Southeast

Carter to Build Two Apartment Communities in Atlanta, Charlotte

by John Nelson March 31, 2023

ATLANTA AND CHARLOTTE, N.C. — Carter has plans to develop two apartment communities in Atlanta and Charlotte under its Story brand. Patterson Real Estate Advisory Group arranged construction financing through Truist for Story Mt. Zion on Atlanta’s south side and South State Bank for Story University North on Charlotte’s north side. The projects represent the sixth and seventh Story communities that Carter is developing in the Southeast. Summit Contracting Group is developing both properties, which will feature one-, two- and three-bedroom layouts and comprise 300 to 330 apartments. The construction timelines for the communities were not disclosed.

March 31, 2023

Development Florida Industrial Southeast

Merritt Acquires 16 Acres to Expand Imeson Landing Business Park in Jacksonville

by John Nelson March 31, 2023

JACKSONVILLE, FLA. — Merritt Properties has acquired 16 acres for the expansion of the company’s Imeson Landing Business Park in Jacksonville. Three additional flex/light buildings comprising 114,500 square feet will be built at the site, with construction scheduled to begin in 2024. Upon completion, the development, which is located at the corner of Imeson Park Boulevard and Zoo Parkway, will total 380,700 square feet across eight buildings. Merritt was self-represented by Bobby Lanigan and Pat Franklin, and Luke Pope of JLL represented the land seller in the transaction. Preleasing is currently underway. Nine tenants have signed leases ranging in size from 3,000 to 29,000 square feet at the development thus far.

March 31, 2023

Acquisitions Industrial North Carolina Southeast

Northmarq Brokers $9.5M Sale-Leaseback of Industrial Property in Rockingham, North Carolina

by John Nelson March 31, 2023

ROCKINGHAM, N.C. — Northmarq has brokered the $9.5 million sale-leaseback of a single-tenant industrial property located at 235 River Road in Rockingham. The seller, Mount Vernon Mills Inc., fully occupies the 270,252-square-foot facility on a corporate guaranteed, triple-net-lease basis. Built in 1973, the property is situated on 27.7 acres and offers room for expansion. Robert Poirier of Northmarq represented both the seller and buyer, an Arizona-based institutional investor.

March 31, 2023

Development Georgia Hospitality Southeast

Extended Stay America Opens 84-Room Hotel in Metro Atlanta

by John Nelson March 31, 2023

MCDONOUGH, GA. — Extended Stay America has opened an Extended Stay Suites hotel in McDonough, roughly 30 miles southeast of Atlanta. Developed by TGC Group, the property totals 84 rooms. Amenities include complimentary WiFi, free breakfast, cable, a fitness room, onsite guest laundry and a lobby. TGC Hospitality Management is the hotel’s property manager.

March 31, 2023

Florida Leasing Activity Office Southeast

CBRE Arranges 33,175 SF Lease at Rivergate Tower Office Building in Tampa

by John Nelson March 31, 2023

TAMPA, FLA. — CBRE has arranged a 33,175-square-foot lease at Rivergate Tower, a 515,965-square-foot office building located at 400 N. Ashley Drive in Tampa. Law firm Johnson Pope Bokor Ruppel & Burns LLP will occupy the space beginning in October of this year. Amenities include a tenant lounge, café, two conference/training centers, dry cleaning services, a fitness center, valet parking and an outdoor terrace café/bar. A Malio’s Steakhouse restaurant also operates at the property. Roxanne Kemph and Kelley Matheson of CBRE represented the landlord, Banyan Street Capital, in the lease negotiations. Chris Butler, Ryan McCurdy and Lorenzo Gonzalez of Franklin Street represented the tenant.

March 31, 2023

Development Georgia Loans Multifamily Southeast

Santander Bank, TD Bank Provide $100M Construction Loan for Multifamily High-Rise Project in West Midtown Atlanta

by John Nelson March 30, 2023

ATLANTA — Santander Bank and TD Bank have provided a $100 million construction loan to The Allen Morris Co. for Stella at Star Metals, a 21-story multifamily high-rise development in Atlanta’s West Midtown district. The 327-unit tower is the latest phase for Allen Morris Co.’s Star Metals District, a mixed-use development straddling Howell Mill Road that includes the Sentral at Star Metals apartments and Star Metals Offices. Brasfield & Gorrie constructed the other two properties and will serve as general contractor for Stella at Star Metals. The property will feature units with floor-to-ceiling windows, 10-foot ceiling heights, Italian cabinetry, stone countertops and outdoor balconies. Amenities will include a two-story, full-service bar and green roof terrace on the 17th floor; infinity pool, cabana and grilling stations on the seventh floor; an indoor/outdoor fitness center; dog spa; and a theater-style screening room. Additionally, Stella’s ground level will house 25,000 square feet of retail space anchored by chef-driven restaurants from the restaurateurs at Grass Fed Culture and Fishmonger. Stella residents are expected to move-in by mid-2025. Allen Morris Co. recently acquired 3.3 acres that will house fourth, fifth and sixth phases of Star Metals District.

