Southeast

Gateway Jax Acquires 22 Acres in Downtown Jacksonville for $2 Billion Mixed-Use Project

by Jeff Shaw September 21, 2023

JACKSONVILLE, FLA. — Gateway Jax has acquired 22 acres within Jacksonville’s downtown area to develop a $2 billion mixed-use project aimed at revitalizing the city’s urban core. The first phase of the project is called the Pearl Street District. Plans for Pearl Street District include three buildings in the North Core area of Jacksonville’s downtown, which will offer more than 1,000 multifamily units and 120,000 square feet of grocery-anchored retail space. The cost of Phase I is expected to be approximately $500 million. The Jacksonville Downtown Development Review Board has approved the conceptual plan for Pearl Street District, and Gateway Jax plans to break ground midway through 2024. The developer expects that construction on the full project will continue over the next decade. At full build-out, the project will span 20 city blocks and offer public spaces, courtyards and sidewalk cafes, according to the developer. In addition to multifamily and retail space, Gateway Jax plans to include office, hotel and green corridors complementing the city’s 30-mile Emerald Trail in future phases of the project’s development. “We plan to create thriving, walkable neighborhoods that create a sense of place, attracting residents and workers who’ll be able to find everything they need …

September 21, 2023

Development District of Columbia Southeast Student Housing

ACC, Georgetown University Begin Residence Hall Renovation, Expansion

by John Nelson September 20, 2023

WASHINGTON, D.C. — A public-private partnership between American Campus Communities (ACC) and Georgetown University has broken ground on the redevelopment of Henle Village, an existing residence hall on the university’s campus in Washington, D.C. Following renovations, the community will offer an additional 278 beds, bringing the property’s bed count to 740. The residence hall will offer apartment-style units with kitchens and in-unit bathrooms. The project, which is expected for completion in summer 2025, is targeting LEED Platinum certification. The development team for the project includes RAMSA Robert A.M. Stern Architects and John Moriarty & Associates.

September 20, 2023

Acquisitions Florida Mixed-Use Office Retail Southeast

Orion Capital Partners Acquires Mixed-Use Property in Miami for $58M

by John Nelson September 20, 2023

MIAMI — Dadeland Greenery LP, an entity sponsored by Orion Capital Partners, has purchased a mixed-use project located on an 8.4-acre site at 7700 N. Kendall Drive in Miami. The property, known as both Greenery Mall and Dadeland Square, features 129,585 square feet of street-level retail space attached to an eight-story, 84,913-square-foot office building. Major retail tenants include T.J. Maxx, HomeGoods, Guitar Center, JoAnn Fabric, Mattress Firm, Starbucks, Don Pan, The UPS Store and Jamba Juice. The buyer purchased the development from an entity doing business as Cofe ZM Dadeland LLC for $58 million, a price that is subject to an assumption of an existing $39 million mortgage. Orion Real Estate Group will manage the property and lease the retail space in cooperation with other brokers and tenant representatives. Fairchild Partners will continue to lease the office building. Danny Finkle, Eric Williams, Jorge Portela, Ike Ojala and Kim Flores of JLL’s Miami office represented the seller in the transaction. John Crotty and Michael Fay of Avison Young’s Miami office consulted with both parties.

September 20, 2023

Acquisitions North Carolina Retail Southeast

Klein Enterprises Purchases 140,000 SF Shopping Center in North Carolina’s Outer Banks Region

by John Nelson September 20, 2023

SOUTHERN SHORES, N.C. — Baltimore-based Klein Enterprises has purchased Southern Shores Marketplace, a 140,000-square-foot shopping center in North Carolina’s Outer Banks region. The grocery-anchored property is located at 5539 N. Croatan Highway in Southern Shores. Situated near the Wright Memorial Bridge, Southern Shores Marketplace is anchored by Food Lion and leased to tenants including Starbucks, Verizon Wireless, CVS, Jersey Mike’s, OBX Optical and Coastal Rehabilitation. The seller, Charlotte-based Aston Properties, recently redeveloped the shopping center and executed brand new leases with Marshalls, Rack Room Shoes and Five Below. An affiliate of Klein Enterprises purchased the property for an undisclosed price using acquisition financing from TD Bank. Berkeley Capital Advisors brokered the transaction. Southern Shores Marketplace represents Klein’s entry into North Carolina.

September 20, 2023

Development Industrial Loans North Carolina Southeast

TD Bank Provides $23.3M Loan to MDH Partners for Metro Charlotte Industrial Development

by John Nelson September 20, 2023

HUNTERSVILLE, N.C. — TD Bank has provided $23.3 million in construction financing to MDH Partners for the development of Phase II of Northcross Commerce Center in Huntersville, a suburb of Charlotte. The second phase will comprise two industrial facilities totaling approximately 254,000 square feet. Chris Drew, Taylor Allison and Jimmy Calvo of JLL arranged the financing, which is the first transaction between MDH Partners and TD Bank. The Atlanta-based developer plans to break ground on the project this month and complete the development in third-quarter 2024.

