Southeast

Greysteel Negotiates Two Sales of Apartment Communities in D.C. Totaling $21M

by Alex Tostado July 10, 2020

WASHINGTON, D.C. — Greysteel has negotiated the sale of The Waring and The Regent, two apartment communities in Washington, D.C. Urban Investment Partners acquired both assets for a total of $21 million. In the first deal, 1433 T Street Associates LLC sold The Waring, a 38-unit property located at 1433 T St., for $12.5 million. In the second deal, Mozart LLC sold The Regent, a 37-unit property located at 2517 Mozart Place NW, for $8.5 million. The Waring was built in 1909 and is situated less than one mile from downtown Washington, D.C. The property offers studio, one- and two-bedroom floor plans averaging 573 square feet. The seller recently upgraded unit interiors, including fully renovating the kitchens and bathrooms. The Regent, which is situated less than one mile from The Waring, offers studio through two-bedroom floor plans averaging 732 square feet. Ari Firoozabadi, W. Kyle Tangney and Herbert Schwat of Greysteel represented the seller in each deal and procured the buyer.

July 10, 2020

Arkansas Development Industrial Southeast

Amazon to Develop Fulfillment Center, Delivery Station in Little Rock Totaling 910,000 SF

by Alex Tostado July 9, 2020

LITTLE ROCK, ARK. — Amazon will develop afive-story, 825,000-square-foot fulfillment center at the Port of Little Rock in Little Rock. Slated for delivery in 2021, the property is expected to house 1,000 employees who will work alongside Amazon Robotics to pick, pack and ship small items to customers such as books, electronics and toys. The center will sit on 80 acres along Zueber Road, which, according to the Arkansas Democrat-Gazette, an Amazon entity paid $3.2 million for. Seattle-based Amazon is also planning an 85,000-square-foot delivery station near Interstate 30. Items at the fulfillment center will be shipped to the delivery station, which will serve in the last-mile delivery effort. The station, which will be Amazon’s second in Little Rock, is expected to open by the end of this year. According to the Gazette, Amazon is spending $8 million to renovate the warehouse for the delivery station.

July 9, 2020

Development Multifamily North Carolina Southeast

Joint Venture Unveils Plans to Build 357-Unit Multifamily Community Within Fenton Mixed-Use Project Near Raleigh

by Alex Tostado July 9, 2020

CARY, N.C. — A joint venture between Hines, Columbia Development and USAA Real Estate has unveiled plans for The Canopy at Fenton, a 357-unit multifamily community situated within the 69-acre Fenton development in Cary. The property will stand six stories high and offer studio, one-, two- and three-bedroom floor plans. In addition, 47 of the apartments will provide private terraces and loft-style units will be available on the ground floor. Communal amenities will include a fitness center, coworking lounge, clubroom, pool, pool deck and five common terraces that overlook the shops and eateries of Fenton. The developers expect to begin preleasing in spring 2022 with delivery slated for later in 2022. Construction on Fenton’s other components is expected to be completed in fall 2021. Previously announced retail tenants include anchors Wegmans and CMX CineBistro, as well as Sephora, Bailey’s Fine Jewelry, Superica and Honeysuckle Gelato. Phase I will include approximately 345,000 square feet of retail and entertainment space, 170,000 square feet of office space, The Canopy at Fenton and a 175-room boutique hotel. The mixed-use project will be located at the intersection of Interstate 40 and Cary Towne Boulevard, three miles from downtown Cary and eight miles southwest of downtown …

July 9, 2020

District of Columbia Southeast

Additional 1.3M Americans File for First-Time Unemployment Assistance

by Alex Tostado July 9, 2020

WASHINGTON, D.C. — An additional 1.3 million Americans have filed for first-time unemployment assistance for the week ending July 4, according to the U.S. Department of Labor. Economists surveyed by Dow Jones expected just under 1.4 million claims. The most recent week continues a declining week-over-week trend, coming in at 99,000 fewer claims than the week ending June 27. The four-week rolling average was 19.1 million, down by 636,000 claims from the previous rolling average. Additionally, the continuing claims are steadily declining, coming in at just over 18 million, a decrease of 698,000 claims from the previous week.

July 9, 2020

Acquisitions Florida Multifamily Southeast

CBRE Arranges Sale of Two Tampa Bay Apartment Complexes Totaling 598 Units

by Alex Tostado July 9, 2020

ST. PETERSBURG AND TAMPA, FLA. — CBRE has arranged the sale of a two-property apartment portfolio located in St. Petersburg and Tampa. The first property is Viera Bayside, a 208-unit property located at 500 110th Ave. N. in St. Petersburg. Communal amenities include a 24-hour business center, clubhouse, fitness center and a pool. Unit interiors feature granite countertops, as well as modernized lighting and plumbing fixtures. The second property is Veranda at Westchase, a 308-unit community located at 12401 W. Hillsborough Ave. in Tampa. Community amenities include a fitness center, spa, pool, tennis court, car wash area, business center and a clubhouse. Francesco Carriera and Michael Regan of CBRE represented the undisclosed seller and the buyer, Bridge Investment Group, in the transaction. The sales price was not disclosed.

