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DevelopmentGeorgiaMixed-UseSoutheast

Balfour Beatty Completes Adaptive Reuse of Former Coca-Cola Bottling Plant in Atlanta

by John Nelson

ATLANTA — Balfour Beatty has completed construction of 560 Edgewood, the adaptive reuse of a historic Coca-Cola bottling plant in Atlanta. Charlotte-based Asana Partners is the owner of the 60,000-square-foot building, which is situated along the Atlanta BeltLine’s Eastside Trail and adjacent to Krog Street Market, a popular food hall also owned by Asana Partners. Balfour Beatty was the construction manager of the redevelopment, which converted the 1915-built factory into a mixed-use project with a new rooftop amenity, 104-space parking deck, restored windows and a revamped brick façade. Locally based ASD|SKY was the architect for the redevelopment. Asana Partners has tapped Molly Morgan and Allie Spangler of JLL to handle retail leasing at 560 Edgewood. Bennett Gottlieb with Capital Real Estate Group is handling service and office space leasing.

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AI Jeff Salladin Predictive Analytics
AcquisitionsContent PartnerFeaturesLoansMidwestNortheastSoutheastTexasWestern

Finance Companies Look to Artificial Intelligence Applications in Predictive Analytics, Due Diligence, Modeling

by Sarah Daniels

The emergence of generative artificial intelligence (AI) promises to greatly expand the property industry’s reach and abilities. Generative AI can offer suggestions, compile reports and create various types of content, ranging from video to software code. In the commercial real estate world, generative AI has the potential to harness myriad information to help owners, managers, lenders and investors assess portfolio performance, uncover operating risks and identify opportunities, among other activities, says Jeff Salladin, a managing director with Dallas-based private debt fund Revere Capital. But companies need to begin preparing for it now, he adds. “Commercial real estate can be slow to change — it wasn’t that long ago that mortgage brokers were sending us deals via overnight mail,” observes Salladin. “But whether they’re analysts or leadership teams, someone in your shop should be dipping their toe in the water and testing out AI.” Salladin also points out the need to proceed cautiously with this new technology as it evolves. Humans with expertise need to review what AI generates for the commercial real estate field. AI can narrow the focus of many tasks but cannot substitute for human reviewers or the human ability to critically apply information gleaned. AI Benefits Salladin …

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DevelopmentFloridaSoutheastStudent Housing

Joint Venture to Break Ground on 1,316-Bed Student Housing Development Near Florida State University

by John Nelson

TALLAHASSEE, FLA. — A joint venture between Core Spaces, Peerless Development and an affiliate of Inland Acquisitions has announced plans for Hub Tallahassee, a student housing development located near Florida State University. The development site is located within a qualified opportunity zone near the northeast corner of the university’s campus. Upon completion, the seven-story community will offer 1,316 beds across 367 units in studio, one-, two-, three-, four-, five- and six-bedroom configurations. Completion is scheduled for fall 2026. Amenities at the property will include a rooftop swimming pool, fitness center, spa, private study rooms and adjacent parking. The project team includes Juneau Construction Co. and Niles Bolton Associates. Ian Bradley of TSB Capital Advisors secured construction financing, and Mark Cosenza and David Neboyskey of Inland worked on behalf of the company’s affiliate in the joint venture transaction.

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AcquisitionsArkansasMultifamilySoutheast

Cushman & Wakefield Brokers $78.8M Sale of Landmark Apartments in Little Rock

by John Nelson

LITTLE ROCK, ARK. — Cushman & Wakefield has brokered the $78.8 million sale of Landmark Apartments, a 372-unit multifamily community located in Little Rock. Canyon View Capital acquired the property in two phases — paying $40.3 million and $38.5 million in February 2023 and February of this year, respectively. Martin Bynum and Cole Herget of Cushman & Wakefield represented the seller, an entity doing business as Landmark Apartments II LLC, in the transaction. VCC Construction built the community in two phases, completing 196 units in 2017 and 176 units in 2023. Amenities at the property include two fitness centers, a coffee station, tanning salon, business center, dog park agility course, two swimming pools, outdoor games and parking garages.

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GeorgiaLoansOfficeSoutheast

Vision Properties Secures Refinancing for 692,707 SF Wildwood Center Office Building in Atlanta

by John Nelson

ATLANTA — Vision Properties has secured refinancing for Wildwood Center, a 692,707-square-foot office building located in northwest Atlanta’s Cumberland-Galleria office submarket. The property features flexible floor plates across 11 stories, and the ownership has implemented improvements including the addition of a new tenant lounge, conference center and atrium and outdoor seating areas. Amenities at the building also include a fitness center. Vision Properties is currently underway on the development of an additional 25,000 square feet of space on the property’s top floor, which is scheduled for delivery this year. David Horne, Glenn Aspinwall and Alexis Easterling of JLL handle leasing at the building, which has recently seen 262,680 square feet of lease transactions in the form of both new leases and renewals. The loan amount and further details of the refinancing were not disclosed.

