Tuesday, February 4, 2025
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DevelopmentMultifamilyNorth CarolinaSoutheast

Flournoy Development Completes 397-Unit Ellison Mallard Creek Apartments in Charlotte

by John Nelson

CHARLOTTE, N.C. — Flournoy Development Group has completed Ellison Mallard Creek, a multifamily community in Charlotte’s University City submarket. The property features 341 apartments, 56 for-rent townhomes and flexible retail and office space on the ground level configured in a Main Street-style setting. Monthly rental rates range from $1,400 to $2,950, according to Apartments.com. Amenities at Ellison Mallard Creek include greenspace, a resort-inspired pool and entertainment courtyard, communal and private coworking spaces, fitness and wellness center and specialty spaces such as a hobby/craft studio and a resident club room featuring gaming areas and a grab-and-go market.

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Affordable HousingDevelopmentMultifamilySoutheastTennessee

Hunt Capital, Hickory Creek Open Adaptive Reuse Affordable Housing Project in Clinton, Tennessee

by John Nelson

CLINTON, TENN. — Hunt Capital Partners and Hickory Creek Capital Partners have opened Daughtery Lofts, a 39-unit affordable housing property located at 307 N. Main St. in downtown Clinton. The five-story property is an adaptive reuse of the former Daughtery Lofts Furniture Company Building, which was built in 1942 and placed on the National Register of Historic Places in 2010. Daugherty Lofts offers one-, two- and three-bedroom loft-style apartments reserved for families earning 50 and 60 percent of the area median income (AMI). Amenities include a community room, computer lab, central laundry, lounge area and elevators. Historic features of the property include original milk doors, stone exterior, metal casement windows, rustic hardwood floors and a restored skylight on the fifth floor. Partners for Daughtery Lofts include general contractor Frizzell Construction Co., architect Goss Design Development and property manager D&K Management Inc. Financing included $9.1 million in LIHTC and $1.4 million in historic tax credits syndicated by Hunt Capital Partners; a $10.6 million construction loan and $2.1 million permanent loan from Legacy Bank & Trust; and funding from the Tennessee Department of Economic and Community Development and River and Valley Department LLC.

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AcquisitionsAlabamaRetailSoutheast

SRS Brokers $7.7M Sale of Retail Property in Dothan, Alabama Leased to Home Depot

by John Nelson

DOTHAN, ALA. — SRS Real Estate Partners has brokered the $7.7 million ground lease sale of a retail property located on 10.4 acres at 3489 Ross Clark Circle in Dothan. The Home Depot occupies the 128,517-square-foot retail store, which was delivered in 2004 adjacent to Northside Mall. Patrick Luther and Matthew Mousavi of SRS represented the seller, a Texas-based partnership, in the transaction. The buyer was a private investment firm based on the East Coast. Both parties requested anonymity.

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District of ColumbiaMarket ReportsRetailSoutheastSoutheast Market Reports

No Boogeyman in Sight for DC’s Retail Market, Yet

by John Nelson

In the summer of 2012, fresh out of college and starting my career in retail brokerage at KLNB, a seasoned retail broker-turned-developer warned me to consider other careers.  “Retail is dying,” he said. “Why would people go to stores when it’s so easy to order online?” Well, it’s been 12 years since that moment, and I’m still waiting for the retail boogeyman to appear. As I write this, I’m happy to report he hasn’t arrived — and the data suggests he’s nowhere in sight. The Washington, D.C., metropolitan statistical area (MSA) is now in its tightest fundamental position on record due to limited new supply and continued demand from national, regional and franchised concepts.  In the Washington, D.C. market, we have the second-lowest retail square footage per capita among major MSAs, with new retail supply representing just 0.4 percent of total inventory. This places the Capital Region in the bottom quartile of retail real estate inventory growth among national MSAs that have more than 100 million square feet of existing inventory. The result? Retail availability in the D.C. metro has decreased to 4.8 percent (compared to the national average of 4.7 percent), down from 5.1 percent year-over-year and 5.3 percent …

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DevelopmentMultifamilySoutheastTennessee

Hensler Development, Partners to Open 345-Unit Apartment Community in Nashville

by John Nelson

NASHVILLE, TENN. — A partnership between Hensler Development Group, Stiles and PGIM Real Estate will open Olive at Peabody Union, a 345-unit apartment community located between downtown Nashville and the Cumberland River. The community is situated in the center of the larger 125-acre mixed-use development of Peabody Union, which offers residents direct access to 50,000 square feet of combined retail and restaurant space, as well as 250,000 square feet of office space. Designed by Hastings Architecture, the 27-story tower will feature studios, one-, two- and three-bedroom penthouses — ranging from 1,179 to 2,585 square feet in size. Amenities will include a wellness center with a sauna and cold plunge, speakeasy sky lounge, pool deck and hot tub, coworking lounges and a gym. The development team, along with newly appointed property management firm Bozzuto Group, will begin preleasing in February, with initial move-ins slated for April of this year.

