NEW HILL, N.C. — JLL has secured an approximately 340,000-square-foot lease with FedEx Ground at TIP West within Triangle Innovation Point, a 2,200-acre life sciences and advanced manufacturing park in New Hill. Matt Winters and Al Williams of JLL handle marketing and leasing for the park on behalf of ownership, a joint venture between Samet Corp., Lee-Moore Capital and a Denver-based family office. FedEx Ground will fully occupy Building One at TIP West, which is currently under construction. The building is part of the first phase of development at Triangle Innovation Point and will deliver by the end of the year. FedEx Ground is set to occupy the space in early 2023. Triangle Innovation Point can be subdivided for specific users as needed, with lot sizes ranging from 10 to 1,000 acres, and building layouts from 35,000 square feet up to 1 million square feet. Triangle Innovation Point is located close to the Research Triangle Park and Raleigh-Durham International Airport.
WINSTON-SALEM, N.C. — Chicago-based Brennan Investment Group has broken ground on a Class A industrial building on the former RJ Reynolds Headquarters campus in Winston-Salem known as Whitaker Park. Landmark Construction is the general contractor on the project. The construction timeline was not disclosed. The tilt-wall, speculative building will span 110,000 square feet and is designed to be divisible from one to four tenants. Bob Lewis, Chris Lowe and Jamie Newell of NAI Piedmont Triad are handling leasing on behalf of Brennan Investment Group. The Whitaker Park sits in a strategic last-mile, infill location near downtown Winston-Salem, Wake Forest University and five nearby interstates.
ORLANDO, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of NORA, a 246-unit multifamily property in downtown Orlando. Shelton Granade, Luke Wickham and Justin Basquill of IPA represented the seller, GDC Properties, and procured the buyer, G.W. Williams Co. The sales price was not disclosed. Built in 2014, NORA has controlled access throughout, an integrated parking garage with over 400 spaces and 9,263 square feet of ground-floor retail space. Community amenities include a resort-style pool, electric car charging stations and a clubhouse. Unit features include nine-foot ceilings, floor-to-ceiling windows and full-size, stackable washers and dryers. Select units have moveable islands with drawers and wine racks, private patios or balconies and views of the downtown skyline. Located at 899 N. Orange Ave., the six-story property is situated 17.5 miles from the Walt Disney World Resort.
FAYETTEVILLE, N.C. — A joint venture between Manhattan Beach, Calif.-based Magma Equities and Chapel Hill, N.C.-based Prudent Growth Partners has acquired Keystone Apartments, a 202-unit multifamily community in Fayetteville, for $23.7 million. The seller was not disclosed. Constructed in 1974 and renovated in stages from 2018 through 2021, Keystone offers one- and two-bedroom floorplans. Located at 425 Woodstream Trail, the property features 28 two-story residential buildings on a 19.1-acre site. Community amenities include a pool, fitness center, onsite property management and 24-hour maintenance. The joint venture plans to spend $1.5 million renovating units and improving the common areas, such as the leasing office, fitness center, pool area and other outdoor amenities.
MORRISVILLE, N.C. — Trinity Capital Advisors has signed a 25,972-square-foot lease with Enzyvant at Southport Innovation Center, a 95-acre life sciences and technology campus in Morrisville. Enzyvant, a Cambridge, Mass.-based biotech company focusing on tissue-based regenerative therapies, is slated to occupy 50 percent of 101 Southcenter Court. With the new tenant, Southport Innovation Center is 87 percent leased. The new space at Southport Innovation Center will have customized labs and offices, including clean rooms for the manufacturing of Enzyvant’s recently approved tissue-based regenerative therapy. Southport Innovation Center features 17 buildings totaling 911,700 square feet of space. The buildings are a mix of lab, office and flex buildings. Property amenities include a fitness center and locker rooms, lounge, bar and café, conference center and an outdoor gathering space.
