Southeast

Arkansas Symphony Orchestra Breaks Ground on $11.8M Music Center in Little Rock

by John Nelson August 11, 2023

LITTLE ROCK, ARK. — The Arkansas Symphony Orchestra (ASO) has broken ground on its Stella Boyle Smith Music Center, an $11.8 million project in Little Rock’s East Village. Scheduled for completion in September 2024, the facility will total 20,000 square feet and will feature music classrooms and practice spaces. Witsell Evans Rasco Architects designed the center, and Bailey Construction will serve as the general contractor. Major donors for the project include The Stella Boyle Smith Trust, Susie and Charles Morgan, Gus Vratsinas, Terri and Chuck Erwin, the Windgate Foundation, E. Lee Ronnel, Simmons Bank, the State of Arkansas and members of the ASO board of directors.

August 11, 2023

Acquisitions Georgia Office Southeast

TerraCap Sells 196,000 SF Office Park in Metro Atlanta

by John Nelson August 11, 2023

MARIETTA, GA. — TerraCap Management, a Florida-based investment firm, has sold Cobb Corporate Center, a 196,000-square-foot office campus located in Marietta, roughly 20 miles outside of Atlanta. TerraCap acquired the property, which comprises five single-story buildings, in July 2020 and executed 70,000 square feet of leases during the firm’s ownership. The buyer and sales price were not disclosed.

August 11, 2023

Development Loans Mixed-Use Multifamily Southeast Student Housing Tennessee Top Stories

Joint Venture Receives $233.3M Construction Financing for Hub Knoxville Student Housing Project Near University of Tennessee

by Jeff Shaw August 11, 2023

KNOXVILLE, TENN. — Core Spaces, Schenk Realty and Kayne Anderson Real Estate have received $233.3 million in financing for the construction of Hub Knoxville, a 2,000-bed student housing community in downtown Knoxville adjacent to the University of Tennessee campus. According to the development team, this project would be the largest student housing development in Knoxville’s history. Hub Knoxville comprises 600 units across three towers, including two 10-story buildings and one seven-story building. Units come in studio through five-bedroom layouts. The project will also include an estimated 30,000 square feet of retail space and an 1,800-stall parking garage. Overall, Hub Knoxville spans over 4 acres in “The Strip,” Knoxville’s main hub downtown. Through a partnership with Covenant Health, the parking garage will also provide parking spaces dedicated to the Fort Sanders Regional Medical Center and East Tennessee Children’s Hospital. Construction on Hub Knoxville began this spring. The first phase of the project is slated for completion in fall 2025. The second phase is scheduled to open in 2026. Amenities will include a rooftop pool deck, a courtyard with grilling stations, a spa and fitness center, private study rooms and a coffee shop. Core Spaces and Schenk Realty are co-developers on the …

August 11, 2023

Development Florida Hospitality Loans Southeast

Madison Realty Capital Originates $240M Acquisition Loan for Orlando Resort

by John Nelson August 10, 2023

ORLANDO, FLA. — Madison Realty Capital has originated a $240 million acquisition loan for a 526-unit single-family rental development underway in Orlando. The borrowers, Baseline Property Group and JSB Capital Group, also secured a $40 million mezzanine loan from a private foreign family office. The previous owner was not disclosed. Baseline’s sister company, Villatel, will operate the units as resort-style, short-term rentals upon completion. Situated on 77 acres along International Drive, the Villatel Orlando Resort will comprise 256 condominiums, 200 townhomes and 70 single-family homes. Many units will include private pools, movie theaters and arcade and gaming spaces. The resort will also feature a private $20 million amenity center that will include a clubhouse, water park with seven slides, lazy river, water playground, pool, fitness center, golfing swing suite, arcades, children’s playrooms and eateries. The resort’s initial homes are expected to be available for rent in the fourth quarter, and all units are expected to be delivered into the rental pool by summer 2025.

August 10, 2023

District of Columbia Loans Multifamily Southeast

Walker & Dunlop Provides $108.8M Loan for Park Chelsea Apartments in D.C.

by John Nelson August 10, 2023

WASHINGTON, D.C. — Walker & Dunlop has provided a $108.8 million Fannie Mae loan for the refinancing of Park Chelsea, a 429-unit apartment building located in Washington, D.C.’s Capitol Riverfront neighborhood. The borrower, WC Smith, developed the property in 2016 as the first phase of The Collective, a 1,138-unit apartment development. Brendan Coleman and Connor Locke of Walker & Dunlop originated the financing. Park Chelsea’s amenities include a leasing center, 24-hour concierge, club room/game room, library, conference room and a garden room. Additionally, residents of The Collective have access to amenities across all three phases of the project, including indoor green space with an amphitheater, a full-size basketball court, outdoor singles tennis court and coworking space.

