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DevelopmentGeorgiaIndustrialSoutheast

OA Development Breaks Ground on 1 MSF Industrial Park Near Atlanta Airport

by John Nelson

ATLANTA — Locally based OA Development has broken ground on Victory Landing Logistics Center, a nearly 1 million-square-foot industrial park located adjacent to I-285 near Hartsfield-Jackson Atlanta International Airport. The developer expects to deliver the first phase, comprising five buildings totaling 700,000 square feet, next summer. Along with planned road improvements, the project represents $83 million in total investment. Roughly 30 percent of the site is designated green space and wetlands, according to OA Development. In addition to OA Development, the project team includes general contractor The Conlan Co. and Roswell, Ga.-based architectural firm Randall-Paulson Architects. Pat Murphy of Cushman & Wakefield is leasing the development.

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DevelopmentFloridaSoutheastStudent Housing

Lynn University, Capstone Development Complete $40.5M Residence Hall Project in Boca Raton

by John Nelson

BOCA RATON, FLA. — A public-private partnership between Lynn University and Capstone Development Partners has opened Capstone Apartments, a $40.5 million residence hall located on the university’s campus in Boca Raton. The 112,369-square-foot community offers 342 beds in studio, two- and four-bedroom configurations for upperclassmen and graduate students. Shared amenities include a community kitchen, entertainment lounge, flexible workspace, multi-purpose room, study lounges and laundry facilities on each floor. The development was designed to achieve LEED Silver certification with sustainable elements including the use of locally sourced materials, solar sunshades, low-E glazing, high socially responsible investment (SRI) roof materials, low-flow fixtures, a high-efficiency HVAC system and LED lighting. Capstone Management Partners manages the facility, while the university provides resident life services, support, IT and campus safety services. Gerrits Construction, Design Collective, Donahue Architecture and Design and Provident Resources Group were part of the project’s design-build team.

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GeorgiaLoansOfficeSoutheast

Lightstone Capital Provides $27M Refinancing of Office Building in Atlanta’s Cumberland-Galleria District

by John Nelson

ATLANTA — Lightstone Capital has provided a $27 million loan for the refinancing of 2000 Riveredge Parkway, a 12-story, 240,000-square-foot office building in Atlanta’s Cumberland-Galleria submarket. The Florida-based borrower, Mainstreet Capital Partners, will use the financing to refinance existing debt and fund future leasing costs. Ed Coco and Matt Casey of JLL arranged the financing on behalf of Mainstreet. Situated near the Chattahoochee Nature Center, the property was about 50 percent occupied at the time of the financing to 20 tenants, including Aetna, Atlas Roofing, VITAS Healthcare and Diamond Crystal Brands. The building has 24/7 security, a recently added fitness center with showers and lockers, conferencing facilities, a renovated deli, private balconies, attached structured deck parking and a tenant lounge. Mainstreet Capital plans to use the loan proceeds to upgrade the parking deck terrace, complete multiple spec suites, update the restrooms and make minor mechanical updates.

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618 East South Street
FloridaMarket ReportsOfficeSoutheastSoutheast Market Reports

Activity in Orlando’s Office Market is Fueled by Flight to Quality, Tech Industry

by John Nelson

The Orlando office market is finally seeing positive absorption across all major submarkets. An impressive second quarter recorded 122,423 square feet of positive absorption, bringing the total for the first half of the year to 156,778 square feet. As companies have been making decisions on their return to the office, the Orlando market has seen increased activity with numerous large, long-term leases signed, predominantly fueled by smaller local users and corporate relocations from other markets. Kimley-Horn’s relocation and expansion to 60,000 square feet in downtown Orlando marked one of the largest transactions in the past five years. While still up 20 basis points year-over-year, total vacancy saw its first drop in the last four quarters. Vacancy was consistently holding at 13.3 percent from third-quarter 2021 until it fell 30 basis points this quarter to 13 percent. The major driver of the drop was vacant sublease space being withdrawn or leased. Although firms are still seeking sublease route for their office space, we believe more space will be given back in the near term. We are seeing an increased pattern of flight to quality, where corporate users are focusing their attention on submarkets and assets that provide higher quality workplaces and …

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AcquisitionsFloridaLoansMultifamilySoutheast

PCCP Provides $72.7M Acquisition Loan for Jacksonville Apartment Community

by John Nelson

JACKSONVILLE, FLA. — PCCP LLC has provided a $72.7 million acquisition loan for Carlyle at Bartram Park, a 336-unit apartment community located at 14701 Bartram Park Blvd. on the south side of Jacksonville. The borrower, Rose Valley Capital, an affiliate of Hampshire Properties, will use a portion of the proceeds to renovate interiors and amenities at the property, which was built in 2009. Situated near the Bartram Park mixed-use development, Carlyle at Bartram Park was 93 percent occupied at the time of financing. The property includes one-, two- and three-bedroom floor plans with an average size of 991 square feet, as well as a playground, fitness studio, clubhouse with fireplace, gated access, outdoor fireplace and grill area, resort-style pool with sundeck and a walking trail around a lake.

