WILLIAMSBURG, VA. — Broad Street Realty Inc. has plans to acquire Midtown Row, a mixed-use property in Williamsburg. The firm plans to close the $122 million acquisition by the end of the second quarter. The seller was not disclosed. Midtown Row features 240 student housing units with 620 beds. The property also includes 63,573 square feet of retail space, as well as entertainment and office space. The property is located adjacent to the historic campus of the College of William & Mary, less than one mile from Colonial Williamsburg and less than five miles from Jamestown, Yorktown and Busch Gardens.
LOUISVILLE, KY. — Reno, Nev.-based Dermody Properties has signed a lease for a 208,320-square-foot space in LogistiCenterSM at Louisville Airport Building 3. Leasing the space is Fisher & Paykel Healthcare, a designer, manufacturer and marketer of products and systems for use in acute and chronic respiratory care, surgery and the treatment of obstructive sleep apnea. Kevin Grove of CBRE represented Fisher & Paykel Healthcare in the lease transaction, and Tom Sims of CBRE represented Dermody Properties. Beginning this summer, Fisher & Paykel will occupy the entire building to use as a distribution hub. The firm will be relocating jobs from within the region to this new location. The building is situated on 41 acres within the Louisville Renaissance Zone, which is home to many logistics and manufacturing companies including UPS Worldport and Ford Motor Co. The property is located within two miles of Louisville Muhammad Ali International Airport. Across from the property is Dermody’s LogistiCenter at Louisville Airport Building 2, which offers 203,840 square feet of logistics space.
CHESAPEAKE, VA. — Marcus & Millichap has arranged the sale of Marina Point Apartments, a 104-unit multifamily property in Chesapeake. Annapolis, Md.-based MRKT Realty LLC purchased the property for $14.2 million. Altay Uzun, Justin Ferguson, Theo Jolley and David Chae of Marcus & Millichap represented the seller, an undisclosed joint venture headed by Phil Capron. Built in 1965 and situated on 7.8 acres, Marina Point features 13 buildings and offers one-, two- and three-bedroom floorplans. Each unit features hardwood flooring and walk-in closets. Community amenities include package services, a playground, maintenance onsite, property manager onsite, picnic area and boat docks. Located at 1301 Canal Drive, the property is situated near the Elizabeth River, as well as retailers such as 7-Eleven and Walgreens. The property is also located 10.4 miles from Norfolk State University and 17.1 miles from Norfolk International Airport.
HUNTSVILLE, ALA. — PBR x Lockhart Smokehouse is opening this year at Bridge Street Town Center, a mixed-use development in Huntsville. The dining concept is a partnership between the Professional Bull Riders (PBR) Cowboy Bar, Lockhart Smokehouse and Live! Concepts. Bayer Properties is the developer for the Bridge Street Town Center. PBR Cowboy Bar’s Country-Western experience will be joined with Lockhart Smokehouse’s Texas barbecue in the dining concept. The location at Bridge Street Town Center will be Lockhart Smokehouse’s first location outside of Texas. PBR x Lockhart Smokehouse will take up 8,121 square feet of space. Bridge Street Town Centre features over 50 tenants including Apple, Athleta, H&M and Sephora. The development recently added The Cheesecake Factory and soon will open Main Event. The property is also home to more than 207,000 square feet of Class A office space that is fully leased, as well as a 232-room Westin hotel, 150-room Element by Westin hotel, 244-unit Seleno apartment complex and a 131-room Hyatt Place Hotel.
Build-to-RentContent PartnerFeaturesLeasing ActivityMidwestMultifamilyNortheastNorthmarqSingle-Family RentalSoutheastTexasWestern
Single-Family/Build-to-Rent: Changing Renter Demographics Fuel Growth
Demand for all forms of housing has been on the rise in recent years, a trend that is expected to continue in 2022. One segment of the market that is attracting significant attention is single-family/build-to-rent (SFR/BTR), as a series of economic and demographic shifts increase the attractiveness of an alternative to traditional apartments. Developers are ramping up activity on thousands of new units, particularly in the high-growth southern U.S. markets. Dozens of projects totaling more than $1.5 billion sold in 2021. Meanwhile, billions of dollars of debt and equity capital continue to move into this increasingly attractive investment class. Northmarq’s National Multifamily 2022 Outlook covers the record-setting momentum that multifamily properties across the United States saw last year and projects what the market may see in 2022. Northmarq’s full report is available here (with further rundowns on factors like the overall economy, rent trends, the investment market and financing climate). Their analysis on the SFR/BTR market below breaks down the trends and opportunities for growth in this burgeoning sector. Reasons for Growth Several factors are prompting the development of SFR/BTR. A primary influence is the changing mix of renters; today’s renters are generally older and more affluent than in the past. These …
JACKSONVILLE, FLA. — JLL Capital Markets has arranged the sale of Crossroads Building 300, a 235,200-square-foot industrial building in Jacksonville. Britton Burdette, Luis Castillo, Mitchell Townsend, Cody Brais and Luke Pope of JLL represented the private, undisclosed seller. Principal Real Estate Investors acquired the asset for an undisclosed price. Completed this year, Crossroads Building 300 features 32-foot clear heights, deep truck courts, a rear-load configuration, 56 dock-high doors, 43 trailer stalls, ESFR fire protection, LED lighting and ample parking. The property is fully leased to two tenants, CarParts.com and Drummond Press Inc. Located at 6610 Pritchard Road, the property is situated within the master-planned Crossroads Distribution Center with immediate access to Interstate 295. Additionally, Crossroads Building 300 is close to Interstates 10 and 95.
