Southeast

Red Mountain Group Acquires Virginia Beach Restaurant for $1.6M

by John Nelson December 22, 2022

VIRGINIA BEACH, VA. — Red Mountain Group Inc., a retail redevelopment firm based in Southern California, has purchased a 4,925-square-foot, single-tenant net-lease restaurant in Virginia Beach for $1.6 million. The restaurant is leased to Dirty Buffalo, a wing chain based in Virginia’s Hampton Roads region. The property is an outparcel to Target and has roughly seven years remaining on its lease. Matthew Mousavi of SRS Real Estate Partners represented Red Mountain Group in the transaction. The seller was not disclosed.

December 22, 2022

Development Florida Hospitality Loans Mixed-Use Multifamily Southeast

LV Lending Arranges Financing for Phase I of $1B Reunion Resort Expansion in Central Florida

by John Nelson December 21, 2022

KISSIMMEE, FLA. — LV Lending has arranged an undisclosed amount of construction financing for Phase I of the expansion of Reunion Resort, a 2,226-acre resort community located in the Orlando suburb of Kissimmee. The borrower is Orlando Reunion Development LLC, a related company wholly owned by the same principle of Kingwood Orlando Reunion Resort LLC. The 31.6-acre expansion spans two contiguous parcels surrounding the property’s 10-acre Crystal Lagoon. The expansion will feature 1,800 vacation rental homes and townhomes and a hotel, as well as an amphitheater for events. The $1 billion expansion will take place over five phases and several years. Groundbreaking is slated to begin in 2024. Existing uses at Reunion Resort include thousands of luxury homes, villas and condominiums; three championship golf courses; seven food-and-beverage outlets; waterparks; 11 pools; a rooftop pool and private club faculty; and conference areas.

December 21, 2022

Acquisitions Office Southeast Virginia

Lingerfelt Sells 11-Building Office Portfolio in Metro Richmond for $119M

by John Nelson December 21, 2022

RICHMOND, VA. — Locally based real estate investment firm Lingerfelt has sold a portfolio of 11 office buildings in and around the Innsbrook master-planned park in Virginia’s Henrico County. Charlottesville, Va.-based Seminole Trail purchased the portfolio for approximately $119 million. The 723,103-square-foot portfolio was approximately 82 percent leased at the time of sale. The buyer plans to move forward with adding over 1,300 apartments to five of the 11 properties in the portfolio, which Henrico County rezoned for mixed-use in 2021. Lingerfelt and its investors will continue to own eight properties within Innsbrook totaling 240,000 square feet of office and flex warehouse buildings. The company also has an active development pipeline for new industrial assets and multifamily communities in Henrico County and beyond.

December 21, 2022

Development Maryland Multifamily Southeast

CP Capital, NRP Group to Develop 390-Unit Multifamily Community in Silver Spring, Maryland

by John Nelson December 21, 2022

SILVER SPRING, MD. — A joint venture between CP Capital and The NRP Group plans to develop White Oak, a 390-unit, wrap-style apartment community in Silver Spring, a suburb of Washington, D.C. The developers expect to break ground in the first quarter of 2023. First units are expected to deliver in the third quarter of 2024, with construction expected to be completed in the second quarter of the following year. The site will give future renters direct access to Montgomery County’s new FLASH Bus Rapid Transit System, MD Route 29, I-95 and the MD-200 Intercounty Connector. The five-story community will feature some townhome-style units, as well as an enclosed courtyard, sundeck and pool, outdoor cooking and dining areas, work-from-home amenities, dog park, pet spa and a fitness center. White Oak marks the second time CP Capital, formerly known as HQ Capital Real Estate, has partnered with The NRP Group, having previously developed the Rockwell in Massachusetts.

December 21, 2022

Acquisitions North Carolina Retail Southeast

SRS Arranges Sale of Crossroads Shopping Center in Metro Charlotte

by John Nelson December 21, 2022

STATESVILLE, N.C. — SRS Real Estate Partners’ Investment Property Group has brokered the sale of Crossroads Shopping Center, a 117,224-square-foot retail center located at 1000 Crossroads Drive in the Charlotte suburb of Statesville. River City Capital purchased the center for an undisclosed price. Situated on 14.1 acres and shadow-anchored by a Walmart Supercenter, Crossroads was leased at the time of sale to tenants including Big Lots, Burkes Outlet, Dollar Tree, American Deli, rue21, Shoe Dept., Bath & Body Works and GNC. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller in the transaction. The buyer was self-represented.

