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AcquisitionsGeorgiaHospitalitySoutheast

Flacks Group Purchases 180-Room Crowne Plaza North Augusta Hotel

by John Nelson

AUGUSTA, GA. — Miami-based Flacks Group has purchased Crowne Plaza North Augusta, a 180-unit hotel in Augusta. Built in 2019 near the Augusta GreenJackets’ Minor League Baseball ballpark, the hotel features meeting spaces, the Salt + Marrow steakhouse and a rooftop bar called Jackson’s Bluff. Hodges Ward Elliott represented Flacks Group in the transaction. The seller and sales price were not disclosed, but the Post and Courier North Augusta reports that Ackerman Greenstone sold the property. Blue Lotus Ventures was a consultant in the transaction, and J.P. Morgan provided an undisclosed amount of acquisition financing.

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AcquisitionsLoansMultifamilySoutheastVirginia

Berkadia Provides $37M Agency Loan for Metro Richmond Apartment Community

by John Nelson

MIDLOTHIAN, VA. — Berkadia has provided a $37 million Fannie Mae acquisition loan for Commonwealth Apartments, a 234-unit multifamily community located at 5401 Commonwealth Centre Parkway in Midlothian, a Richmond suburb in Chesterfield County. Patrick McGlohn, Brian Gould, Miles Drinkwalter, Hunter Wood, Patrick Cunningham and Natalie Hershey of Berkadia originated the loan on behalf of the buyer, Atlanta-based Mesa Capital Partners. Additionally, the Berkadia team of Drew White, Carter Wood and Cole Carns represented seller, CMB Development, in the sale. Built in 2022, Commonwealth Apartments features a gaming lounge and 24/7 fitness center, among other amenities.

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AcquisitionsDevelopmentMultifamilySoutheastVirginia

Northmarq Arranges $18.5M Sale of Multifamily Development Site in Tysons, Virginia

by John Nelson

TYSONS, VA. — Northmarq has arranged the $18.5 million sale of a multifamily development site in Tysons, an affluent suburb of Washington, D.C., in Northern Virginia. The 1.3-acre parcel is approved for a 25-story high-rise comprising 447 one-, two- and three-bedroom apartments and 15,207 square feet of retail space. The site is part of Scotts Run, a 40-acre master-planned development comprising 6.5 million square feet of multifamily, office, retail and hotel space. The future apartment high-rise is located within walking distance of the McLean Metro Station’s Silver Line. The buyer and construction timeline were not released.

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GeorgiaMarket ReportsRetailSoutheast Market Reports

Atlanta’s Retail Market Experiences Rising Rents, Strong Demand Amid Tight Supply

by John Nelson

The Atlanta retail market continues to thrive with significant growth driven by a combination of strong demand, minimal new construction and low inventory levels. Long regarded as a key hub for commerce in the Southeast, metro Atlanta has seen its population increase rapidly over the years, which has, in turn, bolstered retail demand.  As a result, Atlanta’s retail availability has hit record lows and has created a competitive market for tenants looking to secure high-quality spaces. Rental rates have increased, and investment sales volume has continued at a healthy pace as tenants vie for a limited amount of inventory. Rising rents, investment sales One of the standout trends in Atlanta’s retail market is the consistent increase in rental rates. Retail rents in the metro area have grown steadily over the past few years, with average rents rising from $21.07 per square foot in first-quarter 2023 to $22.83 per square foot by third-quarter 2024. This represents an impressive 5.2 percent year-over-year growth, significantly outpacing the national average of 2.4 percent. The city’s growing population and economic development have spurred greater demand for retail spaces, especially in high-traffic areas. Retailers are willing to pay premium rates to secure space in desirable locations, …

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Lakeshore-Mall-Redevelopment_Gainesville-Ga
DevelopmentGeorgiaMixed-UseRetailSoutheastTop Stories

Branch Properties Plans Mixed-Use Redevelopment of 492,798 SF Lakeshore Mall in Gainesville, Georgia

by Hayden Spiess

GAINESVILLE, GA. — Branch Properties has announced plans for the redevelopment of Lakeshore Mall, a 492,798-square-foot retail property located in Gainesville, roughly 55 miles northeast of Atlanta.  Plans for the mixed-use redevelopment include 305,444 square feet of retail space, as well as 652 multifamily units and 38,200 square feet of outdoor community greenspace. The property will also have the capacity for the future development of a hotel and townhomes.   Current Lakeshore Mall anchors Dick’s Sporting Goods and Belk will remain open throughout the project, with the former relocating to a new space within the development.  The Atlanta-based developer, which acquired the property in 2022, will soon initiate the development of regional impact (DRI) process with the Georgia Department of Community Affairs (DCA), with the groundbreaking scheduled for late 2026. Len Erickson of Franklin Street will handle retail leasing at the development in partnership with Branch Properties.  Originally opened in 1970, Lakeshore Mall is located off Dawsonville Highway near Lake Lanier. According to the U.S. Census Bureau, Gainesville has seen a population increase of roughly 15 percent since 2020.  “This reimagined mixed-use destination redefines Lakeshore as a dynamic, pedestrian-friendly community hub tailored to meet the needs of Gainesville, one of Georgia’s …

