Southeast

Benderson Acquires 85,000 SF Shopping Center in Delray Beach, Florida

by John Nelson November 27, 2023

DELRAY BEACH, FLA. — Sarasota, Fla.-based Benderson Development has acquired Linton Commons, an 85,000-square-foot shopping center located in Delray Beach, a city in South Florida’s Palm Beach County. Tenants at the property include RH Outlet, Guitar Center, PetSmart, Chipotle Mexican Grill and AT&T. Matt Berres, Samer Khalil and Karick Brown of Newmark represented the undisclosed, privately held seller in the transaction. The Newmark team also procured Benderson as the buyer in cooperation with Newmark’s Bert Sanders. The sales price was not disclosed. Benderson’s portfolio in the state also includes a freestanding Publix in Pompano Beach, which was acquired in August, and a Publix-anchored shopping center in Englewood.

November 27, 2023

Acquisitions District of Columbia Multifamily Southeast

Marcus & Millichap Brokers Sale of 26-Unit Apartment Building in D.C.

by John Nelson November 27, 2023

WASHINGTON, D.C. — Marcus & Millichap has brokered the sale of a 26-unit apartment building located at 2724 11th St. NW in the Columbia Heights neighborhood of Washington, D.C. The transaction follows a decade of legal disputes and a Chapter 11 bankruptcy filing by the seller. Nick Murray, Marty Zupancic and John Slowinski of Marcus & Millichap arranged the sale. The undisclosed buyer plans to implement a redevelopment at the property. The sales price was not disclosed.

November 27, 2023

Healthcare Leasing Activity Maryland Southeast

MedStar Signs 19,739 SF Lease at Medical Office Building in Annapolis, Maryland

by John Nelson November 27, 2023

ANNAPOLIS, MD. — MedStar Medical Group has signed a 19,739-square-foot lease at a medical office building (MOB) located at 810 Bestgate Road in Annapolis, roughly 30 miles outside of Baltimore. The new lease marks an expansion of the healthcare network’s presence at the property, which totals 100,000 square feet across four stories. MedStar now occupies 31,000 square feet at the building, which is fully leased. Stephanie Caronna represented the landlord, St. John Properties, in the lease negotiations on an internal basis. Paige Wingate and Matt Sullivan of Cushman & Wakefield represented the tenant. MedStar plans to open a surgery center at the property in March 2024.

November 27, 2023

Georgia Industrial Market Reports Southeast Southeast Market Reports

Hyundai Plant, Port of Savannah Spur Demand for Industrial Activity in Savannah

by John Nelson November 27, 2023

Savannah’s industrial real estate market is experiencing exceptional growth and now totals 113.7 million square feet, of which 98.2 million square feet (86 percent) is dedicated to bulk distribution (tracking facilities sized 100,000 square feet or larger). Year-to-date net absorption as of the end of the second quarter was 6.3 million square feet, which suggests another solid year ahead. Additionally, the vacancy rate remains low at 4.6 percent, a historically favorable level. The development community has been quick to respond to robust demand, delivering 19 buildings totaling nearly 10 million square feet in the second quarter, with the majority of it already leased. The market is primed for additional growth, with a significant amount of new construction underway. More than 16 million square feet is currently under construction, not including the Hyundai plant that will span 17 million square feet itself, along with related supplier facilities covering an additional 1.9 million square feet as of this writing. The $5.5 billion Hyundai plant will employ 8,100 people and be the company’s first dedicated electric vehicle (EV) mass-production plant. It is expected to begin full production in early 2025 and will produce over 300,000 vehicles per year. The effects of Hyundai on …

November 27, 2023

Development Florida Multifamily Southeast

Partnership Breaks Ground on 412-Unit Siesta Lakes Apartments in Cape Coral, Florida

by John Nelson November 22, 2023

CAPE CORAL, FLA. — A partnership comprising Shoreham Capital, Bridge Investment Group and Wynkoop Financial has broken ground on Siesta Lakes, a 412-unit apartment community in Cape Coral, a city in southwest Florida near Fort Myers. The property will include one-, two- and three-bedroom floor plans with high-end finishes and private balconies with views of a private lagoon. The ownership group, which purchased the 26-acre site within an opportunity zone at 186-264 Tierra De Pa Loop in July 2022, recently secured a $66 million construction loan for the project. The development team has also selected Curran Young Construction as general contractor for Siesta Lakes, which is estimated for completion in second-quarter 2025.

