Southeast

Memphis Retail Market Shows Grit With Several Developments in the Works

by John Nelson August 14, 2023

The term “grit” has become synonymous with Memphis. The commercial real estate landscape continues to receive headwinds from interest rates, high inflation, construction prices and geopolitical tensions, but Memphis continues to show grit in the face of these obstacles. Memphis presents a compelling opportunity for retailers seeking expansion. With a low vacancy rate of just 3.5 percent and strong occupancy levels, the city’s retail market is flourishing. The annual rent growth of 3.7 percent aligns with the national average, indicating a stable and promising environment for businesses. Moreover, Memphis offers competitive pricing for retail spaces, with affordable rates and attractive cap rates that surpass those of neighboring markets. This appealing pricing structure, coupled with a surge in transaction activity, has revitalized the market, providing increased liquidity and investment opportunities. The Regional Megasite of West Tennessee is witnessing a remarkable undertaking from Ford Motor Co. in its newly forged partnership with South Korean battery company SK Innovation. The ambitious Blue Oval City project is well underway. Currently valued at $5.6 billion and sprawling across 3,600 acres, the project is expected to generate nearly 6,000 job opportunities with another 30,000 ancillary jobs in the surrounding communities. Anticipated spillover effects from this venture …

August 14, 2023

Acquisitions Development Florida Multifamily Southeast

Avison Young Brokers $38M Sale of Multifamily Development Site in Miami

by John Nelson August 11, 2023

MIAMI — Avison Young has brokered the $38 million sale of a 7.9-acre multifamily development site located at 1556 110th Ave. in Miami. The site is approved for a 690-unit, 10-story project, dubbed Dolphin Square. David Duckworth, Michael Fay, John Crotty, Brian de la Fé and Wayne Schuchts of Avison Young arranged the transaction on behalf of the seller, Boca Raton, Fla.-based Procacci Development Corp. Leo A Daly designed the current site plan for the project, which is located near Dolphin Mall.

August 11, 2023

Development Florida Multifamily Southeast

ANF Completes Construction of 212-Unit Eden West Multifamily Community in Tamarac, Florida

by John Nelson August 11, 2023

TAMARAC, FLA. — ANF Group has completed the construction of Eden West, a 212-unit multifamily community in Tamarac. The firm completed the construction on behalf of the developers, EDEN Multifamily and Sterling Equities. Located at 8601 West McNab Road, the property features apartments in one-, two- and three-bedroom layouts, ranging from 598 to 1,388 square feet. Amenities at the community include a saltwater pool, fitness center, club room, veranda with an outdoor kitchen, game room and coworking spaces. The property also includes 300 parking spaces and electric vehicle charging stations.

August 11, 2023

Acquisitions Multifamily North Carolina Southeast

Connor Group Acquires 314-Unit Apartment Community in Metro Charlotte

by John Nelson August 11, 2023

HUNTERSVILLE, N.C. — The Connor Group has acquired The Alcove at Birkdale Village, a 314-unit apartment community located in Huntersville, roughly 20 miles outside of Charlotte. The property features units in one-, two- and three-bedroom layouts. Monthly rents at the property begin at $1,299, according to the community website. This marks the third property in the Charlotte submarket for the Ohio-based buyer. The seller and sales price were not disclosed.

August 11, 2023

Arkansas Development Southeast

Arkansas Symphony Orchestra Breaks Ground on $11.8M Music Center in Little Rock

by John Nelson August 11, 2023

LITTLE ROCK, ARK. — The Arkansas Symphony Orchestra (ASO) has broken ground on its Stella Boyle Smith Music Center, an $11.8 million project in Little Rock’s East Village. Scheduled for completion in September 2024, the facility will total 20,000 square feet and will feature music classrooms and practice spaces. Witsell Evans Rasco Architects designed the center, and Bailey Construction will serve as the general contractor. Major donors for the project include The Stella Boyle Smith Trust, Susie and Charles Morgan, Gus Vratsinas, Terri and Chuck Erwin, the Windgate Foundation, E. Lee Ronnel, Simmons Bank, the State of Arkansas and members of the ASO board of directors.

August 11, 2023

Acquisitions Georgia Office Southeast

TerraCap Sells 196,000 SF Office Park in Metro Atlanta

by John Nelson August 11, 2023

MARIETTA, GA. — TerraCap Management, a Florida-based investment firm, has sold Cobb Corporate Center, a 196,000-square-foot office campus located in Marietta, roughly 20 miles outside of Atlanta. TerraCap acquired the property, which comprises five single-story buildings, in July 2020 and executed 70,000 square feet of leases during the firm’s ownership. The buyer and sales price were not disclosed.

