Southeast

CBRE Provides $27.7M Acquisition Loan for Affordable Housing Community in Savannah

by John Nelson November 30, 2023

SAVANNAH, GA. — CBRE has provided a $27.7 million acquisition loan for Canvas at Savannah, a 300-unit, garden-style affordable housing community located at 5110 Garrard Ave. in Savannah. Blake Cohen of CBRE’s Atlanta office originated the Freddie Mac loan on behalf of the borrower, Miami-based One Real Estate Investment. The seller was not disclosed. Built in 2003 and recently renovated, Canvas at Savannah features one-, two- and three-bedroom units averaging a little more than 1,000 square feet in size. Amenities include a fitness center, coffee bar, package lockers and a resort-style swimming pool.

November 30, 2023

Florida Leasing Activity Office Southeast

CP Group Executes 38,731 SF of Office Leases at Citigroup Center in Downtown Miami

by John Nelson November 30, 2023

MIAMI — CP Group has executed 38,731 square feet of leasing activity at Citigroup Center, a 34-story office tower in downtown Miami spanning 810,000 square feet. The deals include six new tenants and two lease renewals, one with an expansion. New tenants coming to the tower include Trion Properties, Lithium Capital Management, Kili Topco Ltd., Marex Solutions, Pisec Group and the Miami Downtown Development Authority. Steven Hurwitz, Doug Okun and Madeline Fine of JLL represented CP Group in the lease transactions. Last month, CP Group leased retail space on the ground level to Cactus Club Café, a restaurant chain based in Canada. Recent capital improvements at Citigroup Center include a new lobby, café, valet service program, new speculative office suites and health and wellness programs for tenants. Four of the new tenants will occupy the tower’s new spec suites.

November 30, 2023

Leasing Activity North Carolina Restaurant Retail Southeast

CBRE|Triad Arranges Four Retail Leases at Irving Park Shops in Greensboro, North Carolina

by John Nelson November 30, 2023

GREENSBORO, N.C. — CBRE|Triad has arranged four retail leases at Irving Park Shops, a retail and dining property spanning three buildings in the Piedmont Triad market of Greensboro. The deals include a 3,100-square-foot lease for Dave’s Hot Chicken, which will repurpose the former A Cleaner World building. The restaurant will be the fifth North Carolina location for the fast-casual chain. A Cleaner World, a dry-cleaning operator, will move into a new 1,333-square-foot space within Irving Park Shops at 2105 W. Cornwallis Drive. CycleBar and Armine’s Blow Outs and Bubbles will also occupy the single-story building with 2,030- and 1,362-square-foot locations, respectively. Matt King and Christy Smith of CBRE|Triad represented the landlord, an entity doing business as Irving Park Shops LLC, in the transactions. The duo also handles the marketing responsibilities for the property.

November 30, 2023

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $3.1M Sale of New Retail Property in Metro Orlando Leased to Starbucks

by John Nelson November 30, 2023

DAVENPORT, FLA. — SRS Real Estate Partners has brokered the $3.1 million sale of a newly built retail property located at 1217 Finley Ave. in Davenport, a suburb of Orlando. The 2,500-square-foot, freestanding building was delivered in October and has a 10-year lease in place with Starbucks Coffee. Patrick Nutt, William Wamble and Robert Dillard of SRS represented the seller, an unnamed development firm based in Florida, in the transaction. The buyer is also based in Florida and purchased the property in a 1031 exchange at a 5.25 percent cap rate.

November 30, 2023

Development Georgia Mixed-Use Southeast

North American Properties to Add Entertainment Elements to 2.4 MSF Avalon Project in Metro Atlanta

by John Nelson November 30, 2023

ALPHARETTA, GA. — North American Properties (NAP) has announced plans for the addition of new entertainment elements at Avalon, a 2.4 million-square-foot mixed-use development located in the Atlanta suburb of Alpharetta. Construction is scheduled to begin in January 2024 and will include the addition of a raised, covered performance stage and an LED screen. The features will comprise 576 and 180 square feet, respectively. Avalon comprises 500,000 square feet of retail space, in addition to a hotel and office and residential space. NAP developed the project in 2012 and manages the property on behalf of PGIM, which acquired the development in 2016 for $500 million.

November 30, 2023

Development Industrial North Carolina Southeast Top Stories

Dai Nippon Printing to Develop $233M Battery Pouch Manufacturing Facility in Linwood, North Carolina

by Katie Sloan November 30, 2023

LINWOOD, N.C. — Tokyo-based Dai Nippon Printing Co. (DNP) has announced plans to develop a $233 million manufacturing facility in Linwood, approximately midway between Charlotte and Greensboro. The development will produce battery pouches that encase and protect lithium-ion batteries for electric vehicles. While further details on the building itself were not disclosed, DNP plans to complete the project by 2026. The factory will be the company’s first advanced manufacturing facility in the U.S. DNP hopes to expand the facility in the coming years to also manufacture jumbo rolls, which are another type of casing for lithium-ion batteries. The project is facilitated in part by a recently approved Job Development Investment Grant (JDIG) from North Carolina’s Economic Investment Committee, the state’s department of commerce leads. The department estimates the project will grow North Carolina’s economy by $691 million over the course of the grant’s 12-year term. Through the agreement, DNP can potentially be reimbursed $2.7 million by the state over the grant’s term, dependent upon tax revenues generated by new jobs created by the development. “From the east to the west, North Carolina’s electric vehicle industry is growing exponentially,” said North Carolina Commerce Secretary Machelle Baker Sanders. “Our natural resources and …