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DevelopmentGeorgiaMultifamilySoutheast

McShane Construction Completes 318-Unit Apartment Complex in Kennesaw, Georgia

by John Nelson

KENNESAW, GA — McShane Construction Co. has completed The Lacy at South Main, a 318-unit apartment complex located in downtown Kennesaw. The developer is Highpoint Development. Designed by Niles Bolton Associates, the four-story complex offers one-, two- and three-bedroom floor plans that range from 708 to 1,505 square feet in size, according to Apartments.com. Apartments are available for lease, with monthly rental rates beginning at $1,625. Amenities include a 24/7 fitness center, lounge, coffee bar, swimming pool, two courtyards, grilling stations, coworking spaces and a pet park. Additionally, the site offers controlled-access parking and electric vehicle charging stations. Situated on 19 acres, the complex is part of a larger mixed-use community that features 44 townhomes, a retail outparcel and a linear park space.

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AcquisitionsFloridaHealthcareSoutheast

Marcus & Millichap Facilitates $23.4M Sale of Medical Office Building in Fort Walton Beach, Florida

by John Nelson

FORT WALTON BEACH, FLA. — Marcus & Millichap has facilitated the $25.4 million sale of a 46,992-square-foot, multi-tenant medical office building in the Florida Panhandle city of Fort Walton Beach. Built in 2008, the three-story property is fully occupied by Orthopaedic Associates and Surgical Specialists ASC on a 15-year triple-net lease basis. Frank Roti, Brett Rodgers and Alex Sacks of Marcus & Millichap represented the seller, Emerald Coast Diversified Properties LLC, and procured the buyer, Montecito Medical Real Estate, in the transaction. Ryan Nee served as Marcus & Millichap’s broker of record in Florida for the deal.

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AcquisitionsMarylandRetailSoutheast

Continental Realty Sells Shopping Center in Suburban Baltimore for $9.6M

by John Nelson

GLEN BURNIE, MD — Continental Realty Corp. (CRC) has sold Governors Commons, a 129,242-square-foot shopping center in suburban Baltimore, for $9.6 million. The center is situated in the Baltimore suburb of Glen Burnie at 7311 Governor Richie Highway. Dean Zang and David Crotts of Marcus & Millichap represented CRC in the transaction. The buyer was not disclosed. CRC previously sold off three outparcels at Governors Crossing, giving the total gross sales price of the shopping center $20.6 million. CRC originally acquired the property in 2019 via its Continental Realty Fund V LP for $16.2 million. Founded in 1960, CRC currently owns and manages more than 8 million square feet of retail space across 13 states.

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DevelopmentFloridaLeasing ActivityMixed-UseRetailSoutheast

UHealth Signs 11,243 SF Retail Lease at Downtown Doral in Metro Miami

by John Nelson

DORAL, FLA. — Codina Partners has announced that the University of Miami health system (UHealth) will occupy an 11,243-square-foot wing at Downtown Doral, a 250-acre mixed-use community in metro Miami. The tenant is part of the property’s 25,000-square-foot retail expansion, which is located at the intersection of N.W. 87th Avenue and N.W. 53rd Terrace and will include 929 parking garage spaces. UHealth’s new facility, which will feature Bascom Palmer Eye Institute and physical therapy services, will join other tenants at the property including Sweat 440, South Miami OB/GYN Associates, Sage Dental, Muse Beauty Salon, Crema Gourmet Espresso Bar and Pura Vida. Codina plans to break ground on the retail expansion in first-quarter 2025 and wrap up construction in first-quarter 2026.

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DevelopmentFloridaMultifamilySoutheast

Focus, Group Fox Receive Site Plan Approval for 39-Story Brickell Starlite Multifamily Tower in Miami

by John Nelson

MIAMI — Focus and Group Fox have received site plan approval for Brickell Starlite, a 39-story multifamily tower located in Miami’s Brickell financial district. Focus is a development and construction firm, and Group Fox is a property asset management firm, and both companies are headquartered in Chicago. Set for completion in 2028, Brickell Starlite will comprise 517 apartments and 7,500 square feet of retail space. Gensler designed the tower, which is now fully zoned and ready to break ground once the final permitting is completed. Focus has retained Chris Lentz, Chris Moyer, Jeff Altenau, Susan Tjarksen and Marc Royer of Cushman & Wakefield to fully capitalize the development.

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