Southeast

St. Joe Co., Tallahassee Memorial Open First Building at 87-Acre Healthcare Campus in Panama City Beach, Florida

by John Nelson July 22, 2024

PANAMA CITY BEACH, FLA. — The St. Joe Co. and Tallahassee Memorial HealthCare (TMH) have opened the first building at the FSU/TMH Medical Campus, an 87-acre campus currently in Panama City Beach underway by the companies and Florida State University (FSU). Situated at 1002 N. Arnold Road, the medical office building is one of several planned at the development. TMH Urgent Care and TMH Physician Partners – Primary Care are now open at the property. The campus, which will include a 100-bed hospital with an emergency center and other inpatient services, is scheduled for completion in 2027.

July 22, 2024

Acquisitions Alabama Multifamily Southeast

DWG Capital Partners, Dorado Holdings Purchase 96-Unit Greenbriar Apartments in Montgomery, Alabama

by John Nelson July 22, 2024

MONTGOMERY, ALA. — DWG Capital Partners and Dorado Holdings have purchased Greenbriar Apartments, a 96-unit multifamily community in Montgomery. Located at 4604 Virginia Loop Road, the property features 13 two-story buildings situated on 5.4 acres. Insight Management Group sold the community for an undisclosed price. Jonny Easterling of Wiley Real Estate Group represented the seller in the transaction.

July 22, 2024

Market Reports Office Southeast Southeast Market Reports Tennessee

Memphis Office Market Holds Steady Amid Post-Pandemic Headwinds

by John Nelson July 22, 2024

The Memphis office market continues to defy national post-pandemic office trends, fueled by persistent occupier demand and limited amounts of vacancy within primary submarkets. Although, the market closed out the 2023 year with 34,430 square feet of occupancy losses caused by two large tenant vacancies, the first quarter of 2024 reversed the trend as net absorption swung positive, recording 140,788 square feet of occupancy gains. The Memphis unemployment rate remained low at 3.5 percent in May, just above the Tennessee unemployment rate of 3.0 percent and below the national average of 4.0 percent, according to data from the U.S. Bureau of Labor Statistics. Ford Motor Company’s Blue Oval City began its hiring in 2023, with most of its hiring to occur in the second half of this year, which could begin to further compress the unemployment rate, as approximately 5,600 direct jobs are estimated to be created in West Tennessee. The company leased 42,910 square feet of office space on the edge of the Memphis office market. The auto giant plans to use the new space as a training facility. Additionally, the Elon Musk-led xAI company announced Memphis as being the new home for its “Gigafactory of Compute,” claiming to …

July 22, 2024

Development Georgia Hospitality Loans Southeast

LCP Group Provides Construction Financing for 183-Room Moxy-Branded Hotel in Downtown Atlanta

by John Nelson July 19, 2024

ATLANTA — The LCP Group has provided an undisclosed amount of construction financing for the development of Moxy Centennial Olympic Park, a 183-room hotel in Atlanta’s downtown entertainment district. The developer is a partnership between Atlanta-based Nexera Capital and Emerge Hospitality Group. Upon completion, the property will feature 13 stories, with a rooftop restaurant and lounge, lobby bar and ground-level retail space. The hotel’s opening is scheduled for the second quarter of 2026. Nearby attractions include the Georgia Aquarium, World of Coca-Cola, State Farm Arena and the Mercedes-Benz Stadium, the home arena of the Atlanta Falcons and Atlanta United.

July 19, 2024

Development Florida Multifamily Southeast

Alliance Residential Opens 300-Unit Prose Horizons Village Apartment Community in Central Florida

by John Nelson July 19, 2024

WINTER GARDEN, FLA. — Multifamily developer Alliance Residential Co. has opened Prose Horizons Village, a 300-unit apartment community located at 16810 Easthampstead Road in Winter Garden, approximately 16 miles northwest of Orlando. The property features one- and two-bedroom residences averaging 1,008 square feet in size. Amenities at the community include a clubroom, business center, package locker system, pool, fitness center and a pet park. The developer also recently opened Prose Cypress Pointe in nearby Winter Haven, Fla.

July 19, 2024

Acquisitions Arkansas Retail Southeast

Marcus & Millichap Brokers $7.1M Sale of Northpark Shopping Center in Monticello, Arkansas

by John Nelson July 19, 2024

MONTICELLO, ARK. — Marcus & Millichap has brokered the $7.1 million sale of Northpark Shopping Center, a 71,068-square-foot retail center located at 120-155 Northpark Drive in Monticello, about 90 miles south of Little Rock. Tenants at the property, which was 95 percent occupied at the time of sale, include Cato, Hibbett Sports, It’s Fashion Metro, Pizza Hut and Rent-A-Center. Eric Abbott and Zach Taylor of Marcus & Millichap represented the seller, Timber Development, in the transaction. A DST (Delaware Statutory Trust) fund based in California acquired the property. “Investor appetite for secondary market shopping center inventory remains robust,” says Abbott. “The buyer was drawn to the dominant nature and regional trade area of the Walmart, with no major competing shopping centers in the area.”

