Southeast

JLL Brokers $85M Sale of Shoppes at Park Place in Tampa Bay Area

by John Nelson October 25, 2022

PINELLAS PARK, FLA. — JLL has brokered the $85 million sale of Shoppes at Park Place, a 361,250-square-foot shopping center located at 7200 U.S. Highway 19 N in the Tampa Bay suburb of Pinellas Park. Brad Peterson, Tom Hall, Whitaker Leonhardt and Michael Brewster of JLL represented the unnamed seller in the transaction. CBRE represented the buyer, Belleair Development, which funded the acquisition with a $51 million loan. Built in 2006, Shoppes at Park Place was 97.4 percent leased at the time of sale to tenants including Regal Cinemas, Academy Sports + Outdoors, Conn’s HomePlus, Marshalls, Michaels, Petco, Five Below, Famous Footwear and Dollar Tree. The center features 10 outparcels housing tenants such as Chick-fil-A, Starbucks, Chase Bank, Panera Bread, Mattress Firm and Panda Express, among others. Belleair Development plans to add more retail space to the 42-acre site, as well as apartments and a hotel.

October 25, 2022

Development Industrial Southeast Tennessee

Rise Partners Breaks Ground on 800,000 SF Industrial Park in Chattanooga, Tennessee

by John Nelson October 25, 2022

CHATTANOOGA, TENN. — Rise Partners has broken ground on North River Commerce Center, an 800,000-square-foot industrial park located on 88 acres in the northern portion of Chattanooga just south of Hixson, Tenn. The park, which will feature four buildings on three adjacent parcels, will be situated near downtown Chattanooga, I-75, I-24 and the existing Kordsa plant (formerly housing DuPont). The development will be able to accommodate distribution and manufacturing uses. Rise Partners, which has offices in Chattanooga and Charlotte, expects to deliver North River Commerce Center by fall 2023.

October 25, 2022

Acquisitions Multifamily Southeast Virginia

Capstone Arranges $68.9M Sale of West Edge Apartments in Lynchburg, Virginia

by John Nelson October 25, 2022

LYNCHBURG, VA. — Capstone Apartment Partners has arranged the $68.9 million sale of West Edge Apartments, a newly built, 270-unit multifamily community located on 22.7 acres in Lynchburg. Eric Liebich and Ron Corrao of Capstone arranged the off-market transaction between the undisclosed seller and the buyer, Gastonia, N.C.-based Southwood Realty. Delivered earlier this year by the unnamed developer, West Edge features one-, two- and three-bedroom layouts. Amenities include a swimming pool, a clubhouse/community center, fitness center and laundry facilities. West Edge was 96 percent occupied at the time of the sale.

October 25, 2022

Acquisitions Multifamily Southeast Tennessee Walker & Dunlop

Walker & Dunlop Negotiates Sale of 200-Unit Park Central Apartments in Nashville

by John Nelson October 25, 2022

NASHVILLE, TENN. — Walker & Dunlop has negotiated the sale of Park Central, a 200-unit apartment community located at 220 25th Ave. N in Nashville’s Midtown district. Russ Oldham of Walker & Dunlop represented the unnamed seller and the buyer, Houston-based Dinerstein Cos., in the transaction. The sales price was not disclosed. Built in 2013 a couple blocks north of Vanderbilt University, Park Central features studio, one- and two-bedroom apartments, as well as a clubroom, fitness center and a sky deck with a heated rooftop pool overlooking Centennial Park. The eight-story apartment community also includes an adjacent parking garage.

October 25, 2022

Bohler Content Partner Development Features Midwest Northeast Southeast Texas Western

Prep for Success: Site Civil Engineering Design Streamlines Construction, Avoids Snags

by Sarah Daniels October 25, 2022

Can you dig it? Possibly, but site civil engineers can help determine if construction can rock on without running into rocky situations. Thorough site civil due diligence is the foundation for developing a project with minimal delays. Keeping land development projects moving forward — especially during construction — requires highly informed due diligence processes and expertise when it comes to approvals and plans. Site civil engineering design with constructability in mind can support general contractors while streamlining the overall bidding and construction process. But what are best practices when it comes to ensuring a successful project? REBusinessOnline spoke to two experts who specialize in high-quality construction documents: Benjamin Plumb, P.E. project manager, and Keith Simpson, director of engineering, work for Bohler, a land development consulting and technical design company. You Never Know What You’ll Find Before You Dig — However, These Tips Can Help Uncertainty is part of any development project, but Simpson outlines two scenarios that make up the majority of the challenges he sees: 1. Existing underground utilities that are not reflected in plans. 2. Soils that differ from what was expected from the geotechnical report. In some cases, slowdowns are unavoidable and will cause delays, but due diligence can …

