Southeast

University of North Carolina at Chapel Hill’s Innovation Hub

Avison Young Secures $26M Refinancing for UNC Chapel Hill’s Innovation Hub in North Carolina

by Abby Cox July 1, 2025

CHAPEL HILL, N.C. — Avison Young has secured a $26 million bridge loan for the refinancing of University of North Carolina at Chapel Hill’s Innovation Hub, a 122,000-square-foot newly renovated mixed-use development located across the street from the university. Bayview Commercial Mortgage Finance provided the five-year loan to repay the existing construction loan and fund future capital needs. Hal Kempson of Avison Young represented the developer, Grubb Properties. Situated at the corner of 136 E. Rosemary St. and 137 E. Franklin St., the Innovation Hub features office and retail space and is part of the Carolina Economic Development Strategy that aims to retain and attract innovation-driven businesses and talent. Recent renovations at the property have featured the installation of oversized windows, a fresh exterior to match the neighboring buildings and a new lobby at the 136 East Rosemary office building, as well as parking deck improvements. Tenants at the Innovation Hub include Innovate Carolina, Launch Chapel Hill and BioLabs. Hillman Duncan and Taylor McCuiston of JLL lead leasing efforts for the property on behalf of Grubb Properties.

July 1, 2025

Industrial Loans North Carolina Southeast

PGIM Real Estate Provides $100M Loan for North Carolina Industrial Portfolio

by Abby Cox July 1, 2025

CHARLOTTE AND RALEIGH, N.C. — PGIM Real Estate has provided a $100 million loan for the financing of a 12-property industrial portfolio located in the greater Charlotte and Raleigh markets. Trace Wilson of PGIM Real Estate led financing efforts for the transaction on behalf of the borrower, Beacon Partners. The portfolio comprises 11 fully occupied industrial properties totaling nearly 1.6 million square feet, as well as one industrial outdoor storage (IOS) property. Beacon will use the fixed-rate financing to reposition and expand the portfolio, according to Wilson.

July 1, 2025

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Negotiates $7.4M Sale of Braves Village Shopping Center Near Myrtle Beach

by Abby Cox July 1, 2025

SOCASTEE, S.C. — Marcus & Millichap has negotiated the $7.4 million sale of Braves Village Shopping Center, a 60,914-square-foot retail center located in the Myrtle Beach suburb of Socastee. Food Lion anchors the center, which was built in 1985. Additional tenants include Rent-A-Center, Metro by T-Mobile and Any Lab Test Now. Lori Schneider and David Gant of Marcus & Millichap represented the undisclosed seller and procured the buyer, Brentwood Realty, in the transaction. Benjamin Yelm served as Marcus & Millichap’s broker of record in South Carolina for the deal.

July 1, 2025

Acquisitions Company News Mixed-Use Retail Southeast

Simon Acquires Majority Interest of Shops at Brickell City Centre in Downtown Miami for $512M

by Abby Cox July 1, 2025

MIAMI — Indianapolis-based mall giant Simon Property Group has acquired the remaining interest of the retail and parking component at Brickell City Centre, a 5.4 million-square-foot mixed-use development in downtown Miami. Swire Properties Inc. sold the majority 75 percent stake in the property’s 500,000-square-foot retail portion for $512 million, according to several media outlets. Simon had previously owned a 25 percent, non-managing interest in The Shops at Brickell City Centre. Following the transaction, Simon is now the sole owner and manager of the property’s retail and entertainment component. Completed in 2016, The Shops at Brickell City Centre comprises four four-story buildings across three city blocks. Anchored by SAKS Fifth Avenue, additional retail tenants at the center include Apple, Chanel Fragrance & Beauty Boutique, Coach, lululemon, Sephora, Zara and Nike. The property also features a multi-level food hall and entertainment venues including CMX and PuttShack.

July 1, 2025

Affordable Housing Conference Coverage Features Multifamily North Carolina Southeast Southeast Feature Archive

Lenders Are Back in Action for Multifamily Development Deals, Says InterFace Panel

by John Nelson July 1, 2025

CHARLOTTE, N.C. — In its first-quarter report, property management research firm RealPage stated that the “supply wave for multifamily was cresting” as the U.S. apartment sector set a record in terms of units absorbed (138,302), outpacing deliveries (116,092). A year prior, RealPage reported that deliveries (135,652) outstripped absorption (103,826) in first-quarter 2024. Will Block, partner and co-founder of Olympus Development Co., said that the flip in the U.S. apartment market’s supply-demand dynamic the past 12 months has made all the difference in terms of lenders’ perception. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “It couldn’t be more different what it looked like a year ago trying to capitalize deals in tertiary markets,” said Block. “Last year we would call 50 lenders with the hope of one to get to do it at terms that we didn’t like with ridiculous deposit requirements. I probably get four or five cold calls a week from bankers now.” Block’s comments came during the development panel at InterFace Carolinas Multifamily, an annual networking and information conference held on May 21 …

