Thursday, June 19, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Top Stories

Citi-Tower-Orlando
AcquisitionsFloridaMultifamilySoutheastTop Stories

Snell Properties Acquires Citi Tower Apartment Building in Downtown Orlando for $106M

by Taylor Williams

ORLANDO, FLA. — Snell Properties, an investment firm based in the Washington, D.C. area, has acquired Citi Tower, a 233-unit apartment building in downtown Orlando’s South Eola district, for $106 million. The price equates to roughly $455,000 per unit. Built in 2017, the 25-story building contains studio, one-, two- and three-bedroom units, all of which have private balconies. Apartments feature granite countertops, floor-to-ceiling windows, stainless steel appliances and individual washers and dryers. Citi Tower also houses 11,000 square feet of retail space. Amenities include a pool, fitness center and an outdoor lounge, all of which offer panoramic views of downtown Orlando, as well as a conference room and an outdoor kitchen area with grilling stations and seating areas. There are also more 185 retail and restaurant establishments within walking distance of the property, according to Snell. “Citi Tower is our third successive acquisition in Central Florida,” says Chris Hanessian, president of Snell Properties. “Orlando’s thriving economy, impressive infrastructure and strong demographics make it an ideal market for investment.” “Citi Tower’s many strengths include high-quality construction, an unbeatable location in downtown and the coolest rooftop in Orlando,” adds Peter Colarulli, vice president of Snell Properties. Brian Moulder and Chris Chadbourne of …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentNevadaRetailTop StoriesWestern

Institutional Mall Investors Starts Renovations at 500,000 SF Miracle Mile Shops on Las Vegas Strip

by Jeff Shaw

LAS VEGAS — Institutional Mall Investors LLC, a joint venture between Miller Capital Advisory and CalPERS, has started renovations at Miracle Mile Shops, a 500,000-square-foot shopping center on the Las Vegas Strip. The property is attached to the Planet Hollywood Resort & Casino. The mixed-use project will remain open during construction, which is scheduled for completion in spring of 2023. The redevelopment costs were not disclosed. New entertainment features will include exterior and interior immersive light, sound and video experiences. Miracle Mile Shops guests will also enjoy new and upgraded restaurants. “Miracle Mile Shops has been a highly successful shopping and entertainment destination in Las Vegas for over 20 years, attracting locals, visitors and international tourists,” says Robert Buchanan, vice president and general manager of Miracle Mile Shops. “The renovations are coming at the ideal time as our city welcomes the return of domestic and international tourists.” The revitalized interior will include new flooring, lighting, ceilings, seating and a new sound system. The “rainstorm” attraction, a free daily show that features thunder, lightning, fog and rain, will also be enhanced. The renovation includes a redesign to Miracle Mile Shops’ exterior entrances on the Las Vegas Strip and Harmon Avenue, featuring …

Continue Reading
FacebookTwitterLinkedinEmail
Kubota_GainesvilleGa.
DevelopmentGeorgiaIndustrialSoutheastTop Stories

Kubota Plans $140M Expansion at Research, Development Center in Gainesville, Georgia

by Katie Sloan

GAINESVILLE, GA. — Farming and construction machinery producer Kubota North America Corp. has unveiled plans for a $140 million expansion of its 280-acre research and development (R&D) center in Gainesville, approximately 50 miles northeast of Atlanta.  The center opened in April of this year and currently includes engineering offices, workshops and testing labs, alongside outdoor tracks for testing turf, utility vehicles, tractors and construction equipment. Construction of the expansion is scheduled to begin later this year and will include the development of a building dedicated to broadening production and loader capacity to meet growing market demands, while freeing up space at the company’s existing facility in nearby Jackson County.  “Through further investments like these, our supply chain continues to evolve to better meet the needs of our sister-company partners and Kubota dealers,” says Brian Arnold, president of Kubota Manufacturing of America. “With this expansion our production capacity will almost double and, at the same time, we will improve our quality and efficiency through innovations in welding and painting technologies.” The project is slated for completion in 2024, bringing with it more than 500 new manufacturing jobs at the facility. Kubota North America employs more than 3,000 team members across its manufacturing, …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsFloridaMultifamilyNorth CarolinaSoutheastTennesseeTop Stories

