THE WELL Bay Harbor, represented the landlord, Terra, in the lease negotiations. Colliers and Current Real Estate Advisors represented TBE. Upon completion, THE WELL Bay Harbor will also feature an eight-story condominium building, more than 22,000 square feet of amenities and a restaurant. Tom Brady Enterprises manages all business ventures of retired football player Tom Brady, including his portfolio of brands, which includes sportwear company BRADY Brands, wellness brand TB12, production company Religion of Sports and Autograph, which is dedicated to fan engagement. Brady played in the NFL for 23 seasons and won seven Super Bowls, six with the New England Patriots.

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FARRAGUT, TENN. — BWE has arranged a $19.8 million loan for the refinancing of Lanesborough, a multifamily community located in Farragut, roughly 20 miles southwest of Knoxville. Paul Harbor of BWE secured the Fannie Mae financing on behalf of the undisclosed borrower, with support from BWE colleagues J.R. Bertram, Libby Davis and John Segrest. Totaling 208 units, Lanesborough was 99 percent occupied at the time of sale. Amenities at the community, which was originally constructed in 1997, include a swimming pool, spa, clubhouse, community pond, fitness center, car wash station, garage parking, storage space, gated access and basketball, volleyball and tennis courts.

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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.

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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 …

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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 …

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