March 30, 2023

Development Florida Mixed-Use Southeast

Barron Collier, Metro Commercial Break Ground on Winchester Mixed-Use Project in Southwest Florida

by John Nelson March 30, 2023

NAPLES, FLA. — Barron Collier Investment Partners, a joint venture between Barron Collier Cos. and Metro Commercial Development Group, has broken ground on Winchester, a 21-acre mixed-use property in Naples. The development is the second project between the two firms, joining the nearby Founder’s Square development. Situated on Immokalee Road and Orange Tree Boulevard, Winchester will include a major medical tenant, quick-serve restaurant, storage facility and retail space. The joint venture expects to announce tenants soon and to open by mid-2024. In addition to Founder’s Square and Winchester, Barron Collier and Metro Commercial plan to co-develop more mixed-use projects throughout the state of Florida, both ground-up opportunities and redevelopments.

March 30, 2023

Development Seniors Housing Southeast Tennessee

Home Communities Delivers 180-Unit Seniors Housing Property in Memphis

by John Nelson March 30, 2023

MEMPHIS, TENN. — Home Communities Co. has delivered Brightmore of East Memphis, a 180-unit seniors housing development in Memphis. The property comprises 122 independent living apartments and 34 assisted living units in the main building, 24 memory care units in an adjoining single-story building, multiple outdoor spaces and dining options. The design-build team includes architect and landscape architect Baker Barrios and general contractor Montgomery Martin Contractors. Liberty Senior Living is the operator of Brightmore of East Memphis.

March 30, 2023

Acquisitions Florida Retail Southeast

PGIM Sells Two Publix-Anchored Centers in Florida to Phillips Edison & Co. for $32M

by John Nelson March 30, 2023

MIRAMAR AND JENSEN BEACH, FLA. — PGIM Real Estate has sold two Publix-anchored shopping centers in Florida to Phillips Edison & Co. for a combined $32 million. The properties include the 70,288-square-foot Shops at Sunset Lakes in Miramar and the 109,811-square-foot Town Center at Jensen Beach. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented PGIM in both transactions. Built in 1999, Shops at Sunset Lakes was 98.4 percent leased at the time of sale to Goodwill, State Farm Insurance, Sedation Dental Spa, Small World Montessori, The Tutoring Center and Sushi Ski. Town Center Shops at Jensen Beach was built in 2000 and was 83.5 percent leased at the time of sale to tenants including Culvers, Orangetheory Fitness, Party City, Parents Choice Preschool, All Partners Network and Coastal Animal Hospital.

March 30, 2023

Affordable Housing Development Loans Louisiana Multifamily Southeast

Hunt Capital Partners Invests $6.2M in LIHTC Equity for Affordable Housing Redevelopment in Baton Rouge

by John Nelson March 30, 2023

BATON ROUGE, LA. — Hunt Capital Partners has provided $6.2 million in LIHTC equity for Government Corridor, a 103-year-old affordable housing redevelopment in Baton Rouge. The project will renovate 34 detached single-family and duplex homes that are reserved for families earning up to 30, 50 and 60 percent of the area median income (AMI). Additionally, 30 percent of all homes at Government Corridor will be set aside for special needs households. Originally built in 1920, the campus comprises three clusters that are situated within short distance of the recently overhauled Government Street. Only 15 percent of Government Corridor is occupied, and residents of the occupied units will be relocated until the first phase of the project is complete. The development team for Government Corridor includes general contractor Ethridge Construction; architect Erick Parnell, owner of ArchBoutant; and property manager GHCP Management LLC, an affiliate of nonprofit partner Gulf Coast Housing Partnership (GHCP). Rehabilitation work is underway and scheduled for completion in February 2024. Other capital partners include United Bank, the State of Louisiana Division of Administration Office of Community Development and GCHP.

March 30, 2023

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