Southeast

Nestle Signs Office Lease at 152,000 SF Midtown West Building in Tampa

by John Nelson March 13, 2023

TAMPA, FLA. — Nestle will relocate its Tampa headquarters to Midtown West, a 152,000-square-foot office building located within the 23-acre Midtown Tampa mixed-use development. The Switzerland-based company plans to open its new sales office later this year. Bill Reeves of Colliers represented Nestle in the lease negotiations. Lauren Coup and Brad Heeter of Highwoods Properties Inc. represented the landlord, Highwoods and Bromley Cos. The square footage of Nestle’s lease was not disclosed. Other tenants at Midtown West include RHI Magnesita, Savills, Randstad, Prudential, Primo Water and Greystar. Bromley and Highwoods have also broken ground on Midtown East, a new office building at Midtown Tampa. Upon completion, Midtown East will total 430,000 square feet across 18 floors, 143,000 square feet of which will be jointly owned by Bromley and Highwoods.

March 13, 2023

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

New Developments Fuel the Bright Future of Nashville’s Multifamily Market

by John Nelson March 13, 2023

As someone who has lived here for the past decade, I regularly hear phrases like, “It’s an exciting time to live, work and play in Nashville.” I love hearing those comments and am honored that our team plays a role in the city’s growth. However, is that optimism cooling, or is Nashville uniquely primed for continued success in the multifamily space? Following a white-hot streak of rent growth and transaction velocity during the economy’s resounding pandemic recovery, Nashville joins the rest of the nation in a transitionary period influenced by interest rate hikes and inflation. But for many reasons, our city is better prepared than most. Approximately 130,000 residents have moved to Nashville in the past five years, resulting in some of the highest apartment construction rates in the country. In fact, according to Marcus & Millichap’s Research Services division, Nashville is expected to take over the top spot for inventory growth nationwide in 2023, with roughly three-fourths of the metro’s new construction located in Nashville proper. While those numbers are certainly impressive, Marcus & Millichap’s National Multifamily Index, which ranks major markets based on forward-looking economic indicators, places Nashville in only the No. 28 position for 2023. This is …

March 13, 2023

Development Florida Multifamily Southeast

Oleta Partners Breaks Ground on 30-Story Residential Tower in North Miami

by John Nelson March 10, 2023

NORTH MIAMI, FLA. — Oleta Partners, a joint venture between developers LeFrak and Turnberry, has broken ground on 2400 Laguna Circle, a 30-story residential tower in North Miami. Situated within the 184-acre master planned community SoLé Mia, the multifamily development will feature 328 rental residences ranging in size from 686 to 1,315 square feet. Arquitectonica and Stantec are the architects for the project, which marks the fourth residential development at SoLé Mia. The project is scheduled for completion in early 2025. Outdoor amenities will include a 75-foot swimming pool, yoga lawn, rooftop garden and sundeck, dog run and beach volleyball, basketball and pickleball courts. Indoor amenities will include a coffee shop, dedicated coworking spaces, a podcast recording studio, gym, golf simulator, playroom, resident lounge, dog spa and electric vehicle charging stations.

March 10, 2023

Acquisitions Build-to-Rent Multifamily North Carolina Single-Family Rental Southeast

Capital Square Acquires 74-Unit Townhome Community in Suburban Raleigh

by John Nelson March 10, 2023

FUQUAY-VARINA, N.C. — Capital Square has acquired Ashford Townes, a 74-unit townhome community located in Fuquay-Varina, a southwest suburb of Raleigh. Located at 604 Oakbrook Pass Way, the build-for-rent development was completed in February of last year and features three-bedroom floorplans averaging 1,693 square feet. D.R. Horton was the developer. Capital Square acquired the property on behalf of CS1031 Ashford Townes BFR Housing DST, a private equity investment vehicle internally managed by Dave Platter and Jon Trott.

March 10, 2023

Development Florida Industrial Leasing Activity Lee & Associates Southeast

Lee & Associates Arranges 27,450 SF Industrial Lease in Tampa

by John Nelson March 10, 2023

TAMPA, FLA. — Lee & Associates South Florida has arranged a 27,450-square-foot industrial lease at a build-to-suit warehouse currently underway in Tampa. Plan IT Packaging, a Canadian packaging solutions company, will occupy the building, which is located at 4525 Oak Fair Blvd. Michael Avendano of Lee & Associates negotiated the five-year lease on behalf of the tenant. Cancician Group Inc. is the landlord. Construction of the warehouse — which will feature dock-height loading doors, heavy power and office space — is expected to be complete in March 2024.

March 10, 2023

Acquisitions Georgia Retail Southeast

CBRE Brokers $4M Sale of Thornton Promenade Retail Center in Metro Atlanta

by John Nelson March 10, 2023

LITHIA SPRINGS, GA. — CBRE has brokered the $4 million sale of Thornton Promenade, an 18,900-square-foot shopping center located at 639 Thornton Road in Lithia Springs, roughly 20 miles west of downtown Atlanta. Avis Car Rental, Domino’s Pizza and Metro PCS are tenants at the center, which was 92 percent leased at the time of sale. Craig Taylor of CBRE represented the seller, an entity doing business as RAW Promenade LLC, in the transaction. Riverwood Properties represented the buyer, a private investor. Riverwood will also provide leasing and management services for the property.