Clarion Partners, Blackfin Real Estate Investors Acquire 3,564-Unit Multifamily Portfolio in Sun Belt for $885.5M

by Kristin Harlow

FLORIDA, NORTH CAROLINA AND TENNESSEE — Clarion Partners LLC and Blackfin Real Estate Investors LLC have acquired a 12-property multifamily portfolio totaling 3,564 units for $885.5 million. The assets are located in the Sun Belt markets of Tampa, Fla.; Orlando, Fla.; Melbourne, Fla.; Charlotte, N.C.; Wilmington, N.C.; and Nashville, Tenn. A partnership between PGIM Real Estate and CARROLL was the seller. The garden-style, Class B communities were built between 1972 and 1995. Amenities at the properties include clubhouses, pools, fitness centers and basketball and tennis courts. Clarion and Blackfin plan to upgrade both unit interiors and community amenities. The majority of the units will be updated with new vinyl floors, appliances, countertops and LED lights. “This acquisition further strengthens our position in fast-growing Sun Belt markets and also gives us exposure to a high-growth portfolio of seasoned multifamily properties which we can own below replacement cost and renovate for yield enhancement,” says Thomas James, managing director with Clarion. Greystar will serve as property manager for the six properties in Florida and Tennessee, while Durcker & Falk will manage the North Carolina communities. DLA Piper served as legal counsel for Clarion. Eastdil Secured brokered the transaction. New York-based Clarion is a …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentFloridaMultifamilySoutheastTop Stories

LCOR Acquires Residential Development Site in Miami, Plans 40-Story Condo Tower

by Jeff Shaw

MIAMI — Development firm LCOR has acquired 1775 Biscayne Boulevard, a development site located two blocks from Biscayne Bay in downtown Miami. Plans call for a 40-story, 540-unit residential building that will be situated on the border of the Arts & Entertainment District and Edgewater neighborhood. Units will be available in studio, one- and two-bedroom options. Construction on the condominium project is scheduled to begin in early 2024 for completion in 2026. “Miami [is] a highly competitive land market currently on the cusp of a transformational development surge,” says Brad Capas, executive director of Cushman & Wakefield Capital Markets. “Located at the center of one of Miami’s most exciting growth corridors, 1775 Biscayne will aid in producing critically needed residential offerings between the Miami World Center and Midtown districts.” Unit features will include stainless steel appliances, in-unit washers and dryers and quartz countertops. Communal amenities will feature a fitness center; rooftop pool deck; outdoor terrace and grilling space with views of Biscayne Bay and downtown Miami; tenant lounges equipped with flexible coworking spaces and conference rooms; over 600 onsite parking spaces; and package retrieval services. The project was originally proposed in 2017 and included 14,000 square feet of ground-floor retail …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMultifamilyNorth CarolinaSoutheastTop Stories

ZOM Living Sells Hazel SouthPark Apartments in Charlotte for $130.8M

by John Nelson

CHARLOTTE, N.C. — ZOM Living has sold Hazel SouthPark, a 203-unit mid-rise apartment community in Charlotte that the firm delivered last year. The property includes 14,000 square feet of retail space that was fully leased at the time of sale. An undisclosed buyer purchased the asset for $130.8 million, establishing a new record high price per unit for a multifamily community in North Carolina when adjusting for the value of the retail space. Eastdil Secured represented ZOM Living in the transaction. “This is a significant sale that reflects the level of design and construction quality of our newest development, the desirability of the SouthPark neighborhood and the strength of Charlotte’s multifamily market,” says Greg West, CEO of ZOM Living. “Since we delivered this property in 2021, we have seen tremendous leasing activity and achieved premium rents within a few months of its opening. The sale of this asset is in line with our plan to continue to invest in developing future multifamily properties in the Charlotte market and beyond,” adds West. Hazel SouthPark is situated within Charlotte’s SouthPark neighborhood, an office submarket about six miles south of the city’s central business district that is anchored by Simon’s SouthPark Mall, which …

Continue Reading
FacebookTwitterLinkedinEmail
Sephora
Company NewsMidwestRetailTop StoriesWisconsin

Kohl’s Bets on Brick-and-Mortar with Plans to Open 100 Smaller-Format Stores, Revitalize Existing Locations

by Katie Sloan

MENOMONEE FALLS, WIS. — Kohl’s (NYSE: KSS) has announced plans to increase its investment in brick-and-mortar with the addition of 100 new, smaller-format locations over the next four years in previously untapped markets.  This expansion follows the pilot of 20 stores featuring the company’s smaller-format design, which averages around 35,000 square feet versus the traditional 80,000-square-foot iteration. In June, the Menomonee Falls-based company will be opening a smaller-format shop in Bonney Lake, Wash., and in the fall, stores are set to open in San Angelo, Texas; Morgantown, W.Va.; Tacoma, Wash.; and Lenox, Mass. Alongside the addition of these new locations, Kohl’s will be modernizing its existing 1,165-store portfolio by transforming the flow of its interiors to include dedicated discovery zones with products from diverse- and female-owned companies.  The company will also be expanding its partnership with beauty retailer Sephora through the addition of 850 of its Sephora at Kohl’s shop-in-shops by 2023. Sephora at Kohl’s shops, which typically occupy 2,500 square feet toward the front of the store, offer an expanded collection of the San Francisco-based retailer’s make-up, skin- and hair-care, and fragrance offerings.  Kohl’s has also announced plans to roll-out omnichannel initiatives over the next year, including the ability …

