Southeast

Terra Sells 16000 Pines Market Retail Center in Florida for $56M

by Hayden Spiess September 5, 2023

PEMBROKE PINES, FLA. — Terra has sold 16000 Pines Market, a 135,000-square-foot retail center located in Pembroke Pines, for $56 million. Situated on 13.2 acres and developed between 2020 and 2022, the property was fully leased at the time of sale. Publix anchors the center, whose other tenants include Crunch Fitness, Burlington, First Watch Café, Verizon Wireless, Everglades Family Dental, Tropical Smoothie Café, Cheddar’s Scratch Kitchen, Jersey Mike’s Subs and MD-Now Urgent Care Center. The property also features two standalone parcels that house a U.S. post office and Regions Bank. Mark Gilbert and Adam Feinstein of Cushman & Wakefield represented Terra in the transaction. Apollo Realty Income Solutions (ARIS) acquired the property.

September 5, 2023

Georgia Leasing Activity Retail Southeast

Terra Alma Begins Leasing 11,000 SF of Retail Space at EmmaJames at Savannah Harbor

by Hayden Spiess September 5, 2023

SAVANNAH, GA. — Terra Alma has begun leasing the retail space at a master-planned development currently underway in Savannah. Totaling 11,000 square feet, the space is situated within the EmmaJames at Savannah Harbor property along the Savannah River on Hutchinson Island, which also features apartments and townhomes. Amenities at the development will include a marina and outdoor concert theater. An undisclosed seafood concept has signed the first retail lease.

September 5, 2023

Leasing Activity North Carolina Office Southeast

Trinity Partners Arranges Office Leases Totaling 20,000 SF at One South in Uptown Charlotte

by Hayden Spiess September 5, 2023

CHARLOTTE, N.C. — Trinity Partners has arranged leases totaling 20,000 square feet at One South, a 40-story office tower located in Uptown Charlotte. Law firm Fox Rothschild LLP will occupy 9,371 square feet on the 17th floor of the property, with an undisclosed bank tenant occupying 10,834 square feet on the 18th floor. The property features a 22,000-square-foot amenity space on the third floor, dubbed Three. Spencer Hawkins, Diana Williams and John Moore of CBRE represented Fox Rothschild in the leasing negotiations. Tourmaline Capital Partners and Monarch Alternative Capital are the owners and landlords of One South.

September 5, 2023

Florida Leasing Activity Office Southeast

Alvarez & Marsal Capital Signs Lease at 12-Story Office Development in West Palm Beach

by Hayden Spiess September 5, 2023

WEST PALM BEACH, FLA. — Alvarez & Marsal Capital (AMC) has signed a lease at 300 Banyan, a 12-story office development currently under construction in West Palm Beach. Situated within Brand Atlantic and Wheelock Street Capital’s Banyan & Olive development, the property includes six floors of office space, as well as an 8,000-square-foot restaurant and six-story parking garage. The building features 20,000-square-foot floor plates with shaded private terraces on every other floor, floor-to-ceiling glass and ceiling heights of over 13 feet. Amenities at the building include an indoor-outdoor gym, loggia and lounge and golf simulator lounge.

September 5, 2023

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Memphis Industrial Market Begins to Normalize After Years of Robust Growth

by John Nelson September 4, 2023

In January of 2023, the Memphis industrial market was coming off multiple years of record-breaking growth. However, mid-year we seem to be trending back to a somewhat normal growth pattern. The Memphis industrial market, which was fueled by the pandemic like many other markets, is finally beginning to normalize. Economic factors also influence the market as well. First and foremost is the uncertainty: uncertainty in interest rates, uncertainty in construction costs and uncertainty in when will we see some signs of stabilization. Many say we need to survive until 2025. Yet, the Memphis industrial market seems to have all the tools to handle this moment, and move forward. Memphis, located on the borders of Tennessee, Arkansas and Mississippi, is known as “America’s Distribution Center” — boasting unparalleled expertise in distribution and logistics. With a central location, Memphis’ transportation infrastructure comprises the four Rs: runway, rail, river and road. Memphis International Airport houses the largest cargo airport in the world with the FedEx worldwide hub. Memphis is one of only three cities in the country that has five of the seven Class I railroads: Union Pacific/Southern Pacific, Burlington Northern Santa Fe (BNSF), CSX Corporation, Norfolk Southern and Canadian National Railroad (CN). …

September 4, 2023

Acquisitions Maryland Multifamily Southeast

Berkadia Arranges Sale of 456-Unit Elm Apartments in Bethesda, Maryland

by John Nelson September 1, 2023

BETHESDA, MD. — Berkadia Institutional Solutions has arranged the sale of The Elm, a 456-unit multifamily community located at 4710 Elm St. in Bethesda. Completed in 2021, the property features apartments in one-, two- and three-bedroom floor plans across two 28-story towers that are connected via a glass sky bridge. Amenities at the community include a swimming pool, fitness center, pet spa and a dog park. Brian Crivella, Walter Coker and Bill Gribbin of Berkadia’s DC Metro office brokered the sale on behalf of the seller, Washington, D.C.-based Carr Properties. The buyer and sales price were not disclosed.

