Southeast

CBRE Brokers $20.7M Sale of Medical Office Building in Durham

by John Nelson June 8, 2023

DURHAM, N.C. — CBRE has brokered the $20.7 million sale of Duke Medical Plaza, a 60,192-square-foot, Class A medical office building located at 4709 Creekstone Drive in Durham. Lee Asher, Zack Holderman, Jordan Selbiger, Trent Jemmett and Cole Reethof of CBRE’s U.S. Healthcare & Life Sciences Capital Markets practice represented the seller, Highwoods Properties, in the transaction. Ben Kilgore of CBRE | Raleigh and Patrick Gildea and Matt Smith of CBRE’s Charlotte office assisted in representing Highwoods. The buyer was not disclosed. Duke Medical Plaza was fully leased at the time of sale to Duke Health Integrated Practice, a subsidiary of Duke University Health System that recently signed a long-term lease extension. The facility serves as a full-service pediatric outpatient clinic offering 14 clinical pediatric services, including neurology, cardiology, endocrinology, gastroenterology, adolescent gynecology, oncology, rheumatology, nephrology, PT/OT/ST, pulmonary and onsite clinical laboratory and imaging.

June 8, 2023

Acquisitions Company News Florida Restaurant Retail Southeast

SRS Real Estate Partners Acquires Tampa-Based Meridian Retail Group

by John Nelson June 8, 2023

DALLAS AND TAMPA, FLA. — SRS Real Estate Partners has expanded its Florida presence with the acquisition of full-service, Tampa-based firm Meridian Retail Group, which provides advisory services to retail, restaurant and entertainment clients. Meridian co-founders John Fahey and Tyler McRae will join SRS as senior vice presidents and market leaders, heading the Tampa office in conjunction with John Artope, executive vice president and managing principal of SRS. Fahey and McRae have 20 and 15 years of experience, respectively. Grant Burt, Caroline Connelly and Jacob Rasnick of Meridian will also join SRS, with a focus on tenant representation and leasing for retail clients.

June 8, 2023

Development Florida Multifamily Southeast

ROVR Development to Build 1,600-Unit River Rapids Apartments in Miami

by John Nelson June 7, 2023

MIAMI — ROVR Development plans to develop The River Rapids, a 1,600-unit apartment development situated on 10.2 acres along the Miami River. The developer recently acquired a 6.2-acre site for $23.5 million as part of the multi-phase community. Located at 2750 N.W. South River Drive, Phases I and II of River Rapids, dubbed Tides and Moorings, will add 600 units to the local supply. The properties will comprise an eight-story building and 12-story tower that will house units ranging from studios to three-bedroom apartments. ROVR plans to develop three more phases at adjacent sites located between 1701 and 1851 Delaware Parkway totaling 1,000 units. ATL Architecture and Michael Wolk Design are leading the designs for the Tides and Moorings communities.

June 7, 2023

Development Florida Loans Multifamily Southeast

JLL Secures $77M Construction Loan for Multifamily Project in Daytona Beach, Florida

by John Nelson June 7, 2023

DAYTONA BEACH, FLA. — JLL has secured $77 million in construction financing for the development of Atlantica at Daytona, a 341-unit apartment community located at 1799 N. Williamson Blvd. in Daytona Beach. The borrower, a joint venture between Sovereign Properties and Invest Capital Group, plans to open first units at the garden-style property in October 2024. Gregory Nalbandian, Jesse Wright and Joshua Odessky of JLL arranged the three-year loan with a 75 percent loan-to-cost ratio through Broadshore Capital Partners. Atlantica at Daytona will feature one-, two- and three-bedroom units averaging 981 square feet in size. Amenities will include a resort-style pool, grill station, screened lanai with a fireplace, bar and TVs, outdoor summer kitchen, dog park, coworking space, game room and a high-tech fitness center.

June 7, 2023

Arkansas Company News Development Retail Southeast

Walmart Opens Second In-Store Fulfillment Center in Bentonville, Arkansas

by John Nelson June 7, 2023

BENTONVILLE, ARK. — Walmart has opened its second in-store fulfillment center, dubbed Market Fulfillment Center (MFC), at a store in its headquarters city of Bentonville. The Walmart store (Store 100) is located at 406 S. Walton Blvd. The retail giant’s MFC strategy calls for high-tech fulfillment centers to be built within existing Walmart stores and powered by Alphabot, a proprietary storage and retrieval system. “This new order fulfillment system is truly game changing,” says Ryan Simpson, store manager at Store 100. “Not only does it enhance the customer experience through quicker, more accurate online order fulfillment, it also provides us the runway to continue growing our business now and in the future.” Walmart’s proof of concept store for the MFC strategy was in Salem, N.H. Walmart plans to continue opening MFCs in select stores in the coming years.

