BOCA RATON, FLA. — Cushman & Wakefield has arranged the sale of Shadowwood Square, a 237,498-square-foot shopping center located in Boca Raton. Constructed in 1982, the property is anchored by Sprouts Farmers Market, Walgreens and Old Navy. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller, an entity controlled by Evelyn Langlieb Greer doing business as Shadowwood Square Ltd. An affiliate of Edens acquired the property for an undisclosed price.
ATLANTA — Atlanta BeltLine Inc. has purchased 13.7 acres along the BeltLine’s Southside Trail in southwest Atlanta for $13.3 million. Situated at 356 University Ave., the property is situated adjacent to the Pittsburgh Yards adaptive reuse development. This acquisition marks the continuation of the BeltLIne’s mission to procure land along the trail loop. AECF Atlanta Realty, a subsidiary of the Annie E. Casey Foundation, manages Pittsburgh Yards and was the seller. SouthState Bank provided acquisition financing for the transaction. The BeltLine will conduct a community engagement process to determine best uses for the site. After incorporating the vision of adjacent residents and local businesses into the plans, the organization will issue a Request for Proposals (RFPs) to invite developers to submit proposals to redevelop the site.
NASHVILLE, TENN. — Oman-Gibson Associates (OGA) has broken ground on a 6,000-square-foot medical imaging facility in Nashville. The clinic, which is being constructed at 8124 Sawyer Brown Road on behalf of Vanderbilt Imaging Services, will provide specialty imaging including MRI, CT, ultrasound, fluoroscopy, digital X-ray and mammography services. Vanderbilt plans to relocate its Belle Meade Imaging practice to the new facility, with completion expected in late 2024 or early 2025. Thomas Constructors is the general contractor on the project, HMK Architects is the architect and Fulmer Lucas Engineering is serving as the civil engineer.
ASHBURN, VA. — A partnership between American Real Estate Partners (AREP) and GreenBarn Investment Group has acquired a development site in Ashburn, located in Northern Virginia’s Loudoun County approximately 30 miles west of Washington, D.C. The site is fully approved for the construction of 200 build-to-rent homes. The price was $120 million. National homebuilder Dream Finders Homes originally acquired and entitled the site before selling it to the partnership. Genesis Capital, a subsidiary of New York City-based REIT Rithm Capital Corp., provided an $86.4 million loan to the partnership to fund both acquisition and construction costs. Rithm Capital is also an equity partner on the project. According to the property website, CityHouse Ashburn Station will consist entirely of three-bedroom units with an average size of 2,000 square feet. Preleasing for Phase I of the project is currently underway, and the development team expects to fully complete the community within the next 15 months. Residences will offer attached private garages, large island kitchens, full-size washers and dryers and various pieces of smart home technology. Residents will also have access to sports courts, communal green spaces, pet-friendly facilities and indoor/outdoor entertainment areas. Rents start at around $4,000 per month. “With this acquisition, …
It’s no secret: The multifamily real estate market in Memphis has experienced a significant decline in investment sales volume and total transactions over the past year. But with signs of life coming quickly on the horizon, how can you be ready to capitalize? According to CoStar Analytics, the 58.7 percent sales volume decline in Memphis is in line with the national average, but we have seen a larger dip in total transactions. The steep and rapid decline is directly correlated to the Federal Reserve’s ongoing battle of taming inflation. The Fed has increased the benchmark federal funds rate at 10 consecutive meetings. And while there was a pause at the June meeting, more rate hikes are expected this year. What does this mean for investors and operators? The cream will rise to the top. Some investors may default on loans due to floating-rate debt and the rapid rate increases, while others may struggle to refinance or sell without incurring losses as their cheaper rate caps expire. However, those that have executed their business plans effectively and added value to their apartment complexes by raising rents can expect some cushion. Another interesting factor to examine is the vacancy rate, which has …
TUSKEGEE, ALA. — Farpoint Development has signed Trendco USA to a full-building lease at Building 100, a 168,000-square-foot industrial facility located within the Regional East Alabama Logistics (REAL) Park in Tuskegee. The Columbia, S.C.-based tenant plans to invest $43 million to launch its manufacturing operation at the site, where it will initially produce nitrile medical gloves before expanding production into other personal protective equipment (PPE) such as masks and gowns. Situated off exit 42 on I-85 in Macon County, Building 100 is the first facility within Farpoint’s 638-acre logistics park, which will span 6.2 million square feet upon completion. The Chicago-based developer delivered the facility in May.
WEST PALM BEACH, FLA. — Housing Trust Group (HTG) has completed the development of Flagler Station, a $33 million affordable housing community located at 991 Banyan Blvd. in downtown West Palm Beach. Reserved for residents earning at or below 30, 60, 70 or 80 percent of area median income (AMI), units at the property include one-, two- and three-bedroom apartments across eight stories. Monthly rates at the community range from $393 to $1,689, and amenities include a 3,200-square-foot clubroom, business center, rooftop pool, fitness center and onsite parking. The project team included Rinaldi Construction as the general contractor, WGI Inc. as the engineer and landscape designer and Corwil Architects and B. Pila Desings as the interior designer.
BALTIMORE AND ELDERSBURG, MD. — KLNB has brokered the sale of two retail properties in metro Baltimore totaling 54,000 square feet. Don Schline and Ryan Wilner of KLNB represented the seller, Creative Holdings LLC, in both transactions. Located at 1848 Reisterstown Road in Baltimore, the first property totals 42,244 square feet. An undisclosed local investor acquired the property and plans to retenant the space with medical office, flex and retail tenants. Ryan Minnehan and Alex Shearer of KLNB will manage retail leasing at the site, and Colin McGonical of KLNB will lead the medical office leasing. Situated at 1720 Liberty Road in Eldersburg, the second property comprises 12,022 square feet and was fully leased at the time of sale to three tenants.
TUSCALOOSA, ALA. — Cushman & Wakefield has arranged the sale of The Gates at South Bend, a 147-unit multifamily community located in Tuscaloosa. Built in 1980, the property underwent significant renovations between 2017 and 2022. Ben Thomas and Parker Caldwell of Cushman & Wakefield represented the seller, an entity doing business as WGO LLC, in the transaction. ARC Multifamily Group acquired the property for an undisclosed price. Situated about three miles south of the University of Alabama, The Gates at South Bend features two- and three-bedroom townhomes.
BOCA RATON AND WEST PALM BEACH, FLA. — Tricera Capital has secured one lease expansion and two new leases totaling 42,029 square feet in South Florida. The deals include Wells Fargo expanding its lease by 19,000 square feet at Tricera’s 1675 Midtown office building at 1675 N. Military Trail in Boca Raton, bringing the bank’s total footprint to 45,000 square feet. Built in 2008, the building totals roughly 70,000 square feet. The other deals include PMP Marketing Agency signing a 5,100-square-foot lease and Palm Beach Atlantic University leasing 17,929 square feet at Workspaces at the Press in West Palm Beach, which totals 120,000 square feet and is situated within the mixed-use The Press development. John Criddle, Joe Freitas and Christ Smith of CBRE manage leasing at 1675 Midtown, and Jon Blunk, Cristina Glaria, Connie Thomas and Laurel Oswald of TCRE overseeing leasing at Workspaces at The Press. Robert Anderson of Tortoise Realty Group represented the university in the lease negotiations.
