Saturday, January 11, 2025
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DevelopmentFloridaLoansMultifamilySoutheast

Patterson Arranges Construction Financing for Multifamily Development in Metro Orlando

by John Nelson

DAVENPORT, FLA. — Patterson Real Estate Advisory Group has arranged an undisclosed amount of construction financing for the development of LUMEN | Legacy Park, a 219-unit apartment development in the Orlando suburb of Davenport. Trustmark National Bank and BankUnited provided the funding to the borrowers, Red Clay Development Partners and Atlantic Residential. LUMEN | Legacy Park will feature one-, two- and three-bedroom apartments, as well as a resort-style pool, fitness center and community spaces. The construction timeline was not disclosed.

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AcquisitionsAlabamaIndustrialSoutheast

TruCore Purchases 96,000 SF Industrial Facility in Birmingham

by John Nelson

BIRMINGHAM, ALA. — TruCore Investments has purchased a 96,000-square-foot, Class B industrial facility located at 3230 Messer Airport Highway in Birmingham. The property had roughly 60,000 square feet of availability at the time of sale. The seller and sales price were not disclosed. Built in 1979, the concrete structure is situated on 4.4 acres and features 14 drive-in doors, 30 dock doors and 48 parking spaces. TruCore plans to improve the facility functionally and cosmetically, including an exterior refresh, as well as boost occupancy. The property represents TruCore’s first acquisition in Birmingham.

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AcquisitionsNorth CarolinaRetailSoutheast

CenterSquare Buys 43,044 SF Retail Center in Charlotte

by John Nelson

CHARLOTTE, N.C. — CenterSquare has bought Olde Lancaster Town Center, a 43,044-square-foot retail center located in Charlotte. Tenants at the property, which was fully leased at the time of sale, include My Salon Suites, Aqua Tots, Lee’s Hoagies, Chesterbrook Academy and Eye Level Learning. The new ownership plans to implement improvements at the property including new paint, awnings, LED lights, string lights, patio seating, roofs, updated landscaping and signage enhancements.

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Whale&Star-Wynwood-Mixed-Use-Rendering_Miami
DevelopmentFloridaMixed-UseSoutheastTop Stories

Whale & Star Wynwood to Develop Eight-Story Cloud One Hotel, Residences in Miami

by Hayden Spiess

MIAMI — A joint venture doing business as Whale & Star Wynwood Owner LLC has announced plans for a new, eight-story mixed-use project in the Wynwood neighborhood of Miami. Spanning half a city block at 2215 N.W. 1st Place, the development will feature a 214-room hotel, as well as 87 residential condominiums. The City of Miami’s Wynwood Design Review Committee recently approved the joint venture’s development plans. The Cloud One Hotels, the lifestyle brand of Munich-based hotelier Motel One Operating Group, will operate the hotel component, which will occupy levels two through five of the property.  Residences will occupy levels six through eight and will feature studio, one-, two- and three-bedroom layouts. Residential units at the development will also be serviced by The Cloud One Hotels.  The rooftop will feature a bar and restaurant, and the property will also include ground-floor retail space.  The Whale & Star Wynwood Owner LLC joint venture comprises Motel One; Ralf Büschl, founder and chairman of the BÜSCHL Group of Cos.; and Sebastian Lüdke, founder of ALP.X Group. New York-based HWKN and Miami-based ODP Architects are co-designing the development to National Green Building Standards (NGBS). Fortis Design + Build of Miami is the local development …

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Data CentersDevelopmentNorth CarolinaSoutheast

Town Lane, PowerHouse to Develop 2.5 MSF Data Center Campus in Southwest Charlotte

by John Nelson

CHARLOTTE, N.C. — A joint venture between New York City-based Town Lane and PowerHouse Data Centers, a division of American Real Estate Partners, has purchased 122 acres in southwest Charlotte. Eastdil Secured advised the companies on the land acquisition. The joint venture plans to develop a five-building data center campus on the site called PowerHouse Charlotte that will span 2.5 million square feet. The project will have 300 megawatts of power with the potential to increase to 500 megawatts by April 2027. The site is located near the intersection of I-485 and State Highway 49. Duke Energy plans to build an additional substation on the site.

