Southeast

PCCP, Distribution Realty Group to Build 815,530 SF Industrial Park in Metro Nashville

by John Nelson September 30, 2022

SPRING HILL, TENN. — A joint venture between PCCP LLC and Distribution Realty Group plans to develop Beechcroft Industrial Park, an 815,530-square-foot industrial project located at 825-845 Beechcroft Road in Spring Hill, about 38 miles south of Nashville. The three-building speculative project will be situated on a 63-acre site adjacent to the largest General Motors manufacturing facility in North America. The joint venture expects to break ground in October and deliver Beechcroft Industrial Park in November 2023.

September 30, 2022

Development Georgia Multifamily Southeast

Novare Group, BCDC Break Ground on 306-Unit Apartment Community in Metro Atlanta

by John Nelson September 30, 2022

SUGAR HILL, GA. — Novare Group and BCDC have broken ground on a 306-unit apartment community located in Sugar Hill, a suburb of Atlanta in Gwinnett County. The development is situated on more than 23 acres off Highway 20 near the recently built downtown Sugar Hill district, which houses The Bowl, The Eagle Theater, shops and restaurants. The property will also be integrated into the Sugar Hill Greenway, a 11.5-mile greenway and trail system that traverses the city. Upon completion, the gated property will feature a mix of two-story townhouses and traditional apartment units. Planned amenities include a fitness center with a yoga studio, game room, library, outdoor green space, coworking lounge, private garages and a resort-style pool with a sun shelf and tanning ledge. The project team includes construction lenders Cadence Bank and South State Bank, architect Dynamik Design, civil engineer Kimley-Horn and general contractor Doster Construction. Novare and BCDC expect to deliver first units in the fourth quarter of 2023.

September 30, 2022

Acquisitions Loans North Carolina Retail Southeast

Northmarq Arranges $21M Acquisition Loan for Bradford Square Shopping Center in Cary, North Carolina

by John Nelson September 30, 2022

CARY, N.C. — Northmarq has arranged a $21 million acquisition loan for Bradford Square, a 78,628-square-foot shopping center located at 1020 Bradford Plaza Way in Cary, a suburb of Raleigh. David Garfinkel of Northmarq’s St. Louis office arranged the permanent, fixed-rate loan through a life insurance company on behalf of the borrower, St. Louis-based real estate investment firm National Real Estate Management. The seller was not disclosed. Bradford Square is anchored by a 49,000-square-foot Publix grocery store. Other tenants include Cary Salon, Night and Day Dental, First Watch, Brixx Wood Fired Pizza, Burger 21 and Hand and Stone Massage Spa.

September 30, 2022

Acquisitions North Carolina Office Southeast

CBRE|Triad Arranges Sale of Historic Office Campus in Greensboro, North Carolina

by John Nelson September 30, 2022

GREENSBORO, N.C. — CBRE|Triad has arranged the sale of the former Pilot Life Insurance Co. headquarters, a historic seven-building, 220,000-square-foot suburban office campus in Greensboro. Kisco Senior Living sold the property to Clachan Properties for an undisclosed price. David Hagan and Joe Stanley of CBRE|Triad represented the seller in the transaction and are currently marketing the two remaining land sites at the campus, which is named The Pilot of Sedgefield. Charlie Fulk of Meridian Realty represented Clachan, a Richmond-based investor that converts historic properties in the Carolinas and Virginia to modern-day apartments. The firm recently put the campus on the National Register of Historic Places. The property’s original three buildings were constructed in 1927 and served as the first suburban office campus in the history of North Carolina.

September 30, 2022

Florida Southeast

CoreLogic: Estimated Property Damage in Florida from Hurricane Ian Between $28B and $47B

by John Nelson September 30, 2022

IRVINE, CALIF. — CoreLogic, a global property information and analytics solutions provider based in Irvine, has released its new residential and commercial wind and storm surge loss estimates for Hurricane Ian, which made landfall on Wednesday morning near Naples and Cape Coral, Fla. According to this new data analysis, wind losses for residential and commercial properties in Florida are expected to be between $22 billion and $32 billion. Insured storm surge losses in Florida are expected to be an additional $6 billion to $15 billion. “This is the costliest Florida storm since Hurricane Andrew made landfall in 1992 and a record number of homes and properties were lost due to Hurricane Ian’s intense and destructive characteristics,” says Tom Larsen, associate vice president of hazard and risk management at CoreLogic. “Hurricane Ian will forever change the real estate industry and city infrastructure. Insurers will go into bankruptcy, homeowners will be forced into delinquency and insurance will become less accessible in regions like Florida.” Several cities in Hurricane Ian’s path (including those in Southwest and Central Florida) are dealing with flash flood devastation, which will slow recovery timelines. According to the Florida Governor’s office, there are currently 2.6 million Florida residents without …

