We are fortunate to live and work in a region that experiences steady growth and maintains a healthy economy. From a commercial real estate perspective, the Richmond market is a consistent performer due to its diversified economy and reliable and consistent business drivers. Industrial and multifamily construction activity has remained strong without being overbuilt, eliminating the pattern of “boom and bust” that some other areas experience. A submarket that has been red hot is Scott’s Addition, a 20-square-block neighborhood that has been transformed from warehouses and light industrial to a mixed-use mecca of multifamily, office and retail. Developers and tenants alike appreciate the proximity to the interstate, numerous amenities and abundant diversity within the community. Exceptional walkability scores, along with a thriving restaurant and brewery scene, seem to be driving tenants’ willingness to pay the highest rents in the area. The high cost of new construction also informs these rents and, ultimately, is passed through to end users. Scott’s Addition will likely continue to be a desirable location for many, although high rents and challenging parking will remain an issue for some. Another very desirable submarket and consistent performer is Glen Forest. Primarily office- and medical-focused, this area offers Class …
LEXINGTON, S.C. — Lexington Land Development Co., a locally based developer led by NAI Columbia shareholders Ben Kelly and Patrick Chambers, has broken ground on Platt Springs Crossing, a $65 million mixed-use development in the Columbia suburb of Lexington. Located on 57 acres at 5400 and 5470 Platt Springs Road, the project will comprise a Lowes Foods grocery store, 10,000 square feet of inline retail space, 13 retail outparcels and 142 residential townhouses. In addition to the Lowes Foods anchor, confirmed tenants include Chipotle Mexican Grill (which began construction earlier this summer), Panda Express, Whataburger, Harbor Freight Tools, Heartland Dental, WellStreet Urgent Care, Big Blue Marble Academy, Planet Fitness and Tidal Wave Car Wash. The Lowes Foods grocery store is anticipated to open in third-quarter 2025, as well as the first swath of townhomes. Some of the outparcel retailers will open as early as first-quarter 2025. Site work for the townhomes will begin next month. NAI Columbia is leasing the remaining available space at Platt Springs Crossing on behalf of Lexington Land Development.
COCOA, FLA. — Sinatra & Co. has acquired Cocoa Grand Apartments, a multifamily community located in Cocoa, for $64 million. Built in 2022, the property totals 268 units. The buyer financed the acquisition through its SCRE FL Value Add Fund, with Stolar Capital, The Nanula Family Office and Citi Bank providing debt for the purchase. David Etchison, Cole Whitaker and Mary Beale of Berkadia represented the undisclosed seller in the transaction. Bob Falese of Berkadia arranged financing on behalf of Sinatra & Co., which plans to implement amenity and landscaping improvements at the property.
HUNTSVILLE, ALA. — An affiliate of Greystone Monticello has provided $47.5 million in bridge financing for Metronome at MidCity, a multifamily community located in Huntsville. Situated within the 140-acre master planned community of MidCity District (MCD), the property features 296 residential units within a five-story apartment building, as well as 35,584 square feet of street-level retail space. Randy Wolfe and Drew Marley of Northmarq arranged the 24-month floating-rate financing on behalf of the borrower, RCP Cos. Chris Hetzel of Greystone Monticello originated the loan. Amenities at Metronome at MidCity include a coworking lounge, sky lounge, firepit, pizza oven and grills, a game and media room, fitness room and saltwater pool. MCD also features a Trader Joe’s, 8,000-person amphitheater and 40-acre public park, as well as additional multifamily, retail, hospitality and office space.
SANDY SPRINGS, GA. — JLL Capital Markets has arranged the refinancing for Perimeter Town Center, a 274,284-square-foot portfolio of medical office properties located in Sandy Springs, roughly 20 miles north of downtown Atlanta. Mesa West Capital provided the loan to the borrowers, Harrison Street and Ackerman & Co. Perimeter Town Center comprises three buildings adjacent to Atlanta’s Pill Hill medical hub that houses three hospitals and supporting practices and services. Timothy Joyce, Anthony Sardo and Matt Casey of JLL secured the loan on behalf of the borrower. The three-year, floating-rate financing will be used to repay existing debt, fund capital improvements and defray the costs of recent leasing activity and near-term lease maturities. The owners are currently implementing extensive renovations at the properties.
