Southeast

Summit Pointe Realty Breaks Ground on $68M Mosaic Apartments in Hampton Roads Region

by Julia Sanders March 31, 2021

CHESAPEAKE, VA. — Summit Pointe Realty LLC has broken ground on Mosaic, a mixed-use multifamily community in the Hampton Roads town of Chesapeake. The $68 million project will include 507,495 square feet of apartments, restaurants, shops and a public parking garage. The six-story apartment community will offer 270 one-, two- and three-bedroom residences with full balconies. Eight residences are designed as two-story lofts with street-level access. Community amenities will include a clubhouse, fitness center, concierge services, swimming pool, lap pool with infinity edge, cabanas, firepits, dog walk and a dog-wash station. Mosaic property will also have more than 30,000 square feet of street-level retail and restaurant spaces. An imbedded 515-car public parking garage comprising 185,000 square feet will also be developed as part of Mosaic. Construction will commence April 1, and delivery of the first residential and commercial spaces is anticipated in summer 2022. Mosaic is the multifamily component of Phase II of Summit Pointe, a $330 million mixed-use development situated on 69 acres along Volvo Parkway. When complete, Summit Pointe will include more than 1 million square feet of office space, up to 500,000 square feet of retail space, approximately 250,000 square feet of hospitality and conference space and …

March 31, 2021

Development Georgia Life Sciences Mixed-Use Southeast

Trammell Crow, High Street Residential to Develop Mixed-Use Life Sciences Project Near Georgia Tech in Atlanta

by Julia Sanders March 31, 2021

ATLANTA — Trammell Crow Co. and High Street Residential are co-developing the remaining phases of Technology Enterprise Park (TEP) in Midtown Atlanta. Georgia Advanced Technology Ventures (GATV), a Georgia Tech-led cooperative organization that is overseeing this project, chose the two firms to deliver a mixed-use, life sciences center within TEP. Construction is slated to begin in early 2022. For each of the five planned project phases of TEP, there is a grant to establish a sustainable education and training program for residents, Georgia Tech students and teachers in surrounding neighborhoods to expose them to careers in the biomedical and life sciences industries. TEP currently has two existing buildings that house research and lab space. The property will begin the park’s long-term expansion with Phase I, which will feature two buildings that include 370,000 square feet of lab and office space and 280 residential apartments.

March 31, 2021

Acquisitions Industrial Maryland Southeast

Merritt Properties Purchases Former GM Facility in Metro Baltimore for $34.5M, Plans Industrial Redevelopment

by Julia Sanders March 31, 2021

WHITE MARSH, MD. — Merritt Properties has purchased 10301 Philadelphia Road in White Marsh for $34.5 million. The property is a former GM Baltimore Global Propulsions Systems site that opened in 2000 to produce transmissions and electric motors before it closed in 2019. Bo Cashman and Jonathan Beard of CBRE represented the unnamed seller in the transaction. Located off Interstate I-95 near Interstate 695, the 56-acre project will be known as White Marsh Interchange Park. White Marsh Interchange Park is located within Merritt’s Baltimore County east portfolio, which has been 97 percent occupied since 2016. Baltimore-based Merritt Properties plans to construct up to nine, one-story buildings totaling approximately 750,000 square feet, which will create space for 50 to 100 businesses, leasing from 2,700 to 50,000 square feet or more. The company anticipates that these businesses will provide jobs for 1,200 to 1,500 people. Merritt Construction Services, the construction division of Merritt Cos., will manage future construction.

March 31, 2021

Acquisitions Florida Georgia Industrial Self-Storage South Carolina Southeast

Compass Self Storage Acquires Three Self-Storage Centers Around the Southeast

by Julia Sanders March 31, 2021

CLEVELAND — Compass Self Storage has acquired several self-storage centers that in total added over 183,000 net rentable square feet to the firm’s portfolio. The newest storage units are located at 9085 SW State Road 200 in Ocala, Fla.; 3300 Jodeco Road and 3497 Jodeco Road in McDonough, Ga.; and 5A Estate Drive in Bluffton, S.C. These three acquisitions bring Compass’ total property count to 98. Compass Self Storage has plans to upgrade all three properties, including upgraded security by offering smart locks, high definition video, lighting and individual access control. Compass Self Storage will also offer onsite truck rental services. These Compass Self Storage locations, as well as all Compass Self Storage centers nationwide, now offer contactless rentals. Compass Self Storage is a member of Cleveland-based Amsdell Cos. The three Southeast acquisitions were made by separate affiliates of Amsdell Group LLC and Compass Self Storage LLC. The sellers and sales prices were not disclosed.

