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DevelopmentFloridaMultifamilySoutheast

Mast Capital Begins Preleasing for 248-Unit Harlow Apartments in Tampa

by John Nelson

TAMPA, FLA. — Mast Capital has begun preleasing at The Harlow, a garden-style apartment development in Tampa’s Wesley Chapel neighborhood. Located at 5101 Bruce B. Downs Blvd., The Harlow comprises 248 units on a 16-acre site. Mast Capital and Rockpoint collectively entered the Tampa market in November 2021 with the acquisition of the development site. Construction began in late 2022, and the property is slated to open this month. Designed by Dwell Design Studio, The Harlow offers one-, two- and three-bedroom units that range in size from 751 to 1,501 square feets. Amenities include a central clubhouse with a fitness studio, game room, coworking lounge with private offices, lounge areas, pool, outdoor pavilion, pet park, children’s playground and surface parking with detached garages. Rental rates at the property range from $1,750 to $3,050 per month.

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Affordable HousingDevelopmentMultifamilySoutheastVirginia

Standard Communities Breaks Ground on 240-Unit Affordable Housing Development in Woodbridge, Virginia

by John Nelson

WOODBRIDGE, VA. — Standard Communities has broken ground on Jefferson Plaza Apartments, a 240-unit affordable housing community located at 1305 Jefferson Plaza in Woodbridge, a city in Northern Virginia’s Prince William County. The development, which is capitalized at approximately $67.5 million, was funded from sources including Virginia Housing, Freddie Mac and Hudson Housing Capital. All units at Jefferson Plaza will be income-restricted to households earning 60 percent of the area median income. Amenities will include 354 parking spaces for residents, a 3,000-square-foot club room, coworking space, fitness center, bike storage, playground and recreational area, green space and a dog park.

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DevelopmentIndustrialSoutheastTennessee

Urban Story Ventures to Invest $28M for New Industrial Facility in Chattanooga

by John Nelson

CHATTANOOGA, TENN. — Urban Story Ventures plans to invest $28 million for the development of a new industrial facility located within the Centre South Riverport Industrial Park in Chattanooga. The property will be situated on a 19-acre site along Amnicola Highway and the Tennessee River. The new industrial/flex facility will include at least 185,000 square feet of light to heavy industrial or logistics space, with the potential for 40,000 square feet of mezzanine space. Urban Story Ventures plans for the facility to feature several loading docks, ample parking and gated entry. The design-build team includes general contractor Grace Construction and architect Method Architecture. The construction timeline was not disclosed, though the locally based developer plans to break ground on Thursday, March 21.

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AcquisitionsBuild-to-RentFloridaMultifamilySingle-Family RentalSoutheast

Shoreham Capital Sells 175-Unit Build-to-Rent Residential Community in Metro Orlando

by John Nelson

POINCIANA, FLA. — Shoreham Capital has sold The Preserve at Poinciana, a 175-unit build-to-rent residential community underway in suburban Orlando. An unnamed state pension fund purchased the property via a separate account managed by Heitman. Tyler Swidler, Brett Moss and Matt Mitchell of Berkadia represented Shoreham Capital in the transaction. The sales price was not disclosed. JNS Homes is building the single-family community and expects to complete the development in the third quarter. Situated on 27 acres, The Preserve at Poinciana will feature three- and four-bedroom homes spanning 2,000 to 2,300 square feet. Amenities will include attached garages, a resort-style pool, green space, children’s playground, dog run and walking trails.

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AcquisitionsGeorgiaRetailSoutheast

Marcus & Millichap Arranges $7.5M Sale of Shopping Center in Monroe, Georgia

by John Nelson

MONROE, GA. — Marcus & Millichap has arranged the $7.5 million sale of Paradise Shoppes, a 23,500-square-foot retail center located at 1986 W. Spring St. in Monroe, about 44 miles east of Atlanta. An unnamed private equity firm based in Tulsa purchased the shopping center in an all-cash transaction from the seller, a private equity partnership. Both parties requested anonymity. The seller’s representative, Marc Irvin of Marcus & Millichap’s Atlanta office, says the company yielded more than 20 offers during marketing. Paradise Shoppes comprises two separate parcels, with one including a 5,300-square-foot building anchored by Truist Bank and Moe’s Southwest Grill. The other parcel comprises an 18,200-square-foot inline retail building leased to a mix of national, regional and local tenants. Additionally, there is a vacant pad between Starbucks and Chick-fil-A included in the sale.

