Rising Interest Rates and Inflation to Fuel Change in Property Markets

Beginning in the fourth quarter of 2020, commercial real estate buyers and sellers moved off the sidelines and began fueling an impressive investment sales rebound as many pandemic-related lockdowns and restrictions eased or ended. The rush to purchase hard assets hit its apex a year later when commercial property sales surged to a record $362 billion in the fourth quarter of 2021 alone, according to Real Capital Analytics, a part of MSCI Real Assets that tracks property transactions of $2.5 …

May 24, 2022Content Partner, Features, Healthcare, Industrial, Loans, Midwest, Multifamily, NAI, Northeast, Office, Southeast, Texas, Western

Prospect, Midtown Capital Begin Construction on 252-Unit Fort Lauderdale Apartment Tower

FORT LAUDERDALE, FLA. — Prospect Real Estate Development Group and Midtown Capital have begun construction on a new 252-unit apartment building in Fort Lauderdale. The property, Advantis Station Flagler Village, will include a seventh-floor amenity deck with a pool and unique features such as a large mural, art columns and sections framed by synthetic wood. Advantis Station at Flagler Village is one of several ventures between Prospect and Midtown Capital. The partnership also broke ground on …

May 23, 2022Development, Florida, Multifamily, Southeast

Clarion, Westbridge Break Ground on 926 Brady Adaptive Reuse Offices in Atlanta

ATLANTA — Clarion Partners and Westbridge have broken ground on 926 Brady, an adaptive reuse project in Atlanta’s West Midtown district. The project will repurpose a 1930s-era warehouse into 36,000 square feet of creative office space, including a second-floor addition that gives the property a rooftop terrace. Architectural firm ai3 is the design lead for 926 Brady, and Gay Construction Co. is serving as the general contractor. The Transwestern team of Zach Wooten and Stephen Clifton is …

May 23, 2022Development, Georgia, Mixed-Use, Office, Southeast

Middleburg Communities Sells 418-Unit Vesta Derby Oaks Apartments in Louisville

LOUISVILLE, KY. — Middleburg Communities, a Vienna, Va.-based real estate investment, development, construction and management firm, has sold Vesta Derby Oaks, a 418-unit apartment community located at 3237 Utah Ave. in Louisville. Craig Collins and Austin English of Cushman & Wakefield | Commercial Kentucky, along with Travis Presnell and Mike Kemether of Cushman & Wakefield’s Multifamily Investment Sales Group, brokered the sale of the property. The buyer and sales price were not …

May 23, 2022Acquisitions, Kentucky, Multifamily, Southeast

JLL Arranges 75,000 SF Office Lease in Miami for Medical Research Firm

MIAMI — JLL has arranged a 75,000-square-foot office lease at Quattro Miami, a four-building office park in the city’s Airport West submarket. The tenant, medical research firm Evolution Research Group (ERG), is relocating its South Florida regional headquarters to Quattro Miami from Hialeah. The move expands ERG’s office footprint by 45,000 square feet, according to JLL. The New Jersey-based firm leased four full floors at Quattro East, located at 700 NW 107th Ave. Doug Okun of JLL …

May 23, 2022Florida, Leasing Activity, Life Sciences, Office, Southeast

Haven Realty Capital, Yieldstreet Acquire Build-to-Rent Community in Chattanooga for $28.6M

CHATTANOOGA, TENN. — Los Angeles-based Haven Realty Capital, in a joint venture with funds managed by New York City-based Yieldstreet, has closed on the first phase of a $28.6 million acquisition of Hartman Hill, a 71-home build-to-rent (BTR) residential community in Chattanooga. The Haven-led joint venture will close on the remaining homes in phases over the next seven months. Hartman Hill is being developed on a 26-acre site at 5005 Dayton Blvd. in the Red Bank neighborhood, approximately …

May 23, 2022Acquisitions, Build-For-Rent, Development, Multifamily, Single-Family Rental, Southeast, Tennessee

Atlanta Multifamily Sales Market Downshifts from ‘White Hot’ to ‘Hot’

Like much of the rest of the country, the Atlanta multifamily market has been white-hot with strong occupancies and rent growth that is contributing to outsized returns for owners, investors and developers. Recent increases in financing costs does not mean the music is stopping, but the tempo is slowing a bit.Atlanta’s multifamily fundamentals are still outstanding. Occupancies are holding strong and rents are continuing to rise. According to Northmarq’s fourth-quarter 2021 research, …

May 23, 2022Georgia, Market Reports, Multifamily, Southeast, Southeast Market Reports

Hyundai to Open $5.5B Electric Vehicle Manufacturing Plant Near Savannah, Create 8,100 Jobs

BRYAN COUNTY, GA. — Hyundai Motor Group will open a $5.5 billion manufacturing plant near the coastal Georgia city of Savannah that will be fully dedicated to production of electric vehicles, including batteries. Hyundai expects the facility to be operational within three years.In addition to Hyundai’s direct investment, various suppliers of the South Korean automaker will invest another $1 billion in the project. Between these initiatives, more than 8,000 new jobs are expected to be …

May 23, 2022Development, Georgia, Industrial, Southeast, Top Stories

Aztec Group Arranges $81M Construction-to-Perm Loan for Metro Miami Mixed-Use Development

HIALEAH, FLA. — Aztec Group has arranged an $81 million construction-to-perm loan for the development of Residences and Shoppes of Highland, a mixed-use development underway in the Miami suburb of Hialeah. The developer/borrower is an affiliate of South Florida-based Dacar Management, a development firm led by Alberto Micha. An affiliate of New York Life Insurance Co. provided the non-recourse, fixed-rate loan, which has an initial three-year term and converts to a 27-year self-amortizing …

May 20, 2022Development, Florida, Loans, Mixed-Use, Multifamily, Retail, Southeast

Crescent Communities, ParkProperty Capital to Build New Multifamily Community in Richmond

RICHMOND, VA. — Crescent Communities and multifamily real estate investment firm ParkProperty Capital have plans to develop Novel Scott’s Addition, a new multifamily community in Richmond. The 275-unit property marks Crescent’s first investment in the Richmond area and was made possible through a partnership with Thalhimer Realty Partners. Construction is slated to begin immediately. Located at the former Wesco Distribution site at 2902 N. Arthur Ashe Blvd., Novel Scott’s Addition …

May 20, 2022Development, Multifamily, Southeast, Virginia