Southeast

Crescent Communities to Develop Life Sciences Property Near Raleigh

by Julia Sanders August 5, 2021

HOLLY SPRINGS, N.C. — Crescent Communities will develop a life sciences project called The Yield in Holly Springs. The Charlotte-based developer expects to break ground on the first phase this fall, with the first building’s delivery expected in the summer of 2022. In the initial phase, Crescent Communities will develop three buildings focused on life sciences and biomanufacturing uses. The 25-acre site is located at the intersection of Green Oaks Parkway and Holly Springs New Hill Road, adjacent to Seqirus’ North American campus, the Holly Springs Business Park and the FUJIFILM Diosynth’s $2 billion cell culture production facility. Phase I will feature over 260,000 square feet of biomanufacturing, lab and office space. Two of the buildings will be constructed to meet Current Good Manufacturing Practice (cGMP) regulations, with each building offering approximately 105,000 square feet and the ability to accommodate single- or multi-tenant needs. The third building will be two stories of office and laboratory space designed to support the biomanufacturing buildings or demand from other office and life science users. Timmons Group, O’Brien Atkins Associates, Gilbane and the Town of Holly Springs are part of the project design team. Crescent Communities has worked with the Town of Holly Springs …

August 5, 2021

Development Georgia Industrial Southeast

SunCap Breaks Ground on Speculative Industrial Project Near Savannah

by Julia Sanders August 5, 2021

POOLER, GA. — SunCap Property Group has broken ground on SunPort 95, a speculative industrial project situated on 123 acres in Pooler, about 10.2 miles from Savannah and 7.3 miles from the Port of Savannah. SunPort 95 is located off Coleman Boulevard near the intersection of Highway 80 and Interstate 95. The project’s first building will be a 944,260-square-foot, cross-dock facility meant for warehouse and distribution users. The building will accommodate a single user or multiple tenants and will feature 40-foot clear heights. At full buildout, the project can accommodate 1.8 million square feet. Building One is slated for completion in September 2022. Bill Sparks of CBRE will handle leasing for the project. Ware Malcomb designed Building One, and Evans General Contractors has been selected as its general contractor.

August 5, 2021

Acquisitions Multifamily South Carolina Southeast

Berkadia Negotiates $19.5M Sale of Multifamily Property in Charleston

by Julia Sanders August 5, 2021

CHARLESTON, S.C. — Berkadia has negotiated the $19.5 million sale of Oasis at West Ashley, a garden-style multifamily property in Charleston. Mark Boyce and Blake Coffey of Berkadia led the transaction on behalf of the seller, New York-based URS Capital Partners. The buyer was not disclosed. Built in 1979, Oasis at West Ashley features 116 units with newly renovated kitchens, walk-in closets and select units with patio or balcony options. The apartment community sold for a per-unit price of $167,672. Located at 1751 Dogwood Road, the property is 7.5 miles from the Charleston International Airport. The property was 96 percent occupied at the time of sale.

August 5, 2021

District of Columbia Southeast

IREM: Residential Industry Will Be Left in Limbo with CDC Eviction Moratorium Extension

by Julia Sanders August 5, 2021

WASHINGTON, D.C. — The Centers for Disease Control and Prevention (CDC) has extended the federal eviction moratorium until Oct. 3, which many real estate industry associations disagree with, including the Institute of Real Estate Management (IREM). IREM released a statement saying it is concerned that the eviction moratorium extension will leave housing providers in limbo as renters accumulate debt from the rent they owe. The press release also states that the moratorium does not help with the current problems in the housing sector and could potentially worsen its health financially. Rental housing providers and apartment owners have helped their renters avoid eviction with payment plans, extended or flexible lease periods and waiving fees. On Aug. 3, the National Multifamily Housing Council (NMHC) also issued a statement in strong opposition of the eviction moratorium extension. Additionally, the National Apartment Association filed a lawsuit due to the extension. The eviction moratorium is now on its fourth extension and was supposed to end July 31. With the updated federal eviction moratorium, the CDC says it will issue a ban in counties with high levels of COVID-19 cases and will cover about 90 percent of renters, according to CNBC.

August 5, 2021

Georgia Loans Office Southeast Top Stories

JLL Arranges $421.8M Refinancing for Atlanta’s Piedmont Center Office Complex

by Jeff Shaw August 5, 2021

ATLANTA — JLL’s Capital Markets group has arranged a $421.8 million refinancing for Piedmont Center in Atlanta. The 2.2 million square foot, 14-building, Class A office complex is located on Piedmont Road NE in Atlanta’s Buckhead submarket. Proceeds from the loan were used to purchase four additional office buildings within the complex and to refinance the debt of Ardent’s existing holdings within Piedmont Center. The tenant roster includes technology, healthcare and professional services companies. The area is served by a MARTA Station that provides transportation throughout the city of Atlanta, as well as several thoroughfares such as Georgia 400 and Peachtree, Roswell and Lenox roads. The office space is located four miles north of Midtown, which offers amenities from museums to shopping to recreation. JLL’s Capital Markets team represented the borrower, The Ardent Cos., in the transaction to secure the floating-rate loan from a bank lender. Matt Casey and Ed Coco led the JLL Capital Markets team, while JLL’s brokerage team of David Horne and Jeff Taylor won the assignment to lease buildings five through eight. “Through its consolidation of ownership within Piedmont Center, Ardent has created a huge opportunity to reinvent the office campus into a more dynamic workplace …