December 21, 2022

Company News Florida Southeast

Trez Capital Restructures Florida Operations, Plans to Open New Office in Metro Miami

by John Nelson December 21, 2022

MIAMI — Trez Capital has restructured its Florida operations by closing its Palm Beach office with plans to open a new office in metro Miami under new regional leadership. The firm is ending its current joint venture partnership in the South Florida market as part of the restructuring. Under the continued direction of Trez Capital’s global head of origination, John Hutchinson, the firm will continue building upon its existing market relationships, servicing borrowers, real estate owners and brokers in the Southeast. “Florida and the Southeast remain an incredibly important part of Trez Capital’s business. We have established solid roots in the region and will continue our expansion by investing in our people, reinforcing our ‘boots-on-the-ground’ strategic approach and dedication to our investors,” says Hutchinson. “Our ability to leverage our team’s local market knowledge and varied experience no matter the geographic location has yielded trusted, well-established relationships throughout the country. I am excited about what the future holds for the Florida market and continuing what we do best: delivering results for investors and borrowers.” Trez Capital has over $5.3 billion in assets under management, has originated over 1,700 loans totaling more than $16.5 billion funded since its inception and has nearly …

December 21, 2022

Development Georgia Loans Mixed-Use Multifamily Southeast

Middle Street, AECOM-Canyon Obtain $245M Construction Financing for Midtown Atlanta Multifamily Project

by John Nelson December 20, 2022

ATLANTA — A joint venture between developers Middle Street Partners and AECOM-Canyon Partners has obtained $245 million in construction financing for its two-tower multifamily project situated a block from Piedmont Park in Midtown Atlanta. Eastdil Secured arranged the financing through Bank OZK and Related Fund Management on behalf of the developers. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia advised Middle Street in the transaction. The unnamed development will occupy a full city block on Juniper Street between 11th and 12th streets. The project will include a north tower and south tower totaling 487 apartments, and each tower will feature an undisclosed amount of ground-floor retail space. The developers plan to break ground immediately. The project team includes general contractor Brasfield & Gorrie, architect Brock Hudgins and interior designer CID Design Group.

December 20, 2022

Acquisitions Retail Southeast Tennessee

Legacy Realty Group Brokers $200M Portfolio Sale of 146 Southeast Stores Leased to Dollar General

by John Nelson December 20, 2022

NEW HYDE PARK AND NEW YORK CITY, N.Y. — Legacy Realty Group Advisors LLC, a commercial real estate brokerage with offices in New York, has brokered the sale of 146 stores in the Southeast leased to Dollar General. The seller, a privately held real estate developer, sold the portfolio to the buyer, a net-lease REIT, for approximately $200 million. Both parties requested anonymity. Jacob Baruch and Daniel Baruch of Legacy Realty Group represented both the buyer and seller in the off-market transaction.

December 20, 2022

Development Hospitality Mixed-Use Multifamily Southeast Virginia

PREIT Receives Approval for New Apartments, Hotel at Springfield Town Center in Metro D.C.

by John Nelson December 20, 2022

SPRINGFIELD, VA. — PREIT, a retail REIT based in Philadelphia, has received approval from the Fairfax County Board of Supervisors for the development of two empty land parcels at Springfield Town Center, a mixed-use campus located in Springfield, roughly 14 miles outside of Washington, D.C. Two separate entities are under agreement to purchase and develop the parcels. One of the buyers, Intermountain, will construct a 165-room hotel, and the other, Hanover, will build a 460-unit multifamily community. Together, the sales price for the two parcels totals approximately $20 million. Built in 2017, Springfield Town Center is anchored by a 1 million-square-foot mall housing Target, Regal Cinemas, Macy’s, JCPenney, LOFT, H&M and a food court, among other retailers.

December 20, 2022

Acquisitions Florida Multifamily Southeast

JBM Secures $115M Sale of Longitude 82 Apartments in Sarasota, Florida

by John Nelson December 20, 2022

SARASOTA, FLA. — JBM Institutional Multifamily Advisors has secured the $115 million sale of Longitude 82, a 360-unit apartment community located in Sarasota. Irvine, Calif.-based Passco Cos. sold the community to an undisclosed buyer. Built in 2017 on 32.6 acres, Longitude 82 includes units with open floor plans averaging 971 square feet. Amenities include a resort-style, saltwater pool; 24-hour fitness center with Precor equipment; dog park; package lockers; valet trash; shaded children’s playground; car care center; and garages available for rent. This is the second time JBM has brokered the sale of the apartment community.

December 20, 2022

Newer Posts

Older Posts