Southeast

Turnbridge Equities Begins Construction on Ashwood 12 South Mixed-Use Development in Nashville

by John Nelson April 13, 2023

NASHVILLE, TENN. — Turnbridge Equities has begun construction on Ashwood 12 South, a mixed-use development located at 2212 12th Ave. S in Nashville. The 116,500-square-foot project will be located on a nearly two-acre site in the city’s 12 South neighborhood. Set for completion in late 2024, Ashwood 12 South will feature 44,500 square feet of retail and restaurant space, including Two Hands, a community-focused café and bar, and Sushi-san, a sushi concept from Lettuce Entertain You Restaurants. The development will also include 72,000 square feet of small offices, outdoor common areas and 190 parking spaces. Jeremy Zidell of Rue Realty and Elam Freeman of Ojas Partners are handling the retail leasing assignment at Ashwood 12 South, and Frank Thomasson and Byran Fort of CBRE are handling office leasing.

April 13, 2023

Acquisitions Georgia Retail Southeast

CBRE Arranges Sale of Publix-Anchored Shopping Center in Suwanee, Georgia

by John Nelson April 13, 2023

SUWANEE, GA. — CBRE has arranged the sale of The Village Shoppes at Windermere, a Publix-anchored shopping center located in the Atlanta suburb of Suwanee. Cincinnati-based Phillips Edison & Co. purchased the property from San Antonio-based Affinius Capital (formerly USAA Real Estate) for an undisclosed price. Chris Decoufle, Kevin Hurley and Matt Karempelis of CBRE’s National Retail Partners – Southeast team represented the seller in the transaction. Located at 3120-3130 Mathis Airport Parkway in Gwinnett County, the 73,404-square-foot shopping center houses a dry cleaner, martial arts studio, nail salon, orthodontics office and a Mexican restaurant, among other tenants. Village Shoppes was 93.3 percent leased at the time of sale, with two vacancies totaling nearly 5,000 square feet remaining.

April 13, 2023

District of Columbia Southeast

MBA: Total Commercial and Multifamily Lending Declined 8 Percent in 2022

by John Nelson April 13, 2023

WASHINGTON, D.C. — Commercial real estate and multifamily mortgage borrowing and lending totaled $816 billion in 2022, which is an 8 percent decrease from the record $891 billion set in 2021, according to the Mortgage Bankers Association’s (MBA) 2022 Commercial Real Estate/Multifamily Finance Annual Origination Volume Summation report. The Washington, D.C.-based organization forecasted a year ago that 2022 commercial real estate and multifamily originations would exceed $1 trillion. MBA reports that the 2022 volume was the second highest annual total and represents a 33 percent increase from the $614 billion volume in 2020. Jamie Woodwell, MBA’s head of commercial real estate research, says that originations started the year off strong but got sidetracked. “[Borrowing and lending] dropped off because of rising interest rates, uncertainty about property values and increased questions about the economy and some property fundamentals,” says Woodwell. “A key question for 2023 is when the market will have stabilized enough for the logjam in new deal activity to break.” Bank lending bucked the trend, increasing by 12 percent to $409 billion. Government-sponsored entities Fannie Mae and Freddie Mac had the second highest originations volume at $128 billion, followed by life insurance company and pension funds, private label CMBS …

April 13, 2023

Bohler Content Partner Development Features Midwest Multifamily Northeast Retail Southeast Texas Western

Savvy Developers Stay Active Even When the Easy Sites Are Gone

by Sarah Daniels April 13, 2023

As vacant sites become rare and cost-prohibitive, commercial real estate developers need to be creative when it comes to bringing a new project out of the ground. Unconventional development sites offer cost savings and location advantages, and in-depth due diligence and creativity on the part of developers can make for sites that can allow an elegant union of lower costs and strategy. With limited room for delay, how can developers think critically about available sites and leverage existing conditions to their advantage? Katherine Roberts, senior project manager at Bohler’s Warrenton, VA office, and Gregory Roth, principal at Bohler’s Tampa office, offer their expert advice on threading this needle. Bohler specializes in land development, especially making development work when conventional sites aren’t an option. Prioritizing Development Needs When Assessing Red Flags Certain project factors can be red flags if time or cost are obstacles to a developer, including These points of concern are usually knots that can be untangled if a developer has the time, money and appetite to move forward in spite of these interruptions, but each factor does bear watching. “Developers should understand where their limits are and where they’re willing to negotiate. Ideally, anything you’re developing should be …

April 13, 2023

Development Industrial North Carolina Southeast

Beacon Partners Breaks Ground on 511,000 SF Industrial Project in Metro Raleigh

by John Nelson April 12, 2023

KNIGHTDALE, N.C. — Beacon Partners has broken ground on Knightdale Gateway, a 511,000-square-foot industrial park about 15 miles east of Raleigh in Wake County. Slated for completion in the second quarter of 2024, the project will feature two Class A buildings with 36-foot clear heights. The assets will include a 221,363-square-foot building anchored by the new 195,056-square-foot headquarters facility for Kitchen Cabinet Distributors (KCD) and a 289,632-square-foot building with frontage along U.S. Highway 64. Al Williams and Michael Morgan of JLL represented KCD in the lease transaction, and Tim Robertson with Beacon Partners represented the landlord internally. Williams, along with JLL colleague Matt Winters, will handle the leasing assignment for the remaining space at Knightdale Gateway. The design-build team includes general contractor Choate Construction, Merriman Schmitt Architects and Advanced Civil Design. Fifth Third Bank is providing an undisclosed amount of construction financing to Beacon Partners for the project.

