Southeast

Cushman & Wakefield Brokers Sale of 250-Unit Fitzroy Grove Apartments in Rogers, Arkansas

by John Nelson August 14, 2023

ROGERS, ARK. — Cushman & Wakefield has brokered the sale of The Fitzroy Grove, a 250-unit apartment community located in Rogers. Martin Bynum and Craig Hey of Cushman & Wakefield represented the seller, Huffman & Co., in the transaction. Lurin Capital acquired the property for an undisclosed price. Built in 2021, Fitzroy Grove features studio, one-, two- and three-bedroom apartments. Community amenities include a 24-hour health club, bocce ball and pickleball courts, business center, coworking spaces, dog park, coffee bar, putting green and a resort-style swimming pool with cabanas, according to the property website.

August 14, 2023

Acquisitions Seniors Housing Southeast Virginia

Foundry Commercial Acquires 90-Unit White Springs Senior Living Community in Metro D.C.

by John Nelson August 14, 2023

WARRENTON, VA. — Foundry Commercial has acquired White Springs Senior Living, a 90-unit seniors housing community located in Warrenton, approximately 48 miles outside of Washington, D.C. White Springs, which opened in 2020, offers assisted living and memory care services. Ryan Weekes and Zach Strunk of Foundry arranged the transaction, with support from Spring Arbor Associates. Capital Funding Group (CFG) provided funding for the acquisition. The seller, sales price and loan amount were not disclosed.

August 14, 2023

Acquisitions Hospitality Southeast Virginia

Marcus & Millichap Arranges Sale of 94-Room Holiday Inn Hotel Near Virginia Tech

by John Nelson August 14, 2023

BLACKSBURG, VA. — Marcus & Millichap has arranged the sale of a Holiday Inn Express & Suites hotel located in Blacksburg. Situated on 3.3 acres roughly one mile from Virginia Tech, the hotel totals 94 rooms. An undisclosed Virginia-based buyer acquired the property, which was built in 2000, for an undisclosed price. Chase Dewese, Jack Davis and Joce Messinger of Marcus & Millichap represented the undisclosed seller in the transaction. Brian Hosey assisted as Marcus & Millichap’s Virginia broker of record.

August 14, 2023

Market Reports Restaurant Retail Southeast Southeast Market Reports Tennessee

Memphis Retail Market Shows Grit With Several Developments in the Works

by John Nelson August 14, 2023

The term “grit” has become synonymous with Memphis. The commercial real estate landscape continues to receive headwinds from interest rates, high inflation, construction prices and geopolitical tensions, but Memphis continues to show grit in the face of these obstacles. Memphis presents a compelling opportunity for retailers seeking expansion. With a low vacancy rate of just 3.5 percent and strong occupancy levels, the city’s retail market is flourishing. The annual rent growth of 3.7 percent aligns with the national average, indicating a stable and promising environment for businesses. Moreover, Memphis offers competitive pricing for retail spaces, with affordable rates and attractive cap rates that surpass those of neighboring markets. This appealing pricing structure, coupled with a surge in transaction activity, has revitalized the market, providing increased liquidity and investment opportunities. The Regional Megasite of West Tennessee is witnessing a remarkable undertaking from Ford Motor Co. in its newly forged partnership with South Korean battery company SK Innovation. The ambitious Blue Oval City project is well underway. Currently valued at $5.6 billion and sprawling across 3,600 acres, the project is expected to generate nearly 6,000 job opportunities with another 30,000 ancillary jobs in the surrounding communities. Anticipated spillover effects from this venture …

August 14, 2023

Acquisitions Development Florida Multifamily Southeast

Avison Young Brokers $38M Sale of Multifamily Development Site in Miami

by John Nelson August 11, 2023

MIAMI — Avison Young has brokered the $38 million sale of a 7.9-acre multifamily development site located at 1556 110th Ave. in Miami. The site is approved for a 690-unit, 10-story project, dubbed Dolphin Square. David Duckworth, Michael Fay, John Crotty, Brian de la Fé and Wayne Schuchts of Avison Young arranged the transaction on behalf of the seller, Boca Raton, Fla.-based Procacci Development Corp. Leo A Daly designed the current site plan for the project, which is located near Dolphin Mall.

