Southeast

Vision Hospitality Breaks Ground on 184-Room Embassy Suites by Hilton Hotel in Downtown Chattanooga

by John Nelson May 3, 2023

CHATTANOOGA, TENN. — Locally based Vision Hospitality Group Inc. has broken ground on Embassy Suites by Hilton Chattanooga Downtown, a 184-room hotel located at the corner of Broad and 4th streets. Upon completion, the hotel will offer a rooftop bar, street-level bar and coffee area, restaurant and 5,000 square feet of meeting space. The site is blocks from the Tennessee Aquarium, Hunter Museum of American Art, National Medal of Honor Heritage Museum and Tennessee Riverpark. Humphreys and Associates Contractors LLC is planning for the $54 million project to debut in summer 2025. The hotel is one of 15 projects in the development pipeline for Vision Hospitality, which currently owns 16 hotels in the greater Chattanooga area.

May 3, 2023

Acquisitions Multifamily Southeast Virginia

Berkadia Brokers $52M Sale of Del Ray Central Apartments in Alexandria, Virginia

by John Nelson May 3, 2023

ALEXANDRIA, VA. — Berkadia has brokered the $52 million sale of Del Ray Central, a 141-unit apartment community located at 3501 Mount Vernon Ave. in Alexandria. Walter Coker, Brian Crivella, Yalda Ghamarian and Bill Gribbin of Berkadia represented the undisclosed seller in the transaction. The buyer is a partnership led by Caruthers Cos. The property, which was 97 percent occupied at the time of sale, is situated approximately a half-mile from the Potomac Yard Metro Station and near the Old Town Alexandria and National Landing neighborhoods of metro Washington, D.C. Del Ray Central features a unit mix of studio, one- and two-bedroom apartments, as well as 2,670 square feet of ground-floor retail space, a pool, clubhouse, business center, bike storage, roof terrace, walking/biking trails and a courtyard, according to Apartments.com.

May 3, 2023

Acquisitions Florida Industrial Southeast

RealOp Purchases 507,590 SF Industrial Property in Jacksonville in Sale-Leaseback Deal

by John Nelson May 3, 2023

JACKSONVILLE, FLA. — RealOp Investments, a private equity firm based in Greenville, S.C., has purchased two Class B warehouse buildings in Jacksonville totaling 507,590 square feet. As part of the sale-leaseback arrangement, the properties are 100 percent leased to Southeastern Toyota Distributors. At expiration of the three-year lease, RealOp plans to launch a comprehensive $7 million capital improvement and redevelopment program at the park. Located near the I-95 and Baymeadows Road interchange, the property represents RealOp’s seventh acquisition in Florida.

May 3, 2023

Development Industrial North Carolina Southeast

Beacon Partners Breaks Ground on 115,831 SF Industrial Building in Metro Raleigh

by John Nelson May 2, 2023

GARNER, N.C. — Beacon Partners has broken ground on 2000 Citation Drive, a 115,831-square-foot, Class A industrial building in the Raleigh suburb of Garner. Ann-Stewart Patterson and Austin Nagy of CBRE | Raleigh are handling leasing for Beacon. The project team also includes general contractor Choate Construction, Merriman Schmitt Architects and Advanced Civil Design. Atlantic Union Bank is providing an undisclosed amount of construction financing. Situated near the intersection of I-40 and Jones Sausage Road and two miles south of I-440, 2000 Citation Drive will feature 30-foot clear heights, full concrete truck courts and 180-foot building depths. The site is directly across I-40 from Beacon Commerce Park, a 48-acre, master-planned industrial park under development by Beacon Partners and HM Partners that features 631,000 square feet of distribution space.

May 2, 2023

Industrial Loans North Carolina Southeast

JLL Arranges $29.5M Loan for Industrial Park in Southwest Charlotte

by John Nelson May 2, 2023

CHARLOTTE, N.C. — JLL has arranged $29.5 million in financing for Whitehall Tech Center, a three-building industrial park totaling 279,150 square feet in Charlotte’s Southwest submarket. The third building in the development, Whitehall III, will break ground this quarter. Kevin MacKenzie, Peter Thompson and Taylor Alison of JLL arranged the three-year, floating-rate loan through an undisclosed life insurance company on behalf of the borrower, CIP Real Estate. Whitehall Tech Center is situated on nearly 27 acres close to I-77 and I-485. At full completion, the park will feature a combined 493 parking stalls, clear heights ranging from 20 to 28 feet and 57 dock-high doors.

