Southeast

Topgolf to Anchor 223-Acre Mixed-Use Development Near Miami

by John Nelson March 3, 2023

POMPANO BEACH, FLA. — Topgolf is underway on the construction of a three-level venue located at the intersection of Powerline Boulevard and Race Track Road in Pompano Beach, roughly 35 miles north of Miami. Scheduled to open late this year, the new location will anchor Live! Pompano Beach, a 223-acre, mixed-use project currently being developed by The Cordish Cos. and Caesars Entertainment. The new Topgolf will feature 102 climate-controlled hitting bays, a full-service restaurant, rooftop terrace, outdoor patio, music, private event space and family-friendly programs year-round.

March 3, 2023

Acquisitions Industrial South Carolina Southeast

JLL Arranges Sale of 792,081 SF Industrial Property in Metro Charlotte

by John Nelson March 3, 2023

ROCK HILL, S.C. — JLL Capital Markets has arranged the sale of Phase I of Rock Hill Commerce Center in Rock Hill, roughly 30 miles southwest of Charlotte. A MetLife Investment Management client acquired the 792,081-square-foot property, which comprises two industrial buildings, for an undisclosed price. Patrick Nally, Pete Pittroff, Dave Andrews and Michael Scarnato of JLL represented the seller, Strategic Capital Partners, in the transaction. Completed earlier this year, Phase I of Rock Hill Commerce Center was fully leased at the time of sale to Power Technique North America and Logistics Plus. Buildings A and B comprise 294,092 square feet and 497,989 square feet, respectively.

March 3, 2023

Acquisitions Affordable Housing Loans Multifamily Seniors Housing Southeast Tennessee

Bellwether Secures $21M Acquisition Financing for Affordable Seniors Housing Development in Nashville

by John Nelson March 3, 2023

NASHVILLE, TENN. — Bellwether Enterprise Real Estate Capital LLC (BWE) has arranged a $21 million bridge loan for the acquisition of Nashville Christian Towers, an affordable seniors housing development in Nashville. Located at 101 Foothill Court, the property comprises 175 units. BWE secured the loan, which carries a 12-month term and an available 12-month extension, on behalf of the borrower, Envolve Communities. Envolve plans to redevelop the property with proceeds from a 4 percent LIHTC execution and tax-exempt bonds.

March 3, 2023

Acquisitions Florida Retail Southeast

Legacy Arranges $6.5M Sale of Shopping Center in Metro Orlando

by John Nelson March 3, 2023

OVIEDO, FLA. — Legacy Realty Group Advisors has arranged the $6.5 million sale of Lockwood Village, a shopping center located at 1021 Lockwood Blvd. in Oviedo, approximately 20 miles northeast of Orlando. Winn-Dixie anchors the 54,372-square-foot property. Jacob Baruch and Daniel Baruch of Legacy represented the buyer and seller, both of which were not disclosed, in the transaction.

March 3, 2023

Company News Southeast Tennessee

Northmarq Opens New Office in Nashville

by John Nelson March 3, 2023

NASHVILLE, TENN. — Northmarq has officially opened its Nashville office, serving the Middle Tennessee, Northern Alabama and Kentucky markets. The Minneapolis-based commercial real estate services firm has grown its local team to eight consisting of producers and admin support and is looking to grow to upwards of 20 in the Music City across both its Investment Sales and Debt & Equity teams. Bryan Schellinger, managing director of investment sales, is leading Northmarq’s Investment Sales division at the new office. He relocated from Northmarq’s Southern California team where he also helped grow the firm’s investment sales offerings. The Investment Sales division in Nashville is now primarily handling multifamily deals but intends to expand its exposure across all asset classes in keeping with the company’s push to be property type-agnostic following Northmarq’s acquisition of Stan Johnson Co. last year. “We’re actively looking to add an industrial investment sales team [in Nashville] given the significant growth in the sector across the Southeast and Tennessee,” says Schellinger. “Northmarq’s Nashville office will soon be able to provide a suite of services for all property owners and lenders.” Locally based broker David Stollenwerk joined the new Northmarq office after several years with Marcus & Millichap’s Nashville …

