BURLINGTON, N.C. — Several new tenants are set to open at Church Street Commons, a recently constructed shopping center located at the intersection of Huffman Mill Road and Church Street in Burlington. Morgan Cos. purchased the 9.6-acre property where Church Street Commons now stands in February 2019. The property was formerly the site of a Sears department store. The owner and developer of the center, Morgan Cos., recently welcomed a new Publix supermarket. My Eyelab, an optical retailer, also opened at the center in December. The retailers that will soon open at Church Street Commons includes The Habit Burger Grill, a burger restaurant; Aspen Dental, a dental services provider; Popeye’s, a New Orleans-based fast food chain; uBreakiFix, a same-day electronics repairs provider; and Church Street Nails, a nail salon and spa. The retailers are expected to open in the first quarter of this year.
Atlanta remains an incredibly active market for multifamily demand from both a renter and investor standpoint. The Atlanta metropolitan statistical area (MSA) boasts a population estimate by the U.S. Census Bureau of more than 6.1 million people, an increase of 14.3 percent over the past 10 years, and ranks consistently as one of the top recipients of in-migration in the country. The continued influx of new residents and rising home pricing have led to a vacancy rate of 4.9 percent, the lowest recorded in the MSA since 2000. In the third quarter, rents reached the highest average in Atlanta’s history of $1,561 per unit, an increase of 21.3 percent year-over-year. While on average apartment communities tend to see an average occupancy rate around 95 percent, eviction moratoriums have pushed occupancies at many to as high as 99 percent leased as property managers seek to make up for lost revenue. Residents are flocking toward urban infill projects in walkable parts of the city, such as in the micro-market along the Atlanta BeltLine Eastside Trail where effective rents reached $2,052 per unit, commanding a 31.5 percent premium over the metro Atlanta average. However, there has also been substantial rent growth recorded in …
The current state of the New Orleans industrial real estate market can best be described as “dichotomic.” On the one hand, New Orleans has the stability of a mature market featuring one of the largest and oldest ports in North America, traditionally serving heavy industry that continues to perform. On the other, you have two new proposed container port projects that could significantly alter the landscape of the industrial real estate market for the foreseeable future. Like so many other markets across the country, the New Orleans area is gaining its fair share of distribution facilities, with Amazon and the like scrambling for sites to service increased consumer and business-to-business demand. That said, the real game-changer for the distribution sector will ensue when at least one of the two announced container port projects in the New Orleans area comes on line. The Port of Plaquemines and the Port of New Orleans have both identified sites with access to rail, major roadways and water-based transport options that would fundamentally alter the opportunity for distribution emanating out of the New Orleans area. Either project would instantly create a great demand for warehousing and distribution space and further diversify the industrial asset class …
ATLANTA — Kaplan Residential has sold Generation Atlanta, a 336-unit, 17-story high-rise apartment building located in downtown Atlanta. Frankforter Group purchased the community for $126.9 million. The sales transaction marks the largest multifamily sale in downtown Atlanta’s history, according to Kaplan Residential. Located at 369 Centennial Olympic Park Drive, Generation Atlanta offers studio apartments to two-bedroom units, spanning from 459 to 1,512 square feet, with monthly rents ranging from $1,600 to $3,650. Units feature quartz countertops, custom cabinetry, kitchen islands, stainless steel appliances, full-size washers and dryers, private balconies and smart keyless entry. Community amenities include an outdoor theater, rooftop pool and sundeck, bowling alley, EV charging stations, coffee bar, fitness center, yoga studio and a rooftop lounge that offers views of the Atlanta skyline. The property is located on a 1.8-acre land parcel close to Atlanta’s most notable landmarks, including Centennial Olympic Park, World of Coca-Cola, National Center for Civil & Human Rights, Georgia Aquarium, CNN Center, State Farm Arena and Mercedes-Benz Stadium.
TAMPA, FLA. — Altman Cos. has broken ground on Altís Grand at Suncoast, a 449-unit apartment community in Tampa. Rockpoint Group provided equity for the project, and PNC Bank provided debt. Construction is slated for completion by 2023. Altís Grand at Suncoast will offer one-, two- and three-bedroom floor plans. Unit features include bathrooms equipped with dual sink vanities, a soaking tub, quartz countertops, 39-inch cabinets, frontload washers and dryers, stainless steel and energy-efficient appliances. Community amenities include a fitness center, Starbucks cyber cafe, multiple coworking lounges, wellness treatment room, pool, private conference room, game room, indoor air-conditioned dog grooming spa, a multipurpose trail, pet park, hobby/craft room and a 24/7 automated package pickup station. Residents will enjoy membership to The Club, an onsite clubroom that will host activities including daily continental breakfast, Sunday brunch and “Wine Down Wednesdays.” Altman plans for Altís Grand at Suncoast to achieve National Green Building Standard (NGBS) certification, and the property’s sustainable initiatives will include 100 percent energy-efficient designer lighting, Energy Star refrigerators and dishwashers, high-efficiency water heaters and sub-metered water stations and electric car charging stations.
