Southeast

Bohler General Contractor Approach Streamline Daniel Hines

Some commercial real estate developers work primarily with architects and engineers to establish a project’s scope and expected cost, leaving the selection of a general contractor or project manager until they are nearly ready to break ground. And by following this traditional approach, they may be leaving money on the table. A better practice is to engage contractors during project planning, industry experts advise. That’s because experienced contractors can provide practical insight into pricing and availability of materials and labor, informing critical planning decisions. Those same builders can be a sounding board for site civil engineers mapping out site preparation, utility installation, access and sequencing for the various tradespeople working on a project. “Involving a general contractor early is particularly beneficial for large-scale or phased construction projects,” says Daniel Hines, a principal in Bohler’s Charlotte office. “It enables us to approach the design more strategically, reduce costs and deliver more accurate timelines.” “The overall goal of getting a general contractor and an engineer working together is to maintain your schedule and your budget,” agrees Jeff Mitchell, director in the Charlotte, North Carolina office of Duffey Southeast Construction Inc. “Engineers are the experts at designing projects, but ultimately it is the …

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TAMPA, FLA. — Baltimore-based Continental Realty Corp. (CRC) has acquired Henley Tampa Palms, a 315-unit apartment community located at 15350 Amberly Drive in Tampa. 29th Street Capital sold the asset to CRC for $82 million. Berkadia represented the seller in the transaction. CRC purchased the community on behalf of one of its sponsored private equity funds called Value-Add Multifamily I LP. Built in 1997, Henley Tampa Palms was 94 percent occupied at the time of sale. The property features a mix of one-, two- and three-bedroom apartments averaging 1,375 square feet in size, as well as a large clubhouse and fitness center with an indoor racquetball court, conference room, laundry room, package retrieval system, a resort-style swimming pool, picnic area, dog park and a car wash. CRC intends to implement a multi-year property improvement strategy at Henley Tampa Palms to enhance the exterior curb appeal, address exterior deferred maintenance and upgrade common area amenities as well as unit interiors. The previous owner recently completed interior upgrades to approximately 25 percent of the units.

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OXFORD, MISS. — Seven Hills Realty Trust has provided a $42 million bridge loan for the refinancing of The Domain at Oxford, a 642-bed student housing property located near the University of Mississippi. Newmark arranged the three-year loan on behalf of the borrower, Sausalito, Calif.-based Shore to Shore Properties Inc. The loan features two one-year extension options. Located at 2002 Oxford Way, The Domain features 216 one-, two- and four-bedroom apartments, each furnished with a 43-inch TV. According to Apartments.com, the gated community was built in 2016 and features an onsite property manager and maintenance team, valet trash pickup, package retrieval services, campus shuttle and community-wide Wi-Fi. Community amenities include a resort-style pool, business center, clubhouse, fitness center, conference rooms, a tanning salon, movie theater, basketball and volleyball court and a game room. Tremont Realty Capital manages Seven Hills Realty Trust.

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GREENVILLE, S.C. — Dallas-based Dalfen Industrial has signed an unnamed building materials supply company to a 154,440-square-foot lease at Upstate Trade Center, a 266,760-square-foot industrial building in Greenville. The facility is located two miles from I-185 and 3.5 miles from I-85. Rich Commercial Realty represented the tenant in the lease transaction.

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LYNCHBURG, VA. — Coldwell Banker Commercial Read & Co. has brokered the $6 million sale of Forest Hill Shopping Center, an 82,000-square-foot retail center located at 2820 Linkhorne Drive in Lynchburg. Rick Read and Ricky Read of Coldwell Banker Read represented the seller, an entity doing business as Lynchburg Investment Co. Inc., in the transaction. The brokerage firm has served as the landlord rep for the retail center for the past 20 years. The buyer, Swintstorage Conversion Fund LLC, plans to convert the shopping center’s anchor store into a self-storage facility with some outdoor RV and boat storage space. The new owner will also rehabilitate the balance of Forest Hill’s retail space.

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CUMMING, GA. — CTO Realty Growth Inc. has announced a round of new retail openings and leases at The Collection at Forsyth, an open-air mixed-use development in Cumming, an Atlanta suburb in Forsyth County. Sephora and Kilwins opened new locations at The Collection in November, and boutique Pilates fitness concept Bodyrok and pickleball concept The Picklr have recently signed leases to join the tenant roster. Sherri Wilson of JLL handles the retail leasing at The Collection on behalf of CTO. Additionally, True Rest Float Spa and Bahama Buck’s are set to open in the coming weeks, joining existing tenants including J. Crew Factory, Mellow Mushroom, Hopdoddy Burger Bar, Pandora, Parsons Gifts, Le Macaron, Master Jewelers, Woof Gang Bakery, The Good Feet Store, Spavia and F45 Training. JLL launched repositioning and leasing efforts at The Collection in January 2023.

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DANIA BEACH, FLA. — Affinius Capital has provided a $75 million loan for the refinancing of Soleste SeaSide, a 340-unit apartment community located at 4 N. Federal Highway in Dania Beach, a city in South Florida’s Broward County. Jonathan Schwartz, Adam Schwartz and Tom Melody of Walker & Dunlop arranged the financing on behalf of the borrower, The Estate Cos. The eight-story multifamily community features a mix of studio, one-, two- and three-bedroom apartments. Amenities include parking, a health club with a yoga/spin room, 12,800 square feet of retail space and a swimming pool with poolside cabanas and daybeds. Soleste SeaSide is situated close to Dania Pointe, a 102-acre mixed-use development, and the Hollywood Beach Boardwalk. The Estate Cos. developed the apartment community in summer 2023 in partnership with Merrimac Ventures.

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FREDERICKSBURG, VA. — Watercrest Senior Living Group and partners Harbert Seniors Housing Fund II and Centric Development are underway on the development of Watercrest Fredericksburg Assisted Living and Memory Care in Fredericksburg, approximately 50 miles outside Washington, D.C. Upon completion, the property will feature 106 assisted living units and 36 memory care residences. Amenities at the community will include a promenade, fireplace lounge, dining options, a theater, library, spa, billiards and courtyards. Centric Development is constructing the project, which is scheduled for completion in spring 2025. Carter Bank & Trust is financing the development.

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DANIA BEACH, FLA. — Berkadia has arranged the sale of Stellar at Emerald Hills, a 197-unit apartment community located at 5840 Lakeshore Drive in Dania Beach, a suburb in South Florida’s Broward County. JSB Capital Group purchased the property from locally based Stellar Communities for an undisclosed price. Roberto Pesant, Jaret Turkell, Yoav Yuhjtman and Omar Morales of Berkadia represented the seller in the transaction. Built on 7.2 acres in 2022, Stellar at Emerald Hills features a mix of one-, two- and three-bedroom apartments with eco-smart home features. Amenities include a clubhouse, fitness center with a yoga and spin studio, business center, pet play area, pet washing station, sundeck and pool and bike storage.

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SUMMERVILLE, S.C. — JLL has brokered the sale of Jedburg Logistics Park – Building 2, a 158,340-square-foot distribution facility located at 237 Jedburg Road in Summerville, a suburb of Charleston. Clarion Partners purchased the newly constructed facility from a partnership between Trinity Capital Advisors and Hartford Investment Management Co. The sales price was not disclosed. The property was fully leased at the time of sale to an unnamed global e-commerce company and features 32-foot clear heights, ESFR sprinklers and parking for automobiles and trailers.

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