FREDERICKSBURG, VA. — Bonaventure, in partnership with Cafaro Properties, has broken ground on Attain at Spotsylvania Towne Centre in Fredericksburg, located approximately 55 miles southwest of Washington, D.C. and 50 miles north of Richmond. The 271-unit, Class A apartment development will replace a former Sears anchor store that closed in early 2020, furthering the revitalization of the Spotsylvania Towne Centre mall. The apartment project will include amenities such as a resort-style pool, artificial turf recreation area, outdoor kitchen, clubhouse, business center and fitness center. According to Bonaventure, the development of Attain is projected to create 388 new construction-related jobs and generate more than $1.1 million in real estate and other tax revenues annually. A timeline for completion and construction costs were not provided. “As an experienced local developer that owns its assets for the long term, we are committed to delivering a rental housing experience that combines best-in-class architecture, amenities and service,” says Dwight Dunton, founder and CEO of Bonaventure. “We look forward to contributing both to Fredericksburg’s housing supply and the renaissance of this well-located property.” Owned by Cafaro Co., Spotsylvania Towne Centre is home to numerous retailers and restaurants. Early last year, the Spotsylvania Board of Supervisors approved …
BIRMINGHAM, ALA. — Hoar Construction has topped out Phase I of the new Science and Engineering Complex at the University of Alabama at Birmingham (UAB). The $76 million, 138,842-square-foot development represents Phase I of a three-part project that aims to consolidate all the basic science undergraduate and graduate studies into one complex. Construction of Phase I began in February 2021 and is expected to be completed in the spring of 2023. The first phase of the concrete structure features four levels that will house biology, chemistry and physics labs and classrooms alongside faculty and staff offices. The project will also feature specialized labs, including an optics lab and cold-growth environment rooms. Collaboration spaces will be designed to allow students across different disciplines and levels of education to mingle and work together in a cohesive learning environment. Located on 14th Street South between University Boulevard and 10th Avenue South, the property is situated 1.6 miles from downtown Birmingham. Additional project partners include Goodwyn, Mills & Cawood as lead architect; Lord Aeck Sargent as lab and research spaces consultant; MBA Engineers as structural engineers; Schoel Engineering as civil engineers; Newcomb & Boyd as mechanical engineers; and Hyde Engineering as electrical engineers.
COLUMBIA, S.C. — New York City-based Exact Capital has plans to build the Villages at Congaree Pointe, a 240-unit affordable housing community in Columbia. Exact Capital is partnering with Charleston-based Armada Development. The construction timeline was not disclosed. The Villages at Congaree Pointe will be fully affordable and rented to households earning 60 percent or less of the area median income (AMI). The community will offer 10 three-story buildings with a unit mix of 60 one-bedroom, 144 two-bedroom and 36 three-bedroom apartments. Community amenities will include a fitness center, playground, splash pad, cabana with porch, clubhouse with a lounge, clubroom, computer room and a common laundry room. The total capitalization of the development is approximately $51 million with construction financing provided by J.P. Morgan Chase and Low-Income Housing Tax Credits (LIHTC) from Stratford Capital Group and Monarch Private Capital. In addition to the initial capitalization, Berkadia arranged permanent financing in the form of a Fannie Mae Municipal Tax-Exempt Bond offering. Located on a 14.9-acre site at 2701 Atlas Road, the project will be situated 5.9 miles from downtown Columbia and 5.4 miles from the University of South Carolina.
DUNDALK, MD. — Baltimore-based Continental Realty Corp. (CRC) has sold Merritt Manor Shopping Center, an 88,332-square-foot, fitness-anchored retail center in Dundalk. Columbia, Md.-based Abrams Development Group purchased the property for $11.9 million. Dean Zang and David Crotts of Marcus & Millichap represented CRC in the transaction. Merritt Manor was 96 percent leased at the time of sale to tenants including Gold’s Gym, Sherwin-Williams, Dollar General, Hair Cuttery, GNC, Chicken Rico and Leslie’s Swimming Pool Supplies. CRC completed renovations on the property, including upgrading the center’s exterior facade, enhancing all landscaping elements and upgrading the center’s signage. Located at 1119-1211 Merritt Blvd., the property is 9.9 miles from Baltimore and 18.7 miles from Baltimore/Washington International Thurgood Marshall Airport.
CHARLESTON, S.C. — Armada Hoffler Properties Inc. has sold Summit Place, a 357-bed student housing community located at 530 Meeting St., about one mile from the College of Charleston. The sales price and buyer were not disclosed. Completed by Armada Hoffler in 2020 at the corner of Spring and Lee streets, Summit Place is a five-story building offering private bathrooms, roommate matching, a study lounge, individual leases available and individual locking bedrooms. Community amenities include a clubhouse, pool, fitness center, business center, grill and an elevator. Earlier this month, Armada Hoffler announced the closing of the sale of Hoffler Place, also in Charleston. Hoffler Place and Summit Place were the company’s last remaining student housing properties. The Virginia Beach-based company will use the sale proceeds of Summit Place to fund development and acquisition opportunities in the conventional multifamily, mixed-use and grocery-anchored real estate sectors.