Southeast

Cushman & Wakefield Brokers $12.3M Sale of Riverwalk Center Office Property in Jupiter, Florida

by Julia Sanders November 1, 2021

JUPITER, FLA. — Cushman & Wakefield has brokered the sale of Riverwalk Center, a 35,324-square-foot, Class A office building located in Jupiter. ESJ Capital Partners sold the property for $12.3 million. Anthony Librizzi of Cushman & Wakefield represented the buyer, an entity doing business as RJM Jupiter Riverwalk LLC, in the transaction. Librizzi will also oversee leasing at the property. Truist Wealth, a wealth management advisory firm, recently renewed a 10,930-square-foot lease at Riverwalk Center. Truist Wealth has been a tenant at the property since 2005. The new owner of the property will occupy the fifth floor. Located at 150 US Highway 1, Riverwalk Center sits within Jupiter Yacht Club, a master-planned, mixed-use development that includes five condominium buildings, a 23,150-square-foot retail and restaurant building and a protected marina. Built in 2003, the office property offers amenities such as garage parking.

November 1, 2021

Acquisitions Georgia Multifamily Southeast Student Housing

TSB Realty Negotiates Sale of 656-Bed Student Housing Community Near Kennesaw State University

by Julia Sanders November 1, 2021

KENNESAW, GA. — TSB Realty has negotiated the sale of Bixby Kennesaw, a 656-bed student housing community located near the Kennesaw State University campus in Georgia, on behalf of Gilbane Development Co. TSB Capital Advisors helped to secure acquisition financing on behalf of the buyer, an undisclosed joint venture partnership. Bixby Kennesaw offers a mix of studio, one-, two-, three-, four- and five-bedroom units. Community amenities include a heated saltwater swimming pool, outdoor courtyard with fire pits, 24-hour fitness center and a rooftop terrace overlooking the university’s football stadium.

November 1, 2021

Florida Loans Multifamily Southeast

FM Capital Arranges $6.2M Financing of Lincoln Gardens Apartments in Hollywood, Florida

by Julia Sanders November 1, 2021

HOLLYWOOD, FLA. — FM Capital has arranged the $6.2 million financing of Lincoln Gardens Apartments, a 77-unit multifamily community in Hollywood. Sheridan Capital provided the loan, which was structured with an 80 percent loan-to-cost ratio and full-term interest-only payments. Noam Temchin of FM Capital arranged the financing for the borrower, Gelt Team. Located at 2711 Lincoln St., Lincoln Gardens is situated about 3.6 miles from Hollywood Beach, 7.6 miles from Fort Lauderdale-Hollywood International Airport and 10.5 miles from Fort Lauderdale. Built between 1952 and 1987, the property was 80 percent occupied at the time of financing. Community amenities include a pool, courtyard and parking.

November 1, 2021

Lee & Associates Breaks Down Third-Quarter Economic Outlook by Sector

by Sarah Daniels November 1, 2021

The calculus for which asset classes are likeliest to demonstrate strong growth continues to shift as the pandemic appears to be receding. Patterns in labor shortages, supply chain issues and material costs have managed to solidify through the third quarter of 2021. Lee & Associates’ newly released Q3 2021 North America Market Report dissects third-quarter 2021 industrial, office, retail and multifamily findings, with a focus on where demand is moving and the challenges facing each asset class. Lee & Associates has made the full market report available at this link (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city). Below is a bird’s-eye overview of four commercial real estate asset classes as general categories, broken down to frame each through the trends and complications they faced up to the fourth quarter, according to Lee & Associates’ research. Industrial: Q3 Posts More Record Demand Pandemic-fueled consumer spending drove up third-quarter demand for warehouse and distribution facilities that eclipsed previous records. And despite a nationwide surge in new construction, some metros can barely accommodate the pace of tenant expansion. Additionally, year-over-year rent growth is at a record 6.7 percent for the industrial property sector …

November 1, 2021

Acquisitions Georgia Multifamily Southeast Top Stories

FCP Acquires Six Multifamily Properties in Metro Atlanta for $287M

by Taylor Williams November 1, 2021

CHEVY CHASE, MD. — Maryland-based investment firm FCP has acquired six multifamily properties totaling 1,975 units in the metro Atlanta area. The private investor purchased the assets across three separate transactions for a combined total of $287 million. The sellers in each of the transactions were not disclosed. In the first deal, FCP acquired ReNew Parc Shores, a 520-unit community in the northeastern suburb of Duluth, for $94.7 million. The company partnered with local operator Zevulon Capital on the purchase. The new ownership plans to implement a value-add program and rebrand the property as Summit Station at Duluth. In the second transaction, FCP bought a portfolio of three communities that are located south of Atlanta and total 1,075 units for $107.3 million. The portfolio consists of Laurel Point, a 593-unit complex in Morrow; Bradford Ridge, a 262-unit community in Forest Park; and Ashwood Ridge, a 220-unit community in Jonesboro. In the final deal, the company purchased a two-property portfolio totaling 380 units in Peachtree City, also located on the southern outskirts of the state capital. ReNew Peachtree City and ReNew Braelinn total 198 and 182 units and will be rebranded as The Greens at Peachtree City and The Greens at …

November 1, 2021

Market Reports Restaurant Retail Southeast Southeast Market Reports Virginia

Redevelopments and Backfills Drive New Retail Activity All Around Richmond

by John Nelson November 1, 2021

“Infill, redevelopment and reuse” are the mantras in the city of Richmond and even in some suburbs, where new construction continues to follow residential growth in nearly all the surrounding counties, with Chesterfield and Henrico being the most active. The municipalities themselves play key roles as well. Costs for land and construction continue to escalate, so creativity is key no matter what avenue pursued in the retail world. And like most of the United States, Richmond’s developers and property owners are getting creative to keep their centers relevant. Short Pump Town Center, Richmond’s darling mall that is owned by a partnership of Brookfield Properties, QIC and local developer Pruitt Cos., is not immune to closures and felt the pain when Nordstrom announced it was not reopening after shuttering the store during the height of the COVID-19 pandemic. However, with the strength of the retail market in Short Pump, the mall and the surrounding market continue to perform. The Container Store and an expanded Arhaus backfilled a vacant hhgregg, and the mall has recently announced deals with Fabletics and Warby Parker. ShopCore Properties, which owns West Broad Village anchored by Whole Foods Market, REI and HomeGoods, struggled for years with vacancy …

November 1, 2021

Acquisitions Florida Retail Southeast

CBRE Arranges $101.7M Sale of Legacy Place Retail Center in Palm Beach Gardens, Florida

by Julia Sanders October 29, 2021

PALM BEACH GARDENS, FLA. — CBRE has arranged the sale of Legacy Place, a 425,316-square-foot open-air shopping center in Palm Beach Gardens. A joint venture between Lone Star Funds and Woolbright Development purchased the property for $101.7 million. Casey Rosen and Dennis Carson of CBRE National Retail Partners in Florida represented the undisclosed seller in the transaction. Legacy Place was 72 percent leased at the time of sale to tenants including Barnes & Noble, Bassett Furniture, Best Buy, Ethan Allen, Michael’s, Nicklaus Children’s Hospital, Petco, The Container Store and Total Wine & More. Located at 11290 Legacy Ave., Legacy Place is situated near the Interstate 95 interchange and PGA Boulevard. The property is also situated about 10.7 miles from West Palm Beach.

October 29, 2021

Development Florida Multifamily Southeast

Onicx Breaks Ground on $65M Multifamily Development in Orlando’s Lake Nona District

by Julia Sanders October 29, 2021

ORLANDO, FLA. — Onicx Group, a Tampa-based private real estate firm, has broken ground on East Park Village Apartments, a 264-unit multifamily development in the Lake Nona neighborhood of Orlando. The development is predicted to cost $65 million and is slated to be complete in early 2024. East Park Village will be part of a $200 million mixed-use development called East Park Village Development, which will include a 50,000-square-foot medical office building, 150-room hotel and 15,000 square feet of retail spaces. The community will comprise one-, two- and three-bedroom floorplans. Community amenities will include a swimming pool with an outdoor kitchen and recreational area, fitness center with spin/yoga room, business center, detached garages and a playground. Located at 10735 Moss Park Road, the project is situated about eight miles from Orlando International Airport, approximately 17 miles from downtown Orlando and 23.7 miles from Walt Disney World Resort. The Lunz Group, a Lakeland, Fla.-based architectural firm, designed the property. Live Oak Contracting is the general contractor for the project.

October 29, 2021

Acquisitions Florida Multifamily Southeast

Talos Holdings Sells Multifamily Community Near Pensacola Beach for $60.5M

by Julia Sanders October 29, 2021

NAVARRE, FLA. — Scottsdale, Ariz.-based Talos Holdings has sold The Sound at Navarre Beach, a 250-unit apartment community in Navarre, about 17.4 miles east of Pensacola Beach. The Brookview Cos. purchased the property for $60.5 million. Luis Elorza, Justin Hofford, Trevor Koskovich and Jesse Hudson of NorthMarq represented Talos in the transaction. Built in 2017, The Sound at Navarre Beach is located at 7381 Navarre Parkway on 15.5 acres. The property includes 52 percent one-bedroom apartments, 40 percent two-bedroom units and 8 percent three-bedroom units with an average size of 887 square feet. Community amenities include a pool, outdoor kitchen with grills, clubhouse with coffee bar and business center, fitness center, garage parking and a community bark park. Units feature stainless steel appliances, granite countertops, shaker-style cabinets, pendant lighting, balcony/patio and plantation-style blinds. The Sound at Navarre Beach is situated about 26.1 miles from Pensacola Christian College, 4.7 miles from Navarre Beach Sea Turtle Conservation Center and 26.9 miles from Destin-Fort Walton Beach Airport.

October 29, 2021

Development Industrial South Carolina Southeast

PCCP, Panattoni to Develop 182,520 SF Industrial Project in Greer, South Carolina

by Julia Sanders October 29, 2021

GREER, S.C. — PCCP LLC and Panattoni Development Co. Inc. have formed a joint venture to develop Abner Creek Logistics Center, a 182,520-square-foot warehouse in Greer. The joint venture plans to start construction in the second quarter of 2022 with completion expected by the fourth quarter of 2022. Abner Creek Logistics Center will be located on a 16.5-acre site along the east side of Deyoung Road. The project will include amenities such as 32-foot clear heights, a rear-load configuration, 44 trailer parking spaces, 123 car parking spaces and 33 dock doors. The site is located adjacent to BMW’s manufacturing facility and provides access to Interstate 85. The property is also situated six miles from Inland Port Greer.

October 29, 2021

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