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AcquisitionsAlabamaDevelopmentIndustrialSoutheast

AE Industrial Acquires 2.3 MSF Facility in Northwest Alabama, Plans Conversion to Aerospace Center

by John Nelson

CHEROKEE, ALA. — An affiliate of AE Industrial Partners (AEI), a private equity firm specializing in aerospace investments, has purchased a vacant industrial facility in Cherokee spanning nearly 2.3 million square feet. The Retirement Systems of Alabama sold the facility to AEI for an undisclosed price. The property sits on a 638-acre site at 1200 Haley Drive in northwest Alabama’s Shoals area and was previously home to tenants including National Steel Car, Navistar and FreightCar America. AEI plans to renovate the facility to serve as an aerospace center and house the headquarters of aerospace suppliers, manufacturers and innovators. The company will also be partnering with Poarch Band of Creek Indians, a federally recognized tribe of Native Americans with reservation lands in lower Alabama, on the project. The facility sits roughly 75 miles west of NASA Marshall Space Flight Center and the U.S. Space and Rocket Center in Huntsville, Ala.

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FloridaLoansMultifamilySoutheast

Terra, New Valley Obtain $127M Refinancing for Metro Miami Multifamily Community

by John Nelson

HIALEAH, FLA. — Terra and New Valley have obtained a $127 million loan for the refinancing of Natura Gardens, a newly built multifamily community located in Miami’s West Hialeah neighborhood. The co-developers are using the loan, which was provided by an affiliate of MF1 Capital, to pay off and refinance a $65 million construction loan that Bank OZK provided in 2021. Keith Kurland, Aaron Appel, Jon Schwartz, Adam Schwartz and Michael Diaz of Walker & Dunlop’s New York Capital Markets team arranged the refinancing. Delivered in 2023, Natura Gardens is a 460-unit, garden-style apartment community that was more than 97 percent occupied at the time of refinancing.

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AcquisitionsRetailSouth CarolinaSoutheast

JLL Arranges $29M Sale of Lowes Foods-Anchored Shopping Center in Summerville, South Carolina

by John Nelson

SUMMERVILLE, S.C. — JLL has arranged the $29 million sale of Oakbrook Station, a Lowes Foods-anchored shopping center located at 10020 Dorchester Road in Summerville, a suburb of Charleston. Brad Buchanan, Tom Kolarczyk, Jim Hamilton and Andrew Michols of JLL represented the seller, LBX Investments, in the transaction. New York City-based Kempner Properties purchased the property in partnership with Peter Braus and James Wacht of Lee & Associates. Built in 1997 and renovated in 2017, Oakbrook Station spans 138,137 square feet and was 99 percent leased at the time of sale to tenants including the U.S. Postal Service, Community Thrift and Dollar Tree.

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AcquisitionsFloridaSoutheastStudent Housing

CBRE Brokers Sale of 592-Bed Student Housing Property Near University of Florida

by John Nelson

GAINESVILLE, FLA. — CBRE has brokered the sale of Social 28, a 592-bed student housing property located across the street from the University of Florida campus in Gainesville. Nimes Real Estate acquired the community and has partnered with Timberline Real Estate Ventures to begin repositioning efforts. CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer represented the undisclosed seller in the transaction, in partnership with CBRE Jacksonville Multifamily. Located at 311 SW 13th St., Social 28 offers fully furnished units and shared amenities including a fitness center with a yoga room; two social lounges; private study rooms; and a rooftop amenity space including a resort-style swimming pool, spa, fireplace and grilling station.

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DevelopmentIndustrialLeasing ActivityNorth CarolinaSoutheast

GCP Signs WRH Manufacturing to 56,280 SF Industrial Lease in Metro Charlotte

by John Nelson

GASTONIA, N.C. — Growth Capital Partners (GCP) has preleased 56,280 square feet of industrial space in metro Charlotte to WRH Manufacturing, a subsidiary of Decima Corp. Henry Lobb, Abby Rights and Christopher Skibinski of Avison Young represented GCP in the lease transaction. Casey Mulhern of Foundry Commercial represented WRH Manufacturing, which produces and distributes raw and finished wood products serving the homebuilding and woodworking industries. GCP broke ground in 2022 on Northwest Gateway Logistics Park, a two-building industrial park spanning nearly 300,000 square feet. The Birmingham, Ala.-based developer is building the park on a speculative basis at 1215 Jenkins Road in Gastonia, which is situated directly off I-85. GCP plans to deliver the park in the first quarter of this year. WRH Manufacturing will occupy space within a 132,395-square-foot warehouse. Both facilities feature 32-foot clear heights, a combined 57 dock-high doors and a shared 200-foot truck court. GCP is developing Northwest Gateway Logistics Park in partnership with Phelan Bennet.

