Southeast

Milestone Group Buys 564-Unit Apartment Community in Rockville, Maryland

by John Nelson January 26, 2021

ROCKVILLE, MD. — An affiliate of The Milestone Group has purchased The Villages at Decoverly, a 564-unit garden-style apartment community located in Rockville. Decoverly is located at 9901 Gable Ridge Terrace, approximately 24 miles from Washington, D.C. Decoverly was developed in stages in 1991 and 2006. The community features a variety of one-, two- and three-bedroom floor plans and common area amenities including two pools, two fitness centers, tennis courts, an outdoor grilling and entertainment area and a children’s play area. Steve Collins, Water Coker, and Brian Crivella and Robert Jenkins of JLL Capital Markets represented the seller, an undisclosed foreign investor, in the transaction. The sales price was not disclosed.

January 26, 2021

Acquisitions North Carolina Office Southeast

Big Cypress Capital, LPA Urban Sell Adaptive Reuse Office Property in Charlotte for $17.3M

by John Nelson January 26, 2021

CHARLOTTE, N.C. — Big Cypress Capital and LPA Urban have completed the $17.3 million sale of 2317 Thrift Road, a two-story adaptive reuse office property spanning 38,000 square feet in Charlotte’s FreeMoreWest neighborhood. Big Cypress Capital and LPA Urban purchased the asset in January 2019 and signed local advertising firm Wray Ward to anchor the space in summer 2019. The co-owners redeveloped the existing 19,000-square-foot structure and doubled the footprint with a new addition ahead of its delivery in October 2020. Naples, Fla.-based Big Cypress sold the asset via its Headwaters Strategic Operator platform. It was the first sale in the firm’s 2018 Vintage Year Headwaters Real Estate Opportunities Fund I. The buyer was a joint venture partnership that is backed by an undisclosed institutional investor.

January 26, 2021

Alabama Leasing Activity Mixed-Use Restaurant Retail Southeast

Bayer Properties Signs Cheesecake Factory, Main Event to Anchor Mixed-Use Development in Huntsville

by John Nelson January 26, 2021

HUNTSVILLE, ALA. — Bayer Properties has signed leases with The Cheesecake Factory and Main Event Entertainment at Bridge Street Town Centre, a mixed-use development in Huntsville. Cheesecake Factory is expected to open this winter, while Main Event will be open by 2022. The Cheesecake Factory has 209 full-service restaurants, and the new Bridge Street Town Centre location will mark the company’s first in the Huntsville market and the second in Alabama. The restaurant will be located on the south end of the property in a 7,350-square-foot space, next to Barnes & Noble and across from P.F. Chang’s. Main Event at Bridge Street Town Centre will be the company’s first location in the state of Alabama, and its location at Bridge Street Town Centre will open near the Panera Bread. Bridge Street Town Centre features a mix of more than 50 unique-to-market brands and specialty stores, as well as a variety of market-exclusive restaurants. The property is also home to more than 207,000 square feet of Class A office space that is fully leased, as well as a 232-room Westin hotel, 150-room Element by Westin hotel, 244-unit Seleno luxury apartment complex and a recently opened 131-room Hyatt Place Hotel. Bayer Properties …

January 26, 2021

Development Florida Multifamily Southeast

Klotz, KABR Near Completion of $95M Multifamily Community, The Reef, Near Jacksonville

by John Nelson January 25, 2021

ATLANTIC BEACH, FLA. — The Klotz Group of Cos. and KABR Group are nearing completion for The Reef, a $95 million apartment community underway in Atlantic Beach, one of metro Jacksonville’s beaches. The 456-unit community will span 530,000 square feet across two five-story buildings and a two-story, 13,500-square-foot clubhouse. Rooftop amenities will include a bar, lounge and a resort-style pool. Other amenities will include party patios, a yoga lawn, fitness center, game room, car wash center, dog park and access to nearby Hanna Park. Tierra Linda Development LLC, a subsidiary of Klotz, is the developer of the community and expects to deliver The Reef’s clubhouse in October, with apartments opening in phases afterward. The design team includes architect Dwell Design Studio, civil engineer Connelly & Wicker Inc. and general contractor Live Oak Contracting LLC.

January 25, 2021

Development Industrial Southeast Virginia

Merritt Buys Land in Northern Virginia, Plans Spec Industrial Development

by John Nelson January 25, 2021

STAFFORD, VA. — Merritt Properties has purchased 28 acres in Stafford with plans to develop Merritt at Austin Ridge, an industrial campus featuring five light industrial buildings spanning 54,500 to 113,775 square feet each. The Ashburn, Va.-based developer expects to break ground on the project in the third quarter as site plans are still being finalized. The park is expected to offer clear heights from 18 to 32 feet, as well as rear-loaded docks, drive-in capabilities, Interstate 95 visibility and free surface parking. Preleasing is underway, and Merritt expects to deliver the property during the second quarter of 2022. Merritt Construction Services, the construction division of Merritt Cos., will manage the project’s construction. Merritt at Austin Ridge will be the developer’s second spec project in Stafford County, joining Merritt Business Park at Quantico Corporate Center that broke ground in October 2020.

