GRAND ISLAND, FLA. — Spartan Investment Group has opened FreeUp Storage Eustis, a 660-unit self-storage facility located at 36536 S. Fish Camp Road near Lake Eustis in Grand Island, about 47 miles northwest of Orlando. Spartan Construction Management, a general contractor affiliate of the Colorado-based developer, broke ground on the facility in June 2024. FreeUp Storage Eustis features 340 climate-controlled units and 266 non-climate-controlled units across nearly 67,000 rentable square feet.
ROYAL PALM BEACH, FLA. — Marcus & Millichap has brokered the $6.2 million sale of Timbercreek Townhomes and Villas, a 20-unit multifamily community located at 100 Sparrow Drive in Royal Palm Beach, about 12 miles west of West Palm Beach. Evan Kristol and Brandon Rex of Marcus & Millichap represented the seller, a private syndicator, and procured the buyer, a California-based investment group, in the transaction. The buyer purchased the community as part of a 1031 exchange. Both parties requested anonymity. Built in 1980, Timbercreek Townhomes and Villas features a gated swimming pool, gazebo and landscaped grounds.
GADSDEN, ALA. — RealSource Group has facilitated the $3 million sale of a newly built restaurant located at 720 Gilbert Ferry Road SE in Gadsden, about 60 miles northeast of Birmingham. Starbucks Coffee occupies the 2,500-square-foot building, which features a drive-thru and outdoor patio seating, on a 10-year initial lease with 10 percent rent increases every five years. The restaurant was built last year on a 1.2-acre site near I-59 and I-759. Austin Blodgett and Jonathan Schiffer of RealSource, along with ParaSell Inc., represented both the Ohio-based private investor and the Tampa-based private developer in the transaction. Both parties requested anonymity.
BALTIMORE — PricewaterhouseCoopers LLP (PwC), one of the “big four” global accounting firms, has leased space for its new Baltimore regional headquarters. The company has leased 23,000 square feet of office space at the Rye Street Market building within Baltimore Peninsula, a $5.5 billion master-planned development in south Baltimore. PwC is moving from 100 E. Pratt St. and will take occupancy at Baltimore Peninsula in late 2026, according to the Baltimore Business Journal. MAG Partners and MacFarlane Partners lead the development team for Baltimore Peninsula, which includes Under Armour founder Kevin Plank’s Sagamore Ventures and Goldman Sachs Asset Management’s Urban Investment Group. Other office tenants at the Rye Street Market building include the Baltimore Ravens NFL team, Longeviti Neuro Solutions, OBM, Chambers and MAG Partners, according to local media outlets.
MIAMI — Los Angeles-based investment firm CIM Group and its development partners have officially opened Miami Worldcenter, a $6 billion mixed-use development in downtown Miami. CIM Group partnered on the project with Miami Worldcenter Associates, a development entity founded by Art Falcone and Nitin Motwani. The development spans 27 acres across 10 city blocks in the city’s Park West neighborhood and has generated nearly 9,000 jobs over the course of its construction and operation. The site formerly housed blighted properties and surface parking lots. The Miami Worldcenter master plan includes approximately $100 million in completed infrastructure; 100,000 square feet of new public space; 300,000 square feet of retail, restaurant and entertainment space; and 16 high-rise towers for residential and hospitality uses, many of which are completed or underway. The development will bring approximately 11,000 residences and more than 1,000 hotel rooms to downtown Miami. “Miami Worldcenter is a game-changing development that has revitalized a dormant and distressed area of downtown Miami and repositioned it as a vital contributor to the community and the local economy,” says Shaul Kuba, co-founder and principal of CIM Group. “We joined partners Art Falcone and Nitin Motwani as the master developers in 2011 and have proudly …
ATLANTA — Interest rates. Tariffs. Natural disasters. These three factors alone frighten any developer, let alone those who are tasked with delivering our nation’s affordable housing supply. Just to get to the ribbon-cutting ceremony, developers have an uphill climb. They have to obtain the land outright or in a ground lease agreement, navigate the permitting and entitlement processes, overcome any neighborhood pushback, raise equity and borrow the necessary capital and then build these communities on time and on budget. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “We try to stay in control of what we’re in control of,” said Christopher Byrd, Southeast region development director of LDG Development, an affordable housing developer based in Louisville, Ky. “As long as we are in the right markets with the right growth and the right partners, we are safe and insulated.” Byrd’s comments came while on stage during the development panel at InterFace Affordable Housing Southeast, a networking and information conference held at the Cobb Galleria Centre in Atlanta on Tuesday, May 7. Kelly Williams, vice president of …
