Southeast

Miller Begins Construction on 400,000 SF Industrial Project in Tampa

by John Nelson June 21, 2022

TAMPA, FLA. — Miller Construction has broken ground on Tampa Commerce Center, an industrial park in Tampa whose first phase will comprise two speculative warehouses spanning approximately 400,000 square feet. Building 100 will have 32-foot clear heights and 52-foot column spacing with 146,188 square feet of storage and office space. The 252,250-square-foot Building 400 will have 36-foot clear heights with 52-foot columns. The developer, Houston-based Hines, plans to deliver the two single-story, tilt-wall buildings by the end of the year. The company also plans to develop two more logistics facilities in Phase II. Tampa Commerce Center is situated on 46 acres at 7918 Harney Road, near the intersection of I-4 and I-75. The project team includes Randall-Paulson Architects, Hibbard Engineering, Clear Engineering, Pinnacle Structural Engineers and civil engineer Genesis Halff.

June 21, 2022

Development North Carolina Office Southeast

Charlotte Metro Credit Union to Build 48,000 SF Headquarters Office Building

by John Nelson June 21, 2022

CHARLOTTE, N.C. — Charlotte Metro Federal Credit Union (CMCU) plans to develop a new primary office building on the corner of Central Avenue and Piedmont Street in Charlotte’s Elizabeth neighborhood for its new headquarters. The two-story, 48,000 square-foot property will house the credit union’s operations and administration staff who currently deliver financial services for over 92,000 members. Designed by Liquid Design & Architecture, the building will have a large terrace on the second floor facing Uptown Charlotte, as well as a two-story atrium space and two underground levels of parking. The building will be directly adjacent to the new CMCU Central Avenue branch that broke ground in March and is expected to be open later this fall. Construction for the new headquarters will begin in the first quarter of 2023 with an expected completion date in the second quarter of 2024. Upon completion of the new headquarters facility, CMCU plans to sell its existing headquarters building at 718 Central Ave. in Charlotte but retain its operations offices in Matthews and Greensboro.

June 21, 2022

Industrial Kentucky Southeast

Augusta Distillery Breaks Ground on $23M Bourbon Production Facility in Northeast Kentucky

by John Nelson June 21, 2022

AUGUSTA, KY. — Augusta Distillery, a bourbon maker founded in 2018, has broken ground on a $23 million distillery in its hometown of Augusta in northeast Kentucky. Situated along the Ohio River in Bracken County, the new 40,000-square-foot facility is an adaptive reuse of a metal stamping facility that was in use from 1883 to 2007. The project will house Augusta Distillery’s first full-scale operation that will produce its signature drink, Buckner’s 13-year single barrel cask strength bourbon, which is distributed nationally and is available retail in Kentucky and Ohio. The company’s next bourbon product is expected to arrive later this year. Augusta Distillery expects to reach full production capacity by summer 2024 and employ 14 full-time staff. According to Kentucky Gov. Andy Beshear’s website, Kentucky’s bourbon sector is a nearly $9 billion industry, generating more than 22,500 jobs with an annual payroll exceeding $1.23 billion.

June 21, 2022

Acquisitions Kentucky Loans Southeast

Colliers Mortgage Provides Acquisition Loan for Brookefield Apartments in Elizabethtown, Kentucky

by John Nelson June 21, 2022

ELIZABETHTOWN, KY. — Colliers Mortgage has provided a Fannie Mae acquisition loan for Brookefield Apartment Homes, a 91-unit, market-rate multifamily community in Elizabethtown. Built in 2020, the property features attached garages, 24-hour emergency maintenance, a clubhouse, pool, fitness center, dog park and a pet wash station. Colliers Mortgage and partner Old Capital Lending provided the undisclosed amount of financing to the borrower, an entity doing business as BFA202 LLC. The 10-year loan features a 30-year amortization schedule.

June 21, 2022

Content Partner Features Leasing Activity Midwest NAI Northeast Southeast Texas Western

Cell Tower Leases, Renegotiations Offer Ancillary Income, Options for Landlords

by Sarah Daniels June 21, 2022

What should potential landlords know about leasing space for cell towers or renegotiating their legacy leases? “Landlords need to understand what economic opportunity they have available to them,” says David Moore, CEO and principal at NAI Global Wireless. Involving cell tower lease consultants, especially for existing leases, and considering cell site buyouts are two powerful tools available to cell site landlords today. For decades, Moore explains, property owners have been willing to sign less-than-ideal agreements with carriers and tower companies. Over the years, landlords, thinking that just because these cell tower sites are small and out of the way or because they did not want to turn down “free money,” were willing to sign disadvantageous lease agreements. Landlords often do not understand the impact of signing a lease agreement with a potential term of 30 years (made up of five-year terms), especially when tenants might use leases to constrain certain real estate negotiations (including rights like tenant approval for buyers, rights of first refusal and noncompetition clauses). In many cases, tenants have the unilateral right to terminate their lease without notice, a right about which landlords frequently aren’t aware. Rent escalations, terms and conditions, inflation and more need to be …