January 25, 2021

Affordable Housing Development Florida Multifamily Seniors Housing Southeast

Wendover Breaks Ground on $27.6M Affordable Seniors Housing Community in Orlando

by John Nelson January 25, 2021

ORLANDO, FLA. — Wendover Housing Partners has broken ground on Hawthorne Park, an affordable seniors housing community in Orlando’s Pine Hills neighborhood. The 120-unit development will replace a former shopping center and become the new anchor for the neighborhood’s town center. Designed for senior residents 55 and older, rents for Hawthorne Park apartments are expected to start at approximately $740 per month for one-bedroom units and $880 per month for two-bedroom units. Hawthorne Park will cost an estimated $27.6 million to develop. Financing includes a $250,000 grant from Orange County, a $317,500 loan from Orange County and $2.3 million in Low-Income Housing Tax Credits (LIHTC) from Florida Housing Finance Corp. Slocum Platts Architects is designing the complex, and Roger B. Kennedy Inc. is the general contractor. Construction is expected to take 11 months to complete, with rental applications starting in June 2021. Hawthorne Park will serve as one of the key projects in the Pine Hills Neighborhood Improvement District — an initiative to revitalize the area and its working-class community of more than 60,000 residents.

January 25, 2021

Leasing Activity Life Sciences North Carolina Office Southeast

Trinity Capital Signs Cancer Research Firm to 70,369 SF Life Sciences Lease in Durham

by John Nelson January 25, 2021

DURHAM, N.C. — Trinity Capital Advisors has signed cancer research firm Charles River Laboratories Inc. to a 70,639-square-foot lease for life sciences space within Park Point, an adaptive reuse research and development campus in Durham’s Research Triangle Park. The tenant’s North Carolina Oncology Center of Excellence operation will occupy the space at the park’s Edge West Building. In 2019, Trinity Capital acquired Park Point, a 100-acre office campus situated near Duke University. The ownership is investing $160 million to redevelop the property into a 655,800-square-foot life sciences campus. GRAIL Inc., an early cancer detection firm, will anchor Park Point when it moves into its 200,000-square-foot space in March. Park Point’s amenities will include athletic fields, walking trails, a fitness center, conference and training center, gathering areas and a coffee shop/café. Bill Sandridge, Brendan Callahan and Caitlyn Kinnaird of JLL represented Charles River Laboratories in the lease transaction. Doug Cook of Cushman & Wakefield and William Allen of Trinity Partners handle life sciences and creative office leasing at Park Point, respectively. Trinity Capital is part of Park Point’s ownership group with Starwood Capital Group and Vanderbilt Partners.

January 25, 2021

Acquisitions Florida Retail Southeast

SRS Real Estate Partners Arranges $5.8M Sale of Naples Retail Property Leased to 7-Eleven

by John Nelson January 25, 2021

NAPLES, FLA. — SRS Real Estate Partners has arranged the $5.8 million sale of a freestanding retail property occupied by 7-Eleven at 4704 Golden Gate Parkway in Naples. The newly renovated property includes a 3,500-square-foot building and 16 gas pumps. Michael Carter and Frank Rogers of SRS represented the seller, a Florida-based merchant-developer, in the transaction. Brad Thessing, Roger Massell and Chris Twist of Thessing Commercial Properties represented the buyer, a private investor that purchased the property in a 1031 exchange.

January 25, 2021

Development Mixed-Use North Carolina Southeast

ATCO, Shorenstein Break Ground on Phase II of Camp North End Mixed-Use Project in Charlotte

by John Nelson January 22, 2021

CHARLOTTE, N.C. — ATCO Properties & Management and Shorenstein Properties LLC have broken ground on Phase II of Camp North End, which will include retail, office and multifamily spaces, as well as a parking garage. The mixed-used development is located on a former industrial site spanning 76 acres in Charlotte’s Druid Hills South district. S9 Architecture is the designer and BB+M Architecture is the architect of record for Camp North End’s second phase, which will include two office buildings totaling 120,000 square feet, 15,000 to 20,000 square feet of retail space and a multifamily community with a parking garage. ATCO and Shorenstein expect to deliver the second phase of construction in early 2022. Phase I was delivered in summer 2020 and includes 70,000 square feet of office and retail space and four food stalls within the Gama Goat building. Office tenants at the project include solar energy company Pine Gate Renewables, tech firm CloudGenera Inc. and Ally Bank. Retail tenants include restaurant Leah & Louise, bakery Wentworth & Fenn, Free Range Brewing, That’s Novel Books and boutique fitness center bloc. The project team is also in the preliminary planning stages for several other buildings onsite, including the renovation of the …

January 22, 2021

Acquisitions Georgia Multifamily Southeast

Passco Purchases Newly Built Multifamily Community Near Atlanta for $65M

by John Nelson January 22, 2021

GAINESVILLE, GA. — Passco Cos. has purchased The Mill at New Holland, a 284-unit multifamily community in Gainesville, for $65 million. The property offers studio to three-bedroom floor plans that feature granite countertops, stainless steel appliances, tile backsplashes and nine-foot ceilings. Communal amenities include a 24-hour fitness center, pool, outdoor grilling area, club room and a dog park. The asset is situated at 1000 New Holland Way NE, 56 miles northeast of downtown Atlanta. The seller, Mesa Capital Partners, delivered the community in 2020. According to Apartments.com, rental rates at The Mill at New Holland range from $1,099 for a studio apartment to $1,812 for a three-bedroom unit.

January 22, 2021

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