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Soleste-Midtown_Homestead-Fla
AcquisitionsDevelopmentFloridaMixed-UseProperty TypeSoutheast

EIG, Midtown Group Acquire 20.8-Acre Mixed-Use Development Site in Metro Miami

by Hayden Spiess

HOMESTEAD, FLA. — The Estate Cos. (EIG) and Midtown Group have acquired a 20.8-acre development site located in Homestead, approximately 40 miles southwest of Miami, for $14 million. The companies received approval last September to develop Soleste Midtown, a mixed-use project, at the site. Upon completion, the development will comprise 354 residential units, as well as 43,000 square feet of commercial space. Residences will include apartments ranging from 676 to 1,131 square feet within six five-story buildings. Amenities will include a 7,000-square-foot clubhouse, swimming pool and playground. EIG will develop and own the residential portion, with Midtown Group developing and owning the commercial component of the property, which will feature six outparcels situated along a promenade. 

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Market-Square_Douglasville-Ga
AcquisitionsGeorgiaRetailSoutheast

Franklin Street Brokers Sale of 116,766 SF Shopping Center in Metro Atlanta

by Hayden Spiess

DOUGLASVILLE, GA. — Franklin Street Retail Investment Sales has brokered the sale of Market Square, a 116,766-square-foot shopping center located in Douglasville, roughly 20 miles west of Atlanta. Tenants at the property, which was built in 1984 and renovated in 2019, include Aaron’s, YouFit, Pet Supermarket and Davita Dialysis. An entity doing business as SCC Market Square LLC sold the property to BC Waycross Spring Hill LLC for an undisclosed price. Bryan Belk and John Tennant of Franklin Street represented the seller in the transaction.

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WeWork
Company NewsGeorgiaOfficeSoutheast

WeWork to Close Five Locations in Atlanta

by Hayden Spiess

ATLANTA — Flexible workspace provider WeWork, which filed for Chapter 11 bankruptcy late last year, has completed its real estate restructuring in Atlanta, according to a press release from the company. The process, as in other cities, involved lease renegotiations with landlords. The Atlanta Journal-Constitution reports that WeWork now plans to close five of its 11 Atlanta locations. In April, the company announced a new $450 million investment to support operations throughout its Chapter 11 proceedings. WeWork’s current portfolio includes more than 24 million square feet of space across 330 locations globally. 

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Walt-Disney-World-Swan-&-Dolphin Resort
FloridaHospitalityLoansSoutheastTop Stories

JLL Arranges $735M CMBS Refinancing for Walt Disney World Swan & Dolphin Resort Near Orlando

by Taylor Williams

LAKE BUENA VISTA, FLA. — JLL has arranged a $735 million CMBS loan for the refinancing of the 2,619-room Walt Disney World Swan & Dolphin Resort. The property comprises three Marriott-branded hotels: the 756-key Swan (Sheraton), the 1,514-key Dolphin (Westin) and the 349-key Swan Reserve (Autograph Collection). A consortium between Wells Fargo, Bank of America and Goldman Sachs provided the loan to the borrower, a joint venture between Tishman Hotel & Realty and MetLife Investment Management. The Swan & Dolphin Resort is situated adjacent to Walt Disney World’s Epcot and Hollywood Studios theme parks in Lake Buena Vista. The partnership between Tishman and MetLife completed the property in 1990. The property’s amenity package includes 16 restaurants, seven bars, three fitness centers, six outdoor pools and a 12,000-square-foot spa. In addition, the property offers 452,000 square feet of meeting and event space, including eight ballrooms, 99 meeting rooms and 100,000 square feet of outdoor space. Kevin Davis, Mark Fisher and Caleigh O’Connell led the debt placement efforts for JLL. “The Swan & Dolphin Resort CMBS loan [is] priced at the tightest pricing levels seen for hotels since 2021,” says Davis. “The market pricing was an affirmation of the strong in-place cash flows, …

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AcquisitionsFloridaMultifamilySoutheast

American Landmark Acquires 444-Unit Pointe on Westshore Multifamily Community in Tampa

by John Nelson

TAMPA, FLA. — American Landmark Apartments has acquired The Pointe on Westshore, a 444-unit multifamily community located at 4950 W. Prescott St. in the Westshore Marina District of Tampa. Built in 2021, the property features 13 five-story apartment buildings and two-story townhomes, with residences in one-, two- and three-bedroom floor plans. Amenities at the community include a swimming pool, fitness center, pet spa, business center and barbecue and picnic area. The seller and sales price were not disclosed.

