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AcquisitionsNorth CarolinaRetailSoutheastTop Stories

Macerich Acquires Crabtree Valley Mall in Raleigh for $290M, Plans $60M Capital Improvement Program

by Kristin Harlow

RALEIGH, N.C. — The Macerich Co. (NYSE: MAC) has acquired Crabtree Valley Mall, a Class A retail property totaling approximately 1.3 million square feet in Raleigh, for $290 million. The seller was an entity doing business as CVM Holdings LLC, according to local news outlet WRAL. The largest mall in North Carolina’s Research Triangle area, Crabtree opened in 1972 and is home to more than 200 stores and restaurants. Anchor tenants at the property include Belk and Macy’s. Additional retailers include Apple, Banana Republic, Brahmin, Brooks Brothers, Build-A-Bear Workshop, Chubbies, Coach, H&M, The LEGO Store, Michael Kors, TAG Heuer and Tommy Bahama. Kanki Japanese House of Steaks & Sushi, P.F. Chang’s China Bistro, The Cheesecake Factory, Seasons 52, Brio Italian Grill and Fleming’s Prime Steakhouse & Wine Bar are some of the mall’s restaurant tenants. According to Macerich, Crabtree generates $429 million in annual sales, $951 in sales per square foot and over 8.7 million annual visitors. “Crabtree checks all the boxes for pursuing opportunistic external growth,” says Jack Hsieh, president and CEO of Macerich. Over the course of 2025 through 2028, Macerich plans to invest roughly $60 million of redevelopment and leasing capital to maximize the center’s performance. Enhancements …

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DevelopmentFloridaLoansMultifamilySoutheast

Oak Row Equities Obtains $210.5M Construction Financing for Apartment Tower in Miami

by John Nelson

MIAMI ­— Oak Row Equities has secured $210.5 million in construction financing for 2900 Terrace, a 324-unit high-rise apartment tower in the Edgewater neighborhood of Miami. The financing package includes a $142.5 million senior loan from Bank OZK and a $68 million mezzanine loan from Canyon Partners Real Estate LLC. Christopher Peck, Brian Gaswirth, Nicco Lupo, Nick Lavin and John Lowe of JLL arranged both loans for Oak Row Equities. Units at 2900 Terrace, designed by Arquitectonica, will be offered in one-, two- and three-bedroom floor plans. The tower’s amenity program will span two levels and include a fitness center, yoga studio, pet spa, coworking spaces with podcast studios, card room, resident lounge, sauna, golf simulator, theater and a children’s playroom. A landscaped deck will offer outdoor amenities including a pool, cold plunge, poolside cabanas and lounge seating, grills and picnic seating, hot tub, summer kitchen, children’s playground and a coworking terrace. Oak Row has begun construction and plans to deliver 2900 Terrace in fourth-quarter 2027.

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DevelopmentFloridaLoansMultifamilySoutheast

Centennial Bank Provides $117M Construction Loan for Multifamily Project in West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — Centennial Bank has provided a $117 million senior construction loan for The District at Northwood, a 382-unit multifamily community underway at 2484 Pinewood Ave. in West Palm Beach. The borrower is Immocorp Ventures LLC, a joint venture between Gilbert Benhamou of Immocorp Capital and Gideon Friedman of Beachwold Residential. The financing will cover the remaining vertical construction of The District at Northwood, as well as reserves and closing costs for the project, which broke ground in February 2024 and is now approximately 30 percent complete. Construction is scheduled for full completion in the fourth quarter of 2026. The development is situated near Currie Park, where the City of West Palm Beach is investing $35 million for a major renovation. The District at Northwood will offer coworking spaces, an indoor/outdoor fitness studio, padel courts, rooftop entertainment complex with poolside cabanas, outdoor kitchen and dining areas, a pet park, approximately 61,000 square feet of ground-level retail space and 22,131 square feet for either a grocery store or another anchor tenant.

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AcquisitionsDistrict of ColumbiaOfficeSoutheast

Shorenstein Purchases 901 K Street Office Building in D.C.’s East End

by John Nelson

WASHINGTON, D.C. — Shorenstein Investment Advisers has purchased 901 K Street, a 219,956-square-foot trophy office building in Washington, D.C.’s East End submarket. The seller and sales price were not disclosed, but multiple media outlets report that Carr Properties sold the office building for $84 million. Tenants at 901 K Street include Microsoft, Baker Donelson and ViaSat. Shorenstein has selected Eli Barnes, Jonathan Wellborn and Will Stern of Avison Young to lease 901 K Street. Shorenstein plans to enhance the office building’s amenity offerings with a new conference facility and tenant lounge. Other amenities include a rooftop terrace with a catering kitchen for events, fitness center and a 222-space parking garage.

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AcquisitionsOfficeSoutheastVirginia

JBG Smith Acquires 15-Acre Office Campus in Tysons, Virginia

by John Nelson

TYSONS, VA. — JBG Smith has acquired Tysons Dulles Plaza, a 15-acre office campus in the Washington, D.C., suburb of Tysons. The seller and sales price were not disclosed, but Washington Business Journal reports the property traded for $42.3 million. The three-building campus spans approximately 500,000 square feet of office space and includes 1,553 parking spaces. The property is within walking distance of Silver Line’s Spring Hill Metro station and adjacent to Dulles Toll Road. JBG Smith intends to re-entitle and redevelop one of the three office buildings for residential use, and the other two buildings will be enhanced to remain in long-term operation for office tenants. The timeline for the redevelopment of Tysons Dulles Plaza was not released.

