Southeast

Ryan Cos. Completes 59,657 SF Publix Store at Master-Planned Development in Wesley Chapel, Florida

by John Nelson January 30, 2024

WESLEY CHAPEL, FLA. — Ryan Cos. has opened a new Publix grocery store that serves as the anchor tenant of Innovations Commons, a retail center within the 900-acre Epperson Ranch master-planned development in Wesley Chapel. The city in Pasco County is part of the Tampa Bay metro area. In addition to Innovations Commons, Epperson Ranch will feature 4,000 single-family homes, a 200-room hotel and more than 500 apartments at full build-out. Innovation Commons will also include three outparcel developments slated for additional retail, restaurants and professional services.

January 30, 2024

Development Life Sciences Maryland Office Southeast

Rock Creek Delivers Two Life Sciences Facilities in Germantown, Maryland

by John Nelson January 30, 2024

GERMANTOWN, MD. — Bethesda, Md.-based Rock Creek Property Group has delivered two life science facilities at 20430 and 20440 Century Blvd. in Germantown, a suburb of Washington, D.C. Situated off I-270 in Rock Creek’s Precision Labs campus, the former office buildings span 32,000 and 52,000 square feet, respectively. Architectural firm Ware Malcomb designed the office-to-life sciences conversion project, which involved upgrading the buildings’ electrical, mechanical and wastewater infrastructure. The single-story facility at 20430 Century Blvd. features move-in ready space suitable for a single headquarters and includes offices and flexible space for laboratory, research-and-development and cGMP (current Good Manufacturing Practice) manufacturing. The two-story facility at 20440 Century Blvd. features six wet laboratory suites.

January 30, 2024

Development Industrial Maryland Office Southeast

St. John, Greenebaum to Develop 70,000 SF Industrial Project in Fulton, Maryland

by John Nelson January 30, 2024

FULTON, MD. — A joint venture between St. John Properties Inc. and Greenebaum Enterprises has purchased a 12.5-acre site within Montpelier Research Park, a business park in the Baltimore-Washington submarket of Howard County. The duo plan to develop two single-story, flex industrial facilities on the site spanning 70,000 square feet combined. Located adjacent to Maple Lawn and the Johns Hopkins University Applied Physics Laboratory in Fulton, the acquired site currently features a 32,488-square-foot office building that the new ownership is marketing for lease. Abby Glassberg and Don Schline of KLNB represented the seller in the land transaction. St. John and Greenebaum estimate they’ll deliver the two industrial facilities in 2026.

January 30, 2024

Florida Industrial Leasing Activity Southeast

Prologis Signs Seaboard Marine to 308,000 SF Lease Renewal at Industrial Park in Medley, Florida

by John Nelson January 30, 2024

MEDLEY, FLA. — Prologis has signed Seaboard Marine Ltd. to two lease renewals at Prologis Palmetto Tradeport, an 880,000-square-foot industrial park in Medley, a city in Miami-Dade County. The two leases, for facilities located at 7800-7890 N.W. 80th St. and 8001 N.W. 79th Ave., total 308,000 square feet. Brian Smith of JLL represented Prologis in the lease transactions. Jonathan Kingsley of Colliers represented the tenant. Situated near Miami International Airport and PortMiami, Prologis Palmetto Tradeport is located adjacent to the Medley Metrorail Station and features three acres of outside storage. Seaboard Marine is a global ocean carrier offering shipping services between the Caribbean, North, Central and South America. The company, which is the largest cargo operator at PortMiami, has a 25-vessel fleet and more than 60,000 shipping containers.

January 30, 2024

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

Property Owners Recalibrate Expectations Following Financing Challenge, Shifting Vacancy Rates

by Sarah Daniels January 30, 2024

High costs, modulating occupancies and a lack of financing options reshaped the industrial, office, retail and multifamily sectors in the fourth quarter of 2023, signaling the determining factors for 2024, according to Lee & Associates’ 2023 Q4 North America Market Report. The industrial sector saw stabilizing tenant demand — the number of new buildings delivered increased in the fourth quarter, while new construction starts slowed. Meanwhile, the office sector’s struggles deepened as more than half of the office leases signed pre-2020 approach their expiration by 2026. With low-rate loans maturing into a high-rate environment, the factors troubling the office sector seem insurmountable in this decade. In the retail market, low vacancies did not lead to booming construction in that sector in the last quarter of 2023 — financing costs plus land and labor costs have hampered new development in spite of high demand. Finally, the health of multifamily markets is tied closely to geography. Sun Belt multifamily properties and their Midwest and Northeastern market counterparts are seeing reversals from the multifamily trends of 2021: formerly fast-growing Sun Belt markets are experiencing slowed rent growth or rent decline, while rent growth for slower-growing, major North and Midwestern metros has grown steadily. Lee & Associates …

