Southeast

Matthews Brokers $27.2M Sale of Healthcare Property in Vestavia Hills, Alabama

by John Nelson August 10, 2022

VESTAVIA HILLS, ALA. — Matthews Real Estate Investment Services has brokered the $27.2 million sale of Swaid Vestavia Medical Center, a multi-tenant medical facility located at 1021 Montgomery Highway in Vestavia Hills, a southern suburb of Birmingham. The newly built property spans 40,000 square feet and features an ambulatory surgery center and medical office space leased to tenants such as the Surgical Institute of Alabama, Vestavia Diagnostics, Swaid Clinic, Bramlett Orthopedics, Birmingham Vascular Associates, Pain Management Services, Lab First and Champion Physical Therapy. Matthews’ healthcare division sourced the buyer, an institutional healthcare real estate fund based in Dallas. The seller was not disclosed.

August 10, 2022

Acquisitions Arkansas Southeast Student Housing

Rittenhouse Realty, Triad Negotiate $15M Sale of Student Housing Community Near University of Arkansas

by John Nelson August 10, 2022

FAYETTEVILLE, ARK. — Rittenhouse Realty Advisors, a member of GREA, and Triad Real Estate Partners have negotiated the $15 million sale of Champions Club. The newly constructed student housing community comprises 232 beds near the University of Arkansas campus. The property offers 76 two-, three- and four-bedroom units at 1629 S. Razorback Road in Fayetteville. Units are fully furnished and feature bed-to-bath parity. Community amenities include a swimming pool, fitness center, barbecue and picnic area, fire pit, dog park, game lounge and a computer lab. The property was acquired by an undisclosed family office buyer in an off-market transaction.

August 10, 2022

Denver Lee & Associates Second Quarter Economic Rundown

Content Partner Features Industrial Leasing Activity Lee & Associates Life Sciences Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Second-Quarter 2022 Economic Rundown by Sector

by Sarah Daniels August 10, 2022

Rising interest rates, inflation and general economic uncertainty altered the patterns and outlooks for the industrial, office, retail and multifamily sectors across the United States. As Lee & Associates’ recent Q2 2022 North America Market Report reveals, certain sectors like industrial and multifamily, that were white hot last year, have begun to cool slightly. Meanwhile, retail is making historic gains in the face of decreasing interest in ecommerce. The full Lee & Associates report is available (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city) here. The analysis below provides an overview of four major commercial real estate sectors alongside economic factors impacting each. Industrial Overview: Record Low Supply, Rent Growth Demand for industrial space eased slightly from its record-setting growth of last year but remained strong through for the first half of 2022 as annualized rent growth moved into double digits and the overall vacancy rate fell to 3.9 percent, a record low. Net absorption through June totaled 192.2 million square feet. It was the second highest two-quarter total on record and more than the 170 million square feet of tenant growth for all of 2019. It was exceeded only by 297.8 …

August 10, 2022

Development Seniors Housing Southeast Tennessee

Joint Venture Breaks Ground on Clarendale West End Seniors Housing Project in Nashville

by John Nelson August 9, 2022

NASHVILLE, TENN. — A joint venture between Ryan Cos. US Inc., LCS and Harrison Street Real Estate Capital has broken ground on Clarendale West End, a planned 261,000-square-foot, five-story seniors housing community in Nashville’s West End district. Situated near Vanderbilt University and downtown Nashville, the property will offer 172 independent living, assisted living and memory care units. Amenities and services will include restaurants, bistro and bar options; private dining for events; a movie theater; continuing education programs; fitness equipment and group fitness classes; salon and spa; arts programs; landscaped courtyard; transportation to local shopping, events and appointments; medical care; and garage parking. Ryan Cos. is the developer and builder for the project, Ryan A+E Inc. is the architect of record and Direct Supply Aptura is the development’s interior designer. Upon completion in the third quarter of 2024, LCS will lead day-to-day operations at Clarendale West End.

August 9, 2022

Acquisitions Florida Multifamily Southeast

JLL Brokers $70.6M Sale of Grand Reserve Apartments in Central Florida

by John Nelson August 9, 2022

OCALA, FLA. — JLL has brokered the $70.6 million sale of Grand Reserve Apartment Homes, a 263-unit value-add multifamily community located at 3001 SW 24th Ave. in Ocala. Ken Delvillar led the JLL team that represented the seller, ApexOne Investment Partners, in the transaction. Melissa Marcolini Quinn and Lee Weaver led the JLL Capital Markets team arranging debt and equity financing totaling $65 million for the buyer, JT Capital. The debt provider was an unnamed life insurance company, and the equity source was an undisclosed institutional investor. Built in 2003, Grand Reserve features one-, two- and three-bedroom units with an average size of 1,072 square feet. Renovated units feature walk-in closets, full-sized washers and dryers, breakfast bars, granite countertops, screened patios/balconies and stainless steel appliances. Community amenities include a resort-inspired pool and sundeck, a screened poolside gazebo with a TV lounge, firepit, 24-hour fitness center, business center, children’s playground and direct access garages.

