SIMPSONVILLE, KY. — A joint venture partnership between Hunt Midwest and Marshall Planing Mill has announced plans to break ground on a 3.4 million-square-foot industrial park in Simpsonville, roughly 25 miles east of Louisville. The 300-acre development, dubbed Simpsonville 64 Logistics Park, will be located on Kentucky Route 1848 near the Ford Kentucky Truck Plant, Ford Kentucky Assembly Plant and GE Appliance Park. The project will be developed in phases, with construction of Phase I set to begin in the fourth quarter of this year. Phase I will include the development of a 207,400-square-foot, rear-load industrial building with 210 parking spaces and 80 semi-trailer truck parking space, as well as a 486,720-square-foot cross-dock industrial building with 206 parking spaces and 140 semi-trailer truck parking spaces. The development will also include retail space along Buck Creek Road. Build-to-suit opportunities are available at the site for industrial users up to 1.5 million square feet. A timeline for the project was not announced. The development team for Simpsonville 64 Logistics Park includes H2B Architects and Mindel Scott. Kevin Grove of CBRE will handle leasing for the industrial portion of the park. Jody Zimmerman and John Agan with Walter Wagner Jr. Co. will lead …
No one in the multifamily sector needs a lecture on the difficulty of financing projects and deals these days. But, when there are challenges in the market, attention to detail and alternative financing can result in a better chance of finding solutions. Considering life insurance companies as viable investors is one example. Insurers often can provide needed liquidity as they search for yield, especially in the multifamily world. Multifamily fell to the same forces that have affected every other commercial real estate (CRE) class. After a buildup of easy money over more than a decade, the zero-interest rate policy in response to the pandemic collapse set asset investment on fire. Prices soared, opportunities were widespread and big leverage was in. “Starting in 2019/2020, you saw a lot of floating-rate bridge money,” says Susan Mello, executive vice president and group head of capital markets at Walker & Dunlop. But as loans came up for refinancing, quick and large Federal Reserve hikes of the benchmark federal funds rate kicked up loan costs everywhere and made penciling a deal difficult, if not impossible. “The rapid rise of interest rates put values in question across the board. That’s exacerbated by how much liquidity there …
LEBANON, TENN. — JLL Capital Markets has arranged a $40 million loan for the acquisition of Alligood Industrial Park, a two-building industrial development located in Lebanon, roughly 30 miles east of Nashville. Totaling 410,370 square feet, the development features 32-foot clear heights, 135-foot truck courts, 76 dock doors and ESFR sprinklers. Aldon Cole, Brian Carlton and Brad Vansant of JLL secured the five-year, fixed-rate financing on behalf of the buyer, Pearlmark Real Estate.
GREENSBORO, N.C. — Capstone Cos. has brokered the $13.5 million sale of Cottage Gardens, an apartment community located in Greensboro. Built in 1960, the property totals 176 units. Ron Corrao, Eric Liebich, Josh Greenwald, Scott Fuller, Matt Weinstein and Dane Lozier of Capstone represented the undisclosed seller in the transaction. VanRock Real Estate was the buyer.
Trilogy, Pinnacle Start Construction of Build-to-Rent Townhome Community in Charlotte, North Carolina
CHARLOTTE, N.C. — Trilogy Investment Group and Pinnacle Partners are underway on a 68-unit build-to-rent townhome community in the North Davidson (NoDa) market of Charlotte. This marks the second development for the joint venture, which purchased the project from Pulte Homes during construction. Pulte will continue to serve as the construction manager, with the community scheduled for completion in phases through the fourth quarter of 2024. Monthly rental rates begin at $2,800, according to the property website.
BATON ROUGE, LA. — Go Store It has opened an 86,680-square-foot self-storage facility at 1683 O’Neal Lane in Baton Rouge. Comprising 550 units, the property features 24-hour video surveillance, electronic gate access, climate control and access to Interstate 12.
RALEIGH, N.C. — Six new tenants have signed leases at The Grove, an office redevelopment project currently underway in Raleigh. The new tenants include Allbridge, BWE, EDSA, RHA Wealth and VetPride Services. The Grove, which is now roughly 30 percent preleased, features 152,000 square feet of office and 16,000 square feet of amenity space across two buildings. Amenities at the property include conference facilities, a 5,000-square-foot gym, indoor pickleball courts, a covered porch, library and café/bar. CBRE|Raleigh’s Investor Leasing Group represented the landlord, Chartwell Property Group, in the leasing negotiations.
MIAMI — Black Salmon and The Allen Morris Co. have unveiled plans to develop Highland Park Miami, a $1 billion mixed-use project that will span seven acres and increase the footprint of the Miami Medical District by approximately 10 percent. Plans call for 1,000 residential units designed by Oppenheim Architecture, a 150-room hotel and 500,000 square feet of medical-related office space, along with retail, restaurants, open walkways and greenery. Global architecture firm Arquitectonica is the master planner and designer. Naturalficial, a Miami-based landscape architecture and design practice, spearheaded the landscape design. The developers still need city approval but expect preliminary site clearing for the multi-phase project to begin this year. Construction is slated to begin next year on the medical office and multifamily portions, with an estimated five to seven years of construction in total. The development team says it has been planning the project for the past decade, drawing inspiration from other major medical hubs in the U.S. such as Houston and Minnesota’s Mayo Clinic Health District. “With Highland Park, we’re creating a new center of gravity for the Medical District, with curated, wellness-oriented retail and restaurants; world-class architecture; and best-in-class medical office and residential offerings,” says W. A. …
ORLANDO, FLA. — PMG and Raven Capital Management/RCM Living have begun leasing Society Orlando, a 27-story apartment tower under development in downtown Orlando. The community comprises 462 apartments and 34,000 square feet of ground-floor retail space. Amenities will include a pool deck with grilling and entertainment areas, coworking lab with private conference rooms, gym and fitness studio, social lounges, yoga lawn, a craft food-and-beverage operation in the lobby, smart package lockers, app-based keys and integrated retail space. PMG is planning to open more than 8,500 units under the Society Living brand in Miami, Atlanta, Fort Lauderdale, Nashville, Denver and Brooklyn, with more locations to come. Move-ins at Society Orlando are expected to begin before the end of the year. PMG and Raven Capital obtained a $120 million construction loan for the project in 2021.
ATHENS, GA. — Stratus Development Group has delivered Puritan Mill, a 186-unit student housing community located near the University of Georgia in Athens. Located at 1120 Macon Highway, the property once housed a ruined mill and still features the mill’s water tower and a mill pond with a waterfall. Puritan Mill is situated near McNutt Creek and is walkable to Mama’s Boy, Molly’s Coffee, Amici, Oak House Distillery and the new Macon Highway Boat Launch. The community comprises two- and three-bedroom townhomes, as well as a swimming pool, clubhouse, gym, park, hammock garden and community grills.