NORCROSS, GA. — Dallas-based Westmount Realty Capital has purchased Atlanta Plaza 85, an infill industrial portfolio in the northeast Atlanta suburb of Norcross. The sales price and seller were not disclosed. Atlanta Plaza 85 is a 191,526-square-foot portfolio featuring nine flex/light industrial buildings, with each building averaging 21,281 square feet. The Atlanta Plaza 85 portfolio offers direct access to Interstates 85 and 285 and Jimmy Carter Boulevard. Built between 1979 and 1987, the portfolio was 91.9 percent leased at the time of sale to 49 tenants. Westmount Realty Capital plans to make capital upgrades of more than $1 million over the next five years, including roof replacements and repairs, corridor upgrades, space conversion and HVAC and paving repairs.
JEFFERSON, GA. — Alliance Residential Co. has opened Prose Concord, a 300-unit apartment community in Jefferson. Designed by architect Hensley Lamkin Rachel Inc., Prose Concord offers a mix of 159 one-bedroom and 141 two-bedroom apartments. Unit features include white shaker cabinets, granite countertops, kitchen islands and pantries, stainless steel appliances, chrome plumbing fixtures, wood plank-style flooring throughout and walk-in closets. Rents range from $1,190 for a one-bedroom unit to $1,495 for a two-bedroom unit. Community amenities include a clubroom lounge space and entertaining kitchen, coworking spaces, 24/7 fitness center, saltwater pool, grilling stations, outdoor dining areas, fully fenced pet park, a package system and ample parking. Located on nearly 75 acres at 575 Concord Road, Prose Concord is situated less than one mile from Interstate 85. The property is located close to several major employers including Amazon, Bed Bath & Beyond and Toyota.
RALEIGH, N.C. — Hudson Capital Properties has broken ground on Phase II of Hudson 5401, a 264-unit apartment community in Raleigh. The first phase of the development included 192 units and was completed in 2019. Unit features in Phase I include granite countertops, kitchen islands, oversized windows, outdoor grilling, double vanity in bathrooms, stainless steel appliances and ceiling fans. Hudson 5401 is part of 5401 North, a 400-plus-acre master planned development. When both phases of Hudson 5401 are completed, the community will feature a total of 456 apartments featuring amenities such as a resort-style pool area with cabanas, coworking spaces and fitness centers. Goddard Day School and Splash and Dash Pet Groomer have opened in the community. Additional retail is opening this year, including a coffee shop. Located between Interstate 540 and Highway 401, Hudson 5401 is situated eight miles from downtown Raleigh and 18 miles from Raleigh-Durham International Airport. The property is also situated close to the Neuse River Greenway, which offers over 27 miles of trails.
ROSWELL, GA. — Great Neck, N.Y.-based DNA Partners has sold Connexion at Holcomb Bridge, a 106,711-square-foot neighborhood shopping center in Roswell, about 21 miles from downtown Atlanta. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL Capital Markets represented DNA Partners in the sale. Brixmor Property Group purchased the property for $29.5 million. Connexion at Holcomb Bridge was 93 percent leased at the time of sale to tenants including Planet Fitness, Starbucks, Kale Me Crazy, My Salon Suite, Emory Healthcare Network, Dogtopia and From the Earth Brewing Co. Originally constructed in 1985, the property was expanded in 2014 and underwent a multimillion-dollar renovation in 2016. Situated on 11.8 acres at 1570 Holcomb Bridge Road, Connexion at Holcomb Bridge is located less than one mile from Ga Highway 400.