RALEIGH, N.C. — Six new tenants have signed leases at The Grove, an office redevelopment project currently underway in Raleigh. The new tenants include Allbridge, BWE, EDSA, RHA Wealth and VetPride Services. The Grove, which is now roughly 30 percent preleased, features 152,000 square feet of office and 16,000 square feet of amenity space across two buildings. Amenities at the property include conference facilities, a 5,000-square-foot gym, indoor pickleball courts, a covered porch, library and café/bar. CBRE|Raleigh’s Investor Leasing Group represented the landlord, Chartwell Property Group, in the leasing negotiations.
MIAMI — Black Salmon and The Allen Morris Co. have unveiled plans to develop Highland Park Miami, a $1 billion mixed-use project that will span seven acres and increase the footprint of the Miami Medical District by approximately 10 percent. Plans call for 1,000 residential units designed by Oppenheim Architecture, a 150-room hotel and 500,000 square feet of medical-related office space, along with retail, restaurants, open walkways and greenery. Global architecture firm Arquitectonica is the master planner and designer. Naturalficial, a Miami-based landscape architecture and design practice, spearheaded the landscape design. The developers still need city approval but expect preliminary site clearing for the multi-phase project to begin this year. Construction is slated to begin next year on the medical office and multifamily portions, with an estimated five to seven years of construction in total. The development team says it has been planning the project for the past decade, drawing inspiration from other major medical hubs in the U.S. such as Houston and Minnesota’s Mayo Clinic Health District. “With Highland Park, we’re creating a new center of gravity for the Medical District, with curated, wellness-oriented retail and restaurants; world-class architecture; and best-in-class medical office and residential offerings,” says W. A. …
ORLANDO, FLA. — PMG and Raven Capital Management/RCM Living have begun leasing Society Orlando, a 27-story apartment tower under development in downtown Orlando. The community comprises 462 apartments and 34,000 square feet of ground-floor retail space. Amenities will include a pool deck with grilling and entertainment areas, coworking lab with private conference rooms, gym and fitness studio, social lounges, yoga lawn, a craft food-and-beverage operation in the lobby, smart package lockers, app-based keys and integrated retail space. PMG is planning to open more than 8,500 units under the Society Living brand in Miami, Atlanta, Fort Lauderdale, Nashville, Denver and Brooklyn, with more locations to come. Move-ins at Society Orlando are expected to begin before the end of the year. PMG and Raven Capital obtained a $120 million construction loan for the project in 2021.
ATHENS, GA. — Stratus Development Group has delivered Puritan Mill, a 186-unit student housing community located near the University of Georgia in Athens. Located at 1120 Macon Highway, the property once housed a ruined mill and still features the mill’s water tower and a mill pond with a waterfall. Puritan Mill is situated near McNutt Creek and is walkable to Mama’s Boy, Molly’s Coffee, Amici, Oak House Distillery and the new Macon Highway Boat Launch. The community comprises two- and three-bedroom townhomes, as well as a swimming pool, clubhouse, gym, park, hammock garden and community grills.
PORT ST. LUCIE, FLA. — Berkadia has arranged a $37.5 million forward acquisition loan for Tavalo Tradition, a 216-unit build-to-rent development underway in Port St. Lucie. The buyer, an investment vehicle managed by GTIS Partners, is purchasing the townhome-style development from K. Hovnanian, which will deliver units through mid-2024. Scott Wadler and Matt Nihan of Berkadia arranged the financing through an unnamed national bank on behalf of GTIS, which will obtain the capital in draws. Tavalo Tradition will be situated within the 2,500-acre Tradition master-planned community. Units will come in two- and three-bedroom townhomes and average 1,387 to 1,494 square feet in size. Amenities will include pickleball courts, a fitness center, swimming pool, dog park, over 500 acres of lakes and 300 acres of parks.
SINGER ISLAND, FLA. — Pebb Capital has sold Ocean Walk, a 65,908-square-foot shopping center located at 2401 N. Ocean Ave. in Singer Island, for $19.2 million. The Boca Raton, Fla.-based investment firm purchased the center in 2017 for nearly $7.6 million, at which time the center was 53 percent leased. The property is now fully leased to tenants including Wings Beachwear, 7-Eleven, Mulligan’s Beach House and Johnny Longboats. Situated on 10.5 acres, Ocean Walk features 492 surface parking spaces, four retail structures and 873 feet of unobstructed oceanfront. Danny Finkle, Jorge Portela, Eric Williams and Kim Flores of JLL represented the seller in the transaction. The buyer was not disclosed.
RESTON, VA. — Comstock Holding Cos. Inc. has signed two new restaurants to join the second phase of Reston Station, a mixed-use development underway in Northern Virginia. The new tenants are Noku Sushi, a Virginia-based fast-casual sushi and ramen restaurant, and Tous les Jour, a bakery chain. Both tenants will occupy ground-level retail space at 1800 Reston Row Plaza, the first of two trophy office towers under development in Phase II. Both restaurants are slated to open in 2025. Michael Kang of Rappaport represented the tenants in both transactions. Other committed commercial tenants set to open at Reston Station include Vida Sport & Fitness, Ebbitt House and Puttshack.
CLEMSON, S.C. — Core Spaces has acquired Clemson Lofts, a 233-unit, 641-bed student housing community in Clemson. GEM Realty Capital joined Core Spaces as equity partner, and KKR provided financing. The seller and price were not disclosed. Clemson Lofts is positioned directly north of Tiger Boulevard, which is the main entryway into Clemson University and includes the most popular retail and restaurants. The property is spread across 19 acres and includes 14 separate residential buildings and a clubhouse. The floor plans include one-bedroom through four-bedroom units, each fully furnished with modern furniture and appliances. Features include high-end finishes, spacious living areas and ample storage areas. The community also boasts a variety of amenities, including a resort-style pool and hot tub, fitness center, outdoor yoga space, dog park, communal clubhouse and private study rooms. Clemson Lofts was originally built in 2015, and amenity spaces and select unit renovations started in 2021. Core and GEM plan to renovate the remaining units in summer 2024. “The growth of our acquisitions platform is predicated on finding great communities in Tier 1 university markets,” says Brendan Miller, chief investment officer of student housing at Core Spaces. “We believe the value-creation opportunities at Clemson Lofts amidst …
DURHAM, N.C. — Marcus & Millichap has brokered the $84.8 million sale of Kelby Farms, a 277-unit apartment community situated on 10 acres in Durham. John Daly of Marcus & Millichap’s Raleigh office represented the buyer, King Properties Inc., a privately held multifamily owner and operator. The seller is a partnership that includes Raleigh-based Woodfield Development. Kelby Farms, which is set for completion next month, was more than 70 percent occupied at the time of sale. Built in 2022, the property comprises studio, one-, two- and three-bedroom apartments with an average unit size of 1,001 square feet. Rental rates range from $1,442 to $3,034 per month, according to Apartments.com. Amenities include a resort-style swimming pool, fitness center, workstations, study areas and a game lounge.
ATLANTA — McShane Construction Co. plans to build the second phase of Ashley at Scholars Landing, a mixed-income apartment development located at 680 Atlanta Student Movement Blvd. in Atlanta. The developer is The Integral Group. Phase II will comprise three- and four-story buildings spanning 212 affordable housing and market-rate apartments, as well as a clubroom, fitness center, micro-offices and an activity space. Designed by JHP Architecture, Ashley at Scholars Landing II is set for completion in July 2025. Phase I comprised 135 apartments and opened in 2020.