April 12, 2023

Development Florida Industrial Southeast

Joint Venture to Develop 108,554 SF Cold Storage Facility in Tampa’s Ybor City Neighborhood

by John Nelson April 12, 2023

TAMPA, FLA. — Sansone Group, Mandich Group and BentallGreenOak have formed a joint venture to develop and operate a new 108,554-square-foot cold storage facility in Tampa’s Ybor City neighborhood. The rail-served facility will be situated less than three miles from Port Tampa and the CSX Intermodal Tampa Terminal, as well as 12 miles from Tampa International Airport. Tippmann Construction is the general contractor for the project, and locally based Stifel Bank provided an undisclosed amount of construction financing to the developers. Scott Delphey and Matthew Delphey of Food Properties Group, along with Lisa Ross and Trey Carswell of Cushman & Wakefield, will lease the facility on behalf of the ownership group.

April 12, 2023

Development Florida Hospitality Southeast

Key International, Shaner Open 156-Room SpringHill Suites Hotel in Jacksonville Beach, Florida

by John Nelson April 12, 2023

JACKSONVILLE BEACH, FLA. — Key International and Shaner Hotels have opened the 156-room SpringHill Suites by Marriott Jacksonville Beach Oceanfront hotel. Shaner will operate the oceanfront hotel, which is owned by Key International. Located at 465 N. First St. in Jacksonville Beach, the hotel houses Sandbar Jax Bch, an oceanfront restaurant and bar, as well as a 24/7 lobby market for snacks and necessities and a fitness center that offers unobstructed views of the oceanfront pool. The hotel represents the first partnership between Key and Shaner and Shaner’s fifth hotel in the metro Jacksonville market.

April 12, 2023

Acquisitions Industrial Kentucky Southeast

MAG Capital Partners Buys 75,469 SF Industrial Facility in Carrollton, Kentucky in Sale-Leaseback Transaction

by John Nelson April 12, 2023

CARROLLTON, KY. — MAG Capital Partners LLC has acquired a 75,469-square-foot industrial facility located at 3356 U.S. Highway 42 E in Carrollton. The Dallas-based investment firm purchased the asset in a sale-leaseback with the tenant, DRC Industries, a regional converter and distributor of paper products and other packaging materials. Forest Bender of Marcus & Millichap represented the seller in the transaction, the sales price of which was not disclosed. Built in 1992 along the Ohio River, the warehouse has three drive-in doors, nine docks and 20-foot clear heights. The property is proximate to DRC’s production facility located where the Ohio and Kentucky rivers meet.

April 12, 2023

Acquisitions Affordable Housing Georgia Multifamily Southeast

GREA Arranges $6.5M Sale of Affordable Housing Community in Douglasville, Georgia

by John Nelson April 12, 2023

DOUGLASVILLE, GA. — GREA (Global Real Estate Advisors) has arranged the $6.5 million sale of Douglasville Proper, a 100-unit affordable housing community located at 8424 Chicago Ave. in Douglasville, a suburb of Atlanta. Cory Caroline Sams and Taylor Brown of GREA represented the seller, Signature Management, in the transaction. The buyer, S & S Capital Partners, plans to preserve the affordability of the LIHTC property during its ownership. Built in 1995, Douglasville Proper features one-, two- and three-bedroom floor plans.

April 12, 2023

Development Multifamily Southeast Virginia

Middleburg, Resmark to Develop 310-Unit Apartment Community in Metro Richmond

by John Nelson April 11, 2023

GLEN ALLEN, VA. — A joint venture between Middleburg Communities and The Resmark Cos. plans to develop The Brook, a 310-unit apartment development located on a 13.5-acre site at 9002 Brook Road in Glen Allen, a suburb of Richmond. The co-developers expect to begin construction this month, with the community scheduled to open in late 2024. The Brook will comprise five four-story apartment buildings totaling 274 units, as well as six six-unit townhome buildings. Apartments will come in a mix of one-, two- and three-bedroom floor plans, and townhomes will come in two- and three-bedroom layouts. The Brook’s amenities will include an outdoor swimming pool, fitness center and yoga studio, grilling stations, dog park, pet spa and electric vehicle charging stations. Truist Bank provided an undisclosed amount of construction financing for the project.

April 11, 2023

Newer Posts

Older Posts