Southeast

Boise Cascade Purchases Distribution Facility in West Palm Beach for $31M

by John Nelson October 26, 2023

WEST PALM BEACH, FLA. — Boise Cascade Co., a publicly traded producer of engineered wood products and plywood, has purchased a new 120,000-square-foot distribution facility in West Palm Beach. Locally based Brown Distributing Co. sold the property for $31 million. The buyer’s Building Materials Distribution division will occupy the property, which is situated on an infill site totaling 9.8 acres at 1300 Allendale Road. Robert Smith, Kirk Nelson and Jeff Kelly of CBRE’s Industrial & Logistics team represented the seller in the transaction. NAI Miami represented the buyer. Built in 1987 along I-95, the facility includes 91,120 square feet of climate-controlled warehouse space and 20,000 square feet of office space across two stories.

October 26, 2023

Acquisitions Georgia Southeast Student Housing

CBRE Brokers Sale of 876-Bed Student Housing Community Near University of Georgia

by John Nelson October 26, 2023

ATHENS, GA. — CBRE has brokered the sale of The Connection at Athens, an 876-bed student housing community located near the University of Georgia campus in Athens. Jaclyn Fitts, William Vonderfecht, Casey Schaefer, Kevin Geiger and Shea Campbell of CBRE represented the seller, a partnership between Pierce Education Properties and Nuveen Real Estate, in the transaction. Priderock Capital Partners acquired the community for an undisclosed price. The Connection at Athens offers shared amenities including a resort-style pool pavilion with four pools, clubhouse, private study rooms, grilling stations, a fire pit, basketball court, sand volleyball court, game room and a dog park.

October 26, 2023

Development Retail Southeast Tennessee Top Stories

Tanger Completes 290,000 SF Outlet Mall in Nashville

by Katie Sloan October 26, 2023

NASHVILLE, TENN. — Tanger Factory Outlet Centers (NYSE: SKT) has completed Tanger Outlets Nashville, a 290,000-square-foot outlet mall in Nashville. The property is Tanger’s first new development since 2019. The open-air development consists of seven retail buildings and The Green, a central outdoor community space for programming and activations. The mall is currently 96.5 percent occupied by 60 retailers and restaurants, including Nike, Polo Ralph Lauren, Coach, Ulta Beauty, Michael Kors, Pottery Barn, Under Armour, Crocs, American Eagle, Journeys, Old Navy, Victoria’s Secret and Adidas. The property also features 15 murals by artists from across the U.S., and food and beverage offerings including Shake Shack, Crumbl Cookies, Tailgate Brewery, Red Bicycle Coffee, Prince’s Hot Chicken and Eggspectation. The development incorporated a number of sustainability efforts, including the addition of a honeybee hive with 30,000 bees; 12 electric vehicle charging stations; 2,800 rooftop solar panels; and the planting of over 500 trees and 10,000 shrubs and ground-covering plants. The development led to approximately 700 people employed during the center’s construction and another 1,100 part-time and permanent jobs created through its retail operations. The grand opening for Tanger Outlets Nashville will be tomorrow, Oct. 27. To celebrate, the company will offer prizes …

October 26, 2023

High Tech Solutions Lenders Bill Hyman Lument quote

Content Partner Features Loans Lument Midwest Multifamily Northeast Southeast Texas Video Western

How One Lender Is Finding High-Tech Solutions to Complicated Application Processes

by Sarah Daniels October 26, 2023

Today’s accelerating technology transformation is altering how the commercial real estate industry executes transactions and manages assets. “The amount of information that a multifamily borrower needs to submit and disclose has become more demanding over time,” says William (Bill) Hyman, a Lument senior managing director who oversees the firm’s strategic business technology transformation and conventional loan production. “That has made due diligence more complex and data intensive, and we wanted to create a more secure and expedient way to tackle that process.” Seeing this need, Lument responded by creating a suite of proprietary technology tools. Across the industry, the advent of online, friendlier multifamily loan application and servicing processes has not only eliminated the transfer of sensitive information through email by moving the processes to secure portals, but it has also streamlined common paper-based, time-consuming and burdensome tasks. That has translated into much speedier decisions about loans and responses to questions and requests. LeapOnline Beginnings Lument is a commercial real estate finance solutions provider based in New York that specializes in Fannie Mae, Freddie Mac, Federal Housing Administration and balance sheet lending. The company’s digital transformation began in 2017. At the time, the company saw the opportunity to better …

October 26, 2023

Development Georgia Seniors Housing Southeast

Canterbury Court in Atlanta Expands With New Independent Living Tower, Seniors Housing Hub

by John Nelson October 25, 2023

ATLANTA — Canterbury Court, a continuing care retirement community in Atlanta’s Buckhead district, has doubled in size with its new expansion. The property now includes two new additions: The Garden Tower, a high-rise that features 105 independent living apartments and a ground-level restaurant; and Monarch Pavilion, a four-story building that offers seniors housing units, amenities and services in a neighborhood setting. Monarch Pavilion comprises Azalea View, a new assisted living community; Wisteria Park, a memory care destination centered around a courtyard garden; and Sage Glen, a skilled nursing neighborhood that features dedicated physical, speech and occupational therapists. The construction period for the expansion lasted approximately two years. Greystone Communities served as the project’s financial advisory and financial consultant, and JLL provided project management services. The design-build team included architect Rule Joy Trammell + Rubio and general contractor Brasfield & Gorrie.

