Southeast

RISE, Jacksonville State University Break Ground on 513-Bed Residence Hall Project in Alabama

by John Nelson April 26, 2023

JACKSONVILLE, ALA. — public-private partnership between RISE: A Real Estate Co. and Jacksonville State University has broken ground on North Village Residence Hall. Located on the university’s campus in Alabama, the 513-bed community will offer suites that include two double-occupancy bedrooms and two bathrooms. The development team for the project includes architect Niles Bolton & Associates and general contractor Choate Construction. Jacksonville State is also currently developing a new dining hall, which will replace the current main cafeteria on campus, and the Loring and Debbie White Football Complex. The Jax State Dining Hall will be operated by Sodexo and will feature a traditional food line with several concept stations and seating. The dining hall’s development team includes general contractor Brasfield & Gorrie, Williams Blackstock Architects and Kemp Management Services. The football complex will replace the existing field house at the university’s stadium and will offer modern art training facilities for student athletes; coaching offices and meeting rooms; a hall of fame honoring the history of the university’s football program; and new suites to enhance the game day experience for fans. The general contractor for that project is also Brasfield & Gorrie, the architect is Goodwyn Mills Cawood and the program manager …

April 26, 2023

Development Industrial Mississippi Multifamily Seniors Housing Southeast

Hunt Capital, Intervest to Convert Former Dairy Plant in Tupelo Into 33-Unit Seniors Housing Development

by John Nelson April 26, 2023

TUPELO, MISS. — Hunt Capital Partners and Intervest Corp. are converting the former Carnation Milk factory in Tupelo into Carnation Village, a 33-unit seniors housing community. Two units will be rented at market rates while the other 31 apartments will be restricted to seniors aged 55 and older earning between 30 and 60 percent of the area median income. The Carnation Milk plant opened in 1927 and was operational through 1972. Since then, the factory has been used as a police department and jail, city offices and the Oren Dunn Museum. Intervest is leading the adaptive reuse project and will serve as its property manager upon completion, which is set for July 2023. The design-build team includes general contractor Century Construction Group Inc. and Wallace Architects. Upon completion, Carnation Village will feature a clubhouse, exercise facility, central laundry facility, elevators, walking trails and a butterfly garden. Financing for the project includes $13.3 million in Federal Low-Income Housing Tax Credit (LIHTC) and Federal Historic Tax Credit (HTC) equity financing, as well as $2.5 million in Mississippi Historic Tax Credit equity financing, a $10.9 million loan from Cadence Bank and a $475,000 loan from Financial Institutions Housing Opportunity Pool.

April 26, 2023

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Brokers $7.1M Sale of Shopping Center in Lexington, South Carolina

by John Nelson April 26, 2023

LEXINGTON, S.C. — Marcus & Millichap has brokered the $7.1 million sale of Lexington Town Square, a 75,763-square-foot shopping center located at 712 W. Main St. in Lexington, a suburb of Columbia. Andrew Margulies and Harrison Creason of Marcus & Millichap represented the seller and secured the buyer in the transaction. Both parties were limited liability companies that requested anonymity. Ben Yelm, Marcus & Millichap’s South Carolina broker of record, assisted in closing the transaction. Lexington Town Square was leased to 11 tenants at the time of sale including anchors Food Lion and Badcock Furniture, as well as H&R Block, RF’s Grill, Cricket Wireless and Musician’s Supply, among others.

April 26, 2023

Affordable Housing Development Multifamily Southeast Virginia

S.L. Nusbaum Breaks Ground on 119-Unit Affordable Housing Development in Williamsburg, Virginia

by John Nelson April 25, 2023

WILLIAMSBURG, VA. — S.L. Nusbaum Realty Co. has broken ground on 2 Rivers Apartment Homes, a two-phase, 119-unit affordable housing community in Williamsburg. Phase I of the development will comprise 59 one-, two- and three-bedroom apartments. Amenities will include a clubhouse with a fitness center, business center with Wi-Fi access, free parking, children’s play area, dog park, multiuse field, cabana and a grilling patio. The design-build team for 2 Rivers includes TS3 Architects PC, Siska Aurand Landscape Architects Inc., Details Interior Design, AES Consulting Engineers and Harkins Builders Inc. S.L. Nusbaum worked with AGM Financial Services and TowneBank to secure construction financing. Overall construction costs will total approximately $26 million, according to S.L. Nusbaum.

April 25, 2023

District of Columbia Leasing Activity Office Southeast

Law Firm Fried Frank Extends 103,000 SF Office Lease at Lafayette Tower in D.C.

by John Nelson April 25, 2023

WASHINGTON, D.C. — International law firm Fried Frank has signed a 10-year lease extension to continue to occupy 103,000 square feet at Lafayette Tower, an 11-story office building located at 801 17th St. NW in Washington, D.C. The firm will continue to occupy floors five through eight through at least 2037. Fried Frank is an original tenant of the building, which was delivered in 2010 and is currently undergoing renovations that include updates to the fitness center and rooftop terrace, as well as the addition of an indoor lounge and event space. Kyle Luby, Matt Pacinelli and Andy Eichberg of Stream Realty Partners represented the landlord, an affiliate of Morgan Stanley Real Estate Advisor, in the lease negotiations. Chau Leung, Mark Minich Jr., Tim Dempsey, Ramneek Rickhy and Stephen Siegel of Stream Realty represented the tenant. Lafayette Tower is currently 90 percent leased, with several speculative suites available ranging from 3,900 square feet to 8,000 square feet, according to Stream Realty.

