Southeast

Wood Partners Opens 288-Unit Multifamily Community in Metro Tampa

by Alex Tostado July 22, 2020

PINELLAS PARK, FLA. — Wood Partners has opened Alta Gateway, a 288-unit multifamily community in Pinellas Park. The property offers studio through three-bedroom floor plans. Unit interiors include wood-style plank flooring, stainless steel appliances, under-cabinet lighting and kitchen tile backsplashes. Communal amenities include a pool, sundeck, grilling areas, fitness center with virtual training classes, game lounge and a dog park. Alta Gateway is located at 9401 49th St. N., 19 miles west of downtown Tampa.

July 22, 2020

Affordable Housing Development Georgia Multifamily Southeast

Cabretta Capital Provides $28M in Equity for Affordable Housing Project Underway in Atlanta

by Alex Tostado July 22, 2020

ATLANTA — Cabretta Capital has teamed with Wendover Housing Partners to develop Hartland Station, a 131-unit affordable housing community in Atlanta’s Sylvan Hills neighborhood, four miles south of downtown Atlanta. Savannah, Ga.-based Cabretta Capital provided the developer with $28 million to develop the property. Forty units will be reserved for those earning 50 percent of the area median income (AMI) or below, and 70 units will be for those making 60 percent of the AMI or below. Communal amenities at the garden-style community will include a business center, picnic area, fitness center and a playground. A timeline for construction was not disclosed.

July 22, 2020

Development Florida Leasing Activity Office Retail Southeast

Parkway, KKR Complete $10M Renovation of Brickell Miami Office Tower, Sign Three Retail Tenants

by Alex Tostado July 22, 2020

MIAMI — Parkway Real Estate Services LLC and joint venture partner KKR have completed their $10 million renovation of Sabadell Financial Center, a 30-story, 524,000-square-foot office tower in Miami’s Brickell district. The waterfront property overlooks Biscayne Bay. Parkway Real Estate and KKR acquired the property for $250 million in 2018 and immediately commenced renovation plans. Upgrades included redesigning the entrance and renovating the lobby, as well as adding enhanced cellphone signal technology, meeting and entertainment spaces and a rooftop deck with space for fitness classes. The landlords also signed three retail tenants — Vice City Bean, Carrot Express and Fitbox Method — to occupy space on the ground level. This marks the third location for the locally owned Vice City Bean coffeehouse; the eighth location for Carrot Express, a healthy, fast-casual restaurant; and the second location for Fitbox Method, a fitness studio offering a mix of cardio and boxing training. Jonathan Carter and Jenny Gefen of Colliers International represented the landlords in all three retail transactions. Sabadell Financial Center was built in 2000 and is located at 1111 Brickell Ave., one mile south of downtown Miami. The asset features 8,000 square feet of ground-level retail space, a 26,000-square-foot amenity deck …

July 22, 2020

Development Multifamily North Carolina Southeast

Alliance Residential Delivers 260-Unit Apartment Complex in Charlotte’s South End

by Alex Tostado July 22, 2020

CHARLOTTE, N.C. — Alliance Residential has delivered Broadstone Queen City, a 260-unit apartment complex in Charlotte’s South End neighborhood. The property offers studio, one- and two-bedroom floor plans. Units include electronic locks, wood plank-style flooring, quartz countertops, GE appliances and floor-to-ceiling windows. Communal amenities include a saltwater pool, rooftop bar and lounge, courtyard, fitness center, dog park, office suites and ground-level retail space that will soon welcome Queen City Grounds coffee. Broadstone Queen City is situated at 101 W. Morehead St., less than one mile from downtown Charlotte and half a mile from the LYNX Blue Line light rail station.

July 22, 2020

Acquisitions Florida Industrial Southeast

Dalfen Acquires 204,900 SF Industrial Building in West Palm Beach Leased to Serta Simmons

by Alex Tostado July 22, 2020

WEST PALM BEACH, FLA. — Dalfen Industrial has acquired a 204,900-square-foot industrial building fully leased to Serta Simmons in West Palm Beach. The mattress company has been the sole tenant at the property since it was commissioned in 1996. The asset is situated 3774 Interstate Park Road N., seven miles northwest of downtown West Palm Beach and one mile from Interstate 95. The property features a 2.2-acre truck parking lot and is fully fenced with a guard house at the entrance. The seller and sales price were not disclosed.

