Southeast

Juneau Construction Breaks Ground on Hub Atlanta Student Housing Project Near Georgia Tech

by Julia Sanders July 1, 2021

ATLANTA — Juneau Construction Co. has broken ground on Hub Atlanta, a student housing high-rise property located at 960 Spring St. in Midtown Atlanta. The property, developed by Core Spaces, is meant to be an off-campus housing option for students attending nearby Georgia Tech. Hub Atlanta will provide housing for almost 800 students beginning in the summer of 2023. The new development will be located close to the Midtown MARTA station and will comprise studios up to six-bedroom units. Standing 19 stories tall, Hub Atlanta will have 5,600 square feet of ground-level retail space along Spring Street. Community amenities will include a fitness center, study lounge, coworking space, pool deck with a hot tub, library and dog run and wash area. Additionally, Hub Atlanta residents will have access to four stories of garage parking with bicycle parking and electric vehicle charging stations. Core Spaces is a real estate investment firm that focuses on acquiring, developing and managing residential properties. Hartshorne Plunkard Architecture is also part of the project team and is a Chicago-based architecture and design firm. Juneau Construction is an Atlanta-based construction firm.

July 1, 2021

District of Columbia Southeast

Weekly First-Time Claims for Unemployment Insurance Fall to 364,000, a 51,000 Decrease From Last Week

by Julia Sanders July 1, 2021

WASHINGTON, D.C. — A total of 364,000 Americans filed for first-time unemployment insurance assistance for the week that ended June 26, the U.S. Department of Labor reported Thursday. These claims were a decrease of 51,000 from the previous week’s revised unemployment claims of 415,000. The claims were also lower than the Dow Jones’ estimate of 390,000, according to CNBC. The jobless claims are still higher than before COVID-19, despite the healing economy. In March 2020, the average weekly jobless claims were 220,000. The latest jobless claims data comes a day before the Bureau of Labor Statistics is set to release the June nonfarm payroll employment report. Some officials predict the June jobs report will show the unemployment rate decreased from 5.8 percent to 5.7 percent, according to the Washington Examiner. In February 2020, the unemployment rate was only 3.5 percent, which is much lower than it is today.

July 1, 2021

Development Georgia Industrial Southeast

Trammell Crow, Clarion to Develop 1.1 MSF Build-to-Suit Facility for Ace Hardware in Jefferson, Georgia

by Julia Sanders June 30, 2021

JEFFERSON, GA. — Trammell Crow Co. and its joint venture partner Clarion Partners LLC have released plans for a new distribution center for Ace Hardware Corp. as part of the Jefferson Mill Business Park in Atlanta’s I-85 Northeast submarket. Ace Hardware, a retailer of convenience hardware products based in Oak Brook, Ill., will lease a 1.1 million-square-foot building when construction is complete in the second quarter of 2022. Located at 1231 Hog Mountain Road in Jefferson, the build-to-suit facility will include 28,000 square feet of office space, 400 car parking spaces and 300 trailer parking spaces. The building will be expandable by an additional 460,000 square feet, and the property will serve as one of Ace Hardware’s retail support centers. David Lind of CBRE represented Ace Hardware in the lease negotiations. Ben Logue and Price Weaver of Colliers International represented the landlords.

June 30, 2021

Development Georgia Retail Southeast

North American Properties Opens Politan Row Food Hall at Colony Square in Midtown Atlanta

by Julia Sanders June 30, 2021

ATLANTA — Developer North American Properties (NAP) has opened Politan Row, a new food hall at Colony Square in Midtown Atlanta. The food hall is located at the corner of 14th and Peachtree streets and features space for 11 independent food and beverage concepts, a central bar, an event space and a hidden bar. An entity known as Politan Group operates the food hall. The nine open purveyors at Politan Row include Belli Pizzeria, Bun Mi Grill, Federal Burger, Gekko, Locale Cafe, Pretty Little Tacos, Tandoori Pizza and Wing Co., Unbeliebubble and YŌM. The last two concepts are still in the planning stages and more information about them will be released later. Politan Row at Colony Square’s interior space, which can seat 250 guests, makes up approximately 20,000 square feet. Colony Square’s outdoor space encompasses 22,000 square feet and includes three designated areas known as The Plaza, The Patio and The Grove. The Plaza will host Colony Square’s 200 plus annual events. The Patio features a variety of covered seating, an outdoor bar and shuffleboards. The Grove includes seating underneath a canopy of trees. Anchoring the new food hall is Bar Politan, a 40-seat bar whose program includes craft cocktails, …

