Southeast

FCP Sells 312-Unit River Crossing at Roswell Apartments in Metro Atlanta

by Julia Sanders June 25, 2021

ROSWELL, GA. — FCP has sold River Crossing at Roswell, a 312-unit apartment community in metro Atlanta. The buyer was Ashcroft Capital, who bought the property for an undisclosed price. Originally known as River Trace Apartments when FCP acquired the property in 2016, River Crossing at Roswell has undergone $5.5 million in improvements to its amenities, units and exteriors. Located at 1450 Raintree Way in Roswell, River Crossing at Roswell is located adjacent to neighborhood shopping centers anchored by a Publix and Life Time Fitness. The property has a lake and is located close to the Chattahoochee River. Community amenities include a fully renovated clubhouse with a fitness center, pool, playground, picnic area and a laundry center. As part of the capital improvements made on the property, 36 percent of the one-, two-, three- and four-bedroom apartments were renovated and have full-size washer and dryer connections, as well as private balconies and patios. Shea Campbell, Ashish Cholia, Kevin Geiger, Colleen Hendrix and Mark Taylor of CBRE represented FCP in the sale. FCP is a privately held real estate investment company based in Chevy Chase, Md.

June 25, 2021

Affordable Housing Development Florida Mixed-Use Seniors Housing Southeast Top Stories

Swerdlow Group Breaks Ground on $300M Sawyer’s Walk Mixed-Use Development in Miami

by Julia Sanders June 25, 2021

MIAMI — Swerdlow Group has broken ground on Sawyer’s Walk, a 1.4 million-square-foot mixed-use development in Miami’s Overtown neighborhood that will include 250,000 square feet of retail space below 578 apartments designated for low-income seniors. Swerdlow Group is collaborating with the Southeast Overtown/Park West Community Redevelopment Agency (CRA) on the $300 million project. Swerdlow Group and its partners, Delray Beach, Fla.-based SJM Partners and Miami-based Alben Duffie, acquired the 3.4-acre property at 249 NW 6th St. from the Community Redevelopment Agency for $10 million. Construction is scheduled for completion in 2023. Sawyer’s Walk will include a 50,000-square-foot Target and a 25,000-square-foot Aldi supermarket, as well as new locations for Ross Dress for Less, Five Below and Burlington. The development will provide approximately 1,000 parking spaces. Sawyer’s Walk will also feature 25,000 square feet of public space that includes outdoor seating for the project’s restaurants, a children’s playground, pedestrian promenade and dog park. The residential portion of Sawyer’s Walk will include studio, one- and two-bedroom apartments reserved for seniors earning at or below 60 percent of the area median income. Community amenities will include a rooftop pool deck, a clubhouse and entertainment lounge, meeting rooms and a complimentary health club membership …

June 25, 2021

Acquisitions Florida Multifamily Southeast

Estate Cos. Sells Soleste Alameda Apartments in West Miami for $83M

by Julia Sanders June 24, 2021

WEST MIAMI, FLA. — The Estate Cos. has sold Soleste Alameda, a new eight-story multifamily development in West Miami, for $83 million. Soleste Alameda features 306 rental units and is located at 6320 SW 8th St. Dallas-based Westdale Real Estate Investment and Management was the buyer. Completed in the second quarter of 2020, Soleste Alameda is over 90 percent occupied with a variety of studios, one- and two-bedroom units. The units feature modern kitchens, stainless steel appliances, porcelain floors, washer and dryer, private balconies, and impact-resistant windows and sliding glass doors. Community amenities for the property include a pool deck with sundeck and private cabanas, fitness center, parking with electric car charging stations, children’s playground, dry cleaning service and Luxer One package management technology. Other amenities include a resident entertainment lounge with a cyber café, al fresco dining and grilling areas. The Estate Cos. is a Miami-based developer, owner and operator of residential communities throughout South Florida.

