Southeast

Joint Venture Breaks Ground on 2 MSF Stacks Mixed-Use Property in D.C.

by Julia Sanders April 22, 2022

WASHINGTON, D.C. — A joint venture between Akridge, National Real Estate Advisors, Blue Coast Capital and Bridge Investment Group has broken ground on the first phase of The Stacks, a 2 million-square-foot mixed-use project in Washington, D.C. Bank OZK is providing a $367 million construction loan for the first phase of the development. William Collins, Bindi Shah, Marshall Scallan and Shaun Weinberg of Cushman & Wakefield arranged the loan. The construction timeline was not disclosed. The first phase of The Stacks will include three rental residential towers totaling more than 1,100 apartments. At full buildout, the master-planned development will offer 2,000 residential units, as well as two hotels, public parks and gathering spaces and about 80,000 square feet of retail space. The property will also feature a variety of creative working spaces, as well as below-grade parking and loading. Gensler, Morris Adjmi Architects, Eric Colber & Associates, Handel Architects, West 8 and Lee and Associates Inc. are the designers for the first phase of the project.

April 22, 2022

Development Florida Mixed-Use Southeast

Greystar Tops Off 36-Story Ascent St. Pete Mixed-Use Tower in Tampa Bay Area

by Julia Sanders April 22, 2022

ST. PETERSBURG, FLA. — Charleston-based Greystar has topped off Ascent St. Pete, a 36-story mixed-use tower in St. Petersburg, about 23.8 miles from Tampa. Ascent St. Pete is scheduled to open in January 2023, with final construction completion slated for May 2023. Ascent St. Pete will offer studios, one-, two- and three-bedroom floorplans, as well as penthouse units, for a total of 357 apartments. The tower will also include a 172-room AC by Marriott hotel and a separately branded restaurant on the eighth floor with an outdoor terrace and bar. Hotel guests will have access to outdoor pool amenities at both the sixth and 36th floors. Additionally, the project will include more than 6,800 square feet of ground-level retail space along First Avenue and 2nd Street North.

April 22, 2022

Florida Loans Multifamily Southeast

Madison Realty Capital Originates $55M Loan for Multifamily Project in Miami’s Edgewater District

by Julia Sanders April 22, 2022

MIAMI — Madison Realty Capital has originated a $55 million construction loan for Metro at Edgewater, a 32-story, 279-unit residential apartment development in Miami. Melissa Rose and Jesse Wright of JLL Capital Markets arranged the financing. The unnamed borrower(s) will also use the funds to construct the adjacent 18-unit Sonder building. The overall project is slated for completion by July 2023. Metro at Edgewater will contain 266,306 square feet of residential space and 4,230 square feet of ground floor retail space. The property will offer a unit mix of one-, two- and three-bedroom floorplans. Community amenities will include a coffee bar, hotel-style pool deck, fitness center, juice bar, coworking spaces, library, 24-hour lobby attendant and 312 onsite parking spaces. Located at 430 NE 31st St. in Miami’s Edgewater neighborhood, the property is situated 12 miles from the University of Miami and 7.2 miles from Miami International Airport.

April 22, 2022

Development Florida Industrial Southeast

VanTrust Breaks Ground on Three Industrial Buildings in Jacksonville Totaling 1.7 MSF

by Julia Sanders April 21, 2022

JACKSONVILLE, FLA. — Kansas City-based VanTrust Real Estate LLC has broken ground on three industrial buildings at its Imeson Park South property in Jacksonville totaling approximately 1.7 million square feet. The three projects currently underway include a 200,000-square-foot build-to-suit building, one 547,200-square-foot speculative building on approximately 33 acres and a 1 million-square-foot building on about 63 acres. Building amenities at both speculative buildings include ample automobile, dock and trailer parking. Construction on all three buildings is expected to be complete by the second quarter of 2023. Located at 1511 Zoo Parkway, the property is situated 10.5 miles from Jacksonville International Airport and 3.1 miles from the Jacksonville Zoo. VanTrust purchased the 196-acre Imeson Park South property in October 2021.

April 21, 2022

Acquisitions Florida Multifamily Seniors Housing Southeast

Grandbridge Negotiates $45M Sale of Seniors Housing Community in Metro Orlando

by Julia Sanders April 21, 2022

CHAMPIONSGATE, FLA. — Grandbridge Real Estate Capital has negotiated the sale of Merrill Gardens at ChampionsGate, a 223-unit seniors living campus in ChampionsGate, approximately 25 miles southwest of downtown Orlando. David Kliewer and Jay Jordan of Charlotte-based Grandbridge facilitated the $45 million sale to funds managed by Fortress Investment Group, which has tapped Watermark Retirement Communities to manage the property. The new owner also changed the property’s name to The Glades at ChampionsGate. Built in 2017, the community offers 114 independent living, 73 assisted living and 36 memory care units. Following challenges in meeting the operating covenants of the bond structure, in July 2021 a court order appointed William King of WK Financial as receiver.