The last four quarters in the Atlanta industrial market were something akin to a good old-fashioned roller coaster ride at the historic Southeastern Fairgrounds! The absorption, activity and new construction sectors all went for a somewhat bumpy ride this past year. What’s happening? First, the quarterly absorption numbers for the Atlanta industrial market have been anything but steady. Eight quarters ago there was 7.9 million square feet of positive net absorption, followed by five negative quarters in a row (totaling 13.2 million square feet), then came two positive quarters (totaling 7 million square feet) and then back down to 2.8 million square feet of negative net absorption for the first quarter of 2025. The annual absorption numbers were up and down as well. The last four quarters yielded 2.2 million square feet of positive net absorption, but a year ago, at this same time, the absorption numbers plummeted down to a negative 11.3 million square feet. Two years ago, the industrial market experienced 32.5 million square feet of positive net absorption. Second, the activity numbers also were up and down. The second quarter of 2024 recorded 14.4 million square feet of activity, but that number dropped to 13.6 million …
ALEXANDRIA, VA. — A public-private partnership between Fairstead, Alexandria Redevelopment and Housing Authority (ARHA) and The Communities Group has received $120 million in financing for the ground-up redevelopment of Old Town Alexandria’s historic Samuel Madden public housing complex. The Samuel Madden site will be redeveloped into a six-story, 295,000-square-foot mixed-income community. The property’s affordable component will apply to all households earning between 30 and 80 percent of the area median income (AMI). Originally constructed in 1945, the Samuel Madden community will be redeveloped to feature 207 units, ranging from one- to four-bedroom floorplans. Community amenities will include a studio for podcast recording, game room with free internet access, 7,500 square feet of open space, interior courtyard and an underground parking garage. Local nonprofit organization ALIVE! will also operate a 500-square-foot food hub on the ground-floor to provide residents access to fresh food and various resources. Additionally, through a partnership with Virginia Center for Housing Research at Virginia Tech, green design elements will be incorporated throughout the development to reduce energy and water consumption. Financing sources for the development include Boston Financial, Freddie Mac, Virginia Housing, Sterling Bank, the City of Alexandria, the U.S. Department of Housing and Urban Development (HUD) …
PALMETTO, FLA. — The Collier Cos. has begun leasing Stafford at Artisan Lakes, a 300-unit multifamily development located in the Sarasota suburb of Palmetto. The gated community offers one-, two- and three-bedroom floorplans, ranging from 705 square feet to 1,326 square feet in size, according to Apartments.com. Monthly rental rates for the Stafford at Artisan Lakes begin at $1,599 for a one-bedroom apartment. Amenities include a resort-style pool, fitness center, outdoor yoga lawn, game room, pickleball court and pet spa, as well as rental garages and electric vehicle charging stations. Select apartments also offer lake views and private backyards.
ST. JOHNS, FLA. — Madison Communities has opened Madison Fountains, a 276-unit apartment community located in the Jacksonville suburb of St. Johns. BenCo, the project’s general contractor, is an affiliate of Madison Capital Group Holdings. The development features studios, one-, two- and three-bedroom floorplans, ranging from 708 square feet to 1,363 square feet in size, according to Apartments.com. Monthly rental rates for studio apartments begin at $1,378. Amenities at the property include a clubhouse-integrated fitness center, resort-style swimming pool with grilling stations and an onsite dog park and grooming station, as well as proximity to the Gourd Island Conservation Area, a 3.7 dog-friendly trail system. Additionally, the community is within walking distance to Jacksonville’s St. Johns Town Center, a super-regional open-air mall that features more than 175 stores.