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Affordable HousingDevelopmentGeorgiaLoansSeniors HousingSoutheast

Berkadia Secures HUD-Insured Financing for $72M Affordable Seniors Housing Development in Atlanta

by John Nelson

ATLANTA — Berkadia has arranged financing for Englewood Senior, a 160-unit affordable seniors housing development in Atlanta. Located at 413 Englewood Ave. SE, the proposed $72 million development would offer independent living units for seniors earning 60 percent or less of the area median income (AMI). Planned amenities at the property include a fitness center, movie theater, community room and an outdoor courtyard.  Carolyn Whatley and Angela Folkers of Berkadia FHA/HUD secured the construction and permanent financing through HUD’s 221(d)(4) program. The undisclosed developer has also received low-income housing tax credit (LIHTC) equity and municipal funding.

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DevelopmentGeorgiaMultifamilySoutheast

Alliance Residential Delivers 340-Unit Prose Columbus Apartments in Georgia

by John Nelson

COLUMBUS, GA. — Alliance Residential Co. has opened Prose Columbus, a 340-unit apartment community located at 6700 River Road in Columbus. Situated less than 80 miles southwest of Atlanta via I-85, the multifamily development features one- and two-bedroom floor plans averaging 960 square feet in size. Monthly rental rates begin at $1,470, according to the property website. Designed by architect Dynamik Design, amenities include a resort-style, saltwater pool with tanning shelves and in-pool loungers, two grilling stations and a resident clubroom with an entertainment kitchen. Additional features include a 24-hour fitness center with Precor equipment, mailroom with Luxor parcel lockers, business center with coworking space and a fenced dog park. Prose Columbus represents the fourth Prose-branded community to open in Georgia. Alliance Residential recently completed Prose LaGrange as well and is under construction on its sixth and seventh Prose developments in the state: Prose Gainesville and Prose McDonough.

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AcquisitionsIndustrialLoansMississippiSoutheast

CBRE Arranges $41M Acquisition Loan for Metro Memphis Industrial Portfolio for Hillwood

by John Nelson

OLIVE BRANCH AND SOUTHAVEN, MISS. — CBRE has arranged a $41 million loan for Hillwood Investment Properties, a Perot company based in Dallas, to finance the acquisition of a three-building industrial portfolio in metro Memphis. Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder of CBRE Capital Markets’ Debt & Structured Finance team in Atlanta arranged the financing through Thrivent. The properties, which span 893,458 square feet, are located in Olive Branch and Southaven and were fully occupied at the time of financing to five tenants, including three third-party logistics firms. All three assets were built between 2013 and 2022. The seller was not disclosed.

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DevelopmentFloridaLeasing ActivityRestaurantSoutheast

Chick-fil-A to Open Four New Restaurants in Metro Miami

by John Nelson

ATLANTA — Atlanta-based fast-casual brand Chick-fil-A will open four new restaurants in metro Miami. Chick-fil-A has broken ground on the first of the units, a Cutler Bay restaurant that will span 4,800 square feet. Dustin Griffiths of Chick-fil-A and David Emihovich of Katz & Associates represented Chick-fil-A in the lease negotiations. Michael Berkowitz of Berkowitz Development Group and Douglas Landsea of Landsea Development are the landlords. Development is scheduled to begin on three additional restaurants — which will be located in Miami Shores, Pinecrest and Princeton — later this year.

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DevelopmentMultifamilySoutheastVirginia

Hoffman & Associates Unveils Details of 400-Unit Apartment Development in Falls Church, Virginia

by John Nelson

FALLS CHURCH, VA. — Mid-Atlantic development firm Hoffman & Associates has announced new details and branding for an apartment community coming to West Falls, a new mixed-use neighborhood in metro Washington, D.C. Located at W. Falls Station Blvd. in Falls Church, The Alder will feature 400 apartments, ground-level retail space and 26,000 square feet of indoor and outdoor amenities, including a fitness center, library lounge, pet spa, outdoor TV lounge and a resort-style pool. In addition to the eight-story multifamily property, plans for the West Falls neighborhood will include the recently announced Experience Senior Living residence, The Reserve at Falls Church, and more than 120,000 square feet of shops and restaurants. The neighborhood is home to a Home2 Suites by Hilton hotel, The Oak Condominiums and The Wellness Center, a medical office building.

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