Southeast

Alliance Consolidated Acquires Two Net-Leased Veterinarian Properties in Cape Coral, Florida for $2.1M

by Julia Sanders August 23, 2021

CAPE CORAL, FLA. — Alliance Consolidated Group of Cos. has acquired a two-property veterinary portfolio including Kindness Animal Hospital West and Kindness Animal Hospital East in Cape Coral. The undisclosed seller sold the properties for $2.1 million. Pathway Vet Alliance LLC will remain as the existing tenant in both properties. Pathway Vet Alliance is part of a national veterinary hospital group with over 300 facilities across the country. In 2018, the organization acquired Kindness Animal Hospital, and in turn, retained the practice’s name as well as the two locations in the Cape Coral portfolio. Kindness Animal Hospital West is a 5,500-square-foot facility located at 717 Cape Coral Parkway West. Kindness Animal Hospital East spans 2,060 square feet at 1711 South East 47th Terrace. Kindness Animal Hospital has been serving the Cape Coral community for over 30 years. The two locations offer veterinary services including exotic and avian animal specialty, spaying/neutering, vaccinations, grooming, pet boarding, dentistry, laser/ultrasound procedures and emergency care. Alliance Consolidated Group of Cos. is a Bannockburn, Ill.-based real estate investment firm that specializes in net-leased medical buildings.

August 23, 2021

Content Partner Features Leasing Activity Midwest Multifamily Northeast Single-Family Rental Southeast Texas Walker & Dunlop Western

Multifamily Outlook: Growth Undiminished by Pandemic-Related Disruptions

by Sarah Daniels August 23, 2021

The Roaring ’20s and the Great Wealth Transfer The United States is well on a path of recovery from the COVID-19 pandemic shutdown that began in March 2020. More than 60 percent of the U.S. population has now received at least one dose of the vaccine, and more than half are fully vaccinated. Those figures increase significantly by age, particularly for the 65+ population[1]. The economy is booming this year — it is estimated to have grown by 7.8 percent[2] in the second quarter following 6.4 percent growth in the first quarter of 2021. Unemployment remains low at 5.9 percent in June due to 7.9 million jobs created in the past year. Retail sales are up by 23 percent year-over-year.[3] Even the battered restaurant industry has recovered, with sales again surpassing grocery sales as of April 2021. Pandemic-induced disruptions to labor and trade finally began showing in inflation figures. Even excluding the more volatile food and energy sectors, inflation soared from 1.6 percent in March to 4.5 percent in June, the highest pace since 1991. However, expectations are that the price pressure is a temporary adjustment as the economy recovers. Core inflation is expected to end the year at around 2.2 …

August 23, 2021

Data Centers Industrial Life Sciences Market Reports North Carolina Southeast Southeast Market Reports

Life Sciences Firms Dominate Activity in Raleigh-Durham’s Industrial Market

by John Nelson August 23, 2021

It seems as though we have recently seen significant weekly announcements about investment and job creation by major U.S. companies into the Research Triangle Park region, the area situated between the cities of Raleigh and Durham. For instance, tech titans Apple and Google declared plans to establish major engineering hubs in the region, adding heat to an already dynamic market. It is common knowledge that the Triangle area is respected for its large, highly educated workforce thanks to top-ranking colleges and universities, including Duke University, North Carolina State University and University of North Carolina at Chapel Hill. Wake Tech, North Carolina’s largest community college, also serves as a vital engine, providing the region’s workforce with STEM candidates. These institutions supply existing and expanding businesses with an impressive talent pool. Theses factors, along with a business-friendly economic climate, have grown the Research Triangle into one of the nation’s largest research centers. Although local headlines continue to buzz with real estate business news, the Raleigh-Durham industrial market has witnessed steady real estate investments from life sciences and R&D businesses for decades. Over the past 24 months, however, demand for life sciences space has had a dramatic impact on traditional flex/light industrial users …

