Southeast

Marcus & Millichap Brokers $84.8M Sale of Kelby Farms Apartments in Durham

by John Nelson September 25, 2023

DURHAM, N.C. — Marcus & Millichap has brokered the $84.8 million sale of Kelby Farms, a 277-unit apartment community situated on 10 acres in Durham. John Daly of Marcus & Millichap’s Raleigh office represented the buyer, King Properties Inc., a privately held multifamily owner and operator. The seller is a partnership that includes Raleigh-based Woodfield Development. Kelby Farms, which is set for completion next month, was more than 70 percent occupied at the time of sale. Built in 2022, the property comprises studio, one-, two- and three-bedroom apartments with an average unit size of 1,001 square feet. Rental rates range from $1,442 to $3,034 per month, according to Apartments.com. Amenities include a resort-style swimming pool, fitness center, workstations, study areas and a game lounge.

September 25, 2023

Affordable Housing Development Georgia Multifamily Southeast

McShane to Build Second Phase of Ashley at Scholars Landing Mixed-Income Apartments in Atlanta

by John Nelson September 25, 2023

ATLANTA — McShane Construction Co. plans to build the second phase of Ashley at Scholars Landing, a mixed-income apartment development located at 680 Atlanta Student Movement Blvd. in Atlanta. The developer is The Integral Group. Phase II will comprise three- and four-story buildings spanning 212 affordable housing and market-rate apartments, as well as a clubroom, fitness center, micro-offices and an activity space. Designed by JHP Architecture, Ashley at Scholars Landing II is set for completion in July 2025. Phase I comprised 135 apartments and opened in 2020.

September 25, 2023

Acquisitions Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Arranges $21M Sale-Leaseback of Industrial Development Site in Pinellas Park, Florida

by John Nelson September 25, 2023

PINELLAS PARK, FLA. — Cushman & Wakefield has arranged the $21 million sale-leaseback of a 29.5-acre industrial site located at 3565 126th Ave. in Pinellas Park. Albany Road Real Estate Partners purchased the site from Gaston Trees Debris Recycling, which is leasing back 10 acres at the site. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, John Jackson, J.T. Faircloth, Casey Perry, Cassandra Hernandez and Chloe Strada of Cushman & Wakefield represented the seller in the transaction. Jingoli Power leases 12 acres at the site, and the remaining 7.5 acres is available for lease. Situated less than five miles from the St. Pete-Clearwater International Airport, the site is zoned for up to 450,000 square feet of industrial development.

September 25, 2023

Florida Loans Retail Southeast

CBRE Secures $15.2M Refinancing for Grocery-Anchored Retail Center in Metro Tampa

by John Nelson September 25, 2023

RIVERVIEW, FLA. — CBRE has secured a $15.2 million loan for the refinancing of Shoppes of Southbay, a 99,542-square-foot retail center located in Riverview. Tenants at the property, which was fully leased at the time of financing, include Winn-Dixie, Tampa General Hospital, Buffalo Wild Wings, Panera Bread and Leslie’s Pool Supplies. Paul Ahmed and Mackenzie Lampman of CBRE arranged the loan through a life insurance company on behalf of the borrower, a partnership between Peter Wenzel of Wenzel Investment Group and Victor Ferraez. The partnership acquired the property, which was originally built in 2007, in 2013.

September 25, 2023

Industrial Leasing Activity Maryland Southeast

Lee & Associates Negotiates Two Leases at New Heights Industrial Park in Hagerstown, Maryland Totaling 58,750 SF

by John Nelson September 25, 2023

HAGERSTOWN, MD. — Lee & Associates has negotiated two leases at New Heights Industrial Park in Hagerstown totaling 58,750 square feet. The 900,000-square-foot industrial park is located at 18450 Showalter Road, less than one mile from Hagerstown Regional Airport and I-81. The new tenants joining New Heights include Tomu Inc., a prefabricated modular buildings system user that is leasing 15,000 square feet, and Pycube, a Virginia-based healthcare asset management firm that is leasing 43,750 square feet. Joel Kreider and Ed Skonecki of Lee & Associates represented the landlord, a joint venture between Bluestone Group and The Langer Co., in both lease transactions. With this leasing activity, the project is approximately 82 percent leased.