March 3, 2023

Arkansas Development Multifamily Southeast

Mia Rose Breaks Ground on $55M Apartment Community in Rogers, Arkansas

by John Nelson March 2, 2023

ROGERS, ARK. — Mia Rose Holdings LLC has broken ground on The Junction of Scottsdale, a 226-unit apartment community located adjacent to Scottsdale Center mall in Rogers. The $55 million project represent the third multifamily development in northwest Arkansas for the St. Louis-based developer. Situated on nearly 10 acres at the intersection of North 40th and West Olive streets, The Junction will feature seven three-story buildings comprising one- and two-bedroom floor plans ranging in size from 751 to 1,109 square feet. Amenities will include a resort-inspired pool, clubhouse, two fitness centers, business center with leasable coworking space, covered parking and numerous greenspace gathering areas. First National Bank of Fort Smith provided an undisclosed amount of construction financing for the project. The design-build team includes Rosemann & Associates, Thomas Construction, The Engenuity Inc. and Crafton Tull. Asset Living will manage the property on behalf of Mia Rose.

March 2, 2023

Acquisitions Development Mixed-Use Southeast Virginia

Cushman & Wakefield|Thalhimer Negotiates 105.5-Acre Land Sale in Metro Richmond, Buyer Plans Mixed-Use Development

by John Nelson March 2, 2023

MIDLOTHIAN, VA. — Cushman & Wakefield|Thalhimer has negotiated the sale of three separate assemblages in Midlothian, a western suburb of Richmond, totaling 105.5 acres. The sales price was not disclosed, but Richmond BizSense reports the land traded for $8 million. The buyer, an entity of Kettler, plans to develop a mixed-use campus at the site. Dubbed Cloverleigh, the multi-phased development will include single-family homes, townhomes, a hotel and a restaurant. The development will also include offsite improvements to the intersection of Old Hundred and Hull Steet roads. Mark Douglas of Thalhimer arranged the land sales, which comprised 63.2 acres at 12700-12900 Hull St. Road, 10.3 acres at 4211-4221 Old Hundred Road and 32 acres at 4225-4231 Old Hundred Road.

March 2, 2023

Acquisitions North Carolina Retail Southeast

Northmarq Brokers $24.1M Sale of Shopping Center in St. Augustine, Florida

by John Nelson March 2, 2023

ST. AUGUSTINE, FLA. — Northmarq has brokered the $24.1 million sale of Parkway Village, a 52,070-square-foot shopping center located at 170 Village Commons Drive in St. Augustine, a suburb of Jacksonville. The property was fully leased at the time of sale to tenants including Publix GreenWise Market, Starbucks Coffee, Orangetheory Fitness and Supercuts. The seller was an undisclosed developer based in Fort Lauderdale. Jason Maier of Northmarq’s New York office represented the buyer, a private 1031 exchange investor based in New York, in the transaction.

March 2, 2023

Acquisitions North Carolina Retail Southeast

JLL Arranges Sale of Food Lion-Anchored Shopping Center in Raleigh

by John Nelson March 2, 2023

RALEIGH, N.C. — JLL has arranged the sale of Wakefield Crossing, a 75,927-square-foot shopping center in Raleigh anchored by Food Lion. An entity doing business as Wakefield Wellons purchased the property for an undisclosed price. Tom Kolarczyk led the JLL team that represented the undisclosed seller in the transaction. Located at 13200 Falls of Neuse Road, Wakefield Crossing’s tenant roster includes Tuesday Morning, Subway, Dante’s Italiano, Wakefield Tavern and Wake Health Medical Group. Food Lion has been an anchor of the shopping center since 2001 and occupies 50 percent of its gross leasable area.

March 2, 2023

Acquisitions Maryland Office Southeast

Edge Secures $4.1M Sale of Office Building in Gaithersburg, Maryland

by John Nelson March 2, 2023

GAITHERSBURG, MD. — Edge Commercial Real Estate has secured the $4.1 million sale of a 32,000-square-foot office building located at 811 Russell Ave. in Gaithersburg, a suburb of Washington, D.C. Joe Friedman, Joshua Norwitz and Ken Fellows of Edge represented the seller, an affiliate of Finmarc Management Inc., in the transaction. Larry Rosen of Commercial & Investment Realty Associates LLC represented the buyer, an entity doing business as Russell Plaza LLC. Built in 1997 near I-270, the three-story suburban office building was leased to both office tenants and retail businesses at the time of sale.

March 2, 2023

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