Southeast

Anatomy Opens New 15,000 SF Location at Regatta Harbour in Miami

by Julia Sanders June 7, 2021

MIAMI — Anatomy has opened a new location at Regatta Harbour, a 9.5-acre mixed-use development underway in Miami. Anatomy is a progressive fitness community that integrates exercise programing with wellness and beauty. The Regatta Harbour location will be Anatomy’s fourth location in South Florida, and Anatomy is Regatta Harbour’s first tenant. Situated at 3385 Pan American Drive, Anatomy encompasses 15,000 square feet of space. Anatomy’s Regatta Harbour site houses “The Sanctuary,” which is the gym’s signature recovery and regeneration component. It also features cardio and strength equipment, group fitness classes, a variety of open-air outdoor workout programing and a Kids Club as an added amenity for families. Accessible by land and sea along Coconut Grove’s historic Dinner Key, Regatta Harbour is slated for a 2022 completion date. Designed by Arquitectonica, the development will feature more than 100,000 square feet of entertainment, retail and restaurants. The first phase of the multi-stage project was completed in 2019 with its marina following a $5.5 million overhaul of the former Grove Key Marina site. Regatta Harbour will preserve and renovate historic airplane hangars utilized in the early 1900’s as the first continental Naval air station and later by Pan Am Airways. Regatta Harbour is …

June 7, 2021

Acquisitions Loans Maryland Multifamily Southeast

KeyBank Funds $18M Acquisition Loan for Manufactured Housing Community in Dundalk, Maryland

by Julia Sanders June 7, 2021

DUNDALK, MD. — KeyBank Real Estate Capital has secured an $18 million Fannie Mae acquisition loan for a manufactured housing community in Dundalk known as Briarwood Estates. The borrower is a partnership between Dahn Corp., a Newport Beach, Calif.-based real estate investment and asset management company, and Orlando-based Elevation Capital Group. The property represents the first purchase for Elevation’s investment fund Elevation Fund 8 LLC, which focuses on self-storage and manufactured housing acquisitions. Paul Angle and Jason Weaver of KeyBank originated the financing. The 10-year loan is structured with a fixed interest rate, three years of interest-only payments and a 30-year amortization schedule. Originally built in 1949, renovated in the 1960s and expanded in the 1980s, Briarwood Estates is a 209-pad manufactured housing community situated on 34 acres approximately 48 miles north of Washington, D.C.

June 7, 2021

Acquisitions Kentucky Retail Southeast

Marcus & Millichap Arranges $5.6M Sale of Four-Property Dollar General Portfolio in Kentucky

by Julia Sanders June 7, 2021

PAINTSVILLE, DANVILLE, EASTERN AND GIRDLER, KY. — Marcus & Millichap has arranged the $5.6 million sale of a four-property Dollar General portfolio in Kentucky totaling 36,400 square feet. Darpan Patel, Dan Yozwiak and Matthew Johnson of Marcus & Millichap represented the seller, James Myers of Kentucky Lodging and Development, and secured the buyer, Harrimack Holdings Acquisitions LLC, in the transaction. Colby Haugness of Marcus & Millichap assisted in closing the transaction. The four Dollar General stores are located at 1370 Euclid Ave. in Paintsville; 6595 Alum Springs Road in Danville; 5451 N. KY Highway 11 in Girdler; and 39 Kentucky-680 in Eastern.

June 7, 2021

Industrial Market Reports Maryland Southeast Southeast Market Reports

Baltimore’s Industrial Market is Stronger Than Ever, And There’s More to Come

by John Nelson June 7, 2021

Baltimore’s industrial market has been flourishing for years, but current trends suggest it may be poised to become one of the hottest markets in the United States over the next few years. Supporting these dynamics will be continued growth in e-commerce, a new emphasis by manufacturers and retailers on expanding their “safety stock” in warehouses and increasing land constraints in the Mid-Atlantic. The confluence of these trends is expected to drive average Baltimore industrial rents at one of the fastest clips of any market in the United States over the next two years. In 2021, the Baltimore industrial market recorded its most active first quarter of gross leasing in over a decade. Net absorption of 1.3 million square feet sparked the year with a strong start as the region’s industrial vacancy rate continued to hover near its lowest level in more than a decade. Vacancy in Baltimore industrial properties has been stable since 2018, despite approximately 12 million square feet of new warehouses constructed in that time span. Several important trends are driving the record-breaking market conditions and are expected to facilitate growth into the foreseeable future. The first trend is a sharply recovering economy in 2021 that may perform …

