Southeast

CBRE Brokers $23.1M Sale of New Self-Storage Facility in Orlando

by John Nelson July 5, 2023

ORLANDO, FLA. — CBRE has brokered the $23.1 million sale of Windermere Storage, an 89,145-square-foot self-storage facility located at 8550 Old Winter Garden Road in Orlando. CBRE’s Self Storage Advisory Group represented the seller, locally based Schrimsher Properties, in the transaction. Wentworth Properties was the buyer. Built in the second quarter of this year, Windermere Storage features a two-story building comprising 609 climate-controlled units ranging in size from 25 to 450 square feet, as well as a 2,000-square-foot office building and 351 parking spaces.

July 5, 2023

Affordable Housing Development District of Columbia Loans Multifamily Southeast

DCHFA Provides $63.2M Financing for Redevelopment of Affordable Housing Community in D.C.

by John Nelson June 30, 2023

WASHINGTON, D.C. — The District of Columbia Housing Finance Agency (DCHFA) has provided $63.2 million in tax-exempt bonds for the rehabilitation of Worthington Woods Apartments in the Washington Highlands neighborhood of Washington, D.C. Originally built in 1944 and renovated in 2002, the property comprises 394 affordable housing apartments. The Worthington Woods Tenants Association acquired the building and selected Montgomery Housing Partnership Inc. and the Anacostia Economic Development Corp. to oversee the $133.6 million overhaul. The DCHFA also underwrote $45.5 million and $9.1 million in federal and local Low Income Housing Tax Credit (LIHTC) equity for the preservation of the affordable apartments. Additionally, the D.C. Department of Housing and Community Development is providing a $38.8 million loan from the Section 108 Loan Guarantee Program for this project. Following the redevelopment, Worthington Woods will feature units in one-, two- and three-bedroom layouts reserved for residents earning 30, 50 and 60 percent of the area median income (AMI). Amenities will include a playground, community room, laundry facilities, onsite tenant services and 156 parking spaces. Communities Together Inc. will provide resident services to tenants.

June 30, 2023

Development Florida Loans Mixed-Use Multifamily Southeast

Walker & Dunlop Arranges $58.8M Construction Financing for Multifamily Development in Gainesville, Florida

by John Nelson June 30, 2023

GAINESVILLE, FLA. — Walker & Dunlop Inc. has arranged a $58.8 million loan for the construction of Celebration Pointe Apartments, a 239-unit multifamily community to be located within the Celebration Pointe mixed-use development in Gainesville. Jeremy Pino, Livingston Hessam, Carl Passmore and Kyle Miller of Walker & Dunlop originated the non-recourse financing through an undisclosed life insurance company on behalf of the borrower and developer, Viking Cos. Combined with a mezzanine loan from an unnamed debt and equity fund, the developer’s total debt capitalization on the project represents and 85 percent loan-to-cost ratio. A construction timeline for the project was not disclosed.

June 30, 2023

Arkansas Development Industrial Southeast

Compass Cold Delivers 142,160 SF Cold Storage Facility in Mulberry, Arkansas

by John Nelson June 30, 2023

MULBERRY, ARK. — Compass Cold Storage has announced the completion and opening of the 142,160-square-foot first phase of its new cold storage facility located in Mulberry. Featuring 18,500 pallet positions, the cold storage facility can maintain temperatures ranging from negative 20 to 40 degrees Fahrenheit. Completion of the second phase of the project, which will include additional freezer and dock space and bring the project cost to roughly $50 million, is scheduled for later this summer. A third phase is in the planning stage. Doug Bowen and Darren Winstead are the owners and operators of Compass Cold. Melbourne, Fla.-based Ti Cold is the developer on the project.

