Southeast

Skanska Tops Out $83.6M George Mason University Academic Building in Northern Virginia

by John Nelson May 26, 2023

MANASSAS, VA. — Skanska has topped out George Mason University’s new Life Sciences and Engineering Building at the school’s Prince William County Science and Technology (SciTech) Campus in Manassas. The $83.6 million, 132,000-square-foot building will support students enrolled in STEM-H majors, such as kinesiology, materials science, forensic science, bioengineering and mechanical engineering. (STEM-H is short for science, technology, engineering, math and health sciences.) The facility will comprise specialized instructional labs, classrooms, experiential learning laboratories and faculty and administrative offices. The property will also be part of the university’s Innovation Town Center, which will provide students at the SciTech Campus with a residential campus experience from their freshman year through their post-graduate work.

May 26, 2023

Acquisitions Alabama Hospitality Southeast

Hunter Hotel Advisors Arranges Sale of Four Hilton-Branded Hotels in Alabama Totaling 361 Rooms

by John Nelson May 26, 2023

ATLANTA — Hunter Hotel Advisors, a national hospitality brokerage firm based in Atlanta, has arranged the sale of four hotels in Alabama totaling 361 rooms. The assets include Home2 Suites Madison Huntsville Airport, Hilton Garden Inn Madison, Home2 Suites Decatur Ingalls Harbor and Home2 Suites Opelika Auburn. Tim Osborne and Trey Scott of Hunter represented the seller, an undisclosed institutional investment firm, in the sale. The portfolio’s buyer and sales price were also not disclosed.

May 26, 2023

Acquisitions North Carolina Office Southeast

Northridge Capital Sells Creative Office Building in Charlotte for $19.2M

by John Nelson May 26, 2023

CHARLOTTE, N.C. — Northridge Capital, an independent real estate management firm based in Washington, D.C., has sold a historic creative office building in Charlotte’s FreeMoreWest submarket. An undisclosed real estate investment firm based in Charlotte purchased Grinnell Water Works, located at 1435 W. Morehead St., for $19.2 million. Alex Olofson of Stream Realty Partners and Jared Londry of PointBlank Ventures represented Northridge Capital in the transaction. Grinnell Water Works was built in 1930 and offers approximately 52,000 square feet of rentable office space across two floors. The asset was 70 percent leased at the time of sale.

May 26, 2023

Acquisitions North Carolina Retail Southeast

Divaris Brokers $14.8M Sale of Russ Avenue Shopping Center in Waynesville, North Carolina

by John Nelson May 26, 2023

WAYNESVILLE, N.C. — Divaris Real Estate has brokered the $14.8 million sale of Russ Avenue Plaza, a shopping center located at 1153-1220 Russ Ave. in Waynesville, approximately 26 miles west of Asheville, N.C. The 17-acre retail property formerly housed a big-box Kmart store. Jessica Johnson of Divaris represented the seller, an entity doing business as Russ Avenue Plaza LLC, in the transaction. The buyer and future plans for Russ Avenue Plaza were not disclosed.

May 26, 2023

Florida Loans Retail Southeast

Dwight Mortgage Trust Provides $12.8M Loan for Pine Island Plaza Shopping Center in Sunrise, Florida

by John Nelson May 26, 2023

SUNRISE, FLA. — Dwight Mortgage Trust, an affiliate REIT of Dwight Capital, has provided a $12.8 million bridge loan for Pine Island Plaza, a 104,000-square-foot, grocery-anchored shopping center in Sunrise. The borrower was not disclosed. The South Florida shopping center comprises 21 tenants, including an unnamed national grocer that will open its doors in June. This transaction marks Dwight Mortgage Trust’s entry into the retail sector.

