Southeast

Aventon Breaks Ground on 394-Unit Apartment Community in Charleston

by John Nelson January 5, 2023

CHARLESTON, S.C. — Aventon Cos. has broken ground on Aventon Bees Ferry, a 394-unit apartment community located on a 30-acre site in Charleston’s West Ashley submarket. The development is the first project in South Carolina for the Raleigh-based developer. Situated near the intersection of Bees Ferry Road and Savannah Highway, Aventon Bees Ferry will feature one-, two- and three-bedroom apartments, as well as a community clubhouse with a fitness center and coworking spaces and two courtyards that will feature a resort-style pool, gaming lawn, pet spa and a dog park. Aventon expects to open Aventon Bees Ferry in early 2024. Other members of the development team include Watts Leaf Architects, Studio 5 Interiors Inc. and Thomas & Hutton.

January 5, 2023

Development Georgia Industrial Southeast

Stonemont Financial to Develop 903,200 SF Industrial Park in Locust Grove, Georgia

by John Nelson January 5, 2023

LOCUST GROVE, GA. — Stonemont Financial Group has purchased an infill, 113-acre site in Locust Grove with plans to develop a 903,200-square-foot industrial park. The development will break ground in the first quarter, with an expected completion of first-quarter 2024. Called Stonemont Park 75 South, the development will include three rear-load speculative warehouses ranging in sizes from 124,800 square feet to 538,720 square feet. Clear heights will vary from 32 feet to 40 feet, and the property will also include 316 trailer parking stalls and 612 car parking stalls, as well as 2,000 linear feet of frontage along I-75. Stonemont Park 75 South will sit along Highway 42 within Atlanta’s I-75 South industrial submarket. The design-build team will include Ware Malcomb (architect), Eberly & Associates (civil engineer) and Alston Construction (general contractor). Wilson Hull & Neal will serve as the leasing agent for the park on behalf of Stonemont Financial.

January 5, 2023

Affordable Housing Development Florida Multifamily Southeast

HTG, Housing for Homeless Begin Construction of $30M Affordable Housing Community on Florida’s Space Coast

by John Nelson January 5, 2023

COCOA, FLA. — Housing Trust Group (HTG) and local nonprofit Housing for Homeless Inc. have broken ground on Orchid Lake, a $30 million affordable housing community in Cocoa, a city on Florida’s Space Coast. Situated in Brevard County on the Atlantic Ocean side of the state, Orchid Lake will feature 90 units reserved for income-qualifying residents who earn at or below 22, 33 and 60 percent of the area median income (AMI), with rents ranging from $228 to $1,107 per month. The floor plan mix includes one-, two- and three-bedroom units ranging in size from 802 to 1,137 square feet. The property is scheduled to deliver in early 2024. Amenities will include a clubhouse and fitness center, community splash pad and playground, outdoor barbecue area and a media room for residents. Housing for Homeless will also offer services to residents including adult literacy training, an employment assistance program and a financial management program. Funding sources for Orchid Lake include $15.7 million in 9 percent Low Income Housing Tax Credit equity syndicated through Raymond James Bank, as well as a $9 million loan through the State Apartment Incentive Loan program (SAIL). Other capital sources include loans from Raymond James Bank, Florida …

January 5, 2023

Acquisitions Hospitality North Carolina Southeast

Marcus & Millichap Brokers $18M Sale of Oceanfront Hotel in Atlantic Beach, North Carolina

by John Nelson January 5, 2023

ATLANTIC BEACH, N.C. — Marcus & Millichap has brokered the $18 million sale of Inn at Pine Knoll Shores, a 102-room oceanfront hotel located at 511 Salter Path Road in Atlantic Beach. Robert Hunter, Leo Reilly and McLean Hicklin of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, Blue Water Development, a development, investment and management company based in Ocean City, Md. Benjamin Yelm, Marcus & Millichap’s North Carolina broker of record, assisted in closing the transaction. Built in 1973, the seven-story Inn at Pine Knoll Shores hotel is located along the Bogue Banks, a 21-mile barrier island on the Atlantic Ocean’s coast. Food-and-beverage options at the recently renovated hotel include Clamdigger Restaurant and a tiki bar, the Cutty Sark Lounge.

January 5, 2023

Acquisitions Healthcare Kentucky Southeast

CREG Arranges $8.8M Sale of Medical Office Building Portfolio in Lexington, Kentucky

by John Nelson January 5, 2023

LEXINGTON, KY. — Capital Real Estate Group’s (CREG) U.S. Healthcare Investment Sales practice has arranged the sale of a four-building medical office portfolio in Lexington totaling 29,800 square feet. An undisclosed private equity group purchased the property for approximately $8.8 million. Allen Inman and Andrew Larwood of CREG represented the seller in the transaction. The properties were fully leased at the time of sale to Kentucky Eye Institute (KEI), an ophthalmology practice with 11 locations in Central Kentucky. KEI comprises 13 physicians who provide consultative and surgical eye care.

