Southeast

Vesper Recapitalizes 850-Bed Student Housing Community Near Kennesaw State University in Metro Atlanta

by John Nelson November 14, 2023

KENNESAW, GA. — Vesper Holdings has recapitalized West 22, an 850-bed student housing property located near the Kennesaw State University campus in metro Atlanta. Vesper owns the community through a joint venture partnership with an undisclosed investor. West 22 offers a mix of cottage and apartment units in one- through five-bedroom configurations. Shared amenities include a two-story fitness center, outdoor kitchen, basketball court, sand volleyball court, firepit and a hammock garden. The partnership plans to execute $3 million in capital improvements at the property over the next two years, including the addition of new flooring in units, lighting and cabinet upgrades, the addition of Nest thermostats and smart locks, and renovations to the clubhouse, gym and swimming pool. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE’s National Student Housing team represented Vesper in the transaction, along with CBRE’s Kevin Geiger and Shea Campbell. Timothy Bradley and Austin Kinn of TSB Capital Advisors arranged the financing on behalf of the joint venture.

November 14, 2023

Alabama Leasing Activity Office Southeast

Beach Co. Signs Tech Firm to Office Lease at The Range in Huntsville, Alabama

by John Nelson November 14, 2023

HUNTSVILLE, ALA. — The Beach Co. has signed Arrow Electronics, a tech services provider, to an office lease at The Range, a new 49,229-square-foot office building along Governors Drive in Huntsville. The Range is connected via a new pedestrian sidewalk to Beach Co.’s sister property The Foundry, a new 342-unit multifamily development, and Stovehouse, a property with food-and-beverage options, offices and event space. Arrow Electronics will occupy the remaining space on The Range’s ground floor. Crunkleton Commercial Real Estate Group managed the leasing efforts. The Range has one 10,000-square-foot availability on the second floor, according to Beach Co.

November 14, 2023

Acquisitions Retail South Carolina Southeast

SRS Arranges $6.3M Sale of Metro Charlotte Store Leased to Walgreens

by John Nelson November 14, 2023

ROCK HILL, S.C. — SRS Real Estate Partners has brokered the $6.3 million sale of a freestanding, 14,550-square-foot store in Rock Hill, a southern suburb of Charlotte. Built in 2013 on two acres, the single-tenant property was fully leased at the time of sale to Walgreens. Susan Harris of SRS represented the seller, an investor based in Washington, in the 1031 transaction. Andrew Margulies of Marcus & Millichap represented the buyer, a private investor based in North Carolina. Walgreens has 15 years remaining on its corporate-guaranteed lease, according to SRS.

November 14, 2023

Development Florida Industrial Mixed-Use Southeast

Rockpoint to Develop 1.5 MSF Industrial Property Within $2B Pomp Project in Pompano Beach, Florida

by John Nelson November 13, 2023

POMPANO BEACH, FLA. — Boston-based firm Rockpoint plans to develop a 1.5 million-square-foot industrial property in Pompano Beach in partnership with The Cordish Cos. and Caesars Entertainment. Situated on an 87.8-acre site, the project will be part of the 223-acre, $2 billion mixed-use development —The Pomp —currently underway by Cordish and Caesars. Site work for the industrial park is scheduled to begin in May 2024, with the first of three phases of development. Rockhill Management, Rockpoint’s property services affiliate, will lead the development and management of the project.

November 13, 2023

Development Florida Multifamily Southeast

Mill Creek Breaks Ground on 304-Unit Modera Encore Apartment Community in Downtown Tampa

by John Nelson November 13, 2023

TAMPA, FLA. — Mill Creek Residential has broken ground on Modera Encore, a 304-unit apartment community located at 1211 Ray Charles Blvd. in downtown Tampa. Upon completion, the property will comprise residences in one-, two- and three-bedroom layouts, as well as select penthouse homes and 8,000 square feet of ground-floor retail space. Amenities at Modera Encore will include a swimming pool, grilling area, outdoor dining space, a clubhouse, game room, pool table, pet spa, coffee bar, fitness center, coworking space, conference rooms, cyber café and private workstations. The community will also offer controlled access garage parking, bike lockers and additional storage space. Move-ins are scheduled to begin in spring 2025.