May 26, 2023

Development Southeast Student Housing Tennessee

University of Tennessee, RISE to Develop Three On-Campus Residence Halls Totaling 2,500 Beds

by John Nelson May 25, 2023

KNOXVILLE, TENN. — A public-private partnership between the University of Tennessee (UT) and RISE: A Real Estate Co. has announced plans to develop three residence halls on the university’s campus in Knoxville. The three seven-story communities are expected to add 2,500 beds to the university’s housing inventory. Development plans include two communities on Andy Holt Avenue and Caledonia Avenue that will target first- and second-year students. The projects will offer 750 and 1,100 beds, respectively, in fully furnished, one- and two-bedroom units with en-suite bathrooms. Both buildings will include office space for staff and lounge space for students. The development cost for the two communities, which are expected to open in fall 2025, totals approximately $180 million. The third residential community will be located adjacent to the university’s Lindsey Nelson Stadium and will offers 750 beds in two- and four-bedroom apartment-style units. The project, which will cost roughly $129 million to develop, is scheduled for completion in fall 2026. The site will also feature an indoor practice facility that will complement other renovations and enhancements currently underway at the stadium. Pending state approvals, the projects will be delivered through a ground-lease structure in which UT will retain ownership of the …

May 25, 2023

Development Industrial Maryland Mixed-Use Southeast

St. John Properties to Develop 110,000 SF Mixed-Use Project in Hunt Valley, Maryland

by John Nelson May 25, 2023

HUNT VALLEY, MD. — St. John Properties has purchased a 17-acre parcel at the corner of York Road and Wight Avenue in Hunt Valley, about 18 miles north of Baltimore. The locally based developer purchased the land from Noxema for an undisclosed price. Jay Wellschlager of JLL represented the seller in the transaction, and Sean Doordan and Alex Lyons represented St. John Properties internally. On the site, St. John Properties plans to build Hunt Valley Exchange, a 110,000-square-foot mixed-use complex that will feature flex and research-and-development buildings, inline shops and restaurants and retail pad sites. Construction is expected to commence immediately.

May 25, 2023

Georgia Loans Multifamily Southeast

ACRE Provides $26.5M Loan for Lowe Apartments in Savannah

by John Nelson May 25, 2023

SAVANNAH, GA. — ACRE has provided a $26.5 million loan for the refinancing of The Lowe, a newly built apartment community located at 1501 Montgomery St. in Savannah. The borrower, MED Developers, is using the loan proceeds to refinance its existing construction debt on the project, which began welcoming its first residents in March. John Gavigan of JLL arranged the loan on behalf of MED. The Lowe comprises 135 studio, one- and two-bedroom apartments ranging in size from 421 to 1,079 square feet. Community amenities include a resort-style swimming pool, 24-hour fitness center, club room, pet spa, outdoor grilling area, covered parking garage and a bicycle storage room. Pegasus Residential manages the property.

May 25, 2023

Acquisitions Industrial South Carolina Southeast

Friedman Arranges Sale of 98,000 SF Industrial Facility in Ridgeland, South Carolina

by John Nelson May 25, 2023

RIDGELAND, S.C. — Friedman Real Estate has arranged the sale of a 98,000-square-foot industrial property located at 4427 Grays Highway in Ridgeland, approximately 32 miles north of Savannah, Ga. Marc Hames of Friedman represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed. The property comprises three buildings, including an 87,000-square-foot manufacturing facility, according to LoopNet Inc. The campus is situated on 27.1 acres within Cypress Ridge Industrial Park and offers access to I-95 via U.S. Highway 278.

May 25, 2023

Development Florida Leasing Activity Mixed-Use Retail Southeast

Sprouts to Open 23,000 SF Grocery Store at Aster & Links in Downtown Sarasota, Florida

by John Nelson May 25, 2023

SARASOTA, FLA. — Sprouts Farmers Market has signed a 23,000-square-foot retail lease at Aster & Links, a mixed-use development underway in downtown Sarasota. The developer, Belpointe PREP LLC, is a publicly traded qualified opportunity fund based in Greenwich, Conn. Aster & Links is a Main Street-style development that comprises two high-rise buildings that will rise seven and 10 stories. The 424-unit property will include one-, two- and three-bedroom apartments and four-bedroom townhome-style penthouses, as well 900 parking spaces consisting of garage and surface parking. Amenities will include a clubroom, fitness room, center courtyard with heated saltwater pool and rooftop amenities including a community room and a private dining area for private events, as well as outdoor grills and seating. Leasing at Aster & Links is anticipated to begin in the first half of 2024. The target opening date for Sprouts was not disclosed.

May 25, 2023

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