Sunday, June 22, 2025
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FloridaLoansRetailSoutheast

JLL Arranges $47.1M Refinancing for Crosslands Power Retail Center in Metro Orlando

by John Nelson

KISSIMMEE, FLA. — JLL Capital Markets has arranged a $47.1 million loan for the refinancing of The Crosslands, a 529,212-square-foot power retail center located at 1100 W. Osceola Parkway in Kissimmee, roughly 20 miles outside Orlando. The borrower is a joint venture between Hampshire Cos., Federated Hermes and O’Connor Capital Partners. Jon Mikula, Michael Klein, Brian Gaswirth, Michael Kavaler and Val McWilliams of JLL secured the three-year loan through TD Bank on behalf of the borrower. The Fresh Market, Burlington, Academy Sports + Outdoors, Hobby Lobby, Marshalls/HomeGoods and Ross Dress for Less anchor the property, which was developed between 2014 and 2016 and fully leased at the time of financing.

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AcquisitionsFloridaOfficeSoutheast

Cushman & Wakefield Brokers $19.2M Sale of Greystone at Town Center Office Park in Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Cushman & Wakefield has brokered the $19.2 million sale of Greystone at Town Center, an office park located at 10550 Deerwood Park Blvd. in Jacksonville. Developed in 1999, the property totals 212,240 square feet across five buildings. Woodside Capital Partners acquired the development. Karl Johnston and Traci Jenks of Cushman & Wakefield represented the undisclosed seller in the transaction.

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AcquisitionsMultifamilySoutheastTennessee

FCP Acquires 322-Unit Hickory Lake Apartments in Metro Nashville

by John Nelson

ANTIOCH, TENN. — FCP has acquired Hickory Lake Apartments, a 322-unit multifamily community located at 3940 Apache Trail in Antioch, roughly 11 miles outside Nashville. The property features units in one-, two- and three-bedroom layouts. Amenities at the community include two swimming pools, a playground and grill and picnic areas. FCP assumed a HUD loan as part of the acquisition. Zac Wracher of The Kirkland Co. represented the undisclosed seller in the transaction. The sales price was also not disclosed.

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DevelopmentFloridaLoansMultifamilySoutheast

Allen Morris Co. Obtains $83M Construction Loan for Bayside Sarasota Apartment Development in Florida

by John Nelson

SARASOTA, FLA. — The Allen Morris Co. has obtained an $83 million construction loan for Bayside Sarasota, a 349-unit apartment development in the city’s Rosemary District. Kennedy Wilson provided the loan. Alaska Permanent Fund Corp. (APFC) is Allen Morris’ partner on the development, which will sit adjacent to Sarasota’s $200 million Bay Park redevelopment project. Bayside Sarasota will comprise a 253-unit apartment community with 2,000 square feet of retail space and a separate 96-unit tower. The project will feature a mix of one-, two- and three-bedroom apartments and 50,000 square feet of amenities, including a rooftop pool deck, lobby restaurant, fitness center with a covered yoga terrace and a 24-hour concierge. The design-build team includes general contractor Brasfield & Gorrie, architect Dwell Design Studio and interior designer FlickMars. Longboat Group will operate Bayside Sarasota upon completion, which Allen Morris and APFC expect will be in fall 2026.

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DevelopmentSoutheastStudent HousingTennessee

Villas Student Housing, Student Quarters Break Ground on 605-Bed Community Near University of Tennessee

by John Nelson

KNOXVILLE, TENN. — A partnership between Villas Student Housing and Student Quarters has broken ground on a 605-bed student housing development across from the University of Tennessee campus in Knoxville. The 235,000-square-foot community will be located at the intersection of 1425 Rocky Shore Lane and 1440 Cityview Lane. The property will offer units in studio through five-bedroom configurations across two six-story buildings. Shared amenities will include a resort-style swimming pool, basketball court, fitness center and study spaces. The design-build team for the project includes Rhode Partners, Southern Building Group, DCI Engineers, Cannon & Cannon and V3 Consulting Engineers. The development is anticipated for completion in summer 2026.

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AcquisitionsIndustrialSouth CarolinaSoutheast

Packaging Company Smurfit Kappa Buys 258,801 SF Industrial Facility in Anderson, South Carolina

by John Nelson

ANDERSON, S.C. — Smurfit Kappa, a global paper-based packaging company, has purchased Building 1 at Evergreen 85 Logistics Park in Anderson, a city roughly 30 miles south of Greenville via I-85. Smurfit Kappa will be the sole occupant of the 258,801-square-foot facility, its first in South Carolina. The seller is Kansas City-based developer Hunt Midwest, which is developing the park adjacent to I-85. The park will span more than 1.7 million square feet of industrial space, with build-to-suit options available for buildings sized 200,000 to 1.1 million square feet. The design-build team for Evergreen 85 includes civil engineer Seamon Whiteside, architect LS3P and Evans General Contractors. Trey Pennington, Jeff Benedict and Tripp Speaks of CBRE represented Hunt Midwest in the transaction and will handle leasing for the remainder of the park.