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentMassachusettsMixed-UseNortheastTop Stories

Partnership Breaks Ground on 16.2 MSF Mixed-Use Redevelopment of Suffolk Downs Racetrack Near Boston

by Kristin Harlow

REVERE, MASS. — The HYM Investment Group, Cathexis and National Real Estate Advisors have broken ground on the redevelopment of the former racetrack site at Suffolk Downs in Revere, about five miles north of Boston. The project will ultimately span 16.2 million square feet of development, including 10,000 apartments and condominiums; 5.2 million square feet of life sciences and office space; 450,000 square feet of retail and civic space; and 40 acres of parks and open space. The Suffolk Downs thoroughbred racetrack opened in 1935 and was shuttered in 2019. HYM purchased the property in 2017. The 161-acre redevelopment project will connect Revere to the East Boston neighborhood. The groundbreaking marks the official launch of a joint venture partnership between HYM and National on the initial residential components of the redevelopment project. According to a news release, National’s equity participation will enable the delivery of nearly 4 million square feet of residential development (or 4,200 units) to be built at Suffolk Downs over the next eight years. The Boston Globe reports that National committed $775 million in equity financing. The first phase of construction includes a life sciences and biomanufacturing facility as well as a residential building. Named 100 Salt …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsAffordable HousingMixed-UseMultifamilyNew YorkNortheastTop Stories

Avanath Capital Acquires Two Multifamily Communities in Brooklyn for $315M

by John Nelson

NEW YORK CITY — Avanath Capital Management, a private real estate investment management firm, has purchased two multifamily communities in Brooklyn. The Irvine, Calif.-based company purchased the two properties, which total 601 apartments and 42,643 square feet of ground-floor retail space, for $315 million. The properties also include 82,681 square feet of parking. The seller was not disclosed, but multiple outlets report the seller as Greenland USA, a residential and commercial real estate developer based in China. Located at 38 6th Ave. and 535 Carlton Ave., the two communities are situated adjacent to Barclays Center, the home arena of the Brooklyn Nets NBA franchise. A little over one-third of the units are reserved for residents with incomes between 40 percent and 100 percent of area median income (AMI). The buildings were constructed in 2017 as part of the ongoing Pacific Park New York Development initiative, which Avanath Capital says is Brooklyn’s largest development project to date. In addition to the two multifamily properties, at full completion the site will host eight acres of public open space, a new public middle school, 13 other residential buildings and more than 7.3 million square feet of residential, commercial and retail space. Amenities at …

Continue Reading
FacebookTwitterLinkedinEmail
Brian Kemp
DevelopmentGeorgiaIndustrialSoutheastTop Stories

Hyundai to Open $5.5B Electric Vehicle Manufacturing Plant Near Savannah, Create 8,100 Jobs

by Taylor Williams

BRYAN COUNTY, GA. — Hyundai Motor Group will open a $5.5 billion manufacturing plant near the coastal Georgia city of Savannah that will be fully dedicated to production of electric vehicles, including batteries. Hyundai expects the facility to be operational within three years. In addition to Hyundai’s direct investment, various suppliers of the South Korean automaker will invest another $1 billion in the project. Between these initiatives, more than 8,000 new jobs are expected to be added to the local economy. Known as the Bryan County Megasite, the plant’s location spans nearly 3,000 acres. The site is adjacent to Interstate 16 and is proximate to both Interstate 95 and the Port of Savannah. The Port of Savannah is the fastest-growing container terminal in the country, according to the development team, and is served by two Class I railroads. A partnership between the Savannah Harbor-Interstate 16 Corridor Joint Development Authority (JDA) and the State of Georgia owns the Bryan County Megasite. The former entity comprises the development authorities of Bryan, Bulloch, Chatham and Effingham counties. The partnership has spent the last several years making infrastructural improvements to the site in order to improve speed-to-market functionalities for the end user. “From initial …

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts