Southeast

PGA Tour Superstore to Open 30,000 SF Store at Colonnades West Shopping Center in Metro Richmond

by John Nelson August 29, 2023

GLEN ALLEN, VA. — PGA Tour Superstore plans to open a 30,000-square-foot store at Colonnades West, a neighborhood shopping center located at the corner of Cox Road and West Broad Street in Glen Allen. Set to open in early 2024, the store will be the first PGA Tour Superstore in the greater Richmond market. The retailer is backfilling a former Office Max and will be positioned between Ross Dress for Less and Marshalls within the shopping center. Larry Agnew of S.L. Nusbaum Realty Co. represented the tenant in the lease negotiations. Harrison Hall and Peter Vick of Colliers represented the undisclosed landlord.

August 29, 2023

Development Florida Mixed-Use Southeast Top Stories

Inter Miami FC Begins Construction on 131-Acre Entertainment District, New Stadium

by Taylor Williams August 29, 2023

MIAMI — Inter Miami FC has begun construction on Miami Freedom Park, the Major League Soccer (MLS) club’s new 131-acre entertainment district, the centerpiece of which will be a 25,000-seat stadium. The project is a redevelopment of the former site of the Melreese Country Club in the city’s Grapeland Heights neighborhood. In addition to the stadium, Miami Freedom Park will feature a 58-acre public park that will have soccer and youth athletic fields for the community, as well as office, hospitality, retail and restaurant uses. Leasing campaigns for the retail and restaurant components are already underway, as are efforts to cultivate corporate partnerships. Crews are now performing preliminary earthwork and sitework that will overlap with the start of vertical construction. A formal groundbreaking ceremony will take place later this year, and the development is slated for a 2025 completion. Redevelopment plans were previously approved by voters and the City of Miami Commission. A major impetus behind the development has been the club’s signing of international superstar Lionel Messi. The Miami Herald reports that the club intends for Messi, who previously signed a 2.5-year, $150 million deal that includes a future ownership stake in the team after he retires, to play at …

August 29, 2023

Acquisitions Build-to-Rent Content Partner Development Features Leasing Activity Midwest NAI Northeast Single-Family Rental Southeast Texas Western

Single-Family Rental, Built-to-Rent Investment Sales Outlook Remains Positive Despite Economic Challenges

by Sarah Daniels August 29, 2023

The multifamily sector is under general disruption from a variety of factors, such as falling valuations, financing difficulties, questions about forward net operating income, shifts in regulations and more. Chris Town, who works in commercial sales and leasing at NAI Latter & Blum in Baton Rouge, La., is an expert in single-family rental (SFR) and built-to-rent (BTR) investment sales. Town says that there are challenges, but a solid future ahead for the sector. The overarching challenges take the form of the Federal Reserve interest rate hikes. “It’s the major factor behind the immediate slowdown of home construction and home buying,” Town explains. “Another factor, of course, is land. These are true whether you’re talking true multifamily or the submarkets of BTR and SFR.” A combination of factors has created a tug-of-war among incentives. High interest rates, with home prices at or near historical highs, mean millions of people need places to live. Many of these potential homeowners have families and want the ameliorations and amenities of a detached single-family housing. “Depending on the metric and organization’s research used, you could say the country is five to six million units short on single-family homes,” Town says. The Larger Economy’s Impact on …

August 29, 2023

Acquisitions Retail Southeast Virginia

Kimco Realty Purchases Stonebridge at Potomac Town Center in Metro D.C. for $172.5M

by John Nelson August 28, 2023

WOODBRIDGE, VA. — Kimco Realty has purchased Stonebridge at Potomac Town Center, a 504,000-square-foot shopping center located in the Washington, D.C., suburb of Woodbridge, Va., for $172.5 million. A 138,500-square-foot Wegmans anchors the property, which was 96 percent leased at the time of sale. Tenants at the center include REI, Ulta Beauty, Starbucks Coffee, Cava, Firebirds Wood Fired Grill, Alamo Drafthouse Cinema and Apple Store, as well as boutique fitness, service and medical retailers. Jericho, N.Y.-based Kimco Realty is looking at redevelopment opportunities at Stonebridge at Potomac Town Center, including three retail outparcels and adding mixed-use elements to the center. The seller was not disclosed.