STARKVILLE, MISS. — Tailwind Group and its partners have acquired Campus Trails, a 480-bed student housing community located near the Mississippi State University campus in Starkville. The property features 156 units in two- and four-bedroom layouts. Tailwind plans to implement renovations at the community over the next 12 months, including strategic unit upgrades, repurposing interior and exterior amenity spaces and general property enhancements. Plans also include a rebranding this fall. William Vonderfecht of CBRE brokered the transaction, which marks Tailwind’s fourth student housing acquisition this year. The seller and sales price were not disclosed.
RALEIGH, N.C. — Construction is underway on Hub Raleigh, a 2,195-bed student housing development located at 111 Cox Ave. near the North Carolina State University (NC State) campus in Raleigh. The nearly 1 million-square-foot project is being developed by a joint venture between Core Spaces and TPG Real Estate and is scheduled for completion ahead of the 2026-2027 academic year. The 12-story building will offer a mix of studio through four-bedroom, fully furnished units. The property will feature over 40,000 square feet of indoor and outdoor amenity space, including a resort-style swimming pool and hot tub, fitness center, fire pit, outdoor kitchen and grilling area, clubhouse and coworking space. The community will also include a 558-stall parking garage. TSB Capital Advisors acted as financial advisor to Core Spaces and TPG Real Estate on the joint venture and construction financing, which was provided by Pacific Life Insurance Co. PC Treehouse Construction, a partnership between Power Construction and Core Spaces, is serving as general contractor for the project. The design team includes architect Antunovich Associates, interior designer Harken and Core Spaces’ in-house team.
ATLANTA — CBRE has arranged the $126.3 million sale of Iris O4W, a newly built apartment community in Atlanta’s Old Fourth Ward neighborhood. Equity Residential purchased the 320-unit property from the developer, Trammell Crow Residential, and equity partner, Diamond Realty Investments. Shea Campbell, Ashish Cholia, Kevin Geiger, Colleen Hendrix and Don Hoffman of CBRE’s Southeast Multifamily team represented the sellers in the transaction. Located at 652 Angier Ave. NE, Iris O4W is situated steps from the Atlanta BeltLine’s Eastside Trail and features a saltwater pool with a sun ledge, outdoor rooftop lounge with an entertainment bar, outdoor club area with grills and a pizza oven, fitness center, an indoor clubroom with game tables and HDTVs and a pet spa. Delivered last year, the community comprises studio, one- and two-bedroom apartments averaging 860 square feet in size.
FORESTVILLE, MD. — DLC and Meadow Partners have purchased Penn Mar Shopping Center, a 378,205-square-foot, grocery-anchored retail center in Forestville, for $68.5 million. Apollo and Athene provided an undisclosed amount of acquisition financing for the deal. The seller was not disclosed. Situated within the Washington, D.C., suburb of Prince George’s County, Penn Mar is anchored by Shoppers Food Warehouse, which recently extended its lease and fully renovated its store. Other tenants include Burlington, Ross Dress for Less, Dollar Tree, Petco and Foot Locker, as well as outparcel pads for Starbucks, Truist Bank, Taco Bell, Raising Cane’s, IHOP, Wendy’s and Long John Silver’s. Penn Mar was 91.5 percent leased at the time of sale.
ASHBURN, VA. — Finmarc Management Inc. has sold a 25.3-acre site at 19886 Ashburn Road in Ashburn, a city in Loudoun County. The buyer, a data center developer doing business as JK Land Holdings LLC, purchased the site for $60 million. The new ownership plans to develop a new 360,000-square-foot data center on the site. The construction timeline for the project was not disclosed. Ryan Goeller of KLNB represented JK Land Holdings in the land acquisition, and Rob Faktorow, Josh Greenberg and Anna Faktorow of CBRE represented the seller. Finmarc acquired the site, which includes a 110,000 square foot office building and a nearly 80,000-square-foot industrial/R&D structure, in 2019. The two-building portfolio currently serves as the global headquarters for Telos Corp., a cybersecurity IT firm that has occupied the facility since 1988.