Southeast

NexPoint, Alamo Manhattan to Develop 250-Room Hotel in North Carolina’s Research Triangle Park

by John Nelson December 8, 2023

RESEARCH TRIANGLE PARK, N.C. — An affiliate of NexPoint Advisors has acquired land within Research Triangle Park (RTP) for the development of a 250-room Marriott Renaissance-branded hotel. The buyer has partnered with Dallas-based developer Alamo Manhattan to deliver the project, which will be situated at 4175 Sancar Way within Hub RTP, a $1.5 billion mixed-use development serving as RTP’s downtown. Construction is scheduled to begin next summer. Dubbed Renaissance RTP, the property will feature a full-service restaurant and bar, as well as 13,000 square feet of meeting space. Upon full build-out, Hub RTP will comprise up to 1 million square feet of office and life sciences lab space, 38,000 square feet of retail space and 1,200 multifamily units, in addition to the hotel.

December 8, 2023

Development Georgia Multifamily Southeast

Greystar Opens 281-Unit NOMIA Apartment Community in Midtown Atlanta

by John Nelson December 8, 2023

ATLANTA — Greystar has opened NOMIA, a 281-unit high-rise apartment community located in Midtown Atlanta. Amenities at the property, which features residences in studio, one-, two- and three-bedroom layouts, include vending service TULU, complimentary e-scooters through TULU Ride, coworking space, a spa room, rooftop swimming pool and a fitness studio. Additionally, the community will feature activations including wine tasting with Barcelona Wine Bar, instruction by Evolation Yoga Studio, boxing with Pepper Boxing Club, facials by Woodhouse Spa and rooftop spirits provided by Drop to the Rim Bartend. Monthly rental rates at NOMIA begin at $1,680, according to the community website.

December 8, 2023

Development Georgia Multifamily Southeast

Brook Farm Group, Emory Equity Break Ground on 388-Unit Multifamily Development in Metro Atlanta

by John Nelson December 8, 2023

COVINGTON, GA. — Brook Farm Group and Emory Equity have broken ground on The Sinclair at Callaway Farm, a 388-unit multifamily project in Covington, roughly 35 miles southeast of Atlanta. Situated adjacent to the 180-acre Covington Town Center mixed-use development, the community will feature two distinct neighborhoods comprising 11 residential buildings and amenities. SilverCap Partners provided preferred equity for the project, with construction financing provided by First Horizon Bank and TrustMark Bank. Completion is expected by the end of 2025.

December 8, 2023

Acquisitions Mississippi Retail Southeast

Marcus & Millichap Arranges Sale of 107,288 SF Barnett Plaza Shopping Center in D’Iberville, Mississippi

by John Nelson December 8, 2023

D’IBERVILLE, MISS. — Marcus & Millichap has arranged the sale of Barnett Plaza, a 107,288-square-foot shopping center located at 10598 D’Iberville Road in D’Iberville, a city just north of Biloxi, Miss. Constructed in phases between the late 1970s and 2008, the property is situated on 13.8 acres. Tenants at the center include Crunch Fitness and Saad Health Care. Andrew Chason and Stephen Sewell of Marcus & Millichap represented the undisclosed seller in the transaction. Mickey Davis assisted as the firm’s broker of record in Mississippi. The buyer and sales price were also not disclosed.

December 8, 2023

District of Columbia Southeast

US Economy Adds 199,000 Jobs in November, Marginally Outperforming Expectations

by John Nelson December 8, 2023

WASHINGTON, D.C. — Total nonfarm employment in the United States rose by 199,000 jobs in November, according to the U.S. Bureau of Labor Statistics (BLS). CNBC reports that the figure slightly beats estimates from Dow Jones economists who predicted an increase of 190,000. This also marks an increase from the 150,000 jobs gained in October but below the average monthly gain of 240,000 over the prior 12 months. Private sector employment constituted 150,000 of the added jobs, with 49,000 jobs added in the government. Healthcare saw a significant increase, with the addition of 77,000 jobs, above the average monthly gain of 54,000 over the prior 12 months. The manufacturing and leisure and hospitality industries added 28,000 and 40,000 jobs, respectively, and the social assistance sector saw a more modest increase of 16,000. Employment in information and transportation and warehousing changed little, and retail trade employment declined by 38,000 jobs. The U.S. unemployment rate in November fell to 3.7 percent from 3.9 percent in October, beating expectations from Dow Jones economists who forecasted the rate would remain unchanged. Employment numbers for September and October saw minimal revisions. The BLS revised September job gains down by 35,000 from 297,000 to 262,000, and …

