Southeast

Frampton Construction Breaks Ground on 223,375 SF Industrial Facility in Ayden, North Carolina

by John Nelson April 21, 2023

AYDEN, N.C. — Frampton Construction Co. has broken ground on a build-to-suit industrial project for Pepsi-Cola franchiser Minges Bottling Group in Ayden. Upon completion, the facility will total 223,375 square feet and include warehouse space, a vending repair area, three-bay fleet maintenance shop and more than 20,000 square feet of office space. The rear-load building will feature 32-foot clear heights, 24 dock doors and 10 drive-in doors. Charlotte-based The Keith Corp. is developing the project, with Thomas & Hutton acting as the civil engineer and McMillan Pazdan Smith serving as architect. Completion of the facility is scheduled for January of next year.

April 21, 2023

Development Office Southeast Tennessee

Tricera Capital, Merrimac Ventures Complete Renovation of L&C Office Tower in Downtown Nashville

by John Nelson April 21, 2023

NASHVILLE, TENN. — Tricera Capital and Merrimac Ventures have completed the renovation of L&C Tower, a 31-story office property located at 401 Church St. in downtown Nashville. Upgrades to the building, which was originally constructed in the 1950s and acquired by the partnership last year, included the creation of speculative suites and improvements to common areas. Tenants at the tower include Warby Parker, Drive Social Media, Motiv, Castlerock Asset Management, Deacons New South and Ophelia’s Lounge. Doug Ryan and Melanie Tigrett of Colliers handle leasing at the property.

April 21, 2023

Acquisitions Multifamily Southeast Tennessee

Rosewood Realty Brokers $33.1M Sale of Multifamily Portfolio in Memphis

by John Nelson April 21, 2023

MEMPHIS, TENN. — Rosewood Realty Group has brokered the $33.1 million sale of a three-property multifamily portfolio in Memphis totaling 802 units. Aaron Jungrels of Rosewood represented both the seller, The Chetrit Group, and the buyer, Capstone Realty and Management. The portfolio includes The Lakes at Ridgeway, a 374-unit community at 5995 Waterstone Oak Way; the 208-unit Stonegate Apartments at 4500 Stonegate Drive; and the 220-unit Reserve at Mount Moriah at 2778 Pickering Drive. Amenities at the communities include swimming pools, picnic areas with grills, dog parks, clubhouses and green spaces. Each property was built in the 1970s and comprises two stories.

April 21, 2023

Acquisitions Kentucky Office Southeast

NAI Isaac Arranges Sale of 21,384 SF Office Building in Lexington, Kentucky

by John Nelson April 21, 2023

LEXINGTON, KY. — NAI Isaac has arranged the sale of a 21,384-square-foot office building located at 1080 Export Road in Lexington. Comprising three stories, the property is within walking distance of the University of Kentucky campus. Jamie Adams and J.L. Cannady of NAI Isaac represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

April 21, 2023

Development Florida Multifamily Restaurant Retail Southeast Top Stories

El-Ad National Properties Plans $1B District in Davie Mixed-Use Project Near Miami

by Jeff Shaw April 21, 2023

DAVIE, FLA. — El-Ad National Properties, a subsidiary of Elad Group based in Boca Raton, has released plans for a 2.8 million-square-foot mixed-use project in Davie, 24 miles north of Miami. The Town of Davie has approved the development. The project, called The District in Davie, is expected to cost approximately $1 billion, according to El-Ad. At full build-out, the property will comprise 1,256 apartment units across five high-rise buildings, as well as 36,000 square feet of ground-floor restaurant and retail space. Each building will range from 20 to 24 stories and offer studio, one-, two- and three-bedroom floor plans. Community amenities at The District in Davie will include pools, fitness centers with spas, dog parks, coworking space, game lounges, children’s play areas and rooftop lounges. Individual units will offer keyless entry, Wi-Fi connectivity and smart thermostats. Approximately 1.1 million square feet of access controlled onsite parking will also be available. Planned green elements for the community include electric vehicle charging stations, bicycle storage areas and LED lighting fixtures. Located at 4801-4999 S. State Road 7 on the southwest corner of Griffin Road and State Road 7 in Broward County, the complex is near Fort Lauderdale and Miami’s urban core. …

