Southeast

Dwight Capital Provides $66.3M HUD-Insured Loan for Woodstock West Apartments in Metro Atlanta

by John Nelson March 21, 2023

WOODSTOCK, GA. — Dwight Capital has provided a $66.3 million loan for the refinancing of Woodstock West, a 407-unit apartment community in the Atlanta suburb of Woodstock. Brandon Baksh and Karnveer Bal of Dwight Capital originated the HUD 223(f) loan for the borrower, Walton Communities. The loan includes a Green Mortgage Insurance Premium (MIP) Reduction set at 25 basis points because the property is in the process of achieving an NGBS Bronze certification. Woodstock West, which was developed in two phases in 2013 and 2017, comprises nine apartment buildings, two townhome buildings and one amenity building with a pool, cabana, grills and a fireplace. The property also features a 1,148-square-foot commercial space occupied by photography studio White Wall Studio.

March 21, 2023

Industrial Leasing Activity Maryland Southeast

Washington Metropolitan Area Transit Authority Signs 90,473 SF Warehouse Lease in Landover, Maryland

by John Nelson March 21, 2023

LANDOVER, MD. — The Washington Metropolitan Area Transit Authority (WMATA) has signed a lease for 90,473 square feet of warehouse space at 6304 Sheriff Road in Landover, about nine miles east of Washington, D.C. Kenneth Fellows, Robert Pugh and Keiry Martinez of Edge represented the tenant in the lease transaction. Nuveen Real Estate is the landlord of the 540,000-square-foot facility, which is situated on a 22-acre site near I-495 and MD Routes 50 and 295. WMATA, the transit authority behind the Metrorail and Metrobus services, expects to occupy the warehouse beginning in the second or third quarter.

March 21, 2023

Development Leasing Activity Mixed-Use Retail South Carolina Southeast Top Stories

Whole Foods to Anchor $1B Mixed-Use Development in Downtown Greenville, South Carolina

by John Nelson March 21, 2023

GREENVILLE, S.C. — Whole Foods Market has signed on to anchor Greenville County Square, a $1 billion mixed-use redevelopment project in downtown Greenville. Atlanta-based RocaPoint Partners is the developer behind the 3.5 million-square-foot live-work-play destination, which will modernize and activate 40 acres along University Ridge. The Austin, Texas-based grocer will occupy a standalone building designed by MVA Architects. Whole Foods is the first tenant announced, and RocaPoint is currently pursuing other credit-worthy retailers and restaurants to join the development. “Whole Foods Market will add to the development’s lively charm and represents the quality of the tenants we’re targeting to drive economic growth while simultaneously answering public interest at Greenville County Square,” says Patrick Leonard, principal of RocaPoint. The developer says that Greenville County Square will serve as a connective hub to the city’s outdoor-oriented attractions, namely Falls Park and the new Cancer Survivor’s Park. Additionally, the project is expected to connect with the historic Swamp Rabbit Trail, a 22-mile walking and biking path that runs along the Reedy River and connects Greenville to Travelers Rest, S.C. “This redevelopment is positioned to be the ideal walkable environment for residents and visitors with a strategic blend of office, hotels, residential, restaurant, entertainment and …

March 21, 2023

Content Partner Features Industrial Midwest NAI Northeast Southeast Texas Western

Supply Chain Simplification: More Accessible Collaborations, Quality Control Lead the Way for Reshoring in 2023

by Sarah Daniels March 21, 2023

As economic uncertainty remains at the forefront, there is a continued quest to combat the multitude of challenges encountered by the manufacturing industry, as well as the trickle-down effects on commercial real estate markets. At the recent NAI Global Convention in Las Vegas, NAI Global president and CEO, Jay Olshonsky sat down with an industry leader who has spent the last decade mitigating these complexities. “It’s a very clear mission, to balance the goods trade deficit, the difference between imports and exports,” said Harry Moser, who founded the Reshoring Initiative in 2010 to bring manufacturing jobs back to the United States. “The deficit last year was $1.2 trillion and balancing that and bringing those jobs back at current levels of U.S. productivity will increase U.S. manufacturing by six million jobs, or about 40 percent.” The emphasis on reshoring is driven by a variety of factors, for example, rising labor costs in foreign countries and corporate understanding of the total cost of offshoring — including intellectual property theft, freight and tariffs. Companies desire greater control over supply chains, especially in a time of rising geo-political tension. By promoting a contained, local approach across the entirety of the manufacturing landscape, industry leaders …

March 21, 2023

Development District of Columbia Multifamily Southeast

Jefferson Apartment Group, Fortis Top Out 12-Story Multifamily Development in D.C.

by John Nelson March 20, 2023

WASHINGTON, D.C. — A joint venture between Jefferson Apartment Group and The Fortis Co. has topped out J Coopers Row, a 12-story multifamily project located at 1319 S. Capitol St. SW in Washington, D.C. Upon completion, the development will comprise 312 apartments in one-, two- and three-bedroom layouts. Ranging in size from 474 to 1,260 square feet, the units will feature stainless steel appliances, nine-foot ceilings, plank flooring and in-unit washers and dryers. Amenities at the community will include a rooftop swimming pool, gaming area, fitness center, yoga studio, coworking space, a maker’s studio, dog run, pet spa and 24-hour concierge service. The development is situated one block from the Navy Yard-Nationals Stadium Metro Station and will offer views of the Potomac River. Jefferson Apartment Group and Fortis plan to deliver J Coopers Row in the fourth quarter.

March 20, 2023

Acquisitions North Carolina Retail Southeast

EverWest Sells Retail Center in Charlotte’s SouthPark District for $40.2M

by John Nelson March 20, 2023

CHARLOTTE, N.C. — EverWest Real Estate Investors has sold Specialty Shops SouthPark in Charlotte for $40.2 million. Located at 6401 Carnegie Blvd. in the city’s SouthPark submarket, the property totals 65,362 square feet. Tenants at the retail center include Williams-Sonoma, Drybar, Talbots and Paco’s Tacos & Tequila. Hill Partners, a Charlotte-based owner, developer and redeveloper of retail properties, was the buyer.

March 20, 2023

Build-to-Rent Development Florida Loans Multifamily Single-Family Rental Southeast

EDEN Living Receives $22M Construction Loan for Build-to-Rent Multifamily Project in Wildwood, Florida

by John Nelson March 20, 2023

WILDWOOD, FLA. — EDEN Living has received $22 million in construction financing for a build-to-rent residential development in Wildwood. Max La Cava and Kenny Cutler of JLL secured the non-recourse loan through City National Bank. Located at 2072 County Road 501, the project is near the master-planned community The Villages. EDEN Living began construction in June of last year, with delivery expected in the first quarter of 2024. Upon completion, the community will feature 130 units in a mix of 799-square-foot, one-bedroom and 1,268-square-foot, two-bedroom layouts. Amenities will include a clubhouse, fitness center, barbecue area, pickleball courts and a park with walkways and seating areas.

March 20, 2023

Acquisitions Development Maryland Multifamily Southeast

Greysteel Arranges Sale of Apartments at Park in Baltimore, Buyer Plans Expansion

by John Nelson March 20, 2023

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.

March 20, 2023

Loans Multifamily North Carolina Southeast

Northmarq Secures $20.8M Refinancing for Residences at Diamond Ridge in Winston-Salem, North Carolina

by John Nelson March 20, 2023

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.

March 20, 2023

Industrial Market Reports South Carolina Southeast Southeast Market Reports

Greenville-Spartanburg’s Industrial Market Is ‘Firing on all Cylinders’

by John Nelson March 20, 2023

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 …

March 20, 2023

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