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DevelopmentFloridaSoutheastStudent Housing

CBRE Investment, GMH to Begin Renovations at 734-Bed Student Housing Community Near University of South Florida

by John Nelson

TAMPA, FLA. — A joint venture between CBRE Investment Management and GMH Communities has announced plans to begin renovations at Venue at North Campus, a 734-bed student housing community located near the University of South Florida in Tampa. The duo purchased the property in October. Dallas-based Premier will spearhead the renovations, which are expected to begin early next year. Enhancements to the property will include the addition of new appliances, countertops, cabinets, furniture, paint and fixtures; refreshments to the pool area; the addition of a jumbotron; updates to the community’s dog park; and the integration of a dedicated space for food truck dining near the property’s convenience store. The community offers a mix of studio, two-, four- and five-bedroom units. Shared amenities include a resort-style swimming pool, fitness centers, grilling stations under a pergola, individual and group study areas and an internet cafe.

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AcquisitionsGeorgiaMultifamilySoutheast

GREA Brokers $13.9M Sale of Phoenix Place Townhomes in Metro Atlanta

by John Nelson

EAST POINT, GA. — Global Real Estate Advisors (GREA) has brokered the $13.9 million sale of Phoenix Place Townhomes in East Point, about 3.5 miles from Hartsfield-Jackson Atlanta International Airport. Built in 1971 and located at 2420 Heaton Drive, the community comprises 144 units in one-, two- and three-bedroom floorplans. Green Forest Capital acquired the property from Pacific West Land. Taylor Brown, Mack Leath and Barden Brown of GREA represented the seller in the transaction.

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AcquisitionsFloridaRetailSoutheast

SRS Arranges $13.6M Sale of Retail Property in Lutz, Florida Leased to EoS Fitness

by John Nelson

LUTZ, FLA. — SRS Real Estate Partners has arranged the $13.6 million sale of a 42,311-square-foot single-tenant retail property in Lutz, about 14 miles north of Tampa. EoS Fitness occupies the building on a 15-year triple-net lease. Located at 17634 Harpers Run, the property is situated on 3.9 acres within Cypress Ranch, a 164-acre mixed-use development that features 598 residential units and 100,000 square feet of office space. Upon completion, Cypress Ranch will also include 11 freestanding retail parcels. Tenants at the parcels include Chick-fil-A, Aldi and Panda Express. Patrick Nutt and William Wamble of SRS represented the seller, Barclay Group, in the transaction. A California-based buyer acquired the property in a 1031 exchange.

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LouisianaMarket ReportsMultifamilySoutheastSoutheast Market Reports

New Orleans Multifamily Market Contends With Inflation, Interest Rates, Insurance

by John Nelson

The volatility in the capital markets over the past 12 to 18 months has wreaked havoc on many aspects of the economy, and real estate has not gone unscathed. Unlike the retail and office sectors whereby there is a fundamental shift in how people work and shop, housing is a basic need. The equilibrium between supply and demand in metro New Orleans’ multifamily market is still in sync. It would however be naïve to suggest there are no challenges that are affecting our real estate market. The “three dreaded Is” (i.e. inflation, interest rates, insurance) is not a Halloween mask but a euphemism that crystallizes the challenges multifamily owners are faced with both locally and nationally. Each of these factors singularly are powerful forces, yet the trifecta is playing a role in the current state of our metro market.  However, despite these challenges, the regional multifamily market has stable occupancy with most submarkets reporting levels in the 92 to 94 percent range. Overall monthly rental rates average $1,263 with rents ranging from a low of $1,000 in Eastern New Orleans and Algiers to rents in the Downtown market as high as $3,000.  Once again, the barriers to entry (lack of …

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AcquisitionsOfficeSoutheastTennessee

PNH Properties Acquires 211 Commerce Office Tower in Downtown Nashville for $75M

by John Nelson

NASHVILLE, TENN. — PNH Properties has acquired 211 Commerce, an office tower located on the corner of Commerce Street and 3rd Avenue in downtown Nashville, for $75 million. Built in 2000, the property comprises 233,314 square feet of office space across 11 stories and features ground-floor restaurant and retail space. J. Roscoe High and Morgan Hillenmeyer of CBRE represented the buyer in the transaction. The seller, a joint venture between Velocis and Lincoln Property Co. doing business as Velocis Lincoln Commerce SPE LLC, recently implemented $16 million of capital improvements to the property. Renovations included the addition of a new conference center, fitness center and windows and updates to the lobby, tenant lounge, elevators, an outdoor plaza and building façade. 

