Southeast

ANF Group Tops Out First Phase of 43-Acre Mixed-Use Development in Delray Beach, Florida

by John Nelson September 1, 2023

DELRAY BEACH, FLA. — Construction firm ANF Group Inc. has topped out the first phase of Parks at Delray, a 43-acre mixed-use development underway at 2100 S. Congress Ave. in Delray Beach. Upon completion, the property will feature residential, retail and office space. The 747-unit residential portion will feature one-, two- and three-bedroom apartments ranging from 580 to 1,400 square feet, as well as three-bedroom townhomes ranging from 1,670 to 1,770 square feet. Retail space at the development will total roughly 40,000 square feet, and the office building will comprise 68,000 square feet. ANF is completing the project on behalf of the developers, 13th Floor Investments, Key International, CDS International Holdings and Wexford Capital. MSA Architects is the architect, and CIBC Bank is providing construction financing. Construction began in March of this year, and Phase I is scheduled for completion in the first quarter of 2025.

September 1, 2023

Acquisitions Florida Multifamily Southeast

EPC, Belay Sell 361-Unit Captiva Club Apartment Community in Tampa

by John Nelson September 1, 2023

TAMPA, FLA. — Eagle Property Capital (EPC) and Belay Investment Group have sold Captiva Club Apartments, a 361-unit multifamily community located at 4401 Club Captiva Drive in Tampa. Built in 1973, the property comprises apartments in one-, two- and three-bedroom floor plans. Amenities at the community include a clubhouse, two swimming pools, two dog parks, a business center and onsite laundry. The partners acquired the property in 2016 and implemented $4.3 million in capital improvements, including the addition of 17 new units. The buyer and sales price were not disclosed.

September 1, 2023

Affordable Housing Development Seniors Housing Southeast Virginia

APAH Opens 150-Unit Oakwood Meadow Affordable Seniors Housing Community in Alexandria, Virginia

by John Nelson September 1, 2023

ALEXANDRIA, VA. — The Arlington Partnership for Affordable Housing (APAH), along with its development partners, has opened Oakwood Meadow Senior Residences in Alexandria. The affordable housing development features 150 one- and two-bedroom apartments for qualifying adults ages 62 and older who earn between 30 and 60 percent of the area median income (AMI). Located on a site that was formerly a stormwater retention pond, this project is part of a public-private partnership between APAH and Fairfax County Redevelopment and Housing Authority (FCRHA). In addition to the contribution of public land, Fairfax County and the FCRHA invested $5.3 million in local Housing Blueprint funding, nearly $12.6 million in bond financing and an undisclosed amount in project-based vouchers. Additional financing includes both 4 and 9 percent Low-Income Housing Tax Credits (LIHTC) awarded by Virginia Housing and nearly $30 million in equity investments from Bank of America.

September 1, 2023

District of Columbia Southeast

US Economy Adds 187,000 Jobs in August, Beating Expectations But Falling Below Average Growth

by John Nelson September 1, 2023

WASHINGTON, D.C. — Total nonfarm employment in the United States increased by 187,000 in August, according to the Bureau of Labor Statistics (BLS). These findings reflect greater growth than anticipated, with economists previously predicting an increase of 170,000, according to CNBC. Despite this, 187,000 remains below the average monthly gain of 271,000 over the prior 12 months. The healthcare, leisure and hospitality and social assistance sectors added 71,000, 40,000 and 26,000 positions, respectively. Construction employment increased by 22,000, and employment in the professional and business services saw a modest increase of 19,000. Transportation and warehousing lost 34,000 jobs in August, and employment in other sectors saw little change. The unemployment rate for August is 3.8 percent, marking a 30-basis-point increase from July and the highest unemployment level since February. Additionally, the BLS significantly revised down the nonfarm employment numbers for June and July. With revisions, combined employment in the two months was 110,000 lower than previously reported. According to CNBC, the August report largely aligns with Federal Reserve’s expectations, and the central bank is expected to refrain from increasing interest rates at its September meeting. However, the Fed is expected to make a final increase for the year in October.

September 1, 2023

Development Healthcare Southeast Virginia

Cullinan Properties Delivers $100M Veterans Affairs Mental Health Clinic in Metro Tampa

by John Nelson August 31, 2023

TEMPLE TERRACE, FLA. — Cullinan Properties has completed the development of the U.S. Tampa Veterans Affairs (VA) Mental Health Clinic in Temple Terrace, roughly 10 miles outside of Tampa. Cullinan broke ground on the $100 million project in late 2021. The facility, which totals 150,000 square feet, will begin seeing patients in January 2024. Situated on 20 acres, the development features a 120,000-square-foot clinic, 265 consult rooms, 60 patient rooms, an activities courtyard, full-service kitchen, dining room and social activities room. The General Services Administration (GSA), along with the VA, selected the project team, including Hoar Construction and Leo A Daly as the general contractor and architect, respectively. Lincoln Harris is the facility manager.