April 25, 2023

Florida Leasing Activity Retail Southeast

Spinoso Adds Three New Retailers to 1.2 MSF Mall at Wellington Green in South Florida

by John Nelson April 25, 2023

WELLINGTON, FLA. — Spinoso Real Estate Group, manager of the Mall at Wellington Green in South Florida, has announced three new retailers joining the mall’s tenant roster. The newcomers include boutique apparel retailer Alma, jewelry retailer Lovisa and Wellington Mart, a convenience store that sells cold beverages, snacks, candy, first aid essentials, toys and premade meals. Located at 10300 W. Forest Hill Blvd., the Mall at Wellington Green spans 1.2 million square feet and is anchored by CMX Cinemas Wellington 10, Macy’s, Dillard’s, Apple, The Palm Beach Museum of Natural History, Brighton, Forever 21, H&M and Lemongrass, among others. The mall’s owner/landlord was not disclosed.

April 25, 2023

Acquisitions Florida Restaurant Retail Southeast

SRS Brokers $8.1M Portfolio Sale of Two Single-Tenant Retail Properties in Brandon, Florida

by John Nelson April 25, 2023

BRANDON, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $8.1 million portfolio sale of two single-tenant net-lease retail properties totaling 6,454 square feet in Brandon. The restaurants, which are occupied by Panera Bread and Chipotle Mexican Grill, are outparcels to Lake Brandon Plaza, a 200,000-square-foot, Publix-anchored shopping center located at 11201-11255 Causeway Blvd. Both properties were completed this year and have new 15-year, absolute triple-net leases in place. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based private investor, in the 1031 transaction. The buyer was an unnamed, private investor based in New York.

April 25, 2023

Georgia Leasing Activity Office Southeast

Colliers Inks Two New Leases at 101 W Ponce Office Building in Decatur, Georgia

by John Nelson April 25, 2023

DECATUR, GA. — Colliers has signed two new tenants to join 101 W Ponce, a 109,000-square-foot office building in downtown Decatur. The RMR Group manages the six-story office building and recently finished renovations. The two new tenants are the National Association of Chronic Disease Directors (NACDD), which will lease 18,411 square feet, and gaming company Aristocrat Technologies, which will lease 6,404 square feet. Heather Lamb and Jessica Doyle of Colliers represented the landlord in both lease deals. Mitch Kahlert and Jimmy Sanders of ICON Commercial represented NACDD, and David Todd and Detra Reid of CBRE represented Aristocrat Technologies.

April 25, 2023

Development District of Columbia Mixed-Use Multifamily Southeast Top Stories

Lowe, Mitsui Fudosan America Complete 492-Unit Apartment Project at Mixed-Use Redevelopment in D.C.

by John Nelson April 25, 2023

WASHINGTON, D.C. — Lowe and joint venture partner Mitsui Fudosan America Inc. have completed Gallery 64, a 492-unit apartment building in southwest Washington, D.C. The 12-story project is the final piece of the 500,000-square-foot mixed-use redevelopment of the former Randall Junior High School, which includes the Rubell Museum DC that opened in October 2022. “The focus and inspiration for the repositioned historic Randall School is arts and culture, which is expressed in every component of the campus, including the Gallery 64 apartments,” says Mark Rivers, executive vice president of Lowe. “With specially commissioned works of contemporary art showcased throughout the building, Gallery 64 residents will be immersed in a one-of-a-kind, arts- and culture-focused living environment.” Located at 64 H Street SW, Gallery 64 features studios to three-bedroom apartments, as well as 19 two-story townhomes. The apartments feature contemporary finishes, floor-to-ceiling windows and smart thermostats, and many have private patios or balconies. Monthly rental rates range from $1,927 to $5,306, according to the property website. Gallery 64’s community amenities include a music and podcast recording studio and a programmed maker space. Rooftop amenities include a resort-style pool, fire pits, grilling stations, dining niches and a dog walk. Other amenities include game …

April 25, 2023

Content Partner Features Midwest Multifamily Northeast Pavlov Media Southeast Student Housing Texas Western

Pavlov Media Ramps Up Multifamily, Student Housing Fiber Expansion with Equity Partner

by Sarah Daniels April 25, 2023

Pavlov Media is accelerating the expansion of its fiber network and fiber-to-the-home initiatives with a key investment from the world’s largest infrastructure investor, Macquarie Asset Management. The funding will help Pavlov Media augment its coverage of student and multifamily housing, developing and broadening resident access to high-speed Internet across a variety of property types. “We are ramping up our growth plans with a combination of building municipal fiber networks in college towns and extending service to underserved areas adjacent to our core markets,” says Glenn Meyer, board member and president of Pavlov Media. “It’s basically more of what we have already been doing but on a larger scale.” Pavlov Media is already the nation’s largest private provider of fiber-based Internet and video services to off-campus student housing, connecting properties in more than 150 U.S. markets and Canada to its national backbone via its own last-mile, municipal fiber networks and third-party circuits. The Champaign, Illinois-based company serves approximately 1,000 multifamily and student buildings encompassing more than 285,000 beds, and in recent years has begun extending fiber to customers in areas adjacent to its core student-housing markets. Now the broadband service provider is poised to quicken the pace of its growth with …

April 25, 2023

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