November 13, 2023

Loans Multifamily North Carolina Southeast

NewPoint Provides $58M Refinancing for Apartment Community in Metro Raleigh

by John Nelson November 13, 2023

RALEIGH, N.C. — NewPoint Real Estate Capital has provided a $58 million Freddie Mac loan for the refinancing of an apartment community located in the greater Raleigh area. Built in two phases, the unnamed property comprises 400 residences in a mix of one-, two- and three-bedroom units. Amenities at the community include a swimming pool with a splash pad and outdoor cabanas, 24-hour fitness center, game room, business center, playground, pet park, grilling areas and an outdoor multi-sport court. Mike Ortlip of NewPoint originated the fixed-rate loan, which features a five-year term with full interest-only payments. The borrower was not disclosed.

November 13, 2023

Development Florida Seniors Housing Southeast

Belmont Village Opens 10-Story Seniors Housing Community in Coral Gables, Florida

by John Nelson November 13, 2023

CORAL GABLES, FLA. — Belmont Village Senior Living, in partnership with Baptist Health South Florida, has opened Belmont Village Senior Living Coral Gables, a 232-unit seniors housing community located at 4111 Salzedo St. in Coral Gables. Corwil Architects designed the South Florida property, which features independent living, assisted living and memory care residences across 10 stories. Amenities at the community, which also offers ground-floor retail space, include indoor and outdoor socialization spaces, a pool surrounded by a full-service bistro and bar, outdoor lounge with a dining area and barbecue kitchen, fitness room, outdoor movie lawn, putting green, screening room, dog park and a beauty salon. As part of the collaboration with Baptist Health South Florida, Belmont Village Coral Gables will offer direct access to Live Healthy by Baptist Health, with Baptist Health Primary Care onsite. Moss Construction was the general contractor for the project.

November 13, 2023

Build-to-Rent Development Georgia Multifamily Single-Family Rental Southeast

Parkland Receives Zoning Approval for 124-Unit BTR Residential Development in Fayetteville, Georgia

by John Nelson November 13, 2023

FAYETTEVILLE, GA. — Alpharetta, Ga.-based Parkland Communities has secured zoning approval from the City of Fayetteville’s Planning & Zoning Commission for the development of Morgan Park, a 124-unit build-to-rent townhome community to be located between East Laier and Booker avenues. Situated on 9.3 acres roughly 22 miles outside of Atlanta, Morgan Park will feature two- and three-bedroom townhomes ranging from 1,636 to 1,958 square feet. Each townhome will feature a one-car garage and covered outdoor living space. Amenities at the property will include a clubhouse, pool, cabana and dedicated mail kiosk. Monthly rental rates at the community will begin at $2,400. A construction timeline was not disclosed.

November 13, 2023

Industrial Kentucky Market Reports Southeast Southeast Market Reports

Surging Electric Vehicle Construction Drives Momentum in Louisville’s Industrial Market

by John Nelson November 13, 2023

With strong industrial leasing activity and significant development over recent years and currently, notably in the electric vehicle (EV) market, Louisville’s industrial real estate market maintains a steady drumbeat and forecasts continued success. The Louisville industrial market’s strong start to the year continued in the second quarter, and the JLL Q2 Industrial Insights report shows that Louisville remains a robust market. Over the past five years, developers constructed over 25 million square feet of Class A industrial space, positively absorbed 27 million square feet and has grown Louisville to a 90 million-square-foot Class A industrial market. Another positive market indicator is rental rates have appreciated 40 percent over the last three years, with the direct average asking rate currently at $5.67 per square foot. We expect this to continue to rise slowly over the next 18 months due to leasing activity, low inventory and a slowdown in speculative development. Louisville is quickly integrating and expanding capacity for EV production, following a growing EV industrial trend across the United States. We expect the EV market to continue expanding, especially with Ford Motor’s commitment to the region and generating an EV presence at the Blue Oval City SK facility. A joint venture …

November 13, 2023

Acquisitions Data Centers Southeast Tennessee

Aphorio Acquires Data Center in Collierville, Tennessee for $13M

by John Nelson November 10, 2023

COLLIERVILLE, TENN. — Aphorio Carter Fund Management Co., the critical infrastructure and data center division of Tampa-based Carter Funds, has acquired an enterprise data center located in the Memphis suburb of Collierville for $13 million. Situated within the 118-acre FedEx World Technology Center Campus, the property comprises 86,000 square feet on 4.6 acres. Built in 2001, the center is fully leased to an unnamed logistics company that occupies the property on a net lease. The seller was not disclosed.

November 10, 2023

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