Southeast

Public-Private Partnership Breaks Ground on $148.8M Graduate Student Housing Project at University of Maryland

by John Nelson October 1, 2024

COLLEGE PARK, MD. — A public-private partnership (P3) between Campus Apartments, Mosaic Development Partners and the University of Maryland has broken ground on a $148.8 million graduate student housing project on the university’s campus in College Park. The community is the first of a larger, three-phase development that will replace the existing “Leonardtown” section of campus. Upon completion, which is anticipated for 2027, the building will span 323,000 square feet. The community will offer 741 beds across 465 fully furnished units in studio, two-, three-, four- and five-bedroom configurations. Shared amenities will include a large conference space with interior and exterior courtyards on the ground floor; a penthouse community lounge and terrace; various community breakout spaces; resident parking; and bike storage. The development team for the project, which is targeting LEED Silver certification, includes Gensler, Michael Marshall, Davis Construction and Smoot Construction. RBC Capital Markets arranged financing for the development, which is being funded through tax-exempt bonds.

October 1, 2024

Development Georgia Industrial Leasing Activity Southeast

Souto Foods Leases 200,000 SF at Sugarloaf Logistics Hub in Metro Atlanta

by John Nelson October 1, 2024

LAWRENCEVILLE, GA. — Souto Foods, a locally based food distributor and subsidiary of Alex Lee, has leased 200,000 square feet of cold storage and warehouse space at Sugarloaf Logistics Hub, a 2.2 million-square-foot industrial development underway in Gwinnett County. The nearly 300-acre development is located along Sugarloaf Parkway in Lawrenceville within a couple miles of the interchanges of I-85 and Ga. Highway 316. The tenant, which specializes in Latin American and Caribbean food distribution, plans to invest $28 million into the site and hire 70 new positions. Reed Davis of JLL and Stephen Bridges of OnPace Partners represented the landlords, Foxfield LLC and AEW Capital Management, in the lease transaction. Bill Kee of NAI Brannen Goddard represented Souto Foods. In addition to the lease, Foxfield and AEW have sold a 13-acre parcel at Sugarloaf Logistics Hub to Atlanta-based Westplan Investors for a new 330-unit multifamily development. Construction is expected to commence in second-quarter 2025. Scott Cullen of JLL represented the landlords in the land sale.

October 1, 2024

Development Louisiana Retail Southeast

Kia of Covington, Gulf States Real Estate to Open New Car Dealership on Louisiana’s Northshore

by John Nelson October 1, 2024

COVINGTON, LA. — Gulf States Real Estate, Development and Construction Services has announced that Kia of Covington will soon open its new car dealership. The site of the future dealership is located at the intersection of I-12 and US Highway 190 on Louisiana’s Northshore. The Kia franchise owner, Kevin Szura, had paused the development due to rising interest rates and construction costs, resulting in a six-month delay. While Szura worked on finding alternative financing sources, the Gulf States team led by Jason Reibert and Mike Saucier “value engineered” more than $500,000 out of the construction budget, which also required approval from KIA’s corporate design team. “Although we will be entering the market six months later than we had hoped, the value engineering and financing efforts were well worth it given today’s tough business climate for new construction,” says Szura. Mark Holcomb Consulting LLC served as an advisor for the new Kia of Covington project.

October 1, 2024

Leasing Activity North Carolina Office Southeast

KBS, Kane Realty Ink Nearly 32,000 SF of Leases at Bank of America Tower in Raleigh

by John Nelson October 1, 2024

RALEIGH, N.C. — KBS and Kane Realty Corp. have inked two office lease deals at Bank of America Tower, an 18-story, 300,322-square-foot office tower in Raleigh’s North Hills district. The deals include a 28,658-square-foot lease with Brightly Software for a full floor. The new space will also serve as the global headquarters of the tenant’s parent company, Siemens Industry Inc. The other lease is a 3,000-square-foot expansion for Eva Garland Consulting, bringing the tenant’s total footprint to the tower to nearly 15,000 square feet. Located at 4242 Six Forks Road, Bank of America Tower is LEED Gold-certified and features six levels of covered parking and a conference center.

October 1, 2024

Features Louisiana Southeast Southeast Feature Archive

The Supreme Court Takes on Tax Takings

by John Nelson October 1, 2024

By Angela Adolph, Esq. of Kean Miller LLP Federal courts rarely adjudicate property tax matters, which have traditionally been the province of state courts. In May 2023, however, the U. S. Supreme Court issued a unanimous decision in a case that squared state property tax law up against the Fifth Amendment takings clause, which prohibits taking private property for public use without just compensation. Taken for taxes The events leading to Tyler vs. Hennepin County began in 1999, when Geraldine Tyler purchased a Minneapolis condominium that she occupied until she moved into a seniors housing community in 2010. Tyler retained ownership of the condominium but failed to pay property taxes on it for several years, resulting in approximately $2,300 in unpaid taxes and $13,000 in interest and penalties. Acting in accordance with Minnesota tax forfeiture procedures, Hennepin County seized the condominium and sold it for $40,000. This extinguished Ms. Tyler’s $15,000 tax debt, and Hennepin County kept the remaining $25,000. Minnesota’s tax forfeiture procedure required the county to give the delinquent taxpayer adequate notice of the tax sale; notably, the procedure lacked a mechanism for a delinquent taxpayer to assert a claim to any sale proceeds remaining after paying off …

