Southeast

Rewards, Risk Mitigation Fuel Cell Tower Lease Sales

by Sarah Daniels June 14, 2023

A rapidly evolving connectivity frontier is shaping the future of cell tower lease sales and encouraging many commercial property owners who rent space to tower companies to sell their leases at values at the top of the market. Telecom carriers have considerably slowed their buildouts for 5G networks and are already preparing for 6G mobile networks, expected to roll out around 2024. Brokers are seeking to amend and renegotiate old cell tower leases in the face of predicted wireless infrastructure obsolescence and connectivity innovations, which may negate some physical infrastructure needs entirely. The key to maximizing sale proceeds in this landscape is to secure landlord-friendly terms and ensure clarity in a new lease or renewal. Among other elements, building owners must insist on strong insurance indemnities and well-defined subordination, non-disturbance and attornment (SDNA) in the amended agreements. But no landlord demand may be more important to future value than denying the tenant a right of first refusal to purchase the lease, says David Moore, CEO and principal of NAI Global Wireless, a Redlands, California-based national wireless real estate brokerage that represents landlords. Cell tower leases in which tenants don’t have right of first refusal are more appealing to buyers, a …

June 14, 2023

Development Georgia Multifamily Southeast

McShane Construction Delivers 240-Unit Authentix Cartersville Apartments in Metro Atlanta

by John Nelson June 13, 2023

CARTERSVILLE, GA. — McShane Construction Co. has delivered Authentix Cartersville, a 240-unit multifamily community located at 5000 Canton Highway in Cartersville. The 25-acre site is situated about 45 miles north of downtown Atlanta via I-75. Developed by Wisconsin-based Continental Properties, Authentix Cartersville comprises 10 two-story, wood-framed buildings housing one-, two- and three-bedroom floor plans. Excel Engineering designed the community to feature a clubhouse with a coffee bar, 24-hour fitness center, resort-style swimming pool, barbeque area and a sun deck. The pet-friendly community also offers a leash-free dog park and a pet spa. Authentix Cartersville is the 22nd apartment community that McShane has constructed for Continental Properties.

June 13, 2023

Build-to-Rent Development Georgia Multifamily Single-Family Rental Southeast

ARK Homes Begins Leasing 237-Unit Build-to-Rent Property in Brunswick, Georgia

by John Nelson June 13, 2023

BRUNSWICK, GA. — Single-family rental operator ARK Homes for Rent has begun leasing Walker Point, a 237-unit build-to-rent residential property in Brunswick, a coastal city about 80 miles south of Savannah. The property features three floor plan options ranging from two to four bedrooms. Amenities will include a clubhouse, fitness center, swimming pool and a dog park. Monthly rents will start at $1,650, according to ARK Homes.

June 13, 2023

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Brokers Sale of 318-Unit Lively Victor Park Apartments in Upstate South Carolina

by John Nelson June 13, 2023

GREER, S.C. — Cushman & Wakefield has brokered the sale of Lively Victor Park, a 318-unit apartment community located at 250 Victor Ave. in Greer, a city in South Carolina’s Upstate region that includes Greenville and Spartanburg. John Phoenix, Louis Smart and Austin Green of Cushman & Wakefield represented the undisclosed buyer in the transaction. The locally based developer, Orange Capital Advisors, sold the property for an undisclosed price. Jim Sewell, Dave Lansbury, Erika Maston and Andrew Burns of CBRE represented the seller. Built in 2022, the four-story property includes a resort-style saltwater pool with adjacent bocce ball area, sky lounge, dog park, multiple gathering areas and a two-story gym with an indoor climbing wall. Lively Victor Park’s apartments range from studio to three-bedroom units commanding rental rates from $1,225 to $1,785, according to Apartments.com. Floor plans range from 478 to 1,206 square feet in size.

June 13, 2023

Development Leasing Activity Mixed-Use Restaurant Retail South Carolina Southeast

RocaPoint Signs Perch Kitchen & Tap to Lease at $1B Greenville County Square Development

by John Nelson June 13, 2023

GREENVILLE, S.C. — RocaPoint Partners has signed Perch Kitchen & Tap to open a restaurant and brewery at Greenville County Square, a $1 billion mixed-use development in Greenville. Perch Kitchen & Tap is the first committed food-and-beverage tenant and will join Whole Foods Market in the development’s first phase. Charleston-based Palmetto Brewing Co. is partnering with Perch to operate the restaurant’s brewery portion. Perch is based in Chicago and is part of the 4 Star Restaurant Group. The new restaurant and brewery will feature 7,200 square feet of indoor dining and kitchen space and a 2,100-square-foot outdoor patio. Additionally, the new 250,000-square-foot Greenville County administrative building is set to open soon at the development.

