Tuesday, July 8, 2025
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FloridaHealthcareLoansOfficeSoutheast

Parkview Financial Provides $45M Construction Loan for Medical Office Building in Aventura, Florida

by John Nelson

AVENTURA, FLA. — Los Angeles-based Parkview Financial has provided a $45 million construction loan for a speculative medical office building located in Aventura, approximately 19 miles north of Miami. The borrower was an entity of Gomez Development Group. The medical office project will have 142,000 square feet of space. Located at 21291 N.E. 28th Ave. on 1.6 acres, the property will include a seven-story building, as well as a four-level parking garage with 346 spaces. The site is adjacent to the Aventura Hospital and Medical Center. Caymares Martin Architectural & Engineering Design is the project’s architect. A general contractor has not yet been announced. The project will break ground in early 2022 with completion slated for November 2022.

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DevelopmentGeorgiaMixed-UseSoutheast

Georgetown, RocaPoint to Develop 1 MSF Mixed-Use Project in Atlanta’s Central Perimeter District

by John Nelson

ATLANTA — New York City-based The Georgetown Co. and affiliates of Atlanta-based RocaPoint Partners plan to co-develop Campus 244, a mixed-use development in Atlanta’s Central Perimeter submarket that will exceed 1 million square feet in size. Situated on 12.8 acres near the Dunwoody MARTA station, the first phase of Campus 244 will include an adaptive reuse of an existing office building into a five-story, 400,000-square-foot building. The office building formerly was the headquarters of Gold Kist, a chicken producing company. Building features include 15-foot ceilings, private outdoor terraces, balcony space and 90,000-square-foot floor plates. Additionally, the building has amenities focused on health and wellness, such as HVAC systems, touchless elevator and restroom technologies, open staircases and operable windows. In addition to the adaptive reuse office building, the first phase will include a 145-room Element Hotel, which is part of Marriott International’s Bonvoy portfolio of 30 brands. The hotel will feature a lobby bar, greenspace and areas to gather for meetings, remote work and collaboration. The Campus 244 property will also have 25,000 square feet of restaurant space. S9 Architecture, the architectural firm responsible for the adaptive reuse design of Ponce City Market in Atlanta’s Old Fourth Ward district, will handle …

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DevelopmentLeasing ActivityMixed-UseOfficeRetailSoutheastTennessee

KBS Signs Three Tenants, Completes Renovations at 175,262 SF McEwen Building in Metro Nashville

by John Nelson

FRANKLIN, TENN. — KBS has signed three new tenants at The McEwen Building, a 175,262-square-foot office and retail property in Franklin, about 21.5 miles south of Nashville. Together the three tenants occupy 66,611 square feet. One of the new tenants, Kaiser Aluminum Corp., a global aluminum supplier, has committed to 27,356 square feet of office space. Kaiser will be relocating its corporate functions from Foothill Ranch, Calif. American Renal Associates LLC, a Massachusetts-based dialysis clinic operator, signed a 26,695-square-foot lease. Lastly, an undisclosed financial institution based locally signed a lease for 12,560 square feet, which includes 1,290 square feet for retail and 11,270 square feet of first-floor office space. The lease transaction occurred after KBS made investments to the property, including the completion of 24,130 square feet of built-out spec suite space and upgrades to the first and second floor lobbies, restrooms, coffee bar and café. Blake Newton of Cushman & Wakefield represented KBS in the recent leasing transactions. Rick Sherburne, Wesley Sherburne and Taylor Hillenmeyer of CBRE represented Kaiser Aluminum Corp., Tom Hooper of JLL represented American Renal Associates and Shane Douglas of Colliers represented the local financial institution in the negotiation of the leases. KBS also completed a …

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AcquisitionsFloridaMultifamilySoutheast

