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DevelopmentFloridaMixed-UseMultifamilyRestaurantRetailSoutheast

PMG, Greybrook Begin Preleasing Society Wynwood Mixed-Use Project in Miami

by John Nelson

MIAMI — PMG and Greybrook have begun preleasing at Society Wynwood, a mixed-use development underway at 2431 N.W. 2nd Ave. in Miami’s Wynwood district. The property will include 318 residential units and 50,210 square feet of commercial space that will include announced tenants Bodega Taqueria, Dave’s Hot Chicken, Starbucks, Chama De Fogo and Nacho Daddy. Amenities at Society Wynwood will include a rooftop pool deck featuring a gym, full-service restaurant and hot tub. Other amenities, which will total 82,000 square feet, include multiple art installations, a coworking lab with private conference rooms, modern gym and fitness studio, a picnic courtyard, social lounges, yoga lawn, smart package lockers and app-based keys. Society Wynwood will be Miami-based PMG’s first Miami project delivered to residents under the Society Living brand portfolio. First move-ins are slated to begin in February 2024. Rental rates will range from $ 1,830 to $5,525 per month, according to Apartments.com.

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District of ColumbiaHealthcareLoansSoutheast

Thorofare Capital Provides $125.9M Loan for Medical Office Portfolio in Metro D.C.

by John Nelson

LOS ANGELES — Thorofare Capital Inc., a Los Angeles-based affiliate of asset management platform Callodine Group LLC, has provided a $125.9 million loan for a medical office portfolio in greater Washington, D.C. The portfolio comprises eight properties totaling more than 705,000 square feet, the majority of which are situated on or adjacent to hospital campuses. Thorofare Capital provided the three-year, floating-rate loan to the borrower, an investment vehicle managed by Chicago-based Harrison Street. Felix Gutnikov, Jacob Yi and Nicholas Krueger of Thorofare Capital originated the financing. John Nero, Ben Appel, Jay Miele and Michael Greeley of Newmark’s Healthcare Capital Markets Group arranged the loan.

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AcquisitionsGeorgiaRetailSoutheast

Northmarq Brokers $13.9M Sale of Retail Property in Atlanta Leased to Tesla

by John Nelson

ATLANTA — Northmarq has brokered the $13.9 million sale of a freestanding, 27,800-square-foot retail property located at 2121 Briarcliff Road NE in Atlanta’s North Druid Hills neighborhood. Electric vehicle giant Tesla occupies the property, which was formerly a Whole Foods Market grocery store, as a retail service center on a new double-net lease. Mike Sladich of Northmarq represented the seller, Blanchard Real Estate Capital, in the transaction. The buyer was not disclosed.

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AcquisitionsLouisianaRetailSoutheast

SRS Arranges Sale of 100,120 SF Karam Shopping Center in Lafayette, Louisiana

by John Nelson

LAFAYETTE, LA. — SRS Real Estate Partners has arranged the sale of Karam Shopping Center, a 100,120-square-foot, grocery-anchored shopping center located at 215 W. Willow St. in Lafayette, about 55 miles west of Baton Rouge. Houston-based Mishra Group purchased the shopping center from TCP Realty Services for an undisclosed price. Kyle Stonis and Pierce Mayson of SRS, along with Jonathan Walker of Maestri-Murrell Inc., represented the seller in the transaction. Situated near I-10 and the University of Louisiana at Lafayette, Karam Shopping Center is anchored by Super 1 Foods and dds Discounts.

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AcquisitionsDevelopmentIndustrialNorth CarolinaSoutheast

Stonemont, Fortius Complete 702,250 SF Industrial Park in Metro Charlotte, Sell Building to Chick-fil-A Supply

by John Nelson

KANNAPOLIS, N.C. — Stonemont Financial Group and Fortius Capital Partners have completed the development of Lakeshore Corporate Park, a 702,250-square-foot industrial park in the north Charlotte suburb of Kannapolis. Situated off I-85 on Stadium Drive, the property comprises three buildings featuring 32- to 36-foot clear heights, full-building circulation and 260- to 310-foot depths. Building 1 totals 128,750 square feet, and Buildings 2 and 3 comprise 294,500 and 279,000 square feet, respectively. The property also includes 515 car parking spaces and 76 trailer parking stalls. Chick-fil-A Supply, a subsidiary of Chick-fil-A Inc., has purchased Building 1, with plans to use the facility as a distribution and operations center. Construction of the development began in July 2022, and the project team included Choate Construction Co., Triad Design Group and Oak Engineering.

