Tuesday, June 17, 2025
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AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Brokers $5.9M Sale of Retail Strip Center in Treasure Island, Florida

by John Nelson

TREASURE ISLAND, FLA. — Marcus & Millichap has brokered the $5.9 million sale of Treasure Island Plaza, a 20,000-square-foot retail strip center located at 118 107th Ave. in Treasure Island, a city in the Tampa Bay metro area. Built in 1981, the property was leased to 11 tenants at the time of sale. The buyer, an unnamed investment firm based in Miami, plans to redevelop the one-acre parcel into a mixed-use building with 40 residences atop 10,000 square feet of retail space. Evan Cannan and Reid Thedford of Marcus & Millichap’s Tampa office brokered the transaction. 

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District of ColumbiaSoutheast

US Economy Added 209,000 Jobs in June, Lowest Level Since December 2020

by John Nelson

WASHINGTON, D.C. — Nonfarm employment in the United States increased by 209,000 jobs in June, according to the Bureau of Labor Statistics (BLS). The total, which is the lowest figure since December 2020 when jobs fell by 268,000, fell below estimates from economists surveyed by Dow Jones, who had predicted the economy to gain 240,000 jobs last month, according to CNBC. The unemployment rate also ticked down 10 basis points to 3.6 percent. The BLS reports the unemployment rate has ranged from 3.4 to 3.7 percent since March 2022. The June gains were nearly 100,000 fewer than the May total, which the BLS has revised down to 306,000 jobs. The BLS also revised down employment for April, with the two months combining for 110,000 fewer jobs than previously reported. Job gains for 2023 have averaged 278,000 jobs per month, which is a 43.5 percent decline from the average monthly gains of 399,000 jobs in 2022. For June, the government added 60,000 new jobs, most of which was concentrated at the state and local levels. The figure is about average for government job gains in 2023 (63,000 per month) and was the leading employment sector for the month. Government employment is …

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Market ReportsNorth CarolinaOfficeSoutheastSoutheast Market Reports

Outlook Remains Strong for Raleigh’s Office Market, Despite Current Obstacles

by John Nelson

Despite shifts toward remote and hybrid work, office rents continue to rise in North Carolina’s Triangle region. Among the 25 largest office markets in the country, Raleigh experienced the second-highest rent growth between 2019 and 2022 — a testament to continued tenant demand.  We’re also seeing renewed interest in trophy assets, where the average asking rent has reached an all-time high of $43.35 per square foot. Additionally, the first quarter showed a 280,000-square-foot increase in total office supply, indicating investor confidence in Raleigh’s resilience.  Compared to rival markets, Raleigh wasn’t overbuilt pre-pandemic. The market doesn’t have millions of square feet of vacant space downtown and is more balanced than its competitors, leaving plenty of opportunity for future growth.  Another indicator of Raleigh’s growth trajectory is the 32 percent year-over-year increase in tours given by JLL’s Office Agency Leasing team this year. Given the current economic headwinds, we know that prospects are taking longer to make decisions about their space. However, we also know they are actively evaluating their options and making long-term plans for their team’s future needs. At buildings within our portfolio, badge swipes last quarter reached a post-pandemic peak utilization of 68 percent – just 13 percent shy …

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Affordable HousingDevelopmentGeorgiaMultifamilySoutheast

Novare Group Opens 286-Unit Multifamily Community in Atlanta

by John Nelson

ATLANTA — Novare Group, in collaboration with BCDC and ELV Associates, has opened Populus Westside, a multifamily community located in the Upper Westside neighborhood of Atlanta. Situated at 1315 Northwest Drive, the property features 286 units and amenities including outdoor grills, a pet park, clubhouse, fitness center and a swimming pool. An initiative by Invest Atlanta, the City of Atlanta’s economic development arm, as part of a property tax incentive program will make 15 percent of the residences available at reduced rents to individuals and families earning between 60 and 80 percent of the area median income (AMI). The community is located along the proposed extension of the Proctor Creek Greenway, which will offer access to Westside Park and the Atlanta BeltLine. RAM Partners will manage the property, which was designed by Dynamik Design.

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DevelopmentFloridaMultifamilySoutheast

JQ Group Completes Development of 263-Unit Madison Point Apartments in Metro Miami

by John Nelson

NARANJA, FLA. — JQ Group has completed the development of Madison Point Apartments, a mixed-use multifamily community located at 26021 S. Dixie Highway in Naranja, roughly 30 miles outside Miami. ANF Group Inc. served as the general contractor on the project, which features 263 apartments and 14,355 square feet of commercial space across four buildings. Apartments span 637 to 1,175 square feet in one-, two- and three-bedroom layouts. Amenities at the community include a swimming pool, community center, playground, fitness center, library, media center and approximately 200 parking spaces.