August 31, 2023

Acquisitions Retail Southeast Virginia

Joint Venture Acquires Shopping Center Portfolio in Woodbridge, Virginia for $52.8M

by John Nelson August 31, 2023

WOODBRIDGE, VA. — A joint venture between Ideal Realty Group, Rock Creek Property Group and The Sigmund Cos. has purchased a portfolio of four regional shopping centers in Woodbridge’s Dale City neighborhood. An affiliate of Interstate Management Inc. sold the properties, which total 470,000 square feet, for $52.8 million. The properties include Center Plaza, Mapledale Plaza, Forestdale Plaza and Glendale Plaza, all of which are located within three miles of each other along Dale Boulevard. The centers were 90 percent leased at the time of sale to tenants include Giant Food, Truist Bank, CVS, Ace Hardware, Advance Auto Parts, Wells Fargo and Dollar General. The new ownership is working with MV+A Architects to renovate the interiors and exteriors of the portfolio. KLNB has been selected for the portfolio’s leasing assignment, and TSCG has been tapped to handle property management services.

August 31, 2023

Development Loans Multifamily North Carolina Southeast

FCP Provides $13.9M in Preferred Equity for Multifamily Development in Charlotte

by John Nelson August 31, 2023

CHARLOTTE, N.C. — FCP has provided $13.9 million in preferred equity for the development of Easton at Mountain Island, a 240-unit apartment community located along Garron Point Drive in Charlotte. FCP provided the capital to the developer, Waypoint Residential, through its Structured Investments platform, which has invested approximately $640 million to date. When complete, Easton at Mountain Island will be situated on nearly 20 acres near the Catawba River and Charlotte Douglas International Airport.

August 31, 2023

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $7.3M Sale of Tampa Store Net Leased to Publix

by John Nelson August 31, 2023

TAMPA, FLA. — Marcus & Millichap has arranged the $7.3 million sale of a freestanding store located at 8701 W. Hillsborough Ave. in Tampa. The 64,031-square-foot retail property is net leased to Publix. Situated on 6.3 acres at the intersection of Memorial Highway and Hillsborough Avenue, the store was built in 1977 as an Albertsons. Evan Cannan and Reid Thedford of Marcus & Millichap’s Tampa office represented the seller, a private investor whose family has owned the land for nearly a century. Dean Zang, David Crotts, and Josh Ein of Marcus & Millichap’s Washington, D.C., office procured the buyer, which provided a bid that was $1.3 million higher than the highest off-market bid.

August 31, 2023

Acquisitions North Carolina Retail Southeast

Taylor McMinn Retail Group Brokers $1.2M Sale of Store in Kinston, North Carolina Leased to Advance Auto Parts

by John Nelson August 31, 2023

KINSTON, N.C. — The Taylor McMinn Retail Group, a retail investment sales team within Marcus & Millichap, has brokered the $1.2 million sale of a 7,000-square-foot store in Kinston leased to Advance Auto Parts. The retailer, which has operated at the store since it was built in 2003, recently signed a new 10-year lease at the property. The Advance Auto Parts is situated on a 0.7-acre site at 302 W. Vernon Ave., about 85 miles north of Wilmington, N.C., via I-40. Don McMinn of Taylor McMinn represented the undisclosed seller in the transaction. The buyer was an out-of-state 1031 investor. “Investment-grade tenants with lower rents and price points continue to receive strong demand in an environment where debt is a challenge,” says McMinn.

August 31, 2023

Features Property Type Seniors Housing Southeast

Mind the Gap(s): InterFace Panelists Highlight Divides in the Senior Living Industry and How to Bridge Them

by Hayden Spiess August 31, 2023

ATLANTA — The demand metrics of seniors housing are extremely compelling, given the demographics of Americans aging into the product type. But that demand is not necessarily translating directly to occupancy at senior living properties. This disparity between leads and move-ins is just one of the gaps that the panelists highlighted throughout the “Power Panel” at France Media’s InterFace Seniors Housing Southeast conference that touched on marketing, generational differences and family expectations. Hosted Aug. 16 at the Westin Buckhead in Atlanta, the panel offered insight into the state of the industry, as seen through the eyes of C-Suite executives. Participants included Iyvonne Byers, CFO of Priority Life Care; Judd Harper, president of The Arbor Co.; Doug Schiffer, president and chief operating officer of Allegro Senior Living; Shelley Esden, president and CEO of Sonata Senior Living; and Terry Rogers, president and CEO of Westminster Communities of Florida. John Lariccia, CEO of WelcomeHome Software, served as the moderator. Follow the lead Esden said that the “big discrepancy between the rise in the number of leads and the rise in move-ins” can be partly accounted for by the prevalence of digital marketing and automation, particularly in the post-COVID landscape. For this reason, she …

August 31, 2023

Newer Posts

Older Posts