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AcquisitionsFloridaSoutheastStudent Housing

Harrison Street, Michaels Sell 551-Bed Student Housing Community Near University of West Florida

by John Nelson

PENSACOLA, FLA. — A joint venture between Harrison Street and The Michaels Organization has sold The Next, a 551-bed student housing community located near the University of West Florida campus in Pensacola. CBRE National Student Housing’s Jaclyn Fitts, William Vonderfecht and Casey Schaefer represented the seller, in partnership with CBRE Jacksonville Multifamily’s Ryan Hixon. WFI acquired the property for an undisclosed price. The Next offers fully furnished units with bed-to-bath parity. Shared amenities include a clubhouse, game room, computer center, tanning station, resort-style swimming pool, fitness center and study rooms on each floor.

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AcquisitionsMarylandRetailSoutheast

Synergy Investment Fund Acquires 147,668 SF Shopping Center in Easton, Maryland

by John Nelson

EASTON, MD. — Synergy Investment Fund has acquired Tred Avon Square, a 147,668-square-foot retail center located in Easton, a city on east side of Chesapeake Bay near the Maryland-Delaware border. ACME, Big Lots, Easton Cinemas, Rent-A-Center, Sherwin-Williams, My Eye Dr., Osteria Alfredo, Ship and Print, Subway, Hong Kong Kitchen, Nails & Spa, Lendmark, Chincheck Sports Locker, T-Mobile, Admiral Cleaners, Rusty Hook Bait and Tackle, Spin Groove Records and Dunkin’ are tenants at the property. SVN | Miller Commercial Real Estate represented the buyer in the transaction. Ross Benincasa and Ryan Finnegan of SVN | Miller will oversee leasing at the center.

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AcquisitionsRetailSoutheastTennessee

SRS Brokers $7.2M Sale of Alcoa Commons Retail Center in Alcoa, Tennessee

by John Nelson

ALCOA, TENN. — SRS Real Estate Partners has brokered the $7.2 million sale of Alcoa Commons, a newly built retail center in Alcoa, a city roughly 14.5 miles south of Knoxville, Tenn. Situated at 1010-1020 Alcoa Market St., the 13,890-square-foot property was fully leased at the time of sale to tenants including Orangetheory Fitness, Eyeglass World, The Joint Chiropractic and a freestanding outparcel building occupied by First Watch. Patrick Nutt and William Wamble of SRS represented the seller, a Tennessee-based developer, in the transaction. The private buyer, a Chicago-based company, purchased Alcoa Commons in a 1031 exchange.

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Larry Gautier NAI College Campus Land Solutions quote
AcquisitionsContent PartnerFeaturesLeasing ActivityMidwestNAINortheastOfficeSoutheastTexasWestern

Adaptive Reuse Extends to Higher Education Real Estate Amid Online Learning Shift

by Sarah Daniels

The term “adaptive reuse” in real estate circles typically conjures images of repurposing old, obsolete commercial buildings. Meanwhile, academic buildings, administrative offices and other properties on college campuses rarely come to mind. But NAI has noted a growing need among higher learning institutions with vacant or underused assets, particularly as a result of growing online learning options, says Larry Gautier, senior vice president of NAI Miami | Fort Lauderdale. As a result, the brokerage is focused on finding solutions for schools. “NAI hasn’t historically been involved with higher institutions of learning — we’ve typically focused on conventional real estate transactions,” Gautier acknowledges. “But a few years ago, when students weren’t going in to class, colleges and universities were facing a challenge: what do you do with facilities — that were built for thousands of students — in a remote-learning setting? For many schools, remote learning is here to stay.” Options include leasing buildings to commercial users or entering a joint venture with, for example, an aerospace or engineering company for educational programs, he adds. Colleges that suddenly have vast unused parking lots could also enter into long-term leases with multifamily, office or mixed-use developers. “Our position is to help these schools create …

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DevelopmentFloridaLoansMixed-UseSoutheast

Pebb Capital Obtains $173M Construction Loan for Sundy Village Development in South Florida

by John Nelson

DELRAY BEACH, FLA. — Pebb Capital has obtained a $173 million construction loan for Sundy Village, a mixed-use development underway at 22 W. Atlantic Ave. in Delray Beach, a city in South Florida’s Palm Beach County. Monroe Capital and J.P. Morgan provided the construction loan. Pebb Capital broke ground on the $240 million development in early 2023 with plans for a summer 2024 opening. Sundy Village will feature more than 28,000 square feet of experiential retail space and 180,000 square feet of Class A offices, of which Pebb Capital has preleased 141,400 square feet. The tenant roster includes restaurants Barcelona Wine Bar and Double Knot and office tenant Vertical Bridge. Joe Freitas and John Criddle of CBRE oversee Sundy Village’s office leasing and Sara Wolfe of Vertical Real Estate handles retail leasing. The design-build team includes general contractor Bluewater Builders.