June 24, 2021

Development Florida Loans Mixed-Use Southeast

Thorofare Capital Provides $43.7M in Financing for 16000 Pines Market Retail Development in South Florida

by Julia Sanders June 24, 2021

PEMBROKE PINES, FLA. — Thorofare Capital Inc. has provided $43.7 million in senior mortgage financing to an entity managed by Miami-based Terra for 16000 Pines Market, a 135,000-square-foot mixed-use development nearing completion in Pembroke Pines. Keith Kurland, Jackson Sastri and Ian Hawk of Walker & Dunlop arranged the financing. Terra will utilize the loan proceeds to finish construction, capitalize the tenant improvements/leasing commissions and carry the project until it’s stabilized. The first phase of construction for 16000 Pines Market was completed earlier this year, with construction of Phase II now underway and slated to deliver in 2022. 16000 Pines Market is situated on 13.2 acres with visibility along Pines Boulevard and Dykes Road. The shopping center is anchored by Publix as well as Burlington and Crunch Fitness. Additional tenants include Verizon Wireless, Regions Bank, a United States Postal Service branch, Jersey Mike’s Subs, Vivo Pizza & Pasta, FirstWatch Café, Cheddar’s and MD Now. Thorofare Capital Inc. is a commercial real estate debt fund manager and affiliate of Thorofare LLC. Terra is a real estate development and investment company.

June 24, 2021

Development Florida Multifamily Southeast

Partnership Breaks Ground on 224-Unit Wynwood Haus Apartments in Miami

by Julia Sanders June 24, 2021

MIAMI — A partnership between TSG, Lineaire Group and Bridge Investment Group has broken ground on Wynwood Haus, a 224-unit multifamily property located at 1765 N. Miami Ave. in the Wynwood submarket of Miami. The project is slated for completion by the first quarter of 2023. Wynwood Haus will be a 20-story project and will include studio, one- and two-bedroom floorplans that range from 394 to 945 square feet. The unit will feature floor-to-ceiling windows, balconies, full-size in-unit washer and dryer, wireless-controlled smart thermostat, 10-inch ceilings, walk-in closets in most units, a rain shower and secure keyless entry. Wynwood Haus will have a rooftop with a pool and sun deck, as well as a yoga room and fitness center. The property will also include private workspaces, a conference room and a coworking area, with Wi-Fi in all common spaces. The property will also offer a steam room, sauna and experiential showers, as well as an outdoor barbecue and dining area, great room and catering kitchen. Lastly, the property will feature a library and resident lounge, pet grooming, electric car charging stations, a smart locker package room and cold storage, as well as 5,500 square feet of retail space. The community …

June 24, 2021

Leasing Activity Maryland Retail Southeast

Heritage Partners Signs At Home to 96,446 SF Lease in Woodmore Towne Centre in Glenarden, Maryland

by Julia Sanders June 24, 2021

GLENARDEN, MD. — Heritage Partners has signed the lease of the entire former JC Penney store at Woodmore Towne Centre in Glenarden to At Home, a home decor retail chain based in Plano, Texas. At Home will fully occupy the 96,446-square-foot space, initially taking possession early 2021 and opening this summer. At Home currently operates 227 stores in 40 states, and its stores each carry up to 50,000 items across broad product categories including furniture, garden, home textiles, housewares, patio, rugs, seasonal decor, tabletop decor and wall decor. Woodmore Towne Centre is a 245-acre mixed-use property with retail tenants such as Best Buy, Wegmans and Nordstrom Rack. In the summer of 2020, the JC Penney at Woodmore Towne Centre closed, along with over 150 other stores. Heritage Partners is a real estate development firm with a focus in the Mid-Atlantic markets.

June 24, 2021

District of Columbia Southeast

First-Time Claims for Unemployment Insurance Decrease Slightly to 411,000

by Julia Sanders June 24, 2021

WASHINGTON, D.C. — A total of 411,000 Americans filed for first-time unemployment insurance assistance for the week that ended June 19, the U.S. Department of Labor reported Thursday. These claims constituted a decrease of 7,000 from the previous week’s revised unemployment claims of 418,000. The claims were also higher than the Dow Jones’ estimate of 380,000, according to CNBC. Continuing claims, data of which lags a week, lowered to 3.39 million, which was a decrease of 144,000, according to the news outlet. First time claims for unemployment insurance have been above 400,000 for the second week in a row, following two weeks in late May and June when the number of claims dipped below 400,000. CNBC reports that there are 9.3 million job openings but still approximately 9.6 million American citizens without jobs. A total of 25 states have opted out of federal unemployment benefits, a full two months earlier than the Sept. 6 deadline. The news outlet also reports that despite the unemployment benefits ending in certain states, many people are not in any hurry to find a job, due to health concerns from the COVID-19 virus.

