Southeast

GW, Virtus Real Estate Capital Break Ground on 279-Unit Apartment Community in Charlottesville, Virginia

by John Nelson August 4, 2023

CHARLOTTESVILLE, VA. — GW Real Estate Partners and Virtus Real Estate Capital have broken ground on a 279-unit apartment community located at the entrance to North Pointe, a 224-acre mixed-use development in Charlottesville. Dubbed The Ridge at North Pointe, the community will comprise seven three-story buildings with units in one-, two- and three-bedroom floor plans averaging 988 square feet, as well as 502 parking spaces. Delivery is scheduled for the second quarter of 2024. United Bank provided construction financing for the project.

August 4, 2023

Acquisitions Industrial Leasing Activity North Carolina Southeast

Cushman & Wakefield Brokers Sale-Leaseback of 183,509 SF Manufacturing Facility in Monroe, North Carolina

by John Nelson August 4, 2023

MONROE, N.C. — Cushman & Wakefield has brokered the sale-leaseback of a 183,509-square-foot manufacturing facility located at 1710 Airport Road in Monroe. Circor International sold the property, which will continue to serve as the headquarters for the company’s IMO Pump brand. Built in 1979, the building was expanded in 2008. Rob Cochran, Bill Harrison, Nolan Ashton and Tommy Whitmore of Cushman & Wakefield represented Circor International in the transaction. Monroe Airport Industrial LLC, an affiliate of Welcome Group, acquired the facility for an undisclosed price. Ted Kakambouras of Welcome Group and Allen de Olazarra of Equity Real Estate Partners represented Welcome Group in the transaction. Jason Hochman, Ron Granite and Bradley Geiger of Cushman & Wakefield secured acquisition financing on behalf of the buyer.

August 4, 2023

Acquisitions Louisiana Retail Southeast

SRSA Arranges Sale of 228,000 SF Shopping Center in New Orleans

by John Nelson August 4, 2023

NEW ORLEANS —SRSA Commercial Real Estate has arranged the sale of Algiers Plaza, a 228,000-square-foot shopping center located at 4100 General De Gaulle Drive in New Orleans. Tenants at the property include Winn-Dixie, Walgreens, Ross Dress for Less, T.J. Maxx, Petco, Five Below and Chick-fil-A. Steve Reisig, Kirsten Early and Christopher Robertson Jr. of SRSA, along with Scott DeYoung and Jeff Conover of Faris Lee Investments, represented the seller, N3 Real Estate, in the transaction. The buyer and sales price were not disclosed.

August 4, 2023

District of Columbia Southeast

US Economy Adds 187,000 Jobs in July, Marking Little Change from June

by John Nelson August 4, 2023

WASHINGTON, D.C. — Total nonfarm employment in the United States rose by 187,000 jobs in July, according to the Bureau of Labor Statistics (BLS). This marks slower growth than predicted by economists, reports CNBC, with the Dow Jones estimating an increase of 200,000. July’s job growth shows little change from June, which the BLS revised down by 24,000 to 185,000. Healthcare added 63,000 jobs in July and social assistance added 24,000 jobs. Employment in financial activities increased by 19,000. Construction employment also increased by 19,000 jobs, and leisure and hospitality fields showed little change, with an increase of 17,000. The unemployment rate remained steady, with a slight decrease to 3.5 percent from the 3.6 percent rate in June.

August 4, 2023

Development Georgia Multifamily Southeast

Brook Farm Group to Develop 388-Unit Apartment Community in Metro Atlanta

by John Nelson August 3, 2023

COVINGTON, GA. — Brook Farm Group, along with capital partners Emory Equity and SilverCap Partners, plans to develop The Sinclair at Callaway Farm, a 388-unit apartment community in Covington. The 37-acre property will be situated at the intersection of Alcovy and City Pond roads, which is adjacent to the 180-acre Covington Town Center and about 35 miles east of Atlanta via I-20. First Horizon Bank and TrustMark Bank provided construction financing for the project, and Emory Equity and SilverCap provided equity. Sinclair at Callaway Farm will feature two separate neighborhoods encompassing 11 residential buildings, a 9,000-square-foot clubhouse, resort-style pool, two-story gym, coworking space, dog park and pet spa, electric vehicle charging stations and the first rooftop lounge in the Covington market. Additionally, four of the buildings will have elevators. Brook Farm Group expects to break ground on the project this quarter.

