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DevelopmentLoansMixed-UseMultifamilySoutheastVirginia

Kennedy Wilson Provides $96M Construction Loan for Office-to-Residential Conversion Project in Alexandria, Virginia

by John Nelson

ALEXANDRIA, VA. — Kennedy Wilson has provided a $96 million senior construction loan for the development of TideLock, a mixed-use project in Alexandria. Marshall Scallan, Michael Zelin, Bindi Shah and Nick Rangel of Cushman & Wakefield arranged the financing on behalf of the borrowers, Community Three and Whitaker Investment Corp. Plans include the redevelopment of three existing office buildings to feature 169 multifamily residential units, 65 condominiums and 7,000 square feet of commercial space. The property is situated with direct access to the Mount Vernon Trail and features views of the Potomac River.  Construction is scheduled to begin immediately, with completion expected in 2026.

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DevelopmentIndustrialNorth CarolinaSoutheast

Samet, Lee-Moore Deliver 340,000 SF Industrial Facility in Metro Raleigh for FedEx Ground

by John Nelson

NEW HILL, N.C. — A joint venture between Samet Corp., Lee-Moore Capital and a Denver-based family office has delivered a 340,000-square-foot industrial facility located in New Hill, roughly 20 miles southeast of Raleigh. FedEx Ground fully occupies the newly completed building. The facility comprises Phase I of TIP West, a section of the 450-acre Triangle Innovation Point life sciences, manufacturing and industrial park with the capacity for an additional 2 million square feet of development. Matt Winters and Al Williams of JLL manage leasing at the property on behalf of the joint venture, along with Brian Hall of Samet Corp.

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AcquisitionsFloridaIndustrialSoutheast

Azora Acquires Greyhound-Leased Industrial Outdoor Storage Facility in Miami for $12.8M

by John Nelson

MIAMI — Azora, a private equity manager based in Madrid, has purchased an industrial outdoor storage facility located on a 2.6-acre site in Miami. The undisclosed seller sold the property, which features a bus maintenance facility, for $12.8 million. Situated near Miami International Airport, the facility was delivered in 2016 as a build-to-suit for Greyhound Lines, which will continue to use the property as a parking and repair center for another five years. The site includes developable land, plans for which were not disclosed.

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Affordable HousingDevelopmentGeorgiaMultifamilySoutheast

Gorman & Co. Delivers 60-Unit Mixed-Income Apartment Community in Atlanta

by John Nelson

ATLANTA — Gorman & Co. has delivered Residences at Westview, a 60-unit mixed-income apartment community located at 1991 Martin Luther King Jr. Drive SW in Atlanta. Atlanta Mayor Andre Dickens attended the ribbon-cutting ceremony in late February. Situated near the West Lake MARTA Station, Residences at Westview features one-, two- and three-bedroom apartments, with 90 percent of the units affordable for households earning 50 to 60 percent of the area median income (AMI). Amenities include a playground, community garden and outdoor gathering spaces, as well as after-school services provided by Catholic Charities. Capital sources for Residences at Westview include Georgia Department of Community Affairs, Invest Atlanta, RBC, US Bank and Catholic Charities. Gorman & Co. has 350 units in its development pipeline in the metro Atlanta area over the next two years.

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Ryan Goeller Data Center Due Diligence
Content PartnerData CentersDevelopmentFeaturesIndustrialMidwestNAINortheastSoutheastTexasWestern

Data Center Due Diligence Requires Focus on Power, Zoning, Fiber Availability

by Sarah Daniels

The data center market remains a powerhouse of growth and demand in the commercial real estate world. REBusinessOnline sat down with Ryan Goeller, a principal at NAI KLNB commercial real estate services in Virginia, to discuss the various factors impacting this dynamic asset class. REBusinessOnline: Briefly, a data center is a dedicated building housing computer servers and storage systems, constantly processing and managing data for various applications. What is the current state of the data center market? Goeller: Extremely active, with very high demand. Development pipelines are at full power and are strained in certain markets. Leasing demand is through the roof. REBusinessOnline: What types of tenants use these data centers, and what are their space needs? Goeller: The majority of the time, the need for space is so insatiable that entire buildings are leased to single users, especially when it comes to large hyperscale computing projects. However, there are still colocation providers housing smaller tenants in certain buildings. A lot of the activity happening in Northern Virginia is hyperscale activity. These are large tech companies coming in and building 2-million-square-foot campuses that they’re fully occupying themselves. In these instances, the tenants aren’t likely to move once they occupy a space; …

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DevelopmentFloridaMultifamilySoutheast

