BALTIMORE — Greysteel has arranged the sale of Apartments at Park, an 11-unit apartment building in Baltimore’s Midtown district. The undisclosed buyer plans to complete approved plans for the addition of a five-story multifamily building at the site, located at 814 Park Ave., as well as make renovations to existing apartments. Aaron Inman, Kyle Tangney and Herb Schwat of Greysteel brokered the sale on behalf of the undisclosed seller.
WINSTON-SALEM, N.C. — Northmarq has arranged $20.8 million for the refinancing of The Residences at Diamond Ridge, a 335-unit apartment community located in Winston-Salem. Built in 1959 and 1969 and renovated in 1987, the community comprises 14 three-story buildings with apartments in one-, two- and three-bedroom layouts. Jeffrey Ketron of Northmarq secured the fixed-rate Fannie Mae loan, which carries a five-year term and three years of interest-only payments. Northmarq’s Fannie Mae DUS team assisted in arranging the financing for the property.
Over the course of this year, Greenville-Spartanburg’s industrial market is expected to continue its overall upward trajectory with increasing rental rates, record-low vacancy rates and ongoing tenant demand. The fundamentals of Upstate South Carolina’s industrial market are among the strongest anywhere in the country right now due to a myriad of cylinders on which it is simultaneously firing. The market’s plethora of demand drivers include e-commerce users, manufacturing, the automotive industry and the draw of the Inland Port located in Greer. To understand the full picture, however, it’s important to also consider what the Greenville- Spartanburg market is not firing on. The market is not stifled by unions, high regulation or the lack of viable sites, available buildings and utility infrastructure some other markets have to contend with. An important factor affecting current absorption is multiple fourth-quarter tenant occupancy dates being pushed from fourth quarter of 2022 to first quarter of 2023. There was 17.9 million square feet of industrial space under construction at year-end 2022, with approximately 4 million square feet of that already preleased but not yet delivered. Those deliveries in early 2023 will naturally lead to positive absorption and help rebalance the market. A variety of industrial …
DELRAY BEACH, FLA. — 13th Floor Investments and Key International, in partnership with CDS International Holdings and Wexford Capital, have broken ground on the first phase of a multifamily project at the Parks at Delray, a 50-acre mixed-use development located along Congress Avenue in Delray Beach. Upon completion, the residential component will total 747 units across a mix of townhomes and three- and five-story apartment buildings. Phase I, which is scheduled for delivery in 2024 and 2025, will comprise 420 units, with Phase II including 327 units. Apartments will range in size from 580 to 1,400 square feet in one-, two- and three-bedroom layouts. The townhomes will feature three-bedroom layouts and span between 1,670 and 1,770 square feet. Amenities will include a clubhouse, gym, pool, social room and parks and green spaces. ANF Group is serving as the general contractor on the project, which was designed by MSA Architects. Parks at Del Ray will also feature 40,000 square feet of grocery-anchored retail space and 68,000 square feet of office space.
CHARLESTON, S.C. — A joint venture between Edgewater Ventures and Singerman Real Estate has acquired a 603,214-square-foot distribution facility in Charleston. Located at 1980 Clements Ferry Road, the building features tilt-up concrete construction with 40-foot clear heights, 66,700 square feet of offices, 300 parking spaces, double-sided loading configuration and onsite trailer storage. The seller, apparel manufacturer Gildan Activewear, will lease the facility from the new ownership, which also plans to subdivide roughly 21 acres at the site for the development of an additional 300,000-square-foot facility.
DURHAM, N.C. — Publix Super Markets has opened a 46,791-square-foot store at Marketplace at Ellis Crossing, a 30-acre mixed-use development underway in Durham. Located at the northeast corner of Ellis Road and Watchorn Street, the project marks the fourth North Carolina development for Thompson Thrift. Other tenants at the property, which features an additional 25,000 square feet of retail space, include Chipotle and First National Bank, which is scheduled to open in 2024. Sheetz, Heartland Dental, Lee Nails and It’s a Southern Thing Kitchen & Bar are also expected to open at the development this summer.
NORFOLK, VA. — Cleveland-based Legacy Capital Partners and Raleigh-based Fulton Peak Capital have purchased Water’s Edge Apartments, a 190-unit multifamily community in Norfolk. Built in 1986, the property will undergo capital improvements under the new ownership, including the addition of vinyl plank flooring, granite countertops, new fixtures, stainless steel appliances, lighting and vanities and washer/dryer units. The joint venture also plans to make environmentally friendly upgrades including LED lighting, smart thermostats and new showerheads and faucets. The seller and sales price were not disclosed.
CHARLOTTE, N.C. — Two tenants have signed leases at Oakhurst Commons, a 135,000-square-foot adaptive reuse project currently underway in Charlotte. Massage studio Mood House will lease 3,000 square feet, marking the brand’s second Charlotte location. Additionally, Pop the Top Craft Beer will open a 2,000-square-foot brewery with outdoor patio space. A joint venture between MDH Partners and Parkside Partners acquired the property — located at 4000 Monroe Road and formerly home to a five-building office, warehouse and lab facility — in 2021. Upon completion, the development will include 120,000 square feet of office space and 15,000 square feet of retail space. Alex Mann of Thrift Commercial Real Estate Services handles leasing for the project.
OAKLAND PARK, FLA. — Walker & Dunlop has arranged $51 million in construction financing for Sky Building, a mixed-use development located in the South Florida city of Oakland Park. The borrower, locally based NRI Investments, previously signed a development agreement, lease agreement and purchase and sale agreement for the 2.1- acre site with the City of Oakland Park. Sky Building will house 136 affordable and workforce units, which are connected by a skybridge to the City of Oakland Park’s new City Hall, alongside roughly 15,000 square feet of ground-floor retail space. The site is within an opportunity zone approximately three miles north of downtown Fort Lauderdale. Jeremy Pino, Livingston Hessam, Carl Passmore, Kyle Miller, David Strange and Keith Melton of Walker & Dunlop arranged the financing via senior construction lenders and debt and equity funds. The financing was underwritten at 80 percent loan-to-cost and is non-recourse through the capital stack, according to Walker & Dunlop. The construction timeline for Sky Building was not disclosed.
NASHVILLE, TENN. — Placemakr, a tech-centric hospitality and multifamily operator, has opened its third Nashville location. The 89-unit property is located at 321 Hart St. in the city’s Wedgewood-Houston neighborhood. Placemakr Wedgewood-Houston, formerly a Bento Living building, features apartment-style units for nightly hotel, short-term rental and long-term furnished housing stays. Units range from micro studios to two-bedroom apartments. According to the property website, a one-night stay this weekend ranges from $169 to $379. Guests have access to an outdoor rooftop terrace with views of downtown Nashville, a fitness center, meeting spaces, onsite bodega, coffee bar and an onsite Pacific-Rim-inspired restaurant. Placemakr’s other Nashville locations are in SoBro and Music Row.
