CHARLOTTE, N.C. — Wood Partners and GTIS Partners have completed the development of Alta West Morehead, a 308-unit apartment community located in Uptown Charlotte. The joint venture announced the project in September 2021. Located at 2020 W. Morehead St., the community features apartments in studio, one-, two- and three-bedroom layouts. Amenities at the property include a pool, pet spa and a clubhouse with a fitness center, coworking space, lounge and game room. Monthly rents begin at $1,560, according to the community website. Wood Residential, an affiliate of Wood Partners, manages the property.
ANDERSON, S.C. — Kansas City-based Hunt Midwest has completed the construction of a speculative industrial building located within Evergreen Logistics Park at I-85 in Anderson. Located at 1105 Scotts Bridge Road, Evergreen Logistics I totals 258,801 square feet and features 32-foot clear heights, 26 dock positions, 32 additional knock outs with capacity for expansion to 48, 60-foot-deep staging bays, LED lighting, an ESFR sprinkler system and speculative office space. The property also includes a 185-foot-deep truck court with 77 trailer parking stalls and 200 vehicle parking spaces. This marks Hunt Midwest’s second industrial project in the Greenville-Spartanburg industrial corridor, following the development of Fort Prince Logistics Center in Lyman, S.C.
ALPHARETTA, GA. — Morgan Stanley has signed an office lease extension including an additional 100,000 square feet at The Edison Alpharetta, an office park roughly 30 miles north of downtown Atlanta. The New York City-based investment bank and financial services provider will now occupy a total 216,000 square feet across Buildings 1 and 3 at the property. Bryan Heller and Peter McGuone of Stream Realty Partners represented the landlord, Invesco Real Estate, in the leasing transaction. JLL represented the tenant.
WASHINGTON, D.C. — Arctaris Impact Investors LLC has completed Phase I of Northeast Heights, a six-story, 281,000-square-foot office building in Ward 7 of Washington, D.C. The office building is located in a Qualified Opportunity Zone, which is an economically distressed area where new investments may be eligible for preferential tax treatment. The office building is the first phase of a three-phase, $600 million effort to revitalize Ward 7, according to Arctaris’ website. Future phases of Northeast Heights are expected to include a grocery store redevelopment, approximately 1,300 residential units and community spaces. According to Arctaris, the project was catalyzed by D.C. Mayor Muriel Bowser’s mandate for city agencies to use the leasing power of the D.C. government to encourage economic development in historically underserved communities. Northeast Heights was pre-leased to the city’s Department of General Services and will serve as the new headquarters for the agency, which employs approximately 700 people. The Department of General Services was the first city agency to sign a contract for office space east of the Anacostia River under this initiative. “Arctaris is proud to be part of the coalition led by Mayor Bowser, combining forces with like-minded, community-oriented investors to help bring new vitality …
ATLANTA — Rockefeller Group has broken ground on 1072 West Peachtree, a mixed-use high-rise tower in Midtown Atlanta. At a planned height of 730 feet, the tower is slated to be the tallest building delivered in Atlanta in the past 30 years, according to Rockefeller. Situated at the corner of 12th and West Peachtree streets, the property will comprise more than 350 luxury apartments and amenities situated atop 224,000 square feet of flexible, Class A offices and 6,400 square feet of street-level retail space. Sumitomo Mitsui Trust Bank Ltd. is providing construction financing in the form of a senior loan to Rockefeller. A joint venture between Rockefeller, Japan-based Taisei USA LLC and Mitsubishi Estate New York is providing equity. Atlanta-based TVS was the lead architect for 1072 West Peachtree. A construction timeline was not disclosed.
SUMMERVILLE, S.C. — Atlanta-based Portman has purchased 40 acres along US Highway 78 in Summerville, a suburb of Charleston. Situated near I-26 and the Port of Charleston, the site will be home to Summerville Logistics Center, a two-building industrial development totaling 536,000 square feet. Lee Allen and Kevin Coats of JLL represented Portman with the acquisition of the Summerville land. Ryan Welch and Clarke Attaway with Lee & Associates represented the seller and will lead the leasing efforts for the Summerville Logistics Center on behalf of Portman. Once complete in February 2025, the center will feature two single-load facilities with a 210-foot shared truck court. In addition to Summerville Logistics Center, Portman is finishing the next phase of its Campus 4 at Camp Hall project, which is situated nine miles north. The next phase comprises a 1.1 million-square-foot facility that will deliver in September. Portman is also co-developing Magnolia, a 189-acre mixed-use, waterfront destination in Charleston, with Highland Resources.
SAVANNAH, GA. — J.P. Morgan Real Estate Income Trust Inc. has purchased a 136,240-square-foot infill industrial facility in Savannah. InLight Real Estate Partners, in a partnership with Black Salmon, sold the build-to-suit transload property to the REIT for $74.7 million. Britton Burdette, Patrick Nally, Dennis Mitchell, Matt Wirth, Mitchell Townsend and Jim Freeman of JLL represented InLight and procured the buyer in the transaction. Located at 4833 and 4835 Old Louisville Road, the 60-acre site features 134 dock doors, 884 trailer parking spaces and 69 automobile parking spaces. Situated south of the Savannah/Hilton Head International Airport and along U.S. Route 80, the facility is within a five-mile radius of I-95, I-16, the CSX and Norfolk Southern intermodals and both terminals of the Port of Savannah.
RICHMOND, VA. — BWE has arranged a $50 million construction loan for the development of 900 North Allen Apartments, a 300-unit multifamily development in Richmond. The property is being constructed within an opportunity zone in the city’s Newtowne West neighborhood. Charles DuBose, Adam Bieber and Alec Jenkins of BWE originated the financing through an unnamed regional bank on behalf of the borrower, Spy Rock Realty Group. Upon completion, 900 North Allen will comprise one-, two- and three-bedroom units along with high-end amenities, including a pool, fitness center, resident lounge, dog park, coworking booths and an internal parking garage. The construction timeline was not disclosed.
LEESBURG, FLA. — SRS Real Estate Partners has brokered the $7.5 million sale of Leesburg Marketplace, an 81,071-square-foot shopping center located at 1101 W. North Blvd. in Leesburg. Kyle Stonis and Pierce Mayson of SRS represented the seller, a private investor based in Florida, in the transaction. The buyer was a Florida-based entity doing business as JTT Eagles LLC. Situated on 9.4 acres about 40 miles northwest of Orlando, Leesburg Marketplace was 90 percent leased at the time of sale to tenants including Ollie’s Bargain Outlet and Dollar Tree.
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Lee & Associates’ Second-Quarter 2023 Economic Review by Sector
Lee & Associates’ newly released 2023 Q2 North America Market Report outlines industrial, office, retail and multifamily outlooks trends in the United States. This sector-based review of commercial real estate trends for the second quarter of the year examines the difficulties facing each property type and where opportunities in the landscape may be emerging. Troubles with absorption dogged each sector, with the exception of retail, throughout the first half of 2023. Scheduled deliveries for industrial, office and multifamily indicate this trend will continue throughout much of the United States for the foreseeable future. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). The summaries from each sector below provide high-level considerations of the overall outlook and challenges in the market. Industrial Overview: Industrial Growth on Track for Least Gain in Years In a reversal from the ballooning logistics capacities required during the pandemic, demand for industrial space has slowed across North America. After continuously rebuilding inventories from the fall of 2021 through the third quarter of last year, many retailers and wholesalers are taking a breather, pausing further inventory accumulation out of caution over …