Southeast

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

by John Nelson May 10, 2022

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.

May 10, 2022

Development Florida Multifamily Southeast

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

by John Nelson May 10, 2022

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.

May 10, 2022

Development Mixed-Use Multifamily North Carolina Southeast

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

by John Nelson May 10, 2022

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.

May 10, 2022

Acquisitions Mixed-Use Southeast Tennessee

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

by John Nelson May 10, 2022

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.

May 10, 2022

Affordable Housing Features Midwest Multifamily Northeast Seniors Housing Southeast Student Housing Texas Western

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

by Jaime Lackey May 10, 2022

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 …

May 10, 2022

Company News District of Columbia Office Southeast

Boeing Moves Global Headquarters to Arlington, Plans to Build Research Campus

by John Nelson May 9, 2022

ARLINGTON, VA. — Boeing (NYSE: BA) has chosen Arlington as the site for its new global headquarters due to the city’s proximity to Washington, D.C., and strong client and talent base in the region. The aerospace and defense giant is moving its headquarters from Chicago, where the firm plans to maintain a significant office presence. In addition to the corporate relocation, Boeing plans to develop a research and tech hub in Arlington to support and train Boeing employees in the areas of cyber security, autonomous operations, quantum sciences and software and systems engineering. Details about the campus and the construction timeline were not disclosed. Boeing’s stock price closed on Thursday, May 5 at $150.47 per share, down from $229.81 a year ago, a 34.5 percent decline.

May 9, 2022

Development Florida Loans Multifamily Southeast

J.P. Morgan Provides $96.4M Construction Loan for Apartment Tower in Downtown West Palm Beach

by John Nelson May 9, 2022

WEST PALM BEACH, FLA. — J.P. Morgan has provided a $96.4 million construction loan for the development of a 22-story apartment tower in downtown West Palm Beach. The borrower is a joint venture between the developer, Hyperion, and affiliates of Starwood Capital Group and Winter Properties. Located at 201 Clearwater Drive, the unnamed tower will include 457 apartments, 7,000 square feet of ground-floor retail space, a 628-space parking garage and more than 34,000 square feet of indoor and outdoor amenities. Hyperion is expected to begin construction soon, and the development is slated to be open to renters in early 2024.

May 9, 2022

Acquisitions Louisiana Multifamily Southeast

Passco Acquires Two Louisiana Apartment Communities Totaling 602 Units

by John Nelson May 9, 2022

NEW ORLEANS AND GONZALES, LA. — California-based Passco Cos. has purchased two apartment communities in Louisiana totaling 602 units in two separate transactions. The properties include the 330-unit Canal 1535 in downtown New Orleans and the 272-unit Sawgrass Point in the Baton Rouge submarket of Gonzales. Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for both transactions. Mike Kemether of Cushman & Wakefield and Larry Schedler, Cheryl Short and Christian Schedler of Larry G. Schedler & Associates Inc. were the brokers in the Canal 1535 transaction. Chad Rigby and Saban Sellers of Stirling Investment Advisors and Telly Fathaly of Walker & Dunlop were the brokers in the Sawgrass Point deal. The sellers and the sales prices were not disclosed. The acquisitions bring Passco’s Louisiana portfolio to nearly 1,700 units.

May 9, 2022

Acquisitions Florida Retail Southeast

Franklin Street Brokers $8.8M Sale of Bealls-Leased Retail Building in Port Charlotte, Florida

by John Nelson May 9, 2022

PORT CHARLOTTE, FLA. — Franklin Street has brokered the $8.8 million sale of a single-tenant retail property within Port Charlotte Town Center, a shopping center in Port Charlotte anchored by Target and Publix. The 91,498-square-foot store is leased to Bealls and is one of the retailer’s top 10 performing stores in the country, according to Franklin Street. Bryan Belk, John Tennant, Chris Adams and Sam Roe of Franklin Street’s Atlanta office represented the seller, an affiliate of RCG Ventures, in the transaction. Texas-based Ford & Sons Real Estate Investors is the buyer.

May 9, 2022

District of Columbia Southeast

US Economy Adds 428,000 Jobs in April Led by Gains in Leisure and Hospitality

by John Nelson May 9, 2022

WASHINGTON, D.C. — Total nonfarm payroll employment rose by 428,000 in April, while the 3.6 percent unemployment rate was unchanged from the prior month, according to the U.S. Bureau of Labor Statistics (BLS). Dow Jones economists had projected job gains of 400,000 in April and were expecting the unemployment rate to drop to 3.5 percent, according to CNBC. Once again, the employment sector with the largest gain was leisure and hospitality, which posted 78,000 new jobs last month. The 4.8 percent unemployment rate in the leisure and hospitality sector was the lowest rate since September 2019, though employment remains down by 8.5 percent from February 2020. The BLS reports that average hourly earnings for leisure and hospitality workers was up 11 percent year-over-year last month. Other employment sectors with notable net gains in April included manufacturing (55,000 jobs), transportation and warehousing (52,000) and professional and business services (41,000). Construction, information and government sectors showed little employment change over the past month. Total nonfarm payroll employment in February was revised downward from 750,000 to 714,000, according to the BLS, and the March figure was revised downward from 431,000 to 428,000. With these revisions, employment in February and March combined was 39,000 lower …

May 9, 2022

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