Southeast

Treo Group Breaks Ground on $125M VOX Miami Mixed-Use Development

by Taylor Williams March 2, 2020

MIAMI — Locally based investment and development firm The Treo Group has broken ground on VOX Miami, a $125 million mixed-use project in South Florida. Treo Group will develop the transit-oriented site, which is located at the corner of U.S. Highway 1 and Sunset Drive, adjacent to the South Miami Metrorail station, in multiple phases. Phase I will feature an eight-story student housing building with 326 beds across 99 units that will serve undergraduate and graduate students at the University of Miami. Amenities will include study lounges, a rooftop terrace, fitness center and a pool. The building is scheduled for completion before the 2021-2022 academic year. The second phase of VOX Miami is a 195,000-square-foot office building. Perkins + Will is designing the Class A property, which will also house ground-floor retail space. A start and completion date for that component has not yet been released. “VOX Miami is designed to fulfill the needs of various community sectors, from University of Miami students to local businesses, while providing convenient accessibility via the Metrorail and bolstering the overall appeal of public transportation,” says Otto Boudet-Murias, Treo Group principal. Treo Group is also developing Regatta Harbour, a 9.5-acre mixed-use project in Miami’s …

March 2, 2020

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Industrial Deliveries in Charlotte Should Drop in 2020 as New Space is Absorbed

by Alex Tostado March 2, 2020

The Charlotte industrial market continues to see strong construction activity, as developers look to tap into demand for modern space. Approximately 12.7 million square feet has been delivered in the last two years, most notably in the Cabarrus County, Stateline and Airport/West submarkets. Overall construction in the pipeline jumped by 32 percent from third-quarter 2019 to fourth-quarter 2019, reaching 7.2 million square feet. As the first quarter of 2020 takes shape, this development expansion should continue, with an expected 7 million square feet of additional deliveries by year-end. Overall leasing activity in Cabarrus County was strong in 2019, with vacancy declining from 15 percent to 11 percent, which is notable given the 4 million square feet of construction seen in that submarket in the past two years. The Cabarrus County vacancy rate is set to decline significantly when two large deals, totaling more than 800,000 square feet, are factored into the statistics. Once Pactiv (441,000 square feet) and Reynolds (360,000 square feet) are incorporated into the research, the rate will decline to 5.7 percent, as we expected going into year-end. This activity will quickly tighten up the submarket and will open the door for new development. The recent high vacancy …

March 2, 2020

Acquisitions Florida Multifamily Southeast

Newmark Knight Frank Arranges $58M Sale of Multifamily Community in Fort Lauderdale

by Alex Tostado February 28, 2020

FORT LAUDERDALE, FLA. — Newmark Knight Frank (NKF) has arranged the $58 million sale of Serramar Apartments, a 302-unit multifamily community in Fort Lauderdale. The property, which was 95 percent occupied at the time of sale, was built in 1986. The property comprises 23 two-story buildings offering one- and two-bedroom floor plans. Communal amenities include a recently renovated clubhouse, business center, basketball court, two swimming pools and a fitness center. The seller, Bar Invest Group, acquired the property in 2016 and invested $44 million in upgrades and renovated 25 percent of the units. Hampton Beebe and Avery Klann of NKF represented the seller in the transaction. Milbrook Properties purchased the asset.

February 28, 2020

Development Georgia Multifamily Southeast

Quintus to Open $49M Apartment Complex in Metro Atlanta’s Gwinnett County

by Alex Tostado February 28, 2020

DULUTH, GA. — Atlanta-based Quintus Corp. is set to open The Rey on Reynolds, a $49 million, 286-unit apartment complex in Duluth. The community is slated to open to residents in May and will offer one- and two-bedroom floor plans ranging in rents from $1,255 to $1,870 per month, according to Apartments.com. Communal amenities will include a two-story ﬁtness and wellness center, pool, private courtyard with an outdoor ﬁtness area, grilling area, outdoor living room with ﬁre pit, bocce ball court, giant Jenga and an open lawn. The Rey on Reynolds, named for its location on Steve Reynolds and Satellite boulevards, is the first phase of The Rey, which will also feature a mixed-use development offering retail and restaurant space adjacent to the apartments as part of Phase II, which Knoll Development will develop. Atlanta-based Rees Design Associates was the architect, and Atlanta-based Quintus Housing Group served as the general contractor. BB&T, now known as Truist Bank, provided construction financing. The Gwinnett Place Community Improvement District (CID) has been upgrading infrastructure around Steve Reynolds and Satellite boulvards, according to Kelly Keappler of Quintus Corp. The CID also aided in the vision for the streetscape and architecture of both the multifamily …

February 28, 2020

Development Industrial South Carolina Southeast

Partnership Breaks Ground on 158,886 SF Spec Industrial Building in Upstate South Carolina

by Alex Tostado February 28, 2020

PIEDMONT, S.C. — A partnership between Atlanta-based TPA Group, Greenville-based Appian Investments and Irvine, Calif.-based Passco Cos. has broken ground on Grove Reserve, a 158,886-square-foot, speculative industrial building in Piedmont. The building will feature 30-foot clear heights, 60-foot speed bays, a 135-foot truck court, 34 dock doors, more than 150 parking spaces, ESFR sprinklers and LED lighting. The asset is situated within Augusta Grove Business Park, a 1,100-acre industrial park located nine miles south of downtown Greenville. The developers expect to deliver Grove Reserve this fall. Wakefield Beasley & Associates is the architect, BlueWATER Civil Design is the civil engineer and Harper Corp. is the general contractor. Grice Hunt, Clay Williams and Ford Borders of NAI Earle Furman are handling the leasing efforts.

