CORAL SPRINGS, FLA. — A joint venture between Miami-based Key International and 13th Floor Investments has acquired a 4.2-acre site in Coral Springs for $8 million, with plans to develop a mixed-use project at the property. Plans for the development include 377 residential units, 11,525 square feet of ground-floor retail space and a 629-space parking garage. A construction timeline was not disclosed. Roberto Susi of Axiom Capital Partners represented the joint venture in the acquisition.
PALM COAST, FLA. — Crest Residential has broken ground on Wilton Palm Coast, a 251-unit multifamily project located on Brookhaven Drive in Palm Coast. Upon completion, the community will offer units ranging from 671 to 1,517 square feet in one-, two- and three-bedroom layouts. Amenities will include a pool, outdoor entertainment and dining spaces, a car wash station, bike storage, a fenced dog area and a pet spa. Additionally, the property will feature a clubhouse with a 24-hour fitness center and yoga studio, business center, conference room, coworking lounge and coffee bar. Preleasing is scheduled to begin in the second quarter of next year.
KNOXVILLE, TENN. — A joint venture between Landmark Properties and Manulife Investment Management has announced plans for an 834-bed student housing project in Knoxville, in the University of Tennessee market. Upon completion, the community will feature units in studio, one-, two-, three-, four- and five-bedroom layouts. Amenities at the property will include a rooftop pool, 24-hour study lounge, pickleball court, clubhouse, fitness center and a 25,000-square-foot courtyard with fire pits, grilling stations and hammock groves. Construction is scheduled to begin in June for a planned opening in August 2025. Landmark Construction will serve as general contractor on the project.
CLAYTON, GA. — Ridgeline Investment Partners has broken ground on Bridge Creek Inn, a 45-room boutique hotel in Clayton. Situated on the corner of South Main Street and Derrick Street, the property will feature a coffee bar, restaurant and bar, as well as indoor and outdoor event venues. The project is a redevelopment of The Clayton Hotel, originally built at the site in the 1950s. The opening is scheduled for September of this year. The Indigo Road Hospitality Group has been tapped to manage the property on behalf of Ridgeline.
ATLANTA — Lincoln Property Co. Southeast has arranged two leases totaling 10,400 square feet at Park Central, a 213,165-square-foot office building in Atlanta. Telespecialist will occupy 9,000 square feet at the property, and Broadway Across America will occupy 1,400 square feet. Hunter Henritze, Matt Fergus and Seabie Hickson of Lincoln represented the landlord, TerraCap Management, in the leasing negotiations. David Pope of Lavista Associates represented Broadway Across America. Park Central underwent $3.4 million in renovations in 2018, including upgrades to building systems, common areas and amenities. The property features covered parking, an onsite café, fitness center, conference center and 24-hour security.
Interstate 85 traverses through the heart of the Southeast, the fastest-growing region in the United States by way of population. The southern terminus of the 666-mile interstate is in Montgomery, Ala., home of the mega Hyundai Motor Manufacturing Alabama plant, and it travels north to just shy of Richmond, Va., the site of North America’s first LEGO factory. Along the way, I-85 connects through Atlanta and the Carolinas markets of Greenville-Spartanburg, Charlotte, Greensboro and Raleigh-Durham. These I-85 Corridor markets have seen their fair share of industrial development in recent years, so much so that for the first time this cycle, some experts are worried about overbuilding. Steven McGee, vice president of Southeast development at Rockefeller Group, said that half of the nation’s population growth has been coming to the Southeast region, and that faucet isn’t expected to be shut off anytime soon. “America is getting bigger, and half of that growth is occurring in three or four states,” said McGee. “I don’t see any real structural elements that are stopping that growth. It’s a challenge on the timing [for industrial deliveries], but in almost every market we have record vacancy. We have very few options for occupiers coming into the …
BRANDON, FLA. — Unibail-Rodamco-Westfield (URW) has sold Westfield Brandon, a shopping center in Brandon, roughly 13 miles east of Tampa, for $220 million. The property, which totals 1.2 million square feet, was approximately 85 percent leased at the time of sale. Dick’s Sporting Goods and a space formerly occupied by Sears anchor the property. The sale also included a three-acre parcel approved for 180,000 square feet of commercial space as well as a seven-acre development parcel. North American Development Group purchased the center in joint venture with an institutional partner. Dennis Carson, Casey Rosen, Sriram Rajan, George Good and Pete Meyer of CBRE represented URW in the transaction.
MIAMI — Newmark has arranged a $91 million loan for the refinancing of Wynwood 27 & 28, a mixed-use project currently underway in the Wynwood neighborhood of Miami. Upon completion, the development will feature 52,000 square feet of office space, 33,000 square feet of ground-floor retail space, 152 residential units and 232 parking spaces. Jordan Roeschlaub, Dustin Stolly, Christopher Kramer, Nick Scribani and Danny Matz of Newmark secured the financing through Valley National Bank and Israel Discount Bank on behalf of the borrowers, Kushner Cos. and Block Capital Group.
MOCKSVILLE, N.C. — The Hollingsworth Cos. has begun the construction of two industrial buildings totaling 282,733 square feet in Mocksville, roughly 25 miles southwest of Winston-Salem. Situated within SouthPoint Industrial Park, the speculative buildings will total 130,492 square feet and 152,241 square feet, respectively, and will bring the property to a total of 12 single-tenant industrial buildings. Both facilities are being built for long-term lease by light manufacturing or distribution tenants.
SERVIERVILLE, TENN. — Buc-ee’s is nearing completion of a 74,000-square-foot travel center in Servierville, roughly 30 miles southeast of Knoxville, marking the second location in the state for the brand and the largest travel center in the world. Scheduled to open at the end of June, the center will feature 120 fueling stations in addition to a store and car wash. Buc-ee’s, which currently operates 46 locations, is additionally underway on a 75,000-square-foot center in Texas and announced the first Virginia location in March of this year.
