Tuesday, August 5, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Southeast

AcquisitionsFloridaRetailSoutheast

CBRE Arranges $31M Sale of Arena Shoppes in South Florida

by John Nelson

NORTH LAUDERDALE, FLA. — CBRE has arranged the $31 million sale of Arena Shoppes, a 130,558-square-foot shopping center located roughly 33 miles outside Miami in North Lauderdale. Dennis Carson, Casey Rosen, David Donnellan and Patricia Friend of CBRE represented the undisclosed seller in the transaction. Paul Ahmed and Mackenzie Lampman, also with CBRE, secured $20.7 million in acquisition financing on behalf of the buyers, South Florida-based investors doing business as Arena Shoppes NL LLC and Lyons Plaza CC LLC. The 10-year, fixed-rate loan was secured through an unnamed regional bank. Located at 7296 W. McNab Road, Arena Shoppes was fully leased at the time of sale to 20 tenants, including off-price apparel, fitness, restaurant, beauty services, service and medical users.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsHospitalitySoutheastVirginia

Hunter Brokers Sale of 295-Room Delta Hotel in Virginia Beach

by John Nelson

VIRGINIA BEACH, VA. — Hunter Hotel Advisors has brokered the sale of Delta Hotel by Marriott Virginia Beach Bayfront Suite, a 295-room hotel located on the north shore of Virginia Beach. The beachfront hotel was renovated in 2020 and features three food and beverage options, including Tin Cup Kitchen + Oyster Bar, as well as a fitness center and outdoor pool. Lingerfelt CommonWealth Partners sold Delta Hotel to a joint venture between BlackPearl Capital and an affiliate of Paceline Equity Partners for an undisclosed price. Trey Scott and Spencer Davidson of Hunter Hotel Advisors represented the seller in the transaction.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMultifamilyNorth CarolinaSoutheast

Magma Equities Acquires Litchford 315 Apartments in Raleigh for $83M

by John Nelson

RALEIGH, N.C. — Magma Equities has purchased Litchford 315 Apartments, a 240-unit multifamily community in Raleigh that was delivered in January. The Southern California-based investor purchased the property in an off-market transaction for $83 million, which represents the company’s fourth investment in North Carolina this year and its largest single-property acquisition in the state. Litchford 315 features one-, two- and three-bedroom apartments across 10 buildings. Community amenities include a clubhouse, resort-style swimming pool, fitness center, billiards and gaming lounge and a dog park. Litchford 315 was 96 percent occupied at the time of sale. The seller/developer was not disclosed.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaIndustrialSoutheast

Miller Begins Construction on 400,000 SF Industrial Project in Tampa

by John Nelson

TAMPA, FLA. — Miller Construction has broken ground on Tampa Commerce Center, an industrial park in Tampa whose first phase will comprise two speculative warehouses spanning approximately 400,000 square feet. Building 100 will have 32-foot clear heights and 52-foot column spacing with 146,188 square feet of storage and office space. The 252,250-square-foot Building 400 will have 36-foot clear heights with 52-foot columns. The developer, Houston-based Hines, plans to deliver the two single-story, tilt-wall buildings by the end of the year. The company also plans to develop two more logistics facilities in Phase II. Tampa Commerce Center is situated on 46 acres at 7918 Harney Road, near the intersection of I-4 and I-75. The project team includes Randall-Paulson Architects, Hibbard Engineering, Clear Engineering, Pinnacle Structural Engineers and civil engineer Genesis Halff.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentNorth CarolinaOfficeSoutheast

Charlotte Metro Credit Union to Build 48,000 SF Headquarters Office Building

by John Nelson

CHARLOTTE, N.C. — Charlotte Metro Federal Credit Union (CMCU) plans to develop a new primary office building on the corner of Central Avenue and Piedmont Street in Charlotte’s Elizabeth neighborhood for its new headquarters. The two-story, 48,000 square-foot property will house the credit union’s operations and administration staff who currently deliver financial services for over 92,000 members. Designed by Liquid Design & Architecture, the building will have a large terrace on the second floor facing Uptown Charlotte, as well as a two-story atrium space and two underground levels of parking. The building will be directly adjacent to the new CMCU Central Avenue branch that broke ground in March and is expected to be open later this fall. Construction for the new headquarters will begin in the first quarter of 2023 with an expected completion date in the second quarter of 2024. Upon completion of the new headquarters facility, CMCU plans to sell its existing headquarters building at 718 Central Ave. in Charlotte but retain its operations offices in Matthews and Greensboro.