September 30, 2022

Development Florida Loans Mixed-Use Northmarq Southeast

Northmarq Secures $78.5M Construction Loan for Pinnacle Apartments in Jacksonville

by John Nelson September 29, 2022

JACKSONVILLE, FLA. — Northmarq has secured a $78.5 million construction-to-permanent financing for the development of Pinnacle Apartments, a 376-unit multifamily community located at 8760 Pinnacle Park Blvd. in Jacksonville’s Southside submarket. Ryan Whitaker of Northmarq originated the loan through a life insurance company on behalf of the undisclosed borrower. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. Planned amenities at Pinnacle include a business center, clubhouse, lounge, 24-hour fitness center, two resort-style swimming pools with sundecks, grill and picnic areas, a movie theater room with recliner seating, car care center, EV charging, indoor bike storage, game room, parking garage, dog agility park and an indoor pet spa. The construction timeline was not disclosed.

September 29, 2022

Development Georgia Industrial Southeast

LPC Southeast Breaks Ground on 404,000 SF Industrial Facility in Calhoun, Georgia

by John Nelson September 29, 2022

CALHOUN, GA. — Lincoln Property Co. Southeast (LPC Southeast) has broken ground on Calhoun 75 Commerce Center, a 404,000-square-foot distribution center located near I-75 on Belwood Road in Calhoun, about 68 miles northwest of Atlanta. Set to deliver in fall 2023, the front-load facility will feature 36-foot clear heights, 67 dock-high doors, 74 trailer parking spaces and 278 auto parking spaces. The property will also offer tenant amenities including an outdoor grill and lounge area, as well as an additional 1.2 acres of land available for excess parking. Denton Shamburger, Turner Fortin and Colin Beecham of LPC Southeast will oversee the construction, marketing and leasing of the building.

September 29, 2022

Acquisitions Florida Hospitality Loans Southeast

Berkadia Arranges Sale of 221-Room DoubleTree by Hilton Hotel in South Florida

by John Nelson September 29, 2022

DEERFIELD BEACH, FLA. — Berkadia has arranged the sale of DoubleTree by Hilton Hotel Deerfield Beach – Boca Raton, a 221-room hotel located at 100 Fairway Drive in South Florida’s Deerfield Beach. Michael Weinberg, Preston Reid and Wyatt Krapf of Berkadia represented the Canadian-based seller, Vista Hospitality, in the transaction. The privately owned seller has invested more than $7 million in capital improvements at the hotel since 2018. Scott Wadler of Berkadia’s Miami office secured acquisition financing on behalf of the buyer, DoveHill Capital Management, a private equity investment and development organization based in Fort Lauderdale. A local Florida bank originated the three-year loan with two one-year extension options. The sales price and loan amount weren’t disclosed, but Berkadia says the total amount combined is nearly $70 million. Spanning 6.2 acres near I-95 and the Atlantic Ocean, the DoubleTree hotel features an onsite restaurant, outdoor heated pool, 24-hour fitness center, pet-friendly rooms, digital keys, business center and 22,000 square feet of meeting space.

September 29, 2022

Development Industrial Southeast Virginia

IRG to Build 227,000 SF Build-to-Suit Logistics Facility Near Port of Virginia in Suffolk

by John Nelson September 29, 2022

SUFFOLK, VA. — National industrial real estate development firm Industrial Realty Group LLC (IRG) plans to break ground on a 227,000-square-foot distribution facility in Suffolk near the Port of Virginia. Upon completion, the project will be fully leased to RoadOne IntermodaLogistics, a national intermodal, distribution and logistics services company that will use the facility for transload purposes. The firm operates nearly 100 facilities in the United States and Canada, and the Suffolk facility will be RoadOne’s fourth new transload facility and the second one in Virginia that it has added in the past 18 months. The facility is also RoadOne’s third build-to-suit project near the Port of Virginia. Charles Dickinson of Harvey Lindsay Commercial Real Estate represented both IRG and RoadOne in the lease negotiations. The Los Angeles-based developer expects to complete the project in the third quarter of 2023.

September 29, 2022

Acquisitions Affordable Housing Multifamily North Carolina Southeast

Marcus & Millichap Brokers $21.5M Sale of Affordable Housing Community in Raleigh

by John Nelson September 29, 2022

RALEIGH, N.C. — Marcus & Millichap has brokered the $21.5 million sale of The Oaks at Brier Creek, a 144-unit affordable housing community in Raleigh’s Brier Creek neighborhood. The LIHTC property was developed in 2005 and features one-, two- and three-bedroom apartments that range in size from 715 to 1,170 square feet. Amenities include a swimming pool, fitness center and onsite property management. Drew Babcock of Marcus & Millichap represented the Raleigh-based seller, an entity doing business as The Oaks at Brier Creek LLC, and procured the Connecticut-based buyer, New England Investment Partners. Ben Yelm, Marcus & Millichap’s broker of record in North Carolina, assisted in the transaction.

September 29, 2022

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