July 19, 2024

Industrial Leasing Activity North Carolina Southeast

CBRE Arranges Five Industrial Leases at 42 West Business Park in Metro Raleigh

by John Nelson July 19, 2024

CLAYTON, N.C. — CBRE has arranged five new leases at 42 West Business Park, a newly developed flex/light industrial property in Clayton, 17 miles outside downtown Raleigh. Delivered at the end of 2023, the development comprises two warehouses totaling 125,000 square feet. Habitat for Humanity of Wake County will occupy the entirety of Building 1, which totals 25,000 square feet. Together, the tenants will occupy 65,787 square feet, bringing the property to over 50 percent occupancy. Austin Nagy and John Hogan of CBRE represented the landlord, Charlotte-based Pace Commercial, in the lease negotiations.

July 19, 2024

Affordable Housing District of Columbia Multifamily Southeast

Multifamily Industry Says Biden’s Proposed Rent Cap Would Punish Tenants

by John Nelson July 19, 2024

WASHINGTON, D.C. — The Biden administration has called on Congress to pass rent-control legislation that would affect more than 20 million rental homes across the country. Under the proposed rule, landlords with more than 50 units in their portfolios would forfeit federal tax breaks if they raise rents annually more than 5 percent on their existing units. If passed, this rule would be in force beginning this year and would last through 2026. The plan would include an exception for new construction and for units currently undergoing substantial renovation or rehabilitation. Failing to hit the 5 percent cap, owners would lose out on what’s known as “faster deprecation” write-offs. According to Investopedia, property owners can deduct market value loss and the costs of buying and improving a property from their taxes. Most multifamily industry leaders are against rent control for several reasons but chiefly because they say such measures reduce the incentive to build more housing or to renovate and improve existing properties. Ahead of the White House’s announcement, which was released this morning, numerous public policy groups spoke out against the proposal. “This legislative proposal will not create a single new unit while raising costs on the very residents …

July 19, 2024

Development Hospitality Louisiana Mixed-Use Restaurant Retail Southeast

Cordish Tops Off $270M Live! Casino & Hotel Louisiana in Bossier City

by John Nelson July 18, 2024

BOSSIER CITY, LA. — The Cordish Cos. has topped off Live! Casino & Hotel Louisiana, a $270 million hospitality and gaming entertainment complex in Bossier City. The Baltimore-based retail entertainment owner and operator broke ground on the project in December 2023. Cordish Cos. and general contractor AnderCorp finished vertical construction at the property yesterday in a ceremony that included state and local officials. Scheduled to open in first-quarter 2025, the Live! Casino & Hotel Louisiana will feature more than 47,000 square feet of gaming space; a sportsbook for live betting on sporting events; an upscale 550-room hotel with a resort-style pool and fitness center; 25,000-square-foot events center; structured and surface parking; a 31-site RV park; and 30,000 square feet of dining and entertainment venues, including Cordish brands Sports & Social, PBR Cowboy Bar and Luk Fu. During the topping off ceremony, Cordish also announced two other additions to the restaurant lineup: Ridotto Grand Café and The Prime Rib steakhouse. Situated along the Red River, the project is expected to create 750 new construction jobs and 750 permanent jobs. The site was formerly home to the vacant Diamond Jacks Casino & Hotel, which Cordish Cos. acquired in 2023. Live Casino & …

July 18, 2024

Development Florida Multifamily Southeast

H&R REIT, Urban-X Receive Approval for 28-Story MidRiverVu Apartment Tower in Miami

by John Nelson July 18, 2024

MIAMI — Canada-based H&R REIT and Miami-based Urban-X Group have received approval from the City of Miami’s Planning, Zoning and Appeals Board for MidRiverVu, a 28-story apartment tower. The 475-unit, market-rate community will be situated on a 2-acre site at 1411 N.W. North River Drive in Miami’s MidRiver district, which is west of the downtown area. The property represents an expansion of the River Landing Special Area Plan (SAP) as it will be located directly north of the existing River Landing Shops & Residences, also owned by the REIT and co-developed with Urban-X. Sustainable features of MidRiverVu will include rain gardens, intensive and passive green roofs and decks and blue-green systems to control and slow runoff. The construction timeline and planned amenities for the tower were not disclosed.

July 18, 2024

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