November 30, 2023

Jeff Rinkov Lee Associates Investment Sales

Acquisitions Content Partner Features Lee & Associates Midwest Multifamily Northeast Office Retail Southeast Texas Western

Is a Rebound in the Cards for Investment Sales Anytime Soon?

by Sarah Daniels November 30, 2023

Would-be commercial real estate investors and sellers for the last several months have been waiting for a sign that the Federal Reserve has tamed inflation, therefore giving the central bank reason to officially end its tightening program. October’s better-than-expected consumer price index increase of 3.2 percent — versus the 3.3 percent consensus — may have delivered that signal. The futures markets immediately reduced the probability of a Fed interest rate hike in December to zero, with many capital markets analysts suggesting that it would begin to cut rates midway through 2024. But just an end to rate hikes could fuel investment sales activity, says Jeff Rinkov, CEO of Lee & Associates Commercial Real Estate Services. “Once investors see some positive sentiment from the Fed, I think they’ll start to get interested in deploying what we believe is an enormous amount of capital that has been waiting on the sidelines,” he explains. “I also think that’s when investors will be met by more accommodating sellers. At the moment, price discovery continues to be very challenging and is driving a sluggish transaction environment.” Crashing Sales Indeed, investment sales volume through three quarters of 2023 totaled $276.3 billion, a year-over-year decline of 55 …

November 30, 2023

Development Georgia Industrial Southeast

Trammell Crow, MetLife Break Ground on First Phase of 4.7 MSF Industrial Park Near Savannah

by John Nelson November 29, 2023

RINCON, GA. — A joint venture between Trammell Crow Co. and MetLife Investment Management has broken ground on the first phase of Coastal Trade Center, a 4.7 million-square-foot industrial park in Rincon, a suburb of Savannah in Effingham County. The project will be situated on a 477-acre site about 15 miles northwest of the Port of Savannah. Set for completion in late 2024, Phase I of Coastal Trade Center will comprise three cross-dock facilities spanning 1.2 million square feet, 640,640 square feet and 473,760 square feet. Phase II will comprise two cross-dock facilities spanning 1.4 million square feet and 611,520 square feet, as well as a front-load facility totaling 362,880 square feet. Trammell Crow Co. and MetLife plan to break ground on Phase II upon completion of Phase I. Bennett Rudder, Ryan Hoyt, Chris Tomasulo and Lindsey Wilmot of JLL are handling the leasing assignment for Coastal Trade Center.

November 29, 2023

Acquisitions Multifamily Southeast Tennessee

Passco, Greystone Purchase One Riverwalk Apartments in Knoxville for $120.7M

by John Nelson November 29, 2023

KNOXVILLE, TENN. — A joint venture between Passco Cos. and Greystone has purchased One Riverwalk, a 303-unit apartment community located at 151 E. Blount Ave. in Knoxville. The developer, Southeastern, sold the waterfront property for $120.7 million. Built in 2019, One Riverwalk was 97 percent occupied at the time of sale. The buyers assumed a 10-year Fannie Mae loan totaling $64.3 million that was underwritten with a 3.12 percent fixed interest rate and three years of interest-only payments remaining. One Riverwalk is situated on a 3.4-acre site along the Tennessee River and just over the Henley Street Bridge from University of Tennessee’s Neyland Stadium. The property offers a mix of studio, one- and two-bedroom apartments averaging 884 square feet in size.

November 29, 2023

Development Loans Maryland Multifamily Southeast

JLL Arranges $92.3M Construction Loan for Apartment Development in North Bethesda, Maryland

by John Nelson November 29, 2023

NORTH BETHESDA, MD. — JLL has arranged a $92.3 million construction loan for a 354-unit, 12-story luxury apartment community planned for North Bethesda, a Maryland suburb of Washington, D.C. Located at 5400 McGrath Blvd., the project is dubbed Parcel H. Jon Mikula, Jim Cadranell, Jamie Leachman and Ryan Carroll of JLL arranged the four-year, floating-rate loan through SMBC on behalf of the borrower, LCOR. Upon completion, the development will offer one-, two- and three-bedroom units, as well as nine penthouse units, averaging 881 square feet in size. Amenities will include a fitness center, outdoor pool, courtyard with grilling stations and fire pits, resident lounge with coworking stations, designated meeting rooms and tech pods, indoor and outdoor children’s’ playrooms, a dog park and a penthouse lounge featuring gaming areas and a golf simulator. Parcel H represents the final property within The Quad, a four-property portfolio of apartment communities in North Bethesda built by LCOR. The other three properties include Wentworth House (built in 2008), Aurora (2014) and Arrowood (2021). Together, The Quad will total 1,300 adjacent apartments operated by LCOR.

November 29, 2023

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