Southeast

D.C. Retail Sector is a Tale of Two Markets: Downtown and Everywhere Else

by John Nelson January 2, 2023

So much has been made about the future of retail in the United States. Is it dead? Is it back? How has it evolved? No doubt, retail was the sector most affected by the COVID-19 pandemic, and that is also true here in Washington, D.C. If you look at regional data, it appears to be rebounding nicely. The overall market currently boasts a near record-low vacancy rate at just 5.1 percent, according to CoStar Group. Tighter market conditions have helped landlords restore pricing power throughout the District, and asking rents and rent growth have surpassed pre-pandemic highs. When we measure by net absorption, retail demand in the region in 2022 is on pace to reach its highest level since 2016. But numbers don’t tell the whole story as the retail sector’s recovery in D.C.’s downtown market post COVID differs greatly from all of the metropolitan area’s other submarkets in a scenario that can only be described as a tale of two markets. Downtown D.C. So, what’s driving downtown retail these days? Simply, it’s the office market. Retail’s post-pandemic recovery is almost entirely dependent on office workers, and there is no more significant factor at play for its success than corporation’s …

January 2, 2023

Development Hospitality Mixed-Use Restaurant Retail Southeast Virginia

Cordish Cos. to Build $1.4B Mixed-Use Development in Metro Richmond

by John Nelson December 23, 2022

PETERSBURG, VA. — Cordish Cos. has announced plans for a $1.4 billion mixed-use project located in Petersburg, roughly 24 miles south of Richmond. Upon completion, the development, dubbed Live! Gaming & Entertainment District, will comprise 4 million square feet, including 600,000 square feet of retail, dining and entertainment space. The property will also include 1,300 residential units, 500 hotel rooms and office space. Built in phases, the project’s first phase will consist of the Live! Casino & Hotel Virginia, pending legislative approval. Plans for the 670,000-square-foot first phase include a 200-room hotel with 20 suites, an events center, 2,000 gambling slots, 60 live-action table games, food-and-beverage options and a sportsbook.

December 23, 2022

Alabama Development Multifamily Southeast

Gateway Ventures, McShane Deliver 343-Unit Apartment Community in Huntsville

by John Nelson December 23, 2022

HUNTSVILLE, ALA. — McShane Construction Co. has completed the construction of Laurel at Dry Creek, a 343-unit apartment community in Huntsville. The developer is Gateway Ventures Real Estate. Sitting on 20 acres, the property comprises 16 apartment and townhome buildings housing units in one-, two- and three-bedroom layouts. Designed by Dynamik Design, Laurel at Dry Creek features 7,000 square feet of amenity space, including a fitness center, pool, fire pit, pickleball courts, hammock garden, car wash, dog park and pet-grooming station. The community was 85 percent leased at the time of delivery.

December 23, 2022

Development Florida Leasing Activity Office Southeast

Kirkland & Ellis Signs 115,000 SF Office Lease at 830 Brickell in Miami

by John Nelson December 23, 2022

MIAMI — Law firm Kirkland & Ellis has signed a lease at 830 Brickell, a 55-story office building located in downtown Miami’s Brickell district. The firm will occupy a six-floor, 115,000-square-foot space at the property, which was developed by OKO Group and Cain International. Brian Gale, Ryan Holtzman and Andrew Trench of Cushman & Wakefield represented the landlord in the lease negotiations. Neil Goldmacher, Mitchell Millowitz and Ryan Rosalsky of Newmark and Kevin Kushner of CBRE represented Kirkland & Ellis. Other tenants at the building, which is expected to be 100 percent leased at the time of opening early next year, include Citadel, CI Financial, Microsoft, Thoma Bravo, AerCap and Marsh Insurance. Amenities at the office tower will include a rooftop bar/lounge and restaurant, a health and wellness center, conferencing facilities, an outdoor terrace, cafés and street-level retail space. Adrian Smith + Gordon Gill acted as architect for the project, with interiors by Italian firm Iosa Ghini Associati.

December 23, 2022

Acquisitions Georgia Multifamily Southeast

Fogelman Acquires 204-Unit Columns at Timothy Woods Apartments in Athens, Georgia

by John Nelson December 23, 2022

ATHENS, GA. — Fogelman Properties has acquired The Columns at Timothy Woods, a 204-unit apartment community located in Athens, roughly 70 miles northeast of Atlanta. Fogelman acquired the property for an undisclosed price from ECI Group, which acquired the community in 2019 and completed improvements to the property’s interiors and amenities. Originally built in 1996, the community features units in one-, two- and three-bedroom layouts. Kevin Geiger of CBRE represented ECI in the transaction.