May 2, 2023

Development Multifamily North Carolina Southeast

Milestone Group Delivers Phase II of Courtney Ridge Apartments in Charlotte

by John Nelson May 2, 2023

CHARLOTTE, N.C. — The Milestone Group has delivered the second phase of Courtney Ridge Apartments, a garden-style multifamily community located in Charlotte’s LoSo (Lower South End) neighborhood. Phase II is a 13-acre expansion that comprises 180 units across seven new buildings. The project team includes Atlanta-based general contractor TuckerCraft, architect SGA|NW and engineer Design Resource Group. PNC Bank provided construction financing for Phase II, which features a mix of one-, two- and three-bedroom floor plans. Phase II also features a new clubhouse equipped with individual workstation consoles, a main conference room, 24/7 package delivery center, coffee bar, kitchen area and patio overlooking a pond. Milestone purchased the existing, 280-unit Courtney Ridge Apartments in 2018.

May 2, 2023

Leasing Activity Mixed-Use Office Southeast Virginia

Jamestown Signs Three Office Tenants at Ballston Exchange in Arlington, Virginia

by John Nelson May 2, 2023

ARLINGTON, VA. — Jamestown has signed three new office tenants to join Ballston Exchange, a mixed-use campus located in the Washington, D.C., suburb of Arlington. The newcomers include Management Sciences for Health (MSH), EPIGEN and COMTO. Cresa represented MSH and COMTO in their lease negotiations, and Cushman & Wakefield represented Jamestown in all three deals, as well as EPIGEN. All together the three new tenants will occupy 30,000 square feet of space. Other tenants at Ballston Exchange include Booz Allen Hamilton, Insurance Institute for Highway Safety (IIHS) and CENTRA Technology. Retailers and restaurants include Shake Shack, Orangetheory Fitness, CorePower Yoga, Greenheart Juice Shop, Dunkin’, Cava, The UPS Store and Bearded Goat Barber, among others.

May 2, 2023

Acquisitions Florida Retail Southeast

Benderson Acquires 128,399 SF Bee Ridge Square Shopping Center in Sarasota, Florida

by John Nelson May 2, 2023

SARASOTA, FLA. — Benderson Development has acquired Bee Ridge Square, a 128,399-square-foot shopping center in Sarasota. Burlington anchors the center, which houses 15 tenants, including Stage Door Studios, ofKors Bakery and EGGSTraordinary Café. Burlington recently downsized its footprint at the center, which it has anchored since 2001. Bee Ridge Square is located off exit 207 of I-75 at the intersection of Bee Ridge and Cattlemen roads. Justin Smith, Chris Peterson, Fred Victor and Sam Koonce of Atlantic Capital Partners represented the seller and procured the buyer in the transaction. The seller and sales price were not disclosed.

May 2, 2023

Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ First-Quarter 2023 Sector-by-Sector Analysis Indicates Market-Wide Cooling

by Sarah Daniels May 2, 2023

High interest rates and economic uncertainty in the first quarter of this year contributed to lower absorption and declining rent growth in industrial, retail and multifamily sectors across the country, with some regional exceptions, according to Lee & Associates’ 2023 Q1 North America Market Report. Meanwhile office continues to struggle. The sector experienced its third-largest quarterly contraction since the beginning of the pandemic, as work-from-home preferences decoupled office occupancy from job growth numbers. The full Lee & Associates report is available (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city) here. The analysis below provides an overview of four major commercial real estate sectors alongside trends, economic background and exceptions within each sector. Industrial Overview: Sharp Decline Hits First-Quarter U.S. Demand There was a sharp first-quarter decline in U.S. tenant demand for industrial space as wholesalers and retailers reconsider their inventory levels out of caution over the economic outlook. Net absorption in the first quarter totaled 39.4 million square feet, a 57 percent drop from the record set a year ago. The overall U.S. vacancy rate settled at 4.4 percent, an increase of 40 basis points from the close of 2022, comfortably …

May 2, 2023

Acquisitions Florida Industrial Southeast

Basis Industrial Acquires Three-Property Tampa Portfolio for $35M

by John Nelson May 1, 2023

TAMPA, FLA. — Boca Raton-based Basis Industrial has purchased portfolio of industrial properties located in Tampa for $33 million. The portfolio includes Brandywine Business Center at 3801 Corporex Park Drive; Corporex Plaza at 3902 Corporex Park Drive and Presidents Plaza Business Center at 4801 George Road. Together the properties total 224,108 square feet. Tenants at the properties, which were 96 percent occupied at the time of sale, include Joffrey’s Coffee, Global Alliance Distributors, Ademco Inc., E-Med Source and Tri-Ed Distribution. Anthony Scavo represented Basis Industrial on an internal basis. Douglas Mandel of Marcus & Millichap’s Institutional Property Advisors (IPA) division represented the undisclosed sellers.

May 1, 2023

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