October 25, 2022

Acquisitions Affordable Housing Georgia Multifamily Office Southeast

Invest Atlanta Board Approves $39M Acquisition Financing for Two Peachtree Office Tower in Atlanta

by John Nelson October 24, 2022

ATLANTA — The City of Atlanta has received approval for $39 million in acquisition financing for the purchase of Two Peachtree Street, a 41-story office building located in downtown Atlanta. The city’s economic development authority, Invest Atlanta, will purchase the building, which the city plans to convert to a mixed-income, mixed-use development. Invest Atlanta is acquiring the property on behalf of the city and plans to hold the property until a redevelopment partner is selected. Built in 1968, the building is currently owned by the State of Georgia.

October 24, 2022

Acquisitions Alabama Multifamily Southeast

Capital Square Acquires 324-Unit Multifamily Community in Metro Huntsville

by John Nelson October 24, 2022

MADISON, ALA. — Richmond-based Capital Square has completed the acquisition of FarmHaus Apartments, a 324-unit, Class A multifamily community in the Huntsville suburb of Madison. FarmHaus, a 22-acre property located at 1260 Balch Road, features one-, two- and three-bedroom apartments averaging 973 square feet. Amenities at the community include a pool, hot tub and spa, fitness center, business center, TV and gaming lounge, grilling station and dog park and pet spa. Capital Square acquired the property on behalf of CS1031 FarmHaus Apartments DST, an investment vehicle with plans to raise $55.9 million in equity. Craig Hey and Andrew Brown of Cushman & Wakefield represented the seller, Thompson Thrift, in the transaction. The sales price was not disclosed.

October 24, 2022

District of Columbia Leasing Activity Office Southeast

Mitsui Fudosan America Reaches Deal With Industrious for 40,653 SF Space at Homer Building in D.C.

by John Nelson October 24, 2022

WASHINGTON, D.C. — Mitsui Fudosan America (MFA) has signed a partnership agreement with Industrious, a flexible workplace company, for the use of 40,653 square feet of space at The Homer Building, an office building located at 601 13th St. NW in Washington, D.C. Located on the 12th floor, the space will feature private offices and a total of over 500 seats. The Industrious space at The Homer is scheduled to open in early 2023. Located atop Metro Center Station in D.C.’s East End neighborhood, The Homer Building features a rooftop deck, modernized elevator mechanicals and cabs, a four-level parking garage, full-service fitness center and a Panera Bread and coffee shop on the ground level.

October 24, 2022

Acquisitions Development Multifamily North Carolina Southeast

Alchemy Properties South, New Valley Realty to Build Residential Tower in Downtown Raleigh

by John Nelson October 24, 2022

RALEIGH, N.C. — Alchemy Properties South, in partnership with New Valley Realty, has purchased two properties located in Raleigh for a combined $16 million. The site of the properties, which include a vacant lot at 303 S. Dawson St. and an adjacent retail building at 217 W. Martin St., will be redeveloped as a luxury residential building to feature up to 40 stories and 450 rental and condominium units. Morris Adjmi Architects and JDavis Architects will design the new building. Maxim Capital Group provided financing for the transaction. No construction timeline was disclosed.

October 24, 2022

Acquisitions Florida Restaurant Retail Southeast

Marcus & Millichap Brokers $9.4M Sale of Keystone Shoppes Retail Center in Miami

by John Nelson October 24, 2022

MIAMI — Marcus & Millichap has arranged the sale of Keystone Shoppes, a 9,566-square-foot retail center located at 190 NW 42nd Ave. in Miami. Ruben Gonzalez and John Obando, private investors, acquired the property for $9.4 million. Jonathan De La Rosa of Marcus & Millichap marketed the center on behalf of the seller, Keystone Holdings. Chipotle Mexican Grill anchors the center.

October 24, 2022

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