August 23, 2021

Development Florida Healthcare Hospitality Mixed-Use Southeast

Joint Venture Breaks Ground on 255-Room Legacy Hotel & Residences Hotel at Miami Worldcenter

by Julia Sanders August 20, 2021

MIAMI — The joint venture, Blue Legacy Ventures, has broken ground on Legacy Hotel & Residences Hotel, a mixed-use tower in Miami with 255 hotel rooms, 310 residences and a $100 million medical center. Legacy Hotel & Residence is part of Miami Worldcenter, a $4 billion, 27-acre mixed-use development in downtown Miami. The tower sits on 1.3 acres. All 310 residences in the tower sold out in May. The Legacy’s residences range in size from 350 square feet to 850 square feet with studios to two-bedroom units. The units sit atop the hotel, which will be managed and operated by Accor under The Morgan’s Originals Portfolio. The skyscraper’s amenities will also include ground-floor retail, a one-acre pool deck, a seven-floor rooftop atrium with a restaurant bar and lounge, an elevated pool and a members-only international business lounge. Blue Zones and Adventist Health also signed a partnership agreement to operate the medical center once it’s completed. Blue Zones is a subsidiary of Adventist Health Blue Zones. Miami-based Royal Palm Cos. is a co-developer on the project. The 10-floor medical and well-being center will occupy 120,000 square feet within Legacy Hotel & Residences. The center will be powered by artificial intelligence and …

August 20, 2021

Development Florida Multifamily Southeast Top Stories

Melo Group Completes 52-Story Downtown 5th Apartment Towers in Miami

by Julia Sanders August 20, 2021

MIAMI, FLA. — Melo Group has completed Downtown 5th, a pair of 52-story towers in downtown Miami with 1,042 rental apartments and approximately 12,500 square feet of ground-floor retail space. Construction began in late 2019 and move-ins are currently underway. Downtown 5th apartments include one-, two- and three-bedroom units measuring between 650 and 1,200 square feet in size. Monthly rental rates range from approximately $1,700 to $4,000. East Tower is now open for tenant move-ins, and South Tower is about to open. Both towers are fully leased. “As corporations, finance firms and tech companies continue to look to relocate or expand to downtown Miami, the city is evolving into a global destination for business and lifestyle,” says Martin Melo, principal of the Melo Group. “We’re seeing people moving here from major cities across the country. At Downtown 5th, about 25 percent of our tenants are coming from out of state, with many relocating from cities in the northeast and California.” Located at 55 & 25 NE 5th St. in the center of downtown Miami’s Central Business District, Downtown 5th is situated approximately seven miles from the Miami International Airport and is about 5.9 miles from Miami Beach. The property is …

August 20, 2021

Loans Louisiana Multifamily Southeast

Dwight Capital Provides $31.4M HUD-Insured Loan for Highland Club Apartments in Baton Rouge

by Julia Sanders August 20, 2021

BATON ROUGE, LA. — Dwight Capital has provided a $31.4 million HUD-insured loan for Highland Club Apartments, a 279-unit garden-style multifamily community in Baton Rouge. Located at 17505 Jefferson Highway, Highland Club is situated about 15.5 miles from downtown Baton Rouge. Built in three phases between 2003 and 2019, the property includes 28 buildings and a clubhouse situated on over 23 acres. The average square feet of the units is 1,162 square feet. Community amenities include a pet park, swimming pool, poolside cabanas, picnic/barbecue area, business center, fitness center and walking trails. Josh Sasouness of Dwight Capital originated the transaction. The loan benefitted from a green mortgage insurance premium (MIP) reduction set at 25 basis points because the property is Energy Star-certified. The loan was given to HCone LLC, the borrowing entity.

