Southeast

North Charleston City Council Approves 50-Acre Naval Yard Redevelopment

by John Nelson December 19, 2023

NORTH CHARLESTON, S.C. — The North Charleston City Council has voted to approve Battery Park, a redevelopment of the 50-acre former Charleston Naval Complex. A partnership consisting of Jamestown, Weaver Capital Partners and WECCO Development will assist the city in transforming the waterfront complex into a mixed-use district comprising 1,400 residential units, with 17 percent reserved for workforce housing (households earning less than 120 percent of the area median income). The development will also feature shops, restaurants, offices, entertainment spaces and 23 acres of public spaces, parks and streets. The developers also plan to establish a new pavilion with a market hall, event space and an active lawn fronting the water. The construction timeline for the redevelopment was not disclosed. In addition to Battery Park, Jamestown, Weaver Capital and WECCO are underway on Navy Yard Charleston, an 85-acre redevelopment that will ultimately comprise 3.5 million square feet of commercial and residential space comprising more than 2,600 residential units.

December 19, 2023

Development Leasing Activity Mixed-Use Restaurant Retail South Carolina Southeast

RocaPoint Signs Six New Tenants at $1B Greenville County Square Development in South Carolina

by John Nelson December 19, 2023

GREENVILLE, S.C. — RocaPoint Partners has signed six new tenants to join Greenville County Square, a $1 billion mixed-use development underway in downtown Greenville. In addition to Whole Foods Market announced earlier this year, the 3 million-square-foot development will include Pottery Barn, Williams Sonoma, Cordish Cos. brands Sports & Social and PBR and restaurants Fleming’s Prime Steakhouse and Wine Bar, Hawkers and The Salty. Other committed tenants include Lima One Capital (office), Pins Mechanical, Fairway Social, Perch Kitchen and Tap, Agave Bandido, Jinya Ramen Bar and Ben & Jerry’s. Earlier this year, Greenville County moved into its new 262,000-square-foot administrative building and parking deck. RocaPoint is currently building out the project’s roads and infrastructure.

December 19, 2023

Affordable Housing Development Hospitality Seniors Housing Southeast West Virginia

Cornerstone Community Development to Break Ground on $51M Adaptive Reuse Project in Huntington, West Virginia

by John Nelson December 19, 2023

HUNTINGTON, W.VA. — Cornerstone Community Development Corp. plans to convert the historic Prichard Hotel in downtown Huntington into an affordable seniors housing property. The $51 million renovation will comprise converting the former hotel rooms into 108 residential living spaces, as well as repositioning the first two floors for healthcare services and additional community resources. Cornerstone Community Development’s partners on the project include Christ Temple Church, Winterwood Development and CVS Health, which is investing more than $17 million in the project. The timeline for construction was not disclosed.

December 19, 2023

Affordable Housing Development Florida Loans Seniors Housing Southeast

Pinnacle Obtains $41.2M Construction Financing for Affordable Seniors Housing Development in South Florida

by John Nelson December 19, 2023

MIRAMAR, FLA. — Pinnacle has obtained $41.2 million in construction financing for Pinnacle at La Cabana, a 110-unit affordable seniors housing development in Miramar, a city in South Florida’s Broward County. The financing included debt or LIHTC equity from Bank of America, Neighborhood Lending Partners, Florida Housing Finance Corp., City of Miramar and United Way of Broward County. Located at 8911 Miramar Parkway, the development is a public-private partnership between Pinnacle and the City of Miramar, which is the landowner. Pinnacle at La Cabana will feature one- and two-bedroom apartments, with 11 units reserved for seniors earning 28 percent of the area median income (AMI) and the remaining affordable to seniors earning 60 percent of AMI. Amenities will include indoor and outdoor multi-purpose facilities. Completion of the project is estimated for mid-2025.

December 19, 2023

Acquisitions Mississippi Seniors Housing Southeast

SLIB Arranges Sale of 68-Unit Seniors Housing Community in Tupelo, Mississippi

by John Nelson December 19, 2023

TUPELO, MISS. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Avonlea Assisted Living, a 68-unit seniors housing property in Tupelo. The community was built in 1999 and renovated in 2005. The seller is a publicly traded REIT. The buyer is a regional owner-operator based in Mississippi that intends to renovate the asset and make significant upgrades to improve occupancy, revenue and overall bottom-line performance. The sales price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB brokered the transaction.

