Southeast

Bridge Development, PGIM to Develop 312,103 SF Cold Storage Facility Near Miami

by Alex Tostado July 14, 2020

HIALEAH, FLA. — Bridge Development Partners and PGIM Real Estate will develop Bridge Point Cold Logistics Center, a 312,103-square-foot cold storage facility in Hialeah. The joint venture expects to deliver the speculative property in fourth-quarter 2021. The 20.1-acre site is situated at the intersection of NW 162nd Street and NW 102nd Avenue, 18 miles northwest of Miami International Airport. The asset will be able to accommodate multiple tenants and will feature 50-foot clear heights, 39 dock-high doors, 207 parking spaces and 49 trailer parking stalls. The building’s refrigeration system is expected to provide temperatures ranging from minus-10 degrees to -55 degrees. Ware Malcomb is the architect for the building. Wayne Ramoski and Gian Rodriguez of Cushman & Wakefield brokered the land transaction.

July 14, 2020

Acquisitions Multifamily Southeast Virginia

FCP Sells Multifamily Community in Northern Virginia for $81.5M

by Alex Tostado July 14, 2020

WOODBRIDGE, VA. — FCP has sold Potomac Vista Apartments, a 408-unit multifamily community in Woodbridge. Jair Lynch Realty Partners and Nuveen acquired the property for $81.5 million. The community offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool, playground, business center and a clubhouse. The three-story property was originally built in 1987. FCP acquired Potomac Vista in August 2016. The community is located at 14101 Kristin Court, 25 miles southwest of downtown Washington, D.C. Brian Crivella, Walter Coker and Robert Jenkins of JLL represented the seller in the transaction.

July 14, 2020

Development Florida Multifamily Seniors Housing Southeast

ZOM, Watermark Acquire Two Development Sites for Planned Seniors Housing Communities in South Florida

by Alex Tostado July 14, 2020

CORAL GABLES AND WEST PALM BEACH, FLA. — ZOM Senior Living and Watermark Retirement Communities have acquired two seniors housing development sites in Coral Gables and West Palm Beach. The Watermark at Merrick Park in Coral Gables will comprise 196 units including independent living, assisted living and memory care, with 50,000 square feet of amenities. The Watermark at West Palm Beach will feature 154 units of independent living, assisted living and memory care with 30,000 square feet of amenities. M&T Bank provided construction financing for the West Palm Beach project, while PNC Bank funded the Coral Gables project. MSA Architects and Lemay-Escobar Design designed both communities. Verdex Construction will build the West Palm Beach property, while Kast Construction will construct the Coral Gables property. Groundbreaking is slated for later this summer on both projects.

July 14, 2020

Development Florida Retail Southeast

Sleiman Enterprises to Renovate Three Historic Retail Buildings in Jacksonville

by Alex Tostado July 14, 2020

JACKSONVILLE, FLA. — Sleiman Enterprises will renovate three historic retail buildings in Jacksonville’s San Marco Square. The buildings were built in 1926 and 1927, and are located at 1974, 1980 and 1972 San Marco Blvd., two miles south of downtown Jacksonville. Marsh & Saxelbye originally developed the property, which locally based Sleiman Enterprises acquired in August 2019. The two-story, 8,200-square-foot building situated at 1974 San Marco Blvd. is currently vacant. A Starbucks Coffee occupies the space at 1980 San Marco, and a Beau Outfitters leases the building at 1972 San Marco. The facelift will focus mostly on exterior renovations, including adding a new roof, painting the property similar to its original color and adding a “winged” feature to Starbucks and Beau Outfitters. Sleiman is working with architect Jaycox Architects & Associates, as well as with the San Marco Preservation Society and residents of San Marco, to ensure the renovations evoke the building’s original integrity. A timeline for completion was not disclosed.

July 14, 2020

Acquisitions Florida Industrial Leasing Activity Southeast

Commercial Partners Realty Negotiates Sale-Leaseback of 94,000 SF Industrial Property in Metro Tampa

by Alex Tostado July 14, 2020

PINELLAS PARK, FLA. — Commercial Partners Realty has negotiated the sale-leaseback of a 94,000-square-foot industrial building in Pinellas Park. Woodhill Real Estate LLC acquired the asset for $6 million. The seller and tenant, Nautical Structures, specializes in manufacturing, designing, distributing and engineering yachting equipment. The property spans five acres and is situated at 7301 114th Ave., 20 miles west of downtown Tampa. Scott Clendening of Commercial Partners Realty represented the seller in the transaction.