Nicol Investment Acquires Apartment Community in Daytona Beach for $68.5M

by John Nelson

DAYTONA BEACH, FLA. — Nashville-based Nicol Investment Co. has acquired Madison Pointe, a 240-unit, four-story, garden-style apartment community located at the intersection of Interstate 95 and LPGA Boulevard in Daytona Beach. The purchase price was $68.5 million. The seller was not disclosed. Madison Pointe offers one-, two- and three-bedroom floorplans with a size range of 731 to 1,275 square feet, according to Apartments.com. Constructed in 2020, Madison Pointe units feature quartz countertops, stainless steel appliances, wood-style plank flooring and full-size washers and dryers. Community amenities include a pool, elevators, outdoor kitchen and gathering area, fitness center with a separate yoga and spin studio and a clubhouse with multiple gathering and game areas. Located at 1310 Tomaka Town Center Drive, the property is situated adjacent to the 125-acre Tomoka Town Center mixed-use project that features retail tenants including Dave & Busters, Sam’s Club and Academy Sports + Outdoors. Madison Pointe is also across from Tanger Factory Outlets and near employers such as AdventHealth Daytona Beach, Halifax Health Medical Center and Daytona International Speedway.

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District of ColumbiaSoutheast

US Economy Added 210,000 Jobs in November, Well Below Expectations

by John Nelson

WASHINGTON, D.C. — Total nonfarm payroll employment rose by 210,000 in November, and the unemployment rate fell from 4.6 percent in October to 4.2 percent, the U.S. Bureau of Labor Statistics (BLS) reported today. The headline number was well below Wall Street expectations of 573,000 jobs, according to CNBC. Notable job gains occurred in the professional and business services, transportation and warehousing, construction and manufacturing employment sectors. Meanwhile, employment in retail trade declined by 20,400 in November from the prior month, according to BLS. Employment in leisure and hospitality changed little in November (+23,000), following large gains earlier in the year. The leisure and hospitality sector has added 2.4 million jobs thus far in 2021, but employment in the industry is down by 1.3 million, or 7.9 percent, since February 2020. Health care employment was relatively unchanged in November (+2,000). Within the industry, employment in ambulatory health care services continued to trend up (+17,000), while nursing and residential care facilities lost 11,000 jobs. Employment in health care is down by 450,000 since February 2020, with nursing and residential care facilities accounting for nearly all of the loss. In November, employment showed little change in other major industries, including mining, wholesale …

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LoansMultifamilySoutheastVirginia

Ready Capital Closes $16.8M Loan for Multifamily Property in Portsmouth, Virginia

by John Nelson

PORTSMOUTH, VA. — Ready Capital has closed on a $16.8 million loan for the acquisition, renovation and stabilization of a 148-unit, Class B multifamily property in downtown Portsmouth. Upon acquisition, the sponsor will implement a capital improvement plan to renovate unit interiors and implement utility reimbursement. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and is inclusive of a facility to provide future funding for capital expenditures.

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DevelopmentLeasing ActivityRetailSoutheastTennesseeTop Stories

Dollar General to Open 1,000 New Popshelf Stores by End of 2025

by Kristin Harlow

GOODLETTSVILLE, TENN. — Dollar General (NYSE: DG) has unveiled plans to open approximately 1,000 new Popshelf stores by the end of fiscal year 2025, including roughly 100 stores in fiscal year 2022. Each Popshelf store spans approximately 9,000 square feet and offers seasonal and home décor, health and beauty products, cleaning supplies and party goods. The target customer is primarily female, lives in the suburbs and maintains an annual household income ranging from $50,000 to $125,000, according to the retailer. Dollar General, which is based in Goodlettsville near Nashville, debuted the Popshelf concept last fall and opened its first two stores in Tennessee in October 2020. At the end of its fiscal third quarter, Dollar General operated 30 Popshelf stores in six states and 14 store-within-a-store formats, which combine the offerings of Popshelf with DG Market, a larger footprint store that focuses on groceries. By February 2022, Popshelf is on track for 50 stores, as well as up to 25 store-within-a-store formats. “Throughout Popshelf’s first year, we’ve been very pleased by the customer demand for the concept’s on-trend merchandise, price points and shopping experience,” says Emily Taylor, Dollar General’s executive vice president and chief merchandising officer. “Popshelf is an integral …

