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Greenville Data Center
Data CentersDevelopmentIndustrialSouth CarolinaSoutheast

DC Blox, Brasfield & Gorrie Break Ground on Data Center in Greenville

by Julia Sanders

GREENVILLE, S.C. — DC Blox, a provider of interconnected multi-tenant data centers, has broken ground on a multi-tenant regional data center in Greenville. With an initial capacity of 1 MW of critical load, the first phase of DC Blox’s new Greenville data center is set to be completed by the third quarter of 2021. The Atlanta-based firm is partnering with Brasfield & Gorrie, a privately held construction firm, on the project. When complete, the data center will offer access to DC Blox’s private and redundant ecosystem, interconnecting the company’s portfolio of data centers throughout the Southeast. The address for the center is 33 Global Drive. DC Blox’s Greenville data center will be located on an 8.5 acre campus in the Global Business Park off Interstate 85. Upon full buildout, the facility will feature six distinct data halls with 54,000 square feet of data center space with a full critical load capable of supporting 18 megawatts of power. The data center will also include approximately 7,000 square feet of secure storage, as well as shared and dedicated office space. The new data center will bring an expected investment of over $200 million combined between DC Blox and their tenant customers over …

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LoansMultifamilyNorth CarolinaSoutheast

Grandbridge Facilitates $21.9M Refinancing of Multifamily Property in Mooresville, North Carolina

by Julia Sanders

MOORESVILLE, N.C. — Grandbridge Real Estate Capital has facilitated a $21.9 million loan for Ardmore at Alcove Apartments, a 150-unit garden-style multifamily property in Mooresville. Thomas Wiedeman of Grandbridge originated the refinancing through an unnamed life insurance company on behalf of the borrowers, Ardmore Residential and LaSalle Investment Management. The seven-year, fixed-rate loan was structured with an initial interest-only term followed by a 30-year amortization schedule. Ardmore at Alcove Apartments features a two-story clubhouse with a sun deck, fitness center, business center and billiards room. Other community amenities include a swimming pool with cabanas, a covered outdoor pavilion area with a flat-screen TV, fireplace and grilling stations, as well as a playground and dog park. Interior finishes include stainless steel appliances, granite countertops, Shaker-style cabinetry and nine-foot ceiling heights. The property is located close to Interstate 77, which allows access to Charlotte and downtown Mooresville.

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Shelby Grove
AcquisitionsMultifamilySoutheastTennessee

Capstone Apartment Partners Brokers $8.3M Sale of Shelby Grove Apartments in Memphis

by Julia Sanders

MEMPHIS, TENN. — Capstone Apartment Partners has brokered the $8.3 million sale of Shelby Grove Apartments, a 13-building, all-brick apartment community situated on 6.5 acres off at 6357 Shelby Briar Drive in Memphis. Luke Searcy, Austin Heithcock and Adam Klenk of Capstone led the transaction. Sante Realty Investments was the seller, which acquired the asset in 2017. The buyer was EPH Properties. Built in 1999, Shelby Grove includes 98 two-bedroom units and was approximately 94 percent occupied at the time of sale. Each apartment home includes a fully equipped kitchen, ceiling fans and washer/dryer connections. The buyer plans to complete upgrades on 72 remaining unrenovated units by updating appliances, flooring, countertops and fixtures. Shelby Grove is EPH’s first investment in the Memphis market. In total, EPH has invested in more than 1,000 multifamily units and 15 commercial properties in nine markets across the United States.

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Jobs report chart
District of ColumbiaSoutheast

US Economy Adds 916,000 Jobs in March, Unemployment Rate Down to 6 Percent

by Julia Sanders

WASHINGTON, D.C. — The U.S. economy added 916,000 jobs in March, the Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by Dow Jones had expected the report to show a gain of 675,000 jobs, and this increase was the largest spike seen since August 2020. The unemployment rate fell to 6 percent in March. Revisions added 156,000 jobs to the totals for January and February. This growth follows the widespread administration of the COVID-19 vaccines and President Joe Biden’s $1.9 trillion stimulus package. However, there is still about 5 million less Americans who are working this year compared to a year ago. Additionally, economists surveyed by CNBC are worried about inflation due to the government stimulus money. Over the past year, the hospitality and entertainment industries have been among the hardest hit job sectors, but with less government restrictions, these industries have been able to recover. The leisure and hospitality sector saw the most growth in March with 280,000 new jobs. With lessening pandemic restrictions, restaurants and bars are starting to open back up to more people. Restaurants and bars saw 176,000 jobs added to their sector as well. The hospitality and leisure sector, however, still is 3.1 million …

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Wilmington Trade Center
DevelopmentIndustrialNorth CarolinaSoutheast

Edgewater Ventures, McKinley Building to Develop 425,000 SF Industrial Park in Wilmington, North Carolina

by Julia Sanders

WILMINGTON, N.C. — Edgewater Ventures is co-developing with McKinley Building Corp. the Wilmington Trade Center, a three-building, Class A industrial park that will total 425,000 square feet upon completion. Construction is underway on Building 1, a 157,610-square-foot facility that will feature tilt-up concrete construction with extensive glass lines, 32-foot clear heights, an ESFR sprinkler system and a 180-foot deep truck court. The property is slated to deliver in early September and will accommodate tenants ranging in size from 22,000 to 157,610 square feet. Wilmington Trade Center is situated on Highway 421 near the interchange at Interstate 140. The development is 4.2 miles from downtown Wilmington, 6.7 miles from Wilmington International Airport and 8.7 miles from the Port of Wilmington.

