Southeast

GCP, AEW Capital Management Purchase 2.9 MSF Industrial Portfolio in Metro Atlanta

by John Nelson October 20, 2022

MCDONOUGH AND JONESBORO, GA. — A partnership between Birmingham, Ala.-based Growth Capital Partners (GCP) and AEW Capital Management LP has purchased a 2.9 million-square-foot industrial portfolio in Atlanta’s I-75 South industrial submarket. The seller and sales price were not disclosed. The portfolio comprises three Class A facilities in McDonough and Jonesboro that house four tenants, including Whirlpool Corp. and Caterpillar. The assets include 195 King Mill Road in McDonough, 150 Greenwood in McDonough and 9250 S. Main St. in Jonesboro. GCP’s existing portfolio spans 6.7 million square feet in Sun Belt markets such as Atlanta, Nashville, Houston, San Antonio, Charlotte and Jacksonville.

October 20, 2022

Acquisitions Industrial Southeast Tennessee

Blue Vista, Westmount Realty Capital Buy 480,911 SF Shelby Oaks Industrial Park in Memphis

by John Nelson October 20, 2022

MEMPHIS, TENN. — Blue Vista Capital Management and Westmount Realty Capital have acquired Shelby Oaks Industrial Park, a 480,911-square-foot portfolio of light industrial and flex properties located in the Northeast submarket of Memphis. Situated near the interchange of I-240 and I-40, the 50-acre park spans 16 buildings and was more than 95 percent leased at the time of sale to 78 tenants across the technology, telecommunications, manufacturing, service and food-and-beverage industries. Shelby Oaks’ buildings feature distribution, warehouse, office and showroom space with a total of 76 dock-high doors and 90 grade-level doors, as well as clear heights ranging from 14 to 22 feet. The seller and sales price were not disclosed.

October 20, 2022

Acquisitions Florida Retail Southeast

Coro Realty Sells Metro Orlando Shopping Center for $23.5M

by John Nelson October 20, 2022

ALTAMONTE SPRINGS, FLA. — Atlanta-based Coro Realty Advisors has sold Wekiva Square, a 175,175-square-foot shopping center located at 945 Semoran Blvd. in Altamonte Springs, a suburb of Orlando. V3 Capital Group purchased the property for $23.5 million. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented Coro Realty in the transaction. Built in 1981 and most recently renovated this year, Wekiva Square was 99.1 percent leased at the time of sale to tenants including HomeGoods, Dollar Tree, Fancy Fruit and San Jose Mexican Restaurant. The center also includes a Kohl’s store that has a separately parceled ground lease.

October 20, 2022

Acquisitions Multifamily South Carolina Southeast

ECI Group Acquires 271-Unit Factory at Garco Park Apartments in North Charleston

by John Nelson October 20, 2022

NORTH CHARLESTON, S.C. — ECI Group has acquired The Factory at Garco Park, a 271-unit apartment community located at 4993 O’Hear Ave. in North Charleston’s Park Circle neighborhood. SouthState Bank provided an undisclosed amount of acquisition financing. Alex Okulski of Newmark represented the unnamed seller in the transaction. Atlanta-based ECI Group purchased the Factory at Garco Park for an undisclosed price in a 1031 exchange involving the recent sale of The Columns at Vinings in metro Atlanta. Built in 2017, Factory at Garco Park features studio, one-, two- and three-bedroom units, as well as a saltwater pool with cabanas, outdoor kitchen and grill area, outdoor pavilion, 24/7 fitness center, clubroom, conference room, dog park and pet spa, car washing station, Amazon Hub Lockers, boat storage, community bikes and a fire pit. The community represents ECI Group’s entry into the greater Charleston market.

October 20, 2022

Leasing Activity Office Southeast Virginia

JBG Smith Signs HII to 36,809 SF Office Lease at National Landing in Northern Virginia

by John Nelson October 20, 2022

ARLINGTON, VA. — JBG Smith has signed military shipbuilder HII (Huntington Ingalls Industries) to a 36,809-square-foot office lease at National Landing, a neighborhood in Arlington headlined by Amazon’s new HQ2 campus. HII signed the 11.5-year lease to occupy space within the 11-story 2451 Crystal Drive office tower, which was built in 1990. The firm will move into the space in late summer 2023 and will have signage rights on the tower, according to JBG Smith. HII joins the growing roster of defense-adjacent companies with major presences in the region, including Boeing and Raytheon, both of which are establishing their global headquarters in the National Landing area. Adam Schindler and Perry Frazer of Colliers represented HII in the lease negotiations. Andrea Murray and Connor Stewart represented JBG Smith on an internal basis.