March 31, 2021

Development Industrial North Carolina Southeast

Wigeon Capital Breaks Ground on 58,000 SF Industrial Building at Greenfield Business Park Near Raleigh

by Julia Sanders March 31, 2021

GARNER, N.C. — Wigeon Capital has broken ground on a new flex and warehouse construction project at Greenfield Business Park in the Raleigh suburb of Garner. Construction on the first building, a 58,000-square-foot facility, is underway at 3300 Waterfield Drive. The site is located at the intersection of US Highway 70 and Interstate 40. During the second quarter of this year, Wigeon Capital plans to break ground on a 96,000-square-foot shallow bay industrial facility that will feature tilt wall concrete walls and 32-foot clear heights. The Raleigh-based firm is also planning a three-building project on an adjacent parcel that will offer a 150,000-square-foot bulk distribution facility and two additional shallow bay industrial buildings of 58,000 and 48,000 square feet in size. Jimmy Barnes of Tri Properties | NAI Carolantic is overseeing leasing efforts at Greenfield Business Park.

March 31, 2021

Development Florida Multifamily Southeast Top Stories

Melo Group Breaks Ground on 57-Story Downtown 1st Apartment Tower in Miami

by Kristin Harlow March 31, 2021

MIAMI — Melo Group has started construction of Downtown 1st, a transit-oriented multifamily development at 22 SW 1st St. in Miami’s central business district (CBD). The 57-story tower will include 560 market-rate apartments, 10,000 square feet of office space and 3,000 square feet of ground-floor retail space. Completion is slated for 2022. Downtown 1st will include one-, two- and three-bedroom apartments. Units will feature glass balconies with bay and city views. Building amenities will include two swimming pools, a fitness center, business center, social room/game room, 24-hour concierge/security and a multi-level garage with valet service. The site for Downtown 1st is in close proximity to Miami-Dade County’s Government Center, the Main Public Library, the Miami-Dade County Courthouse, Miami-Dade College’s Wolfson Campus, the New World School of the Arts and Brightline’s MiamiCentral Melo is also building Downtown 5th, twin 52-story apartment towers in Miami’s CBD. Pre-leasing is underway for the 1,042 units, which are slated for completion this summer. The firm is planning a third multifamily project nearby dubbed Downtown 6th that will total roughly 800 units. All told, Melo Group is expected to deliver nearly 2,500 residential units to Miami’s CBD over the next two years. “We’re bullish on downtown Miami’s CBD,” says Carlos Melo, co-principal of …

March 31, 2021

Content Partner Features Hospitality Midwest NAI Northeast Office Southeast Texas Western

Evaluating the Volume of Distressed Properties in the Wake of COVID

by Sarah Daniels March 31, 2021

Many in commercial real estate expected a tsunami of COVID-related distressed properties in 2020 and 2021. So far, the wave hasn’t materialized, says Jay Olshonsky, president and CEO of NAI Global. Businesses have been sustained by exogenous factors that may or may not keep them from foreclosure or receivership in the long term. In many cases, lender forbearances or flexible plans have simply extended the window in which distressed properties may eventually revert to receivership. Olshonsky spoke to REBusinessOnline about receivership activity and what the industry expects over the next 12 months. Delays: Lessons from the Global Financial Crisis, Plus Current Factors As court-appointed receivers, NAI’s representatives act as the owner and operator of properties in foreclosure on behalf of the court. A receivership needs to have the capability to lease the property, pay taxes and handle accounting — basically, taking over all aspects of managing a property and keeping it functioning, Olshonsky says. Much of how NAI Global has chosen to approach the current receivership landscape originated in the lessons of the 2007-2008 financial crisis. During the early stages of the pandemic, NAI knew there would be fallout that would force some businesses into foreclosure, servicing, note sales or similar …

