Southeast

Crescent Communities Acquires 133,368 SF SouthCourt Office Property in Durham

by Julia Sanders January 14, 2022

DURHAM, N.C. — Crescent Communities has acquired SouthCourt, a 133,368-square-foot, Class A office property in Durham. John Mikels, Daniel Flynn, Ryan Clutter and Chris Lingerfelt of JLL Capital Markets represented the undisclosed seller. The sales price was also not disclosed. Built in 1998, the six-story SouthCourt office property was 75.4 percent leased at the time of sale to a variety of tenants, including publicly traded international firms, expanding regional companies and local businesses in the healthcare, financial services, life sciences and legal industries. Located at 3211 Shannon Road, SouthCourt is situated 4.1 miles from downtown Durham and 7.6 miles from Chapel Hill. In addition, SouthCourt is close to Duke University, University of North Carolina at Chapel Hill and Research Triangle Park, as well as the Interstate 40.

January 14, 2022

Acquisitions Florida Multifamily Southeast

Berkadia Arranges $97.5M Sale of Apartment Community in Orlando

by Julia Sanders January 13, 2022

ORLANDO, FLA. — Berkadia has arranged the sale of West Vue, a 442-unit, garden-style apartment community in Orlando. A joint venture between New York-based Phoenix Realty Group and Prospect Capital acquired the property for $97.5 million. Matt Wilcox, Brett Moss, Tyler Swidler and Cole Whitaker of Berkadia represented the Jacksonville-based seller, RISE: A Real Estate Co. Built in 2021, West Vue offers one-, two- and three-bedroom floorplans with units ranging from 759 square feet to 1,369 square feet. Unit features include nine-foot ceilings, wood-plank style flooring, pendant lights, stainless steel appliances, granite countertops, center island with breakfast bar seating, side-by-side refrigerators, walk-in closets, walk-in showers, dual vanities, full-sized washer and dryers, balconies and screened-in patios. Community amenities include two swimming pools with sun shelves and private cabanas, a 24-hour clubhouse with Wi-Fi, media and game lounge, rentable private offices and study spaces, 24-hour fitness center, yoga studio, courtyards, dog park, children’s playground and a summer kitchen with grills. The property was 65.2 percent occupied at the time of sale. Located within the 1,800-acre master-planned MetroWest community, West Vue is situated close to Walgreens, 24 Hour Fitness, Wawa and an under-construction Bravo grocer. Located at 5915 Raleigh St., the property is …

January 13, 2022

Florida Industrial Loans Southeast

JLL Secures $73.4M Loan for Five-Property Portfolio in South Florida

by Julia Sanders January 13, 2022

MIAMI — JLL Capital Markets has secured a $73.4 million refinancing loan for a five-property industrial portfolio totaling 713,481 square feet in Doral, Medley, Miami and Cooper City. Greg Nalbandian, Jim Cadranell, Maxx Carney and Michael Lachs of JLL arranged the loan on behalf of the borrower, metro Philadelphia-based Seagis Property Group LP. An undisclosed correspondent life insurance company provided the 10-year, fixed-rate, interest-only loan. The 12-building portfolio includes Class A and B properties located at 8305 NW 27th St. in Doral; 8150 NW 76th St. and 2101 NW 82nd St. in Medley; 3000 NW 125th St. in Miami; and the nine-building Cooper Commerce Center located at 2229-12260 SW 53rd St. and 12323 SW 55th St. in Cooper City. The portfolio was 99 percent leased at the time of the financing to 67 tenants. All the buildings feature efficient loading and clear heights ranging from 21 to 24 feet.

January 13, 2022

Development Florida Retail Southeast

St. Joe Co. Breaks Ground on 350,000 SF Shopping Center in Panama City Beach, Florida

by Julia Sanders January 13, 2022

PANAMA CITY BEACH, FLA. — St. Joe Co. has broken ground on Watersound West Bay Center, a 350,000-square-foot shopping center development located on an approximately 110-acre site in Panama City Beach. The project will include a mix of retail, restaurant, office and medical space. Site work on Watersound West Bay Center is underway, with vertical construction slated to begin in the fall. St. Joe Co. plans to build the project to feature golf cart and pedestrian connectivity. Other plans include mixed-use buildings with first floor shopping and dining options and second floor office space, as well as a grocery store and pharmacy. Located near the intersection of State Road 79 and West Bay Parkway, Watersound West Bay Center is situated adjacent to the Latitude Margaritaville Watersound community, an active adult community that at full buildout will comprise 3,500 homes.

January 13, 2022

Development Retail South Carolina Southeast

Morgan Cos. to Develop 200,000 SF Shopping Center in Beaufort, South Carolina

by Julia Sanders January 13, 2022

BEAUFORT, S.C. — The Morgan Cos. has plans to develop Beaufort Station, a 200,000-square-foot shopping center in Beaufort. The firm acquired 31 acres for the project. The sales price and seller for the land were not disclosed. Construction is expected to start this quarter, with the project slated for completion by the fall of 2023. Beaufort Station will be located at the southwest corner of Robert Smalls Parkway and Parris Island Gateway. The shopping center development already had four anchor tenants sign leases: Hobby Lobby, Ross Dress for Less, Ulta Beauty and Old Navy. Zach Means of Divaris Real Estate Inc. represented The Morgan Cos. in the land transaction, and Mark Hall of Judge Realty represented the sellers.

