Wednesday, July 9, 2025
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Southeast

AcquisitionsIndustrialNorth CarolinaSoutheast

Cushman & Wakefield Brokers Sales of Three Industrial Properties in Metro Raleigh Totaling $47.3M

by John Nelson

GARNER, N.C. — Cushman & Wakefield has brokered two sales of three industrial properties spanning more than 260,000 square feet within Greenfield Business Park in Garner, about 10 miles south of Raleigh. The three properties include two newly constructed warehouses at 4101 and 4501 Waterfield Drive along with a third building at 600 S. Greenfield Parkway. Christopher Sheldon, Doug Longyear and Andy Bogardus of Cushman & Wakefield, along with Jimmy Barnes of NAI Tri Properties, represented the seller and developer, Wigeon Capital, in both sale transactions. Foxfield Investments purchased 4101 and 4501 Waterfield Drive for $19.8 million, and Wake County ABC Board, an owner/occupier, purchased the third building for $27.5 million. Acousti Engineering and Southern Staircase occupy 4101 Waterfield Drive, and The Macomb Group occupies 4501 Waterfield Drive.

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IndustrialLoansNorth CarolinaSoutheast

KBS Obtains $38.4M Loan for Refinancing of Crossroads Distribution Center in Charlotte

by John Nelson

CHARLOTTE, N.C. — KBS has obtained a $38.4 million loan for the refinancing of Crossroads Distribution Center, a four-building industrial property in Charlotte spanning nearly 500,000 square feet. The park was developed between 1998 and 2007 along Granite Street. The property features 24- to 30-foot clear heights, 50-foot concrete aprons and truck courts that range from 110 to 140 feet, as well as a fitness center, tenant lounge, onsite car wash/detail and proximity to public transportation. Joe Donato led the Newmark team that arranged the financing on behalf of KBS. The direct lender was not disclosed.

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DevelopmentRestaurantRetailSoutheastTennessee

Partnership Begins Redevelopment of 30,000 SF Retail Property in Nashville

by John Nelson

NASHVILLE, TENN. — A partnership between Hines and Cresset Partners has begun construction on the redevelopment of 429 Houston, a 30,000-square-foot industrial and mixed-use property in Nashville’s Wedgewood-Houston neighborhood. The partnership will transform the property, which Hines purchased in December 2019, into a retail destination with shops and restaurants. The redevelopment will include adding a large, wraparound outdoor patio, expanding the property’s square footage, installing new parking and building systems, executing site infrastructure and improving the property’s landscaping and hardscaping. Additionally, the partners have signed two new tenants — Bodega Taqueria y Tequila and Aba — that will open by mid-2025. Existing tenant Jackalope Brewing Co. will stay in its current 16,200-square-foot space at 429 Houston and remain open throughout the redevelopment.

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AcquisitionsMississippiRetailSoutheast

Marcus & Millichap Brokers $2.6M Sale of Retail Center in McComb, Mississippi

by John Nelson

MCCOMB, MISS. — Marcus & Millichap has brokered the $2.6 million sale of Delaware West Shopping Center, a retail center located in McComb, about 80 miles south of Jackson. Harps Foods anchors the property, which totals 54,450 square feet and was leased to eight tenants at the time of sale. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller, a Tennessee-based developer, in the transaction. Mickey Davis, the firm’s broker of record, assisted in closing the sale. “The level of competition for this offering illustrated how difficult it is to find such a solid return on a grocery-anchored center,” says Taylor.

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Quay
DevelopmentFloridaMixed-UseMultifamilyOfficeRetailSoutheastTop Stories

Joint Venture Plans Mixed-Use Redevelopment of The Quay Shopping Center in Fort Lauderdale

by Katie Sloan

FORT LAUDERDALE, FLA. — A joint venture between BH Group, PEBB Enterprises and Related Group is set to begin the mixed-use redevelopment of The Quay shopping center in the Harbordale neighborhood of Fort Lauderdale.  The joint venture recently acquired the 73,000-square-foot center for $48.5 million. Located at 1515 SE 17th St., the property currently features restaurants, retail space, a marina and a two-story office building. Redevelopment plans for the seven-acre site include the addition of up to 361 residential units and 12,000 square feet of retail and restaurant space. The existing property will also undergo improvements that align with the new development. Amerant Bank provided financing for the acquisition of the property. The transaction closed on May 22. A timeline for the project was not announced, but additional details are expected to be released over the coming months.  This development marks the third joint venture between BH Group, PEBB Enterprises and Related Group. The companies are also partnering on a major mixed-use redevelopment at 6600 North Military Trail, formerly an Office Depot headquarters, in Boca Raton.  Miami-based BH Group is a development firm focused on luxury projects across South Florida. The company has experience in acquisition, construction, design, capital structuring and asset management.  …

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DevelopmentFloridaIndustrialSoutheast

