Wednesday, April 2, 2025
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District of ColumbiaLeasing ActivityOfficeSoutheast

Workbox to Open 29,000 SF Coworking Space in DC’s Dupont Circle District

by John Nelson

WASHINGTON, D.C. — Workbox plans to open a new 29,000-square-foot coworking space at an office building located at 1333 New Hampshire Ave. NW in Washington, D.C.’s Dupont Circle district. The new space is set to open in February and will represent the company’s first location in the Mid-Atlantic and its 12th nationwide. Workbox also recently announced a coworking location in Pittsburgh that is set to open next month. Workbox – Dupont Circle will feature an entire floor of workspaces, lounges, conference rooms and amenity spaces. Additionally, the space will offer offices and suites for teams ranging in size from one to 40 individuals, all of which have flexible monthly rental agreements.

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DevelopmentFloridaLoansMixed-UseMultifamilySoutheastTop Stories

Terra Obtains $170M Construction Loan for First Phase of $1B Upland Park Mixed-Use Project in South Florida

by John Nelson

SWEETWATER, FLA. — Terra, a Miami-based developer, has obtained a $170 million construction loan to fund the development of Upland Park, a planned $1 billion mixed-use development in the west Miami suburb of Sweetwater. Terra is transforming Miami-Dade County’s Dolphin Park-and-Ride/Transit Terminal Facility into a multimodal hub that will feature a transit station, residences, retail space and commercial uses on a 47-acre site near Dolphin Mall. The local developer is teaming up with Miami-Dade County on Upland Park in a public-private partnership. SCALE Lending, Slate Property Group’s debt financing arm, was the lead lender on the construction loan. Terra will use the loan proceeds to fund Phase I of Upland Park, which will comprise 578 apartments. The first phase is slated to break ground in early 2025. Designed by PPK Architects, in collaboration with master plan architect Arquitectonica and urban planner Plusurbia Design, Upland Park will include more than 2,000 new mid-rise and garden-style apartments, about 282,000 square feet of shops and restaurants and approximately 414,000 square feet of commercial space. Upland Park is designed to increase public transit ridership while anchoring the new East-West Corridor of Miami-Dade County’s SMART public transportation plan. Potential transit riders will have direct access …

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GeorgiaMarket ReportsMultifamilySoutheastSoutheast Market Reports

For Atlanta’s Multifamily Market, The Grass Is Greener on the Other Side

by John Nelson

Atlanta remains one of the most desirable markets in the country for investors due to its diverse economy, below-national average unemployment rate, steady increase in jobs and population growth. These market fundamentals have translated to a well-performing multifamily market that, despite short-term macro challenges, is in a unique favorable position due to its relatively low supply compared to other peer Sunbelt markets. Demand for multifamily has seen a rebound in 2024 and Atlanta has been resilient in the middle of a multi-year supply wave. Over the past two years, the market delivered approximately 35,000 units and that number is expected to drop to just 9,000 units in 2025 and less than 4,000 units in 2026. This will lead to tightening occupancies and strong rent growth. The city has already recorded its seventh consecutive quarter of net positive net absorption as of the second quarter of 2024, which is a quarterly high since mid-2021 at 5,799 units.  New development, on the other hand, has been a bit more challenging due to the higher return on cost requirements, flat rent growth and a lack of meaningful relief on construction costs. Market valuations for newly constructed assets are near current replacement cost, which …

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AcquisitionsFloridaIndustrialSoutheast

CBRE Brokers Sale of 505,436 SF Industrial Park in Metro Miami

by John Nelson

OPA-LOCKA, FLA. — CBRE has brokered the sale of Ironwood Commerce Center, a four-building industrial park in metro Miami spanning 505,436 square feet. Boston-based TA Realty purchased the newly built park in Opa-locka, a city in the north-central region of Miami-Dade County, for an undisclosed price. José Lobon, Frank Fallon, Trey Barry, Royce Rose, Gabriel Braun and Daniel Sarmiento of CBRE represented the undisclosed seller in the transaction. Ironwood Commerce Center comprises four warehouses that were 65 percent leased at the time of sale. The facilities feature 32-foot clear heights, shared truck courts, a total of 168 loading positions and speculative office space that is ready for immediate occupancy.

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DevelopmentFloridaMultifamilySoutheast

Altman Living Delivers 230-Unit Altis Grand Lake Willis Apartments in Orlando

by John Nelson

ORLANDO, FLA. — Altman Living has opened Phase II of Altís Grand Lake Willis, a 230-unit luxury apartment community in Orlando. The second phase is situated adjacent to the first phase of the community, which welcomed residents to the city’s O-Town West neighborhood last year. Located at 6260 Juniper Pine Way, the garden-style complex features one-, two- and three-bedroom apartments ranging from 707 to 1,248 square feet in size, with monthly rental rates spanning $1,750 to $2,700. Amenities include a resident and business lounge, heated saltwater pool, an outdoor entertainment zone complete with a fireplace, TVs, Wi-Fi and ping-pong, an onsite pet park and cyber café, steam rooms, movie theater, virtual gaming space and a private sports simulator. The development is also National Green Building Standard (NGBS) certified, featuring sustainable elements such as energy-efficient, stainless steel appliances, Energy Star-rated refrigerators and dishwashers and high-efficiency water heaters.