June 30, 2023

Development Hospitality Maryland Mixed-Use Southeast

David S. Brown to Develop 120-Room Hotel at Metro Centre at Owings Mills in Metro Baltimore

by John Nelson June 30, 2023

OWINGS MILLS, MD. — David S. Brown Enterprises will develop a new, 120-room extended-stay hotel at the Metro Centre at Owings Mills, a transit-oriented development roughly 20 miles outside Baltimore. The Element by Westin hotel will join a high-end, Marriott-branded hotel at the development, which will also feature more than 1,700 apartments; 560,000 square feet of office space; 150,000 square feet of retail space and 5,700 parking spaces upon completion. Crescent Hotels & Resorts will manage the Element by Westin hotel.

June 30, 2023

Development Leasing Activity Mixed-Use Office Southeast Tennessee

The Malin to Open 12,000 SF Coworking Location at Paseo South Gulch in Nashville

by John Nelson June 30, 2023

NASHVILLE, TENN. — Work-focused members organization The Malin will open a 12,000-square-foot club in Paseo South Gulch in Nashville, marking the second location for the brand in the city. Located within the project’s Voorhees Building, The Malin South Gulch will feature 58 dedicated desks, seven private offices, four meeting rooms, three lounges and a library. Kingston Lafferty Design is providing interior design services for the project, which is scheduled for completion this fall. SomeraRoad is the developer and owner of Paseo South Gulch.

June 30, 2023

Development Florida Industrial Southeast

Terreno Realty, VSRE Break Ground on Two Metro Miami Industrial Buildings Totaling 364,000 SF

by John Nelson June 29, 2023

HIALEAH, FLA. — Terreno Realty Corp. has broken ground on two industrial buildings totaling 364,000 square feet in Hialeah, roughly 13 miles outside Miami. Situated within Countyline Corporate Park, the warehouse buildings, dubbed Building 39 and Building 40, are scheduled for delivery in the first quarter of 2024. VS Real Estate (VSRE) is developing the facilities on behalf of Terreno Realty, and Rycon is serving as the general contractor. Building 39 will comprise 178,000 square feet with a private truck court, and Building 40 will total 186,000 square feet. The warehouses will feature 36-foot clear heights. Countyline Corporate Park Phase IV, which comprises 121 acres, is scheduled for completion in 2025.

June 29, 2023

Development Multifamily North Carolina Southeast

Alliance Residential Opens 344-Unit Prose New Hope Apartments in Raleigh

by John Nelson June 29, 2023

RALEIGH, N.C. — Alliance Residential has opened Prose New Hope, a 344-unit apartment community located in northeast Raleigh. The property features residences in one- and two-bedroom layouts with an average size of 1,012 square feet. Amenities at the community include a clubroom with an entertainment kitchen, saltwater pool with sun shelf seating and two outdoor grill stations, a business center, fitness center and a Luxer package system. The project team for the development included Cline Design Associates and engineer McAdams, both of which are based in Raleigh. Leasing rates begin at $1,395 per month, according to the property website.

June 29, 2023

Development Loans Multifamily South Carolina Southeast

Forum Capital Provides $10.4M Equity Investment for Multifamily Development in Beaufort, South Carolina

by John Nelson June 29, 2023

BEAUFORT, S.C. — Denver-based Forum Capital Advisors LLC has provided a $10.4 million preferred equity investment for the development of a 264-unit multifamily community in Beaufort. Located on Grober Hill Road, the property will be situated within a larger, master-planned community. A construction timeline for the project was not disclosed.

June 29, 2023

Acquisitions North Carolina Retail Southeast

Marcus & Millichap Arranges Sale of 210,482 SF Shopping Center in Rocky Mount, North Carolina

by John Nelson June 29, 2023

ROCKY MOUNT, N.C. — Marcus & Millichap has arranged the $11.8 million sale of Sutter’s Creek Plaza, a 210,482-square-foot shopping center located at 506 Sutter’s Creek Blvd. in Rocky Mount. Tenants at the property include Big Lots, Tractor Supply Co., Jo-Ann Fabrics and Harbor Freight Tools. French Traver and Kodi Traver of Marcus & Millichap represented the seller, a Florida-based private investor, in the transaction. Ben Yelm assisted in closing the sale as Marcus & Millichap’s North Carolina broker of record. A New York-based private investor acquired the center.

June 29, 2023

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