Tuesday, July 8, 2025
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DevelopmentFloridaSoutheastStudent Housing

Toll Brothers, CanAm Capital Complete 1,086-Bed Student Housing Community Near Florida International University

by John Nelson

MIAMI — A joint venture between Toll Brothers Campus Living and CanAm Capital Partners has completed Lapis, a 1,086-bed student housing development located adjacent to the Florida International University campus in Miami. The 20-story community spans more than 763,500 square feet and offers units in one-, two-, three-, four- and five-bedroom configurations. Shared amenities include a club room, indoor/outdoor fitness center, saltwater swimming pool, coffee bar, private study and group meeting rooms and a rooftop amenity deck with a Jumbotron and grilling stations. The design team for the development included Mary Cook Associates and Humphreys & Partners Architects. The community welcomed first residents in fall 2023.

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AcquisitionsIndustrialSoutheastVirginia

Lovett Industrial, Heitman Acquire 720,000 SF Industrial Park in Norfolk

by John Nelson

NORFOLK, VA. — Houston-based Lovett Industrial and Chicago-based Heitman LLC have acquired Diamond Hill Distribution Center, a four-building industrial park in Norfolk spanning 720,000 square feet. The seller and sales price were not disclosed. Cushman & Wakefield brokered the transaction, and John Alascio of Cushman & Wakefield arranged an undisclosed amount of acquisition financing through Voya Financial on behalf of the buyers. Located on State Route 168 with adjacent access to I-64 and I-464, Diamond Hill is situated near Chesapeake and Virginia Beach, as well as the Port of Virginia’s Norfolk International Terminal and Virginia International Gateway port terminals. The park’s four buildings all have rail spurs that are activable for Norfolk Southern’s main line. The property was fully leased at the time of sale to four tenants and features a combined 96 loading positions, additional trailer parking, over 520 auto parking stalls and 27- to 29-foot clear heights. Lovett Industrial and Heitman have tapped Charles Dickinson of Harvey Lindsey Commercial Real Estate to lease and market Diamond Hill.

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DevelopmentMixed-UseRetailSoutheastTennessee

Urban Story Ventures to Redevelop 160,000 SF Shopping Center in Metro Chattanooga

by John Nelson

EAST RIDGE, TENN. — Urban Story Ventures will redevelop a 160,000-square-foot shopping center located at 3715 Ringgold Road in East Ridge, roughly 10 miles outside Chattanooga. The developer purchased the 13-acre property — which features a 38,000-square-foot space formerly occupied by Food City, five retail outlet buildings and parking — last year. A roster of food-and-beverage, professional services and apparel retailers currently occupy a portion of the center. Plans call for a combination of renovations to existing suites, as well as new construction. Urban Story Ventures will reposition the property as a mixed-use development and plans to sign leases with retail, office and medical office tenants throughout the redevelopment.

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DevelopmentMultifamilySouth CarolinaSoutheast

Beach Co. Breaks Ground on The Charles Residential Development in Charleston

by John Nelson

CHARLESTON, S.C. — The Beach Co. has broken ground on The Charles, a boutique multifamily community located at the corner of Broad and Barre streets in Charleston. The property will feature 15 three-story townhomes, eight apartment flats and a half-acre park overlooking the Ashley River and Safe Harbor City Marina. The townhomes will feature two- and three-bedroom layouts and will include private garages, 10- to 12-foot ceilings, soaking tubs, custom cabinetry, private balconies and private gardens. The design-build team includes Antunovich Associates, DesignWorks, Forsberg Engineering and Balfour Beatty. First Bank is providing an undisclosed amount of construction financing for the project. The Beach Co. plans to deliver The Charles in summer 2025.

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Market ReportsNorth CarolinaRestaurantRetailSoutheastSoutheast Market Reports

Raleigh-Durham Offers Great Opportunities for Retail Owners and Investors

by John Nelson

By Tom Kolarczyk of JLL The overall U.S. economic slowdown, rising interest rates and the looming threat of inflation had a negative effect on all segments of Raleigh-Durham’s commercial real estate market last year — and retail was no exception. According to JLL research, there were just 11 retail trades over $5 million between January and December, totaling some $131 million in value. This is a notable drop from the 33 transactions recorded in 2022 valued at $582 million.  On the flipside, however, fundamentals remained incredibly strong with occupancies ending out the year at the near record-setting level of 98 percent. This led to leasing spreads of anywhere between 20 and 40 percent on new leases and helped flip the tables to favor landlords for the first time in decades, where getting space back is generally a positive.  Rents grew 3 to 6 percent in 2023, with an average year-end asking rate of $24.93 per square foot. This represents a year-over-year increase of 6.45 percent from 2022. While about 80 percent of all retail trades last year were acquired through private capital, an increasing number of REITs are becoming more active via mergers and acquisitions and strategic one-off acquisitions and …