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Belmont-Logistics_Woodbridge-Va
DevelopmentIndustrialProperty TypeSoutheastTop StoriesVirginia

IDI Breaks Ground on $110M Belmont Logistics Campus Near Washington, D.C. 

by Hayden Spiess

WOODBRIDGE, VA. — The IDI Group Cos. (IDI) and its development partners have broken ground on Belmont Logistics, a $110 million industrial campus located in Woodbridge, roughly 25 miles southwest of Washington, D.C. According to the developer, the project marks the only new industrial project along Northern Virginia’s I-95 corridor so far this year.  Upon completion, the development will feature three tilt-up concrete buildings totaling 416,000 square feet situated on 36.6 acres. Additionally, the development will include 540 car parking spaces, 40 trailer parking spaces and 55,000 square feet of additional storage space.  Belmont Logistics will be developed in two phases, with the first phase comprising a 110,000-square-foot warehouse on 9.5 acres. Completion of the first phase is scheduled for the end of this year. Delivery of the campus in its entirety is scheduled for 2026.  Offering connectivity to I-95, the location is situated roughly 30 miles from Dulles International Airport and 20 miles from Reagan National Airport.  In addition to IDI, the joint venture developing the campus includes landowners ACD Precast LLC and the Carosi family. RW Murray is the general contractor for the project, which MGMA designed. Keystone National Group is providing an undisclosed amount of financing for …

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DevelopmentNorth CarolinaSeniors HousingSoutheast

LCS Development Plans $90M Seniors Housing Expansion Project in Greenville, North Carolina

by John Nelson

GREENVILLE, N.C. — LCS Development, An LCS Company, has received an undisclosed amount of financing for the community expansion and remodeling project at Cypress Glen, a seniors housing development in Greenville, roughly 80 miles east of Raleigh. The $90 million project will add 57 independent living residences and include a new auditorium, expo kitchen, wine bar and remodeled amenities. The expansion is slated for completion by November 2025. Cypress Glen sits on over 95 acres and is the only continuing care retirement community (CCRC) in Eastern North Carolina, according to LCS. LCS Development has led the planning, development and design, and will oversee the construction services. Affiliate Life Care Services provides management services and support for the community and its residents. Other project partners include SB&A Architects, interior designer RDG Planning and Design, general contractor BLUM Construction and investment partner Ziegler.

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DevelopmentFloridaLeasing ActivityRestaurantRetailSoutheast

PEBB, Banyan Ink Seven Retail Leases at Tradition Development in Port St. Lucie, Florida

by John Nelson

PORT ST. LUCIE, FLA. — PEBB Enterprises and Banyan Development have signed seven new retail tenants to join the roster at Shoppes @ the Heart of Tradition, a 71,000-square-foot shopping center within the Tradition master-planned development in Port St. Lucie. The new tenants include Ace of Carts (1,950 square feet); Carmela Coffee (1,800 square feet); Cooper Orthodontist (1,800 square feet); The Joint Chiropractic (1,604 square feet); Papa John’s Pizza (1,602 square feet); Robeks Smoothie (1,340 square feet); and Swift Mediterranean Grill (2,770 square feet). Aldi (19,231 square feet) anchors the shopping center, which has three inline spaces available for lease and three available outparcel sites ranging from one to three acres. PEBB and Banyan expect to complete exterior construction of Shoppes @ the Heart of Tradition this summer, with tenant build-outs commencing after.

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AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Arranges $30M Sale of Shopping Center in Pompano Beach, Florida

by John Nelson

POMPANO BEACH, FLA. — Marcus & Millichap has arranged the $30 million sale of Shoppers Haven, a 205,567-square-foot shopping center in the South Florida city of Pompano Beach. Built in 1964 and renovated multiple times between 1999 and 2023, the property will see the addition of a new Publix grocery store, with construction scheduled to begin over the next 30 days. The buyer, Stiles Corp., also plans to implement improvements to storefronts, façades, landscaping, the parking lot and signage. Tenants at the center include Michaels, Bealls, Walgreens, Party City, YouFit, Outback Steakhouse, Comcast, H&R Block, Dunkin’ and Domino’s Pizza. Howard Bregman of Marcus & Millichap represented the seller, Partridge Equity Group, in the transaction.

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AcquisitionsRetailSoutheastTennessee

Last Mile Investments Acquires 26,114 SF Retail Center in Metro Nashville

by John Nelson

BRENTWOOD, TENN. — Cincinnati-based Last Mile Investments has acquired The Shops at Mallory, a 26,114-square-foot, unanchored retail center located at 1731 Mallory Lane in Brentwood, about 10 miles south of Nashville. Jim Foley of Foley Real Estate represented the undisclosed seller in the transaction. Jordan Powell of Avison Young represented Last Mile Investments, which now has assets in 16 separate MSAs. The sales price was not disclosed. The Shops at Mallory was leased to service and convenience retailers including Massage Envy, Sola Salon Studios and Genesis Diamonds at the time of sale.

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