January 5, 2023

Acquisitions Arbor Realty Trust Build-to-Rent Content Partner Features Midwest Multifamily Northeast Single-Family Rental Southeast Texas Western

Investors Drawn to Single-Family Rentals During Tough Economic Times

by Sarah Daniels January 5, 2023

By John Tarantino, Arbor Realty Trust The ongoing expansion of the single-family rental (SFR) market is capturing investors’ interest like never before. Construction starts in the sector topped a record 69,000 units over the past year, while the rate of rent growth remained positive for new leases and accelerated in renewals. That’s according to the third-quarter Single-Family Investment Trends Report Q3 2022, which Arbor Realty Trust recently published in partnership with Chandan Economics. SFR investors want to know what this latest market data reveals about how the sector is weathering economic changes and what it suggests about how their properties are likely to perform in the months ahead. In December, I was privileged to weigh in on these weighty questions as a panelist at Information Management Network’s 10th Annual Single-Family Rental Forum (West) in Scottsdale, Ariz. One of the messages I sought to convey to the audience that day is that single-family rentals have maintained their momentum as well as any corner of the housing market, as our third-quarter report bears out. And while rising interest rates and elevated risk have placed the housing market on shaky ground, SFR is on a secure foundation moving into 2023. With the average age …

January 5, 2023

Acquisitions Georgia Industrial Southeast

Brennan, Global Gate Purchase 522,410 SF Industrial Portfolio in Dalton, Georgia

by John Nelson January 4, 2023

DALTON, GA. — A joint venture between Brennan Investment Group LLC and Global Gate Capital has purchased Greenpoint Industrial Park Buildings 1-3, a portfolio of newly built industrial assets in the northwest Atlanta suburb of Dalton totaling 522,410 square feet. An entity doing business as Dossche Holdings LLC sold the portfolio for an undisclosed price. Dennis Mitchell, Britton Burdette, Matt Wirth, Mitchell Townsend and Bo Osgood of JLL represented the seller in the transaction. Completed in 2022, the buildings were 100 percent preleased during construction to The Recreational Group, which designs, manufactures and installs recreational surfacing products, including synthetic turf and composite modular tile. Situated 24 miles from Appalachian Regional Port, the three-property portfolio along Duckworth Road makes up the first phase of the master-planned Greenpoint Industrial Park, the second phase of which will add an additional 1.2 million square feet. Austin Kriz and Tom Cromartie of JLL handle leasing at the park and led efforts to finalize the stabilization of Phase I.

January 4, 2023

Acquisitions Mixed-Use Office Retail Southeast Tennessee

Arrow Retail Sells 454,843 SF Eastgate Shopping Center in Memphis

by John Nelson January 4, 2023

MEMPHIS, TENN. — Arrow Retail, a Dallas-based investment firm, has sold Eastgate Shopping Center, a 454,843-square-foot mixed-use property located at 835 S. White Station Road in Memphis. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the seller in the transaction. An affiliate of Gulf Coast Commercial Group purchased the property for an undisclosed price. Situated between downtown Memphis and Germantown, Eastgate comprises 388,489 square feet of retail space and 66,354 square feet of office space. Tenants include The Fresh Market, T.J. Maxx, buybuy Baby, Dollar Tree, Ross Dress for Less, Burlington, Five Below, Michaels, Rack Room Shoes, Tuesday Morning, Plato’s Closet, DXL Men’s Apparel, Firestone, Firehouse Subs and Mellow Mushroom Pizza Bakers. Eastgate’s office component was about 50 percent leased at the time of sale to a diverse mix of tenants.

January 4, 2023

Acquisitions Alabama Retail Southeast

First National Realty Partners Buys 304,935 SF Shopping Center in Cullman, Alabama

by John Nelson January 4, 2023

CULLMAN, ALA. — First National Realty Partners (FNRP) has purchased Cullman Shopping Center, a 304,935-square-foot retail development located in Cullman, an east Alabama city equidistant between Huntsville and Birmingham. Kyle Stonis of SRS Real Estate Partners represented the undisclosed seller in the transaction. The sales price was also not disclosed. Cullman Shopping Center’s tenant roster includes Publix, Belk, Dick’s Sporting Goods, Ross Dress for Less, Ulta Beauty, Five Below and PetSmart, among others. Red Bank, N.J.-based FNRP entered the Alabama market in 2022 and now owns four shopping centers in the Yellowhammer State, including Brook Highland Plaza and Inverness Corners in Birmingham and Tannehill Promenade in Bessemer.

January 4, 2023

Development Georgia Leasing Activity Mixed-Use Office Southeast

MARTA Signs 130,000 SF Office Lease at Uptown Atlanta’s East Tower

by John Nelson January 4, 2023

ATLANTA — The Metropolitan Atlanta Rapid Transit Authority (MARTA) has signed a 130,000-square-foot office lease at Uptown Atlanta, a 47-acre mixed-use development in Atlanta’s Lindbergh neighborhood. Rubenstein Partners is redeveloping Uptown Atlanta, which is anchored by the Lindbergh Center MARTA Station and home to MARTA’s headquarters. MARTA is moving its Capital Programs, Expansion and Innovation (CPEI) Group to the project’s East Tower. About 540 MARTA employees are relocating to occupy four floors at Uptown Atlanta from 2400 Piedmont Road. Uptown Atlanta features 100,000 square feet of street-level retail space, greenspace and art, as well as 1 million square feet of Class A office space. Rubenstein recently completed the reimagination of the 35,000-square-foot office atrium to include modern amenities and collaborative spaces. Skillshot Media, an esports provider, recently relocated its headquarters to the project and regularly activates the high-tech atrium with global esports events. Rubenstein plans to complete the redevelopment this fall.

January 4, 2023

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