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Walmart
ArkansasDevelopmentRetailSoutheastTop Stories

Walmart Plans to Add 150 New Stores, Remodel 650 Existing Locations 

by Katie Sloan

BENTONVILLE, ARK. — Walmart (NYSE: WMT) has announced plans to expand by more than 150 new stores over the next five years, both through new construction and converting existing buildings.  The first two stores under this initiative — both under the company’s smaller-format Walmart Neighborhood Market banner — are scheduled to open this spring in Santa Rosa, Fla., and Atlanta. The company is currently finalizing plans for 12 new projects, one of which will be the conversion of a smaller existing location into a large-format Walmart Supercenter, which serves as both a grocery store and a full department store. Walmart simultaneously released plans to remodel 650 of its existing stores across 47 states and Puerto Rico over the next 12 months. The new and renovated locations will all feature the Bentonville-based company’s “Store of the Future” model, which includes improved layouts, expanded product selections and the integration of new technology.  The “Store of the Future” features expanded pharmacies and updated vision centers, with pharmacies moved toward the front of the store; activated corners with product displays that allow customers to interact with items and visualize them in their lives; digital touch points throughout the store to provide information on products …

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DevelopmentGeorgiaMultifamilySoutheast

Geis Begins Construction on 180-Unit Apartment Community in Savannah

by John Nelson

SAVANNAH, GA. — Geis Construction is underway on the development of The Exchange at Berwick, a 180-unit apartment community situated on a 12.6-acre site in Savannah. Geis is completing construction on behalf of the owner and developer, OV Development, a subsidiary of Olympus Ventures. The property will comprise five residential buildings and a detached clubhouse with a fitness center, social lounge and coworking space. Amenities at the community will also include a pool, playground, dog run and courtyards with grilling stations and fire pits. Completion is scheduled for the second quarter of 2025. The project team includes North Carolina-based architect BSB Design and locally based civil engineer Kimley-Horn.

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DevelopmentFloridaSeniors HousingSoutheast

Belmont Village, Turnberry Break Ground on 11-Story Seniors Housing Community in Aventura, Florida

by John Nelson

AVENTURA, FLA. — Belmont Village Senior Living has broken ground on Belmont Village Aventura in Aventura, a coastal city in Miami-Dade County. The 11-story project is being built in partnership with Turnberry and will be Belmont Village’s third location in South Florida. Located at 3510 Yacht Club Way, the property is scheduled to open in early 2026. This venture is Turnberry’s first collaboration with Belmont Village Senior Living. Spanning almost 180,000 square feet, Belmont Village Aventura will feature 153 independent living, assisted living and memory care apartments in a variety of studio, one-bedroom and two-bedroom floorplans. Belmont Village Aventura residents will enjoy panoramic views of the Atlantic Ocean, Intracoastal Waterway and Dumfoundling Bay. Corwil Architects is the lead architect and Moss Construction Management is the construction partner.

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Build-to-RentDevelopmentMultifamilySingle-Family RentalSoutheastVirginia

Partnership Begins Leasing Next Phase of Build-to-Rent Townhome Development in Ashburn, Virginia

by John Nelson

ASHBURN, VA. — A partnership between American Real Estate Partners, GreenBarn Investment Group and Rithm Capital has begun the next wave of leasing at CityHouse Ashburn Station, a 200-unit build-to-rent luxury townhome development underway in metropolitan Washington, D.C. Bozzuto Management Co. is the property manager of the development, which is being delivered in phases. The latest phase adds 12 townhomes to the development, which is expected to fully deliver in early 2025. CityHouse Ashburn Station is situated near the Ashburn Metro Station and features three-bedroom, three-bathroom townhomes ranging in size from 1,544 to 2,486 square feet. All units feature dens, attached garages and oversized windows, and select units include 15-foot kitchen islands and rooftop terraces with outdoor fireplaces. Amenities include a sports court for pickleball or basketball, private playground, pavilion and outdoor kitchen with grills and dining areas, green space for yard games and a pet park. Dream Finders Homes is the general contractor for the project. Rental rates range from $3,495 to $5,590 per month, according to the CityHouse Ashburn Station website.

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AcquisitionsNorth CarolinaRetailSoutheast

Mack, Soundwater Acquire Grocery-Anchored Shopping Center in Cary, North Carolina

by John Nelson

CARY, N.C. — A partnership between an affiliate of New York City-based Mack Real Estate Group (MREG) and Soundwater Properties has purchased Maynard Crossing, a grocery-anchored shopping center in Cary, a suburb of Raleigh. Built in 1996, the 122,901-square-foot property is located at the intersection of High House and N.W. Maynard roads. Maynard Crossing was 88 percent leased at the time of sale to tenants including Harris Teeter, Workout Anytime, Doctors Express, Riccobene Family Dentistry, Brigs Restaurant, Kathmandu Kitchen and All American Swim Supply, as well as a newly built outparcel gas station. Tom Kolarczyk, Danny Finkle, Jim Hamilton and Steele Burkett of JLL represented the undisclosed seller in the transaction. The sales price was not disclosed. MREG and Soundwater Properties will pursue their grocery-anchored retail acquisition strategy in markets throughout the East Coast.

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