Southeast

Wafra Sells Trader Joe’s-Anchored Shopping Center in Metro Richmond for $55M

by John Nelson January 15, 2025

SHORT PUMP, VA. — Wafra Inc. has sold Short Pump Station, a 91,369-square-foot shopping center in Short Pump, located roughly 10 miles northwest of Richmond. Nuveen Real Estate acquired the property for nearly $55 million, making the center the investor’s second acquisition in the Richmond metro area. Situated on 147 acres, the retail development is anchored by Trader Joe’s. Other tenants at the property include Ulta Beauty and Petco. John Owendoff of Cushman & Wakefield, along with Catharine Spangler of Cushman & Wakefield | Thalhimer, represented Wafra in the transaction. The New York City-based investor has owned Short Pump Station since acquiring it from a joint venture affiliate of AmCap in 2021. Nuveen has retained Cushman & Wakefield | Thalhimer to lease and manage the shopping center.

January 15, 2025

Acquisitions District of Columbia Multifamily Southeast

Clear Investment Group Acquires 681-Unit Marbury Plaza Apartments in Southeast DC

by John Nelson January 15, 2025

WASHINGTON, D.C. — Clear Investment Group has purchased Marbury Plaza, a 681-unit apartment community located in southeast Washington, D.C. The Chicago-based investment firm plans to rebrand the property to Langston Views and upgrade the amenity package to include a new fitness center, onsite convenience store and renovated pools and locker rooms. This is the fifth investment for the buyer’s Clear Opportunities Fund I. The seller and sales price were not disclosed.

January 15, 2025

Acquisitions Georgia Southeast Student Housing

JLL Negotiates Sale of 656-Bed Student Housing Community Near Kennesaw State University

by John Nelson January 15, 2025

KENNESAW, GA. — JLL has negotiated the sale of Bixby Kennesaw, a 656-bed student housing community located near the Kennesaw State University campus in metro Atlanta. Completed in 2020, the property offers 179 units in a mix of studio through five-bedroom configurations. Shared amenities include a rooftop sky deck overlooking the university’s football stadium, resort-style swimming pool, fitness center and multiple study spaces. Teddy Leatherman, Scott Clifton, Kevin Kazlow and Jack Goldberger of JLL represented the seller, Alden Street Capital, in the disposition. The buyer and terms of the transaction were not released.

January 15, 2025

Acquisitions Hospitality Kentucky Mixed-Use Southeast

Cronheim Hotel Capital Arranges $18.2M Acquisition Loan for Aloft Hotel in Newport, Kentucky

by John Nelson January 15, 2025

NEWPORT, KY. — Cronheim Hotel Capital has arranged an $18.2 million acquisition loan for Aloft Newport, a hotel in the Cincinnati suburb of Newport. Built in 2017, the hotel is situated adjacent to the Newport on the Levee, a mixed-use development now owned by Atlanta-based Jamestown. The Aloft Newport is located directly across the Ohio River from downtown Cincinnati via a pedestrian bridge. Cronheim Hotel Capital arranged the loan through a regional bank on behalf of the locally based borrower, Rolling Hills Hospitality. The new owner plans to invest in capital improvements to improve hotel room interiors after the acquisition closes.

January 15, 2025

Acquisitions Georgia Restaurant Retail Southeast

Marcus & Millichap Brokers Sale of New Restaurant in Buford, Georgia Leased to Whataburger

by John Nelson January 15, 2025

BUFORD, GA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a newly built restaurant located at 4996 Lanier Parkway in Buford, a northeast suburb of Atlanta. Built in 2024, the 3,318-square-foot restaurant is ground-leased to Whataburger and sits on a nearly 1.5-acre site at the entrance of a 1.1 million-square-foot Amazon logistics center. The popular quick-service restaurant (QSR) chain has a 15-year ground lease in place at the restaurant with scheduled rent increases and extension options. Whataburger is based in Texas and only recently began opening restaurants in Georgia, the first of which opened in Kennesaw in 2022. Don McMinn of Taylor McMinn Retail Group represented the seller, an unnamed developer, in the 1031 transaction. The buyer and sales price were also not disclosed. “This is our third Whataburger closing in fourth-quarter 2024 and will be bring more to market in 2025,” says McMinn. “Whataburger continues to garner strong demand and attractive pricing from investors and is one of the more desirable QSR options in the market today.”

January 15, 2025

Development Florida Restaurant Retail Southeast Top Stories

Miami Marlins, Cordish Partner to Develop Miami Live! Entertainment Destination at loanDepot Park

by Kristin Harlow January 15, 2025

MIAMI — Major League Baseball’s Miami Marlins have formed a partnership with The Cordish Companies to develop Miami Live! at loanDepot Park, the home ballpark of the Marlins. The entertainment destination in the city’s Little Havana neighborhood will feature indoor-outdoor dining and entertainment spaces aimed at elevating the fan experience, including year-round space activations. The official opening of Miami Live! is anticipated for early 2026. LoanDepot Park opened in 2012 and hosts events such as the World Baseball Classic, Caribbean Series and Choque de Gigantes in addition to Marlins home games. “This project represents our commitment to our community, as we develop our ballpark’s campus to feature dining, entertainment and gathering options for everyone to enjoy,” says Bruce Sherman, Miami Marlins chairman and principal owner. The Marlins organization has prioritized sustainability and inclusivity in its design, including features such as energy-efficient lighting, accessible pathways and community art installations. Miami-Dade County Mayor Daniella Levine Cava emphasizes that the privately financed project comes at zero cost to taxpayers. The project is being developed and designed in partnership with Cordish, which is known for its sports-anchored mixed-use developments. Cordish has partnered with many of the country’s professional sports franchises, including the St. Louis …

