Southeast

M Peters to Develop Mass Timber Office Building Within Plush Mills Campus in Downtown Greenville

by Alex Tostado May 22, 2020

GREENVILLE, S.C. — M Peters Group will develop a five-story, 73,177-square-foot office building in downtown Greenville. The property will offer 18,823 square feet of ground-level retail space, as well as a rooftop terrace. The developer is using mass timber construction, which marks the first project in South Carolina to do so. M Peters Group expects to deliver the property in 2021. The building will be situated next to the former Plush Mills building, which was originally built in 1925. M Peters Group bought the then-vacant property in 2016 and renovated it before leasing to Venture X, a coworking operator. The architect is Perkins + Will. Shelby Dodson of CBRE is handling leasing efforts on behalf of the owner.

May 22, 2020

Development Industrial North Carolina Southeast

Merritt Properties Acquires 51 Acres in Durham to Build Four-Building Industrial Park

by Alex Tostado May 22, 2020

DURHAM, N.C. — Merritt Properties has acquired 51 acres in Durham for Merritt TW Crossing, a planned four-building, 282,400-square-foot industrial park near Research Triangle Park. Merritt expects to deliver the asset in the fourth quarter of this year. The four buildings will range in size from 36,120 to 106,100 square feet. The land is situated at 3100 S. Miami Blvd., seven miles south of downtown Durham. The buildings will offer 18- to 24-foot ceiling heights, 110- to 180-foot truck courts, dock-high and drive-in doors and free surface parking. Merritt Construction Services is the general contractor. Ann-Stewart Patterson and Austin Nagy of CBRE | Raleigh will handle leasing efforts on behalf of the owner.

May 22, 2020

Development Georgia Multifamily Seniors Housing Southeast

Watercrest Senior Living Breaks Ground on Seniors Housing Community in Macon, Georgia

by Alex Tostado May 22, 2020

MACON, GA. — Watercrest Senior Living Group and its equity partners, Peninsula Alternative Real Estate and Corecam Capital Partners, have broken ground on Watercrest Macon Assisted Living and Memory Care in Macon. The community will feature 76 assisted living and 22 memory care units. Renasant Bank provided construction financing, and EMJ Corp. is serving as the general contractor. Watercrest Macon will be located within the Providence at Bass development, which offers residential, retail and dining establishments, as well as entertainment venues. Watercrest Macon is scheduled to welcome residents in summer 2021.

May 22, 2020

Development Industrial Maryland Southeast

Hill Management Begins Construction on 66,600 SF Industrial Building in Metro Baltimore

by Alex Tostado May 22, 2020

GLEN BURNIE, MD. — Hill Management has broken ground on a 66,600-square-foot industrial building within Bay Meadow Industrial Park in Glen Burnie. The property is situated on 6.5 acres and will offer 23-foot clear heights, an ESFR sprinkler system and dock and drive-in capabilities. The asset will be located at 6730 Dover Road, nine miles south of the Port of Baltimore and seven miles east of Baltimore/Washington International Thurgood Marshall Airport. The developer expects to deliver the building this fall. Kate Jordan and Marley Welsh of Lee & Associates | Maryland will handle the leasing on behalf of the owner.

May 22, 2020

Florida Industrial Leasing Activity Southeast

Commercial Fitness Concepts Signs 43,474 SF Industrial Lease in Tampa

by Alex Tostado May 22, 2020

TAMPA, FLA. — Commercial Fitness Concepts has signed a 43,474-square-foot industrial lease at Building 200 within 301 Business Center in Tampa. Building 200 offers 32-foot minimum clear heights, 180-foot truck court and an ESFR sprinkler system. With Commercial Fitness Concepts’ new lease, the building is now fully occupied, with US Venture leasing the other 127,720 square feet. Located on East Columbus Drive, 301 Business Center spans 68 acres and is situated in Tampa’s East Industrial submarket, nine miles east of downtown Tampa. John Jackson, Jessica Mizrahi and JT Faircloth of Cushman & Wakefield represented the landlord, McDonald Development, in the lease negotiations. Commercial Fitness Concepts sells new and used gym equipment for commercial use.