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AcquisitionsNorth CarolinaRetailSoutheast

Legacy Realty Brokers Sale of 63,507 SF Shopping Center in Mount Airy, North Carolina

by John Nelson

MOUNT AIRY, N.C. — Legacy Realty Group Advisors has brokered the sale of Independence Square, a 63,507-square-foot shopping center located in Mount Airy, a city on the North Carolina-Virginia border. The center was 97 percent leased at the time of sale to tenants such as Ollie’s Bargain Outlet, Dollar General and USPS. Jacob Baruch of Legacy Realty Group represented the seller in the transaction, and Kevin Henry of Pine Forest Oak Island Realty represented the buyer. Both parties requested anonymity, and the sales price was also not disclosed.

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KentuckyLeasing ActivityOfficeSoutheast

CBRE Opens New 8,600 SF Office in Louisville

by John Nelson

LOUISVILLE, KY. — CBRE has opened its new 8,600-square-foot office on the fifth floor of Ormsby III, an office building located at 10200 Forest Green Blvd. in Louisville. The firm is relocating from One Paragon Centre at 6060 Dutchmans Lane. The new office is part of CBRE’s Workplace 360 program and showcases spaces that are designed to accommodate hybrid working, thus no desks are assigned. Teams are assigned to various neighborhood work areas where CBRE team members can work in any unoccupied space. The office has several different work areas including focus, huddle and conference rooms, as well as a library space with banquette seating. There is also a wellness room and an open-space lobby known as The Heart that features a large communal table, a digital media display with speakers near the entrance and a café for employees and guests. CBRE Design Collective designed the new Louisville office, which also features nods to the city’s history with Louisville Slugger bats decorating the conference room and aesthetic nods to the bourbon industry.

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Chad Riddle Multifamily Development Bohler quote
Affordable HousingBohlerContent PartnerDevelopmentFeaturesMultifamilyNortheastSoutheastTexasWestern

Multifamily Balancing Act: How to Achieve Profit Despite Tight Margins

by Sarah Daniels

With elevated prices on everything from land to debt financing, insurance, building materials and labor, developers face an uphill climb attempting to pencil out multifamily projects at a profit. That’s why in 2024, developers are opting for practical and convenient amenities over luxury and choosing builder-friendly suburban locations over complex urban sites. And with diminishing room to raise rents on market-rate apartments, many investors and developers are shifting their attention to affordable and workforce housing, where incentives offset some expenses and, ideally, help position projects to deliver positive returns. “Market-rate developers in our region are starting to change their model to embrace more of an affordable product,” confirms Chad Riddle, Atlanta branch manager at Bohler. “Unfortunately, that puts them behind the eight ball because they may not know the tricks of the trade and they are competing with affordable housing developers that already know the business and are thriving.” There is no single strategy to pencil out a profitable multifamily project, but developers are achieving success by sticking to proven, cost-effective design elements and amenities, avoiding costly missteps and cutting down unnecessary spending throughout the development process. Drawing on affordable housing specialists and other in-house experts, Bohler helps clients avoid …

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Affordable HousingDevelopmentFloridaMultifamilySeniors HousingSoutheast

Miami Beach Housing Authority, Atlantic Pacific Break Ground on 119-Unit Affordable Housing Community for Seniors

by John Nelson

MIAMI BEACH, FLA. — The Housing Authority of the City of Miami Beach and Atlantic Pacific Cos. have broken ground on Vista Breeze, a 119-unit affordable seniors housing development. situated near the Normandy Shores Golf Course at 280 S. Shore Drive. The property represents the largest affordable housing development to break ground in Miami Beach in 45 years, according to the developers. Vista Breeze will feature Miami modern (MiMo) architecture and include onsite parking, a community center and a business center. Units will be reserved for seniors earning no more than 80 percent of the area median income (AMI). The community is funded by $9 million of subordinate debt provided by the Florida Housing Finance Corp.; a $1 million HOME loan from City of Miami Beach; $6 million Surtax loan from Miami-Dade County; $11.9 million permanent loan issued by Citi Community Capital; debt and equity from Bank of America; and bonds issued by the Miami-Dade County Housing Finance Authority. Construction is expected to be complete at Vista Breeze by late-spring 2025.

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