Southeast

First National Realty Acquires 170,000 SF Grocery-Anchored Shopping Center in Savannah

by Julia Sanders April 25, 2022

SAVANNAH, GA. — Red Bank, N.J.-based First National Realty Partners LLC has acquired McAlpin Square, a 170,000-square-foot shopping center in Savannah. David Rivers of Palomar Group represented the undisclosed seller in the transaction. The sales price was not disclosed. Opened in 1980, McAlpin Square is anchored by a 43,600-square-foot Kroger, one of the original tenants at the center. Kroger operates a branded onsite fuel center as well. McAlpin Square’s other retailers include Big Lots, Goodwill, the US Postal Service, Family Dollar, Rainbow, Rent-A-Center, Subway, Domino’s Pizza and GameStop. Located at 1900 E. Victory Drive, McAlpin Square sits at the intersection of East Victory Boulevard and Truman Parkway, just three miles southeast of downtown Savannah.

April 25, 2022

Development Multifamily Southeast Virginia

Jefferson Apartment Group, STARS REI Break Ground on 98-Unit Multifamily Project in Arlington, Virginia

by Julia Sanders April 25, 2022

ARLINGTON, VA. — Jefferson Apartment Group, with its Chilean-based partner STARS REI, has broken ground on a 98-unit apartment community at 1031 N. Vermont St. in Arlington. Construction is expected to be completed by early 2024. The new development will offer one-, two- and three-bedroom floorplans in a seven-story building. Unit features will include quartz countertops, tile backsplashes, stainless steel appliances and plank flooring. Many units will also include private terraces and balconies. Community amenities will include a resident lounge, rooftop terrace, below-grade parking totaling 120 spaces, 40 bicycle spaces and resident storage. KGD Architecture is the designer for the project and Donohoe Construction Co. is the general contractor. United Bank provided an undisclosed amount of financing.

April 25, 2022

Leasing Activity Maryland Office Southeast

Cushman & Wakefield Secures 26,000 SF Office Lease for Design Firm in Baltimore

by Julia Sanders April 25, 2022

BALTIMORE — Cushman & Wakefield has secured a new 26,000-square-foot office lease in Baltimore for Design Collective, a locally based architecture and design firm. The firm will relocate from its current location in The Power Plant at 601 East P. St. to 100 E. Pratt St. The new office location offers a David & Dad’s Café Express, Starbucks, fitness center, concierge service and outdoor seating. Bronwyn LeGette and David Downey of Cushman & Wakefield represented Design Collective in the transaction. Linn Worthington of Cushman & Wakefield represented the landlord, Vision Properties.

April 25, 2022

Acquisitions Florida Industrial Southeast

Stan Johnson Co. Arranges $7.1M Sale of Infill Industrial Facility in West Palm Beach

by Julia Sanders April 25, 2022

WEST PALM BEACH, FLA. — Stan Johnson Co. has arranged the $7.1 million sale of an infill industrial outdoor storage facility located at 3945 Fiscal Court in West Palm Beach. Brandon Duff and Mack Wolfgram of Stan Johnson Co. brokered the transaction between the seller, an individual investor based in Fort Lauderdale, and the buyer, a private investment and development company based in Philadelphia. Built in 1990, the property features a 14,000-square-foot concrete building situated on a 3.6-acre site. The asset includes an improved industrial yard that is fully paved with lighting and perimeter fencing. The property is fully leased to United Site Services on a triple-net basis. Additionally, with direct frontage on Interstate 95, the property is positioned in an industrial corridor that includes other national tenants such as ABC Supply Co., Herc Rentals, SiteOne Landscape Supply, Builders FirstSource, Allied Trailers and Enterprise Truck Rental.

April 25, 2022

Alabama Market Reports Retail Southeast Southeast Market Reports

Birmingham is Poised to Stake its Claim as a Burgeoning Retail Destination

by John Nelson April 25, 2022

Like many of the markets within the Sun Belt, Birmingham’s economy remained relatively resilient through the emergence of the COVID-19 pandemic. Despite its share of small business and restaurant closures, leasing activity is back to par, and owners continue to see steadily rising rental rates — up 3.1 percent over the last 12 months — as tenant demand continues to be robust. Retail absorption over the last 12 months is a healthy 400,000 square feet compared to -510,000 square feet a year ago, which is a phenomenal 909,000-square-foot change just 18 months out from the emergence of the Coronavirus and effective shutdown of the U.S. economy. As Americans return to whatever the new normal is deemed to be and retail conditions continue to rebound, Birmingham is poised and ready to stake its claim in the South’s hierarchy of bourgeoning retail markets. Over the course of retail’s revival during the last 12 to 15 months, development has picked up throughout the Birmingham MSA, fueled primarily by build-to-suit projects for established chains in rapidly expanding suburban markets like Hoover. Stadium Trace Village, a master-planned, mixed-use development at Interstate 459 and Ala. Highway 150, has been one of the most recent projects to …