March 31, 2021

Alabama Development Multifamily Southeast

Novare Group, BCDC to Develop 290-Unit Apartment Community in Madison, Alabama

by Julia Sanders March 30, 2021

MADISON, ALA. — Novare Group and Batson-Cook Development Co. (BCDC) plan to develop a new apartment community in Madison. Synovus Bank provided construction financing to the co-developers, and Marble Capital provided equity for the 290-unit, mid-rise community. The Synovus loan was not disclosed but reportedly totaled $31.5 million. The unnamed project will include three, four-story residential buildings with two ground-floor retail spaces totaling 5,000 square feet. Each building will have conditioned corridors and elevators, and there will be 483 surface parking spaces and 25 detached garages. The property will offer studios, one- and two-bedroom units. Community amenities will include a resort-style swimming pool, private coworking lounge with private rooms and a conference room, fitness center with a yoga and spin room, dog park, clubroom with demo kitchen and fireplace and direct access to the Singing River Trail, a 70-mile-long Northern Alabama trail system. The project will also include eight live/work units. Located at 375 Lime Quarry Road, the community will be adjacent to Town Madison, a 563-acre mixed-use urban, walkable community. Niles Bolton Associates is the architect, Walter Schoel Engineering Co. is the civil engineer and Doster Construction Co. is the general contractor. Construction will commence in April, with the …

March 30, 2021

Development Florida Multifamily Southeast

Penler Breaks Ground on 288-Unit Apartment Community in Clermont, Florida

by Julia Sanders March 30, 2021

CLERMONT, FLA. — Penler, an Atlanta-based multifamily real estate investment and development firm, has broken ground on a 288-unit apartment community in Clermont, which is a western suburb of Orlando. Penler expects the project to be open for residents in the spring of 2022. Located directly behind the Publix at East Town Center on West Colonial Drive, the unnamed apartment community will feature one-, two- and three-bedroom floor plans within two-story buildings. The garden-style apartments will allow residents to enter their units directly from the outside without passing through hallways or common stairwells, which is meant to limit exposure to contagions, according to Penler. Outdoor amenities will include a lawn, pool deck, grilling area, dog park and a pond facing the South Lake Trail. The nine-mile trail connects to the 22-mile West Orange Trail. The community will also have a 6,000-square-foot clubhouse with a fitness center, resident lounge, leasing center and a bike shop with storage. Interiors will feature open floor plans, quartz countertops, stainless steel appliances, vinyl plank flooring, high-end lighting and washers and dryers. Average rents are projected to be $1,568 per month, with one-bedroom units starting at $1,367, two-bedrooms at $1,593 and three-bedrooms starting at $1,931.

March 30, 2021

Acquisitions Affordable Housing Georgia Multifamily Southeast

Community Solutions, Partners for Home Purchase Atlanta Apartment Community for New Veteran Homelessness Project

by Julia Sanders March 30, 2021

ATLANTA — Community Solutions and Atlanta-based Partners for Home have purchased Centra Villa, a 132-unit apartment building in Atlanta that will be reimagined to provide affordable housing for veterans experiencing homelessness. The project is expected to cost $12 million. Located at 1717 Centra Villa Drive SW, Centra Villa is situated 2.8 miles from the Fort McPherson Veteran Affairs Clinic, providing its tenants with close access to medical services and other community resources, including long-term, permanent housing. Centra Villa will increase the number of units available to house veterans. The current tenants will continue to stay, and the project aims to have 50 percent of the units set aside for vulnerable veterans, which will be accomplished through natural attrition. The City of Atlanta provided a HomeFirst grant to the co-developers. The Atlanta Affordable Housing Fund provided a social impact subordinate loan, and Fannie Mae provided the mortgage. The Home Deport Foundation also provided an undisclosed amount of funding. The property is being built as part of Built for Zero, Community Solutions’ national initiative comprising 80 cities and counties to measurably end homeless. The City of Atlanta joined the initiative last year.

March 30, 2021

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