December 8, 2023

Civic Development Georgia Southeast Top Stories

U.S. Soccer Federation to Develop $228M National Training Center in Metro Atlanta

by Jeff Shaw December 8, 2023

FAYETTEVILLE, GA. — The U.S. Soccer Federation has selected a site in Fayetteville, 22 miles south of downtown Atlanta, to develop its new National Training Center. The facility will be located within the master-planned community of Trilith and will span more than 200 acres. The development is expected to create 440 new jobs and costs $228 million to develop, according to the State of Georgia. The National Training Center will serve as the headquarters for U.S. Soccer, which is currently based in Chicago. Plans for the facility include a dozen soccer fields; more than 100,000 square feet of indoor courts for all 27 of the U.S. Soccer national teams; and 200,000 square feet of facilities, locker rooms, meeting rooms and headquarters space for U.S. Soccer employees. The federation plans to break ground on the project in the spring of 2024. Arthur Bank, co-founder of The Home Depot and owner of Major League Soccer team Atlanta United and the NFL’s Atlanta Falcons, contributed $50 million to the development. According to U.S. Soccer, the site was chosen due to its proximity to the Hartsfield-Jackson Atlanta International Airport and Atlanta’s downtown area, optimal climate for year-round programming, the ability to impact the local …

December 8, 2023

Loans Retail Southeast Virginia

Macerich Secures $710M CMBS Refinancing for Tysons Corner Center in Metro D.C.

by John Nelson December 7, 2023

TYSONS, VA. — Macerich has secured a $710 million loan for the refinancing of Tysons Corner Center, a 1.8 million-square-foot retail power center located in Tysons, a suburb of Washington, D.C. Nordstrom, Bloomingdale’s and Macy’s anchor the property, which was 96 percent leased as of third-quarter 2023. The new CMBS financing will replace an existing $666 million loan that was scheduled to mature on Jan. 1, 2024. The direct lender was not disclosed, but the loan features a fixed 6.6 percent interest rate and interest-only payments throughout the five-year loan term. A Macerich-led joint venture owns the center.

December 7, 2023

Acquisitions Georgia Multifamily Southeast

Goldrich Kest Purchases 14-Story Novel Midtown Apartment Tower in Atlanta

by John Nelson December 7, 2023

ATLANTA — Southern California-based Goldrich Kest has purchased Novel Midtown, a 14-story apartment high-rise in Midtown Atlanta. The seller, Crescent Communities, delivered the 340-unit property in 2022. The Charlotte-based developer also recently delivered Novel West Midtown in Atlanta. The sales price for Novel Midtown was not disclosed. The property features studio, one-, two- and three-bedroom units, as well as a 3,000-square-foot fitness center, swimming pool, sky deck, outdoor kitchen, private conference rooms and coworking spaces, dog park with a pet spa and a Land of a Thousand Hills Coffee & Social on the ground level.

December 7, 2023

Development Florida Industrial Southeast

Hunt Midwest, Boyd+Mox Complete 251,388 SF Speculative Industrial Facility in Central Florida

by John Nelson December 7, 2023

OCALA, FLA. — Kansas City-based Hunt Midwest and locally based Boyd+Mox have delivered Ocala South Logistics I, a 251,388-square-foot speculative industrial facility in Ocala. The property represents Phase I of Ocala South Logistics Park, a 1.4 million-square-foot industrial park situated on 93 acres within Florida Crossroads Commerce Park in Central Florida. Building I features 32-foot clear heights, 67 dock-high doors, two drive-in doors, 60-foot-deep speed bays and 247 car parking stalls. The design-build team includes civil engineer Kimley-Horn, architect LS3P and general contractor Evans General Contractors. Rian Smith, Kris Courier and Josh Tarkow of CBRE are handling the leasing assignment, which includes leasing options for Building I and build-to-suit options for the remainder of the park. The facility, which is the only rear-load warehouse available in the market, is divisible from 50,000 square feet to 251,388 square feet.

December 7, 2023

Affordable Housing Development Kentucky Multifamily Seniors Housing Southeast

Woda Cooper, Housing Services Alliance Open Affordable Seniors Housing Community in Walton, Kentucky

by John Nelson December 7, 2023

WALTON, KY. — Affordable housing developer Woda Cooper Cos. Inc. and Housing Services Alliance have opened Haven Crossing, an affordable seniors housing community in Walton, approximately 20 miles south of Cincinnati. Haven Crossing is a three-story, elevator-served building that provides 33 one-bedroom units and 24 two-bedroom units. It is restricted to residents age 55 and over earning 30 percent to 80 percent of the area median income (AMI). Project partners included Kentucky Housing Corp., Boone County, City of Walton, Marble Cliff Capital and First Financial Bank. Primary financing for the $13.2 million property was supported through the allocation of Low-Income Housing Tax Credit (LIHTC) equity by Kentucky Housing Corp. Marble Cliff Capital invested in the tax credits to provide equity financing. First Financial Bank invested in the project via MCC, and provided the construction loan. Cedar Rapids Bank & Trust is providing permanent debt for the project. Other partners on the project included Grimm Architecture, Chadan Engineering Inc. and Woda Construction Inc. Woda Management & Real Estate will handle leasing and management.

December 7, 2023

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