Monday, January 6, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Southeast

Sovereign-Apartments_Fort-Worth-Texas
FloridaGeorgiaLoansMultifamilySouth CarolinaSoutheastTennesseeTexasTop Stories

Newmark Arranges $533M Refinancing for Sun Belt Multifamily Portfolio 

by Hayden Spiess

NEW YORK CITY — New York City-based Newmark has arranged a $533 million loan for the refinancing of a multifamily portfolio located across six states in the Sun Belt. Boston-based investment firm West Shore is the borrower.  Totaling 2,806 units, the portfolio comprises nine Class A, garden-style multifamily communities. The properties include: Citigroup provided the fixed-rate CMBS financing, which features a single-asset, single-borrower (SASB) loan structure. Purvesh Gosalia, vice chairman of Newmark, secured the financing on behalf of West Shore.  According to a press release issued by the firm, this loan transaction reflects continued investor interest in the Sun Belt markets, which benefit from population growth and demand for rental housing.  Newmark also recently announced an assignment to market 10 multifamily properties comprising 2,845 units across eight states for sale. The assets are expected to draw a total of roughly $500 million.  — Hayden Spiess

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsFloridaIndustrialSoutheast

Glenstar, Columnar Investments Sell 818,000 SF Industrial Park in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — A joint venture between Chicago-based Glenstar Logistics and Dallas-based Columnar Investments has sold Tri-County 75, an 818,000-square-foot industrial park located on a 72-acre site in Fort Myers. The four-building, Class A park was built in October 2023 and was 95 percent leased at the time of sale. The buyer and sales price were not disclosed. Jose Lobon, Frank Fallon, Trey Barry, Royce Rose, Kris Courier, Rian Smith, Gabriel Braun and Daniel Sarmiento of CBRE represented Glenstar and Columnar in the transaction. Tri-County 75 is located at 6115-6150 Tri County Commerce Way and offers proximity to I-75 and Southwest Florida International Airport. Designed by Ware Malcomb, the park’s rear-load and cross-dock facilities range in size from 76,210 to 404,050 square feet and feature concrete tilt-up construction, 32- to 36-foot clear heights, 142 trailer parking spots, large truck courts and trailer stalls. Tenants at Tri-County 75 include Ferguson Enterprises, a national distributor of plumbing and HVAC supplies; a Fortune 500 beverage company; Orlando-based Mechanical One, a home repair and maintenance company; NB Handy, a Virginia-based distributor of metals, HVAC, commercial roofing and machinery products; Coldest, a Florida-based manufacturer of water bottles; and a Fortune 500 third-party logistics firm.

Continue Reading
FacebookTwitterLinkedinEmail
FloridaIndustrialLeasing ActivitySoutheast

Stonemont Financial Signs LG Electronics to Occupy 348,740 SF at Lakeland Commerce Center in Central Florida

by John Nelson

LAKELAND, FLA. — Stonemont Financial has signed LG Electronics USA to a full-building lease at Lakeland Commerce Center in Lakeland, roughly 30 miles from Tampa via I-4. The tech manufacturer will occupy the park’s Building 400, a 348,740-square-foot facility that was delivered in the first quarter of this year. LG Electronics will utilize the facility as a distribution center for its home appliances and consumer electronics. Stonemont Financial has also recently signed other tenants to join the tenant roster at Lakeland Commerce Center, including Lifting Gear Hire (36,420 square feet at Building 200) and a 75,740-square-foot lease at Building 100 with an undisclosed tenant. The LG Electronics lease brings the park to 51 percent leased, according to Stonemont Financial.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMultifamilySoutheastVirginia

Milestone Acquires Two Apartment Communities in Fredericksburg, Virginia Totaling 676 Units

by John Nelson

FREDERICKSBURG, VA. — The Milestone Group has acquired two apartment communities in Fredericksburg totaling 676 units. The communities include Kensington Crossing (476 units) and Magnolia Falls (200 units). The seller and sales price were not disclosed. Milestone assumed the existing loans for both communities and plans to upgrade common areas and amenities. The previous owner fully renovated the interiors at both Kensington Crossing and Magnolia Falls.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaLeasing ActivityMixed-UseRetailSoutheast

Target Opens 50,000 SF Store at Sawyer’s Walk in Miami’s Overtown Neighborhood

by John Nelson

MIAMI — Target has opened a new 50,000-square-foot store at Sawyer’s Walk, a 1.5 million-square-foot mixed-use development underway in Miami’s Overtown neighborhood. SG Holdings, a partnership between Swerdlow Group, SJM Partners and Alben Duffie, is the master developer. Construction on the 3.4-acre development began in summer 2021. The project includes a 578-unit apartment community that is predominantly reserved for low-income seniors; 130,000 square feet of offices anchored by MSC Group that will serve as the North American headquarters for MSC Cruises; and 175,000 square feet of retail space. In addition to Target, Sawyer’s Walk will soon be home to Burlington (38,000 square feet), Aldi (25,000 square feet), Five Below (10,000 square feet) and Ross Dress for Less (26,000 square feet). The property also features a 25,000-square-foot public plaza and parking for 1,000 vehicles.

