Southeast

HTG Breaks Ground on $100M Mixed-Use Development in Hollywood, Florida

by John Nelson June 15, 2023

HOLLYWOOD, FLA. — Housing Trust Group (HTG) has broken ground on University Station, a $100 million mixed-use development, in a public-private partnership with the City of Hollywood. The project will comprise 216 units of workforce housing, a 635-space parking garage, retail space and new home for Barry University College of Nursing and Health Services. All of University Station’s apartments will be reserved for individuals and families at various income thresholds, including 22, 30, 40, 60, 70 and 80 percent of the area median income (AMI), with rents ranging from $374 to $1,634. The three-building development will be situated on 2.5 acres of city-owned land next to the future Broward Commuter Rail (BCR) South Station. Funding sources include LIHTC equity from Raymond James and debt from Bank of America and National Housing Trust Fund. The State of Florida and Broward County also contributed debt and civic funds for the project. The development team includes Corwil Architects and general contractor ANF Group Inc. HSQ Group will serve as the civil engineer, BNI Engineers will serve as the structural engineer and RPJ Inc. Consulting Engineers will serve as the MEP engineer. B. Pila Design Studio will handle interior design, and Witkin Hults + …

June 15, 2023

Acquisitions District of Columbia Multifamily Southeast

JLL Arranges Sale of 245-Unit Shay Apartments in D.C.’s Shaw Neighborhood

by John Nelson June 15, 2023

WASHINGTON, D.C. — JLL has arranged the sale of The Shay, a 245-unit apartment community located at 1924 8th St. NW in Washington, D.C.’s Shaw neighborhood. Robert Jenkins and Bret Thompson of JLL represented the seller in the transaction. The buyer, seller and sales price were not disclosed, but multiple media outlets have reported that an affiliate of Bernstein Management purchased the asset from Dweck Properties. Built in 2015 about three blocks from the Shaw-Howard University Metro station, The Shay features studio, one- and two-bedroom units with floor-to-ceiling windows, nine-foot ceilings, stainless steel smart appliances and quartz countertops. Community amenities include a heated pool with sundeck, two landscaped rooftop decks with seating and grills, catering kitchen and dining area and a fitness center.

June 15, 2023

Acquisitions Florida Retail Southeast

Plaza Advisors Negotiates Sale of 183,877 SF Shopping Center in Orlando

by John Nelson June 15, 2023

ORLANDO, FLA. — Plaza Advisors has negotiated the sale of Orlando Square, a 183,877-square-foot shopping center located at the southwest corner of Sand Lake Road and South Orange Blossom Trail in Orlando. The property was 85 percent leased at the time of sale to tenants including Ross Dress for Less, Office Depot, Ollie’s Bargain Outlet, Central Rock Gym, Chipotle Mexican Grill, Firehouse Subs, Bright Now Dental, Chick-fil-A and Chase Bank. Miami-based Core Investment Management purchased the center from an entity doing business as AGRE Orlando Square LLC. Plaza Advisors represented the seller in the transaction.

June 15, 2023

Acquisitions Arkansas Retail Southeast

Legacy Realty Brokers $9.3M Sale of Kroger-Anchored Retail Center Near Little Rock, Arkansas

by John Nelson June 15, 2023

BENTON, ARK. — Legacy Realty Group Advisors has brokered the $9.3 million sale of Benton Commons, a 74,870-square-foot retail center located in Benton, roughly 25 miles southwest of Little Rock. Kroger anchors the property, and other tenants include State Farm Insurance, Sumo Express and H&R Block. Jacob Baruch, Jonah Warshaw and Daniel Baruch of Legacy represented the undisclosed buyer in the transaction. Todd Rice of Colliers Arkansas represented the undisclosed seller.

June 15, 2023

Affordable Housing Development Mixed-Use Multifamily North Carolina Southeast

Beechwood Receives Approval for 43-Acre Residential Development in Chapel Hill, North Carolina

by John Nelson June 14, 2023

CHAPEL HILL, N.C. — Beechwood Carolinas, a subsidiary of The Beechwood Organization, has received approval from the Town of Chapel Hill to develop a 43-acre residential district on the city’s south side. Known as South Creek by Beechwood, the development will include market-rate and affordable housing apartments and townhomes, for-sale condominiums, 21,000 to 52,000 square feet of commercial and retail space and open gathering areas. Total housing units will total 815 residences, a vast majority of which will be condominiums. The development will be situated along the 15-501 corridor at 4511 S. Columbia St., about two miles south of University of North Carolina-Chapel Hill. Council members unanimously approved the site’s rezoning in early June. Beechwood Carolinas plans to break ground in late 2024 and anticipates first occupancy in 2025. The developer’s project partners include architectural firm FMK Architects and Lee Bowman of Legion Land & Development.