Dezer, Bentley Motors Break Ground on 62-Story Condo Tower in Sunny Isles Beach, Florida

by John Nelson

SUNNY ISLES BEACH, FLA. — A partnership between Dezer Development and luxury automobile company Bentley Motors has broken ground on Bentley Residences Miami, a 62-story condominium tower. Located at 18401 Collins Ave. in Sunny Isles Beach, the beachfront development will feature 216 condos, each with glass-covered, three- and four-car sky garages all made possible utilizing four car lifts and a car elevator dubbed The Dezervator. The development will also feature a food-and-beverage program by chef Todd English, as well as a beach club and oceanfront pool deck. Other amenities will include a whiskey bar, cigar lounge, spa, cinema and salon. The general contractor, Coastal Construction, expects to deliver Bentley Residences Miami by the end of 2027. Dezer Development says that 40 percent of the condominiums have been sold, with prices starting at $5.6 million. Designed by Sieger Suarez Architects, residences will include high-end finishes including saunas, outdoor showers in select units and behind-mirror TVs.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Portman, National Real Estate Advisors Top Out 25-Story Apartment Tower in Charlotte’s South End

by John Nelson

CHARLOTTE, N.C. — Portman and National Real Estate Advisors have topped out Linea at the Line, a 25-story apartment tower underway in Charlotte’s South End. The residential property is situated adjacent to The Line, a 16-story mixed-use property that Portman and National developed and sold in 2022. Portman and National plan to begin preleasing at the 370-unit high-rise in June and begin move-ins in February 2025. Linea at the Line will include connectivity to the Rail Trail and Lynx Blue Line light rail. In addition to luxury residences, Linea will feature ground-level retail space that will house True Food Kitchen, BAR ONE South End and Night Swim Coffee. Amenities will include concierge service, a rooftop pool, coworking spaces, pet spa, game room, climbing wall and an indoor/outdoor fitness center. Units will come in studio, one-, two- and three-bedroom floor plans, as well as lofts and penthouse suites.

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DevelopmentGeorgiaRetailSoutheast

Gwinnett County Partners With CBRE for Gwinnett Place Mall Redevelopment in Metro Atlanta

by John Nelson

DULUTH, GA. — Gwinnett County has partnered with CBRE to redevelop Gwinnett Place Mall, a beleaguered regional mall in metro Atlanta. The county purchased 39 acres at the mall, including a shuttered Belk-Parisian department store, food court and inline retail space, in 2020 for $23 million. Other stakeholders in the nearly 1.3 million-square-foot mall include Northwood Ravin, which purchased the former Sears in 2018, and department store owner-operators Macy’s, Mega Mart and Beauty Master. Originally opened in 1984, Gwinnett Place Mall has served as filming locations for movies and TV series such as “Stranger Things” and “I, Tonya,” among others. Gwinnett County’s vision for the site is to create a dense, mixed-use activity center that is “well-connected, green and walkable, while preserving the cultural diversity and character of the area.” Next steps for the project will include collaboration with CBRE to refine plans before seeking development partners to transform the site. “Building on Gwinnett County’s work to date and commitment to this transformational project, CBRE is proud to join the county to deliver a revitalized, vibrant and inclusive development for Gwinnett residents,” says Jae Kim, vice president and head of CBRE’s U.S. East Coast Korea Desk.

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DevelopmentMultifamilyNorth CarolinaSoutheast

Woodfield, American Asset Corp. to Open 264-Unit Apartment Community in Raleigh

by John Nelson

RALEIGH, N.C. — A joint venture between Woodfield Development and American Asset Corp. plans to soon open The Keaton at Brier Creek, a 264-unit apartment community located at 3920 Macaw St. in Raleigh. The property will serve as the multifamily component of Brier Creek Town Center, which features an 800,000-square-foot shopping center called Brier Creek Commons Shopping Center. Woodfield and American Asset Corp. have begun leasing The Keaton, which will include studio, one-, two- and three-bedroom apartments commanding monthly rental rates starting at $1,414, according to the property website. Shelton Taylor + Associates designed the unit interiors. Amenities will include an 8,000-square-foot clubhouse, resort-style pool, fitness center, rooftop sky lounge, courtyards, dog park and spa, car wash station and detached garages. Move-ins are slated to begin later this month.

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DevelopmentGeorgiaLeasing ActivityOfficeSoutheast

Swinerton Debuts New Office at Armour Yards in Atlanta

by John Nelson

ATLANTA — Swinerton, a general contractor firm based in San Francisco, has opened its new office space at 251 Armour Drive in Atlanta. The 10,000-square-foot office is part of the Armour Yards adaptive reuse development and will house 70 Swinerton employees. JLL arranged the lease on behalf of the Armour Yards landlord, Northwoods Office. Designed by MurphyMeyers, the new space includes 22 private offices, 30 workstations, two flex rooms, two meeting rooms and a “preconstruction room.” Amenities include a fitness studio, wellness room and a working lounge with overhead doors, as well as direct access to the Atlanta BeltLine. The space also includes a mural, custom art pieces and the integration of mass timber into the overall aesthetic. Founded in 1888, Swinerton is 100 percent employee-owned and has 21 offices nationwide. Swinerton first opened its Atlanta office in 2017.

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