January 13, 2022

Acquisitions Development Multifamily North Carolina Southeast

Alliance Residential Acquires 15.7 Acres in Raleigh for Multifamily Development

by Julia Sanders January 13, 2022

RALEIGH, N.C. — Alliance Residential Co. has acquired 15.7 acres in Raleigh for the development of Prose New Hope, a 344-unit apartment community that marks the firm’s first Prose-branded property in the city. Prose is a new housing concept focused on building attainable homes near high-growth employment areas such as Raleigh. The seller and sales price of the land was not disclosed. Construction of Prose New Hope is slated for completion by early 2023. The property will offer one- and two-bedroom floorplans with an average unit size of 1,012 square feet. Unit features will include granite countertops, shaker style cabinets, stainless steel appliances and vinyl plank flooring. Community amenities will include a resort-style pool, clubhouse, fitness center, business center and a dog park. Located at 4100 Buffaloe Road, Prose New Hope will be situated across the street from a new Lidl grocery store, as well as Triangle Town Center. The property will also be close to Highway 401, Interstates 440 and 540, downtown Raleigh, NC State and Wake Technical Community College’s northern campus.

January 13, 2022

Data Centers Development Southeast Top Stories Virginia

AREP, Harrison Street to Develop Six Properties in Virginia’s Data Center Alley for $1B

by Katie Sloan January 13, 2022

ASHBURN AND ARCOLA, VA. — A joint venture between American Real Estate Partners (AREP) and Harrison Street has announced plans to develop six powered shell data centers in Virginia’s Data Center Alley for $1 billion. The campuses will span 2.1 million square feet across two sites in Ashburn and Arcola. The first project will include a portion of the former AOL headquarters on Pacific Boulevard in Ashburn. The development will feature four built-to-suit data centers delivering 300 megawatts (MW) of electrical power capacity. The second development will be located on Arcola Boulevard, directly across the street from a new development by Google and near Dulles International Airport in Arcola. The campus will include two built-to-suit data centers offering approximately 100 to 125 MW of electrical power capacity. The new buildings will range from 265,000 to 440,000 square feet in size. A timeline for the developments was not announced. The joint venture has also broken ground on ABX-1 at Beaumeade, a 265,000-square-foot, two-story, powered shell data center located on Loudoun County Parkway along the Ashburn Fiber Ring in Ashburn. The partnership acquired the site in January 2021 and has not announced a timeline for the project. A number of large-scale data …

January 13, 2022

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges $132.6M Sale of Multifamily Community in Metro Atlanta

by Julia Sanders January 12, 2022

SANDY SPRINGS, GA. — Cushman & Wakefield has arranged the sale of Park at Abernathy Square, a 484-unit apartment community located in Sandy Springs, about 16.4 miles north of downtown Atlanta. The sales price was $132.6 million, or more than $274,000 per unit. Mike Kemether, Travis Presnell and James Wilber of Cushman & Wakefield represented the seller, Atlanta-based Clark Ventures, in the transaction. San Francisco-based Stockbridge Capital Group acquired the property. Built in 1977 and renovated in 2019, Park at Abernathy Square offers one-, two- and three-bedroom floorplans with an average unit size of more than 1,100 square feet. Unit features include walk-in closets, patios and balconies, granite countertops, stainless steel appliances, pantries, dishwashers and washer and dryer hookups. Community amenities include a clubhouse, pool, laundry facilities, tennis court, picnic area, fitness center, business center, playground and a car charging station. Located at 6925 Roswell Road, the property is located off Ga. Highway 400 and is situated close to Buckhead, Roswell and Alpharetta. The apartment community is also 5.9 miles from Georgia Perimeter College and 3.1 miles from the Art Institute of Atlanta.

January 12, 2022

Florida Loans Lument Multifamily Southeast

Lument Provides $48.8M Refinancing for Multifamily Community in Santa Rosa Beach, Florida

by Julia Sanders January 12, 2022

SANTA ROSA BEACH, FLA. — Lument has provided a $48.8 million Freddie Mac conventional loan to refinance Sanctuary at 331, a 264-unit multifamily community in Santa Rosa Beach. Steve Beltran of Lument led the loan transaction on behalf of the borrower, an affiliate of Hunt Cos. The loan features a 10-year term, 30-year amortization schedule and a low fixed interest rate with 60 months of interest-only payments. The loan is a refinance of an existing HUD loan. Sanctuary at 331 features 11 buildings on nearly 32 acres. The apartment property offers one- and two-bedroom floorplans with features such as stainless steel appliances, private patios and in-unit washers and dryers. Community amenities include a 24-hour fitness center, swimming pool, clubhouse, a dog park and garage storage units. Cushman and Wakefield manages the property, which was 97 percent occupied at the time of the loan transaction.

January 12, 2022

Acquisitions Industrial Kentucky Southeast

JLL Income Property Trust Acquires Industrial Facility in Louisville for $39.5M

by Julia Sanders January 12, 2022

LOUISVILLE, KY. — JLL Income Property Trust has acquired South Louisville Distribution Center, a 327,000-square-foot, newly constructed industrial property in Louisville. The sales price was $39.5 million. The seller was not disclosed. The South Louisville Distribution Center is fully leased to Rivian, an electric vehicle automaker and automotive technology company. The seven-year lease includes annual rent increases of 2.8 percent. Completed in August 2021, the property includes Class A features such as cross docking, 36-foot clear heights and LED lighting. The industrial property is located close to major distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub) and Louisville Muhammad Ali International Airport.

January 12, 2022

Newer Posts

Older Posts