September 1, 2023

Development Florida Mixed-Use Southeast

ANF Group Tops Out First Phase of 43-Acre Mixed-Use Development in Delray Beach, Florida

by John Nelson September 1, 2023

DELRAY BEACH, FLA. — Construction firm ANF Group Inc. has topped out the first phase of Parks at Delray, a 43-acre mixed-use development underway at 2100 S. Congress Ave. in Delray Beach. Upon completion, the property will feature residential, retail and office space. The 747-unit residential portion will feature one-, two- and three-bedroom apartments ranging from 580 to 1,400 square feet, as well as three-bedroom townhomes ranging from 1,670 to 1,770 square feet. Retail space at the development will total roughly 40,000 square feet, and the office building will comprise 68,000 square feet. ANF is completing the project on behalf of the developers, 13th Floor Investments, Key International, CDS International Holdings and Wexford Capital. MSA Architects is the architect, and CIBC Bank is providing construction financing. Construction began in March of this year, and Phase I is scheduled for completion in the first quarter of 2025.

September 1, 2023

Acquisitions Florida Multifamily Southeast

EPC, Belay Sell 361-Unit Captiva Club Apartment Community in Tampa

by John Nelson September 1, 2023

TAMPA, FLA. — Eagle Property Capital (EPC) and Belay Investment Group have sold Captiva Club Apartments, a 361-unit multifamily community located at 4401 Club Captiva Drive in Tampa. Built in 1973, the property comprises apartments in one-, two- and three-bedroom floor plans. Amenities at the community include a clubhouse, two swimming pools, two dog parks, a business center and onsite laundry. The partners acquired the property in 2016 and implemented $4.3 million in capital improvements, including the addition of 17 new units. The buyer and sales price were not disclosed.

September 1, 2023

Affordable Housing Development Seniors Housing Southeast Virginia

APAH Opens 150-Unit Oakwood Meadow Affordable Seniors Housing Community in Alexandria, Virginia

by John Nelson September 1, 2023

ALEXANDRIA, VA. — The Arlington Partnership for Affordable Housing (APAH), along with its development partners, has opened Oakwood Meadow Senior Residences in Alexandria. The affordable housing development features 150 one- and two-bedroom apartments for qualifying adults ages 62 and older who earn between 30 and 60 percent of the area median income (AMI). Located on a site that was formerly a stormwater retention pond, this project is part of a public-private partnership between APAH and Fairfax County Redevelopment and Housing Authority (FCRHA). In addition to the contribution of public land, Fairfax County and the FCRHA invested $5.3 million in local Housing Blueprint funding, nearly $12.6 million in bond financing and an undisclosed amount in project-based vouchers. Additional financing includes both 4 and 9 percent Low-Income Housing Tax Credits (LIHTC) awarded by Virginia Housing and nearly $30 million in equity investments from Bank of America.

September 1, 2023

District of Columbia Southeast

US Economy Adds 187,000 Jobs in August, Beating Expectations But Falling Below Average Growth

by John Nelson September 1, 2023

WASHINGTON, D.C. — Total nonfarm employment in the United States increased by 187,000 in August, according to the Bureau of Labor Statistics (BLS). These findings reflect greater growth than anticipated, with economists previously predicting an increase of 170,000, according to CNBC. Despite this, 187,000 remains below the average monthly gain of 271,000 over the prior 12 months. The healthcare, leisure and hospitality and social assistance sectors added 71,000, 40,000 and 26,000 positions, respectively. Construction employment increased by 22,000, and employment in the professional and business services saw a modest increase of 19,000. Transportation and warehousing lost 34,000 jobs in August, and employment in other sectors saw little change. The unemployment rate for August is 3.8 percent, marking a 30-basis-point increase from July and the highest unemployment level since February. Additionally, the BLS significantly revised down the nonfarm employment numbers for June and July. With revisions, combined employment in the two months was 110,000 lower than previously reported. According to CNBC, the August report largely aligns with Federal Reserve’s expectations, and the central bank is expected to refrain from increasing interest rates at its September meeting. However, the Fed is expected to make a final increase for the year in October.

September 1, 2023

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