Southeast

Preiss Acquires 928-Bed Student Housing Community Near NC State in Raleigh, Plans $10M Renovation

by John Nelson October 27, 2022

RALEIGH, N.C. — The Preiss Co. has acquired Valentine Commons, a 928-bed student housing property located near the North Carolina State University (NC State) campus in Raleigh. Located steps away from campus at 3009 ME Valentine Drive, the property features an 11-story building offering 277 fully furnished units in two-, three- and four-bedroom configurations. Shared amenities include a swimming pool, rooftop terrace, private study rooms on every floor, a business center, aerobics room, fitness center, game room and a private parking garage. The seller and sales price were not disclosed, but Ben Roelke and Ian Walker of Newmark secured $77.3 million in financing for the acquisition through an unnamed life company lender. The five-year loan features full-term, interest-only payments. Preiss Co. is planning a $10 million capital improvement plan for Valentine Commons, the construction timeline of which was not disclosed.

October 27, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $35.3M Sale of South Beach Store Leased to Walgreens

by John Nelson October 27, 2022

MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $35.3 million sale of a single-tenant, 22,875-square-foot store in Miami Beach leased to Walgreens. The trophy two-story property is located at 509 Collins Ave. at the intersection of Collins Avenue and 5th Street, which is the closest intersection to South Beach. Walgreens has 12 years left on its 25-year lease, which has seven five-year extension options. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap’s Miami office represented the seller, an entity doing business as 509 Collins Realty LLC, in the transaction. The buyer was not disclosed.

October 27, 2022

Content Partner Features Midwest Multifamily Northeast Pavlov Media Southeast Texas Western

Multifamily Fiber Networks Must Be Dedicated, Resilient to Serve Increased Resident Demand

by Sarah Daniels October 27, 2022

Fiber networks built with multifamily properties in mind offer network resilience while maximizing ROI for owners and operators. Well-constructed fiber networks are at the heart of meeting and exceeding residents’ growing Internet needs, especially when work-from-home culture and the constant need for online connection have made Internet slowdowns and downtime unacceptable for end users. Fiber can also strengthen connectivity across multifamily properties, shoring up the Wi-Fi services residents have come to know and on which they’ve come to depend. How does a national fiber network integrate with multifamily properties? By focusing just on the needs of the multi-dwelling unit (MDU). “Instead of building out 200-mile routes of duct and fiber, we build out ‘miracle miles’ in densely populated MDU areas. From that point, we’re able to easily grow or expand out from that area,” says Michael O’Linc, president of fiber services & campus communications at Pavlov Media. O’Linc stresses the importance of a more planned, methodical approach for MDUs. A network that serves multifamily buildings must be a network focused on backups and fail safes. The “miracle mile” method creates a main line with laterals — creating a ring shape as it expands. This approach to fiber makes networks easier to …

October 27, 2022

Development Maryland Retail Southeast

Topgolf to Open South Baltimore Venue at Walk at Warner Street Entertainment District

by John Nelson October 26, 2022

BALTIMORE — Dallas-based Topgolf plans to open its first Baltimore venue and third location in Maryland this Friday, bringing its global count to 81. Located at the intersection of Stockholm and Warner streets in the newly branded Walk at Warner Street entertainment district, the three-level venue sits adjacent to Horseshoe Casino Baltimore and M&T Bank Stadium, home of the Baltimore Ravens. Local media outlets report that construction is underway for a concert venue at the district called The Paramount Theater. The new Topgolf will employ around 500 staffers and include 90 outdoor hitting bays, food, beverages, private event rooms, rooftop terrace with a skylit atrium and a large video wall.

October 26, 2022

Affordable Housing Georgia Loans Multifamily South Carolina Southeast

Berkadia Arranges $87.8M Acquisition Loan for Affordable Housing Portfolio in Georgia, South Carolina

by John Nelson October 26, 2022

ATLANTA — Berkadia has arranged $87.8 million in acquisition financing for a 13-property affordable housing portfolio in Georgia and South Carolina. Jeff Lawrence of Berkadia’s Atlanta office arranged the two-year loan on behalf of the borrower, Georgia-based Infinity RE Impact. The portfolio comprises 12 Georgia properties, including Lake Forest Apartments in Gainesville; Forest Creek at Moultrie Apartments in Moultrie; Lakeview Apartments in Carrollton; Rolling Ridge Apartments in Athens; Shenandoah Forest Apartments in Newnan; Sunny Brook Apartments Road in Elberton; Briarwood Apartments in Jesup; Indian Oaks in Fort Valley; Shadowood in Augusta; The Cliffs in Dalton; Georgian Woods in Douglas; and Riverbend in Milledgeville. The lone South Carolina property in the portfolio is Crestview Village in Easley.