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DevelopmentHealthcareSoutheastTennessee

OGA, Heritage Medical Deliver $30.6M Medical Office Building Near Nashville

by John Nelson

MT. JULIET, TENN. — Nashville-based Oman-Gibson Associates (OGA) and partner Heritage Medical Associates have completed construction of a $30.6 million medical office building located at 325 Old Pleasant Grove Road in Mt. Juliet, a suburb of Nashville. The 87,000-square-foot building is home to more than 25 Heritage Medical physicians representing multiple specialties, including primary care, allergy, dermatology, ear, nose and throat (ENT), endocrinology/diabetes, gastroenterology, laboratory and rheumatology/arthritis. The three-story facility features three procedure rooms, an imaging suite, infusion chairs, allergy shot stations, two-story entrance, all-glass waiting area, window-filled corridors and a dedicated parking area. Heritage Medical combined its existing Mt. Juliet office and Summit Medical Center offices into the new facility. In 2019, OGA and Heritage Medical partnered on a 63,500-square-foot medical office building in the Nashville suburb of Brentwood, Tenn.

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DevelopmentGeorgiaIndustrialSoutheast

Stream Realty, AEW to Build Two Metro Atlanta Industrial Facilities Totaling 768,000 SF

by John Nelson

ADAIRSVILLE AND UNION CITY, GA. — Stream Realty Partners and AEW have partnered to develop two new speculative industrial projects in metro Atlanta totaling more than 768,000 square feet. The duo are set to develop Adairsville Logistics Center at 3048 U.S. Highway 41 in Adairsville and Union City Logistics Center at 4811 Flat Shoals Road in Union City. Justin Robinson, Virginia Crabtree, Isaac Weeks, Nick Peacher and Scott Jones of Stream Realty will provide construction management, leasing and property management services at both properties, which are set to come on line by the second quarter of 2023. Evans General Contractors will serve as the general contractor for both projects.

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AcquisitionsSouth CarolinaSoutheastStudent Housing

Pierce Education Properties Acquires 382-Bed Student Housing Portfolio Near Clemson University

by John Nelson

CLEMSON, S.C. — Pierce Education Properties has acquired a two-property portfolio of student housing communities offering 382 beds near Clemson University in South Carolina. Acquisitions include The Enclave in Town and The Enclave on Old Central, both of which were constructed in 1998 and offer two- and three-bedroom units. The communities are situated at 423 Lindsay Road and 1146 Old Central Road and feature shared amenities, including a swimming pool, 24-hour fitness center and dog park. Teddy Leatherman, Scott Clifton and Stewart Hayes of JLL represented the seller, a joint venture between Centerlane Capital and Burkely Communities, in the transaction. The sales price was not disclosed.

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AcquisitionsNorth CarolinaRetailSoutheast

ShopOne Centers REIT Purchases Grocery-Anchored Shopping Center in Cary, North Carolina

by John Nelson

CARY, N.C. — ShopOne Centers REIT Inc., a privately held retail real estate investor and owner based in New York City, has purchased Shoppes on the Parkway in Cary. Located 10 miles west of downtown Raleigh, the 40,000-square-foot property was 96 percent leased at the time of sale to tenants including The Fresh Market. ShopOne acquired the grocery-anchored center in a joint venture with Pantheon and an unnamed global institutional investor. The seller and sales price were not disclosed.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Crescent Communities Sells Apartment Community in Charlotte’s Lower South End District for $140M

by John Nelson

CHARLOTTE, N.C. — Crescent Communities has sold Novel LoSo Station, a 344-unit apartment community located at 4015 Craft St. in Charlotte. Mid-America Apartment Communities purchased the newly built property for $140 million, according to Charlotte Business Journal. Situated near the Scaleybark Light Rail Station in Charlotte’s Lower South End neighborhood (LoSo), Novel LoSo Station is a part of the larger LoSo Station master development by Beacon Partners that includes more than 500,000 square feet of office space, 45,000 square feet of retail space and 125 townhomes. Units at Novel LoSo Station come in studio, one-, two- and three-bedroom floor plans with high-end finishes. Community amenities include a double-story fitness center with a dedicated yoga and spin room, a LTH Coffee & Social café on the ground level, coworking area, saltwater pool with a tanning ledge, rooftop terrace with outdoor heated space and outdoor grilling and picnic areas. Crescent Communities sold Novel LoSo Station almost exactly one year after opening the community. The developer has recently announced the land closings of two build-to-rent communities in Charlotte, Harmon Five Points and Harmon Ballantyne, as well as the development of multifamily communities Novel Mallard Creek and Novel University Place, which are both under …

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