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AcquisitionsAlabamaMultifamilySoutheast

Cushman & Wakefield Brokers Sale of Selano at Bridge Street Apartments in Huntsville

by John Nelson

HUNTSVILLE, ALA. — Cushman & Wakefield has brokered the sale of Selano at Bridge Street, a 244-unit apartment community in Huntsville. California-based Steadfast Cos. purchased the community from Connecticut-based Twenty Lake Holdings for an undisclosed price. Craig Hey and Andrew Brown of Cushman & Wakefield represented the seller in the transaction. Selano at Bridge Street serves at the multifamily component of Bridge Street Town Centre, a mixed-use development comprising hotels, offices and retailers including Apple, H&M, The Cheesecake Factory, Main Event and PBR x Lockhart Smokehouse. Built in 2019, the apartment community includes a fitness center, heated resort-style swimming pool with in-pool loungers, clubhouse with TVs and a kitchen/coffee bar, dog park and pet spa, game lounge with glass garage doors overlooking the pool area, a karaoke room and focus rooms.

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DevelopmentFloridaLeasing ActivityMixed-UseOfficeRestaurantRetailSoutheast

Tricera Capital Signs New Tenants at The Press Mixed-Use Project in West Palm Beach

by John Nelson

WEST PALM BEACH, FLA. — Tricera Capital has signed new office and retail tenants to join The Press, a mixed-use redevelopment of the former Palm Beach Post campus in West Palm Beach. The project comprises two components: the 120,000-square-foot Shops at the Press and the 136,000-square-foot Workspaces at the Press. The new tenants, which combined will occupy 68,000 square feet, include Salons by JC, interior design firm Calico, health concept Restore Hyper Wellness, Raw Juice, self-storage investor SROA Capital, coworking concept Knotel and mortgage broker Blue Sky Financial. In addition to the new leases, Miami-based Tricera Capital has upsized its loan with Chicago-based Monroe Capital by $19 million to help fund tenant and site improvements. Jason Krane of Ackman-Ziff Real Estate Group arranged the financing on behalf of Tricera Capital.

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AcquisitionsGeorgiaRestaurantRetailSoutheast

Franklin Street Arranges $8.4M Sale of CVS-Anchored Retail Center in Atlanta

by John Nelson

ATLANTA — Franklin Street has arranged the sale of Parkwood Shops, a 20,397-square-foot retail strip center located at 2014 SE Powers Ferry Road in Atlanta’s Cumberland-Galleria submarket. SITE Centers purchased the center from Ronus Properties for $8.4 million. Bryan Belk and John Tennant of Franklin Street represented the seller in the transaction. CVS/pharmacy anchors the property, which was fully leased at the time of sale to tenants including Boston Market, Jersey Mike’s, Planet Smoothie, Piu Bello Pizzeria, Hikaru Ramen and Personal Touch Cleaners. All tenants have at least four years remaining on their lease terms, according to Franklin Street.

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Market ReportsRetailSoutheastSoutheast Market ReportsTennessee

Memphis Retail Market is Returning to Pre-Pandemic Norms

by John Nelson

Memphis has seen a tight retail market for quality space and development opportunities since the COVID-19 pandemic. Our market sits at a 3.5 percent vacancy rate, according to CoStar Group analytics, and overall retail leasing activity is strong. Memphis has benefitted from a consumer base that is ready to return to the pre-pandemic rhythms of life. Retail sales have been healthy overall, with strong increases in sales of restaurants, particularly restaurants with a drive-thru. Rents for high-demand space have increased accordingly given the lack of quality opportunities for new-to-market or expanding retailers. Investment sales activity has been steady with an average cap rate around 7 percent, according to CoStar. Well-located and stable shopping centers are trading lower. A handful of high-profile institutional assets are either on the market or about to hit the market, and we expect those to trade at sub-7 percent cap rates. Ford Motors and SK Innovation’s new electronic vehicle (EV) and battery production facility in Stanton, Tenn., (25 miles east of Memphis) is anticipated to have a positive impact on the local economy. The $5.6 billion mega campus, called Blue Oval City, will add around 5,700 new jobs at its plant, with several more thousands indirectly …

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AcquisitionsFloridaMultifamilySoutheast

PCCP, Grand Peaks Acquire Two South Florida Apartment Communities Totaling 696 Units

by John Nelson

PORT ST. LUCIE AND STUART, FLA. — A joint venture between PCCP LLC and Grand Peaks has purchased a two-property multifamily portfolio in South Florida. The portfolio comprises the 372-unit Village at Tradition in Port St. Lucie and the 324-unit Harbor Grove in Stuart. Both assets were delivered earlier this year and are currently in lease-up. The seller and sales price were not disclosed. Units at both properties include granite countertops, tile backsplashes, washers and dryers, undermount sinks, gooseneck faucets, stainless steel appliances, recessed lighting, 9-foot ceilings and patios or balconies. Community amenities include 24-hour fitness centers, multi-purpose clubhouses, resort-style swimming pools, exterior storage and children’s play areas.

