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Southeast

Build-to-RentDevelopmentGeorgiaMultifamilySingle-Family RentalSoutheast

Crescent Communities Welcomes First Residents at 151-Unit Build-to-Rent Property in Lawrenceville, Georgia

by John Nelson

LAWRENCEVILLE, GA. — Charlotte-based Crescent Communities has welcomed the first residents at HARMON Cedar Run, a 151-unit build-to-rent (BTR) residential community in Lawrenceville. The property represents the first HARMON-branded BTR property in the metro Atlanta area and 13th multifamily project in the market overall for Crescent. HARMON Cedar Run is situated on 38 acres and features three- and four-bedroom townhomes and single-family homes, as well as amenities including a resort-style pool with shaded seating areas, pickleball and basketball courts and green spaces. Monthly rental rates range from $2,550 to $3,245, according to Apartments.com. DRB Group, a Sumitomo Forestry Co. Ltd affiliate company, was the homebuilder of HARMON Cedar Run. Crescent Communities is also an affiliate of Sumitomo Forestry.

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AcquisitionsHospitalitySouth CarolinaSoutheast

Marcus & Millichap Brokers Sale of 121-Room Tru by Hilton Hotel in North Charleston

by John Nelson

NORTH CHARLESTON, S.C. — Marcus & Millichap has brokered the sale of Tru by Hilton Charleston Ashley Phosphate, a 121-room hotel located at 2475 Prospect Drive in North Charleston. Jack Davis, Chase Dewese, Joce Messinger and Brenden DeLuke of Marcus & Millichap represented the seller in the transaction. The buyer purchased the hotel in a 1031 exchange for an undisclosed price. Both parties requested anonymity. Built in 2020 on a 2.8-acre site, the Tru by Hilton hotel features EV charging stations, an outdoor pool, fitness center and a business center.

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Annapolis-Town-Center
AcquisitionsMarylandRetailTop Stories

Federal Realty Acquires 480,000 SF Retail Center in Annapolis, Maryland for $187M

by Hayden Spiess

ANNAPOLIS, MD. — Federal Realty Investment Trust (NYSE: FRT) has completed the acquisition of the retail center situated within Annapolis Town Center in Anne Arundel County, roughly 30 miles outside Washington, D.C.  Federal Realty, a REIT based in North Bethesda, Md., purchased the property for $187 million. According to local reporting by the Capital Gazette, PGIM Real Estate was the seller. Anchored by Whole Foods Market, Annapolis Town Center totals 480,000 square feet. Other tenants at the property include a Life Time fitness club, Anthropologie, Sephora, RH (formerly Restoration Hardware), True Food Kitchen and Williams Sonoma. Target shadow-anchors the acquired portion of Annapolis Town Center. Greenberg Gibbons Commercial developed the mixed-use Annapolis Town Center property in 2008, with development costs estimated at  $500 million. In addition to the retail component, the development features office space, luxury condominiums and apartments.  The Capital Gazette reports that PGIM acquired the property from Greenberg Gibbons in 2018 for an undisclosed price.  This acquisition marks the continuation of Federal Realty’s growth of its retail portfolio; the firm also acquired Town Center Plaza and Town Center Crossing in Kansas earlier this year.  Federal Realty owns 102 properties that comprise approximately 3,500 tenants across 27 million commercial square feet, as well as approximately …

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Morningstar-Storage
AcquisitionsArkansasFloridaGeorgiaIndustrialNorth CarolinaSelf-StorageSouth CarolinaSoutheastVirginia

Harrison Street, Morningstar Properties Acquire 21-Property Self-Storage Portfolio

by Abby Cox

CHICAGO AND MATTHEWS, N.C. — A joint venture between Chicago-based Harrison Street Asset Management and Matthews-based Morningstar Properties has acquired a portfolio of 21 self-storage properties totaling morning than 10,800 units. The properties are located in Texas, North Carolina, South Carolina, Florida, Georgia, Virginia and Arkansas, with 71 percent of the assets situated in top 30 U.S. metropolitan areas such as Houston, Austin, Charlotte and Atlanta. The portfolio was 90 percent leased at the time of sale and spans more than 1.3 million rentable square feet. Morningstar will continue operating and managing the portfolio. The seller was not disclosed. Harrison Street and Morningstar previously completed 41 self-storage investments across five Sun Belt states.

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1100 Intervale Drive_Salem
AcquisitionsIndustrialLeasing ActivitySoutheastVirginia

Cushman & Wakefield | Thalhimer Negotiates $11.6M Sale of Distribution Facility in Salem, Virginia

by Abby Cox

SALEM, VA. — Cushman & Wakefield | Thalhimer has negotiated the $11.6 million sale of a 170,000-square-foot distribution facility located in Salem. ReaderLink Distribution Services LLC, the country’s largest book distributor to mass merchandisers and other non-bookstore outlets, fully occupies the facility and has been a tenant at the site for 25 years. Bo McKown of Thalhimer’s Capital Markets Group represented the undisclosed buyer in the transaction. Davis Stoneburner of Thalhimer’s Industrial Services Group will lead leasing efforts for the new ownership.