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AcquisitionsGeorgiaIndustrialSoutheast

JLL Arranges $100.6M Sale of New Bulk Industrial Building in Savannah

by John Nelson

SAVANNAH, GA. — JLL has arranged the $100.6 million sale of Rockingham Farms Building 9, a 942,210-square-foot industrial facility located at 125 Feldspar Drive in Savannah. The seller, Scannell Properties, developed the bulk industrial building in 2023 within Rockingham Farms Logistics Park, a 5.8 million-square-foot industrial development approximately nine miles from Port of Savannah’s Garden City terminal. Goldman Sachs Alternatives purchased the facility, which was fully leased at the time of sale to four tenants. Britton Burdette, Matt Wirth, Dennis Mitchell and Jim Freeman of JLL represented the seller in the transaction. The cross-dock building features 40-foot clear heights, 185-foot truck court, 183 dock-high doors, 7,500 square feet of offices and ample automobile and trailer parking.

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AcquisitionsIndustrialNorth CarolinaSoutheast

Avison Young Brokers Sale of 402,390 SF Distribution Center in Metro Charlotte Leased to Amazon

by John Nelson

CONCORD, N.C. — Avison Young has brokered the sale of a 402,390-square-foot distribution center located at 7040 Northwinds Drive NW in Concord, a suburb of Charlotte along I-85. E-commerce giant Amazon fully occupies the facility for use as a fulfillment center. Texas-based Stonelake Capital Partners purchased the property from SL Industrial Partners, a member of the Silverman Group family of companies. Chris Skibinski, Henry Lobb and Abby Rights of Avison Young brokered the transaction. The sales price was not disclosed, but the Charlotte Business Journal reports the property traded for approximately $51 million. Will Jenkins, Marc Hedrick and Jack Harvey led Stonelake Capital’s team in the transaction on an internal basis.

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DevelopmentFloridaMixed-UseMultifamilyOfficeRetailSoutheast

Related Group, Rockpoint Deliver Mixed-Use Highley House in Miami’s Wynwood District

by John Nelson

MIAMI — A partnership between development firm Related Group and Boston-based private equity firm Rockpoint has delivered The Highley House, a mixed-use project in Miami. Situated at 2150 N. Miami Ave. in the city’s Wynwood district, the development features two towers comprising 304 rental apartments, approximately 72,000 square feet of Class A offices and 18,000 square feet of retail space. The co-developers named the project after Locke Highleyman, a developer behind local projects like Hibiscus and Palm Islands and the judge responsible for christening the area as “Wyndwood” in 1917, which was later streamlined to “Wynwood.” Amenities at The Highley House include a rooftop with a swimming pool, summer kitchen, bar and sky lounge. Other amenities include a private dining and wine room, private cinema and lounge, podcast suites, game room, art murals throughout, electric vehicle charging stations, coworking spaces, package services, storage and a wellness center with a gym, yoga room, spa, steam room, cold plunge and treatment suites. The Highley House’s apartments feature studio to three-bedroom layouts with monthly rental rates ranging from $2,389 to $5,657, according to Apartments.com.

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DevelopmentIndustrialSoutheastVirginia

PNK Group to Break Ground on $80M Industrial Facility in Colonial Heights, Virginia

by John Nelson

COLONIAL HEIGHTS, VA. — PNK Group will soon break ground on an approximately $80 million industrial facility in Colonial Heights, a Richmond suburb in Chesterfield County. The New York City-based developer purchased the 86.6-acre site last month. The 846,260-square-foot facility will be situated within Ashton Industrial Park. The construction timeline for the development was not released.

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DevelopmentIndustrialSouth CarolinaSoutheast

Appian Investments Completes 621,468 SF Industrial Building in Laurens, South Carolina

by John Nelson

LAURENS, S.C. — Appian Investments, a real estate investment group founded by commercial real estate services firm NAI Earle Furman, has completed a new 621,468-square-foot industrial building in Laurens. The speculative facility is situated along the I-385 corridor within Hunter Industrial Park, a logistics campus in the Upstate South Carolina region. Laurens County Development Corp. partnered with Appian Investments on the cross-dock development, which features 40-foot clear heights, 2,500 square feet of office space, 54- by 50-foot column spacing, 136 exterior dock doors, four drive-in bays, 186 trailer storage spaces and 468 automobile parking spaces. Hunter Garrett, John Staunton and Josh Kenyon of NAI Earle Furman are marketing the facility for lease or sale. Tom Daniel and James Malm of NAI Earle Furman were part of the construction team.

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