October 26, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $7.7M Sale of Harmony Plaza Shopping Center in Port Richey, Florida

by John Nelson October 26, 2022

PORT RICHEY, FLA. — Marcus & Millichap has brokered the $7.7 million sale of Harmony Plaza, an 82,820-square-foot shopping center located at 11932 U.S. Highway 19 in Port Richey. James Medefind, Jim Shiebler, James Garner and Jonathan Gerszberg of Marcus & Millichap represented the seller, a California-based private investor, in the transaction. A private investor purchased the property. Built in 1973 and located on a six-acre site, Harmony Plaza was 87 percent leased at the time of sale to tenants including Big Lots.

October 26, 2022

Acquisitions Florida Retail Southeast

SRS Negotiates $3.2M Ground-Lease Sale of Tampa Bay Retail Property Occupied by Fifth Third Bank

by John Nelson October 26, 2022

BRADENTON, FLA. — SRS Real Estate Partners’ National Net Lease Group has negotiated the $3.2 million ground-lease sale of a single-tenant retail property in Bradenton occupied by Fifth Third Bank. Built in 2007 and situated on about 1.1 acres, the 3,500-square-foot property is located at 6550 Cortez Road W. Patrick Nutt and William Wamble of SRS represented the seller, a California-based private investor, in the transaction. The buyer was Massachusetts-based Dorchester Avenue Holding LLC. Fifth Third Bank has more than 13 years remaining on its corporate-guaranteed lease, according to SRS.

October 26, 2022

Leasing Activity Mixed-Use North Carolina Office Southeast

Google Fiber Signs Long-Term Office Lease at Camp at North End in Charlotte

by John Nelson October 26, 2022

CHARLOTTE, N.C. — Gigabit-speed internet provider Google Fiber has signed a 10-year lease at Camp at North End, a 76-acre adaptive reuse development in north Charlotte. The company will occupy 5,884 square feet at the historic Gama Goat Building, located at 1801 N. Graham St. John Christenbury of CBRE represented Google Fiber, which will relocate from its current Charlotte headquarters space at the Phillip Carey building in Uptown’s First Ward Park neighborhood. Jessica Brown and David Dorsch of Cushman & Wakefield represented the landlords, ATCO Properties & Management and Shorenstein Properties LLC. Other office tenants at Camp at North End include Kingsmen Software, Centene Corp., Ally Financial, AON and CloudGenera. Google Fiber is working with Alliance Architecture and Swinerton on the build-to-suit space at the Gama Goat Building, which the firm will occupy beginning in early 2023.

October 26, 2022

Development Georgia Industrial Southeast Top Stories

NewCold Plans $333M Cold Storage Distribution Facility in Metro Atlanta

by John Nelson October 26, 2022

MCDONOUGH, GA. — Global cold storage developer and owner NewCold has released plans for a $333 million facility in McDonough, a southern Atlanta suburb in Henry County. The developer says the project will create 170 new jobs upon completion. No construction timeline was disclosed. NewCold’s automated storage and distribution facility will be situated within Midland Industrial Park, which sits about one mile from the I-75 and Ga. Highway 155 interchange. Project manager Cameron Barnhill represented the Georgia Department of Economic Development’s Global Commerce team on the NewCold project in partnership with the Henry County Development Authority, the Georgia Department of Transportation, Georgia Quick Start, Norfolk Southern and Georgia Power. NewCold’s investment represents the largest single investment in the history of Henry County, according to Carlotta Harrell, chair of the Henry County Board of Commissioners. “This highly automated facility will bring additional high-skilled jobs while also increasing Henry County’s already strong portfolio of foreign direct investment,” says Irv Culpepper, chairman of the Henry County Development Authority. Georgia is a prominent hub for food logistics companies. The state currently has more than 189 million cubic square feet of cold storage space, according to the governor’s office. Founded in the Netherlands and with …

October 26, 2022

Acquisitions Multifamily Southeast Tennessee

Newmark Secures $86.6M Sale of Alta Foundry Apartments in Midtown Nashville

by John Nelson October 25, 2022

NASHVILLE, TENN. — Newmark has secured the sale of Alta Foundry, a newly built, 231-unit apartment community located at 640 21st Ave. N in Nashville’s Midtown district. Tarek El Gammal and Vincent Lefler of Newmark represented the seller and developer, Wood Partners, in the transaction. Blacksburg, Va.-based HHHunt purchased Alta Foundry, which was in lease-up and 75 percent occupied at the time of sale, for $86.6 million. Amenities include a rooftop sky lounge, resort-style saltwater pool and a covered outdoor entertainment and gaming lawn. Alta Foundry’s floor plans range from studio to two-bedroom units, and rental rates start at $1,751 per month, according to Apartments.com.

October 25, 2022

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