August 28, 2023

Affordable Housing Development District of Columbia Multifamily Southeast

Hoffman & Associates Nears Completion of 449-Unit Westerly Apartment Community in Southwest D.C.

by John Nelson August 28, 2023

WASHINGTON, D.C. — Hoffman & Associates is nearing completion of The Westerly, a 449-unit apartment community in the Southwest neighborhood of Washington, D.C. Set to deliver later this year, the community will include residences in one- and two-bedroom layouts, 20,000 square feet of amenity space and 29,000 square feet of retail space. Committed retail tenants will include Good Company Doughnut Café and Apple Tree Public Charter School. Thirty percent of apartments at The Westerly will be reserved for households earning at or below 30 and 50 percent of the median family income (MFI). Amenities will include a rooftop with a pool deck, terrace, grills and lounge areas, game rooms, TV and library lounges, a 3,900-square-foot fitness center and 2,200 square feet of coworking and meeting space. Leasing at the property, which was designed by Hickok Cole, is scheduled to begin later this summer. The Westerly will be situated three blocks from The Wharf, a $3.6 billion mixed-use development that Hoffman & Associates co-developed, and one block from the Waterfront Metro station.

August 28, 2023

Acquisitions Multifamily South Carolina Southeast

HGI Acquires New Apartment Community in Myrtle Beach, South Carolina for $64.4M

by John Nelson August 28, 2023

MYRTLE BEACH, S.C. — Harbor Group International (HGI) has acquired Artisan Carolina Forest, a 276-unit apartment community located in Myrtle Beach, for $64.4 million. Developed in 2022, the property is located directly off SC Highway 31. Amenities at Artisan Carolina Forest include a swimming pool with a TV lounge and cabanas, dog park, electrical vehicle charging stations, a fitness and yoga center and coworking and conference rooms. John Currin and Andrea Howard of Northmarq brokered the transaction. The seller was not disclosed.

August 28, 2023

Acquisitions Georgia Multifamily Southeast

GREA Arranges $11.4M Sale of Westside Crossing in Atlanta’s Upper Westside

by John Nelson August 28, 2023

ATLANTA — Global Real Estate Advisors (GREA) has arranged the $11.4 million sale of Westside Crossing, a multifamily community located at 2265 Perry Blvd. in Atlanta’s Upper Westside neighborhood. Built in 1962, the community features 112 units in studio, one-, two- and three-bedroom floor plans. Taylor Brown, Chandler Brown and Mack Leath of GREA arranged the transaction on behalf of the seller, Greenleaf Partners. Zavala Capital acquired the property.

August 28, 2023

Acquisitions Restaurant Retail Southeast Virginia

Colliers Brokers $5.4M Sale of Two Retail Outparcels in Metro Richmond

by John Nelson August 28, 2023

CHESTER, VA. — Colliers has brokered the $5.4 million sale of two retail outparcels at Bermuda Square, a shopping center located at 12531-12533 Richmond Highway in the Richmond suburb of Chester. The properties include a multi-tenant space leased to Aspen Dental and Sleep Number and a single-tenant property occupied by Chipotle Mexican Grill. Separate buyers acquired the properties for $4 million and $1.4 million, respectively. Michael Brewster and Brad Peterson of Colliers represented the undisclosed seller in the transactions, with assistance from Jay O’Donnell and Jeff Fritz of Colliers.

August 28, 2023

Market Reports Office Southeast Southeast Market Reports Tennessee

Memphis Office Market Remains Steady Despite Sector-Wide Challenges

by John Nelson August 28, 2023

The Memphis office market posted 271,828 square feet of positive absorption in 2022, and that momentum has carried into the first half of 2023. Like most markets, Class A properties accounted for the majority of positive absorption, at 218,851 square feet. This trend has already carried into 2023, as Class A properties lead net absorption totals to begin the year. As a result of a strong year, the vacancy rate has fallen to 12.4 percent market-wide, an 840-basis-point decrease from the height of the pandemic. Additionally, sublease availabilities are less prevalent in Memphis than other comparable office markets. Currently there is 257,681 square feet of sublease space available in the Memphis market, which has a total net rentable area of 21.7 million square feet. The average among similarly sized Southeast markets is 422,624 square feet. There haven’t been substantial space additions to outweigh the below-average leasing activity thus far in 2023. The Memphis unemployment rate continues to trend downward to 3.2 percent in April, slightly lower than Tennessee’s 3.3 percent unemployment rate and the national rate of 3.7 percent. The tight labor market has increased demand in East Memphis, as tenants demand high-quality, highly amenitized buildings to attract and retain …

August 28, 2023

Development Multifamily North Carolina Property Type Southeast

SPG Breaks Ground on 360-Unit Multifamily Community in Metro Charlotte

by Hayden Spiess August 25, 2023

MONROE, N.C. — Signature Property Group (SPG) has broken ground Elevate Rocky River, a 360-unit multifamily community in Monroe, roughly 30 miles outside of Charlotte. The community will be part of Rocky River Crossing, a mixed-use development that will feature self-storage space and a hotel. Amenities at Elevate Rocky River will include a clubhouse with a fitness center, game room, private work pods and a complimentary coffee bar, as well as a swimming pool, fire pits, grilling areas, an off-leash dog park and electric vehicle charging stations. SPG expects first units to deliver for occupancy in fall 2024.

August 25, 2023

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