June 13, 2023

Development Florida Mixed-Use Office Southeast

Brand Atlantic, Wheelock Street Capital Complete Redevelopment of Office Building in Downtown West Palm Beach

by John Nelson June 13, 2023

WEST PALM BEACH, FLA. — Brand Atlantic Real Estate Partners and Wheelock Street Capital have completed the redevelopment of 111 Olive, a boutique office building in downtown West Palm Beach. The building is the first phase of Banyan & Olive, a Class A mixed-use development within the city’s Clematis Waterfront District. 111 Olive features newly renovated offices with 14-foot ceilings and pine timber wood ceilings. The building offers two 9,000-square feet suites and two 5,000-square feet suites, with one of the smaller suites fully built out for immediate move-in. Tenant amenities include a golf simulator lounge and clubroom seating; art installations throughout the main lobby, elevator lobby lounges and office corridors; shower cabana changing rooms with private lockers and towel service; dedicated parking at 300 Banyan garage with direct connection from the main lobby; concierge attendant at main lobby desk for security, guest registry, mail, package storage and tenant requests; and club-level amenities at 300 Banyan, featuring an indoor/outdoor fitness center, open-air lounge and reservable outdoor event space.

June 13, 2023

Loans Multifamily North Carolina Southeast

PCCP Provides $57M Refinancing for Multifamily Community in Charlotte

by John Nelson June 12, 2023

CHARLOTTE, N.C. — PCCP LLC has provided a $57 million loan for the refinancing of Metro University City, a multifamily community located at 404 Gallop Lane in the University City neighborhood of Charlotte. Seth Grossman of Meridian Capital Group secured the financing on behalf of the undisclosed borrower, which acquired the property in September 2021. The community features 309 units across four buildings. Amenities at the property include a clubhouse, saltwater pool, fitness center, outdoor kitchen with grilling areas and a dog park and spa.

June 12, 2023

Affordable Housing Development Florida Multifamily Southeast

Ability Housing to Develop 92-Unit Affordable Housing Community in St. Augustine, Florida

by John Nelson June 12, 2023

ST. AUGUSTINE, FLA. — Ability Housing has announced plans for Villages of New Augustine, a 92-unit affordable housing community to be located at the intersection of North Volusia and Chapin streets in St. Augustine. Upon completion, the development will feature 20 one-bedroom, 36 two-bedroom and 36 three-bedroom apartments across four buildings. Rental prices will be determined by household income, with 80 percent of units reserved for residents earning 60 percent of area median income (AMI) or less and 10 percent each available for residents earning at or below 33 and 50 percent of AMI thresholds. Amenities at the property will include a community center with a computer lab, library and flexible workspaces and a playground, pavilion, 149 parking spaces and a dedicated walking trail. Construction on the $25 million project is scheduled to begin this summer. Funding has been secured through state, local and private sources including the Florida Housing Corp., the National Equity Fund and Bank of America.

June 12, 2023

Acquisitions Development Multifamily Southeast Virginia

Walton Global Sells 25-Acre Multifamily Development Parcel in Fredericksburg, Virginia

by John Nelson June 12, 2023

FREDERICKSBURG, VA. — Walton Global has sold a 25-acre parcel situated within the 683-acre Alexander Crossing Master Plan in Fredericksburg for an undisclosed price. A multifamily developer purchased the property, with plans to construct a 363-unit community at the site. The Alexander Crossing Master Plan features residential, commercial and recreation space, as well as green areas. The construction timeline was not disclosed.

June 12, 2023

Acquisitions Industrial Southeast Virginia

Cushman & Wakefield | Thalhimer Brokers $24M Sale of Industrial Portfolio Near Port of Virginia

by John Nelson June 12, 2023

CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer has brokered the $24 million sale of the Port of Virginia Distribution Center, a two-building industrial portfolio located in Chesapeake, roughly seven miles outside Norfolk and 13 miles south of Port of Virginia. The buildings, which total 334,881 square feet, were fully leased at the time of sale. Tenants include a Fortune 500 government contractor, third-party logistics firm, food distribution company and defense contractors. Bo McKown, Eric Robison and Ellis Colthorpe of Thalhimer arranged the transaction on behalf of the undisclosed seller. An entity doing business as Chesapeake Industrial Park LLC was the buyer.

June 12, 2023

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