June 7, 2021

Acquisitions Florida Multifamily Southeast

CGI+ Sells Multifamily Property in Metro Orlando for $74.5M

by Julia Sanders June 4, 2021

CELEBRATION, FLA. — Woodland Hills, Calif.-based CGI+ Real Estate Investment Strategies has sold Astoria at Celebration, a 306-unit luxury multifamily community in Celebration. Aliso Viejo, Calif.-based Versity Investments LLC acquired the property for $74.5 million. Originally completed in 2016, Astoria at Celebration, which was then known as Sola at Celebration, had to be vacated in 2017 due to construction issues. Then, CGI+ acquired the vacant community in 2019 for $43 million. Mario Lopez of CGI+ and Ryan Bitzer of Turning Leaf Construction made renovations in order to bring the property up to code. During this time, CGI+ worked with Epoch Property Management to rebrand the community as Astoria at Celebration. At the time of the sale, the property was 99 percent leased. Astoria at Celebration features a mix of luxury one-, two- and three-bedroom units located in six four-story, Art Deco-inspired residential buildings around a centralized clubhouse and pool area. The property unit size ranges from 741 square feet to 1,371 square feet. The apartments feature nine-foot ceilings, kitchens with stainless steel appliances, 42-inch espresso cabinets, granite countertops, full-size washers and dryers and walk-in closets. Community amenities include a saltwater pool, private pool cabanas, 24-hour fitness studio, a clubhouse with …

June 4, 2021

Acquisitions Data Centers Industrial Southeast Virginia

Yondr Group Acquires 270 Acres in Northern Virginia for Data Centers Developments

by Julia Sanders June 4, 2021

LOUDOUN AND PRINCE WILLIAM COUNTY, VA. — Yondr Group, in partnership with JK Land Holdings LLC, have acquired 270 acres of land in Loudoun and Prince William counties for the development of data centers. The price and seller were not disclosed. The data centers’ new sites are close to Northern Virginia’s major fiber path and power transmission lines, and the sites are expected to support the delivery of 500 megawatts of critical IT capacity. Yondr aims to have its first capacity ready for service in late 2022. Yondr also is currently building data center projects in London, England; Frankfurt and Berlin, Germany; Jakarta, Indonesia; and multiple cities in India. The company wants to develop data centers across five continents by 2024.

June 4, 2021

Acquisitions Development Multifamily Southeast Tennessee

Alliance Residential Co. Purchases Two Acres in Nashville for Broadstone OneCity Apartment Development

by Julia Sanders June 4, 2021

NASHVILLE, TENN. — Alliance Residential Co. has purchased nearly two acres for the development of Broadstone OneCity, a luxury multifamily community located at 7 City Place in Nashville. The price and seller were not disclosed. Construction is scheduled to begin this year with first residents moving in spring of 2023. Designed by architect Dynamik Design and civil engineer Catalyst Design Group, Broadstone OneCity will include 261 studio, one- and two-bedroom luxury apartment units averaging 814 square feet. Units will feature finishes including gas ranges, beverage refrigerators, entertainment islands and custom entry benches. Community amenities will include a fitness center, private focus rooms, individual yoga pods, mailroom with 24/7 package concierge, resort-style pool and courtyard and a Skylounge equipped with a demonstrator kitchen and rooftop putt-putt. Broadstone OneCity will be part of the OneC1TY development, an urban community in Nashville. The property will be located close to restaurants like Pastaria and Avo, recreational areas, office spaces and fitness facilities such as CrossFit and Edge Cycle. Alliance Residential Co. has two other developments currently under construction including Broadstone SoBro and Broadstone Nations. Based in Scottsdale, Ariz., Alliance Residential Co. is a multifamily developer.

