Southeast

SJC Ventures, Nuveen to Develop Whole Foods-Anchored Shopping Center in Metro Miami

by John Nelson July 23, 2024

DORAL, FLA. — Atlanta-based SJC Ventures and Nuveen Real Estate have formed a partnership to develop Doral Marketplace, a new shopping center in suburban Miami that will be anchored by Whole Foods Market. The partnership recently purchased a 10-acre site at the southwest corner of NW 41st Street and NW 107th Avenue for the development, which is set to break ground this fall. The site is located within Bridge Point Doral, Bridge Industrial’s 175-acre industrial park that will span 2.6 million square feet of Class A industrial space upon completion in early 2025. Michael Finkle of Koniver Stern Group represented SJC Ventures in the land acquisition, and Mark Gilbert of Cushman & Wakefield represented Bridge Industrial. In addition to Whole Foods, other committed tenants at Doral Marketplace include Shake Shack, First Watch, GoodVets, The Spot Barbershop, Encore Nails, VIO MedSpa and Apizza Brooklyn Resto + Vino. SJC Ventures and Nuveen expect store openings to begin in the second half of 2025.

July 23, 2024

Development Loans Multifamily North Carolina Southeast

JLL Arranges $85M Construction Financing for West End II Multifamily Development in Downtown Raleigh

by John Nelson July 23, 2024

RALEIGH, N.C. — JLL has arranged $33.6 million of joint venture equity and $51.4 million in debt financing for the development of West End II, a 252-unit luxury apartment development underway in downtown Raleigh’s West End neighborhood. The equity partner is an investment fund from South America and the lender is an unnamed national life insurance company. Travis Anderson, Warren Johnson, Ryan Pride and Jovi Rodriguez of JLL arranged the equity placement and debt on behalf of the borrower, locally based Kane Realty Corp. Located at 510 W. Cabarrus St., West End II represents the second phase of Kane Realty’s redevelopment of the former Clancy & Theys headquarters building. Phase I, Platform Apartments, is currently in lease-up. Designed by Dwell Design Studio, West End II will feature luxury apartments ranging from one- to three-bedroom layouts, as well as high-end amenities and 4,000 square feet of flexible retail space. The construction timeline for the project was not disclosed.

July 23, 2024

Development Southeast Student Housing Tennessee

Core Spaces, Schenk Realty Plan 800-Bed Student Housing Development Near University of Tennessee

by John Nelson July 23, 2024

KNOXVILLE, TENN. — A joint venture between Core Spaces and Schenk Realty has announced plans for an 800-bed student housing development located near the University of Tennessee campus in Knoxville. Located at 1801 Cumberland Ave., the community will rise seven stories and offer 215 units in studio through five-bedroom configurations. Shared amenities will include a rooftop swimming pool, hot tub and sun deck, as well as ground floor retail. Construction on the project is set to begin in spring 2025. In addition to this unnamed project, Core Spaces and Schenk are also currently developing Hub Knoxville, a nearby student housing development that will comprise 1,600 beds.

July 23, 2024

Georgia Loans Multifamily Southeast

Greystone Provides $15.5M Agency Refinancing for Apartment Community in Albany, Georgia

by John Nelson July 23, 2024

ALBANY, GA. — Greystone has provided a $15.5 million Fannie Mae loan for the refinancing of 509 North Apartments, a 252-unit community located in the South Georgia city of Albany. Rob Meehan and Avrom Forman of Greystone originated the financing, with Yehuda Heller of Seven Stone Capital acting as correspondent. The non-recourse loan was underwritten with a fixed interest rate, seven-year term and 30-year amortization schedule. The borrower was not disclosed. Built in 1987, 509 North features 14 garden-style buildings comprising one- and two-bedroom apartments. Amenities include a clubhouse, laundry facilities, four swimming pools, dog park and tennis and volleyball courts.

July 23, 2024

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $3.5M Sale of New Central Florida Restaurant Leased to Chipotle

by John Nelson July 23, 2024

OCALA, FLA. — SRS Real Estate Partners has brokered the $3.5 million sale of a newly delivered restaurant property located at 4916 E. Silver Springs Blvd. in Ocala, a city in Central Florida. The 2,490-square-foot building was delivered last year and was triple-net leased to Chipotle Mexican Grill at the time of sale. The lease includes scheduled rent increases and extension options for Chipotle, which has a 15-year, corporate-guaranteed lease in place. The restaurant is situated on a 1-acre lot near an Aldi grocer store, Walmart Supercenter, Lowe’s Home Improvement and Ross Dress for Less. Patrick Nutt and William Wamble of SRS represented the seller, a national real estate investment and development firm, in the sale. The 1031 buyer is based in Spain and purchased the restaurant at a 4.47 cap rate.

July 23, 2024

Montgomery Mill Apartments in Windsor Locks, Conn.