December 23, 2022

Acquisitions Retail Southeast Tennessee

JLL Brokers $19.5M Sale of Shopping Center in Chattanooga Suburb

by John Nelson December 23, 2022

CLEVELAND, TENN. — JLL Capital Markets has brokered the sale of Cleveland Towne Center, a 148,203-square-foot shopping center located in the northeast Chattanooga suburb of Cleveland. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller, Wicker Park Capital Management LLC, in the $19.5 million transaction. Bodin Properties acquired the center, which was fully leased at the time of sale. Ross Dress for Less, Ashley Furniture, Old Navy, Books-A-Million and Electronic Express anchor the property, which is also shadow-anchored by Kohl’s and Target.

December 23, 2022

Development Florida Multifamily Southeast

Global City, Gilu to Break Ground on $90M Multifamily Community in Fort Myers, Florida

by John Nelson December 22, 2022

FORT MYERS, FLA. — A joint venture between two Miami-based developers, Global City Development and Gilu Development, plans to develop a $90 million multifamily project in Fort Myers. The companies purchased the site, a 17- acre parcel on the corner of Crystal Drive and 6 Mile Cypress Parkway, in August. The unnamed, 255-unit gated property will comprise one-, two- and three-bedroom residences ranging in size from 786 to 1,690 square feet. Amenities will include private garages, outdoor exercise areas and a two-story clubhouse that will feature a fitness center, meditation area, children’s playroom, private Zoom studios, coworking space, event room, onsite management office, package room and a pool overlooking the community’s private lake. The development team, including general contractor ANF Group Inc., plans to break ground in January 2023 with a completion date set for second-quarter 2024.

December 22, 2022

Acquisitions Affordable Housing District of Columbia Multifamily Southeast

Greysteel Brokers $76.7M Sale of Six-Property Multifamily Portfolio in Northwest D.C.

by John Nelson December 22, 2022

WASHINGTON, D.C. — Greysteel has brokered the sale of a six-property multifamily portfolio in Northwest Washington, D.C., totaling 362 apartments. The six properties in the portfolio include Barclay, Ravenel, Park Meridian, Park Marconi, Richman Towers and Sarbin Towers. Van Metre Cos. and institutional investors advised by J.P. Morgan Asset Management sold the portfolio to four different buyers for approximately $76.7 million, three of which were sold to local nonprofit affordable housing provider Jubilee Housing. Kyle Tangney and Herbert Schwat of Greysteel represented the sellers in the transaction. Four of the assets will be preserved as affordable housing. All six properties were sold via an assignment of their respective tenant associations to third-party developers pursuant to D.C.’s Tenant Opportunity to Purchase Act (TOPA).

December 22, 2022

Acquisitions Affordable Housing Multifamily Southeast Virginia

Northmarq Arranges $34.3M Sale of Affordable Housing Community in Fredericksburg, Virginia

by John Nelson December 22, 2022

FREDERICKSBURG, VA. — Northmarq has arranged the $34.3 million sale of Timber Ridge Townhomes, a 147-unit affordable housing community located at 3500 Goldenfield Lane in Fredericksburg, a town equidistant between Richmond and Washington, D.C. Northmarq’s Richmond investment sales team of Wink Ewing, Mike Marshall and Matt Straughan represented the seller, CAPREIT, in the transaction. The firm’s Richmond debt placement team of Keith Wells, Reina Abboud and Hunter Wood originated an undisclosed amount of acquisition financing for the buyer, Linden Property Group, through an unnamed regional bank. Built in 1999, Timber Ridge is a LIHTC community that comprises 21 apartment buildings. The property had a waiting list at the time of sale, and the Virginia Housing Development Authority recently raised rent caps at the property by 12 percent, according to Northmarq. Community amenities include onsite property management, a pet play area, business center, fitness center and a pool, with Wi-Fi access available at the clubhouse and pool areas.

December 22, 2022

Acquisitions Industrial North Carolina Southeast

Cushman & Wakefield Negotiates $32M Sale of New Industrial Facility in Metro Charlotte

by John Nelson December 22, 2022

HUNTERSVILLE, N.C. — Cushman & Wakefield has negotiated the $32 million sale of a newly built, 159,492-square-foot industrial facility within Park at Huntersville, an industrial park in metro Charlotte. Rob Cochran, Nolan Ashton, Bill Harrison and Josh McGee of Cushman & Wakefield represented the seller, a joint venture between Edgewater Ventures and an institutional equity partner, in the transaction. The buyer was an undisclosed private investor. Located at 13359 Reese Blvd. in Huntersville, the facility was built on a speculative basis but was fully preleased at the time of sale to Safeguard Medical, a global provider of emergency medical products, technologies and skills training programs used by first responders and military personnel. The facility serves as Safeguard Medical’s global headquarters and houses the firm’s manufacturing, logistics and front office operations. The property features 30-foot clear heights, 49 potential dock-high positions, 28 trailer parking spaces, 155 auto parking spaces and a 130- to 200-foot truck court.

December 22, 2022

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