April 21, 2022

Acquisitions Retail South Carolina Southeast

Continental Realty Corp. Purchases Shopping Center in Mount Pleasant, South Carolina for $17M

by Julia Sanders April 21, 2022

MOUNT PLEASANT, S.C. — Baltimore-based Continental Realty Corp. (CRC) has purchased Sweetgrass Corner, a nearly 90,000-square-foot neighborhood shopping center in Mount Pleasant. New Market Properties, a subsidiary of Atlanta-based Preferred Apartment Communities Inc, sold the property for $17 million. The buyer purchased the property on behalf of Continental Realty Fund V L.P., and a co-investment vehicle related to Fund V, which are both managed by CRC. Built in 1999, Sweetgrass Corner features 13 tenants offering a mix of medical and personal care services, as well as sit-down and fast-casual restaurants. The site was formerly anchored by a BI-LO supermarket that was shuttered as part of a strategic decision by its parent company in 2019. Located at 1909 N Highway 17, the center is adjacent to Mount Pleasant Towne Centre, a 510,000-square-foot regional shopping venue acquired by CRC in 2020. The property is also situated on approximately 10 acres between North Highway 17 and Hungry Neck Boulevard.

April 21, 2022

Acquisitions Industrial South Carolina Southeast

WRS Acquires Three Industrial Buildings Totaling 55,643 SF in Metro Charleston

by Julia Sanders April 21, 2022

SUMMERVILLE, S.C. — WRS Inc. Real Estate Investments has acquired three fully tenanted industrial/flex buildings totaling 55,643 square feet in Summerville. Patrick Marr of WRS Inc. represented the firm internally. The seller and sales price were not disclosed. The industrial/flex buildings include the following: 114-A&B Trigard Lane (20,803 square feet); 215-A&B Varnfield Drive (25,000 square feet); and 220 Varnfield Drive (9,840 square feet). The properties are located about 25 miles from Charleston and 18 miles from Charleston International Airport.

April 21, 2022

Acquisitions Georgia Retail Southeast

Marcus & Millichap Arranges $7.7M Sale of Two Shopping Centers in South Georgia

by Julia Sanders April 21, 2022

HINESVILLE AND BRUNSWICK, GA. — Marcus & Millichap has arranged the sale of two shopping centers in South Georgia for the combined sales price of $7.7 million. The two properties include Veterans Square in Hinesville and Canal Crossing in Brunswick. Constructed in 2018, Veterans Square is located on West Oglethorpe Highway. The property was fully leased at the time of sale to three tenants: Krispy Kreme, Mad Vapes and McAlister’s Deli. Built in 2018, Canal Crossing is located adjacent to the Sam’s Club in Brunswick. The center was fully leased at the time of sale to four tenants: Five Guys, Tropical Smoothie, Great Clips and Fuse Frozen Yogurt. Harrison Creason, Andrew Margulies and Benjamin Kapinos of Marcus & Millichap represented the seller, a limited liability company. John Leonard, Marcus & Millichap’s broker of record in Georgia, assisted in closing this transaction. The buyer was not disclosed.

April 21, 2022

Content Partner Features Industrial Leasing Activity Lee & Associates Market Reports Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ First-Quarter 2022 Economic Rundown by Sector

by Sarah Daniels April 21, 2022

Lee & Associates’ newly released Q1 2022 North America Market Report scrutinizes first-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This class-by-class review of commercial real estate trends for the first quarter of the year focuses on how real estate is adjusting to long-term post-COVID attitudes. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the overviews offered below provide sweeping looks at the overall health and obstacles for four major commercial real estate sectors. Industrial: Rents Pushed on Strong Demand Strong demand for industrial space throughout North America continued in the first quarter as vacancies fell to record lows and rent growth hit double digits. First quarter net absorption in the United States totaled 92.8 million square feet, which was up 25 percent year over year but down 35 percent from the 143-million-square feet average of the last three quarters of 2021. Annualized rents rose 10.1 percent in the U.S. and the average vacancy rate fell to 4.1 percent. Part of this trend was due to a pause in new construction starts early in the pandemic. However, …

April 21, 2022

Acquisitions Georgia Multifamily Southeast

FCP, Zevulon Capital Purchase Apartment Community in Metro Atlanta for $37.7M

by Julia Sanders April 20, 2022

DULUTH, GA. — FCP has purchased Villas at Duluth, a 164-unit apartment community in the Atlanta suburb of Duluth, for $37.7 million. The Chevy Chase, Md.-based investor partnered with Atlanta-based Zevulon Capital for the deal. Berkadia represented the undisclosed seller in the transaction. Villas at Duluth offers three- and four-bedroom floorplans with a unit size range of 1,344 to 1,550 square feet, according to Apartments.com. Unit features include in-unit washers and dryers, walk-in closets and balconies. Community amenities include a pool, clubhouse, fitness center, playground and a dog park. Built in 1991, the property was 98 percent occupied at the time of sale. Located at 1470 Boggs Road, the property is situated 25.7 miles from downtown Atlanta and 16.2 miles from the Georgia State University’s Dunwoody campus.

April 20, 2022

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