January 15, 2025

Development Florida Hospitality Loans Southeast

Bayview PACE Provides $137M C-PACE Financing for Westin Cocoa Beach Resort Development

by John Nelson January 14, 2025

COCOA BEACH, FLA. — Bayview PACE has provided $137 million in C-PACE financing for the development of Westin Cocoa Beach Resort & Spa, a $420 million hospitality development located at 100 N. Atlantic Ave. in Cocoa Beach. Coral Gables, Fla.-based Driftwood Capital is the borrower and developer behind the 502-room development, which is slated to open in early 2027. In addition to the C-PACE loan, Driftwood Capital obtained $70 million in construction financing from City National Bank of Florida and a $50 million credit facility from Amerant Bank, bringing the new capital infusion to a combined $257 million. Construction is currently underway on the Marriott-branded project, which will feature 11 food-and-beverage venues and 123,700 square feet of indoor/outdoor meeting space in addition to the hotel rooms and wellness features. The transaction represents the largest C-PACE deal in Florida and the third-largest hospitality C-PACE loan in the United States, according to Bayview PACE. Commercial property assessed clean energy financing (C-PACE) has become a viable financing method for developers as the loan becomes an assessment that borrowers pay with their tax bill. These loans also pay for energy and water upgrades in new construction and rehabilitation projects, including retroactively.

January 14, 2025

Acquisitions Florida Seniors Housing Southeast

Titan Development Sells Three Seniors Housing Communities in Central Florida

by John Nelson January 14, 2025

THE VILLAGES AND WINTER PARK, FLA. — Titan Development has sold a portfolio of three seniors housing communities in Central Florida. The properties include Watercrest Buena Vista and Watercrest Spanish Springs in The Villages and Watercrest Winter Park in Winter Park. AEW Capital Management acquired the 416-unit portfolio for an undisclosed price. JLL represented Titan in the sale. Additionally, JLL is arranging acquisition financing for two of the properties on behalf of the buyer. Built in 2018, Watercrest Buena Vista features 224 residences, with 118 independent living, 74 assisted living and 32 memory care units. Amenities at the community include underground parking, a heated pool, fitness center, salon, media room, bistro and bar and a golf cart charging station. Watercrest Spanish Springs, which opened in 2016, comprises 86 assisted living and memory care units. Amenities at the property include restaurant-style dining, gathering areas, salon services and wellness and exercise programs. Built in 2019, Watercrest Winter Park is an assisted living and memory community that totals 106 units. AEW Capital Management will retain the current, third-party operator of the properties, Watercrest Senior Living.

January 14, 2025

Development Industrial South Carolina Southeast

Glenstar Completes First Building at 290-Acre CCC-85 Industrial Park in Gaffney, South Carolina

by John Nelson January 14, 2025

GAFFNEY, S.C. — Glenstar has completed the first building within Cherokee Commerce Center 85 (CCC-85), a 290-acre industrial park located along I-85 in Gaffney. The new 550,520-square-foot cross-dock facility is the first of five buildings within the park and is expandable up to 1.3 million square feet. The speculative building features 40-foot clear heights, 56- by 50-foot column spacing, 60-foot speed bays, up to 232 dock doors, four drive-in doors, up to 200 megawatts of power within three years of operation and flexible parking. The project team includes capital partners Creek Lane Capital and CrossHarbor Capital Partners, general contractor The Conlan Co., architect Ware Malcomb and civil engineer SeamonWhiteside. John Montgomery, Garrett Scott, Brockton Hall and Dillon Swayngim of Colliers’ Spartanburg, S.C., office are marketing the building on behalf of Glenstar. At full build-out, CCC-85 is slated to comprise 3.6 million square feet of logistics space.

January 14, 2025

Development Multifamily North Carolina Southeast

Flournoy Delivers 315-Unit Ellison at The Preserve Apartments in Asheville, North Carolina

by John Nelson January 14, 2025

ASHEVILLE, N.C. — Flournoy Development Group has delivered Ellison at The Preserve, a 315-unit apartment community located at 375 Spring Bluff Lane in Asheville. Units come in one-, two- and three-bedroom floor plans, along with quartz countertops, stainless steel GE appliances, wood-style flooring and balconies with views of the Blue Ridge Mountains in select apartments. Monthly rental rates at the community range from $1,609 to $3,472, according to Apartments.com. Amenities include a heated pool, fitness center, coworking lounge, outdoor entertainment spaces, grab-and-go market, pet spa, private garages, mail lounge and a private package room. Flournoy Properties Group is operating Ellison at The Preserve on behalf of ownership.

January 14, 2025

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