July 9, 2020

Florida Leasing Activity Retail Southeast

Royal Pets Market & Resort Leases 8,000 SF From Bromley at Midtown Tampa

by Alex Tostado July 9, 2020

TAMPA, FLA. — Royal Pets Market & Resort has signed a lease with Bromley Cos. at Midtown Tampa. The 8,000-square-foot space will be the flagship location for the company, which offers veterinary care, an indoor dog daycare and a pet spa. The space will be situated on the ground floor of Novel Midtown Tampa, which is expected to open later this year. Royal Pets Market joins other announced retail tenants such as Joffrey’s Coffee, True Food Kitchen and Whole Foods Market. Bromley Cos., Casto, Jeffrey R. Anderson Real Estate and Crescent Communities are developing Midtown Tampa, which will feature more than 200,000 square feet of retail, restaurant, entertainment and outdoor space; 750,000 square feet of office space; Novel Midtown Tampa; and two boutique hotels.

July 9, 2020

Development Mixed-Use South Carolina Southeast

Simpson Organization to Develop $65M Mixed-Use Project in Cayce, South Carolina

by Alex Tostado July 8, 2020

CAYCE, S.C. — The Simpson Organization Inc. plans to develop a $65 million mixed-use project at the intersection of Interstate 77 and 12th Street in Cayce. The Atlanta-based developer acquired 36 acres of Dominion Energy’s 260-acre Otarre Pointe development for the project, which is slated to include apartments, restaurants, retail space, a hotel, office space and an entertainment area. ODA Architecture is the designer, Paris Projects is the general contractor and EB Development will handle leasing and marketing. Simpson Organization expects to break ground on Phase I in late 2021. The property is located seven miles south of downtown Columbia.

July 8, 2020

Acquisitions Hospitality Maryland NAI Southeast

Sunstone Hotel Investors Sells Renaissance Baltimore Harborplace Hotel for $80M

by Alex Tostado July 8, 2020

BALTIMORE — Sunstone Hotel Investors has sold Renaissance Baltimore Harborplace, a Marriott-affiliated, 622-room hotel in downtown Baltimore. The Buccini/Pollin Group acquired the asset for $80 million, or $129,000 per room. The hotel is situated along the Inner Harbor at 2020 E. Pratt St. The hotel features 30,000 square feet of flexible meeting and event space, three food and beverage outlets including a waterfront restaurant called Watertable, a 24-hour fitness center and a business center. This is the 17th Marriott-affiliated hotel in The Buccini/Pollen Group’s portfolio. Mark Elliott, Jay Morrow and Jeff Berkman of Hodges Ward Elliott (HWE) represented the seller in the transaction. Lawrence Britvan of HWE originated an acquisition loan on behalf of the buyer. Details of the financing were not disclosed.

July 8, 2020

Development Multifamily North Carolina Southeast

Alliance Residential to Build 260-Unit Apartment Complex in North Charlotte

by Alex Tostado July 8, 2020

CHARLOTTE, N.C. — Alliance Residential has purchased 10.8 acres to develop Broadstone Highland Creek, a planned 260-unit multifamily community in north Charlotte’s Highland Creek neighborhood. The community will offer one-, two- and three-bedroom floor plans averaging 991 square feet. Communal amenities will include a pool, clubroom, dog park and a fitness center, as well as 8,000 square feet of ground-level retail space. The property is located at 5050 Ridge Road, 14 miles north of downtown Charlotte. Alliance Residential expects to break ground later this year and open the community in early 2022. The project team includes architect Cline Design Associates and civil engineer McAdams Co.

July 8, 2020

Alabama Development Industrial Self-Storage Southeast

NitNeil Partners to Construct 100,000 SF Self-Storage Facility in Huntsville

by Alex Tostado July 8, 2020

HUNTSVILLE, ALA. — NitNeil Partners will develop a four-story, 100,000-square-foot self-storage facility in Huntsville. The Atlanta-based developer acquired 2.1 acres at 2312 Memorial Parkway SW for the project, which is two miles southwest of downtown Huntsville. NitNeil expects to break ground in August and anticipates opening the property in summer 2021. The development will also feature a one-acre outparcel along Memorial Parkway for a future restaurant or retail use.

July 8, 2020

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