Southeast

PRP Acquires Spring Valley Village Shopping Center in D.C. for $47.5M

by John Nelson July 25, 2023

WASHINGTON, D.C. — PRP has acquired Spring Valley Village, a 95,000-square-foot shopping center in Washington, D.C.’s Spring Valley neighborhood. The undisclosed seller sold the property for $47.5 million. Originally constructed in 1939 and renovated in 2017, the center comprises six buildings that were 98 percent leased at the time of sale to tenants including Crate & Barrel, Millie’s Restaurant, Capital One Bank, Starbucks, Small Door Veterinary, Compass Coffee and Blue Lane. Spring Valley Village is listed on the National Register of Historic Places.

July 25, 2023

Acquisitions Georgia Multifamily Southeast

Northland, Ascent Purchase 216-Unit Glenwood at Grant Park Apartments in Atlanta

by John Nelson July 25, 2023

ATLANTA — Northland has partnered with Ascent Property Management to purchase Glenwood at Grant Park, a 216-unit apartment community located in Atlanta’s Grant Park neighborhood. The seller and sales price were not disclosed. Built in 2016, the midrise property features a mix of studio, one- and two-bedroom apartments. Amenities include a 24-hour business center, fitness center, bocce ball court, coffee bar, resort-style pool and courtyard, pet washing station, a resident lounge and game room, package lockers, EV charging stations and access to the Atlanta BeltLine. This is Northland’s ninth acquisition in Georgia since entering the market in 2020.

July 25, 2023

Development Georgia Mixed-Use Restaurant Southeast

North American Properties, Politan Group to Open New Food Hall at Forum Peachtree Corners in Metro Atlanta

by John Nelson July 25, 2023

PEACHTREE CORNERS, GA. — Cincinnati-based mixed-use developer and operator North American Properties (NAP) has partnered with New Orleans-based Politan Group for a new food hall at The Forum Peachtree Corners, a mixed-use redevelopment in metro Atlanta. Set to open in summer 2024, the new Politan Row at The Forum is the second food hall between NAP and Politan Group as the duo opened Politan Row at Colony Square in Midtown Atlanta two years ago. The nearly 10,000-square-foot food hall will feature space for seven independent food-and-beverage concepts, a central Bar Politan, private event venue and an outdoor patio fronting the greenspace. Politan Group is also activating the adjacent jewel box with a standalone restaurant and wine bar. Bell-Butler is designing the food hall. Other uses coming to The Forum Peachtree Corners include a 125-room hotel, 381 apartments and a structured parking deck.

July 25, 2023

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Brokers Sale of 677,789 SF Industrial Park in Deerfield Beach, Florida

by John Nelson July 25, 2023

DEERFIELD BEACH, FLA. — Cushman & Wakefield has brokered the sale of Quiet Waters Business Park, an infill industrial park in South Florida’s Deerfield Beach. PGIM Real Estate sold the seven-building, 677,789-square-foot property for an undisclosed price. The buyer was also not disclosed. Mike Davis, Dominic Montazemi, Rick Brugge, Rick Colon, Greg Miller, Cassandra Hernandez and Chloe Strada of Cushman & Wakefield represented the seller in the transaction. Matthew McAllister, Christopher Thomson, Chris Metzger and Rick Etner of Cushman & Wakefield’s South Florida Industrial Team will handle the property’s leasing assignment going forward. Quiet Waters is situated along the planned expansion of SW 10th Street, which will offer more direct connectivity to I-95, Sawgrass Expressway and the Florida Turnpike. The park houses 30 tenants and features a wide range of bay sizes with dock-high and grade-level loading.

July 25, 2023

Development Southeast Student Housing Top Stories Virginia

Balfour Beatty Plans $240M Student Housing Project at William & Mary in Williamsburg, Virginia

by John Nelson July 25, 2023

WILLIAMSBURG, VA. — Balfour Beatty Campus Solutions, a developer and operator of college and university real estate and infrastructure projects, has released plans for on-campus student housing options at William & Mary, a public research university in Williamsburg. The developer formed a public-private partnership with the school to bring the $240 million project to fruition. The new student housing accommodations will exceed 1,200 new beds. The general contractors, which includes Balfour Beatty’s buildings division and Richmond-based Kjellstrom+Lee, plan to break ground this month and open for student occupation in 2025. The first phase will deliver 935 beds at West Woods on the west side of William & Mary that will feature modern living units and community spaces, as well as a 50,000-square-foot dining hall. The second phase will feature 269 beds in a new facility adjacent to the school’s Lemon and Hardy Halls along Jamestown Road. The residence halls will be heated using geothermal heating and air conditioning in support of the school’s Climate Action Roadmap, which aims for a carbon-neutral campus by 2030. Lemon and Hardy Halls will also be transitioned to geothermal heating and cooling as part of the project. The design-build team includes VDMO Architects and CMTA. …

