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AcquisitionsBuild-to-RentFloridaMultifamilySingle-Family RentalSoutheast

Berkadia Brokers $14.6M Sale of Build-to-Rent Townhouse Community in Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — Berkadia has brokered the $14.6 million sale of ID Flagler Village, a build-to-rent (BTR) townhouse community located at 113 N.E. 6th St. in the Flagler Village neighborhood of Fort Lauderdale. The property totals 24 homes spanning 1,600 square feet each. Built in 2018, ID Flagler Village also features private two-car garages, private patios and balconies and amenities including an onsite dog park and controlled access entry. Yoav Yuhjtman, Roberto Pesant, Jaret Turkell and Omar Morales of Berkadia’s South Florida office represented the seller, locally based Ceiba Groupe, in the transaction. An entity doing business as US Housing Reditus Fund LLC acquired the property.

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AcquisitionsDevelopmentRetailSouth CarolinaSoutheast

Reedy River Retail Arranges Land Sale in Upstate South Carolina for Publix-Anchored Retail Center

by John Nelson

MAULDIN, S.C. — Reedy River Retail at SVN Blackstream has arranged the acquisition of a 10.9-acre development site located at 1116 Ashmore Bridge Road in Mauldin, roughly 10 miles south of Greenville, S.C. The buyer, Atlanta-based Venture South Investments, plans to develop a Publix-anchored shopping center at the site. Dustin Tenney and Daniel Holloway of Reedy River Retail represented the buyer in the $4.6 million transaction. Plans for the site include the development of a 63,000-square-foot retail center anchored by a 45,000-square-foot Publix grocery store, as well as two outparcels. A construction timeline was not disclosed.

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District of ColumbiaSoutheast

US Economy Adds 303,000 Jobs in March, Led by Gains in Healthcare and Government Sectors

by John Nelson

WASHINGTON, D.C. — Nonfarm employment in the United States rose by 303,000 jobs in March, according to the U.S. Bureau of Labor Statistics (BLS). The March total eclipsed the expectation of 200,000 jobs set by Dow Jones economists, according to CNBC. The figure also exceeds the average monthly gain of 231,000 jobs over the past 12 months. The employment sectors that saw the biggest leap last month were in healthcare (72,000 jobs) and government (71,000 jobs). Within the healthcare industry, employment in ambulatory healthcare services rose by 28,000 jobs, followed by employment in hospitals (27,000) and nursing and residential care facilities (18,000). The healthcare industry’s average monthly gain is 60,000 over the past 12 months. Government employment in March surpassed the rolling 12-month average of 54,000 jobs. Over the month, employment increased in local government (49,000) and federal government (9,000). Other sectors that saw above-average increases in March included construction (39,000 jobs compared to its 12-month average of 19,000) and leisure and hospitality (49,000 jobs compared to an average of 37,000 over the prior 12 months). The BLS also reports that employment in leisure and hospitality has returned to its pre-pandemic level set in February 2020. The sector was the …

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DevelopmentIndustrialNorth CarolinaSoutheast

Nestlé Purina PetCare Opens $450M Pet Food Factory in Eden, North Carolina

by John Nelson

EDEN, N.C. — Nestlé Purina PetCare has opened its newest pet food factory in Eden, about 36 miles north of Greensboro, N.C. Situated on 1,350 acres, the $450 million development is the first Nestlé factory in the state and features a vertical dryer, automated warehousing, cold storage and an experience center that showcases modern manufacturing practices for new and prospective workers. The new 1.3-million-square-foot Purina facility involved the repurposing of 80 percent of the former MillerCoors Brewing Plant. North Carolina Gov. Roy Cooper says that the remainder of the brewery’s existing structure could be retrofitted for another manufacturer. Nestlé has hired 300 new positions at the Purina factory with more to come in the near future. Between 2020 and 2025, Nestlé is on track to invest $2 billion in the Eden property and capital expansion projects to enhance its manufacturing footprint. A 24th factory is currently under construction in Williamsburg Township, Ohio, and is expected to be fully operational in the next 12 months.

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DevelopmentFloridaIndustrialSoutheast

BBX Logistics, FRP to Develop 213,500 SF Industrial Park in Lakeland, Florida

by John Nelson

LAKELAND, FLA. — A joint venture between BBX Logistics Properties and FRP Development Corp. plans to develop BBX Park at Lakeland, a 213,500-square-foot logistics park in Lakeland. The 22.5-acre project will be located at 8255 State Road 33 N, which is directly north of I-4 and within 50 miles of both Tampa and Orlando. BBX and FRP plan to break ground on the park in the fourth quarter, with delivery and occupancy slated for 2025. The joint venture has tapped Kris Courier of CBRE’s Tampa office to market BBX Park at Lakeland for lease.