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FloridaLoansMultifamilySoutheast

NewPoint Provides $50.7M Agency Loan for Reunion at 400 Apartments in Kissimmee, Florida

by John Nelson

KISSIMMEE, FLA. — NewPoint Real Estate Capital has provided a $50.7 million loan for the refinancing of Reunion at 400, a 288-unit apartment community in Kissimmee. Marc Cesare of NewPoint originated the 10-year, fixed-rate Freddie Mac loan on behalf of the borrower, an affiliate of American Landmark. Proceeds of the loan, which features six years of interest-only payments, were used to pay off a bridge loan that was set to mature in June 2023. Built in 2020, Reunion at 400 is located off SR-429 and approximately five miles south of Walt Disney World, as well as 20 miles southwest of downtown Orlando. The community features one-, two- and three-bedroom apartments with luxury finishes and screened balconies/solariums in select units. Amenities include a swimming pool, outdoor kitchen with grilling stations, 24-hour fitness center with a yoga studio and smart fitness mirrors, a pet park, clubhouse, package lockers, storage units, electric vehicle charging stations and detached garages.

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AcquisitionsFloridaRetailSoutheast

JLL Arranges Sale of 186,212 SF Shopping Center in Central Florida

by John Nelson

OVIEDO, FLA. — JLL has arranged the sale of Oviedo Park Crossing, a 186,212-square-foot shopping center located roughly 16 miles northeast of Orlando in Oviedo. The open-air property was fully leased at the time of sale to tenants including Bed Bath & Beyond, T.J. Maxx, Ross Dress for Less, Michaels, Office Depot, PetSmart, Shoe Carnival, Sally Beauty Supply, America’s Best Contacts and Phenix Salon Suites. Situated on 29 acres at 1115 Vidina Place, the shopping center was completed in 1999 and renovated in 2019. The seller and sales price were not disclosed, but SITE Centers Corp.’s second-quarter results disclosed an affiliate sold the asset for $28 million. Brad Peterson and Whitaker Leonhardt of JLL represented the seller in the transaction. Tamer Iskander with Tivoli Cove Capital represented the buyer, a group of Orlando-based private investors, in the deal.

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Build-to-RentDevelopmentMultifamilySingle-Family RentalSouth CarolinaSoutheast

RangeWater to Deliver 155-Unit Build-to-Rent Residential Community in Charleston

by John Nelson

CHARLESTON, S.C. — RangeWater Real Estate has purchased 17 acres at the intersection of Bees Ferry Road and Bluewater Way in Charleston’s West Ashley submarket. The Atlanta-based company plans to develop 155 build-to-rent units at the site in a community named Bellerose at Bees Ferry, a Storia neighborhood. The property will comprise three-bedroom, two- bathroom townhomes that include one-car garages, 9-foot ceilings, gourmet kitchens with high-end appliances and stone countertops. The community will also feature an open-air club house, pool and firepits. RangeWater plans to break ground this month, and first move-ins are slated for October 2023.

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DevelopmentFloridaLeasing ActivityRetailSoutheast

Branch Signs Two Restaurants to Join Tenant Roster at Shopping Center Underway Near Pensacola

by John Nelson

MILTON, FLA. — Branch Properties has signed two restaurants to join the tenant roster at Merganser Commons at Dogwood Estates, a 66,912-square-foot shopping center under construction in Milton, a Florida Panhandle city located about 24 miles east of Pensacola. The Atlanta-based developer plans to open the Publix-anchored center later this summer. The new eateries joining Merganser Commons include RibCrib, a fast-casual barbecue restaurant that will occupy 4,750 square feet, and Teriyaki Madness, an Asian concept. Both restaurants are operated by Panhandle Restaurant Group. The center is currently 92 percent preleased to tenants including Domino’s Pizza, Great Clips, Japanese restaurant Nikko Sushi, nail salon Grand Nail Lounge and ice cream shop Scoops Ice Cream and Sweets. A local medical provider will occupy a 7,500-square-foot outparcel at the center.

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DevelopmentLoansNorth CarolinaOfficeSoutheast

JLL Arranges Construction Loan for 600 South Tryon Office Tower in Charlotte

by John Nelson

CHARLOTTE, N.C. — JLL has arranged an undisclosed amount of construction financing for 600 South Tryon, a 24-story office tower development in Charlotte. The 415,000-square-foot building will be part of Legacy Union, a 10-acre mixed-use development that comprises the SIX50, Bank of America Tower and Honeywell’s global corporate headquarters. Campbell Roche, Travis Anderson, Taylor Allison, Kristi Leonard, Tom Stewart and Ryan Pride of JLL arranged the five-year, floating-rate loan through Square Mile Capital Management LLC on behalf of the borrower, a partnership between Lincoln Harris and the real estate business of Goldman Sachs Asset Management. 600 South Tryon, which is 25 percent preleased, will include outdoor terraces, 20,000 square feet of ground-floor retail space, upscale finishes and amenities. No construction timeline was disclosed.

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