September 25, 2023

Development Industrial Louisiana Southeast Top Stories

First Solar Breaks Ground on $1.1B Manufacturing Facility in Iberia Parish, Louisiana

by Taylor Williams September 25, 2023

NEW IBERIA, LA. — First Solar Inc. (NASDAQ: FSLR), an Arizona-based provider of solar panels, has broken ground on a $1.1 billion manufacturing facility in New Iberia, located just southeast of Lafayette in the south-central part of Louisiana. The facility will be located on the grounds of Acadiana Regional Airport and will ultimately encompass more than 2 million square feet. The project, which local community leaders and members of the development team believe is the biggest in the history of the parish, is expected to generate about 700 new permanent manufacturing jobs within the local economy. First Solar anticipates that the plant will be fully operational and able to begin shipping products by the first half of 2026. When that scenario materializes, the company’s total manufacturing capacity will increase from 3.5 gigawatts to approximately 14 gigawatts in the United States and 25 gigawatts globally. At full capacity, the plant will be capable of churning out more than a dozen panels per minute. To secure the project in Iberia Parish, the State of Louisiana offered First Solar an incentives package that includes the workforce solutions of LED FastStart, a Louisiana Economic Development program for training and onboarding workers. Additional incentives include …

September 25, 2023

Florida Market Reports Retail Southeast Southeast Market Reports

Supply-Demand for Central Florida’s Retail Market Is Well-Balanced

by John Nelson September 25, 2023

The demand for retail space throughout Central Florida has been extremely high as new concepts are moving into the marketplace due to the mass exoduses from New York City and California. With the major population shift, we are running into the issue of limited supply to lease. Vacancy rates are currently projected at 3.8 percent, which is approximately 100 basis points below the 10-year historical average. Vacancy rates are projected to meet the mid-4 percent range by the end of 2023 due to the expected completion of more than 700,000 square feet of retail space during the fourth quarter, according to research from CoStar Group. Some developers are backing out of ground-up development deals due to the heightened labor and construction costs that every firm is experiencing. However, there are still some notable developments occurring in certain trade areas such as Minneola, Lake Nona, Apopka (Kelly Park) and Davenport, which are just some of the areas with projects expected to deliver in the fourth quarter of this year. These new ground-up projects require lessees to pay a higher rent to make these deals pencil out. The current average asking rate in Orlando is $27.77 per square foot, well ahead of …

September 25, 2023

Development Florida Multifamily Southeast

KABR Group, Klotz Open 456-Unit Reef Apartments in Jacksonville

by John Nelson September 22, 2023

JACKSONVILLE, FLA. — The KABR Group and The Klotz Group of Cos. have opened The Reef, a multifamily development in Jacksonville comprising 456 apartments and 30,000 square feet of dining and retail space. The property is located at 2753 Mayport Road, near Atlantic Beach, the Mayport Naval Station and Kathryn Abbey Hanna Park. The Reef comprises one-, two- and three-bedroom apartments that range in size from 690 to 1,242 square feet. Rental rates start at $1,575 per month for one-bedroom units, and the property is more than 50 percent leased. The Reef features a 13,000-square-foot, two-story glass and steel clubhouse that has a rooftop terrace, resort-style pool, espresso bar and lounge, bike parking station and a fitness center with a rock climbing wall and Peloton bikes. Other amenities include electric vehicle charging stations and a large dog park.

September 22, 2023

Development Georgia Industrial Southeast

LPC Southeast to Break Ground on 482,755 SF Distribution Center Near Savannah

by John Nelson September 22, 2023

BLOOMINGDALE, GA. — Lincoln Property Co. Southeast (LPC Southeast) is set to break ground this month on Bloomingdale Trade Center, a 482,755-square-foot distribution center near the Port of Savannah. Denton Shamburger, Turner Fortin and Colin Beecham of LPC Southeast are overseeing construction, marketing and leasing of the facility, which is expected to deliver in the fourth quarter of 2024. Located along Bloomingdale Road and two miles from I-16, Bloomingdale Trade Center will feature 36-foot clear heights, 80 dock-high doors, 121 trailer parking spaces, 266 auto parking spaces and dedicated tenant amenity areas. The project represents the first development in the Savannah market for LPC Southeast.

September 22, 2023

Development Multifamily North Carolina Southeast

Embrey to Develop 403-Unit North Tryon Apartment Community in Charlotte

by John Nelson September 22, 2023

CHARLOTTE, N.C. — Embrey plans to develop North Tryon, a 403-unit apartment community in Charlotte. The San Antonio-based developer recently acquired a seven-acre site in the city’s NoDa district for the development, its fourth in the Charlotte market. Embrey expects the clubhouse and first units at North Tryon to be available for occupancy in third-quarter 2025, with full completion slated for 2026. Amenities will include a clubhouse, game room, business center, micro-offices, conference room, fitness studio, outdoor grilling areas, outdoor gas fireplace, landscaped courtyard and a resort-style pool.

September 22, 2023

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