June 14, 2023

Affordable Housing Development Loans Multifamily Southeast Virginia

Walker & Dunlop Arranges $46.6M HUD-Insured Loan for Affordable Housing Conversion in Arlington, Virginia

by John Nelson June 14, 2023

ARLINGTON, VA. — Walker & Dunlop has arranged a $46.6 million HUD 221(d)(4) loan for the conversion of Park Shirlington, a 294-unit multifamily property in Arlington, from a market-rate community to an affordable housing property. Rents are now restricted at the property to households earning 60 percent of the area median income through at least 2053. The borrower is Standard Communities, a multifamily owner with headquarters offices in Los Angeles and New York City. In addition to HUD and Walker & Dunlop, Standard Communities’ capital partners on the conversion project include Virginia Housing, AEGON USA Realty Advisors LLC and Arlington County’s Affordable Housing Investment Fund. Chris Rumul of Walker & Dunlop led the HUD LIHTC financing transaction, which covers $34 million in renovation costs that include interior and exterior work and the construction of a new community center.

June 14, 2023

Development Florida Healthcare Southeast

Rendina Healthcare Opens 48,000 SF Outpatient Hospital in Jupiter, Florida

by John Nelson June 14, 2023

JUPITER, FLA. — Rendina Healthcare Real Estate has opened PAM Health Rehabilitation Hospital of Jupiter, a 48,000-square-foot, 42-bed inpatient rehabilitation hospital in South Florida. The facility provides a range of services that include physical therapy, occupational therapy and speech therapy. The property features specialized equipment, patient rooms and physical rehab gymnasiums. The hospital is a joint venture between Rendina Healthcare and PAM Health, a health system based in Pennsylvania that operates outpatient rehabilitation facilities across the country.

June 14, 2023

Georgia Leasing Activity Office Southeast

Financial Tech Firm Debuts Headquarters at One Phipps Plaza in Atlanta’s Buckhead District

by John Nelson June 14, 2023

ATLANTA — Resurgens Technology Partners, a tech-focused private equity firm, has opened its new 15,000-square-foot headquarters office at One Phipps Plaza, a newly built, Class A office tower in Atlanta’s Buckhead district. The office building anchors the newly expanded Phipps Plaza mixed-use campus, which is owned by mall REIT Simon and includes the Nobu Hotel & Restaurant, five-story Life Time athletic club and Citizen’s Market food hall. Resurgens Technology Partners has offices in Austin, London and Silicon Valley in addition to Atlanta. Other office tenants at One Phipps Plaza include aluminum rolling and recycling company Novelis and financial giant Goldman Sachs & Co.

June 14, 2023

Acquisitions Florida Hospitality Southeast

Marcus & Millichap Brokers $6.4M Sale of Hotel in Vero Beach, Florida

by John Nelson June 14, 2023

VERO BEACH, FLA. — Marcus & Millichap has brokered the $6.4 million sale of Best Western Vero Beach, a 65-room hotel located at 9330 19th Lane in Vero Beach. The buyer, a private, undisclosed 1031 exchange investor, financed the acquisition with a bridge loan. Ahmed Kabani and Kian McLean of Marcus & Millichap’s Miami office represented the seller, a partnership, in the transaction. The Best Western hotel is situated off I-95 near the Vero Beach Outlets, an outlet mall housing national retailers including LOFT and Columbia Factory Store. Hotel amenities include complimentary breakfast, guest laundry, an outdoor swimming pool and a fitness center.

June 14, 2023

Content Partner Features Industrial Leasing Activity Midwest NAI Northeast Southeast Texas Western

Rewards, Risk Mitigation Fuel Cell Tower Lease Sales

by Sarah Daniels June 14, 2023

A rapidly evolving connectivity frontier is shaping the future of cell tower lease sales and encouraging many commercial property owners who rent space to tower companies to sell their leases at values at the top of the market. Telecom carriers have considerably slowed their buildouts for 5G networks and are already preparing for 6G mobile networks, expected to roll out around 2024. Brokers are seeking to amend and renegotiate old cell tower leases in the face of predicted wireless infrastructure obsolescence and connectivity innovations, which may negate some physical infrastructure needs entirely. The key to maximizing sale proceeds in this landscape is to secure landlord-friendly terms and ensure clarity in a new lease or renewal. Among other elements, building owners must insist on strong insurance indemnities and well-defined subordination, non-disturbance and attornment (SDNA) in the amended agreements. But no landlord demand may be more important to future value than denying the tenant a right of first refusal to purchase the lease, says David Moore, CEO and principal of NAI Global Wireless, a Redlands, California-based national wireless real estate brokerage that represents landlords. Cell tower leases in which tenants don’t have right of first refusal are more appealing to buyers, a …

June 14, 2023

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