Sunday, June 15, 2025
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DevelopmentFloridaMixed-UseMultifamilyOfficeRetailSoutheast

Suffolk to Construct Gasworx Mixed-Use Development in Tampa’s Ybor City

by John Nelson

TAMPA, FLA. — Suffolk plans to construct Gasworx, a mixed-use development in Tampa’s Ybor City, on behalf of the co-developers, Darryl Shaw and Kettler. The project will feature up to 5,000 residences, 500,000 square feet of office space and 140,000 square feet of shops, restaurants and service retailers. Suffolk will deliver multiple projects within the Gasworx development, including a 100-000-square-foot office building and a more than 500-space parking structure wrapped with a five-story residential building. Suffolk and the development team plan to break ground this summer.

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DevelopmentGeorgiaIndustrialSoutheast

Tommy Bahama Parent Company to Invest $130M for Clothing Distribution Center in Lyons, Georgia

by John Nelson

LYONS, GA. — Oxford Industries Inc., an Atlanta-based clothing and apparel manufacturer whose brands include Tommy Bahama and Lilly Pulitzer, plans to develop a new large-scale distribution center in Lyons, a South Georgia city in Toombs County. The company will invest $130 million in the first phase of the project, which will sit on 50 acres and support 60 new jobs at full completion. Oxford Industries is an international apparel design, sourcing and marketing company that features a portfolio of lifestyle brands, over 300 company-owned retail stores and an e-commerce business. The company also has a complementary wholesale business through department and specialty stores. The manufacturer has had a physical presence in Toombs County since the 1940s. With the new Lyons facility, Oxford Industries expects to boost output from 7 million units annually to 20 million units. The construction timeline was not disclosed.

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Affordable HousingDevelopmentDistrict of ColumbiaMultifamilySoutheast

Partnership Nears Completion of 430-Unit Iris Apartments in D.C.

by John Nelson

WASHINGTON, D.C. — A partnership between the District of Columbia Housing Authority (DCHA), MRP Realty, CSG Urban Partners LLC and Taylor Adams Associates is nearing completion of The Iris, a 430-unit apartment community located at 1133 N. Capitol St. NE in Washington, D.C.’s NoMa district. The public-private partnership, along with property management firm Greystar, began tours and accepting lease applications last month at the 380,000-square-foot property. The first move-ins will begin next week. The Iris is a 13-story community featuring studio, one-, two- and three-bedroom apartments, 20 percent of which will be reserved for households earning 60 percent or less of the area median income (AMI). Monthly rental rates start at $1,820, according to Apartments.com. Amenities include a rooftop pool, dog park, coworking space, fitness center, sports bar, outdoor kitchen, private dining room, reading library and a mail and package center, as well as two levels of subterranean parking. The design-build team includes general contractor CBG Building Partners and architectural firm Moya Design Partners. The Iris represents Phase I of the three-phase adaptive reuse of the former DCHA headquarters site.

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DevelopmentMarylandSoutheastStudent Housing

Meritus Health, Radnor to Develop Medical School Campus in Hagerstown, Maryland, Including 600 Student Housing Beds

by John Nelson

HAGERSTOWN, MD. — A public-private partnership between Meritus Health and Radnor Property Group has begun construction on the Meritus School of Osteopathic Medicine campus in Hagerstown. The development is located on an existing Meritus hospital campus and will include six buildings anchored by a village green, which offer residential space and house the new school of medicine. The first phase of the project will include the development of three four-story buildings offering approximately 100 units each. The development is also set to include retail and office space, as well as a library and café. Residential buildings will offer a total of 600 beds of student housing in studio, one- and two-bedroom configurations. A portion of the project, which was designed in collaboration with Design Collective, is scheduled for completion in 2025.

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AcquisitionsIndustrialNorth CarolinaSoutheast

JLL Arranges Sale of 149,987 SF Industrial Facility in Conover, North Carolina

by John Nelson

CONOVER, N.C. — JLL has arranged the sale of BSN Medical Distribution Facility, a 149,987-square-foot industrial property located at 1011 Keisler Road in Conover, about 44 miles northwest of Charlotte via N.C. Highway 16. Pete Pittroff, Dave Andrews, Josh McArdle, Michael Scarnato and Allan Parrott of JLL represented the seller, Founders Properties LLC, and procured the buyer, Diamond Properties. The sales price was not disclosed. The tenant, BSN Medical Inc., has more than five years of lease term remaining at the facility. The property was renovated in 2009 and features rear- and side-load configurations, 27 dock-high doors and 82 parking spaces spanning 17.2 acres, which provides potential expansion capacity at the site.