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DevelopmentFloridaMixed-UseMultifamilySoutheast

ANF Group Tops Out $100M University Station Mixed-Use Development in South Florida

by John Nelson

HOLLYWOOD, FLA. — ANF Group has completed vertical construction at University Station, a $100 million mixed-use project in Hollywood, roughly 10 miles outside Fort Lauderdale. A public-private partnership between the City of Hollywood and Housing Trust Group (HTG) is the developer. Located at 421 N. 21st Ave., 309 N. 21st Ave. and 2031 Polk St., the development will comprise two residential towers and a standalone parking garage. Upon completion, the property will feature 216 apartments, more than 2,000 square feet of commercial space, 12,210 square feet of educational space for Barry University’s College of Nursing and Health Services and 635 parking spaces. More than half of the parking spaces (365) will serve the Broward Commuter Rail South Station that is planned between Tyler and Taylor streets along the Florida East Coast (FEC) Railway.  Apartments at the development, which will span 621 to 899 square feet in one- and two-bedroom layouts, will be reserved for residents earning between 22 and 80 percent of the area median income (AMI). Monthly rental rates for the units will range from $374 to $1,634. Amenities will include a fitness center, multipurpose room and a swimming pool. The project team includes civil engineer HSQ Group, structural …

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AcquisitionsDistrict of ColumbiaMultifamilySoutheast

Greysteel Arranges $48.1M Sale of Multifamily Portfolio in D.C.

by John Nelson

WASHINGTON, D.C. — Greysteel has arranged the $48.1 million sale of a portfolio spanning four multifamily properties in Washington, D.C. Greysteel represented the sellers, locally based real estate investors, in the separate transactions, which were completed through D.C.’s Tenant Opportunity to Purchase Act (TOPA). American Housing was the buyer. The properties include a 28-unit apartment building located at 3654 New Hampshire Ave. NW and a 43-unit apartment building located in Penn Quarter at 1126 11th St. NW, which sold for $6.6 and $8.5 million, respectively. The portfolio also includes Newton Towers, a 56-unit apartment building located in Columbia Heights at 1435 Newton St. NW and The Park Regent, a 96-unit apartment community situated at 1701 Park Road NW in Mount Pleasant. Newton Towers was sold for $13.1 million, and The Park Regent traded for $20 million.

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DevelopmentGeorgiaMultifamilySoutheast

Madison Communities Secures $35.5M Construction Financing for Multifamily Development in Savannah

by John Nelson

SAVANNAH, GA. — Madison Communities, the multifamily development affiliate of Madison Capital Group, has secured a $35.5 million loan for the construction of Madison Oglethorpe, a 240-unit, garden-style apartment community in Savannah. United Bank provided the financing. Forum Investment Group has also provided preferred equity for the development. Amenities at the community will include a clubhouse and lounge with coworking space, a fitness center, outdoor lounge, swimming pool, grilling stations and a fire pit. The project team includes architect SGA|NW and general contractor BenCo Construction, an affiliate of Madison Capital. Completion is scheduled for late 2025.

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AcquisitionsGeorgiaSeniors HousingSoutheast

CBRE Brokers Sale of 146-Unit Arbor Terrace Peachtree City Seniors Housing Community in Metro Atlanta

by John Nelson

PEACHTREE CITY, GA. — CBRE has arranged the sale of Arbor Terrace Peachtree City, a 146-unit independent living and assisted living community in Peachtree City, a suburb south of Atlanta. GEM Realty Capital purchased the asset for an undisclosed price. John Sweeny, Aron Will and Garrett Sacco of CBRE arranged the transaction on behalf of the undisclosed seller. Will and Michael Cregan, also with CBRE, secured a Freddie Mac acquisition loan on behalf of the buyer.

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AcquisitionsNorth CarolinaRetailSoutheast

Yale Realty Services Acquires Target-Anchored Shopping Center in Metro Charlotte for $49.2M

by John Nelson

CONCORD, N.C. — An affiliate of Yale Realty Services Corp., in partnership with an international family office, has acquired Afton Ridge, a 294,617-square-foot shopping center located in Concord, roughly 25 miles northeast of Charlotte. Mike Burkard and Steve Shields of CBRE represented the undisclosed seller in the $49.2 million sale. Robert Altman of Altman Warwick Inc. and Bat Barber of Medalist Capital arranged a $29.6 million acquisition loan through MetLife on behalf of the buyer. A Super Target anchors Afton Ridge, which was 97 percent leased at the time of sale. Other tenants at the center include HomeSense, Marshalls, Burlington, Haverty’s Furniture, PetSmart and a Dick’s Sporting Goods clearance store, operating under the Going Going Gone! brand.

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