May 22, 2020

Development Florida Multifamily Southeast

Housing Trust Group Breaks Ground on 60-Unit Seniors Housing Community in Downtown Miami

by Alex Tostado May 21, 2020

MIAMI — The Housing Trust Group (HTG) has broken ground on Father Marquess-Barry Apartments, a planned 60-unit seniors housing community in downtown Miami. The units are reserved for residents 62 years of age and older earning between 28 and 60 percent of the area median income (AMI). Rents will range from $372 to $1,200 a month for qualifying residents. Six units will be reserved as workforce housing. The community is scheduled to open in April 2021 and is named after the late Rev. Canon Richard Livingston Marquess-Barry, a Miami native and former pastor of The Historic St. Agnes Episcopal Church in Overtown. The three-story community will offer 48 one-bedroom apartments and 12 two-bedroom apartments ranging from 684 square feet to 969 square feet. Communal amenities will include a multipurpose club room for community and property gatherings, fitness center, library and media center with computers, a package-delivery locker system and bike racks. The property is situated at 301 NW 17th St. The owner of the land, nonprofit group Rainbow Housing Corp., granted a 99-year ground lease for HTG to build the community. Raymond James provided $9.4 million in 9 percent Low Income Housing Tax Credit Equity (LIHTC); TIAA Bank provided a …

May 21, 2020

District of Columbia Southeast

Jobless Claims Continue to Rise as Another 2.4M Americans File for Assistance, Says Department of Labor

by Alex Tostado May 21, 2020

WASHINGTON, D.C. — COVID-19 has continued to impact the U.S. economy as an additional 2.4 million Americans filed first-time unemployment claims in the week ending May 16, the U.S. Department of Labor reports. Since mid-March, 38.5 million people have filed first-time claims. The number for this week was inline with what economists surveyed by Dow Jones expected when they forecast 2.4 million claims. The latest number is a decrease of 249,000 claims from the week ending May 11, which was revised down from its original figure by 294,000 to nearly 2.7 million. The four-week moving average is just over 3 million claims, down by 501,000 from the previous four-week moving average. Despite the number of claims rising overall, the weekly figure has lessened for seven consecutive weeks, the Department of Labor found.

May 21, 2020

Development Florida Healthcare Office Southeast

AJP Ventures, Mas Group to Develop 37,000 SF Medical Office Building in Miami

by Alex Tostado May 21, 2020

MIAMI — A joint venture between AJP Ventures and Mas Group will develop MedSquare Place, a planned 37,000-square-foot medical office building in Miami’s Westchester neighborhood. The developers plan to break ground this summer at the property, which is situated at 9101 SW 24th St., 11 miles west of downtown Miami and five miles north of Baptist Hospital of Miami. WellMed Medical Management, a healthcare delivery company, has signed a 19,000-square-foot lease to anchor the property. The site was formerly an AT&T corporate office, the demolition of which will begin this month. The property will feature valet and reserved parking, a covered patient drop-off area at the main lobby, floor-to-ceiling hurricane impact windows and a safety back-up generator.

May 21, 2020

Company News Mississippi Retail Southeast

Eldorado Resorts Reopens Three Casinos in Mississippi Today at Limited Capacity

by Alex Tostado May 21, 2020

GREENVILLE, LULA AND VICKSBURG, MISS. — Eldorado Resorts Inc. has reopened Tropicana Greenville, Isle of Capri Lula and Lady Luck Vicksburg in Mississippi. Eldorado will limit the number of guests to no more than 50 percent of the property’s maximum occupancy, in accordance with Mississippi Gaming Commission regulations. The Reno, Nev.-based company temporarily closed the three casinos March 16 in accordance with the Commission’s orders to close casinos due to the COVID-19 outbreak. The properties reopened at 10 a.m. local time.

May 21, 2020

Georgia Loans Multifamily Southeast

Greystone Provides $17.8M Refinancing Loan for Apartment Complex Near Atlanta

by Alex Tostado May 21, 2020

FAIRBURN, GA. — Greystone has provided a $17.8 million Fannie Mae refinancing loan for Cambridge Faire Apartment Homes in Fairburn. The 12-year loan features two years of interest-only payments and a 30-year amortization schedule. The undisclosed borrower will use the funds to further upgrade the community. The 208-unit property offers one-, two- and three-bedroom floor plans. Communal amenities include a pool, fitness center, clubhouse, sports courts, dog park and a car wash area. The asset, which was built in 2001, is situated at 900 Meadow Glen Parkway, 21 miles southwest of downtown Atlanta. Keith Hires of Greystone originated the loan on behalf of the borrower.

May 21, 2020

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