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AcquisitionsSoutheastStudent HousingTennessee

Transwestern Arranges $26.3M Sale of Student Housing Community Near East Tennessee State University

by John Nelson

JOHNSON CITY, TENN. — Transwestern Real Estate Services has arranged the $26.3 million sale of Monarch 815, a 576-bed student housing property located at 1109 University Parkway near the East Tennessee State University campus in Johnson City. Mike McGaughy, Jon Kleinberg and Bradley Fulkerson of the firm’s National Student Housing team represented the seller, an entity doing business as 1109 University Parkway Holdings, in the disposition. Logen Capital acquired the property via commercial real estate auction platform RI Marketplace. Built in 2014, the community consists of four residential buildings offering 176 fully furnished units. Shared amenities include a resort-style pool, fitness center, private yoga studio, billiards room and a dog park.

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FeaturesFloridaOfficeSoutheastSoutheast Feature Archive

The Office Sector Is Turning a Corner. What Is Fueling its Return?

by John Nelson

By Brett Reese of CP Group After several years of disruption, the office market is beginning to show meaningful signs of recovery. Market fundamentals are strengthening, sentiment is shifting and the data backs it up. Office sales totaled $64.3 billion last year, up nearly 21 percent from 2023, according to MSCI Real Assets. Net absorption also turned positive, with 6.5 million more square feet of U.S. office space leased than vacated, marking the most substantial annual gains since 2019.  Rent growth has been substantial across key markets, lenders are re-engaging and marquee transactions are driving capital back to the sector. These are the first broad signs that the innovative strategies employed by experienced owners and operators over the past five years are beginning to pay off.  Sun Belt momentum In Southeastern markets like South Florida and Atlanta, recovery outpaces national trends, driven by location, flexibility and amenitized space. Hard-learned lessons by tenants, lenders and landlords have reshaped the market. As the industry recalibrates, operators with conviction and capital can double down on what’s working. Debt is returning Perhaps the most significant harbinger of market recovery is the thawing of the debt markets. Just a year ago, lenders willing to underwrite …

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Port Wentworth
DevelopmentGeorgiaIndustrialSoutheast

Dermody Launches 10 MSF Port Wentworth Commerce Center Project Near Port of Savannah

by Abby Cox

PORT WENTWORTH, GA. — Industrial real estate firm Dermody Properties has launched Port Wentworth Commerce Center, a 10 million-square-foot master-planned logistics project located roughly seven miles from the Port of Savannah and one mile from I-95. The development will be supported by a 2.5-mile road system currently under construction, where utilities such as water, sewer, power, gas and fiber optics will be installed. Situated within a designated Foreign Trade Zone (FTZ), Port Wentworth Commerce Center allows tenants to defer, reduce or eliminate tariffs on imported goods. The campus will also have onsite CSX rail service. The project is expected to be the largest near-port logistics development to begin construction in the Southeastern United States in 2025 and will serve as the premier port-centric logistics park on the Eastern Seaboard, according to company representatives. Dermody has selected Bill Sparks and Preston Andrews of CBRE to handle leasing at Port Wentworth Commerce Center. Dermody currently has four projects under construction in the Southeast region and more than 1.5 million square feet available for lease.

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Brickworks
AcquisitionsDevelopmentMixed-UseNorth CarolinaSoutheast

Foundry Brokers Sale, Facilitates Mixed-Use Rezoning of 95 Acres in Durham

by Abby Cox

DURHAM, N.C. — Foundry Commercial has facilitated the acquisition and rezoning of a 95-acre tract in Durham for the development of Brickworks, a planned mixed-use development. The Durham City Council approved the rezoning ordinance in January, which will transform a former brick factory into a residential and commercial area. Charlotte-based SpaceCraft will serve as the master developer for the project. David Batten and Geoff Loftin of APG Advisors represented the seller in the transaction. Upon completion of the project, Brickworks will include 1,880 residential units and 49,500 square feet of commercial space. Construction of the multiphase project is expected to take place over a five-year period. One-third of the site is slated for Phase I of Brickworks, which will include a combination of apartments, townhomes and retail space. Homes will range from studio units to three-bedroom layouts, with 5 percent of the residences set aside for families earning 60 percent or less of the area median income (AMI). Public spaces like sports fields, biking and walking trails and preserved woodlands and wetlands will also be accessible at the development.

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oasis-naples
AcquisitionsFloridaMultifamilySoutheast

Excelsa Properties Acquires 216-Unit Multifamily Community in Naples, Plans $7M Overhaul

by Abby Cox

NAPLES, FLA. — Excelsa Properties has acquired Oasis Naples, a 216-unit garden-style multifamily property located at 2277 Arbour Walk Circle in Naples. The buyer purchased the property on behalf of Excelsa’s US Real Estate II LP fund and a co-investment vehicle related to Fund II LP, which are both managed by Excelsa. Built in 1992, Oasis Naples offers one- and two-bedroom floorplans ranging in size from 762 square feet to 1,012 square feet across18 residential buildings. Amenities at the property include a swimming pool, lounge areas, coffee station and a 24-hour fitness center. Excelsa plans to invest roughly $7 million to enhance the property’s appeal and performance. This marks the seventh multifamily property to be acquired through Excelsa’s US Real Estate II LP fund and the 20th multifamily acquisition across its portfolios.

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