August 9, 2022

Acquisitions Florida Retail Southeast

Longpoint Partners Acquires Grocery-Anchored Shopping Center in South Florida for $43.3M

by John Nelson August 9, 2022

HIALEAH, FLA. — Boston-based Longpoint Partners has acquired El Paraiso, a grocery-anchored shopping center in the Miami suburb of Hialeah, for $43.3 million. Anchored by Sedano’s, the property was 98 percent leased at the time of sale to tenants including University Healthcare, Regions Bank and Pet Supermarket, as well as more than 30 shops. The seller was not disclosed. In addition to El Paraiso, Longpoint currently owns and operates three additional specialty grocery-anchored shopping centers in Florida totaling nearly 450,000 square feet: the Sedano’s-anchored Pembroke Place, the Fresco y Mas-anchored Naranja Lakes near Miami and the Presidente-anchored Chickasaw Trail Shopping Center in Orlando.

August 9, 2022

Florida Loans Mixed-Use Southeast

Berkadia Secures $43.5M Refinancing of Mixed-Use Property in Miami’s Design District

by John Nelson August 9, 2022

MIAMI — Berkadia has arranged a $43.5 million loan to refinance a 112,896-square-foot mixed-use property located at 4141 NE 2nd Ave. in Miami’s Design District. Scott Wadler, Matthew Nihan and Michael Basinski of Berkadia’s Miami office secured the financing on behalf of Dacra, a local real estate owner-operator that owns more than 1 million square feet of space. LMF provided the 10-year, fixed-rate loan. The property houses a combination of office and retail tenants, including B&B Italia, Design Within Reach, iHeart Media and MC Kitchen.

August 9, 2022

Acquisitions Kentucky Multifamily Southeast

Rosewood Realty Negotiates $24M Sale of Apartment Community in Lexington, Kentucky

by John Nelson August 9, 2022

LEXINGTON, KY. — Rosewood Realty Group has negotiated the $24 million sale of Saddlebrook at Tates Creek, a 181-unit apartment complex located at 3543 Tates Creek Road in Lexington. Jay Weiner of Rosewood Realty represented the both the seller, Birmingham, Ala.-based Engel Realty Co., and the buyer, Wicker Park Capital Management, a real estate investment firm with offices in Savannah, Birmingham and Atlanta. Built in 1974, the market-rate apartment community features a clubhouse and a fitness center. Wicker Park plans to update both interior units and amenities during its ownership period, according to Weiner.

August 9, 2022

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Memphis Economic Outlook Provides Cause for Optimism for Multifamily Market

by John Nelson August 9, 2022

Inflation is here. Is the Memphis multifamily market built to withstand it? Coming off an unprecedented year of sales volume in 2021, Memphis multifamily assets continue to be in high demand despite rising interest rates. While year-over-year sales volume might be down, the average market sale price per unit increased by 10 percent to $90,700 over the same period, as of second-quarter 2022. While overall market rent per unit growth is off double-digit highs from 2021, it is still up a sturdy 8 percent year-over-year. Strong occupancy levels, low concession rates and limited on-market supply is keeping pricing buoyant, leading to steady cap rates in the face of rising debt cost — at least for now. Capital investment and renovation to existing multifamily properties contributed greatly to both rent growth and sales volume in 2021. Memphis is a very appealing option for investors seeking value, as over 50 percent of all transactions in 2021 fell within the $40,000 to $80,000 per unit range, which is much more competitive than many primary markets. With over two-thirds of existing inventory built before 2000, the vintage of current inventory provides ample opportunities to reposition assets. Local government entities have actively played a role …

August 9, 2022

Development Industrial South Carolina Southeast

GTIS, Collett to Develop Two Greenville Industrial Facilities Totaling $140M

by John Nelson August 8, 2022

GREENVILLE, S.C. — New York City-based GTIS Partners and Charlotte-based Collett Industrial have formed a joint venture to develop two industrial projects in Greenville for a total investment value of $140 million. Situated within an opportunity zone on the eastern edge of the South Carolina Technology & Aviation Center, the two developments will be adjacent to one another and span 1.2 million square feet upon completion. The co-developers have executed leases or letters of intents with tenants totaling approximately 520,000 square feet for long-term occupancy at one of the projects, which is known as Willimon Business Park. The other property was not disclosed.

August 8, 2022

Newer Posts

Older Posts