Southeast

Reviewing Miami’s Retail Scene: An Overview of the Present Atmosphere

by John Nelson June 19, 2023

Miami is a vivacious city renowned for its scenic beaches, sunny climate and dynamic nightlife. The South Florida city is also a hub for a flourishing retail industry, which serves an eclectic blend of both locals and visitors. Miami’s retail market is characterized by its diversity, with a broad spectrum of retailers ranging from luxurious, high-end boutiques to small, locally owned businesses. This range of retailers is a reflection of the city’s diverse population, which includes a sizable Hispanic community, as well as individuals from all corners of the globe. Consequently, Miami’s retailers must be adept at catering to a wide range of tastes. One of the most notable trends in the Miami retail market in recent years has been the growth of e-commerce. Like many other cities around the world, Miami has seen a significant increase in online shopping. This has presented both challenges and opportunities for retailers in the city. On the one hand, the rise of e-commerce has led to increased competition for brick-and-mortar retailers in Miami. Online retailers such as Amazon and Walmart have made it easier than ever for consumers to shop from the comfort of their own homes, and this has put pressure on …

June 19, 2023

Development Multifamily North Carolina Southeast

Crescent Communities Opens 308-Unit Multifamily Property in Charlotte’s University City District

by John Nelson June 16, 2023

CHARLOTTE, N.C. — Crescent Communities has opened NOVEL University Place, a 308-unit multifamily community located at 5315 Waters Edge Village Drive in the University City neighborhood of Charlotte. The development features carriage homes and apartments in studio, one-, two- and three-bedroom floor plans. Amenities at the property include a fitness center, library, coworking spaces, swimming pool, outdoor kitchen and hammocks. The project team included architect Cline Design Associates, land planner and civil engineer LandDesign, interior designer BB+M and Crescent Communities Construction. Rental rates begin at $1,405, according to the community website.

June 16, 2023

Development Leasing Activity Mixed-Use Office South Carolina Southeast

Lima One Capital to Lease 65,000 SF for Office Headquarters at Greenville County Square Development

by John Nelson June 16, 2023

GREENVILLE, S.C. — Real estate investment lender Lima One Capital has signed a 65,000-square-foot lease at RocaPoint’s Greenville County Square development in downtown Greenville. The move from 201 E. McBee Ave. represents a $51.4 million investment for the company, which will move its operations into a newly developed office building at the $1 billion mixed-use campus. The expansion, which will create a projected 300 jobs, is expected to be complete in 2025 and will more than double its current office footprint. The South Carolina Coordinating Council for Economic Development has approved job development credits related to the project and awarded a $500,000 grant to Greenville County to aid with the costs of site preparation and building construction. Other uses coming to Greenville County Square include Whole Foods Market and Perch Kitchen + Tap.

June 16, 2023

Leasing Activity Mixed-Use Office Restaurant Retail Southeast Tennessee

AJ Capital Signs Five New Tenants to Nashville Warehouse Co. Project

by John Nelson June 16, 2023

NASHVILLE, TENN. — Adventurous Journeys Capital Partners (AJ Capital) has signed five new tenants to Nashville Warehouse Co., a mixed-use campus located at the corner of 4th Avenue South and Chestnut Street in the Wedgewood-Houston neighborhood of Nashville. Eatery HERO will lease space beginning this August, and work-focused members club The Malin will open a 16,000-square-foot coworking space beginning this fall. Additionally, contractor Hensel Phelps, talent agency Trend Management and law firm Maynard Nexsen have signed office leases at the mass-timber property. Beginning in July, Hensel Phelps and Maynard Nexsen will occupy 11,220 square feet and 7,600 square feet, respectively. Trend Management will lease 6,800 square feet beginning in December. These leases bring the property—which features 200,000 square feet of office space, public pedestrian spaces, an acre of green space, onsite parking and a fitness center — to 91 percent occupancy.

June 16, 2023

Florida Leasing Activity Restaurant Retail Southeast

Eight Retail Tenants Sign Leases to Occupy Promenade Along Lincoln Road in Miami Beach

by John Nelson June 16, 2023

MIAMI BEACH, FLA. — Eight new retail tenants have signed leases on Lincoln Road in Miami Beach, a South Florida high street that features more than 200 shops, cafés, galleries and restaurants across eight blocks. Paris St. Germain, Habitat Hyett, The Cheesecake Factory, Ecco, BonBon Etc., Osteria da Fortunata, Voyage Luggage and Salt & Straw will open locations at the promenade beginning this summer. Lincoln Road is the most visited open-air retail destination in South Florida, having drawn more than 8 million visitors in 2022.