Continue Reading
FacebookTwitterLinkedinEmail
AlabamaBuild-to-RentDevelopmentSingle-Family RentalSoutheast

Jim Chapman Construction Begins Vertical Construction at 201-Unit Build-to-Rent Community in Huntsville

by John Nelson

HUNTSVILLE, ALA. — Jim Chapman Construction Group has begun vertical construction at Nestledown Farm, a 201-unit build-to-rent residential community in Huntsville. The townhome community is situated on a 29-acre site on Zierdt Road adjacent to the Redstone Arsenal Army base. Jim Chapman Construction broke ground on Nestledown Farm last fall and expects first residents will move in next spring. The property will offer five different floor plans for two- and three-bedroom townhomes ranging in size from 1,020 to 1,466 square feet and with one- or two-car garages. Jim Chapman Construction is also underway on the property’s amenities, including a 4,000-square-foot clubhouse, swimming pool, fitness center, dog park, illuminated sidewalks, gated entrance and onsite property management.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsGeorgiaIndustrialLoansSoutheastTennesseeTop Stories

CBRE Arranges $188.3M in Acquisition Financing for 1.9 MSF Industrial Portfolio in Atlanta, Nashville

by Kristin Harlow

ATLANTA AND NASHVILLE, TENN. — CBRE has arranged $188.3 million in acquisition financing for a 24-building industrial portfolio totaling 1.9 million square feet in metro Atlanta and Nashville. Philadelphia-based Stoltz Real Estate Partners was the borrower. The previous owner was not disclosed. The properties range in size from 12,600 to 222,683 square feet and were built between 1974 and 1998. The portfolio was 93 percent leased at the time of sale to 80 tenants with a weighted average lease term of 3.6 years. The 17 Atlanta-area assets total a little over 1 million square feet and are situated in last-mile locations. The Atlanta market offers industrial users convenient access to I-75, I-85, I-20 and the Hartsfield-Jackson Atlanta International Airport. Additionally, the Port of Savannah is approximately 250 miles away. The seven Nashville properties total 866,053 square feet and are home to 15 tenants. The Nashville market offers convenient access to 24 states and is situated within a one-day truck drive of 75 percent of U.S. markets, according to CBRE. Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder of CBRE arranged the financing through Starwood Property Trust. Loan terms were not provided. Stoltz currently owns and manages approximately 16 million …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentHealthcareMarylandSoutheast

O&N Breaks Ground on $550M UM Shore Regional Medical Center in Easton, Maryland

by John Nelson

EASTON, MD. — Philadelphia-based O’Donnell & Naccarato (O&N) has broken ground on UM Shore Regional Medical Center, a 408,000-square-foot hospital and outpatient facility in the coastal Maryland city of Easton. The $550 million facility is set to open in 2028 and will fully replace the Regional Medical Center’s existing facilities. The new UM Shore Regional Medical Center will comprise a six-story, 147-bed tower (325,000 square feet), a connected two-story outpatient care facility (60,000 square feet) and a central utility plant on a 230-acre campus off Longwoods Road. The new hospital and outpatient facility will operate as part of the University of Maryland (UM) Medical System. The design-build team includes HKS Architects Inc., general contractor The Whiting-Turner Contracting Co., MEP engineer Highland Associates and civil engineer Daft McCune Walker.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentDistrict of ColumbiaRetailSoutheast

National Geographic Society to Open 100,000 SF Museum of Exploration in DC

by John Nelson

WASHINGTON, D.C. — The National Geographic Society has announced plans to open a 100,000-square-foot public attraction at its campus, which currently occupies a city block in downtown Washington, D.C. Dubbed the National Geographic Museum of Exploration, the attraction is scheduled to open in 2026. Upon completion, the venue will feature curated exhibitions, immersive and educational experiences, a 400-seat theater, restaurant and a retail store. The project team will include JLL, HITT Contracting and architect Hickok Cole. Design for the public attraction will feature a focus on accessibility, with instructional text in Braille, tactile and sensory maps, American Sign Language (ASL) interpretations of media, all-gender restrooms, wellness rooms and exhibition text in both English and Spanish. “The Museum of Exploration marks a historic chapter in the Society’s mission to advance exploration, science, education and storytelling,” says Jill Tiefenthaler, CEO of the National Geographic Society.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsFloridaRetailSoutheast

Cushman & Wakefield Arranges Sale of 222,406 SF Shopping Center in Brandon, Florida

by John Nelson

BRANDON, FLA. — Cushman & Wakefield has arranged the sale of The Collection at Brandon Boulevard, a 222,406-square-foot shopping center in Brandon. Tenants at the property, which was fully leased at the time of sale, include Home Centric, Crunch Fitness, Chuck E. Cheese and Kane’s Furniture. Substantially redeveloped in 2019, the property features three outparcels and a 30,000-square-foot anchor space that is currently unoccupied but subject to a long-term lease with Kroger. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an affiliate of SITE Centers Corp., in the transaction. Alto Real Estate Funds was the buyer.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts