ATLANTA — GID has acquired ARIUM Vinings Station, a 315-unit apartment community located at 4695 N. Church Lane in Atlanta’s Vinings district. The buyer plans to implement renovations and rebrand the property as Windsor Vinings. Amenities at the community include a dog park, pool, fitness center, grilling areas, a clubhouse, tennis court and a business center. The seller and sales price were not disclosed.
In the second quarter of 2023, the Richmond office market posted more than 670,000 square feet of leasing volume, the highest total volume in more than four years. As transactions commence in future quarters, absorption will be impacted from occupancy shifts later in the year. Despite increased leasing activity, however, the market softened slightly as absorption has started to plateau. The second quarter represented the fourth consecutive quarter of negative net absorption as Richmond’s office market observed occupancy losses dipping to 21,489 square feet. Vacancy rates rose and settled at 12.6 percent, an 8-basis-point increase quarter-over-quarter. Pre-pandemic, overall asking rents saw stable upward rent growth. Since 2020, rental rates have continued to increase though at a leaner rate. Class A rents have flattened over the past 12 months, while Class B rents continued to rise. The Manchester and Scott’s Addition submarkets remain the hot spots for office development. Though there are currently no major office buildings underway at this time, most major office projects under construction in the last five years have either been build-to-suits or conversions. The only notable exception to this was The Current, a 70,000-square-foot spec office building that delivered in Manchester at the end of 2021. …
MIAMI — Monarch Alternative Capital, an investment firm with offices in New York City, London and South Florida, has purchased 801 Brickell, a 412,000-square-foot office building in Miami. The 28-story high rise is located just a block from Biscayne Bay in downtown Miami’s Brickell neighborhood, two blocks from a Metromover station. Monarch Alternative Capital will operate the transit-served property in partnership with Tourmaline Capital Partners. The seller and sales price were not disclosed. Originally constructed in 1985 within the Brickell district just south of the downtown area, the 28-story building was more than 90 percent leased at the time of sale. Tenants include U.S. Securities and Exchange Commission, Mastercard and Royal Bank of Canada. The building also houses a ground-floor restaurant, as well as a fitness center, tenant lounge, conference facilities and unobstructed views of Biscayne Bay. The previous ownership completed a capital improvement program at the property in 2022. According to the Colliers leasing webpage, BOMA awarded 801 Brickell the prestigious Office Building of the Year (TOBY) Award for excellence in environmentally sound office building management. The building boasts energy consumption 38 percent below the national median for similar buildings. Monarch cited the tenant quality and overall office trends in …
FORT OGLETHORPE, GA. — General contractor Jim Chapman Construction Group (JCCG) has started construction on The Cottages at Battlefield Crossing, a 244-unit build-to-rent (BTR) townhome project located at the intersection of Dietz Road and Battlefield Parkway in Fort Oglethorpe. Situated on 41 acres about nine miles south of Chattanooga, Tenn., the property will feature homes in five floorplans totaling 1,020 to 1,466 square feet. Amenities at the community will include a 4,000-square-foot clubhouse, swimming pool, fitness center and 24-hour emergency maintenance services. The developer and construction timeline were not disclosed.
WASHINGTON, D.C. — Berkadia’s Affordable Housing division has arranged a $37.8 million low-income housing tax credit (LITHC) investment for the construction of Northwest One Phase II, an affordable housing multifamily community in Washington, D.C. Upon completion, the development will total 212 units in a mix of studio, one-, two-, three- and four-bedroom layouts for residents earning between 30 and 60 percent of the area median income (AMI), with 11 units reserved for individuals who were previously homeless. Amenities will include a business center, clubhouse, fitness center, laundry room and a game room. Berkadia secured the financing on behalf of the developer, a joint venture between MRP Realty, CSG Urban Partners and Taylor Adams Associates.
MIRAMAR, FLA. — ZOM Living has sold Sorrento, a 320-unit affordable housing apartment community located in Miramar. Built more than 11 years ago, the property was originally financed through the low-income housing tax credit (LIHTC) program and state and county debt financing programs. The community features units in one-, two- and three-bedroom floorplans ranging from 651 to 1,187 square feet. Amenities include a swimming pool, fitness center, clubhouse, pavilion and barbecue area, resident lounge and a computer lab. Monthly rents at the property begin at $826. Related Cos. purchased the community for an undisclosed price.
SNELLVILLE, GA. — Three new tenants have signed leases at The Shoppes at Webb Gin, a retail center located in Snellville, roughly 30 miles outside of Atlanta. Browlash and Club Pilates will occupy 1,200 and 1,625 square feet, respectively. DRIPBar will also open at the property in January within a 1,675-square-foot space. Monica Johnson and Kelsi Holman represented the landlord, Continental Realty Corp. (CRC), on an internal basis. Sydney Isroff of Morrow Hill Commercial Real Estate represented DRIPBar in the leasing negotiations, and Emily Kozarek of Colliers represented Club Pilates. Built in 2006, The Shoppes at Webb Gin is now 90 percent occupied.
WASHINGTON, D.C. — Total nonfarm payroll employment in the United States rose by 336,000 jobs in September, reports the U.S. Bureau of Labor Statistics (BLS). According to The Wall Street Journal, this growth beats the expectations of economists and could signal another interest rate increase by the Federal Reserve before the end of the year. Sectors that experienced notable growth include leisure and hospitality, government, healthcare, professional, scientific, technical services and social assistance. Leisure and hospitality and government employment added 96,000 and 73,000 jobs, respectively, which is above the average monthly gain for both sectors. Employment in the transportation and warehousing and information sectors changed little. The unemployment rate also remained unchanged at 3.8 percent. The BLS additionally revised the employment numbers for July and August. July’s employment gain was revised to 236,000, up from 156,000 initially. The August figure was revised to 227,000, up from 187,000 initially. Together, the revisions total an increase of 119,000 jobs.
FORT MILL, S.C. — The Rockefeller Group has sold Stateline 77, a 1.1 million-square-foot, two-building industrial park located along I-77 in Fort Mill, a South Carolina suburb of Charlotte. EQT Exeter purchased the 77.5-acre asset from Rockefeller Group for an undisclosed price. Pete Pittroff, Dave Andrews, Josh McCardle, Michael Scarnato and Britton Burdette of JLL represented Rockefeller Group in the sale. Last month, solar panel manufacturer Silfab Solar announced plans to invest $150 million to upfit and operate out of the larger of Stateline 77’s two buildings, a 786,167-square-foot cross-dock facility located at 7149 Logistics Lane. The property’s second building, a 221,000-square-foot distribution center at 7107 Logistics Lane, was fully leased in 2022 by two tenants, Element Designs and Motion Industries Inc.
KISSIMMEE, FLA. — Alliance Residential Co. has purchased a 17-acre site at 2900 Big Sky Blvd. in Kissimmee for the development of Prose Big Sky, a 311-unit apartment community. The Arizona-based developer plans to welcome first residents by fall 2024. Prose Big Sky will feature one- and two-bedroom units ranging from 746 to 1,078 square feet in size. Community amenities will include a resident clubroom with a catering kitchen and entertainment lounge, business center with coworking spaces, concierge package system, a resort-style pool with sun shelf seating, fitness center and a dog park. Prose Big Sky is the newest of 10 Alliance Residential properties currently under construction or scheduled to break ground in Florida.