July 22, 2020

Development Maryland Mixed-Use Multifamily Southeast Student Housing

Greenberg Gibbons, Caves Valley Partners to Open Student Housing Community Within $350M Towson Row in August

by Alex Tostado July 21, 2020

TOWSON, MD. — Greenberg Gibbons and Caves Valley Partners will open Phase I of Towson Row, a $350 million mixed-use development in Towson, in August. The first phase includes Altus, a 214-unit student housing community that will include retail and restaurant space on the ground level. Gilbane Development Co. is developing and managing Altus, which is located at the corner of Susquehanna Avenue and Towson Row, one mile north of Towson University. Located on the first level of the Altus building will be a 2,860-square-foot wine and spirits store, a 2,272-square-foot nail salon and a 2,750-square-foot BurgerFi restaurant. Towson University announced it will open for in-person and online classes Aug. 24. Towson Row is a five-acre mixed-use development that will include a 45,000-square-foot Whole Foods Market, more than 75,000 square feet of retail/restaurant space, 150,000 square feet of office space, 231 apartment units, the adaptive reuse of the former National Guard armory building into Towson University’s StarTUp and a 220-room dual-branded hotel.

July 21, 2020

Florida Office Southeast

Orlando Office Market Vacancy Rate Exceeds 10 Percent for First Time Since 2016, Says CBRE

by Alex Tostado July 21, 2020

ORLANDO, FLA. — The Orlando office market’s vacancy rate has exceeded 10 percent for the first time since year-end 2016, according to CBRE. The vacancy rate stood at 11.2 percent at the end of the second quarter, up from 9.1 percent the previous quarter. With the novel coronavirus causing the economy to halt in mid-March, many office players in the country hit the pause button on sales and leases. Orlando, like several other markets nationwide, was not able to escape the downturn as large swaths of space were given back quicker than they were absorbed. Alight Solutions vacated its 147,000-square-foot space in the University/Research submarket, and Hartford Insurance downsized by 27,000 square feet in Lake Mary. Orlando ended the second quarter of 2020 with 352,000 square feet of negative absorption, the biggest dip the market has taken since first-quarter 2018 when the absorption was minus-22,857 square feet, according to CBRE. CBRE also notes that development has not slowed in the market, with deliveries reaching an 11-year quarterly high. Five office buildings totaling 339,000 square feet came on line in the second quarter. There are another seven projects underway totaling 279,700 square feet, the largest of which is a 120,000-square-foot building …

July 21, 2020

Development Georgia Multifamily Single-Family Rental Southeast

American Homes 4 Rent Opens 127-Home Rental Community in Loganville, Georgia

by Alex Tostado July 21, 2020

LOGANVILLE, GA. — American Homes 4 Rent has opened Stone Creek Community, a 127-home rental community in Loganville. The community comprises single-family homes that feature fenced-in backyards and three-to five-bedroom floor plans ranging from 2,000 to 3,000 square feet. Rents will start in the $1,600s. Each home offers granite countertops, stainless steel appliances, vinyl plank flooring, central heating and air conditioning and two-car garages. The community will also feature a clubhouse, pool, fitness center and a playground. Additionally, routine front and backyard maintenance is included. Stone Creek Community is situated at 5031 U.S. Highway 81, 38 miles east of downtown Atlanta.

July 21, 2020

Development Maryland Retail Southeast

Sprouts Farmers Market to Open New Store in Baltimore on Wednesday

by Alex Tostado July 21, 2020

BALTIMORE — Sprouts Farmers Market will open a new store in Baltimore on Wednesday, July 22. The store, located at 3800 Boston St., will be the fifth location in Maryland for the Phoenix-based grocer. Sprouts is following CDC guidelines at the location, requiring employees to wear masks, promoting social distancing and installing plexiglass barriers at registers. The new Sprouts will be part of Collective at Canton, a 12-acre mixed-use development featuring multifamily units, an office building, hotel and retail and restaurant space. Developer 28 Walker is building the project. Ryan Wilner, Andrew Feldman and Mason Bernstein of KLNB are leading the retail leasing efforts for the development.

July 21, 2020

Acquisitions Kentucky Multifamily Southeast

Capstone Arranges Sale of 126-Unit Apartment Complex in Paducah, Kentucky

by Alex Tostado July 21, 2020

PADUCAH, KY. — Capstone Apartments Partners has arranged the $3 million sale of Fernwood Homes, a 126-unit apartment complex in Paducah. The property offers two- and three-bedroom floor plans. The asset is situated at 710 Lone Oak Road, three miles southwest of downtown Paducah. New York-based Hillcrest Acquisitions acquired the asset, which was originally built in 1950. Jonathan Hawks, Adam Klenk and Tyler Mayo of Capstone represented the seller, Fernwood Homes LP, which owned the property for more than 30 years.

July 21, 2020

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