June 24, 2021

Acquisitions Florida Multifamily Southeast

Harbor Group International Sells Apartment Community in Metro Miami for $222.7M

by Julia Sanders June 23, 2021

PEMBROKE PINES, FLA. — Harbor Group International LLC has sold City Center on 7th, a Class A, 700-unit apartment community in Pembroke Pines, for $222.7 million. HGI purchased the suburban Miami property in 2017 for $158.5 million and upon acquisition invested an additional $2.65 million in interior maintenance and upgrades. The buyer was not disclosed. City Center on 7th is close to the Pembroke Lakes Mall and The Shops at Pembroke Gardens, an outdoor lifestyle center. The community is also near the Miramar Park of Commerce, an industrial and business park featuring more than 5.4 million square feet of commercial space and housing several employers to the area. Built in two phases in 2014 and 2015, the community amenities include a LEED Gold-certified clubhouse, beach-entry pool, fitness center, business center, demonstration kitchen, game room, private garages, storage units and 24-hour emergency maintenance. Harbor Group International LLC is a Norfolk, Va. private real estate and real estate investment and management firm.

June 23, 2021

Development Hospitality Mixed-Use Multifamily Restaurant Retail Southeast Tennessee

GBT Realty Breaks Ground on Next Phase of Parke West Mixed-Use Project in Nashville

by Julia Sanders June 23, 2021

NASHVILLE, TENN. — GBT Realty Corp., a Brentwood, Tenn.-based commercial development and investment company, has broken ground on the next phase of construction for Parke West, a mixed-use project located near Nashville’s West End neighborhood. The plans include a hotel, residential community, restaurants and retail space, which will all be situated within two towers. Parke West will also have a 450-space underground parking structure that will serve both towers. Developed, owned and managed by Nashville-based Chartwell Hospitality, the nine-story hotel is a dual-branded Hilton Garden Inn and Home2 Suites by Hilton. The hotels will feature a shared lobby and amenities, including a lobby bar and restaurant, fitness center, rooftop pool deck and approximately 4,000 square feet of flexible meeting space. Of the 172 rooms, 69 will operate as Home2 Suites, while the remaining 103 rooms are designated for Hilton Garden Inn. Plans for the 15-story, multifamily tower includes 210 one- and two-bedroom units. Community amenities will include a 12th floor outdoor swimming pool and deck, dog spa and a 24-hour concierge. Between the towers will be a courtyard featuring open-air, landscaped terraces. Approximately 11,000 square feet of commercial space on the ground level will house restaurants with outdoor seating, service …

June 23, 2021

Florida Loans Office Southeast

Cushman & Wakefield Secures $33.8M in Financing for Two Harbour Place Office Building in Downtown Tampa

by Julia Sanders June 23, 2021

TAMPA, FLA. — Cushman & Wakefield has secured $33.8 million in financing for Two Harbour Place, a Class A office building located in downtown Tampa. Cushman & Wakefield also arranged the sale for the property. Mike Davis, Rick Brugge, Rick Colon, Zachary Eicholtz and Dominic Montazemi of Cushman & Wakefield represented the seller, a joint venture between CP Group and CenterSquare Investment Management, in the transaction. Farley White Interests, a Boston-based commercial real estate owner, acquired the property for an undisclosed price. Jason Hochman, Brian Linnihan, Mike Ryan and Ron Granite of Cushman & Wakefield secured the long-term, fixed-rate acquisition loan through Metropolitan Life Insurance Co. Located at 302 Knights Run Avenue, the 12-story building was 92 percent leased at the time of sale. Property amenities include 3.7 per 1,000-square-foot parking ratio via an attached structured garage, as well as an onsite coffeehouse, concierge services, a full-time day porter, auto detailing and dry-cleaning pick-up and delivery. CP Group, formerly Crocker Partners, is a Boca Raton, Fla.-based owner, operator and developer of office and mixed-use projects throughout the Southeast and Southwest United States. CenterSquare is a global investment manager based in Philadelphia.

June 23, 2021

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