July 25, 2023

Development Florida Industrial Southeast

Amazon Underway on $120M Satellite Processing Facility on Florida’s Space Coast

by John Nelson July 24, 2023

CAPE CANAVERAL, FLA. — Amazon is underway on the construction of a $120 million satellite processing facility at Space Florida’s Launch and Landing Facility within Kennedy Space Center in Cape Canaveral. Upon completion, the development will total 100,000 square feet with a 100-foot high bay clean room. The facility will be used to receive and prepare Blue Origin and United Launch Alliance (ULA) satellites as part of Amazon’s Project Kuiper, a 3,200-satellite project that will provide broadband connection to underserved communities globally. Amazon will use the facility to receive shipments, conduct final preparation ahead of launches, connect satellites to custom dispensers from space tech firm Beyond Gravity and integrate the loaded dispensers with launch vehicles. Amazon’s investment is expected to create 50 news jobs on Florida’s Space Coast. A timeline for delivery was not disclosed.

July 24, 2023

Florida Loans Multifamily Southeast

Northmarq Arranges $70M Refinancing for Two Multifamily Communities in Miami Lakes, Florida

by John Nelson July 24, 2023

MIAMI LAKES, FLA. — Northmarq has arranged a $70 million loan for the refinancing of two multifamily communities located in Miami Lakes. Built in 1997 and 2000, the properties total 500 units. Jeff Robertson of Northmarq secured the 10-year permanent financing through Empower Annuity Life Insurance Co. on behalf of the borrower, Graham Cos. The names and addresses of the communities were not disclosed.

July 24, 2023

Acquisitions Multifamily Southeast Tennessee

Walker & Dunlop Brokers Sale of 271-Unit Apartment Community in Nashville

by John Nelson July 24, 2023

NASHVILLE, TENN. — Walker & Dunlop has brokered the sale of The Guthrie North Gulch, a 271-unit apartment community located at 600 11th Ave. N in Nashville. Russ Oldham of Walker & Dunlop represented the undisclosed seller in the transaction, and Stephen Farnsworth, Hanes Dunn and Jessie Bland of Walker & Dunlop arranged Freddie Mac financing on behalf of the buyer, GF Properties. The sales price and loan amount were not disclosed. Units at the property include apartments in one-, two- and three-bedroom layouts. Amenities include a fitness center, dog park and a recording studio.

July 24, 2023

Development Industrial Southeast Virginia

Skanska Delivers 245,000 SF Medical Office Building in Arlington, Virginia

by John Nelson July 24, 2023

ARLINGTON, VA. — Development and construction firm Skanska has completed the construction of a 245,000-square-foot medical office building in Arlington on behalf of VHC Health. The Outpatient Pavilion facility includes physical therapy examination and treatment rooms, radiology and imaging suites, examination clinics and six operating rooms. Additionally, there is 22,000 square feet of space dedicated to women’s health services. Skanska previously delivered an adjacent parking garage, featuring capacity for more than 1,600 cars, in 2021.

July 24, 2023

Florida Industrial Leasing Activity Southeast

Cushman & Wakefield Secures 216,317 SF Industrial Lease at Osprey Logistics Park in Coral Springs, Florida

by John Nelson July 24, 2023

CORAL SPRINGS, FLA. — Cushman & Wakefield has arranged a 216,317-square-foot lease at Osprey Logistics Park, a 427,515-square-foot industrial development currently underway in Coral Springs. Matthew McAllister and Christ Metzger of Cushman & Wakefield’s South Florida Industrial Team represented the landlord and developer, Foundry Commercial, in the leasing negotiations. Steve Wasserman and Erin Byers of Colliers represented the tenant, CTS Engines. CTS Engines will move its headquarters to Building 2 upon completion of the project, which is scheduled for late 2023. The building features 36-foot clear heights, 235-foot building depth, a 180-foot truck court, R-19 insulated roof deck, an ESFR sprinkler system and office space.

July 24, 2023

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