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Affordable HousingDevelopmentKentuckyMultifamilySeniors HousingSoutheast

Woda Cooper, Partners Break Ground on 76-Unit Affordable Seniors Housing Project in Louisville

by John Nelson

LOUISVILLE, KY. — Co-developers Woda Cooper Cos., Wellspring Inc. and Smith Solutions have started construction on Bridlewood Crossing, a new, 76-unit affordable housing community in Louisville for residents age 55 and older. Apartments at the property will be reserved for residents at a mix of incomes up to 70 percent of area median income (AMI). The apartment complex, located at 7945 3rd Street Road, will offer a mix of one- and two-bedroom units, where 23 units will be prioritized for seniors who are disabled, homeless or at risk of homelessness. Several more units will offer features for residents with mobility, sight or hearing disabilities. Capital partners involved with this development include the Louisville Metro Government, Louisville Affordable Housing Trust Fund, Kentucky Housing Corp. (KHC), Ohio Capital Corp. for Housing, Stock Yards Bank & Trust and Cedar Rapids Bank & Trust.  The project team consists of Blomquist Design Group (civil engineer), Grimm Architecture and Woda Construction (general contractor). Woda Management & Real Estate will lease and manage Bridlewood Crossing.

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DevelopmentMixed-UseRestaurantRetailSoutheastTennessee

Shipley Do-Nuts, Sweet Paris to Open Flagship Restaurants at Nashville Yards

by John Nelson

NASHVILLE, TENN. — Southwest Value Partners, AEG and Virentes Hospitality have announced that Shipley Do-Nuts and Sweet Paris Crêperie & Café will be opening new flagship locations at Nashville Yards in 2025. Nick Gross and Brian Ashby of CBRE represented Virentes Hospitality, which will operate both Shipley and Sweet Paris. Set to open in May, Shipley will be located within the mixed-use development’s creative office building fronting Church Street, which is anchored by CAA. The 11-story tower will feature three levels of retail, dining and entertainment leased to tenants including Iconix Fitness, EVO Entertainment, Fogo de Chão and Ocean Prime. In June, Sweet Paris will open along Signal Street on the first level of The Pinnacle, which is Nashville Yards’ indoor live music and events venue that will open in February with a Kacey Musgraves concert. Nashville Yards will be the first location in Tennessee for Sweet Paris and the brand’s 20th overall.

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Leasing ActivityMixed-UseNorth CarolinaRestaurantRetailSoutheast

Salty Donut to Join Fenton Mixed-Use Development in Cary, North Carolina

by John Nelson

CARY, N.C. — Hines and Columbia Development Group, in partnership with Affinius Capital, are announcing a nearly 19,000-square-foot wave of retail leases at Fenton, including The Salty Donut, which plans to open its newest location in 2025. Located in the Raleigh suburb of Cary, the 92-acre mixed-use development is located along Cary Towne Boulevard near I-40 and the Research Triangle Park. Other retailers and restaurants that have opened recently at Fenton, or will in 2025, include Brewery Bhavana, Kendra Scott, Vega Vitality, Crawford Brothers Steakhouse and Doc B’s. Full construction of the property will feature 2.5 million square feet of residential, retail, office and entertainment spaces, as well as a seven-story hotel announced earlier this year. The Salty Donut was founded as a pop-up in Miami in 2015 and has since grown to multiple locations in Florida and Texas, as well as restaurants in Charlotte, Denver, Nashville and metropolitan Washington, D.C.

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Data CentersDevelopmentIndustrialLoansSoutheastTop StoriesVirginia

Newmark Arranges $600M in Construction Financing for Richmond Data Center Project

by Taylor Williams

RICHMOND, VA. — Newmark has arranged $600 million in construction financing for a data center project in Richmond. The borrower and developer is a partnership between local developer PowerHouse Data Centers, New York City-based Blue Owl Real Estate and Chirisa, a firm that invests in digital and telecommunications infrastructure and real estate. The square footage of the development was not announced, but the facility will have a critical capacity of 50 megawatts (MWs).According to recent data, PowerHouse is developing its hyperscale data centers at a ratio of 0.2 MW per square foot, giving the Richmond project an estimated square footage of 250,000 square feet of critical data center space. The project will be a build-to-suit for CoreWeave, a New Jersey-based company that provides cloud-based graphics processing infrastructure. Construction began earlier this year, and operations are expected to begin sometime in 2025. A syndicate of lenders led by European giant Societè Generale provided the debt, which was arranged by Newmark’s Jordan Roeschlaub, Jonathan Firestone, Clint Frease, Nick Scribani, Ben Kroll, John Caraviello and Brent Mayo. “This transaction reflects the continued appetite for innovative, large-scale digital infrastructure solutions in key markets,” says Roeschlaub. With more than 30 million square feet of physical …

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DevelopmentSeniors HousingSoutheastVirginia

NexCore, Experience Senior Living Break Ground on 215-Unit Community in Metro DC

by John Nelson

FALLS CHURCH, VA. — NexCore Group and Experience Senior Living (ESL) have broken ground on The Reserve at Falls Church, a 215-unit seniors housing community in Falls Church, roughly 10 miles outside Washington, D.C. Upon completion, the property will feature independent living, assisted living and memory care units across 15 stories. Amenities at the community will include multiple restaurants, an indoor saltwater pool, spa, fitness center and a “maker space” for creative endeavors. Nuveen Real Estate is providing an undisclosed amount of capital for the project. This marks the 18th seniors housing development between NexCore and ESL. Scheduled to open in spring 2027, The Reserve at Falls Church will be situated within the 1.2 million-square-foot West Falls mixed-use community. In addition to residential units, West Falls comprises retail and restaurant space, a hotel, medical office building and central outdoor gathering space. Hoffman & Associates is the master developer of the community.

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