April 25, 2022

Acquisitions Retail Southeast Top Stories Virginia

Avison Young Brokers $200M Sale of Retail Portfolio in Kingstowne, Virginia

by Julia Sanders April 22, 2022

KINGSTOWNE, VA. — Avison Young has brokered the sale of a retail portfolio totaling 410,398 square feet in Kingstowne, located in Fairfax County approximately 13 miles southwest of Washington, D.C. Federal Realty Investment Trust (NYSE: FRT) purchased the portfolio for $200 million. The deal will close in two parts, with the first half already completed and the second half scheduled to close in July. Dean Sands and Chip Ryan of Avison Young represented the seller, The Halle Cos. The portfolio is 97 percent leased to 61 tenants, including supermarkets Safeway and Giant. According to local news outlets, the properties also feature tenants such as T.J. Maxx, Ross, HomeGoods, &pizza and Cava. The retail portfolio includes a significant portion of Kingstowne Towne Center, a live-work-play power center in Virginia. The Halle Cos. developed Kingstowne Towne Center in the mid-1980s, converting 1,200 acres into a master-planned community. With large expanses of green space and a centralized town center, Kingstowne is considered one of Northern Virginia’s best places to live and work, according to Avison Young. “Kingstowne Towne Center, with its attractive demographics and significant barriers to entry, is reflective of our Northern Virginia growth strategy, and further demonstrates our corporate commitment to …

April 22, 2022

Development Industrial North Carolina Southeast

Roofing Manufacturer CertainTeed Plans $118M Expansion of Plant in Oxford, North Carolina

by Julia Sanders April 22, 2022

OXFORD, N.C. — Malvern, Pa.-based CertainTeed LLC, the building products subsidiary of Saint-Gobain, has plans to invest $118.8 million over the next five years to expand its roofing shingle manufacturing facility in Oxford. The CertainTeed Oxford plant, which began operations in 1978, is already one of the largest roofing shingle manufacturing sites in North America, sitting on 113 acres in Granville County. The project will add 225,000 square feet of manufacturing space to the campus and create at least 37 new full-time manufacturing jobs. The project is supported with $650,000 in reimbursement grants from the State of North Carolina, including funds from the One North Carolina Fund and a Rural Division Building Reuse Grant.

April 22, 2022

Florida Loans Multifamily Southeast

CBRE Secures $100.2M Acquisition Financing for Multifamily Property in Tampa

by Julia Sanders April 22, 2022

TAMPA, FLA. — CBRE has arranged a total of about $100.2 million in equity and debt acquisition financing for Bainbridge Ybor City, a 240-unit multifamily property in Tampa. An unnamed private investor purchased the Class A apartment community for $90.7 million with plans to use the proceeds to fund capital improvements. Eric Fixler, Chandler Kaye and Chris Smiles of CBRE arranged the financing on behalf of the borrower. Square Mile Capital provided a $67.6 million senior loan, and CBRE secured $32.6 million in equity provided by an international private equity group. Built in 2018, Bainbridge Ybor City is a four-story property that offers studio, one- and two-bedroom units averaging 870 square feet. Unit features include hardwood flooring, chef-inspired kitchens with large center islands, quartz countertops and stainless steel appliances. Community amenities include a pool and sundeck, outdoor lounge, 24-hour fitness center, yoga studio and personal training room featuring on-demand fitness options, clubroom with arcade and secure garage parking. Located at 1512 E. 12th Ave., the property is situated 1.6 miles from downtown Tampa and 10.7 miles from Tampa International Airport.

April 22, 2022

Development District of Columbia Mixed-Use Southeast

Joint Venture Breaks Ground on 2 MSF Stacks Mixed-Use Property in D.C.

by Julia Sanders April 22, 2022

WASHINGTON, D.C. — A joint venture between Akridge, National Real Estate Advisors, Blue Coast Capital and Bridge Investment Group has broken ground on the first phase of The Stacks, a 2 million-square-foot mixed-use project in Washington, D.C. Bank OZK is providing a $367 million construction loan for the first phase of the development. William Collins, Bindi Shah, Marshall Scallan and Shaun Weinberg of Cushman & Wakefield arranged the loan. The construction timeline was not disclosed. The first phase of The Stacks will include three rental residential towers totaling more than 1,100 apartments. At full buildout, the master-planned development will offer 2,000 residential units, as well as two hotels, public parks and gathering spaces and about 80,000 square feet of retail space. The property will also feature a variety of creative working spaces, as well as below-grade parking and loading. Gensler, Morris Adjmi Architects, Eric Colber & Associates, Handel Architects, West 8 and Lee and Associates Inc. are the designers for the first phase of the project.

April 22, 2022

Development Florida Mixed-Use Southeast

Greystar Tops Off 36-Story Ascent St. Pete Mixed-Use Tower in Tampa Bay Area

by Julia Sanders April 22, 2022

ST. PETERSBURG, FLA. — Charleston-based Greystar has topped off Ascent St. Pete, a 36-story mixed-use tower in St. Petersburg, about 23.8 miles from Tampa. Ascent St. Pete is scheduled to open in January 2023, with final construction completion slated for May 2023. Ascent St. Pete will offer studios, one-, two- and three-bedroom floorplans, as well as penthouse units, for a total of 357 apartments. The tower will also include a 172-room AC by Marriott hotel and a separately branded restaurant on the eighth floor with an outdoor terrace and bar. Hotel guests will have access to outdoor pool amenities at both the sixth and 36th floors. Additionally, the project will include more than 6,800 square feet of ground-level retail space along First Avenue and 2nd Street North.

April 22, 2022

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