ARLINGTON, VA. — CIM Group has provided a $90.3 million loan to an affiliate of Carr Cos. and the Oliver Carr Co. for the acquisition of Columbia Crossing, a 247-unit apartment community in Arlington. The loan proceeds will also be used to complete interior and exterior renovations and upgrades. Located at 1957 Columbia Pike on 6.3 acres, Columbia Crossing features six buildings and 324 parking stalls. Built in 1991, Columbia Crossing includes one-, two- and three-bedroom floor plans. Community amenities include a clubhouse with a game room, business center, billiard room, fitness center, swimming pool and an outdoor grilling area. Columbia Crossing has direct access to National Landing, Virginia Tech’s Innovation Campus, and major transportation arteries including Interstate 395, Glebe Road and Washington Boulevard, which offers connectivity to Virginia’s Rosslyn-Ballston Corridor, Tyson’s Corner, Reston-Herndon and Alexandria, as well as Washington, D.C. The property is situated near the Pentagon, Amazon HQ2 and Ronald Reagan Washington National Airport.
HIALEAH, FLA. — CBRE has arranged the sale of North Dade Distribution, a 16.5-acre industrial site under development in Hialeah. Dallas-based Dalfen Industrial purchased the site for $26.4 million. Christian Lee, Chris Riley, José Lobón, Amy Julian and Royce Rose of CBRE represented the seller, Coconut Creek, Fla.-based Butters Realty, in the transaction. Slated to be completed in March 2023, North Dade Distribution will total 298,354 square feet. The rear-load warehouse will feature 32-foot clear heights, a 120-foot truck court, 240-foot building depth, separate ingress and egress access for cars and trucks and an ESFR sprinkler system. Located on the corner of 97th Ave. and 165th St., the site provides access to Interstate 75 and the Florida Turnpike via NW 138th St.
MIAMI BEACH, FLA. — Miami-based Integra Investments, in partnership with Miami-based Constellation Group, has sold 1674 Meridian, a 31,979-square-foot office building in Miami Beach for $26.5 million or $828 price per square foot. The buyer was not disclosed. Integra Investments and Constellation Group acquired 1674 Meridian in August 2019 for $10.1 million. Over the course of their ownership, the firms completed building renovations including new HVAC systems, touchless elevators and face temperature camera telecoms. The Class A office building also includes 5,505 square feet of retail space. The five-story building is located one block from Lincoln Road, Miami Beach’s pedestrian-only, high street promenade with dining, retail and entertainment options.
MIAMI — Aztec Group has arranged $247.5 million in debt financing for Downtown 5th, an apartment community in downtown Miami spanning 1,042 rental apartments and 13,261 square feet of retail space. Peter Mekras of Aztec Group arranged the financing on behalf of the developer, Miami-based Melo Group. Berkadia’s Miami office acted as seller-servicer for the Freddie Mac loan. The 10-year loan features a fixed interest rate and is full-term interest only. Downtown 5th opened for occupancy in July of 2021 and almost every unit was leased in under seven months, or approximately 150 units per month. Downtown 5th offer one-, two- and three-bedroom floor plans that range in size from 650 and 1,200 square feet. Monthly rental rates range from approximately $1,700 to $4,000. The property is located at the corner of 5th Street and North Miami Avenue adjacent to the College North Metromover station.
WINCHESTER, VA. — Bethesda, Md.-based Meridian Group has purchased One Logistics Park, a 277-acre distribution center campus in Winchester that will be built over multiple phases. The sales price was not disclosed. JGR Three, Hockman Investments and Governor’s Hill LLC were the sellers. The Meridian Group has selected Colliers to market the $150 million project once completed. Construction will break ground in the first quarter of 2022 with delivery of Phase I set for the second half of 2023. The first phase will span nearly 1.4 million square feet spread across two facilities: a 1 million-square-foot building and a 360,000-square-foot building. Meridian Group and co-developer Wickshire Industrial plan for One Logistics Park to feature 2.8 million square feet of distribution logistics space and over 100,000 square feet for gas service, quick-service restaurants and other retail options. One Logistics Park will be located along Interstate 81 and offer access to the Baltimore-Washington Corridor via Interstates 66 and 70, with close proximity to the Virginia Inland Port, which is also located in Winchester.