December 19, 2023

Acquisitions Leasing Activity North Carolina Office Southeast Top Stories

IBM Sells Portion of R&D Campus in Durham, North Carolina in $66M Sale-Leaseback Deal

by John Nelson December 19, 2023

DURHAM, N.C. — IBM Corp. (NYSE: IBM) has sold a portion of the IBM 500 Campus in Durham, a city near Raleigh. The Armonk, New York-based computer hardware giant sold the property in a sale-leaseback deal. The price was not disclosed, but the Triad Business Journal reports it traded for $66 million. Located at 4205 S. Miami Blvd., the four-building property spans 774,000 square feet and is 100 percent leased to IBM. No plans were announced, but multiple media outlets report that the property is suited for future mixed-use redevelopment opportunities. The IBM 500 Campus sits on 146 acres next to Research Triangle Park (RTP), the largest research park in the United States. RTP is a district in the Raleigh-Durham metropolitan area that houses 375 private companies in technology and life sciences sectors who can draw talent from three established research universities: Duke University, University of North Carolina at Chapel Hill and North Carolina State University. IBM has had a presence in the RTP since the mid-1960s. Hines Global Income Trust Inc., a REIT managed by Houston-based Hines, purchased the IBM 500 facilities and leased them back to IBM. In addition to this acquisition, the firm is a partner developer on …

December 19, 2023

Florida Loans Multifamily Southeast

KeyBank Secures $77.5M Refinancing for Ocean Walk Apartment Community in Key West, Florida

by John Nelson December 18, 2023

KEY WEST, FLA. — KeyBank Real Estate Capital has secured a $77.5 million Fannie Mae non-recourse loan for the refinancing of Ocean Walk, an apartment community located in Key West. Built in 1991 and renovated in 2016, the property comprises 297 units across two buildings situated on 17 acres. Amenities at the community include a clubhouse, swimming pool, tennis courts and a basketball court. Caleb Marten and Chris Neil of KeyBank arranged the financing on behalf of the borrower, Passco Cos., which acquired the community in 2017 for $101.5 million. The 10-year loan features a seven-year interest-only period and will amortize on a 30-year schedule.

December 18, 2023

Acquisitions Florida Office Southeast

CBRE Brokers $68M Sale of 5505 Waterford Office Building in Miami

by John Nelson December 18, 2023

MIAMI — CBRE has brokered the $68 million sale of 5505 Waterford, an office building located in the Waterford Business District of Miami. The property totals 213,182 square feet and recently underwent a renovation that includes a new grand lobby, tenant lounge, 5,000-square-foot fitness center and the addition of a new level to the parking structure. Christian Lee, Sean Kelly, Amy Julian, Andrew Chilgren, Marcos Minaya, Tom Rappa, James Carr and Matthew Lee of CBRE represented the undisclosed seller in the transaction. The buyer was also not disclosed.

December 18, 2023

Development Industrial South Carolina Southeast

GTIS, Collett Industrial Acquire 107-Acre Development Site in Cherokee County, South Carolina

by John Nelson December 18, 2023

CHEROKEE COUNTY, S.C. — A joint venture between GTIS Partners and Collett Industrial has acquired a 107-acre site located on Tribal Road in Cherokee County, midway between Charlotte and Greenville, S.C. Plans for the site include the development of 850,000 to 930,000 square feet of industrial warehouse space across two phases. Phase I will comprise a 200,000- to 225,000-square-foot rear-load building, and Phase II will include either a single 510,000-square-foot cross-dock building or two rear-load buildings totaling roughly 423,000 square feet. GTIS and Collett also plan to widen and implement improvements to a portion of Tribal Road. Construction is scheduled to begin in February 2024.

December 18, 2023

Affordable Housing Development Florida Seniors Housing Southeast

T.D. Jakes, New Urban to Develop Two Affordable Housing Communities in South Florida Totaling 350 Units

by John Nelson December 18, 2023

HALLANDALE BEACH AND MIAMI GARDENS, FLA. — T.D. Jakes Real Estate Ventures (TDJREV) and New Urban Development will build two affordable housing communities in South Florida. Located in Hallandale Beach, the first property will comprise 200 mixed-income multifamily units on five acres. The groundbreaking is scheduled for the first quarter of 2024. The second community will be located in Miami Gardens, adjacent to the Miami Gardens Senior Family Center. Upon completion, the development will feature 150 affordable senior living units on seven acres. Amenities will include a clubhouse and walking trails. A timeline for the project was not disclosed.

December 18, 2023

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