September 20, 2023

Acquisitions Florida Net Lease Restaurant Retail Southeast

SRS Brokers $4.6M Sale of New Restaurant Building in Jacksonville Leased to Panera Bread

by John Nelson September 20, 2023

JACKSONVILLE, FLA. — SRS Real Estate Partners has brokered the $4.6 million sale of a new 3,937-square-foot restaurant building located at 9725 Applecross Road in Jacksonville. Completed earlier this year as an outparcel to Oakleaf Town Center, the 1.5-acre site is triple-net leased to Panera Bread. The 15-year lease has scheduled rental increases every five years. Patrick Nutt and William Wamble of SRS represented the seller, a national real estate development firm, in the transaction. The 1031 buyer was a private investor based in South Florida.

September 20, 2023

Development Florida Mixed-Use Southeast Top Stories

Tampa Bay Rays to Build $1.3B Ballpark, Surrounding Mixed-Use Development in St. Petersburg, Florida

by Kristin Harlow September 20, 2023

ST. PETERSBURG, FLA. — The Tampa Bay Rays, a Major League Baseball team, have reached an agreement with the City of St. Petersburg and Pinellas County to move forward with a new ballpark and surrounding development. The Hines Historic Gas Plant Partnership will lead the project on the 86-acre site where the team’s current stadium sits. The project will include nearly 8 million square feet of mixed-use space along with the new ballpark to ensure the team stays in St. Petersburg for years to come. The team has played at Tropicana Field since 1998. The project is slated to invest more than $6.5 billion in St. Petersburg over 20 years and be the largest mixed-use development in Tampa Bay history, according to a news release from the team. The agreed-upon plan includes the key aspects of the original proposal submitted by the Hines Historic Gas Plant Partnership in response to St. Petersburg Mayor Ken Welch’s request for proposals in 2022. The latest agreement increases the number of affordable and workforce housing units to be built by the partnership to 1,200, with at least half of that amount to be built on the historic Gas Plant District site. It also adds …

September 20, 2023

Features Industrial South Carolina Southeast Southeast Feature Archive

Fair Property Taxes Are Essential to Manufacturers

by John Nelson September 20, 2023

COVID-19 laid bare many problems inherent in offshore supply chains and spurred widespread interest in reshoring manufacturing to the United States. As companies and communities explore site selection and expansion opportunities, they should remember that manufacturing profitability often hinges on tax strategy. Staging a comeback For the first time in decades, industry and the public sector are working to make American manufacturing competitive in a rapidly changing global marketplace. The recent enactments of the Inflation Reduction Act, the Bipartisan Infrastructure Law and the CHIPS and Science Act have directed billions of dollars into enhancing domestic manufacturing capacity. The semiconductor industry presents a high-profile case study. The United States holds 12 percent of the world’s semiconductor manufacturing capacity, eroded from 37 percent in 1990. The CHIPS Act’s $52 billion in federal funding is intended to strengthen domestic semiconductor manufacturing, design and research and reinforce the nation’s chip supply chains, fortifying the economy and national security along the way. Simultaneously, the United States is becoming a leading producer of electric vehicles and vehicle battery plants. Since 2021, announced U.S. investments in semiconductors and electronics exceed $166 billion, and announced U.S. investments in electric vehicles and battery manufacturing exceed $150 billion. Deciding where …

September 20, 2023

Development Loans Multifamily North Carolina Southeast

Walker & Dunlop Secures $62M Construction Loan for Revel Apartments in Greensboro, North Carolina

by John Nelson September 19, 2023

GREENSBORO, N.C. — Walker & Dunlop has secured a $62 million construction loan for The Revel Apartments, a 360-unit multifamily development in Greensboro. Jamie Butler, Cliff Ayers, Nicole Brickhouse, Jason McFadden and Michael Bowles of Walker & Dunlop arranged the loan on behalf of the borrower, Collett Capital. The non-recourse financing was underwritten at a 70 percent loan-to-value ratio. Situated adjacent to Piedmont Triad International Airport, Revel will feature a mix of one-, two- and three-bedroom apartments with chef-inspired kitchens featuring fixed islands, quartz countertops, tile backsplashes and energy-efficient, stainless steel appliances. Amenities will include a lobby, 24-hour fitness center, 24-hour package room, resort-style pool, covered outdoor terrace, lounge, business center, offices, conference space and a dog park.

September 19, 2023

Acquisitions Florida Office Southeast

Cushman & Wakefield Negotiates Sale of 16-Story Office Tower in Coral Gables, Florida

by John Nelson September 19, 2023

CORAL GABLES, FLA. — Cushman & Wakefield has negotiated the sale of 355 Alhambra, a 222,757-square-foot office tower located along Alhambra Circle in Coral Gables, a suburb of Miami. Princeton International Properties Corp. purchased the 16-story property from PGIM Real Estate for an undisclosed price. Mike Davis, Dominic Montazemi, Miguel Alcivar, Rick Brugge, Rick Colon, Ryan Holtzman, Brian Gale, Jordan Spitzberg, Chloe Strada and Ryan Jenkins of Cushman & Wakefield represented the seller in the transaction. Built in 2001, 355 Alhambra comprises nine stories of offices, seven stories of structured parking and commercial space on the ground level.

September 19, 2023

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