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LoansMultifamilyNorth CarolinaSoutheast

Greystone Arranges $56.3M Refinancing for Multifamily Community in North Carolina

by John Nelson

NEW YORK CITY — New York City-based Greystone has arranged the refinancing of a 288-unit multifamily community located in North Carolina. The name and location of the property were not disclosed. Totaling $56.3 million, the financing includes a $50 million, 10-year Freddie Mac Optigo loan provided by Greystone, as well as $6.3 million in preferred equity provided by Lubert-Adler. Dan Sacks and Harrison Drucker of Greystone originated the Freddie Mac loan, and Matthew Zisler of Greystone secured the preferred equity on behalf of the client. Developed between 2021 and 2022, the property features units in one-, two- and three-bedroom layouts. Amenities at the community include a saltwater pool, dog park with agility equipment, outdoor social lounge and grilling pavilion, complimentary Starbucks Coffee bar, 24-hour fitness center, resident lounge, conference room, cyber café, Amazon Hub package locker, playground and complimentary Wi-Fi.

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IndustrialLeasing ActivitySoutheastVirginia

Lingerfelt Inks 106,376 SF Industrial Lease With PECO Pallet in Metro Richmond

by John Nelson

COLONIAL HEIGHTS, VA. — Lingerfelt has signed a 106,376-square-foot lease with PECO Pallet Inc. at Port 801, a speculative industrial facility located at 801 Port Walthall Drive in Colonial Heights, a southern suburb of Richmond. Rob Dirom, Wood Thornton and Frank Hargrove III of Colliers represented Lingerfelt in the lease transaction. Graham Stoneburner of Cushman & Wakefield | Thalhimer represented PECO, which is the second of two tenants in operation at the 239,448-square-foot facility. ARCO Design Build delivered Port 801 on behalf of Lingerfelt in fourth-quarter 2022. The PECO lease brings the facility to full occupancy. PECO Pallet is a provider of rental pallet services to the beverage, grocery and consumer products industries.

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AcquisitionsArkansasIndustrialSoutheast

Stoic Equity Acquires 65,000 SF Flex Industrial Property in Little Rock

by John Nelson

LITTLE ROCK, ARK. — Stoic Equity Partners has acquired Parkwood Center, a 65,000-square-foot, multi-tenant flex industrial property located at 6801 W. 12th St. in Little Rock. This increases the Daphne, Ala.-based investor’s holdings in Little Rock to three properties spanning more than 150,000 square feet. The seller and sales price were not disclosed. Parkwood Center features suites ranging in size from 975 to 6,298 square feet and offers proximity to I-630 and I-430.

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AcquisitionsAlabamaRetailSoutheast

Marcus & Millichap Brokers Sale of Alabama’s First Wawa Gas Station and Convenience Store

by John Nelson

FAIRHOPE, ALA. — Don McMinn and Andrew Koriwchak of Marcus & Millichap’s Taylor McMinn Retail Group brokered the sale of the first completed Wawa in Alabama, a 6,119-square-foot gas station and convenience store located at 18968 Greeno Road in Fairhope. Situated 20 miles southeast of Mobile, the property features a new 20-year corporate ground lease in place with scheduled rent increases and renewal options. The seller, a preferred Wawa developer, delivered the property earlier this year. An undisclosed, locally based 1031 buyer purchased the Fairhope store for an undisclosed price. “In the current net lease market with a surplus of inventory and a constrained buyer pool, accessing local investors continues to be an essential ingredient to deal execution,” says McMinn. Atlanta-based Taylor McMinn Retail Group is currently marketing a new Wawa in Robertsdale, which is the second Wawa station in Alabama. The Pennsylvania-based gas station giant plans to open 10 stores in surrounding Mobile markets. Wawa has 1,058 locations in eight states with plans to reach 1,800 stores by 2030.

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DevelopmentSouth CarolinaSoutheastStudent Housing

Furman University Completes $27.6M Residence Hall in Greenville, South Carolina

by John Nelson

GREENVILLE, S.C. — Furman University has completed the development of Lakeview Hall, a new student housing community at the South Housing area of the university’s campus in Greenville. Amenities at the property, which totals 210 beds, include study spaces, common areas, a laundry facility, full kitchen and offices for the Center for Interpersonal Connections (CIC). McMillan Pazdan Smith and Mackey Mitchell Architects served as architects for the development, with Harper General Contractors acting as the general contractor. Engineers included RMF Engineering, Professional Engineering Associates and ADC Engineering. The new residence hall marks the first phase of a multi-phase project that will also include renovations to older residential buildings within the South Housing portion of the campus. Upon completion, South Housing will total 718 beds for first-year students.

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