June 21, 2022

Acquisitions Development Hospitality Southeast Tennessee Top Stories

Propst, Chartwell Complete 234-Room Conrad Nashville Hotel, Sell to Northwood Investors

by John Nelson June 21, 2022

NASHVILLE, TENN. — Propst Development and Chartwell Hospitality have completed construction of the Conrad Nashville, Hilton International’s first luxury hotel in the city. Located at 1620 West End Ave. in the Midtown neighborhood, the 234-room property is slated to open to the public at the end of June. In addition to completing the hotel, the co-developers sold the asset to Northwood Investors, a Denver-based private equity investor with $8 billion in assets under management. The price was not disclosed. The Conrad Nashville features more than 11,000 square feet of meeting space, an outdoor terrace pool on the third floor, the Blue Aster restaurant and Thistle and Rye whiskey bar. Other amenities include a fitness center, business center, pet-friendly rooms, a concierge and complimentary Wi-Fi. According to the property website, prices for a suite with one king bed range from $285 per night during the week to $529 on the weekends. Prices for a suite with two queen beds range from $285 during the week to $636 on the weekends. The Conrad Nashville will employ more than 200 people once it’s fully operational, according to Bill Propst, chairman of Propst Development’s parent company, Propst Cos. The hotel anchors the $540 million …

June 21, 2022

"The massive demand nationwide requires new opportunities for innovative financing and new ways to fulfill affordable housing needs." — Marge Novak, Berkadia

Affordable Housing Features Midwest Multifamily Northeast Southeast Texas Western

Multifamily Industry Must Band Together to Navigate Challenges in Affordable Housing

by Jaime Lackey June 20, 2022

In May, The White House announced its Housing Supply Action Plan to address rising housing costs by increasing the supply of housing in communities across the country over the next five years. The plan aims to create more housing of all asset types through new construction and preservation and singles out the importance of affordable housing, particularly in a time of high interest rates and inflation. The COVID-19 pandemic and the ensuing economic fallout have uniquely impacted renters unlike previous times of economic uncertainty. Renter demand and rental rates have increased at the fastest pace in decades, underscoring the importance and urgency of increasing the stock of affordable rental housing. The Housing Supply Action Plan does just that. Specifically, the plan seeks to finance more than 800,000 affordable rental units by expanding and strengthening the Low-Income Housing Tax Credit (LIHTC) program. Similar language was included in the Build Back Better Plan, which included a variety of actions aimed to bolster the lower and middle class with investments in housing, infrastructure and labor markets. This important piece of the proposed legislation would significantly increase resources that will ultimately expand the number of affordable units available. The Housing Supply Action Plan includes …

June 20, 2022

Development Florida Hospitality Mixed-Use Multifamily Southeast

Okan Group Breaks Ground on 70-Story Mixed-Use Tower in Downtown Miami

by John Nelson June 20, 2022

MIAMI — Okan Group has broken ground on a 70-story mixed-use tower located at 555 N. Miami Ave. in downtown Miami, the first U.S. project for the Turkish developer. Named Okan Tower, the waterfront project will comprise the 316-room Hilton Miami Bayfront Hotel; 163 condominiums with “owners-only” amenities, including an upscale fitness studio, spa, children’s play area, movie theater, wine cellar and lounge; 236 short-term rental residences that Hilton Hotels & Resorts will operate; and 64,000 square feet of office space. Shared amenities will include a 24-hour reception and concierge; 70th-floor rooftop pool and sky deck with private cabanas; 12th-floor lap pool with clubroom; and indoor and outdoor lounges. Designed by Behar Font & Partners, Okan Tower is set to be one of Miami’s tallest towers at 902 feet once complete in 2026.

June 20, 2022

Acquisitions North Carolina Retail Southeast

Northwood Retail Sells Whole Foods-Anchored Shopping Center in Metro Raleigh for $88M

by John Nelson June 20, 2022

CARY, N.C. — Northwood Retail, a shopping center owner and management firm based in Dallas, has sold Waverly Place, a 190,000-square-foot shopping center in the Raleigh suburb of Cary. The sales price was not disclosed, but the Triangle Business Journal reported that the property traded for $88 million. Hines Global Income Trust, a non-listed REIT sponsored by Houston-based Hines, purchased the property. Whole Foods Market anchors Waverly Place, which houses a Cinebistro and 16,000 square feet of office space. Other notable retail tenants include Shake Shack, Drybar and CorePower Yoga. Waverly Place is the first acquisition in Raleigh-Durham for Hines Global Income Trust.

June 20, 2022

Affordable Housing Development Florida Multifamily Seniors Housing Southeast

Integra Investments, EHDOC Complete $58M Affordable Housing Community for Seniors in Miami

by John Nelson June 20, 2022

MIAMI — A joint venture between Miami-based Integra Investments and nonprofit Elderly Housing Development & Operations Corp. (EHDOC) has completed Mosaico, a $58 million affordable housing community in Miami. The 13-story property will span 271 apartments reserved for households with citizens aged 62 years and older. Located at 1396 NW 36th St. in Miami’s Allapattah neighborhood, Mosaico features 179 one-bedroom units and 92 studios and townhomes. Designed by CC Hodgson Architectural Group, Mosaico’s amenities include a large community space, fitness center, computer lab, library, onsite management offices and a rooftop community garden. Integra Investments and EHDOC worked alongside HUD, the Housing Finance Authority of Miami-Dade County, City of Miami and Miami-Dade Public Housing & Community Development, which administered HUD project-based vouchers. Mosaico was financed with 4 percent Low-Income Housing Tax Credits (LIHTC) issued by Florida Housing Finance Corp. and syndicated by Boston Financial, as well as a $45.5 million tax exempt bond issuance from the Housing Finance Authority of Miami-Dade County that was underwritten by R4 Capital.

June 20, 2022

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