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AcquisitionsNorth CarolinaRetailSoutheast

Foundry Commercial Purchases Shopton Square Retail Center in Metro Charlotte

by John Nelson

BELMONT, N.C. — Orlando-based Foundry Commercial has purchased Shopton Square, a 24,250-square-foot, unanchored retail center in Belmont, a southern suburb of Charlotte. The center was fully leased to 13 tenants at the time of sale. The seller and sales price were not disclosed. Shopton Square was originally developed and leased by the real estate arm of grocer Food Lion. The acquisition of Shopton Square marks the first for Foundry Commercial’s Retail Investment Platform, which was launched last year and prioritizes necessity-based retail properties.

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GeorgiaLeasing ActivityMixed-UseRetailSoutheast

Construction Resources to Open Design Center at Westside Paper Development in Atlanta

by John Nelson

ATLANTA — Construction Resources, a distributor of home improvement products, plans to open a new design center at Westside Paper, a mixed-use development located at 950 W. Marietta St. in Atlanta’s West Midtown district. The center, which is set to open early next year, will be the first location to feature all of Construction Resources’ products in a single location. Westbridge and FCP co-developed and own Westside Paper, which is an adaptive reuse of a 70-year-old paper mill. Brad Pope of JLL represented Construction Resources in the lease transaction, and Shelbi Bodner with Bridger Properties represented the landlord. Other tenants at Westside Paper include El Santo Gallo, Pancake Social, Elsewhere Greenhouse, Bar Driver, Northern China Eatery, Ancestral Bottle Shop & Market and King of Pops.

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Leasing ActivityRetailSoutheastVirginia

Three Tenants to Join Haymarket Village Center in Northern Virginia, Six Renew Leases

by John Nelson

HAYMARKET, VA. — Three new tenants have signed leases to join Haymarket Village Center, a 256,856-square-foot retail center situated about 38 miles west of Washington, D.C. Red Bank, N.J.-based First National Realty Partners (FNRP) is the landlord. The leasing deals with Cin Dental (1,824 square feet), Nova Patient Care (1,600 square feet), and BeBop (1,575 square feet) will bring the retail center to full occupancy. FNRP has also secured lease renewals with six existing tenants, including Divine Nail Spa, Jersey Mike’s Subs, Starbucks Coffee, Smoothie King, Sports Clips and Verizon Wireless. FNRP purchased Haymarket Village Center in 2018 for $34.5 million.

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DevelopmentGeorgiaMixed-UseMultifamilySoutheast

GID Welcomes First Multifamily Residents at $2B High Street Development in Atlanta

by John Nelson

ATLANTA — GID has welcomed the first residents at Windsor Brompton and Windsor Avery, two apartment communities underway within the $2 billion High Street mixed-use development in Atlanta. Located in the city’s Central Perimeter submarket, the two apartment communities total 598 units. Windsor Communities, GID’s property management division, operates both properties. More than 100 leases have been signed at the communities prior to delivery. Apartments at Windsor Brompton and Windsor Avery come in 16 different floor plans comprising studio, one-bedroom and two-bedroom configurations. Monthly rental rates start at $1,538, according to the property website. Amenities include a fitness and yoga studio, pool and sundeck, catering kitchen and private dining room, coworking spaces, an outdoor dog run and dog wash, outdoor gaming lawn, bike lounge and a bike repair station. Residents will also have direct access to High Street’s lineup of shops and restaurants, which will include Puttshack, Jaguar Bolera, Nando’s PERi-PERi, Velvet Taco, Allen Edmonds, Skin Spirit, The Hampton Social, Agave Bandido, Cuddlefish, Ben & Jerry’s and Sugar Coat.

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DevelopmentHealthcareSoutheastVirginia

Remedy Medical, Kayne Anderson Break Ground on 130,000 SF Medical Office Building in Lynchburg, Virginia

by John Nelson

LYNCHBURG, VA. — A partnership between Remedy Medical Properties and Kayne Anderson Real Estate has broken ground on Centra Langhorne Medical Center, a new 130,000-square-foot medical office building located at 2125 Langhorne Road in Lynchburg. The facility will be located near Centra Lynchburg General Hospital, which is about 70 miles southwest of Charlottesville, Va. The medical office building will be fully leased to Centra Health upon completion, which is slated for late 2025. The design-build team includes Haskell Architecture and Engineering Inc., civil engineer Hurt & Proffitt Inc., structural engineer O’Donnell & Naccarato Inc. and general contractor Robins and Morton.

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