July 1, 2025

Florida Market Reports Multifamily Southeast Southeast Market Reports

Miami’s Rise to a Global Wealth Capital Fuels Multifamily Momentum

by John Nelson July 1, 2025

This year marks the centennial of several Miami municipalities, including Coral Gables and Hialeah, placing Miami-Dade County in a unique position: looking back on a rich history as a sunseeker’s playground, while charging full speed into a future where it is also a tech hub and financial powerhouse, with some dubbing the city as “Wall Street South.” From the first land rush in the 1920s to the post-pandemic migration surge a century later, Miami’s real estate story includes fascinating characters, iconic architecture, multiple booms and busts and not one but two great railroad eras — all contributing to the city’s allure as a place to live, and where institutional-quality capital is increasingly eager to invest. Population, job momentum Miami has enjoyed one of the strongest multifamily markets in the country for roughly the past decade. A blend of population growth and job creation forms the backbone of Miami’s resilient rental market. Miami-Dade County added over 64,000 net new residents as of July 2024, driven almost entirely by international newcomers. According to the U.S. Census Bureau, the county saw 123,835 international arrivals, offsetting the 67,000 locals who left. Behind that growth is an unprecedented business boom. Lured by Florida’s business-friendly environment …

July 1, 2025

Data Centers Development Southeast Virginia

EdgeCore to Invest $17B for New Data Center Campus in Central Virginia

by John Nelson June 30, 2025

LOUISA COUNTY, VA. — EdgeCore Digital Infrastructure has announced plans to invest $17 billion for a new data center campus at Shannon Hill Regional Business Park in Central Virginia’s Louisa County. The new 697-acre campus will be situated near I-64 between Charlottesville and Richmond. The data center campus will span 3.9 million square feet and support more than 1.1 gigawatts of power. The Louisa County Industrial Development Authority and the Virginia Economic Development Partnership assisted EdgeCore in its site selection. Rappahannock Electric Cooperative and affiliate Hyperscale Energy will provide energy to the new campus. The construction timeline for the new development was not released. EdgeCore operates hyperscale data centers in Ashburn and Culpepper, Va., as well as Silicon Valley, greater Phoenix and Reno, Nev.

June 30, 2025

Acquisitions Loans Southeast Virginia

Atlantic Union Bank Closes Sale of $2B of Commercial Real Estate Loans to Blackstone

by John Nelson June 30, 2025

RICHMOND, VA. AND NEW YORK CITY — Atlantic Union Bank has closed the sale of approximately $2 billion of the banks’ commercial real estate loans to vehicles affiliated with Blackstone Real Estate Debt Strategies. Atlantic Union acquired the loan portfolio during its merger proceedings with Sandy Spring Bank, which closed on April 1, 2025. Atlantic Union intends to use the proceeds from the loan sale to pay down certain high-cost deposits and other high-cost funds, as well as to add to its securities portfolio. Blackstone Real Estate has acquired $20 billion of commercial real estate loan portfolios in the past 24 months, including from Signature Bank and German lender Deutsche Pfandbriefbank (PBB).

June 30, 2025

Acquisitions Florida Industrial Southeast

JLL Arranges $97.3M Sale of Industrial Facility in Groveland, Florida Leased to Duke Energy

by John Nelson June 30, 2025

GROVELAND, FLA. — JLL has arranged the $97.3 million sale of Turnpike Logistics Center, a Class A distribution center located at 19800 S. Obrien Road in Groveland, about 31 miles west of Orlando. Built in 2023, the 977,441-square-foot property was fully leased to Duke Energy, a utility company that uses the facility as its Florida headquarters and distribution hub. John Huguenard, Luis Castillo, Cody Brais, Taylor Osborne and David Orta Jr. of JLL represented the seller, Scannell Properties, in the transaction. Goldman Sachs Alternatives was the buyer. The facility features 40-foot clear heights, 212 dock-high doors, four drive-in doors, 130-foot truck court depths, 381 automobile parking spaces, 235 truck/trailer spaces and a 2.6-acre IOS laydown yard.

June 30, 2025

Acquisitions District of Columbia Office Southeast

Garfield, Broad Creek Capital Acquire 285,000 SF Office Building in D.C.

by John Nelson June 30, 2025

WASHINGTON, D.C. — A partnership between Garfield Investments and Broad Creek Capital has acquired a 285,000-square-foot, eight-story office building located at 300 M St. SE in Washington, D.C.’s Navy Yard district. The seller and sales price were not disclosed. Bradley Allen of Eastdil brokered the transaction. Situated two blocks from the Navy Yard Metro Station and opposite the Washington Navy Yard, the property was 53 percent leased at the time of sale to tenants including defense firms and subcontractors of the U.S. Navy. The office building includes a 7,000-square-foot conference facility, fitness center, 24-hour security and 304 underground parking spaces. Garfield and Broad Creek have selected Greg Tomasso of Avison Young to handle leasing at 300 M.

June 30, 2025

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