August 11, 2023

Development Loans Mixed-Use Multifamily Southeast Student Housing Tennessee Top Stories

Joint Venture Receives $233.3M Construction Financing for Hub Knoxville Student Housing Project Near University of Tennessee

by Jeff Shaw August 11, 2023

KNOXVILLE, TENN. — Core Spaces, Schenk Realty and Kayne Anderson Real Estate have received $233.3 million in financing for the construction of Hub Knoxville, a 2,000-bed student housing community in downtown Knoxville adjacent to the University of Tennessee campus. According to the development team, this project would be the largest student housing development in Knoxville’s history. Hub Knoxville comprises 600 units across three towers, including two 10-story buildings and one seven-story building. Units come in studio through five-bedroom layouts. The project will also include an estimated 30,000 square feet of retail space and an 1,800-stall parking garage. Overall, Hub Knoxville spans over 4 acres in “The Strip,” Knoxville’s main hub downtown. Through a partnership with Covenant Health, the parking garage will also provide parking spaces dedicated to the Fort Sanders Regional Medical Center and East Tennessee Children’s Hospital. Construction on Hub Knoxville began this spring. The first phase of the project is slated for completion in fall 2025. The second phase is scheduled to open in 2026. Amenities will include a rooftop pool deck, a courtyard with grilling stations, a spa and fitness center, private study rooms and a coffee shop. Core Spaces and Schenk Realty are co-developers on the …

August 11, 2023

Development Florida Hospitality Loans Southeast

Madison Realty Capital Originates $240M Acquisition Loan for Orlando Resort

by John Nelson August 10, 2023

ORLANDO, FLA. — Madison Realty Capital has originated a $240 million acquisition loan for a 526-unit single-family rental development underway in Orlando. The borrowers, Baseline Property Group and JSB Capital Group, also secured a $40 million mezzanine loan from a private foreign family office. The previous owner was not disclosed. Baseline’s sister company, Villatel, will operate the units as resort-style, short-term rentals upon completion. Situated on 77 acres along International Drive, the Villatel Orlando Resort will comprise 256 condominiums, 200 townhomes and 70 single-family homes. Many units will include private pools, movie theaters and arcade and gaming spaces. The resort will also feature a private $20 million amenity center that will include a clubhouse, water park with seven slides, lazy river, water playground, pool, fitness center, golfing swing suite, arcades, children’s playrooms and eateries. The resort’s initial homes are expected to be available for rent in the fourth quarter, and all units are expected to be delivered into the rental pool by summer 2025.

August 10, 2023

District of Columbia Loans Multifamily Southeast

Walker & Dunlop Provides $108.8M Loan for Park Chelsea Apartments in D.C.

by John Nelson August 10, 2023

WASHINGTON, D.C. — Walker & Dunlop has provided a $108.8 million Fannie Mae loan for the refinancing of Park Chelsea, a 429-unit apartment building located in Washington, D.C.’s Capitol Riverfront neighborhood. The borrower, WC Smith, developed the property in 2016 as the first phase of The Collective, a 1,138-unit apartment development. Brendan Coleman and Connor Locke of Walker & Dunlop originated the financing. Park Chelsea’s amenities include a leasing center, 24-hour concierge, club room/game room, library, conference room and a garden room. Additionally, residents of The Collective have access to amenities across all three phases of the project, including indoor green space with an amphitheater, a full-size basketball court, outdoor singles tennis court and coworking space.

August 10, 2023

Acquisitions Multifamily North Carolina Southeast

CBRE Investment Management Acquires Legacy at Wakefield Apartments in Raleigh for $79.9M

by John Nelson August 10, 2023

RALEIGH, N.C. — CBRE Investment Management has acquired The Legacy at Wakefield, a 369-unit, garden-style apartment community located at 14411 Calloway Gap Road in Raleigh. The seller and sales price were not disclosed, but Triangle Business Journal reports the property traded for $79.9 million. Legacy at Wakefield features one-, two- and three-bedroom units, as well as a 24-hour fitness center, dog park, grilling stations, a fireplace lounge with screened veranda, clubhouse, a car wash center and 684 parking spaces.

August 10, 2023

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