Affordable Housing Bohler Content Partner Development Features Midwest Multifamily Northeast Southeast Texas Western

Cracking the Code: Winning Strategies for Affordable Housing in Any Market

by Sarah Daniels July 23, 2024

Frustrated by high costs and a lending crunch for market-rate multifamily projects, savvy mainstream developers are seeking opportunities to build affordable housing. But what constitutes opportunity in a sector reliant on agency lending, community stakeholders and controlled rents? Definitions of “opportunity” in affordable housing vary widely, and favorable elements often involve additional and unique challenges. Not only must developers identify opportune site conditions, but they must also evaluate prospects to compete for funding, secure municipal approvals and win community support. And they need to complete the project within required timeframes in order for the asset to qualify as a good opportunity. REBusiness asked experts from two firms at the forefront of affordable housing development about what affordable housing “opportunity” looks like — and about the strategies they use to transform promising sites into viable projects. Beacon Communities is an established developer of affordable, market-rate and mixed-income housing, while Bohler’s land development consulting and site design services have helped clients identify and act on commercial real estate opportunities for more than 35 years. “We look at any development opportunity through three lenses,” says LeAnn Hanfield Curtin, vice president of development at Beacon. “Those are the availability of sites, ability to get …

July 23, 2024

Development Georgia Leasing Activity Retail Southeast Top Stories

Cosm to Open Entertainment Venue at $5B Centennial Yards Development in Atlanta

by Hayden Spiess July 23, 2024

ATLANTA — Immersive technology, media and entertainment company Cosm has announced plans to open an entertainment venue at Centennial Yards, a $5 billion mixed-use development currently underway in downtown Atlanta. Situated within the project’s Sports and Entertainment District, the venue will comprise 70,000 square feet across three levels. Architecture firm Gensler is designing the facility. Dubbed Shared Reality, the venue will feature Cosm’s proprietary technology, including a 12K+ LED dome spanning 87 feet in diameter. Shared Reality will offer immersive live sports viewing through Cosm’s partnerships with entities including ESPN, the NBA, NBC Sports, TNT Sports, FOX Sports and the UFC. Programming at the venue will also include Cirque du Soleil’s “O” production and immersive art experiences by members of the Cosm Studios Creator Program. An opening date was not disclosed. This marks the first addition to the next phase of Centennial Yards, which will encompass roughly 470,000 square feet of entertainment, retail and restaurant space, as well as a flagship hotel. The new phase of development will be positioned on a 7.5-acre site adjacent to the Atlanta Hawks’ State Farm Arena and Mercedes-Benz stadium, which is home to the Atlanta Falcons and Atlanta United sports teams. Upon full build-out, …

July 23, 2024

Development Florida Retail Southeast

WMG Underway on 60,000 SF Shoppes at Orange Blossom Shopping Center in Southwest Florida

by John Nelson July 22, 2024

NAPLES, FLA. — WMG Development has broken ground on The Shoppes at Orange Blossom, a new retail center in Naples. Publix will anchor the shopping center, which will total more than 60,000 square feet at the corner of Oil Well Road and Big Corkscrew Drive. Other committed tenants at the center include Great Clips and Le Nail Salon. Scheduled for completion in late-summer 2025, the project will be situated at the entrance to Big Corkscrew Island Regional Park, a 150-acre outdoor park and entertainment destination, and adjacent to apartment community Emblem at Orange Blossom.

July 22, 2024

Acquisitions Development Florida Multifamily Southeast

Excelsa Acquires 477-Unit Drake at St. Pete Multifamily Community in St. Petersburg, Plans $8M Renovation

by John Nelson July 22, 2024

ST. PETERSBURG, FLA. — Excelsa Properties has acquired The Drake at St. Pete, a 477-unit multifamily community located at 1699 68th St. in St. Petersburg. Built in 1972, the Tampa Bay-area property comprises 36 residential buildings with a clubhouse and leasing center. Amenities at the community include a 24-hour fitness center, three swimming pools, two dog parks and a picnic area. Excelsa plans to spend $8 million on improvements at the property, which marks the sixth multifamily property to be acquired within its Excelsa U.S. Real Estate II fund. The seller and sales price of The Drake at St. Pete were not disclosed.

July 22, 2024

Acquisitions Georgia Industrial Southeast

JLL Arranges Sale of 281,677 SF Industrial Park in Northwest Atlanta

by John Nelson July 22, 2024

ATLANTA — JLL Capital Markets has arranged the sale of 120 Interstate Northwest, a four-building light industrial business park in Atlanta. Adler Real Estate Partners acquired the property, which totals 281,677 square feet, for an undisclosed price. The park was 97 percent leased to 35 tenants at the time of sale. Matt Wirth, Dennis Mitchell, Britton Burdette and Jim Freeman of JLL represented the seller, Albany Road Real Estate Partners, in the transaction. Additionally, Melissa Rose, Bobby Norwood and Hunter Goldberg of JLL secured acquisition financing on behalf of the buyer.

July 22, 2024

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