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AcquisitionsDevelopmentHealthcareMixed-UseNorth CarolinaSoutheast

UNC Health Acquires 43-Acre Parcel Within Chatham Park in Metro Raleigh

by John Nelson

PITTSBORO, N.C. — UNC Health has acquired a 43-acre parcel within Chatham Park, an 8,500-acre master-planned community located in Pittsboro, roughly 34 miles outside of Raleigh. Development of the parcel, which can accommodate up to 700,000 square feet of medical care facilities, will complement existing UNC Health facilities within Chatham Park. Preston Development is the master developer of the community, which features residences as well as more than 200,000 square feet of office and retail space. A 121-room Hampton Inn hotel is scheduled to open soon, and site development is currently underway for a 34,000-square-foot YMCA facility. UNC Health has not released a development timeline for the healthcare facilities.

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AcquisitionsFloridaMultifamilySoutheast

Covenant Capital Sells 640-Unit Multifamily Community in Tampa

by John Nelson

TAMPA, FLA. — Covenant Capital Group has sold Seven Lakes at Carrollwood, a 640-unit multifamily community located in Tampa. Situated on more than 39 acres, the property features apartments in studio, one- and two-bedroom layouts and amenities including a swimming pool, fitness center and clubhouse. Monthly rental rates begin at $1,270, according to the community website. The buyer and sales price were not disclosed.

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GeorgiaLeasing ActivityRetailSoutheast

Halpern Signs Marshalls, Five Below to Leases Totaling 26,450 SF at Old Orchard Square in Ellijay, Georgia

by John Nelson

ELLIJAY, GA. — Halpern Enterprises has signed two new leases totaling 26,450 square feet at Old Orchard Square, a 131,200-square-foot shopping center located in Ellijay, roughly 80 miles north of Atlanta. Halpern has owned the property, which is anchored by a 68,000-square-foot Ingles grocery store, since 1994. Marshalls will replace Black Bear Antiques in an 18,000-square-foot space, and Five Below will occupy 8,450 square feet at the center. Other tenants include BenchMark Physical Therapy, Okinawa Restaurant, UPS, Pizza King and Farmer’s Home Furniture.

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AcquisitionsKentuckyMultifamilySoutheast

Marcus & Millichap Arranges Sale of 40-Unit Jefferson Park Apartment Community in Louisville

by John Nelson

LOUISVILLE, KY. — Marcus & Millichap has arranged the sale of Jefferson Park, a 40-unit apartment community located at 5161 Jefferson Blvd. in Louisville. Built in 2016, the single-building property was constructed and sold by an unnamed, locally based developer. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented both the seller and buyer, a limited liability company, in the transaction. Grant Fitzgerald assisted in closing the sale as the Kentucky broker of record for Marcus & Millichap. The sales price was not disclosed.

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KentuckyMarket ReportsOfficeSoutheastSoutheast Market Reports

Office Tenants Are Seeking Class A Spaces in Downtown Louisville, Suburbs

by John Nelson

Like many regional peer cities, there is a clear bifurcation between office leasing activity in Louisville’s downtown and suburban office markets.  Downtown Louisville has been slower to recover from the double gut-punch of the COVID-19 pandemic and local social unrest that kept workers away from the office in 2020, with overall vacancy stubbornly exceeding 20 percent for most of this year. Much of the vacancy has been driven by health insurer Humana, by far the largest office occupier in downtown Louisville, which has let several large Class B office leases expire as it continues to consolidate its workforce into properties the company owns.  Year-to-date, downtown leasing activity totals 115,000 square feet, which is up 58 percent compared to this time last year, while overall absorption has swung sharply lower at negative 237,000 square feet.  The relative oversupply of available office space has created a very “tenant-friendly” dynamic downtown, with landlords becoming increasingly aggressive to court leasing activity. More so than their suburban counterparts, downtown landlords are offering outsized incentive packages to tenants, including rental concessions, turnkey construction delivery of new tenant space, termination options and rental abatement periods that in some cases extend beyond one year.  In exchange, downtown tenants …

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