Continue Reading
FacebookTwitterLinkedinEmail
IndustrialKentuckySoutheast

Augusta Distillery Breaks Ground on $23M Bourbon Production Facility in Northeast Kentucky

by John Nelson

AUGUSTA, KY. — Augusta Distillery, a bourbon maker founded in 2018, has broken ground on a $23 million distillery in its hometown of Augusta in northeast Kentucky. Situated along the Ohio River in Bracken County, the new 40,000-square-foot facility is an adaptive reuse of a metal stamping facility that was in use from 1883 to 2007. The project will house Augusta Distillery’s first full-scale operation that will produce its signature drink, Buckner’s 13-year single barrel cask strength bourbon, which is distributed nationally and is available retail in Kentucky and Ohio. The company’s next bourbon product is expected to arrive later this year. Augusta Distillery expects to reach full production capacity by summer 2024 and employ 14 full-time staff. According to Kentucky Gov. Andy Beshear’s website, Kentucky’s bourbon sector is a nearly $9 billion industry, generating more than 22,500 jobs with an annual payroll exceeding $1.23 billion.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsKentuckyLoansSoutheast

Colliers Mortgage Provides Acquisition Loan for Brookefield Apartments in Elizabethtown, Kentucky

by John Nelson

ELIZABETHTOWN, KY. — Colliers Mortgage has provided a Fannie Mae acquisition loan for Brookefield Apartment Homes, a 91-unit, market-rate multifamily community in Elizabethtown. Built in 2020, the property features attached garages, 24-hour emergency maintenance, a clubhouse, pool, fitness center, dog park and a pet wash station. Colliers Mortgage and partner Old Capital Lending provided the undisclosed amount of financing to the borrower, an entity doing business as BFA202 LLC. The 10-year loan features a 30-year amortization schedule.

Continue Reading
FacebookTwitterLinkedinEmail
David Moore NAI cell tower quote
Content PartnerFeaturesLeasing ActivityMidwestNAINortheastSoutheastTexasWestern

Cell Tower Leases, Renegotiations Offer Ancillary Income, Options for Landlords

by Sarah Daniels

What should potential landlords know about leasing space for cell towers or renegotiating their legacy leases? “Landlords need to understand what economic opportunity they have available to them,” says David Moore, CEO and principal at NAI Global Wireless. Involving cell tower lease consultants, especially for existing leases, and considering cell site buyouts are two powerful tools available to cell site landlords today. For decades, Moore explains, property owners have been willing to sign less-than-ideal agreements with carriers and tower companies. Over the years, landlords, thinking that just because these cell tower sites are small and out of the way or because they did not want to turn down “free money,” were willing to sign disadvantageous lease agreements. Landlords often do not understand the impact of signing a lease agreement with a potential term of 30 years (made up of five-year terms), especially when tenants might use leases to constrain certain real estate negotiations (including rights like tenant approval for buyers, rights of first refusal and noncompetition clauses). In many cases, tenants have the unilateral right to terminate their lease without notice, a right about which landlords frequently aren’t aware. Rent escalations, terms and conditions, inflation and more need to be …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsDevelopmentHospitalitySoutheastTennesseeTop Stories

Propst, Chartwell Complete 234-Room Conrad Nashville Hotel, Sell to Northwood Investors

by John Nelson

NASHVILLE, TENN. — Propst Development and Chartwell Hospitality have completed construction of the Conrad Nashville, Hilton International’s first luxury hotel in the city. Located at 1620 West End Ave. in the Midtown neighborhood, the 234-room property is slated to open to the public at the end of June. In addition to completing the hotel, the co-developers sold the asset to Northwood Investors, a Denver-based private equity investor with $8 billion in assets under management. The price was not disclosed. The Conrad Nashville features more than 11,000 square feet of meeting space, an outdoor terrace pool on the third floor, the Blue Aster restaurant and Thistle and Rye whiskey bar. Other amenities include a fitness center, business center, pet-friendly rooms, a concierge and complimentary Wi-Fi. According to the property website, prices for a suite with one king bed range from $285 per night during the week to $529 on the weekends. Prices for a suite with two queen beds range from $285 during the week to $636 on the weekends. The Conrad Nashville will employ more than 200 people once it’s fully operational, according to Bill Propst, chairman of Propst Development’s parent company, Propst Cos. The hotel anchors the $540 million …

Continue Reading
FacebookTwitterLinkedinEmail
"The massive demand nationwide requires new opportunities for innovative financing and new ways to fulfill affordable housing needs." — Marge Novak, Berkadia
Affordable HousingFeaturesMidwestMultifamilyNortheastSoutheastTexasWestern

Multifamily Industry Must Band Together to Navigate Challenges in Affordable Housing

by Jaime Lackey

In May, The White House announced its Housing Supply Action Plan to address rising housing costs by increasing the supply of housing in communities across the country over the next five years. The plan aims to create more housing of all asset types through new construction and preservation and singles out the importance of affordable housing, particularly in a time of high interest rates and inflation. The COVID-19 pandemic and the ensuing economic fallout have uniquely impacted renters unlike previous times of economic uncertainty. Renter demand and rental rates have increased at the fastest pace in decades, underscoring the importance and urgency of increasing the stock of affordable rental housing. The Housing Supply Action Plan does just that. Specifically, the plan seeks to finance more than 800,000 affordable rental units by expanding and strengthening the Low-Income Housing Tax Credit (LIHTC) program. Similar language was included in the Build Back Better Plan, which included a variety of actions aimed to bolster the lower and middle class with investments in housing, infrastructure and labor markets. This important piece of the proposed legislation would significantly increase resources that will ultimately expand the number of affordable units available. The Housing Supply Action Plan includes …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts