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DevelopmentLife SciencesMarylandSoutheast

Trammell Crow to Develop 757,000 SF Life Sciences Campus at Johns Hopkins Satellite Campus in Maryland

by John Nelson

ROCKVILLE, MD. — Trammell Crow Co. has plans to develop The Lab at Belward, a life sciences project situated on the Belward Campus of Johns Hopkins University in Rockville. The property will initially span 757,000 square feet of laboratory and research and development space across three buildings. Trammell Crow entered into a 99-year ground lease with Johns Hopkins University for the 21-acre project. Designed by Gensler to achieve LEED Gold standards, The Lab at Belward will include 18-foot ceiling heights on both the basement and ground floors, with 16-foot heights on all other floors. The property will include amenities, terraces, balconies and a parking garage, as well as a six-acre public park with two retail pavilions. At full buildout the project could span up to 1.6 million square feet across seven buildings, according to Trammell Crow. The Dallas-based developer plans to break ground on the initial phase in June 2023 and deliver the project in early 2025. The project team includes general contractor Clark Construction Group; civil engineer Soltesz Inc.; land use engineer Lerch Early Brewer; mechanical, electrical and plumbing (MEP) engineer James Posey Associates Inc.; structural engineer Thornton Tomasetti; and landscape architect OJB. CBRE is managing the marketing and …

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DevelopmentGeorgiaMultifamilySoutheast

Mill Creek Begins Preleasing at Modera Old Ivy Apartment Community in Atlanta

by John Nelson

ATLANTA — Mill Creek Residential, a Boca Raton, Fla.-based developer and owner-operator of multifamily properties, has begun preleasing at Modera Old Ivy, a luxury apartment community under development in Atlanta’s Buckhead district. Located within a mid-rise and high-rise tower at 3651 Lenox Road, the development is on a site that includes the Prominence office building and an Element Marriott hotel. First move-ins are anticipated in early June. According to the property website, rental rates range from $2,290 per month for a one-bedroom unit to $6,635 for a three-bedroom apartment. Mill Creek is building the 394-unit property to a National Green Building Standard Gold certification level. Community amenities will include a 24-hour fitness studio, clubhouse, community-wide Wi-Fi, demonstration kitchen, game room, rooftop deck, two pools including one rooftop pool, sauna, steam room, grilling area with outdoor dining, fire pit, coffee bar, library lounge with a reading terrace and landscaped courtyards. Residents will also have secured parking in a private garage with reserved parking and electric vehicle charging stations available, controlled guest-access technology, package lockers, dedicated bike storage, resident storage lockers and concierge services.

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AcquisitionsFloridaIndustrialSoutheast

Ten Capital Management Purchases 224,359 SF Industrial Park in Metro Orlando

by John Nelson

LAKE MARY, FLA. — Ten Capital Management, a privately held real estate investment management firm based in metro Cleveland, has purchased SunTech Commerce Park, a six-building, 224,359-square-foot industrial park in suburban Orlando. The property is situated on 19.3 acres at 39-59 Skyline Drive in Lake Mary, about a quarter mile from Interstate 4. According to LoopNet Inc., the campus includes five single-story flex buildings and one three-story office building. The seller and sales price were not disclosed.

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AcquisitionsMultifamilySouth CarolinaSoutheast

CREC Real Estate, Rincon Capital Partners Acquire Planters Trace Apartments in Charleston

by John Nelson

CHARLESTON, S.C. — CREC Real Estate LLC and Rincon Capital Partners have acquired Planters Trace Apartments, a 96-unit, Class B multifamily community located in the West Ashley submarket of Charleston. The seller and sales price were not disclosed. The 10.6-acre property, built in 1974 and located at 2222 Ashley River Road, has convenient access to nearby jobs, retail and entertainment. The buyers plan to invest $2.8 million in value-add renovations to update common areas, amenities and unit interiors. The property currently features a pool, communal firepit and garden, laundry room, grilling area and a dog park.

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AcquisitionsNorth CarolinaOfficeSoutheast

Highwoods to Acquire Office Tower in Uptown Charlotte for $203M

by John Nelson

CHARLOTTE, N.C. — Highwoods Properties Inc. plans to purchase 650 South Tryon at Legacy Union, an 18-story office tower in Uptown Charlotte that is anchored by Big 4 accounting firm Deloitte. The Raleigh-based REIT plans to acquire the 367,000-square-foot, LEED Gold-certified tower for $203 million, which includes $3.9 million of capital expenditures to boost occupancy of the tower. The property was 78 percent leased at the time of the transaction, which is expected to close in the third quarter. The seller was not disclosed but the developer, Lincoln Harris, delivered the property in late 2020. The tower represented Phase II of the Legacy Union mixed-use campus and is connected to the 33-story Bank of America Tower, which Highwoods also owns. Additionally, Highwoods has agreed to acquire a development site in Charlotte’s South End district for $27 million. The parcel at 1426 S. Tryon St. is tentatively planned for a mixed-use property comprising 300,000 square feet of office space and 250 apartments. The seller of the site was also not disclosed.

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AcquisitionsFloridaOfficeSoutheast

Cushman & Wakefield Brokers $56.7M Sale of Two Office Buildings in Downtown Miami

by John Nelson

MIAMI — Cushman & Wakefield has brokered the $56.7 million sale of a pair of office buildings in downtown Miami totaling more than 300,000 square feet. A partnership between Triple Double Real Estate and Stonerock Capital Partners purchased the portfolio from an undisclosed seller. Mike Davis, Dominic Montazemi, Miguel Alcivar, Adam Spies, Rick Brugge and Rick Colon of Cushman & Wakefield represented both parties in the transaction. The properties include a 12-story building at 200 S.E. 1st St. and a 26-story tower at 44 W. Flagler St. The buildings are about a quarter-mile from one another and were a combined 59 percent leased at the time of sale, giving value-add opportunities to the new owners.

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DevelopmentFloridaMultifamilySoutheast

CP Capital, Crescent Communities to Develop 277-Unit Apartment Project in Tampa

by John Nelson

TAMPA, FLA. — CP Capital US has formed a joint venture with Crescent Communities to develop Novel Independence Park, a 277-unit, Class A multifamily project in Tampa. The community will be part of Independence Park, a 44-acre, mixed-use development that was recently rezoned to accommodate the project, as well as future phases that include office, retail and townhomes. Charlotte-based Crescent Communities purchased the site from Independence Park master developer Highwoods Properties Inc. Situated in Tampa’s Westshore district, the developers plan to break ground this month and deliver the first units in the third quarter of 2023, with construction expected to be completed in early 2024. Truist provided construction financing for the project. Design partners include architecture firm Dwell Design Studio, landscape architect LandDesign, civil engineer Haiff Associates and interior designer Vignette Interior Design. CBG Construction will serve as the general contractor.

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DevelopmentMixed-UseMultifamilyNorth CarolinaSoutheast

Summit Design + Build Breaks Ground on New Multifamily Project Near Charlotte

by John Nelson

KANNAPOLIS, N.C. – Chicago-based general contractor Summit Design + Build has kicked off construction on Stadium Lofts South, a 69,000-square-foot multifamily project in the Charlotte suburb of Kannapolis. Once complete, the project will overlook the baseball stadium of the Kannapolis Cannon Ballers, a Minor League Baseball team and Class A affiliate of the Chicago White Sox. The seven-story building will have two floors of retail/office space and five floors of apartments totaling 43 units. The building will feature a lobby, fitness center, club room, balconies and a parking garage. The project is expected to wrap up in spring 2023. The project team includes developer Lansing Melbourne Group and architect Built Form. Stadium Lofts South marks the first construction project for Summit Design + Build in North Carolina.

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AcquisitionsMixed-UseSoutheastTennessee

JLL Arranges Sale of Stocking 51 Mixed-Use Campus in Nashville

by John Nelson

NASHVILLE, TENN. — JLL has arranged the sale of Stocking 51, a five-building adaptive reuse campus in Nashville’s The Nations neighborhood. The buyer, an institutional investor advised by Stockbridge, purchased the property, which was originally built in 1927 as the Belle Meade Hosiery Mill. Richard Reid, Ryan Clutter and Huston Green of JLL, along with Trent Yates of Sagemont Real Estate, represented the seller, Vintage South Development, and procured the buyer. The sales price was not disclosed. Situated on a 6.2-acre site, the property is now roughly two-thirds creative office space and one-thirds retail space. The property was fully leased at the time of sale to coworking providers, tech and financial services firms, interior designers, restaurants and fitness users.

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Affordable HousingFeaturesMidwestMultifamilyNortheastSeniors HousingSoutheastStudent HousingTexasWestern

Four Ways Technology Can Keep Onsite Multifamily Staff Happier During the Great Resignation

by Jaime Lackey

The Great Resignation. The Big Quit. Call it what you will. The widespread trend of employees leaving their jobs in 2021 and 2022 has placed a burden on onsite property management staff at multifamily communities. Like other industries nationwide, the multifamily industry has been hit hard by this period where record numbers of employees are leaving their current positions. According to the National Apartment Association (NAA), rental owners and operators have reported up to 70 percent of their workforce resigning during this period. Historically, employee turnover ranges from 30 to 50 percent annually. In roles that often require wearing many hats to keep up with prospective renters and resident requests, leasing teams are feeling added pressure. With technology solutions that alleviate daunting tasks for onsite staff, you can save your staff valuable time and unnecessary manual effort. Your leasing team can simplify tour scheduling, automate routine communications, and set up seamless multifamily marketing campaigns that free up time for staff to better connect with renters. Here are four steps operators can take to maximize efficiencies and achieve better outcomes. 1. Automate Apartment Tour Scheduling The first step to helping your team thrive during a spike in renter demand is understanding …

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