Southeast

Joint Venture Acquires One Clearlake Office Building in Downtown West Palm Beach for $60.7M

by Julia Sanders July 1, 2021

WEST PALM BEACH, FLA. — Tricera Capital, New England Development, NDT Development and Rockpoint Group have acquired One Clearlake, an office building in downtown West Palm Beach. JLL arranged the $60.7 million sale. Velocis, a private equity real estate manager, was the seller. Located on three acres at 250 S. Australian Ave., One Clearlake is 2.3 miles from Palm Beach and 3.4 miles from Palm Beach International Airport. The 18-story property has more than 220,000 square feet of rentable space, with an average floor plate of nearly 13,000 square feet. One Clearlake’s attached 669-space garage provides a parking ratio of three spaces per 1,000 square feet. The building’s amenities include 24-hour security, a new tenant lounge, fitness center and an onsite café. Built in 1986, the office tower recently underwent renovations to the lobby and other building elements. The building is LEED Gold- and Energy Star-certified. The property was 62 percent leased when it was put under contract. Prior to closing, Tricera and its partners successfully executed two new leases at the building. In addition, the new ownership is heading to lease with another large user, which the joint venture expects to finalize soon. The building’s tenant roster includes Intech …

July 1, 2021

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Brokers $40.5M Sale of Barrington on the Green Apartments in Hoover, Alabama

by Julia Sanders July 1, 2021

HOOVER, ALA. — Cushman & Wakefield has brokered the $40.5 million sale of Barrington on the Green, a 342-unit apartment community located in the Birmingham suburb of Hoover at 5831 Summer Place Parkway. Jimmy Adams and Craig Hey of Cushman & Wakefield represented a private undisclosed seller in the transaction. The buyer, White Eagle, plans to rebrand the community as The Avenues of South Hoover. Constructed in 1996, Barrington on the Green’s community amenities include a pet park with agility equipment, swimming pool, a playground, outdoor kitchen and picnic area, resident park amenity area, clubhouse, sports courts and a cardio and strength training center. The property was 97 percent occupied at the time of sale.

July 1, 2021

Acquisitions Georgia Multifamily Southeast

Berkadia Arranges $32M Sale of Tucker Square Apartments in Metro Atlanta

by Julia Sanders July 1, 2021

TUCKER, GA. — Berkadia has arranged the $32.3 million sale of Tucker Square, a 276-unit, garden-style multifamily property in Tucker. Judy MacManus, Paul Vetter, Andrew Mays and Matt White of Berkadia represented the seller, New York-based Read Property Group LLC, in the transaction. New Jersey-based LightWater Capital Investments was the buyer. Located at 1313 Stone Mill Way, Tucker Square is situated at the intersection of Stone Mountain Parkway and Memorial Drive. The property features one-, two-, three- and four-bedroom floor plans, as well as townhome layouts. The apartment units include washer and dryer connections, fireplaces, upgraded lighting and private balconies or patios. Community amenities include a swimming pool, business center and a clubhouse. The property was built in 1973 and renovated in 2019, and was 95 percent occupied at the time of sale.

July 1, 2021

Development Georgia Multifamily Southeast Student Housing

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

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