PENSACOLA, FLA. — Development firm Daniel has delivered Porte at Pathstone, a 336-unit apartment community in Pensacola. The $60 million property is situated within the Pathstone development across Nine Mile Road from Navy Federal Credit Union’s office campus. The design-build team includes general contractor Doster Construction and design firm Nelson Architects. Community amenities include a resort-style swimming pool, outdoor grilling area and game lawn, fitness center, yoga lawn, coworking space with private conference rooms, coffee bar, pet spa and a dog park. Rental rates range from $1,649 to $2,599, according to the property website.
Southeast
Legacy Realty Group Advisors Brokers $53M Sale of 37-Property Dollar General Portfolio in the Southeast
by John Nelson
NEW YORK CITY — Legacy Realty Group Advisors LLC has arranged the sale of a portfolio comprising 37 Dollar General-occupied stores located in the Southeast. An undisclosed net-lease REIT acquired the properties from a privately held real estate developer for $53 million. Jacob Baruch and Daniel Baruch of Legacy Realty represented both parties in the transaction. Legacy Realty is a commercial real estate advisory firm based out of New York that specializes in off-market transactions across the United States.
FRANKFORT, KY. — RJ Thieneman plans to develop a new $10 million healthcare clinic within Limestone Centre at Franklin Square, a shopping center in Frankfort shadow-anchored by Kroger, Staples, JCPenney and Franklin Square Cinema. Louisville-based Norton Healthcare will operate the 30,000-square-foot facility with three separate medical practices: Norton Community Medical Associates adult primary care, Norton Immediate Care Center and Norton Children’s Medical Group pediatric primary care. The three practices will have staggered opening dates in late 2023. The design-build team, including architect Stengel Hill Architecture Inc. and general contractor The Hagerman Group, plans to break ground in January.
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The Evolution of Internet Setups: How Student Housing Internet Preferences Are Influencing Traditional Multifamily
Multifamily properties have witnessed a rapid expansion in Internet needs, a trend presaged by burgeoning Internet demands in student housing. Multifamily residents have increased their connection demands and are becoming increasingly sophisticated in their requirements for high-quality Internet. What can the lessons of student housing connectivity teach us about traditional multifamily trends, especially when it comes to bulk Internet? Bulk Internet approaches allow for more sophistication in multifamily properties, as demonstrated by student housing best practices. Student housing pioneered built-in networks to keep mobile devices from competing for Wi-Fi bandwidth, minimize downtime and use fiber connections to ensure speed and reliability. This style of network is becoming the gold standard for constant, heavy-duty Internet use in multi-dwelling units (MDUs). High-level connectivity is becoming an absolute necessity for multifamily properties, drawing in residents and improving their Internet-driven lifestyles. And as never-before-seen demand for bandwidth is graduating from dorm rooms to traditional apartments, well-planned multifamily Internet connections can help operators adapt gracefully. COVID’s Role in Internet Use Expansion COVID lockdowns accelerated already growing Internet requirements, which pushed Internet quality to the forefront as connectivity became increasingly important. “COVID put the spotlight on properties to make sure they had great infrastructure. The demand …
RINCON, GA. — TerraCap Management LLC has purchased Savannah Gateway Building 1H, a 790,000-square-foot industrial building located in the Savannah suburb of Rincon. The single-story property is located within Savannah Gateway Industrial Hub and was 75 percent occupied at the time of sale. Building 1H marks the completion of a two-building acquisition — TerraCap previously purchased Building 1F in August of this year. Broe Real Estate Group sold Building 1H for an undisclosed price. Britton Burdette of JLL represented the seller in the transaction, and Colliers has been appointed to manage the property. The seller and sales price were not disclosed.
NORFOLK, VA. — The Breeden Co., a Virginia Beach-based firm, has opened The Lofts at Front Street, a 258-unit multifamily community located in Norfolk. Amenities at the property, which sits on 4.5 acres on the banks of the Elizabeth River/Intracoastal Waterway, include a riverfront observation deck, kayak launch, fitness center and an infinity pool. Cox, Kliewer & Co. designed the project, and Breeden Construction served as the general contractor. Breeden Property Management will operate the community. Rental rates at The Lofts at Front Street range from $1,870 to $2,990, according to the property website.
MIAMI — Colliers has facilitated the sale of a multifamily portfolio comprising 42 units and seven buildings located at 10710, 10742 and 10752 S.W. 5th St. in Miami. An entity doing business as San Miguel Investments Ltd. sold the properties for $10.5 million to an undisclosed buyer. Mitash Kripalani of Colliers represented the seller in the transaction, and Virgilio Fernandez of Colliers represented the buyer. The buildings, constructed between 1970 and 1972, occupy a 1.3-acre site with a combined lot size of 57,950 square feet. Units at the properties include one- and two-bedroom layouts.
MMCC Arranges $8.3M Refinancing for Brookside Commerce Assisted Living Facility in Northeast Georgia
by John Nelson
COMMERCE, GA. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.3 million loan for the refinancing of Brookside Commerce, an assisted living facility located in Commerce, roughly 70 miles northeast of Atlanta. The 62-bed facility features 12 independent living units and is located approximately 3.5 miles away from Northridge Medical Center, a community hospital. Robert Bhat of MMCC secured the refinancing, which includes a 35-year fully amortizing loan and a 5.1 percent interest rate, on behalf of the undisclosed borrower.
TAMPA, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a 4,000-square-foot single-tenant property located at 12815 Bayou Branch Ave. in Tampa. Banfield Pet Hospital, which is engaged in a 10-year lease, occupies the property. Patrick Nutt, William Wamble and Daniel Becker of SRS arranged the transaction on behalf of the seller, locally based Soho Capital. A private, Florida-based investor purchased the property for $2.8 million in a 1031 exchange. The property is located across the street from North Bay Shopping Center, a 270,000-square-foot retail center anchored by Publix and Lowe’s Home Improvement.
New Orleans has seen significant, pent-up retail growth over the past 12 months as we emerge from the COVID-19 pandemic. More recently, however, external forces have provided some headwinds and caused tenants and investors to go back to their corners to reassess. Inflation, rising interest rates, insurance premium increases and elevated construction costs have all contributed to uncertainty in the Greater New Orleans retail landscape. Within the French Quarter and CBD, growing concerns from crime have forced some CEOs to look outside of the city core for their office headquarters. This issue, coupled with the current “work-from-home” environment, causes downtown retailers to rely even more on tourism and convention business. Thankfully, the hospitality sector has had success and is now exceeding pre-pandemic levels. Due to an active 2021 hurricane season that saw Hurricane Ida devastate South Louisiana, insurance rates have skyrocketed as carriers continue to leave the state. As a result, landlords have struggled with how to handle these unforeseen spikes in expenses. Should they pass those on to the tenant or eat them to remain competitive, or a combination of the two? 2022 has been a surprisingly quiet storm season, so with any luck these rates should begin to …