June 30, 2021

Development Maryland Multifamily Southeast

Foulger-Pratt to Develop $119.5M Rae at Westlake Apartment Project in Bethesda, Maryland

by Julia Sanders June 30, 2021

BETHESDA, MD. — Foulger-Pratt will develop The Rae at Westlake, a five-story, 343-unit multifamily property in Bethesda. The community will include 299 market-rate apartments and 44 affordable housing units. The developer expects the property to cost $119.5 million to bring on line. Located at 10401 Motor City Drive, Rae at Westlake will be situated across from Westfield Montgomery Mall, which has 750,000 square feet of retail space with more than 40 dining places, theaters and a bowling alley. The mall is currently undergoing renovations. The mixed-income apartment property will be located off Interstate 270 and close to federal government operations, including the National Institutes of Health and the U.S. Food and Drug Administration. Additionally, the project will be located across from the Montgomery Mall Transit Center, which provides bus access to three Metrorail stations. The Rae will feature 46 studio, 170 one-bedroom and 127 two-bedroom units. Community amenities will include a dedicated dog run and pet spa, 24-hour fitness center, bocce ball courts, pedestrian trail, two courtyards with pool and grilling, coworking space and community event space. The project is slated to be open by the end of 2023. The apartment project was funded by $42.7 million sponsor and investor …

June 30, 2021

Development Florida Multifamily Southeast

Jefferson Apartment Group Completes 264-Unit Apartment Community in Orlando

by Julia Sanders June 30, 2021

ORLANDO, FLA. — Jefferson Apartment Group has opened Jefferson Sand Lake, a 264-unit apartment complex in Orlando. The multifamily community was developed in partnership with Germantown, Tenn.-based MAA, a publicly traded REIT and owner-operator of apartments. Jefferson Sand Lake is a lakefront property with views of Mirror Lake and Big Sand Lake. Community amenities include a heated pool, outdoor cabanas and sun shelves, a covered outdoor terrace with lounge seating and entertainment space, two fire pit lounges, grilling areas and a clubroom featuring a poker table and billiards. Additional amenities include a business center, conference room, two micro-offices, fitness center, onsite dog park, pet spa, covered garages, electric vehicle charging stations, 24/7 package locker system and a zen garden. The apartment complex has a mix of one-, two- and three-bedroom apartments. Each unit features stainless steel appliances, granite countertops, ceramic tile backsplash, pantries with adjustable shelving, walk-in closets, a full-size washer and dryer, ceiling fans, screened patios/balconies, linen closets and bathrooms with glass enclosed showers and double vanity options. The gated community is already 30 percent leased.

June 30, 2021

Development Georgia Multifamily Seniors Housing Southeast

Capitol Seniors Housing Breaks Ground on 180-Unit Outlook at Exchange in Buford, Georgia

by Julia Sanders June 30, 2021

BUFORD, GA. — Capitol Seniors Housing has broken ground on The Outlook at the Exchange, an active adult community for residents ages 55 and older in Buford. The 200,000-square-foot, four-story community will offer 180 residential units. The Outlook at the Exchange seniors housing community will be part of Fuqua Development’s Exchange at Gwinnett, a $350 million mixed-use development underway near the Mall of Georgia. The 106-acre development will include 460,000 square feet of retail, restaurants, entertainment and about 1,000 units of apartments, townhomes and senior housing for about 3,000 residents. Situated close to Topgolf, Andretti’s, Sprouts Farmers Market and the food hall, The Outlook at the Exchange will feature a mix of one- and two-bedroom apartments. The project is scheduled to open in late 2022. Element Architects is the design firm for the project, and Core Construction is the general contractor. Capitol Seniors Housing is a senior housing development and investment firm based in Washington, D.C.