August 10, 2023

Acquisitions Multifamily North Carolina Southeast

CBRE Investment Management Acquires Legacy at Wakefield Apartments in Raleigh for $79.9M

by John Nelson August 10, 2023

RALEIGH, N.C. — CBRE Investment Management has acquired The Legacy at Wakefield, a 369-unit, garden-style apartment community located at 14411 Calloway Gap Road in Raleigh. The seller and sales price were not disclosed, but Triangle Business Journal reports the property traded for $79.9 million. Legacy at Wakefield features one-, two- and three-bedroom units, as well as a 24-hour fitness center, dog park, grilling stations, a fireplace lounge with screened veranda, clubhouse, a car wash center and 684 parking spaces.

August 10, 2023

Development Leasing Activity Maryland Retail Southeast

Floor & Décor to Open Warehouse Store, Design Center in Metro Baltimore

by John Nelson August 10, 2023

GLEN BURNIE, MD. — Floor & Décor, a flooring and tile specialty retailer based in metro Atlanta, plans to open a new warehouse store and design center in Glen Burnie. The store will mark the retailer’s second location in the greater Baltimore area and fourth in Maryland. Floor & Décor operates more than 200 warehouse stores and five design studios across 36 states. The company has signed a ground lease with locally based St. John Properties for the Glen Burnie location. Bill Holzman represented the landlord in the lease negotiations on an internal basis, and John Meyer and Brian Finkelstein of KLNB represented the tenant. Floor & Décor will employ 50 full-time and part-time associates when it opens next year. The property will be situated at the intersection of Ritchie Highway and Dover Road. The square footage of the property was not disclosed, but Floor & Décor’s prototypical stores span 75,000 to 80,000 square feet.

August 10, 2023

Acquisitions North Carolina Retail Southeast

Legacy Arranges $7.1M Sale of Northeast Plaza Shopping Center in Lumberton, North Carolina

by John Nelson August 10, 2023

LUMBERTON, N.C. — Legacy Realty Group Advisors has arranged the $7.1 million sale of Northeast Plaza, a 53,867-square-foot shopping center in Lumberton. Built in 2000, the property was leased to 10 tenants at the time of sale. Jacob Baruch of Legacy represented the undisclosed seller in the transaction. Lisa Schaefer of LRS Management represented the buyer.

August 10, 2023

Development Florida Multifamily Southeast

Calta Group Breaks Ground on 180-Unit Revv Apartment Community in Hollywood, Florida

by John Nelson August 9, 2023

HOLLYWOOD, FLA. — The Calta Group has broken ground on Revv, a 180-unit apartment community located at 2233 Hollywood Blvd. in the South Florida city of Hollywood. The property represents the first multifamily project for the Coral Gables, Fla.-based developer. Calta purchased the 1.6-acre site last year for $9.5 million and obtained a $60 million construction loan from BridgeInvest in April. Designed by Miami-based Borges Architects + Associates, Revv will rise eight stories and feature studios, live-work units and one- and two-bedroom apartments. Amenities will include a resort-style pool, coworking space, gym and ground-floor retail space. Calta plans to deliver Revv in the first quarter of 2025.

August 9, 2023

Development Hospitality Southeast Tennessee

Three Pillars, Seven Seas to Develop 119-Room At Home Studio Living Hotel in Metro Nashville

by John Nelson August 9, 2023

SMYRNA, TENN. — Three Pillars Group and Seven Seas Ventures are co-developing At Home Studio Living, a 119-room hotel in Smyrna, a suburb of Nashville. The hotel will be part of the larger Marketplace at Smyrna mixed-use development. Set to open in first-quarter 2025, the property will mark the launch of the At Home Studio Living brand. Three Pillars is planning to add five more locations for the brand in the next 36 months. The company has selected Panama City Beach, Fla., for the second host city. Amenities at the At Home Studio Living Smyrna location will include guestroom kitchens, free Wi-Fi, onsite laundry, outdoor community patios with grills and modern technology in the guest rooms.

August 9, 2023

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