Southeast

Brookwood Financial Acquires 211,006 SF Publix-Anchored Retail Center in Melbourne, Florida

by John Nelson December 14, 2023

MELBOURNE, FLA. — Brookwood Financial Partners has acquired Melbourne Shopping Center, a 211,006-square-foot retail center located at 1301-1441 S. Babcock St. in Melbourne. Built in 1959 and renovated in 2022, the property was 92.4 percent leased at the time of sale to tenants including Publix, Big Lots, Beall’s Outlet, Conn’s, Club 4 Fitness, Dollar Tree, Pet Supermarket, CATO, Pizza Hut and Firestone Complete Auto Care. Danny Finkle, Jorge Portela and Eric Williams of JLL represented the seller in the transaction. Andrew Gray and Ryan Parker of JLL secured acquisition financing on behalf of the buyer. The seller, sales price and loan amount were not disclosed.

December 14, 2023

Acquisitions Healthcare Southeast Virginia

SRS Arranges $8.5M Sale of New Medical Office Building in Ashburn, Virginia

by John Nelson December 14, 2023

ASHBURN, VA. — SRS Real Estate Partners has arranged the $8.5 million sale of a single-tenant, 12,580-square-foot medical office building located at 20041 Riverside Commons Plaza in Ashburn, about 30 miles northwest of Washington, D.C. Built in 2022, the property was fully leased to OrthoVirginia, an orthopedics practice with 35 locations, at the time of sale. The medical office facility is an outparcel for Riverside Square, a 90,000-square-foot shopping center, and is within one mile of Inova Loudon Hospital. Andrew Fallon and Philip Wellde Jr. of SRS represented the buyer, a Virginia-based private investor who was in a 1031 exchange and paid all-cash for the asset. Danny Booker, Rich Sillery and Douglas Olson of Monument Retail represented the seller, which was also the developer, in the transaction.

December 14, 2023

Rafi Golberstein PACE Loan Group CPACE quote

Content Partner Development Features Hospitality Loans Midwest Northeast Southeast Texas Western

Capital Markets Warm to C-PACE Financing Amid Growing Stress

by Sarah Daniels December 14, 2023

The spike in interest rates and the consequent disruption throughout real estate capital markets over the last 18 months is generating newfound interest in commercial property assessed clean energy (C-PACE) financing. The program, which emerged more than a decade ago, pays for building upgrades to improve energy and water efficiency as well as seismic resilience in new construction and rehabs. In cases where cost overruns, stabilization delays and declining values threaten the ability to refinance construction loans, developers are tapping C-PACE retroactively for a much-needed slug of so-called “rescue capital,” says Rafi Golberstein, CEO of the PACE Loan Group, a direct lender of C-PACE based in Minneapolis, Minn. Typically, developers are using the proceeds to pay down debt and fund reserves to secure loan extensions or modifications. “We are seeing a ton of opportunities right now in deals that were built over the past three years, and C-PACE can provide a liquidity infusion to get many folks through a maturity logjam,” he declares. “When confronted with other options, they’re going to prefer C-PACE all day long.” Cost-Effective Debt Indeed, the cost of those other options, such as mezzanine financing or preferred equity, can be upwards of 500 basis points higher …

December 14, 2023

Development Florida Multifamily Southeast

Ryan Cos. Begins Leasing 502-Unit Renata at Lakewood Ranch Apartments in Metro Tampa

by John Nelson December 13, 2023

BRADENTON, FLA. — Ryan Cos. has begun leasing Renata at Lakewood Ranch, a 502-unit apartment development located in Bradenton, a suburb of Tampa. The property is part of the 33,000-acre Lakewood Ranch development. Renata’s first buildings and clubhouse are set to open this month. Ryan Cos., along with development partners PGIM Real Estate and ParkSprings Development, expect to fully open the property by July 2024. Renata will include one-, two- and three-bedroom apartments ranging in size from 740 to 1,285 square feet, as well as a resort-style pool, fitness facilities and a private lakeside beach. Monthly rental rates will range from $2,145 to $2,790, according to Apartments.com.

December 13, 2023

Development Florida Southeast Student Housing

Treo Group Breaks Ground on 400-Bed Student Housing Community Near University of Miami

by John Nelson December 13, 2023

MIAMI — The Treo Group has broken ground on VOX Miami Phase II, a 13-story student housing development located adjacent to the South Miami Metrorail station near the University of Miami campus. The project will offer 400 beds in 163 units, alongside 10,000 square feet of ground floor retail space. Together with Phase I of the development, the community will offer 726 beds and 15,000 square feet of retail space. Further details on the project were not provided. The development team includes FirstBank Florida, ABANCA USA, MODIS Architects, MOSS & Associates and Asset Living.