April 21, 2023

Acquisitions Development Florida Hospitality Mixed-Use Restaurant Retail Southeast

BH3 Management, Merrimac Ventures to Develop Mixed-Use Project on Miami’s Watson Island

by John Nelson April 20, 2023

MIAMI — South Florida-based developers BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction. A site plan is already approved, combining hotel, retail and residential uses alongside new public space and a waterfront promenade. While the plan will be modernized, BH3 Management and Merrimac Ventures intend to develop within the same footprint and density allowances that voters approved in 2019. Initial site work at the property, including utility and infrastructure improvements, will soon get underway following the transfer of an existing City of Miami lease to the co-developers.

April 20, 2023

Development Florida Loans Multifamily Southeast

Concord Summit Capital Arranges $60M Construction Financing for Multifamily Development in Hollywood, Florida

by John Nelson April 20, 2023

HOLLYWOOD, FLA. — Concord Summit Captial LLC has arranged a $50 million construction loan and $10 million of preferred equity for the development of a 180-unit apartment community in Hollywood. David Larson, Keegan Burger and Daniel Rojo of Concord Summit’s Miami office served as advisors and sourced the financing on behalf of the borrowers, The Calta Group and Gilu Holdings and Development. Situated near Hollywood Beach and I-95, the unnamed, seven-story multifamily community is expected to be delivered in first-quarter 2025.

April 20, 2023

Development Multifamily Southeast Virginia

Capital Square Breaks Ground on 352-Unit Apartment Development in Richmond

by John Nelson April 20, 2023

RICHMOND, VA. — Capital Square has broken ground on a 352-unit apartment development in the Scott’s Addition neighborhood of Richmond. The development site is within an opportunity zone at 2929 W. Clay St. and 2922 and 2925 W. Marshall St. The project will include three-seven story buildings developed atop podium parking with more than 5,350 square feet of ground-level retail space. The design-build team includes civil engineer Timmons Group, architect Poole & Poole Architecture, general contractor Hourigan Construction, interior designer ENV and landscape architect Marvel Designs. Construction of the development is expected to be completed by spring 2025. Locally based Capital Square has developed three other apartment communities in Scott’s Addition and has another one nearing completion.

April 20, 2023

Acquisitions Florida Industrial Southeast

Redfearn Capital Acquires Industrial Facility, Industrial Outdoor Storage Property in Florida for $18.9M

by John Nelson April 20, 2023

JACKSONVILLE AND DELRAY BEACH, FLA. — Redfearn Capital has purchased an industrial facility in Jacksonville and industrial outdoor storage (IOS) property in Delray Beach for a combined $18.9 million. The Jacksonville property is a 138,200-square-foot warehouse with 32 dock doors and 24-foot clear heights within Imeson Industrial Park. An entity doing business as 201 Busch Partners LLC sold the single-tenant facility, which was fully occupied by Wing Industries, for $14.4 million. The Delray Beach IOS property comprises a 13,790-square-foot facility and two acres of outdoor storage located at 1595 S.W. 4th Ave. APS Real Estate Inc. sold the asset, which is leased to Assurance Power Systems, for $4.5 million.

April 20, 2023

Acquisitions Alabama Self-Storage Southeast

Argus Brokers $1.9M Sale of Self-Storage Facility in Elberta, Alabama

by John Nelson April 20, 2023

ELBERTA, ALA. — Argus Self Storage Advisors has brokered the $1.9 million sale of a self-storage facility located on a 16.1-acre site in Elberta. The facility comprises 98 climate-controlled units totaling 11,250 rentable square feet and 37 boat and RV parking spaces spanning 19,800 rentable square feet. Texas-based A-Affordable Boat & RV Storage purchased the property from undisclosed sellers. Stuart LaGroue Sr. and Bill Barnhill of Argus represented the sellers in the transaction.

April 20, 2023

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