MARIETTA, GA. — BWE has arranged financing for the acquisition of The Beacon, a student housing community located near Kennesaw State University’s Marietta campus, roughly 20 miles outside Atlanta. Situated at 315 Freys Gin Road, the property totals 456 beds across 158 units. Residences at the community feature private bedrooms and bathrooms, as well as full-size washers and dryers, and amenities include high-speed Wi-Fi, package delivery lockers, a yoga room, private study rooms, 24-hour fitness center, free parking and a swimming pool. Chris Carroll and Max Miller of BWE secured the financing on behalf of the buyer, Campus Realty Advisors. Campus Realty Management, a division of Campus Realty Advisors, will manage The Beacon.
MIAMI BEACH, FLA. — Azora has purchased a retail building in the South Beach neighborhood of Miami Beach for $16 million. Located at 1000 17th St., the property totals 18,000 square feet. Azora acquired the property, which was fully leased at the time of sale, through its subsidiary Azora Exan. The buyer plans to maintain the current operation of the building, with gradual increases to rental rates. The seller was not disclosed.
Orlando remains one of the strongest multifamily markets nationally despite the slowdown being experienced in commercial real estate at large. Its strength is largely defined by growth in rent, supply, upcoming development opportunities, employment and the local economy, which have all contributed to healthy fundamentals. Being a top U.S. tourism destination has also helped with more than 74 million visitors coming to Orlando in 2022. Local tourism has created 212,000 jobs as of year-end 2021, and the city is home to nine world-renowned theme parks that are frequented by tourists. Orlando has also proven to be a very attractive and viable place to live long-term. The city is the fourth-largest in Florida, with an estimated population of more than 312,200 in 2023 and over 2 million within the metropolitan statistical area (MSA). The area’s population growth has supported multifamily growth opportunities, ensuring there is a vast renter pool and demand for the inventory that continues to be delivered. That has propelled rent growth up with submarkets like Colonial Town and Florida Center North, which are still posting year-over-year increases between 10 and 16 percent, significantly higher than the national average. Overall supply has also held up well with 6,103 units …
MIAMI — LCOR has announced plans for a 544-unit apartment tower located at 1775 Biscayne Blvd. in the Edgewater neighborhood of Miami, pending approval from the Miami Urban Development Review Board (UDRB). Upon completion, the development will feature studio, one-, two- and three-bedroom residences across 42 stories, as well as 50,000 square feet of amenity space, 10,000 square feet of ground-floor retail space and a 628-space parking garage. ODP Architects is designing the project, with interiors designed by KAS. Amenities will include a rooftop pool, fitness center, tenant lounges and coworking spaces and a gaming area. Construction is expected to begin in the second quarter of 2024. The project marks the firm’s first ground-up development in the state of Florida.
DAVENPORT, FLA. — Greystar Real Estate Partners has opened Ltd. Champions Ridge, an apartment community in Davenport, roughly 34 miles outside of Orlando. Marking the second Ltd.-branded property, the development features one-, two- and three-bedroom units ranging from 798 to 1,245 square feet. Amenities at the community include a swimming pool and gym. Rental rates will be lower than typical for Class A multifamily properties in the area, according to Greystar, with the company promising limited future rent increases.
DOUGLASVILLE, GA. — McShane Construction Co. has completed the construction of a 181,477-square-foot distribution facility located in Douglasville. Built for Home Chef, the property features 19,722 square feet of freezer space, 18,520 square feet of cooler space, a 10,000-square-foot kitchen and 20 cold dock positions. The facility will be used to process, store and distribute Home Chef’s meal kits. JLL acted as representative for the owner, and Harris Architects served as the project architect.
CHAPEL HILL, N.C. — Charlotte-based Proffitt Dixon Partners has completed the development of Carraway Self Storage, a 93,000-square-foot, climate-controlled self-storage facility in Chapel Hill. Located at 500 Myrica St., the property comprises small, medium and large units across four stories. Features include LED sensor lighting, an advanced security system and boat and RV storage options. JLL Charlotte’s Project and Development Services (PDS) team managed the design and construction of the project. Public Storage will operate the property on behalf of Proffitt Dixon.
LITHIA SPRINGS, GA. — Northland has acquired 670 Thornton, a 344-unit multifamily community located in Lithia Springs, roughly 15 miles west of Atlanta. Totaling 38 residential buildings situated on 46 acres, the property features 20 studio, 146 one-bedroom, 154 two-bedroom and 24 three-bedroom apartments. Amenities include a fitness center, business center, grilling areas, pet park, two pools, theater room, playground, tennis courts and a walking trail, as well as 96 detached garages. Northland plans to implement a valet trash program and SmartRent technology package, install washers and dryers in all units and upgrade finishes in select apartments, along with other site improvements.
WARNER ROBINS, GA. — Pratt Industries Inc., a Georgia-based recycled paper and packaging company, has released plans for a new production facility in the Middle Georgia city of Warner Robins, approximately 100 miles southeast of Atlanta. The new factory is expected to create more than 125 jobs and cost over $120 million to build. The development will comprise 496,000 square feet and produce corrugated boxes using recycled containerboard. The containerboard will be largely sourced from the company’s mill in Conyers, Georgia. The property is scheduled for completion in late 2024. The new facility will be Pratt Industries’ 13th site in Georgia. According to the office of Governor Brian Kemp, the project will bring the company’s total investment in Georgia to over $800 million. “We’re very honored to be coming to Warner Robins and we’re committed to the great state of Georgia — in fact, Georgia is where our company began,” says Anthony Pratt, global executive chairman for Pratt Industries. “This will bring Pratt’s total workforce in Georgia to over 2,100 employees and 11,700 nationwide.” The property is located at Robins Industrial Park within the Peach County portion of the city, on a Georgia Ready for Accelerated Development (GRAD) certified site. The …
SPRINGFIELD, VA. — Whole Foods Market plans to open a 49,499-square-foot store within Springfield Plaza, a 260,879-square-foot shopping center located at 6426 Springfield Plaza in Springfield. The new store, a relocation of an existing Springfield store at 8402 Old Keene Mill Road, will open in early October. The new store nearly doubles the footprint of the original Whole Foods, which has been operating for more than 25 years. Other tenants at Springfield Plaza include Trader Joe’s, CVS/pharmacy, Big Blue Swim, Party Depot, David’s Bridal, Starbucks, Chipotle, Panda Express, Verizon Wireless, Inova, Phenix Salon Suites and Wells Fargo.