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DevelopmentFloridaMultifamilySoutheast

ZOM Living Delivers 214-Unit Multifamily Development in Tampa

by John Nelson

TAMPA, FLA. — Orlando-based ZOM Living has completed the construction of Azola South Tampa, a 214-unit multifamily community located at 7701 Interbay Blvd. in Tampa. Units range in size from 747 to 2,115 square feet and include apartments in one- and two-bedroom layouts, as well as six townhomes with three bedrooms and two-and-a-half bathrooms. Amenities at the property include a 6,000-square-foot clubhouse, swimming pool, fire pit and a pool courtyard featuring an outdoor billiards table, TVs, seating, a summer kitchen and two grilling areas. Architectural firm LRK designed the community, which is currently 70 percent occupied. Monthly rental rates at the community begin at $1,987.

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AcquisitionsRetailSoutheastVirginia

Cushman & Wakefield | Thalhimer Brokers $4.9M Sale of Retail Center in Chesapeake, Virginia

by John Nelson

CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer has brokered the $4.9 million sale of Cedar Lakes Center, a retail center located at 561-565 Cedar Road in Chesapeake. Sola Salon Studios anchors the property, which totals 35,659 square feet and was 97 percent leased at the time of sale. Dean Martin of Thalhimer represented the undisclosed seller in the transaction. An entity doing business as Cedar Lakes Associates LLC acquired the property.

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AcquisitionsNorth CarolinaRetailSoutheast

Marcus & Millichap Arranges $4.6M Sale of Shopping Center in Durham

by John Nelson

DURHAM, N.C. — Marcus & Millichap has arranged the $4.6 million sale of Park Terrace, a 24,813-square-foot shopping center located in Durham. Situated on 2.7 acres at 2223 NC Highway 54, the property comprises 11 suites averaging 2,255 square feet. The center was 95 percent leased at the time of sale. Andrew Margulies and Harrison Creason of Marcus & Millichap represented the seller, a California-based limited liability company, in the transaction. The buyer was also not disclosed.

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DevelopmentFloridaIndustrialSoutheastTop Stories

Saint-Gobain Plans $235M Expansion to CertainTeed Gypsum Facility in Palatka, Florida

by Jeff Shaw

PALATKA, FLA. — Saint-Gobain North America has announced plans to invest $235 million to expand manufacturing space at its CertainTeed gypsum facility in Palatka, near the Port of Jacksonville on the St. Johns River in northern Florida.  The Palatka facility, which currently employs more than 150 people, began operations in 2001. According to Saint-Gobain, the facility is one of the largest gypsum plants in the Southeast.  The firm’s expansion project received more than $7 million in cash benefits and high-impact investment tax credits, including a State of Florida Capital Investment Tax Credit, a Career Source Florida Quick Response Training Grant, a grant from Putnam County and a Clay Cooperative Economic Development Rate. According to Saint-Gobain, the expansion will more than double the production capacity of the existing manufacturing plant, as well as create more than 100 new jobs. The investment will be made over the next two years through the firm’s building products subsidiary, CertainTeed Interior Products Group. In line with Saint-Gobain’s goal for carbon neutrality by 2050, the firm plans for sustainability to be an essential aspect of the project. The development will include the installation of new energy-saving equipment and automation technologies, including an energy board dryer that …

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Affordable HousingDistrict of ColumbiaFeaturesLoansMultifamilySeniors HousingSoutheastSoutheast Feature ArchiveStudent Housing

Rising Interest Rates Take Toll on Fannie, Freddie Deal Volume

by John Nelson

The multifamily divisions of Fannie Mae and Freddie Mac are off to a slow start this year as the government-sponsored enterprises (GSEs), their network of lending partners and multifamily borrowers contend with rising interest rates. Fannie Mae’s volume of new multifamily business totaled $10.2 billion in the first quarter of 2023, which is a 36 percent decrease from the same period a year earlier when the agency closed $16 billion. Freddie Mac closed $6 billion in new multifamily business in the first quarter, a year-over-year decrease of 60 percent. Seasoned agency lending professionals all point to elevated borrowing costs as the primary reason for the two agencies closing less business thus far in 2023. “The rapid increase in rates across the board has really been a shock to the industry,” says Vic Clark, senior managing director and head of conventional multifamily production at Lument. At its May meeting, the Federal Open Markets Committee raised the federal funds rate to a target range of 5 to 5.25 percent. The fed funds rate is the interest rate that U.S. banks charge each other to lend funds overnight. This time a year ago, the short-term benchmark rate was at a range of 0.75 …

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