March 10, 2023

District of Columbia Southeast

US Economy Added 311,000 Jobs in February, Exceeding Estimates from Economists

by John Nelson March 10, 2023

WASHINGTON, D.C. — Nonfarm employment in the United States rose by 311,000 jobs in February, according to the U.S. Bureau of Labor Statistics (BLS). This number marks a slowdown from January, in which 504,000 jobs were added to the economy, but surpassed expectations from Dow Jones economists who estimated that the economy would add 225,000 jobs in February, according to CNBC. (The January jobs total was revised down by 13,000 jobs, from 517,000 to 504,000.) The unemployment rate also experienced a slight elevation in February, reaching 3.6 percent, a 20-basis-point increase. Long-term joblessness accounted for 17.6 percent of overall unemployment, remaining relatively unchanged from previous months. Leisure and hospitality, retail, government and healthcare experienced notable job gains. Leisure and hospitality — though still below its pre-pandemic level of employment by 2.4 percent — added 105,000 jobs. Retail and government added 50,000 and 46,000 jobs, respectively. Declines in employment were observed in the information and transportation and warehousing industries, which saw a collective loss of 47,000 jobs. Carlos Vaz of CONTI Capital projects that the strong jobs reports thus far in 2023 may portend further interest rate hikes by the Federal Reserve. “Despite the decrease in job growth from the previous …

March 10, 2023

Acquisitions Affordable Housing Florida Georgia Multifamily Southeast Top Stories

Standard Communities Acquires 3,200-Unit Affordable Housing Portfolio in Florida, Georgia

by Jeff Shaw March 10, 2023

LOS ANGELES — Standard Communities, an affordable housing developer and investor based in Los Angeles, has acquired controlling interest in an affordable housing portfolio of approximately 3,200 units in Florida and Georgia. The seller and price were not disclosed. This is Standard Communities’ largest acquisition to date. The portfolio includes the firm’s first acquisitions in Florida and first affordable housing acquisitions in Georgia. “Standard is expanding its portfolio in the Southeast to foster more thriving communities in the region,” says Jeffrey Jaeger, co-founder and principal of Standard Communities. “High-quality, well-maintained affordable housing is crucial to the well-being and livelihood of so many people.” Standard Properties is partnered with Apartment Life, a Dallas-based nonprofit organization that works to increase renters’ access to education and healthcare, foster community engagement, reduce food insecurity and provide opportunities for economic mobility. The firm plans to invest $25 million in capital improvements across the portfolio. Apartment Management Consultants and Arco Management Corp. will manage the properties. Also in Georgia, Standard Communities recently broke ground on a project in Savannah that will convert a 1920s-era Atlantic Coast Line Railroad office building into a 219-unit market-rate apartment community. — Channing Hamilton

March 10, 2023

Acquisitions Florida Hospitality Loans Southeast Walker & Dunlop

Walker & Dunlop Negotiates $76M Sale of DoubleTree by Hilton Hotel in Tampa

by John Nelson March 9, 2023

TAMPA, FLA. — Walker & Dunlop has negotiated the $76 million sale of the DoubleTree by Hilton Tampa Rocky Point Waterfront, a 291-room hotel located on Tampa’s Rocky Point peninsula. The waterfront hotel was originally built in 1986 and recently underwent a $17.9 million renovation. Sean Reimer of Walker & Dunlop’s New York team represented the buyer, BlackPearl Hospitality LLC, in the transaction. Walker & Dunlop also arranged an undisclosed amount of acquisition financing for BlackPearl. The seller was not disclosed. The DoubleTree by Hilton hotel features an outdoor swimming pool, fitness center, onsite restaurant, business center, meeting rooms and complimentary Wi-Fi, according to the hotel website.

March 9, 2023

Affordable Housing Development Florida Loans Southeast

KeyBank Provides $49M Construction Financing for Affordable Housing Development in Tallahassee

by John Nelson March 9, 2023

TALLAHASSEE, FLA. — KeyBank Community Development Lending and Investment (CDLI) and KeyBank Real Estate Capital have provided $49 million in construction financing for Magnolia Family II, an affordable housing development in Tallahassee. The community’s 160 units will feature 128 apartments that will be affordable to households earning 33 percent and 60 percent of the area median income (AMI). The remaining 32 units will be rented at market rates. The borrower is Columbia Residential, which is developing Magnolia Family II in partnership with the landowner, Tallahassee Housing Authority. CDLI provided a $33 million construction loan and a $15.9 million Freddie Mac forward commitment permanent loan to Columbia Residential. Reginald Fenn of CDLI and Leslie Meyers of KeyBank originated the financing. Additionally, RBC provided $19.5 million in LIHTC equity, and Tallahassee Housing Authority approved project-based vouchers. Magnolia Family II is the second phase of the redevelopment of a public housing complex operated by the Tallahassee Housing Authority that was originally constructed between 1971 and 1972. Phase I of Magnolia Family is set to open in November.

March 9, 2023

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