January 30, 2024

Affordable Housing Development Georgia Multifamily Southeast

Tribridge Residential Underway on 209-Unit Goat Farm Apartment Development in Atlanta

by John Nelson January 29, 2024

ATLANTA — Tribridge Residential is underway on the development of The Goat Farm, a 209-unit apartment community located in Atlanta. Situated on four acres within the 12-acre The Goat Farm arts complex, the development is a collaboration with the arts-based social enterprise of the same name. In addition to apartments in studio, one- and two-bedroom layouts, the property will feature 24,000 square feet of artist studio and exhibition space, and 32 units will be reserved as affordable housing for households earning 80 percent or less of the area median income (AMI). Amenities will include a rooftop pool, fitness center and a dog washing station. Move-ins are scheduled to begin this spring. The partnership between Tribridge and The Goat Farm will comprise additional phases, including the restoration of historic structures at the complex.

January 29, 2024

Development Georgia Mixed-Use Multifamily Office Southeast

Alliance Residential Opens Broadstone Peachtree Corners Mixed-Use Community in Metro Atlanta

by John Nelson January 29, 2024

PEACHTREE CORNERS, GA. — Alliance Residential Co. has opened Broadstone Peachtree Corners, a mixed-use community located at 5672 Peachtree Parkway in Peachtree Corners, roughly 20 miles outside of downtown Atlanta in Gwinnett County. Situated on 9.2 acres, the property features a five-story residential building with apartments in studio, one- and two-bedroom layouts. The property also features 7,760 square feet of furnished for-rent office space located on the second floor of Broadstone Peachtree Corner’s amenity building. Alliance Residential is branding the office space as Second Story, A Private Office Collective. The space features offices ranging from 90 to 250 square feet, as well as two reservable conference rooms, a coworking lounge with an adjoining private outdoor terrace, a community kitchen and access to on-property electric vehicle charging stations. Amenities at the residential community include a pool, fitness center, game lounge, pet spa and dog run, clubroom, landscaped courtyard, grilling station and a fire pit. Rental rates begin at $1,549 per month for a studio apartment, according to the property website.

January 29, 2024

Acquisitions Industrial North Carolina Southeast

Stonemont Purchases 154,096 SF Industrial Facility in Cary, North Carolina

by John Nelson January 29, 2024

CARY, N.C. — Atlanta-based Stonemont Financial Group has acquired a 154,096-square-foot industrial facility located at 101 Stamford Drive in Cary, a suburb of Raleigh. Built in 1994, the building is situated on 15.9 acres and features 24-foot clear heights, 50 car parking spaces, 12 exterior dock doors and 5,086 square feet of office space. Stonemont plans to renovate the property on behalf of a consumer goods company, which will occupy the building beginning this year. Planned improvements include a new roof, interior upgrades and expansion of trailer parking. The project team includes general contractor Choate Construction and civil engineer WithersRavenel. Joe Messina and Jon Vanderplough of JLL represented the tenant in the lease negotiations.

January 29, 2024

Acquisitions Multifamily Southeast Virginia

Jones Street Acquires 296-Unit Multifamily Community in Suburban Richmond

by John Nelson January 29, 2024

BON AIR, VA. — Jones Street Investment Partners has acquired Summit at Bon Air, a 296-unit multifamily community located at 1701 Irondale Road in the Richmond suburb of Bon Air. Locally based Capital Square sold the property for an undisclosed price. Residences at the 28-acre community include one-, two- and three-bedroom apartments across 37 two-story buildings. Amenities at the property include a resident lounge, business center, dog park, fitness enter, swimming pool with a sun deck and a playground. A majority of units have recent undergone renovations, and the buyer plans to implement improvements to the remaining 77 units.

January 29, 2024

Affordable Housing Company News Maryland Multifamily Southeast Student Housing

Walker & Dunlop Named Top Fannie Mae Multifamily Lender by Volume in 2023

by John Nelson January 29, 2024

BETHESDA, MD. — Walker & Dunlop has been recognized as the largest Fannie Mae DUS (Delegated Underwriting and Servicing) lender by volume for last year, with $6.6 billion in multifamily originations in 2023. Additionally, Fannie Mae has named the Bethesda-based firm as the top producer for green financing and for student housing. Walker & Dunlop also took the third places amongst producers of multifamily affordable housing and as a producer for small loans. Freddie Mac also recognized Walker & Dunlop as the third biggest Optigo lender in 2023, with a volume of $4.6 billion. “With rate cuts expected in 2024, and banks and other capital sources still reluctant to lend, it is our expectation that the need for GSE [government-sponsored enterprise] capital…remains strong in the coming year,” says Willy Walker, chairman and CEO of Walker & Dunlop.

January 29, 2024

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