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FloridaLoansMultifamilySoutheast

Berkadia Arranges $54.5M Refinancing for Downtown Miami Apartment Tower

by John Nelson

MIAMI — Berkadia has arranged a $54.5 million loan for the refinancing of Pier 19 Residences & Marina, a 199-unit apartment tower located along the Miami River in downtown Miami. Charles Foschini, Christopher Apone and Shannon Wilson of Berkadia’s Miami office secured the five-year, fixed-rate loan through Apollo on behalf of the borrower, Neology Development. Located at 1951 N.W. South River Drive, Pier 19 Residences & Marina was originally built in 2011 as condominiums. Neology purchased the 21-story property in 2018 and transformed the asset into a luxury apartment community. The property is currently 95 percent occupied with rents ranging from $2,300 to $4,500, according to Berkadia. In addition to high-end amenities, Pier 19 features a 10-slip marina that is exclusive for residents.

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AcquisitionsCivicNorth CarolinaSoutheast

APG Capital Sells Government Office Building in Raleigh for $9.5M

by John Nelson

RALEIGH, N.C. — APG Capital has sold a 28,321-square-foot civic office building located at 2625 Appliance Court in Raleigh. An unnamed investor based in Florida purchased the property from APG Capital for $9.5 million. An affiliate of APG Capital originally acquired the building in 2014 for $1.9 million and has since invested more than $2 million in renovations. Situated near I-440 at Capital Boulevard, the single-story, single-tenant building has been occupied by the U.S. Government Services Administration (GSA) since 2012. The GSA utilizes the building as one of two military entrance processing stations (MEPS) in North Carolina. The buyer is one of the largest landlords of GSA-leased space in the nation, according to APG Capital.

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AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Brokers $5.1M Sale of Dunn Ave Plaza Shopping Center in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Marcus & Millichap has brokered the $5.1 million sale of Dunn Ave Plaza, a 42,570-square-foot shopping center located at 1440 Dunn Ave. in Jacksonville. Simon Grigoryan and Edwinn Bruchman of Marcus & Millichap’s Jacksonville office led a limited marketing strategy on behalf of the seller, which generated eight offers within the first two weeks. The duo also procured the buyer, a private investor. Both parties requested anonymity. Situated on 3.4 acres within a mile of I-95, Dunn Ave Plaza was 67 percent occupied at the time of sale to 26 national, regional and local tenants.

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AcquisitionsAlabamaRetailSoutheast

SRS Negotiates $3.8M Sale of New Gas Station in Daphne, Alabama Leased to Circle K

by John Nelson

DAPHNE, ALA. — SRS Real Estate Partners has negotiated the $3.8 million ground lease sale of a newly built gas station and convenience store located at 26072 Highway 181 in Daphne, about 13 miles east of Mobile, Ala. Circle K has a 15-year, corporate-guaranteed lease in place at the 5,200-square-foot property, which is situated on a two-acre site at the intersection of State Highway 181 and Daphne Road. Patrick Nutt and William Wamble of SRS represented the seller, a Southeast-based development group, in the transaction. The buyer, a local private investor, purchased the property at a 5.5 percent cap rate, according to SRS. Both the buyer and seller requested anonymity.

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Leasing ActivityNorth CarolinaOfficeSoutheast

Daye North America Signs 20,678 SF Office Lease at Adaptive Reuse Project in Charlotte

by John Nelson

CHARLOTTE, N.C. — Daye North America, a manufacturer of outdoor power equipment, has signed a full-building office lease at 901 Tuck, an adaptive reuse project located at 901 Tuckaseegee Road in Charlotte’s FreeMoreWest submarket. The company will utilize 901 Tuck as its new corporate office. Chase Merkel of Trinity Partners represented the undisclosed landlord in the lease negotiations, and Warren Snowdon of Foundry Commercial represented the tenant.

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