August 5, 2021

Acquisitions Multifamily Southeast Tennessee

CBRE Brokers $64M Sale of Apartment Community in Metro Nashville

by John Nelson August 4, 2021

MT. JULIET, TENN. — CBRE has arranged the $64 million sale of Creekside at Providence, a 209-unit apartment community located at 1001 Providence Parkway in Mt. Juliet, about 18 miles east of Nashville. Newport Beach, Calif.-based Olen Properties Corp. purchased the property for $64 million, or $306,220 per unit. Built by Dobbins Group in 2015, Creekside at Providence features a swimming pool, pet play area with washing station, car care center, business center, gym, playground, movie theater, game room, picnic area and walking/biking trails. The community is situated adjacent to Providence Marketplace, a shopping mall housing tenants such as Best Buy, Belk, Books-A-Million, Dick’s Sporting Goods, HomeGoods, Kroger, Old Navy, PetSmart, Regal Cinemas, Taco Bell, Target and The UPS Store. Russ Oldham and Brett Kingman of CBRE’s Nashville office represented the undisclosed seller in the transaction. Olen Properties was self-represented.

August 4, 2021

Acquisitions Affordable Housing Development Mixed-Use Multifamily Restaurant Retail Southeast Tennessee

Rethink Community Buys Land in East Nashville, Plans to Develop Mixed-Use Project

by John Nelson August 4, 2021

NASHVILLE, TENN. — Rethink Community, a New York-based real estate development firm and investment manager of social impact projects in urban areas, purchased 21 acres on Nashville’s east side for a new development dubbed Rethink Community – Nashville. The site is two miles north of downtown Nashville and a half-mile from Oracle Corp.’s upcoming 65-acre campus. Rethink Community, a subsidiary of Rethink Capital Partners and a division of Seavest Investment Group, plans to build workforce apartments, for-sale townhomes, lofts and neighborhood retail and dining at the site, as well as a one-acre public park. Once complete, the firm plans to deliver programs and services for residents. BlackBirch Capital acted as exclusive advisor to Rethink Community on the capital raise for the project. In addition to Nashville, Rethink Community has projects in the development pipeline in Atlanta, Cleveland, Durham and Portland.

August 4, 2021

Development Florida Mixed-Use Southeast

Flaherty & Collins to Build $66M Mixed-Use Development in Downtown Cape Coral, Florida

by John Nelson August 4, 2021

CAPE CORAL, FLA. — Flaherty & Collins Properties plans to develop The Cove at 47th, a $66 million mixed-use multifamily project in downtown Cape Coral. The property will include 285 luxury apartments and 19,000 square feet of commercial space on the ground level, as well as a rooftop pool and lounge. The Cove will prominently feature studios, one- and two-bedroom apartments to attract younger renters. The Cape Coral Community Redevelopment Agency recently approved the development, which is a public-private partnership between the City of Cape Coral and Flaherty & Collins. As part of the agreement, the city is contributing $20 million in sewage upgrades and $10.4 million in incentives to fund the construction of a 525-space parking garage available for public use. The 3.9-acre site is situated at the corner of Cape Coral Parkway East and SE 8th Court near Corksoakers restaurant. Flaherty & Collins purchased the land from an entity doing business as Downtown Village Square LLC. Paulette duCharme Hansen of Miloff Aubuchon Realty Group negotiated the land sale. Flaherty & Collins is aiming to break ground in early 2022, with first units coming in spring 2023. Full project completion is estimated for fall 2023.

August 4, 2021

Acquisitions Alabama Multifamily Southeast

Arch Cos., Drake Acquire Multifamily Portfolio in Tuscaloosa Totaling 649 Units

by John Nelson August 4, 2021

TUSCALOOSA, ALA. — A partnership between Arch Cos. and Drake Real Estate Partners has purchased a three-property multifamily portfolio in Tuscaloosa totaling 649 units. The communities in the sold portfolio include Broadmoor Gardens, Copper Greek and Woodlawn Manor. The seller(s) and sales price was not disclosed. Arch will be implementing value-add capital improvements to the portfolio through its Arch Builders division and operate the communities in-house. Arch Cos. and Drake have purchased three garden-style portfolios in the past five months. The partners jointly own approximately 2,000 multifamily units. The investment sales brokers for this transaction include Josh Jacobs of Marcus & Millichap and Brian Savage of Colliers International. Walker & Dunlop arranged acquisition financing.

August 4, 2021

Acquisitions Office Southeast Virginia

S.L. Nusbaum Arranges $15.7M Sale of Three Office Buildings in Virginia Beach

by John Nelson August 4, 2021

VIRGINIA BEACH, VA. — S.L. Nusbaum Realty Co. has arranged the sale of Buildings Four, Five and Six within Pembroke Office Park in Virginia Beach. The three buildings total 167,660 square feet of Class B office space. Suburban Capital sold the buildings to the undisclosed buyer for $15.7 million. Pembroke Office Park is a 300,000-square-foot office park with five multi-tenant office buildings. The property is located close to Pembroke Mall, as well as retail, dining, hospitality and entertainment options at Town Center of Virginia Beach, a 25-acre lifestyle center in the city’s downtown district fronting the Atlantic Ocean. Stephanie Sanker and Sam Rapoport of S.L. Nusbaum Realty worked with Ten-X to represent the seller. The new owner has retained S.L. Nusbaum Realty to provide leasing and management services for the property.

August 4, 2021

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