June 4, 2021

Development Florida Retail Southeast

InvenTrust Properties Corp. to Redevelop 93,358 SF Suncrest Village Shopping Center in Orlando

by Julia Sanders June 4, 2021

ORLANDO, FLA. — InvenTrust Properties Corp. has unveiled plans to redevelop Suncrest Village, including replacement of the Publix grocery store that anchors the property. The 93,358-square-foot shopping center is located at the corner of University Boulevard and Dean Road at 10021-10115 University Blvd. in Orlando. Construction is slated to take approximately 12 months to complete. InvenTrust’s planned improvements to the center include the replacement of the existing Publix building with a new, larger prototype Publix store to be constructed in the same location. The small-shop tenant facades at Suncrest Village will receive new paint, lighting, replacement of the mission tile roof, a new sign band on portions of the canopy, improved landscaping and green trellis areas with accent lighting. InvenTrust plans to employ sustainable processes throughout this renovation. For example, LED lighting has been added to the center’s parking lot and, during demolition, reusable materials will be sorted and reclaimed to reduce landfill waste. Suncrest Village is located along the University Boulevard and is 2.8 miles from the University of Central Florida. The center features local, regional and national restaurants, services and retailers, such as Leslie’s Swimming Pool Supplies, Mei’s Kitchen, Fuji Yama Sushi, Subway and University Wine & Spirits. Matt Hagan …

June 4, 2021

District of Columbia Southeast

US Economy Added 559,000 Jobs in May, Lower Than Economists’ Expectations

by Julia Sanders June 4, 2021

WASHINGTON, D.C. — The U.S. economy added 559,000 jobs in May, the Bureau of Labor Statistics (BLS) reported Friday. This figure is lower than predicted, as economists surveyed by Dow Jones had expected the report to show a gain of 671,000 jobs, according to the CNBC. The BLS also revised the April job gains to increase from 266,000 to 278,000. Meanwhile, the unemployment rate declined from 6.1 percent in April to 5.8 percent in May, which was better than estimates of 5.9 percent. The BLS report for May showed notable job gains in the leisure and hospitality sector, which added 292,000 jobs, as pandemic restrictions on businesses eased last month. For May, nearly two-thirds of the jobs increase were in the food and drinking industry. Jobs in recreation, gambling and amusements also increased by 58,000. Compared to February 2020, jobs in leisure and hospitality are still down by 15 percent or 2.5 million jobs. Last month, 16.6 percent of people still worked remotely. As people go back to working in an office or in-person schooling, jobs in the private and public education increased. In local government education, jobs increased by 53,000. In state government education, there was an increase by …

June 4, 2021

Acquisitions Arkansas Multifamily Southeast

Cushman & Wakefield Arranges $63.3M Sale of The Fitzroy Chenal Apartments in Little Rock

by Julia Sanders June 3, 2021

LITTLE ROCK, ARK. — Cushman & Wakefield has arranged the sale of The Fitzroy Chenal, a 294-unit apartment community in Little Rock. The final price was $63.3 million or $215,306 per unit. Martin Bynum and Craig Hey of Cushman & Wakefield represented the seller, Huffman & Co., in the transaction. Passco Cos. was the buyer of the property. Estage is in charge of management. Constructed in 2018, the Fitzroy Chenal is located at 15401 Chenal Parkway and was 98 percent occupied as of March. Community amenities include a courtyard with fire pits, dog grooming station, 24-hour health club, garages, late-night concierge service, golf simulator room, cybercafé with java bar, pet park, resort-style pool with spa and hot tub, and a wine/card lounge. Huffman & Co. is a Little Rock-based development, construction and management firm that specializes in multifamily. Based in Irvine, Calif., Passco Cos. is a development and management firm of multifamily and commercial properties throughout the United States.

June 3, 2021

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