December 13, 2023

Acquisitions Retail Southeast Virginia

Sterling Organization Acquires Shopping Center in Metro D.C. for $31.4M

by John Nelson December 13, 2023

BRISTOW, VA. — West Palm Beach, Fla.-based Sterling Organization has acquired Braemar Village Center, a retail center located in Bristow, roughly 40 miles outside Washington, D.C., for $31.4 million. A 57,860-square-foot Safeway anchors the property, which totals 111,635 square feet. Other tenants at the center include Subway, Bank of America, Dunkin’ and Arby’s. The seller was not disclosed.

December 13, 2023

Acquisitions Industrial Maryland Southeast

CREG Purchases Metro Baltimore Industrial Portfolio for $4.3M

by John Nelson December 13, 2023

COLUMBIA, MD. — Chesapeake Real Estate Group LLC (CREG) has purchased a three-building industrial portfolio in the Baltimore suburb of Columbia for $4.3 million. The Howard County portfolio, dubbed Rivers III, comprises a 16,411-square-foot facility at 10270 Old Columbia Road, a 16,623-square-foot property at 10280 Old Columbia Road and a 10,372-square-foot building at 10290 Old Columbia Road. The portfolio was 78 percent leased at the time of sale to tenants including American Health Associates, CARAFAP, G3 Technologies, Keysight Technologies, Maryland Works and Stage Front Trucks. Cris Abramson and Nick Signor of Newmark represented the seller, Adler Real Estate Partners, in the transaction. Baltimore-based CREG was self-represented.

December 13, 2023

Leasing Activity Mixed-Use North Carolina Office Southeast

Design Firm Signs 20,000 SF Office Lease at Smoky Hollow in Downtown Raleigh

by John Nelson December 13, 2023

RALEIGH, N.C. — LS3P, an architectural, interior design and planning firm, has signed a 20,000-square-foot office lease at Smoky Hollow, a mixed-use development located at 421 N. Harrington St. in downtown Raleigh. The property features 225,000 square feet of Class A office space, as well as Hush and Dose Yoga + Smoothie Bar, restaurant concepts Madre and Midwood Smokehouse, New Anthem Brewery and Publix. LS3P plans to bring its current Raleigh office to Smoky Hollow, including 100 Raleigh-based employees, by April 2024. Kimarie Ankenbrand and Matt Winters of JLL represented LS3P in the lease deal. Kane Realty Corp. co-developed Smoky Hollow with Williams Realty + Building Co. and opened the first phase in spring 2020.

December 13, 2023

Development Mixed-Use Retail Southeast Top Stories Virginia

Partnership Unveils Plans for 9 MSF Entertainment District Anchored by New Arena for Washington Capitals, Wizards in Virginia

by Kristin Harlow December 13, 2023

ALEXANDRIA, VA. — A partnership between developer JBG Smith (NYSE: JBGS) and Monumental Sports & Entertainment (MSE) has unveiled plans to build a mixed-use entertainment district totaling approximately 9 million square feet in Alexandria, just south of Washington, D.C. Anchoring the project will be a new arena for the NHL’s Washington Capitals and NBA’s Washington Wizards within National Landing, an area encompassing the interconnected neighborhoods of Potomac Yard, Crystal City and Pentagon City. Additionally, plans call for a global corporate headquarters for MSE, a Monumental Sports Network media studio, a Wizards practice facility, a performing arts venue and an e-sports facility. The development will be situated adjacent to the Virginia Tech Innovation Campus, the recently delivered Potomac Yard-VT Metro station and approximately 8.1 million square feet of future development opportunities. Project costs are estimated at $2 billion, according to The Washington Post. The project, which is pending legislative approval and completion of documents, is slated for completion by the end of 2028. The Capitals and the Wizards would relocate to Virginia beginning in 2028, should the proposal become finalized. The Capitals and the Wizards currently play at Capital One Arena in Washington, D.C. MSE says it is exploring the …

December 13, 2023

Development Florida Mixed-Use Southeast

University of Florida, Partners to Develop 1.2 MSF Expansion for Gainesville Innovation District

by John Nelson December 12, 2023

GAINESVILLE, FLA. — The University of Florida has partnered with Concept Cos. and Trimark Properties for a 1.2 million-square-foot expansion of its Gainesville Innovation District. The development will be situated on a 13-acre tract located two blocks from the university and two blocks from downtown Gainesville. Th project will complement the existing UF Innovate | The Hub, which features offices, laboratories, retail, restaurants and housing. The partnership envisions the new addition will comprise a mixed-use environment with life sciences and office space for sectors including biotech, advanced manufacturing, agriculture and healthcare, in addition to apartments, shops, restaurants and parking garages. The total build-out will span six phases, with construction slated to begin in late 2024. The site was formerly home to the Alachua General Hospital, which was closed in 2009.

December 12, 2023

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