June 7, 2023

Development Florida Loans Multifamily Southeast

PCCP Provides $67.8M Construction Loan for Central Florida Multifamily Development

by John Nelson June 7, 2023

KISSIMMEE, FLA. — PCCP LLC has provided a $67.8 million construction loan for Parkway Crossings, a 309-unit apartment development in Kissimmee, about 20 miles south of Orlando. The borrower, Fore Property Co., has broken ground and plans to wrap up construction in 2025. Located on a six-acre site near the intersection of Orange Avenue and Osceola Parkway, Parkway Crossings will feature a mix of studios, one-, two- and three-bedroom units with an average size of 939 square feet. Amenities will include a tenant clubhouse, 24-hour fitness center, outdoor barbecue area, pool and lounge area, dog park and EV chargers, as well as a 570-space parking garage.

June 7, 2023

Acquisitions Georgia Retail Southeast

Dowd Cos. Arranges $16.3M Sale of Horizon Village Shopping Center in Suwanee, Georgia

by John Nelson June 7, 2023

SUWANEE, GA. — The Dowd Cos., a boutique real estate investment sales firm based in West Palm Beach, Fla., has arranged the $16.3 million sale of Horizon Village Shopping Center in Suwanee. The 97,000-square-foot shopping center is located at 2855 Lawrenceville-Suwanee Road in metro Atlanta’s Gwinnett County. Movie Tavern and YouFit Health Clubs anchor the property, which was built in 1996, according to LoopNet Inc. John Dowd and Theresa Johnson of The Dowd Cos. represented the seller in the transaction. Both the buyer and seller requested anonymity.

June 7, 2023

Development Multifamily Southeast Tennessee Top Stories

Albion Residential to Build Two-Tower, 850-Unit Luxury Apartment Project in Nashville

by Kristin Harlow June 7, 2023

NASHVILLE, TENN. — Albion Residential has purchased land in Nashville with plans to build Albion Music Row, a two-tower luxury apartment project totaling 850 units. The first tower will rise 29 stories and 350 feet. Albion plans to begin construction prior to the end of the year on the 458-unit building, followed by the second tower, which will feature 392 units and rise 20 stories. Both buildings will offer retail and restaurant spaces on the ground floors. The centerpiece of the development will be a public green space that will feature art, a performance stage and a lawn designed for music uses. Albion Music Row will also feature an active recording studio. Albion Music Row will offer micro units at a lower price point in addition to studios, one-, two- and three-bedroom floor plans. There will also be duplex units. The site comprises five lots located at the southwest corner of the intersection of McGavock Street and 14th Avenue. Albion paid $31 million for the property. The project team includes Hartshorne Plunkard Architecture, civil engineer Barge Cauthen & Associates, landscape architect Hodgson Douglas, structural engineer SDL and MEP engineer I.C. Thomasson. Albion Residential is pursuing a LEED Silver designation for …

June 7, 2023

Development Mixed-Use Multifamily North Carolina Southeast Virginia

Hoffman & Associates to Enter Charlotte, Richmond with $433M in Multifamily Projects

by John Nelson June 6, 2023

CHARLOTTE, N.C. AND RICHMOND, VA. — Hoffman & Associates plans to expand into two new markets, Charlotte and Richmond, with the development of three new multifamily projects totaling 1,108 apartments. The developments, which will exceed 1 million square feet in size and $433 million in total investment, will include two assets in Charlotte’s South End neighborhood and a $133 million development in the Scott’s Addition neighborhood of Richmond. The Washington, D.C. -based developer plans to break ground on 2500 Distribution Street in Charlotte (330 apartments) in spring 2024 and deliver the project in fall 2026. Down the street, Hoffman plans to begin construction on 2401 Distribution Street (410 apartments) in spring 2025 and wrap up construction in summer 2027. Lastly, 3200 W Moore Street in Richmond (368 apartments) will break ground in late 2024 and deliver in late 2026.

June 6, 2023

Development Industrial Mixed-Use North Carolina Southeast

Beacon Partners Breaks Ground on 380-Acre Apex Gateway in Metro Raleigh

by John Nelson June 6, 2023

APEX, N.C. — Beacon Partners has broken ground on the first phase of Apex Gateway, a 380-acre master-planned development in Apex, approximately 15 miles west of Raleigh. The project surrounds the intersection of U.S. Highway 64 and N.C. Highway 751 and will feature a mix of industrial, life sciences, retail and medical office space. Phase I will feature three light industrial buildings totaling 480,000 square feet, including a 172,150-square-foot headquarters facility for Durham Coca-Cola Bottling Co. Al Williams and Matt Winter of JLL are handling leasing for Apex Gateway’s speculative developments. The project team also includes general contractor The Conlan Co., architect HagerSmith Design and engineer Advanced Civil Design. Truist Bank is providing construction financing.

June 6, 2023

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