August 11, 2023

Development Florida Multifamily Southeast

ANF Completes Construction of 212-Unit Eden West Multifamily Community in Tamarac, Florida

by John Nelson August 11, 2023

TAMARAC, FLA. — ANF Group has completed the construction of Eden West, a 212-unit multifamily community in Tamarac. The firm completed the construction on behalf of the developers, EDEN Multifamily and Sterling Equities. Located at 8601 West McNab Road, the property features apartments in one-, two- and three-bedroom layouts, ranging from 598 to 1,388 square feet. Amenities at the community include a saltwater pool, fitness center, club room, veranda with an outdoor kitchen, game room and coworking spaces. The property also includes 300 parking spaces and electric vehicle charging stations.

August 11, 2023

Acquisitions Multifamily North Carolina Southeast

Connor Group Acquires 314-Unit Apartment Community in Metro Charlotte

by John Nelson August 11, 2023

HUNTERSVILLE, N.C. — The Connor Group has acquired The Alcove at Birkdale Village, a 314-unit apartment community located in Huntersville, roughly 20 miles outside of Charlotte. The property features units in one-, two- and three-bedroom layouts. Monthly rents at the property begin at $1,299, according to the community website. This marks the third property in the Charlotte submarket for the Ohio-based buyer. The seller and sales price were not disclosed.

August 11, 2023

Arkansas Development Southeast

Arkansas Symphony Orchestra Breaks Ground on $11.8M Music Center in Little Rock

by John Nelson August 11, 2023

LITTLE ROCK, ARK. — The Arkansas Symphony Orchestra (ASO) has broken ground on its Stella Boyle Smith Music Center, an $11.8 million project in Little Rock’s East Village. Scheduled for completion in September 2024, the facility will total 20,000 square feet and will feature music classrooms and practice spaces. Witsell Evans Rasco Architects designed the center, and Bailey Construction will serve as the general contractor. Major donors for the project include The Stella Boyle Smith Trust, Susie and Charles Morgan, Gus Vratsinas, Terri and Chuck Erwin, the Windgate Foundation, E. Lee Ronnel, Simmons Bank, the State of Arkansas and members of the ASO board of directors.

August 11, 2023

Acquisitions Georgia Office Southeast

TerraCap Sells 196,000 SF Office Park in Metro Atlanta

by John Nelson August 11, 2023

MARIETTA, GA. — TerraCap Management, a Florida-based investment firm, has sold Cobb Corporate Center, a 196,000-square-foot office campus located in Marietta, roughly 20 miles outside of Atlanta. TerraCap acquired the property, which comprises five single-story buildings, in July 2020 and executed 70,000 square feet of leases during the firm’s ownership. The buyer and sales price were not disclosed.

August 11, 2023

Development Loans Mixed-Use Multifamily Southeast Student Housing Tennessee Top Stories

Joint Venture Receives $233.3M Construction Financing for Hub Knoxville Student Housing Project Near University of Tennessee

by Jeff Shaw August 11, 2023

KNOXVILLE, TENN. — Core Spaces, Schenk Realty and Kayne Anderson Real Estate have received $233.3 million in financing for the construction of Hub Knoxville, a 2,000-bed student housing community in downtown Knoxville adjacent to the University of Tennessee campus. According to the development team, this project would be the largest student housing development in Knoxville’s history. Hub Knoxville comprises 600 units across three towers, including two 10-story buildings and one seven-story building. Units come in studio through five-bedroom layouts. The project will also include an estimated 30,000 square feet of retail space and an 1,800-stall parking garage. Overall, Hub Knoxville spans over 4 acres in “The Strip,” Knoxville’s main hub downtown. Through a partnership with Covenant Health, the parking garage will also provide parking spaces dedicated to the Fort Sanders Regional Medical Center and East Tennessee Children’s Hospital. Construction on Hub Knoxville began this spring. The first phase of the project is slated for completion in fall 2025. The second phase is scheduled to open in 2026. Amenities will include a rooftop pool deck, a courtyard with grilling stations, a spa and fitness center, private study rooms and a coffee shop. Core Spaces and Schenk Realty are co-developers on the …

August 11, 2023

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