October 25, 2023

Loans Maryland Southeast Student Housing

JLL Secures $63M Refinancing for Student Housing Tower in Hyattsville, Maryland

by John Nelson October 25, 2023

HYATTSVILLE, MD. — JLL has secured a $63 million refinancing for Vie Towers, a 910-bed student housing community located in the Washington, D.C., suburb of Hyattsville. The high-rise community serves students attending both Howard University and the University of Maryland. Doug Opalka, Dan Kearns, Jayme Nelson and Owen Claypool of JLL worked on behalf of the borrowers, Safanad and Vie Management, to secure the three-year, floating-rate loan through Värde Partners. Built in 2006 and renovated in 2019, the community offers a mix of two-, three- and four-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a rooftop pool deck, modern fitness center, yoga studio and coworking and creative space.

October 25, 2023

Acquisitions Florida Retail Southeast

CBRE Brokers $49.3M Sale of Grocery-Anchored Shopping Center in West Miami

by John Nelson October 25, 2023

MIAMI — CBRE has brokered the $49.3 million sale of Trail Plaza, a grocery-anchored shopping center located on 17 acres at the corner of SW 8th Street and SW 67th Avenue in west Miami. Boston-based Longpoint Realty Partners LP purchased the 181,558-square-foot shopping center from an unnamed client advised by MetLife Investment Management. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction. Built in 1987, Trail Plaza was 99 percent leased at the time of sale to tenants including grocer Fresco y Mas, Walgreens, Harbor Freight Tools, Party Depot and six outparcel tenants.

October 25, 2023

Acquisitions Multifamily North Carolina Southeast

Berkadia Arranges Sale of Two-Property Multifamily Portfolio in Charlotte Totaling 292 Units

by John Nelson October 25, 2023

CHARLOTTE, N.C. — Berkadia has arranged the sale of a two-property multifamily portfolio in Charlotte. The assets include Hamilton Square, a 120-unit property located at 6017 Williams Road, and Heatherwood Trace, a 172-unit community located at 5600 Paces Glen Ave. Caleb Troop and Thomas Colaiezzi of Berkadia’s Charlotte office represented the seller, European Investment Management Corp. (EIMC), in the transaction. The buyer and sales price were not disclosed.

October 25, 2023

Acquisitions Retail South Carolina Southeast

SVN Blackstream Selected to Market Sale of WestGate Mall in Spartanburg, South Carolina

by John Nelson October 25, 2023

SPARTANBURG, S.C. — Two entities of SVN | Blackstream — Reedy River Retail and Second Story Real Estate Management — have been retained to offer for sale the leasehold interest of WestGate Mall, an enclosed regional shopping mall in Spartanburg. The mall’s anchor tenants include Belk, Dillards, JC Penney and Costco, which is located on a separate parcel and not included in the sale. The sale includes 431,306 square feet of gross leasable area as part of a ground lease that has extension options through 2084. WestGate Mall, which is the only enclosed mall in Spartanburg County, is located on a 52-acre site along I-26. The asset is currently 82 percent occupied. The mall’s former owner, Chattanooga-based CBL Properties, filed for bankruptcy in 2020 and the mall is now in receivership, according to local media outlets.

October 25, 2023

Development Industrial Life Sciences North Carolina Southeast

King Street, BE&K Top Out 200,000 SF Advanced Manufacturing Facility in Morrisville, North Carolina

by John Nelson October 24, 2023

MORRISVILLE, N.C. — King Street Properties and BE&K Building Group have topped out the second building in Phase I of Pathway Triangle, an advanced manufacturing campus underway in Morrisville, a western suburb of Raleigh. The 75-acre project will span 1 million square feet of space and represent a total investment north of $1 billion, according to the property website. The first building in Phase I is a 160,000-square-foot building that is set to open this year. The second building will span 200,000 square feet and be delivered in early 2024. Other facilities planned for the first phase include a 140,000-square-foot research-and-development building and an 8,000-square-foot amenity center. CBRE | Raleigh handles the leasing assignment at Pathway Triangle. King Street has a similar campus underway in Devens, Mass., that is home to three tenants and also branded under the Pathway concept.

October 24, 2023

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