Constellation, Northwestern Mutual to Develop 972,079 SF Industrial Project in Orlando

by John Nelson

ORLANDO, FLA. — Constellation Real Estate Partners and capital partner Northwestern Mutual plan to develop Constellation Air Commerce Park, a three-building, 972,079-square-foot industrial park in Orlando. The partnership recently acquired 75.1 acres located at 10195 Boggy Creek Road, about six miles from Orlando International Airport, for the project. Within the park, Building 100 (232,497 square feet) and Building 300 (283,580 square feet) will both have front-park/rear-load configurations and Building 200 (456,002 square feet) will have cross-dock loading. C4 Architecture and Florida Engineering Group designed Constellation Air Commerce Park to achieve LEED certification. The project will feature 36-foot clear heights, multiple points of ingress/egress with full circulation, trailer parking, ESFR sprinkler systems and LED lighting. Construction is set to begin this year with completion scheduled for the third quarter of 2025. Constellation and Northwestern Mutual have tapped Jared Bonshire, David Perez, Taylor Zambito, Ryan Hubbard, Sara Bravo and Jasmine Yarbrough of Cushman & Wakefield as the leasing agents for the project.

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DevelopmentNorth CarolinaRetailSoutheast

Wawa Opens First Store in North Carolina, Plans 10 Stores in State by Year’s End

by John Nelson

KILL DEVIL HILLS, N.C. — Wawa Inc. has opened its first gas station and convenience store in the state of North Carolina. Located in the Outer Banks town of Kill Devil Hills, the store is the first of nine Wawa locations slated to open in the Tarheel state before the end of summer and 10 by year’s end. By the end of 2024, Wawa will have stores open in Kill Devil Hills, Rocky Mount, Elizabeth City, Greenville and two stores a piece in Wilson and Goldsboro. In 2025, Wawa expects to open up to 11 stores in additional counties including Robeson, Pitt, Cumberland, Onslow, Johnston, Nash, Pender, Brunswick and New Hanover. Over the next eight to 10 years, the metro Philadelphia-based company plans to build and open six to eight stores per year in North Carolina, reaching a total of 90 stores. To build each location, Wawa will invest more than $7 million per store and employ, on average, 140 contractors and local partners during the construction process. Wawa Inc., a privately held company, began in 1803. Today, Wawa stores are located in Pennsylvania, New Jersey, Delaware, Maryland, Virginia, Florida, Washington, D.C., and now North Carolina — with nearly 1,000 …

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FloridaHospitalityLoansSoutheast

Colliers Arranges Refinancing for 352-Room EAST Miami Hotel

by John Nelson

MIAMI — Colliers’ Hospitality Practice Group has arranged the refinancing for EAST Miami Hotel, a 352-room hotel located in Miami’s Brickell district. The property is part of Swire Properties’ $1 billion Brickell City Centre development, which features more than 500,000 square feet of shops and restaurants. EAST Miami Hotel opened in 2016 and features meeting rooms, a fitness center, multiple pools and several dining options. Mark Owens of Colliers arranged the refinancing on behalf of the borrowers, Trinity Investments and Certares Management. The financing amount and capital source were not disclosed, but multiple media outlets report that Deutsche Bank and KSL Partners provided the debt totaling $185 million.

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Affordable HousingDevelopmentFloridaMultifamilySeniors HousingSoutheast

Integral Group Breaks Ground on 99-Unit Affordable Seniors Housing Community in Metro Miami

by John Nelson

OPA-LOCKA, FLA. — The Integral Group has broken ground on Wellspring Apartments, an affordable seniors housing community in the Miami suburb of Opa-Locka. Wellspring Apartments will feature 99 units, 67 of which are reserved for residents earning below 50 percent of the area median income (AMI), and the remaining 32 units are for residents earning below 60 percent AMI. The 81,350-square-foot property will feature a computer and library room, fitness center, community center with a full kitchen, and covered terrace. The project is a public-private partnership between Integral, Miami-Dade County, the City of Opa-Locka and local businesses. PNC Bank is also a partner on the project, providing $13.4 million in equity through Low-Income Housing Tax Credit (LIHTC) funds.

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AcquisitionsAffordable HousingLoansMississippiMultifamilySoutheast

Red Oak Capital Provides $7.7M Loan for Ocean Shores Apartments in D’Iberville, Mississippi

by John Nelson

D’IBERVILLE, MISS. — Red Oak Capital Holdings LLC has provided a $7.7 million loan for Ocean Shores Apartments, a 128-unit affordable housing community located at 10472 Gorenflo Road in D’Iberville, about three miles north of Biloxi. The fixed-rate loan is interest-only and carries a two-year term, with an all-in interest rate of 9.5 percent. Craig Hall of CBRE brought the opportunity to Red Oak Capital. Jeff Joyner, Hermann Wendorff and Jesus Martinez of Red Oak Capital originated the loan. The borrower, an entity doing business as Ocean Shores Property Owner LLC, will use the loan to acquire the garden-style property and complete renovations begun by the seller, including new flooring and paint, as well as HVAC maintenance, reglazing existing kitchen countertops and replacing appliances in most of the units. The property, which was 94 percent occupied at the time of financing, operates under a land use restrictive agreement (LURA) through 2047 that requires the units to be rented to households earning less than the area median income (AMI). After the renovations, the borrower plans to boost rental rates by using vouchers that allow for rents greater than those imposed by the LURA. Situated on 11 acres, Ocean Shores features one-, …

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