October 20, 2022

Affordable Housing Content Partner Development Features Loans Midwest Northeast Southeast Texas Walker & Dunlop Western

Shortage of Tax Credits, Higher Interest Rates Plague Affordable Housing

by Sarah Daniels October 20, 2022

Forty-year-high inflation rates that are outpacing wage growth and eating away at personal income are exacerbating already outsized resident demand for affordable housing financed by the federal Low-Income Housing Tax Credit (LIHTC) program. But it seems that obstacles to supplying new units to meet that demand are only multiplying. Those range from a shortage of housing tax credits needed to fund new supply to resistance to multifamily development at the local level. Meanwhile, higher mortgage rates are making home buying more difficult and expensive. In turn, that is creating more apartment renters, thereby putting upward pressure on rental rates. In September, for example, the average monthly rent price nationwide hit $1,759, an increase of 7.8 percent from the prior year, according to Realtor.com’s monthly rental report. That’s also nearly 25 percent higher than September 2019, the organization reports. What’s more, from 2015 through 2020 — long before mortgage rates spiked — the U.S. lost 4.7 million apartment units with rents less than $1,000 per month, according to U.S. Apartment Demand Through 2035, a report by the National Multifamily Housing Council and National Apartment Association. “Demand for affordable units is only going to become more acute between now and the end of …

October 20, 2022

Development Florida Multifamily Southeast

Joint Venture Begins Construction on 502-Unit Multifamily Project in Lakewood Ranch, Florida

by John Nelson October 19, 2022

LAKEWOOD RANCH, FLA. — A joint venture between Ryan Cos. US Inc., PGIM Real Estate and ParkSprings Development has begun construction on Renata at Lakewood Ranch, a 502-unit multifamily project within the 33,000-acre master-planned Lakewood Ranch community, which is located between Sarasota and Tampa. The project, which will span 37 acres, is slated for completion in 2024, with preleasing to start next year. Renata at Lakewood Ranch will consist of a series of four-story walk-up apartment buildings comprising a mix of one-, two- and three-bedroom floor plans with an average unit size of approximately 985 square feet. Amenities will include resort-style pool, spinning room, yoga room, free weights, bar games, a golf simulator, putting green, dog spa and dog park, lawn sports, multiple barbecue areas, walking trail around the property’s central lake, sand volleyball courts, conference and office rooms for remote workers and a private beach. Ryan and ParkSprings are co-developers, and Ryan is the general contractor. PGIM Real Estate is the equity partner on the deal, and Wells Fargo is providing debt financing. Renata at Lakewood Ranch is Ryan’s third project within Lakewood Ranch.

October 19, 2022

Affordable Housing Development Florida Multifamily Seniors Housing Southeast

Housing Trust Group, AM Affordable Housing Break Ground on $44M Seniors Housing Project in Miami

by John Nelson October 19, 2022

MIAMI — Housing Trust Group (HTG) and AM Affordable Housing have broken ground on Tucker Tower, a $44 million affordable housing community in Miami for seniors aged 62 and older. Located at 9940 W. Hibiscus St. in the city’s Perrine neighborhood, the eight-story property’s apartments will be reserved for income-qualifying residents who earn at or below 25, 30 and 60 percent of area median income (AMI), with rents ranging from $457 to $1,317 per month. Amenities will include a fitness center, business center with computer stations, swimming pool, pet grooming station, lighted pathways along accessible routes and a library. The property is scheduled to deliver in early 2024. The project team for Tucker Tower includes general contractor BDI Construction; engineer HSQ Group LLC; architect Corwil Architects; landscaper Witkin Hults; and interior designer B. Pila Design Studio. Tucker Tower is the fifth affordable housing collaboration between HTG and AM Affordable Housing, a nonprofit developer founded by former NBA player Alonzo Mourning. Capital sources for Tucker Tower include $28.4 million in 9 percent Low Income Housing Tax Credit (LIHTC) equity syndicated through Raymond James and purchased by Bank of America; a $30 million construction loan from Bank of America; a $9.5 million …

October 19, 2022

Acquisitions North Carolina Southeast Student Housing

Champion Acquires Village at Wake Forest Student Housing Portfolio in Winston-Salem for $43M

by John Nelson October 19, 2022

WINSTON-SALEM, N.C. — Champion Real Estate Co. has purchased Villages at Wake Forest, a 75-unit portfolio comprising single-family homes and duplexes located across the street from Wake Forest University. Scott Clifton and Stewart Hayes of JLL represented Champion and the undisclosed seller in the $43 million transaction. Located at 961 Palm Drive in Winston-Salem, the 62-parcel portfolio, which will be rebranded as Victory at Wake Forest, is Champion’s first student housing community in North Carolina. The buyer plans to fully furnish all units and lease by the bed.

October 19, 2022

Development Healthcare Leasing Activity Mixed-Use North Carolina Restaurant Retail Southeast

Northwood Investors Adds Two New Concepts to Metropolitan Shopping Center in Midtown Charlotte

by John Nelson October 19, 2022

CHARLOTTE, N.C. — Northwood Investors LLC has added two new tenants to Metropolitan, a mixed-use development and lifestyle shopping center located in Midtown Charlotte. The new concepts include Yuliya’s Ice Cream, a locally based, woman-owned ice cream company founded by Belarusian immigrant Yuliya Shvinhelskaya. The eatery will open at Metropolitan, its first brick-and-mortar shop, in early 2023. The other concept is Removery, the largest specialized provider of tattoo removal services. The company operates nearly 100 locations. Other newcomers to Metropolitan include European Wax Center, Open Rice and Clean Your Dirty Face. In addition to new tenants, Northwood Investors is unveiling the refresh of Metropolitan’s exterior that includes new signage, enhanced lighting along the bike path, colorful banners along Charlottetowne Avenue and South Kings Drive, metal and fabric garage screens and vertical wood and warmer colors throughout. Other upcoming renovations include updated landscaping and interior furnishings.

October 19, 2022

Newer Posts

Older Posts