February 28, 2020

Acquisitions Alabama Florida Retail South Carolina Southeast Virginia

SRS Negotiates Sale of 467,358 SF Retail Portfolio in Southeast

by Alex Tostado February 28, 2020

RICHMOND, VA. — SRS’ Investment Property Group (IPG) has negotiated the sale of a four-property, 467,358-square-foot retail portfolio spanning four Southeastern states. Richmond-based Hackney Real Estate Partners acquired the portfolio, which comprises New Smyrna Beach Shopping Center in New Smyrna Beach, Fla.; Marintown Plaza in North Augusta, S.C.; Kings Fairground in Danville, Va.; and a single-tenant building net-leased to The Home Depot in Dothan, Ala. The sales price was not disclosed. The largest shopping center in the portfolio is Marintown Plaza, a 141,903-square-foot property that was fully leased at the time of sale to tenants including Belk, Planet Fitness, Office Depot, Advance America Cash, Jersey Mike’s Subs, OneMain Financial, Jackson Hewitt Tax Service, Sonic, Ruby Tuesday and Taco Bell. Kings Fairground spans 120,153 square feet and includes anchor tenants Ollie’s Bargain Outlet and Tractor Supply Co. New Smyrna Beach Shopping Center is a 101,037-square-foot asset that was 98 percent leased at the time of sale to tenants such as AMC Theatres, Planet Fitness and Dollar General. Kyle Stonis and Pierce Mayson of IPG represented the sellers in the transaction.

February 28, 2020

Florida Leasing Activity Office Southeast

Spotify Signs 20,000 SF Office Lease Within Oasis at Wynwood in Miami

by Alex Tostado February 28, 2020

MIAMI — Spotify has signed a 20,000-square-foot lease to anchor the office component of The Oasis at Wynwood, a mixed-use development in Miami’s Wynwood submarket. The music streaming company is based in Stockholm and has its U.S. headquarters in New York City. The Oasis at Wynwood will feature 20,000 square feet of office space; 17,000 square feet of retail space; and a 35,000-square-foot landscaped courtyard featuring an outdoor food hall, a stage that will have live music programming on a nightly basis, an outdoor bar and a 75-foot tower featuring rotating art installations. New York City-based developer Carpe Real Estate is developing the project, which is slated to open by the end of this year. Brian Gale and Andrew Trench of Cushman Wakefield represented the landlord in the transaction. JLL represented Spotify.

February 28, 2020

Finance Insight Midwest Multifamily Northeast Southeast Texas Thought Leadership Video Western

Axiom Capital Corp.: How healthy is today’s real estate market?

by Sarah Daniels February 28, 2020

Charles Cronin of Axiom Capital Corp. discusses how the longest upcycle in history is impacting the lending environment. Cronin weighs in on the overall health of the commercial real estate lending industry now and what people learned from the 2007/08 financial crisis. What can people expect from the market going into 2020, especially with high prices and fierce competition in both sales and lending? Low credit spreads and rates are positive signs for commercial real estate. However, challenges related to high-end apartments and areas with very high costs of living signal the need for both discipline and flexibility as secondary and tertiary markets become more attractive. Watch the video to hear more about what Cronin sees in today’s market. This video is posted as part of REBusinessOnline’s Finance Insight series, covering MBA CREF 2020. Click here to subscribe to the Finance Insight newsletter, a four-week newsletter series, followed by video interviews from MBA CREF.

February 28, 2020

Development Louisiana Southeast Top Stories

Provident Realty Advisors Opens $85M Apartment Development in Downtown New Orleans

by Alex Patton February 28, 2020

NEW ORLEANS — Provident Realty Advisors, a Dallas-based developer, has opened Canal 1535, a 330-unit multifamily building in the central business district (CBD) of New Orleans. Canal 1535 features one- and two-bedroom apartments. Amenities include a fitness center, parking garage and heated swimming pool. The property is now leasing to new residents, with rents ranging from approximately $1,500 to $3,700. The total development cost is estimated at $85 million. The building is situated on Canal Street in the heart of New Orleans, near Tulane University Medical School and Louisiana State University School of Medicine. The property is located blocks from the French Quarter, the Mercedes-Benz Superdome and St. Louis Cemetery No. 2, and offers convenient access to public transportation via the Regional Transit Authority streetcar line. Julie Valley, asset manager at Provident, says that the building is intended to serve the growing workforce in the CBD, including native New Orleanians and those moving to the city for work. The economic outlook for 2020 is forecasting an additional 9,400 jobs in the city, an increase of 1.6 percent, according to New Orleans CityBusiness. — Alex Patton

February 28, 2020

Acquisitions Industrial South Carolina Southeast

Colliers Arranges Sale of 5.5 MSF Industrial Portfolio Across South Carolina

by Alex Tostado February 27, 2020

COLUMBIA, S.C. — Colliers International has arranged the sale of a 37-property, 5.5 million-square-foot industrial portfolio spanning 16 counties in South Carolina. The portfolio was 83 percent leased to 57 tenants at the time of sale. Chuck Salley, Dave Mathews, Thomas Beard and John Peebles of Colliers International’s Columbia office represented the buyer, Cleveland-based Weston Inc., in the transaction. The seller was Reger Holdings LLC. The sales price and specific property details were not disclosed. According to CoStar Group, the transaction volume accounts for the largest single acquisition of properties within South Carolina in the past 10 years. Weston hired Colliers International | South Carolina and Columbia-based LCK Construction Services to handle brokerage, marketing, accounting, property management and project management for the portfolio, which includes a team of 40 professionals across Colliers’ Columbia, Charleston, Greenville and Spartanburg offices.

February 27, 2020

Newer Posts

Older Posts