November 22, 2023

Development Georgia Multifamily Southeast

Alliance Residential Opens 278-Unit Broadstone 2Thirty Apartments in Downtown Atlanta

by John Nelson November 22, 2023

ATLANTA — Alliance Residential Co. has opened Broadstone 2Thirty, a 278-unit apartment community located at 230 Martin Luther King Drive SE in downtown Atlanta’s Oakland neighborhood. Situated near Grant Park, Historic Oakland Cemetery and the Atlanta BeltLine, Broadstone 2Thirty features a mix of studio, one-, two- and three-bedroom apartments averaging 790 square feet in size. Amenities include a rooftop resort-style pool and a clubroom with a game parlor, ride share waiting area, private focus rooms and a modern fitness center. Dynamik Design was the architect for the project, and Alliance Residential served as the general contractor. Monthly rental rates at Broadstone 2Thirty range from $1,590 to $3,185, according to the property website.

November 22, 2023

Acquisitions Mixed-Use Multifamily Restaurant Retail Southeast Virginia

Bonaventure Purchases Monticello Station Apartments in Downtown Norfolk for $42M

by John Nelson November 22, 2023

NORFOLK, VA. — Bonaventure has purchased Monticello Station Apartments, a 121-unit community located at 328 E. Freemason St. in downtown Norfolk, for $42 million. The Alexandria, Va.-based firm plans to rebrand the property as Attain Downtown East. The seller was not disclosed. In addition to apartments in one- to four-bedroom layouts, the property includes 33,000 square feet of retail space leased to tenants including Buffalo Wild Wings, 7-Eleven and Sushi King. Amenities include a swim spa, 24-hour fitness center, garden-style courtyards with gas grills and firepits and a conference room.

November 22, 2023

Acquisitions Florida Industrial Southeast

TruCore Investments Buys 77,845 SF Manufacturing Property in Pensacola, Florida

by John Nelson November 22, 2023

PENSACOLA, FLA. — TruCore Investments, an investment firm based in Tulsa, has acquired a manufacturing property in Pensacola, a city in Florida’s Panhandle near the Alabama border. The nearly $5 million acquisition comprises two Class B buildings totaling 77,845 square feet. The seller was an undisclosed individual investor based in California. The facilities sit on 8.1 acres at 3301 and 3329 Bill Metzger Lane within Ellyson Industrial Park. Jupiter Bach, a wind turbine component manufacturer, is the sole occupant of the two facilities, which have served as the manufacturer’s headquarters for more than 15 years. TruCore has purchased more than $130 million in Class B industrial assets in the past 24 months.

November 22, 2023

Acquisitions Florida Retail Southeast

CrossMarc Services Acquires Grocery-Anchored Shopping Center in Crescent City, Florida

by John Nelson November 22, 2023

CRESCENT CITY, FLA. — CrossMarc Services LLC, a real estate investment and advisory services based in Central Florida, has purchased Crescent City Plaza, a grocery-anchored shopping center in Crescent City, about 50 miles northwest of Daytona Beach, Fla. The property is located on 7.6 acres at 915-925 N. Summit St. Jimmy and Leo Island Properties sold the 47,945-square-foot retail center for $2.7 million. Built in 1974 and remodeled in 2019, Crescent City Plaza’s tenant roster includes Save-A-Lot and Family Dollar. The property includes a large parcel for future outparcel development. CrossMarc Services will handle leasing and management functions for the retail center.

November 22, 2023

Development Florida Hospitality Mixed-Use Multifamily Office Restaurant Retail Southeast

Joint Venture Releases Plans, Renderings for $500M Mixed-Use Destination in Downtown Orlando

by John Nelson November 21, 2023

ORLANDO, FLA. — A joint venture between SED Development LLC, JMA Ventures LLC and Machete Group Inc. has released new plans and renderings for a mixed-use destination in downtown Orlando. The development, dubbed the Orlando Sports + Entertainment District, will span 8.5 acres adjacent to Amway Center, the home arena for the NBA’s Orlando Magic. The Orlando Sentinel reports the project will cost roughly $500 million to develop. The 900,000-square-foot destination will include a 260-room hotel with an outdoor lounge and pool deck, as well as meeting space and a chef-driven restaurant. Other components will include a 270-unit high-rise apartment tower, 200,000 square feet of Class A offices that are 30 percent preleased, 1.5 acres of central green space, 100,000 square feet of shops and restaurants and a 3,500-seat live music venue that can double as an events space with the capacity to host up to 1,000 guests. The construction timeline for Orlando Sports + Entertainment District was not released.

November 21, 2023

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