August 20, 2021

Acquisitions Florida Retail Southeast

Matthews Arranges $12.4M Sale of Imperial Plaza Shopping Center in Auburndale, Florida

by Julia Sanders August 20, 2021

AUBURNDALE, FLA. — Matthews Real Estate Investment Services has arranged the sale of Imperial Plaza, a Winn-Dixie-anchored, 129,807-square-foot shopping center located at 303-413 Havendale Blvd. in Auburndale. Jonah Yulish and Ben Snyder of Matthews Real Estate represented the undisclosed buyer, which purchased the property for $12.4 million. Core Imperial Plaza was the seller, and Palomar Group was the brokerage firm representing the seller. For 44 years, Imperial Plaza has been anchored by Winn-Dixie, and the retailer completed a $1 million interior renovation in 2020. About 97 percent occupied, Imperial Plaza is co-anchored by Harbor Freight, O’Reilly Auto Parts and Fresenius.

August 20, 2021

Acquisitions Development Florida Multifamily Seniors Housing Southeast

Lloyd Jones Acquires 10.6 Acres in Port St. Lucie, Florida, Plans Seniors Housing Development

by Julia Sanders August 20, 2021

PORT ST. LUCIE, FLA. — Lloyd Jones LLC has acquired a 10.6-acre parcel in Port St. Lucie for the development of AVIVA Port St. Lucie, a 159-unit independent living community. The project developers plan to break ground next month, and occupancy is anticipated for January 2023. Located on Lake Whitney Road, AVIVA Port St. Lucie is located close to Interstate 95, a Super Walmart, restaurants and a medical office park. The floorplans will include one- and two-bedroom apartments with dens, balconies, full kitchens and closets. Community amenities will include a pool, putting green, bar, walking trails and multipurpose rooms for social activities. Independent living services include two meals per day, housekeeping, linen services and planned entertainment and activities. The property will operate under Lloyd Jones’ proprietary AVIVA brand, which caters to lifestyles ranging from active adult to independent living. AVIVA Port St Lucie will be operated by Lloyd Jones Senior Living Management, the senior housing management division of Lloyd Jones.

August 20, 2021

Acquisitions Georgia Office Southeast

Skyline Seven Real Estate Brokers $8.8M Sale of Office Building in Atlanta

by Julia Sanders August 20, 2021

ATLANTA — Skyline Seven Real Estate has brokered the sale of an office building in the Buckhead submarket of Atlanta. Elliott Kyle and Chase Murphy of Skyline Seven represented the buyer, an Atlanta-based private investor that purchased the asset for $8.8 million. Jeff Richardson of CTR Commercial Real Estate represented the seller, Inman Property Co. Located at 1801 Peachtree St., the office building is situated about 0.4 mile from Piedmont Hospital, about 2.4 miles from Piedmont Park and 14.5 miles from Hartsfield-Jackson Atlanta International Airport. The building totals 52,833 square feet and is leased to 10 tenants with three vacant spaces.

August 20, 2021

Development Mixed-Use Southeast Tennessee

MVP3 Entertainment, ATWEC Break Ground on $50M Mixed-Use Entertainment Project in Memphis

by Julia Sanders August 19, 2021

MEMPHIS, TENN. — Marie Pizano of MVP3 Entertainment Group and Darnell Stitts of ATWEC Technologies have broken ground on MVP3 Studios, an over 40-acre mixed-use entertainment project located in Memphis. The project is expected to cost $50 million and is predicted to create 600 jobs, according to WREG Channel 3 News. The co-developers purchased the 80,000-square-foot Malco Majestic Cinema theater and the surrounding 18 acres to redevelop the property for MVP3 Studios. The site will eventually house production sound stages, radio studios, music recording studios, a TV network and movie theaters. The development of MVP3 Studios will take four phases to complete. Phase I began in July, which is when the main theater, dining and reception areas were opened. The first phase is expected to be complete by the fall or winter of 2021. Phase II will include movie theaters that will show blockbuster films, restaurants, retail shops, an art gallery and a museum. In Phase III, the development team will build movie sound stages, a music recording studio, production offices and conference spaces. Lastly, Phase IV will kick off the completion of ATWEC Technology & Indoor Sports Center, as well as a hotel and an indoor theme park. This …

August 19, 2021

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