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AcquisitionsMultifamilySouth CarolinaSoutheast

Argyle Real Estate Purchases 264-Unit Apartment Community in Charleston

by John Nelson

CHARLESTON, S.C. — Argyle Real Estate Partners has purchased Newbrook Point Hope, a 264-unit apartment community located in Charleston’s Daniel Island submarket. The seller and sales price were not disclosed. Built in 2021, Newbrook Point Hope is a multifamily component within Point Hope, a master-planned development that contains single-family homes, shops, restaurants, offices, apartments and schools. Newbrook Point Hope features one-, two- and three-bedroom apartments averaging 1,000 square feet in size. Amenities include a clubhouse, saltwater pool, pickleball court, fitness center, dog park and green space with community trails. Locally based Argyle has tapped Greystar to operate Newbrook Point Hope.

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GeorgiaLeasing ActivityRestaurantRetailSoutheast

Poag Signs Six New Tenants to Join Avenue West Cobb Retail Development in Marietta, Georgia

by John Nelson

MARIETTA, GA. — Poag Development Group, a Memphis-based company formerly known as Poag Shopping Centers, has signed six new tenants to join the roster at The Avenue West Cobb, an open-air retail development in Marietta that houses 80 shops, restaurants and businesses. The new tenants include two brands that recently opened: fitness boutique StretchLab and Walk-On’s Sports Bistreaux, a Cajun restaurant chain co-owned by former New Orleans Saints quarterback Drew Brees. The other four tenants — apparel retailer J. Crew Factory, dessert shop The Peach Cobbler Factory, medical primary care office Vera Whole Health and eyeglass retailer Warby Parker — are set to open the first half of the year. JLL is the property manager of The Avenue West Cobb, which locally based Cousins Properties opened in 2003.

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AcquisitionsFloridaHealthcareSoutheast

Colliers Brokers $8.3M Sale of Medical Office Building in West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — Colliers has brokered the $8.3 million sale of West Palm Medical Plaza, a medical office building located at 4700 N. Congress Ave. in West Palm Beach. The property is situated within walking distance of the HCA Florida JFK North Hospital. Mark Rubin, Bastian Schauer, Jake Stauber and Jared Mann of Colliers represented the seller, Triple Double Real Estate, in the transaction. The buyer, Orbvest, was not represented by a broker. The asset was fully leased at the time of sale.

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AcquisitionsOfficeSoutheastTennessee

Cushman & Wakefield | Commercial Advisors Arranges Sale of 12-Story Memphis Office Building

by John Nelson

MEMPHIS, TENN. — Cushman & Wakefield | Commercial Advisors has brokered the sale of a Class B office building located at 2670 Union Ave. in the Midtown submarket of Memphis. According to LoopNet Inc., the 12-story property spans 119,213 square feet and tenants include Pearson Vue, Shelby County Community Service Agency and Lipscomb & Pitts Insurance LLC, which has exterior signage on the building. Landon Williams and Katie Hargett of Cushman & Wakefield | Commercial Advisors represented the sellers, an entity doing business as Union Office Center LLC and private investor Brett Kaye, in the transaction. The buyer, an entity doing business as 2670 Union Avenue Extended Building Owner LLC, purchased the building for an undisclosed price.

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DevelopmentFloridaMixed-UseSoutheastTop Stories

Bank OZK Provides $220M Construction Loan for Phase I of FAT Village Mixed-Use Project in Fort Lauderdale

by Kristin Harlow

FORT LAUDERDALE, FLA. — Bank OZK has provided a $220 million construction loan for Phase I of FAT Village, an 835,000-square-foot mixed-use development in Fort Lauderdale’s Flagler Village neighborhood. Plans for Phase I include 601 multifamily units, 180,000 square feet of creative office space and more than 70,000 square feet of retail space, including food-and-beverage offerings, shopping, entertainment, and art studios and galleries. FAT stands for Food Art Technology. FAT Village is located two blocks from the Brightline’s Fort Lauderdale high-speed commuter rail station, which connects Fort Lauderdale to Miami, West Palm Beach and Orlando. The developers say that this four-block creative enclave will serve as the reimagined epicenter of the city’s art-centric district. Hines and local partner Urban Street Development are developing the 5.6-acre project. “At a time when financing and construction starts have materially slowed, it’s gratifying to be in a position to move forward on FAT Village, which we believe will be a transformational development for Flagler Village and Fort Lauderdale,” says Alan Kennedy, managing director at Hines. “We look forward to creating a dynamic and engaging destination that honors and advances the neighborhood’s legacy while providing new living, working and recreational options to help the city …

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