July 14, 2020

Development Mixed-Use North Carolina Southeast Top Stories

Charlotte City Council Gives $600M Mixed-Use Project in Uptown District First Approval to Move Forward

by John Nelson July 14, 2020

CHARLOTTE, N.C. — Seventh and Tryon, a planned $600 million mixed-use project in Charlotte’s Uptown district, has cleared a critical hurdle with the Charlotte City Council. The proposed development will include a 160,000-square-foot mixed-use building, 450,000-square-foot office tower, market-rate and affordable multifamily units, retail space and below- and above-ground parking. At a virtual meeting yesterday, the council unanimously approved a memorandum of understanding (MOU) that allows Marcus Jones, city manager of Charlotte, to negotiate and execute with the Virginia-based developer, Metropolitan Partnership Ltd., on behalf of the city and the landowners of the 3.1-acre site in Uptown. The landowners include Bank of America, City of Charlotte, Mecklenburg County and Charlotte Mecklenburg Library. Atlanta-based DaVinci Development Collaborative is the development manager on behalf of the landowners. “North Tryon needs a facelift, I believe this project moves us in that direction,” said councilmember Malcolm Graham, representative of Charlotte’s District 2, during the proceedings. The council also moved to allow the use of city funds to be negotiated for the project to move forward. The MOU includes the sale of the land from the four landowners to Metropolitan Partnership for a price of $21.5 million. The key terms of the MOU also include …

July 14, 2020

Development Florida Multifamily Southeast

Watermark Residential Begins Construction of 312-Unit Multifamily Community in Panama City Beach

by Alex Tostado July 13, 2020

PANAMA CITY BEACH, FLA. — Watermark Residential has begun construction on Watermark at Urban Blu, a 312-unit multifamily community in Panama City Beach. The property will offer one-, two- and three-bedroom floor plans averaging 958 square feet. Each unit will feature bar-kitchens with granite countertops and stainless steel appliances, as well as walk-in closets and full-size washers and dryers. Communal amenities will include a clubhouse, 24-hour fitness center, pool, cabana, dog park and a pet spa. The property spans 17 acres at 8551 Panama City Beach Parkway. Thompson Thrift Construction is the general contractor and Merchants Bank of Indiana provided construction financing to Watermark Residential. The developer expects to deliver the Watermark at Urban Blu in April 2022.

July 13, 2020

Acquisitions Kentucky Multifamily Southeast

Capstone Arranges $61.4M Sale of Multifamily Portfolio in Metro Louisville, Lexington

by Alex Tostado July 13, 2020

LOUISVILLE, KY. — Capstone Apartment Partners has arranged the $61.4 million sale of a six-property, 1,185-unit multifamily portfolio in Kentucky and southern Indiana. The portfolio’s Kentucky properties comprise Iroquois Gardens, King George Apartments and Victoria Gardens in Louisville and Abigail Gardens in Lexington. The two Indiana properties, King Solomon Apartments in Jeffersonville and King David Apartments in New Albany, are situated across the Ohio River from Louisville. Alex McDermott, Adam Klenk, and Tyler Mayo of Capstone represented the buyer, Nashville-based Clear Blue Co., in the transaction. Nashville-based Elmington Property Management will manage the six properties. Battle Williford and Jon Van Hoozer of Financial Federal Bank originated the $60.2 million acquisition loan on behalf of the buyer. The non-recourse loan features a three-year term with a full interest-only payment period. The seller(s) was not disclosed.

July 13, 2020

Development Multifamily South Carolina Southeast

Arnold Cos. Breaks Ground on Apartment Complex in Downtown Columbia

by Alex Tostado July 13, 2020

COLUMBIA, S.C. — Arnold Cos. has broken ground on The Palms on Lady, an 83-unit apartment complex in downtown Columbia. The property will offer studio, one- and two-bedroom floor plans ranging in size from 466 to 1,172 square feet. The asset will be situated at the intersection of Lady and Assembly streets. Unit interiors will feature quartz countertops, energy-efficient appliances and 10-foot ceilings for residents on the top floor. Communal amenities will include a fitness center, Luxer One package services, pool, business center and a residents’ lounge. MB Kahn is the general contractor, and Cline Design Associates is the architect. The developer expects to deliver the community in early 2022.

July 13, 2020

Development Hospitality South Carolina Southeast

Frampton Construction Completes 126-Room Cambria Hotel in Greenville

by Alex Tostado July 13, 2020

GREENVILLE, S.C. — Frampton Construction has completed a 126-room, Cambria-branded hotel in Greenville. The four-story property is located at 135 Carolina Point Parkway, seven miles east of downtown Greenville. Amenities include an outdoor pool with sundeck, Tesla electric vehicle charging stations, a cobblestone porte-cochère entrance, spa-style bathrooms with Bluetooth mirrors, a restaurant/bar, and 1,486 square feet of meeting space. ODA Architecture was the hotel’s designer, and Choice Hotels will operate the hotel.

July 13, 2020

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