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AcquisitionsKentuckyRetailSoutheast

CBRE Investment Management, Fairbourne Buy 353,665 SF Paddock Shops Retail Center in Louisville

by John Nelson

LOUISVILLE, KY. — A joint venture between a CBRE Investment Management fund (CBRE Strategic Partners US Value 9) and Fairbourne Properties has acquired Paddock Shops, a retail center located at 4055 Summit Plaza Drive in Louisville. The property, which was 88 percent leased at the time of sale, comprises 353,665 square feet and features 1,976 parking spaces. The seller and sales price were not disclosed. According to the property website, tenants at Paddock Shops include Barnes & Noble, Build-A-Bear Workshop, Five Guys, Gap, Mitchell’s Fish Market, Orangetheory Fitness, Orvis, Pottery Barn, Starbucks, Total Wine & More and West Elm, among others.

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DevelopmentGeorgiaMultifamilySoutheast

Madison Communities Breaks Ground on 252-Unit Multifamily Property in Metro Atlanta

by John Nelson

CANTON, GA. — Madison Communities has broken ground on Madison Canton, a 252-unit multifamily community in Canton, roughly 40 miles north of Atlanta. Amenities at the property will include a clubhouse and fitness center, swimming pool, deck with grilling stations, dog park, dog wash and pickleball courts. Completion of the first units is scheduled for the second quarter of 2025. BenCo Construction, an affiliate of Madison Capital Group, will serve as general contractor for the project.

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DevelopmentGeorgiaIndustrialLoansSoutheast

Waterloo, ICM Receive $40M Construction Financing for Industrial Development in Jackson, Georgia

by John Nelson

JACKSON, GA. — Waterloo Partners and ICM Asset Management have received $40 million in construction financing for the development of River Park 10, a speculative industrial project in Jackson, about 50 miles south of Atlanta via I-75. Upon completion, the property will total 825,000 square feet within the River Park E-Commerce Center master development. The joint venture acquired the site in September and plans to break ground immediately, with completion of construction scheduled for the third quarter of 2024. A syndication between Trustmark National Bank and Coastal State Bank provided the construction loan, and Sweld & Sweld provided joint venture equity. Patterson Real Estate Advisory Group arranged the financing on behalf of the borrowers.

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DevelopmentFloridaMixed-UseSoutheast

Lionheart Capital, Leviathan and Well Duo to Develop 56,500 SF Mixed-Use Project in Miami

by John Nelson

MIAMI — Lionheart Capital, Leviathan Development and Well Duo will develop a new mixed-use project in Miami. Dubbed MIRAI Design District, the development is designed by Kengo Kuma and Associates (KKAA), marking the first mixed-use project in the country for the architectural firm. Upon completion, the property will comprise 15,500 square feet of ground-floor retail space across 17 units, with roughly 41,000 square feet of office space on the second and third floors. Construction is scheduled to begin in summer 2024, with completion anticipated by the end of 2025.

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AcquisitionsFloridaIndustrialOfficeSoutheastTexasTop Stories

Basis Purchases Four Industrial/Office Parks in Florida, Texas for $160M

by Jeff Shaw

BOCA RATON, FLA. — Basis Industrial, a privately held real estate owner and operator headquartered in Boca Raton, has acquired four commercial properties in Florida and Texas for a total of approximately $160 million. Bank United, Banesco and Thorofare provided roughly $110 million in financing for the transaction. Beach Point Capital Management provided a preferred equity/mezzanine loan of roughly $70 million, with the borrowers, Basis and NexPoint, providing the remaining funds. In addition to the acquisitions, the loans and equity will fund a $60 million refinancing for two of the borrowers’ existing commercial properties in Florida. The six properties, including those being refinanced, total over 1.3 million square feet.  The four acquired properties include: The properties that Basis refinanced were Crystal Pointe and Gateway & Commercial Point. Crystal Pointe is a 96,888-square-foot property located at 4500-4870 North Powerline Road in Deerfield Beach, Florida. Crystal Pointe is currently 100 percent leased. Gateway & Commercial Point is a 253,701-square-foot asset located at 7550-7800 Southland Blvd. in Orlando. The property is currently 97.6 percent leased. “This is a huge step for Basis’ growth and my vision,” says Daniel Weinstein, founder and CEO of Basis Industrial. “We expect to add millions of square feet over the next few years in targeted …

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