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Chantilly Premier
Data CentersIndustrialLoansSoutheastVirginia

Penzance Receives $100M Construction Loan for Northern Viriginia Data Center

by Abby Cox

CHANTILLY, VA. — Penzance has received a $100 million construction loan for the development of Chantilly Premier, a 241,000-square-foot data center in Chantilly, roughly 34 miles west of Washington, D.C. Marshall Scallan, Michael Zelin and Bindi Shah of Cushman & Wakefield arranged the loan through QuadReal Property Group on behalf Penzance. Penzance recently broke ground on the fully preleased center, which is situated on 12 acres of a 79-acre site, located adjacent to the Chantilly Auto Park, according to the Washington Business Journal. An affiliate of Penzance originally acquired the vacant parcel in August 2022. Chantilly Premier is slated for completion by mid-2027.

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Palmetto Industrial Park
FloridaIndustrialLoansSoutheast

JLL Secures $30M Refinancing for Palmetto Industrial Park in Miami

by Abby Cox

MIAMI — JLL Capital Markets has secured $30 million in refinancing for Palmetto Industrial Park, a six-building, shallow-bay portfolio located at 6801-7500 N.W. 77th Ave. in Miami. Melissa Rose, Jovi Rodriguez and Duncan Miller of JLL arranged the three-year, fixed-rate loan through an unnamed bank on behalf of the borrower, a joint venture between East Capital Partners and ABR. Constructed between 1981 and 1982, Palmetto Industrial Park totals 183,945 square feet and features 18-foot clear heights, 12 dock-high doors, 101 grade-level doors and 275 parking spaces. The facility, which was 94.9 percent leased at the time of loan closing, includes a mix of 143 tenants such as auto repair shops, custom carpentry operations, marble and stone services, logistics companies, medical centers, insurance agencies and specialized manufacturing facilities.

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Wyndham Garden
HospitalityLoansSoutheastVirginia

MMCC Arranges $9M Refinancing for 354-Room Hotel in Norfolk, Virginia

by Abby Cox

NORFOLK, VA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $9 million in refinancing for Wyndham Garden Norfolk Downtown, a 354-room hotel located near Norfolk International Airport. Robert Bhat of MMCC’s Miami office secured the loan with a global investment bank on behalf of the borrower, an unnamed private client. The five-year, non-recourse loan includes a 7 percent interest rate and was structured with an interest-only term. Wyndham Garden Norfolk Downtown features amenities such as a seasonal swimming pool, fitness center, guest laundry facilities, an ATM, bar and business center.

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Nobu-Hotel-Nashville
DevelopmentHospitalitySoutheastTennesseeTop Stories

Oracle Partners With Nobu Hospitality on $1.2B Nashville Headquarters Campus

by Taylor Williams

NASHVILLE, TENN. — Oracle Corp. (NYSE: ORCL) has partnered with Nobu Hospitality, a Miami Beach, Fla.-based operator whose concept is rooted in Japanese culture, for a new hotel and restaurant on its new corporate headquarters campus in Nashville. According to local media outlet The Tennessean, Oracle’s Nashville project is valued at roughly $1.2 billion. Designed in collaboration with architecture firm Foster + Partners, the new hotel will feature 120 rooms and suites. Guests will have access to a Nobu restaurant on the lobby level, as well as flexible meeting and event spaces for both intimate gatherings and larger occasions. The hotel will also offer a lobby café, fitness center and spa facilities and a rooftop infinity rooftop pool with curated food-and-beverage service. “We’re excited to bring the Nobu lifestyle to Nashville’s East Bank, a vibrant district ready for growth,” says Trevor Horwell, CEO of Nobu Hospitality. “After much anticipation and requests from our loyal Nobu customers, partnering with Oracle is a perfect match. Nashville’s rich culture and culinary scene make it an ideal home for Nobu, and we can’t wait to create a destination that embodies the city’s spirit and our unique experience.” Oracle, an IT company known for its …

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IndustrialKentuckyMarket ReportsSoutheastSoutheast Market Reports

Louisville’s Industrial Market: Steady, Sturdy and Poised for Growth

by John Nelson

Louisville’s industrial market stands out as a steady force, resisting the fluctuations often seen in surrounding Midwest cities such as Cincinnati, Columbus and St. Louis. Midyear figures show Louisville’s year-over-year rent growth exceeding the national percentage and its vacancy rate 340 basis points below the national rate, both signs of a healthy market.  Additionally, Louisville’s recognition in national trade publications and recent announcements of General Electric/Haier and Ford’s electric vehicle (EV) investment at its Louisville Assembly Plant suggests positive future job growth. A sturdy foundation Louisville’s centralized location has helped secure its place as a major logistical powerhouse and develop relationships with major industrial business players such as UPS, Ford and General Electric. UPS announced its first expansion into Louisville in 1981 and has continued to grow its operations since, including the recently opened $100 million automated medical labs shipping facility.  Ford also continues to invest in Louisville, recently leasing a 567,433-square-foot facility in Southern Indiana and a 426,300-square-foot facility in Louisville’s Bullitt County submarket just south of Louisville Muhammad Ali International Airport. Additionally, General Electric/Haier will move washer/dryer manufacturing processes to Louisville, creating 800 new jobs and confirming Haier’s Louisville manufacturing operations as its global hub.  A resilient market …

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