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DevelopmentLoansMultifamilyNorth CarolinaSoutheast

Thorofare Provides $30M Construction Financing for Multifamily Development in Charlotte

by John Nelson

CHARLOTTE, N.C. — Thorofare Capital has provided a $30 million loan to Grubb Properties for the construction and lease-up of Link NoDa Phase II, a 242-unit multifamily project in Charlotte. Upon completion, the development will feature 146,652 square feet of rentable space within a six-story building. Amenities at the property, independent from those at Phase I of the community, will include a clubhouse, pool, courtyards with fire pits, grilling stations, a 24-hour fitness center, cycle room, yoga studio, pet spa, dog run, conference room, meeting center and coworking space.

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AcquisitionsRetailSouth CarolinaSoutheast

Matthews Arranges Sale of 143,716 SF Martintown Plaza Retail Center in North Augusta, South Carolina

by John Nelson

NORTH AUGUSTA, S.C. — Matthews Real Estate Investment Services has arranged the sale of Martintown Plaza, a 143,716-square-foot retail center located at 1115 Knox Ave. in North Augusta. Belk, Planet Fitness and Goodwill anchor the property, which was built in 1975 and renovated in 2012. Kyle Stonis, Pierce Mayson, Jeff Enck and Boris Shilkrot of Matthews represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

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Market ReportsRestaurantRetailSoutheastSoutheast Market ReportsTennessee

Nashville Attracts Big Brands Like In-N-Out While Carving Out Distinct Pocket Neighborhoods

by John Nelson

By Katie Lester of Colliers Nashville’s economy experienced some of the healthiest growth in the nation in 2023, with a job growth rate of 3.7 percent, putting it among the top five of the largest 50 metros. Forecasted by Oxford Economics, overall jobs are projected to grow 1.2 percent in 2024 and by 0.8 percent per year in 2025 through 2028, outpacing the U.S. average of 0.5 percent. Nashville also received high marks from the Urban Land Institute, ranking the “No. 1 Market to Watch” in its 2024 Emerging Trends in Real Estate report. This is the third consecutive year that Nashville has earned the top spot in this ranking, a true nod to the confidence and strength of Nashville’s commercial real estate market. The report credits Nashville and other “Supernova” cities as having above-average levels of economic diversity and high-wage jobs that attract investors’ appeal and confidence in sustaining high growth in the coming years.  These fundamentals have been a boon to the retail market and have helped attract new-to-market retail brands to Middle Tennessee. Most notably, after a multi-city, multi-state search over the course of two years, In-N-Out Burger picked Middle Tennessee to locate its Eastern Operations Hub, …

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DevelopmentFloridaMixed-UseSoutheast

Partnership Breaks Ground on 5.6-Acre FAT Village Mixed-Use Development in Fort Lauderdale

by John Nelson

FORT LAUDERDALE, FLA. — A partnership comprising Hines, Urban Street Development, Cresset Real Estate, Las Americas, Hudson Capital and Halmos Holdings has broken ground on FAT Village, a 5.6-acre mixed-use project in Fort Lauderdale. FAT stands for “Food Art Technology.” The first phase, which is scheduled for completion in 2027, will feature 74,000 square feet of retail space, in addition to 601 apartments and 180,000 square feet of mass-timber office space dubbed T3 (Timber, Transit and Technology). FAT Village’s second phase will be developed upon completion of the first. In total, the project will comprise 850 residential units and more than 80,000 square feet of retail space, as well as a 1,200-space commercial parking structure. Hines received a $220 million construction loan for the development in December 2023.

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Affordable HousingDevelopmentGeorgiaMixed-UseMultifamilySoutheast

Culdesac, Urban Oasis to Develop 20-Acre Murphy Crossing Project in Atlanta

by John Nelson

ATLANTA — Culdesac Inc. and Urban Oasis Development will develop the Murphy Crossing mixed-use redevelopment in Atlanta’s Oakland City neighborhood, following approval by Atlanta BeltLine Inc. (ABI) and Invest Atlanta, the City of Atlanta’s economic development arm. Located at 1050 Murphy Ave., the project will span 20 acres and feature 1,100 residential units, as well as commercial space, light industrial space and amenities. Of the residential units, 30 percent will be designated as affordable housing for residents earning 60 to 80 percent of the area median income (AMI). Additionally, a portion of the commercial and industrial space will be offered at an affordable rate to small businesses, with small business retail tenants eligible for one-time business grants. Upon completion, the development, which is situated adjacent to the BeltLine’s Westside Trail and near the Oakland City and West End MARTA stations, will feature plazas, courtyards, green space, paths, bike lanes and a community garden. A development timeline was not disclosed.

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