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Bridge Point Commerce Center
FloridaIndustrialLeasing ActivitySoutheast

Bridge Development Signs City Furniture to 286,991 SF Industrial Lease in Metro Miami

by Julia Sanders

MIAMI GARDENS, FLA. — Bridge Development Partners has signed City Furniture to a 286,991-square-foot lease at Bridge Point Commerce Center in Miami Gardens. The Fort Lauderdale-based home furnishing retailer signed a long-term lease to fully occupy Building C and will utilize the space as a new distribution center. Located on a 185-acre site at 4310 NW 215th St., Bridge Point Commerce Center offers Florida Turnpike frontage. The park is located 21 miles from Miami International Airport and 19 miles from Fort Lauderdale. Phase I of the Class A industrial park, which includes three buildings totaling 1.1 million square feet, was delivered in January 2021 and is now more than 80 percent leased. HapCor, a grocery distributor and retailer to the Caribbean and Latin America, is another tenant in the project’s first phase. Site work is underway for Phase II, which encompasses two buildings totaling 1.5 million square feet. Bridge Development expects to complete the second phase in early 2023. Divisible to 40,000 square feet, the first two buildings in Phase I total 286,991 square feet and feature 32-foot clear heights, and the third building is a 534,816-square-foot, cross-dock facility with 36-foot clear heights. Divisible to 80,000 square feet, Phase II …

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The Hendricks
DevelopmentFloridaLoansMultifamilySoutheast

CBRE Arranges Financing for 133-Unit Apartment Project in Jacksonville

by Julia Sanders

JACKSONVILLE, FLA. — CBRE has arranged financing for a new 133-unit multifamily project in Jacksonville called The Hendricks at San Marco. The $30 million apartment development in the city’s San Marco neighborhood will be located near the corner of Atlantic Boulevard and Hendricks Avenue. Jeff Kinney and Phil Rachels of CBRE arranged the funding on behalf of the development team, Harbert Realty Services and Corner Lot Development. The financing included a three-year construction loan through First Horizon Bank and joint venture equity from GMC Properties, which will also manage the property upon completion. The Hendricks at San Marco will be located next to the Publix-anchored East San Marco shopping center. Construction on the apartment community is expected to start this month.

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AcquisitionsFloridaNorth CarolinaRetailSoutheast

Westwood Financial Acquires Two Publix-Anchored Shopping Centers in Metro Charlotte, Orlando

by Julia Sanders

LOS ANGELES — Westwood Financial LLC has acquired Prosperity Village Square and Fountains West, two Publix-anchored shopping centers in the Southeast. Prosperity Village Square was developed in 2016 and is located in the Highland Creek suburb of Charlotte. Fountains West is a neighborhood center located in the western Orlando suburb of Ocoee, Fla. Westwood Financial acquired the assets in a single transaction from one undisclosed, private seller. CBRE acted as lead broker on the deal, the price of which was not disclosed. The Los Angeles-based investor financed the purchase of Prosperity Village using a combination of existing cash on hand and proceeds from its unsecured credit facility. Westwood completed the closing of Fountains West subsequent to assuming an existing loan on the property and funded the remaining portion of the purchase price with cash on hand. Prosperity Village was 96 percent occupied at closing, while Fountains West was fully occupied and experienced little turnover during 2020.

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District of ColumbiaSoutheast

First-Time Claims for Unemployment Insurance Increase to 719,000

by Julia Sanders

WASHINGTON, D.C. — A total of 719,000 Americans filed for unemployment assistance for the week that ended March 27, the U.S. Department of Labor reported Thursday. The amount of initial jobless claims was higher than the 675,000 figure that economists surveyed by Dow Jones predicted and is an increase from last week’s revised amount of 658,000. Continuing claims, for which data lags a week, decreased by 46,000 to a little more than 3.8 million. Despite the unemployment insurance claims being higher than what economists predicted, many believe the economy is improving. CNBC reports the total number of people receiving unemployment benefits dropped by 1.5 million, which the news company attributes to pandemic-related benefits. This report follows President Joe Biden’s $2 trillion spending plan released yesterday that will add to the $5 trillion of stimulus spent to aid the U.S. economy. ADP, a payroll processing firm, stated that firms across the country added 517,000 workers in March, which is the biggest monthly job gain since September, according to CNBC. The U.S. Bureau of Labor Statistics will release its March 2021 jobs report tomorrow morning.

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DevelopmentHospitalityMixed-UseMultifamilyOfficeRetailSoutheastTop StoriesVirginia

Novais Partners, Hanover Co. Plan 4.4 MSF Mixed-Use Project in Metro D.C.

by Katie Sloan

ASHBURN, VA. — A joint venture between Novais Partners and the Hanover Co. has announced plans for Rivana at Innovation Station, a 4.4 million-square-foot mixed-use development located 30 miles outside Washington, D.C., in Ashburn.  The 103-acre, transit-oriented project will be developed adjacent to Loudoun County’s extension of the Metro Silver Line, one stop from Washington-Dulles International Airport. Current plans for the project include 2,000 multifamily units; 1.8 million square feet of Class A office space; a 185,000-square-foot retail village; a 265-room boutique hotel; and a network of green and public spaces, including an 11-acre park.  At the center of the project will be Rivana Village, a walkable network of retail and creative office space inspired by the communal villages that dot Virginia’s landscape. Tenants for this portion of the project will include creative, independently-owned restaurants and local retailers.  The development’s office space will include hotel-quality amenities as well as post-COVID-era design and engineering, with advanced filtration systems, upgraded air filters and enhanced cleaning protocols. Each office building is targeting LEED certification. The project’s development team plans to submit a land use application next week for consideration by the Loudoun County Board of Supervisors. Pending legislative approval, Novais expects to break ground …

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