August 3, 2023

Acquisitions Florida Multifamily Southeast

Carter Multifamily Acquires Tampa Apartment Community for $57.5M

by John Nelson August 3, 2023

TAMPA, FLA. — Carter Multifamily, a division of locally based Carter Funds, has purchased Mode at Ballast Point, a 276-unit, garden-style apartment community located at 6306 S. MacDill Ave. in Tampa. The undisclosed seller sold the property, formerly known as Solis at Ballast Point, for $57.5 million. Situated on 21.5 acres near MacDill Air Force Base, the community features a resort-style pool, private lake and park, onsite pet park and proximity to a waterfront walking/biking path along Bayshore Boulevard. Carter Multifamily plans to execute capital improvements at the property that will include operational improvements, upgrades to amenities, renovations to interiors and exterior building improvements.

August 3, 2023

Acquisitions Office Southeast Virginia

JLL Brokers Sale of 120,031 SF Courthouse Square Office Building in Alexandria, Virginia

by John Nelson August 3, 2023

ALEXANDRIA, VA. — JLL has brokered the sale of Courthouse Square, a 120,031-square-foot office building located at 510 King St. in the Old Town Alexandria neighborhood. The historic, five-story property is situated near the Potomac River and a Metro station. Melrose Solomon Enterprises acquired Courthouse Square for an undisclosed price. The seller was also not disclosed, but Washington Business Journal reports that Brookfield Properties is the seller. Stephen Conley, Matt Nicholson, Kevin Byrd, Andrew Weir, Jim Meisel and Dave Baker of JLL represented the seller and procured the buyer in the transaction. Drake Greer of JLL arranged an undisclosed amount of acquisition financing on behalf of the buyer.

August 3, 2023

Industrial Leasing Activity Southeast Virginia

Automotive Firm Signs 101,000 SF Industrial Lease in Virginia Beach

by John Nelson August 3, 2023

VIRGINIA BEACH, VA. — Power Train Industries Inc., an automotive firm and subsidiary of Dorman Products Inc., has signed a 101,000-square-foot industrial lease in Virginia Beach. The property is located at 464 Progress Lane, a 10-acre property within Oceana East Industrial Park. Located one mile south of I-26, the property features 28-foot clear heights, seven loading docks, 6,000 square feet of office space and 233 parking spaces. Power Train Industries expects to move into the facility around January 2024. John Lee of John Lee & Associates represented the tenant in the lease negotiations. The landlord is The Miller Group.

August 3, 2023

Acquisitions Alabama Retail Southeast

Colliers Arranges Sales of Two Retail Strip Centers in Huntsville Area Totaling $10M

by John Nelson August 3, 2023

HUNTSVILLE AND MADISON, ALA. — Colliers has arranged the sale of two retail strip centers in the Huntsville area totaling nearly $10 million. The properties include Magna Carta, a 22,378-square-foot property located at 11310 Memorial Parkway SW in Huntsville, and Madison Corners, a 14,400-square-foot center located at 1079 Balch Road in Madison. Magna Carter’s tenant roster includes Results Physiotherapy, Bedzzz Express, Marco’s Pizza, T-Mobile and Great Clips. Madison Corners is home to tenants including Stretch Zone, Tropical Smoothie and Firehouse Subs. Pacific West Land, an investment firm based in Washington, purchased Magna Carta, and a private family office based in Montgomery, Ala., purchased Madison Corners. Joe Montgomery, Henry Kushner and Scott Israel of Colliers represented the sellers in the transaction.

August 3, 2023

Development Loans Multifamily Seniors Housing South Carolina Southeast Top Stories

Ziegler Arranges $212.9M in Bond Financing for Seniors Housing Project in Coastal South Carolina

by Taylor Williams August 3, 2023

KIAWAH ISLAND, S.C. — Ziegler, a Chicago-based investment bank, has arranged $212.9 million in bond financing for Seafields at Kiawah Island, a seniors housing project in coastal South Carolina. The borrower and developer is a local entity doing business as Kiawah Life Plan Village Inc. BRP Senior Housing Management will operate the property. Sitework is underway, and the development team expects to open the community in fall 2025. Seafields at Kiawah Island will be located on an eight-acre site about 25 miles south of Charleston. This site is adjacent to Freshfields Village, an open-air pedestrian village with a variety of stores, restaurants and entertainment options. The community will feature 90 independent living units and 16 assisted living units. In addition to full-service dining, amenities will include a bar, bistro, outdoor pool, fitness center, yoga studio, salon, wellness center, theater and various multipurpose rooms. The South Carolina Jobs-Economic Development Authority issued the bond financing. Specifically, the package consists of $87.1 million of long-term, fixed-rate bonds and $125.8 million of tax-exempt and taxable securities with mandatory paydown requirements. “Ziegler is very proud to help provide construction financing for Seafields at Kiawah Island in a very challenging capital markets environment,” says Rob Gall, Ziegler’s …

August 3, 2023

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