October 1, 2024

Development Florida Southeast Student Housing

Subtext, Nuveen to Develop 626-Bed Student Housing Community Near University of Central Florida

by John Nelson September 30, 2024

ORLANDO, FLA. — Subtext and Nuveen Real Estate have recently acquired a 3.1-acre lot at 3133 N. Alafaya Trail in Orlando, less than a quarter-mile from the campus of University of Central Florida. The co-developers have begun site work for VERVE Orlando, a new 626-bed student housing development that will span nearly 450,000 square feet across 200 units. The project will feature 32,000 square feet of indoor and outdoor amenities, including open study spaces, private study rooms, a podcast/content creation studio, fitness center, wellness suite, gaming lounge, club room with indoor/outdoor bar and kitchen, beach resort-style pool courtyard and a dog run, as well as 573 parking spaces. Subtext and Nuveen expect to deliver VERVE Orlando in 2026.

September 30, 2024

Acquisitions Multifamily South Carolina Southeast

CRC Acquires Bristol at New Riverside Apartments in Bluffton, South Carolina for $44.5M

by John Nelson September 30, 2024

BLUFFTON, S.C. — Continental Realty Corp. (CRC) has purchased Bristol at New Riverside, a 166-unit, Class A multifamily community located at 205 Forest Trace in Bluffton, a coastal city near Hilton Head Island. The Baltimore-based investment firm purchased the property via its Core Multifamily Fund LP investment vehicle from the developer, Madison Communities, for $44.5 million. Taylor Bird of Cushman & Wakefield represented the seller in the transaction. The development opened earlier this year under the name Madison New Riverside and was 90 percent occupied at the time of sale. Bristol at New Riverside features one- and two-bedroom apartments averaging 942 square feet in size, as well as a clubhouse, saltwater swimming pool, fitness center, coffee lounge, package acceptance lockers and an open recreation area.

September 30, 2024

Acquisitions Industrial North Carolina Southeast

JLL Arranges Sale of 234,224 SF Logistics Facility in High Point, North Carolina

by John Nelson September 30, 2024

HIGH POINT, N.C. — JLL has arranged the sale of a 234,224-square-foot logistics facility located at 720 Pegg Road in High Point, a city in North Carolina’s Triad submarket. The seller, Beacon Partners, delivered the Class A property in 2022 and subsequently leased the facility to three tenants, including Lowe’s Home Centers. Pete Pittroff, Dave Andrews, Michael Scarnato, Zachary Llyod, Michael Lewis and Allan Parrott of JLL represented the seller in the transaction. The buyer and sales price were not disclosed. The property features 32-foot clear heights, ESFR sprinklers, motion-sensored LED lighting, multiple storefronts and proximity to Piedmont Triad International Airport, I-40, I-73, I-74 and I-85.

September 30, 2024

Acquisitions Florida Office Southeast

CBRE Brokers Sale of 128,550 SF Lake Shore Plaza II Office Building in Sunrise, Florida

by John Nelson September 30, 2024

SUNRISE, FLA. — CBRE has brokered the sale of Lake Shore Plaza II, a 128,550-square-foot office building located at 1300 Concord Terrace in Sunrise, roughly 19 miles west of Fort Lauderdale. Miami-based Galium Capital purchased the five-story property for an undisclosed price. Christian Lee, Sean Kelly, Amy Julian, Andrew Chilgren, Tom Rappa and Matthew Lee of CBRE represented the undisclosed seller in the transaction. Built in 2008, Lake Shore Plaza II is situated in South Florida’s Sawgrass Park submarket and features a double-height lobby atrium and floor-to-ceiling windows with hurricane-impact glass.

September 30, 2024

Development Georgia Leasing Activity Mixed-Use Office Southeast

Marketwake Signs Office Lease at Campus 244 Mixed-Use Development in Metro Atlanta

by John Nelson September 30, 2024

DUNWOODY, GA. — Marketwake, a marketing consultancy based in Atlanta, has signed a 17,395-square-foot office lease at Campus 244, a 12-acre mixed-use development underway in Atlanta’s Central Perimeter submarket. The tenant will occupy space within an adaptive reuse of a three-story, 1970s-vintage office building located at 244 Perimeter Center Parkway in Dunwoody that is being redeveloped into a five-story mass timber property spanning 400,000 square feet. The Georgetown Co., Beacon Capital Partners and RocaPoint Partners are the developers behind Campus 244. Aileen Almassy, Will Porter and Rob Kuppersmith of Cushman & Wakefield represented the landlords in the lease negotiations, while Ellis Murray of Capital Real Estate Group represented Marketwake. The new lease brings Phase I of Campus 244 to 90 percent occupancy, with approximately 46,000 square feet of office space remaining available on the top floor. Phase II will include a new Class A, 300,000-square-foot tech office and life sciences building that is expected to be completed in 2027. Also on the horizon for Campus 244 is the 145-room Element by Westin Atlanta Perimeter hotel set to open this fall.

September 30, 2024

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