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Conference CoverageFeaturesGeorgiaMultifamilySoutheastSoutheast Feature Archive

Rapid Rent Growth Spurs Wave of Multifamily Investment Sales, Says InterFace Panel

by John Nelson

ATLANTA — The third quarter of 2021 was the most prolific quarter on record for U.S. multifamily investment sales, according to Real Capital Analytics (RCA). Apartment sales volume totaled $78.7 billion for the quarter, a 192 percent increase from third-quarter 2020 and a 59 percent jump from third-quarter 2019. RCA data shows that the dollar amount of assets traded this past quarter exceeded the average annual sales from the period 2008 through 2011. James Mehalso, managing director of transactions for PGIM Real Estate, expects his firm to keep its foot on the gas for next year on both the acquisitions and sales side for multifamily assets. “The rental market is hot,” said Mehalso. “We don’t see it really changing much in 2022, at least in the first six months.” Mehalso’s comments came Thursday, Dec. 2, during a panel discussion as part of the 12th annual InterFace Multifamily Southeast conference hosted by France Media and the InterFace Conference Group at the Westin Buckhead in Atlanta. Moderated by Paul Berry, vice chairman of CBRE, the panel was titled, “After a Wild 2021, What’s the Investment Market Outlook for 2022?” The event, which attracted more than 300 industry professionals, marked the return of …

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Condor
AcquisitionsGeorgiaHospitalitySoutheast

Hodges Ward Elliott Arranges $305M Sale of Condor Hospitality Portfolio Across Sun Belt, Kansas

by Julia Sanders

ATLANTA — Atlanta-based Hodges Ward Elliott (HWE) has arranged the $305 million sale of the real estate holdings of Bethesda, Md.-based Condor Hospitality Trust, including a portfolio of 15 select-service hotels located across the Southeast, Texas and Kansas. Daniel Peek, Clint Hodges, John Bourret, Austin Brooks, Mike Tormey and Carolina Bernal of HWE represented Condor Hospitality in the transaction. The buyer was not disclosed. The Condor Hospitality Trust portfolio has an average age of less than 10 years and is affiliated with Marriott, Hilton and IHG brands. The hotel collection spans 1,908 rooms in total. The Texas properties include: Home2 Suites Austin Round Rock in Austin; Residence Inn Austin Airport in Austin; TownePlace Suites Austin Parmer/Tech Ridge in Austin; SpringHill Suites San Antonio Downtown/Riverwalk Area in San Antonio and Fairfield Inn & Suites El Paso Airport in El Paso. The portfolio also comprises hotels in Florida including Hampton Inn & Suites Lake Mary @ Colonial Townpark in Lake Mary; Courtyard Jacksonville Flagler Center in Jacksonville and Home2 Suites Tallahassee State Capitol in Tallahassee. The other properties include Aloft Atlanta Downtown in Atlanta; Hotel Indigo Atlanta Airport – College Park in Atlanta; Home2 Suites Summerville in Summerville, S.C.; Home2 Suites Lexington …

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DevelopmentGeorgiaMixed-UseSoutheast

Mynd Match to Develop $111M Mixed-Use Property in Metro Atlanta

by Julia Sanders

EAST POINT, GA. — Atlanta-based Mynd Match Development Group LLC has plans to develop The Commons, a $111 million mixed-use project in downtown East Point, about 7.3 miles south of downtown Atlanta. Last month, the East Point City Council voted to enter a development agreement with Mynd Match for the project. The development will sit on a nine-acre site and feature commercial, retail, residential, greenspace and public art. The project team includes TVS as the architect and urban planner and Choate Construction as the general contractor. Additionally, CoRErep will oversee commercial leasing; Baker Tilly will be in charge of project financial structuring; and Honigman is the project counsel. The project will create more than 1,500 jobs, according to Mynd Match. The construction timeline was not disclosed.

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