June 30, 2021

Acquisitions Georgia Office Southeast

Office Properties Income Trust Acquires Twelve24 Office Property in Metro Atlanta for $195M

by Julia Sanders June 29, 2021

DUNWOODY, GA. — Office Properties Income Trust (OPI) has acquired Twelve24, a 345,917-square-foot, Class A office property in Dunwoody, for $195 million. Trammell Crow Co. was the developer and seller. Will Yowell, Will Pike and Devon Huseman of CBRE brokered the sale, which sold to OPI at a 6.3 percent cap rate. Twelve24 is 96 percent leased to Insight Global for its corporate headquarters and 98 percent leased overall, with a weighted average lease term of 14.2 years. Located at 1224 Hammond Drive, the property includes direct access to MARTA. Built in 2021, the property’s amenities include a fitness center, outdoor patio, café, ground-floor retail and a total of 1,023 parking spaces. The property is within Atlanta’s Central Perimeter submarket which is a home to Fortune 500 headquarters for Mercedes-Benz USA, State Farm and Nasdaq. OPI is a real estate investment trust (REIT) focused on owning, operating and leasing properties. OPI is managed by the operating subsidiary of The RMR Group Inc., an alternative asset management company that is headquartered in Newton, Mass.

June 29, 2021

Acquisitions Maryland Multifamily Southeast

JLL Brokers $110M Sale of Mallory Square Apartments in Rockville, Maryland

by Julia Sanders June 29, 2021

ROCKVILLE, MD. — JLL Capital Markets has brokered the $110 million sale of Mallory Square, a 365-unit mid-rise apartment community in Rockville. Walter Coker, Brian Crivella, Robert Jenkins and Bill Gribbin of JLL represented the seller, Woodfield Development, which sold the property to Nuveen Real Estate. Mallory Square totals 330,117 rentable square feet and includes a mix of studio, one- and two-bedroom units, as well as 1,600 square feet of retail space leased to Dunkin’. Community amenities include three private courtyards totaling 25,000 square feet, a lounge with a grilling area, sun shelf with pool, media center with a TV, fire pits, 24-hour fitness center and a yoga studio with ballet barre. Located at 15251 Siesta Key Way, the property is situated in Maryland’s Interstate 270 Biotechnology and Life Sciences Corridor, which is a medical testing and research cluster that features The National Institutes of Health, National Cancer Institute and The Food and Drug Administration.

June 29, 2021

Acquisitions Florida Multifamily Southeast

Franklin Street Negotiates $56M Sale of Multifamily Community in Tampa Bay Area

by Julia Sanders June 29, 2021

ST. PETERSBURG, FLA. — Franklin Street has negotiated the sale of Osprey Pointe Apartments, a 517-unit, garden-style multifamily community in St. Petersburg. The property sold for $56 million, or $108,317 per unit. Darron Kattan, Zach Ames, Avery Jordan and Mark Savarese of Franklin Street brokered the off-market transaction between the seller, Des Moines, Iowa-based BH Equities, and the buyer, New York-based Axonic Properties LLC. Osprey Pointe offers one-and two-bedroom units ranging from 625 to 1,058 square feet. Community amenities include onsite professional management and maintenance, a tennis court, fenced playground area, dog park and a swimming pool and sundeck. Located at 1900 55th Ave. South, the community is situated in south St. Petersburg, and is close to Interstate 275 and U.S. Highway 19. The apartment complex is 5 miles from downtown St. Petersburg, 7.5 miles from St. Pete Beach and 28 miles from Tampa. Axonic Properties, managed by Jonathan Shechtman and Brian Kennedy, is a private equity owner, operator and asset manager of residential properties, focused on acquiring assets throughout Florida. The owner plans to make significant improvements to Osprey Pointe, which was built in 1974. Axonic Properties also currently owns and operates the adjacent 240-unit apartment community known as …

June 29, 2021

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