June 16, 2023

Acquisitions Alabama Seniors Housing Southeast

Proveer Acquires 90-Unit Seniors Housing Community in Mobile, Alabama

by John Nelson June 16, 2023

MOBILE, ALA. — Proveer Senior Living has acquired Vitality Living Regency, a seniors housing community featuring 70 assisted living units and 20 memory care units in Mobile. The community will be rebranded as Proveer at Port City, and the new owner will undertake interior and exterior renovations at the property, which are scheduled for completion by the end of this year. Renovations will include new flooring; fresh colors, furniture and fixtures; a full exterior makeover; and an upgraded technology platform. This acquisition marks the eighth overall for Proveer, its fifth in the state of Alabama and second in Mobile. Blueprint Healthcare Real Estate Advisors brokered the sale.

June 16, 2023

Development District of Columbia Loans Mixed-Use Multifamily Retail Southeast

Tishman Speyer Obtains $150M Construction Loan for Mazza Gallerie Mall Redevelopment in D.C.

by John Nelson June 15, 2023

WASHINGTON, D.C. — Tishman Speyer has secured a $150 million construction loan to fund the mixed-use redevelopment of Mazza Gallerie, an obsolete, three-story shopping mall in Washington, D.C.’s Friendship Heights neighborhood. The mall closed its last store this past Christmas, according to local media reports. RBC Capital Markets provided the financing. The reimagined development will comprise 320 rental apartments and 90,000 square feet of retail space, including 20,000 square feet of new ground-level retail space fronting Wisconsin Avenue. Tishman Speyer will maintain the mall’s 70,000-square-foot retail concourse that will once again be anchored by T.J. Maxx. The redevelopment will also maintain over 800 parking spots across four below-grade levels. Demolition of the existing structure is underway, and completion of the residential portion and first wave of new retail openings is anticipated for 2025. The project’s design-build team includes general contractors Davis Construction and Smoot Construction and architects 3XN and Eric Colbert & Associates (architect of record).

June 15, 2023

Affordable Housing Civic Development Florida Mixed-Use Multifamily Southeast

HTG Breaks Ground on $100M Mixed-Use Development in Hollywood, Florida

by John Nelson June 15, 2023

HOLLYWOOD, FLA. — Housing Trust Group (HTG) has broken ground on University Station, a $100 million mixed-use development, in a public-private partnership with the City of Hollywood. The project will comprise 216 units of workforce housing, a 635-space parking garage, retail space and new home for Barry University College of Nursing and Health Services. All of University Station’s apartments will be reserved for individuals and families at various income thresholds, including 22, 30, 40, 60, 70 and 80 percent of the area median income (AMI), with rents ranging from $374 to $1,634. The three-building development will be situated on 2.5 acres of city-owned land next to the future Broward Commuter Rail (BCR) South Station. Funding sources include LIHTC equity from Raymond James and debt from Bank of America and National Housing Trust Fund. The State of Florida and Broward County also contributed debt and civic funds for the project. The development team includes Corwil Architects and general contractor ANF Group Inc. HSQ Group will serve as the civil engineer, BNI Engineers will serve as the structural engineer and RPJ Inc. Consulting Engineers will serve as the MEP engineer. B. Pila Design Studio will handle interior design, and Witkin Hults + …

June 15, 2023

Acquisitions District of Columbia Multifamily Southeast

JLL Arranges Sale of 245-Unit Shay Apartments in D.C.’s Shaw Neighborhood

by John Nelson June 15, 2023

WASHINGTON, D.C. — JLL has arranged the sale of The Shay, a 245-unit apartment community located at 1924 8th St. NW in Washington, D.C.’s Shaw neighborhood. Robert Jenkins and Bret Thompson of JLL represented the seller in the transaction. The buyer, seller and sales price were not disclosed, but multiple media outlets have reported that an affiliate of Bernstein Management purchased the asset from Dweck Properties. Built in 2015 about three blocks from the Shaw-Howard University Metro station, The Shay features studio, one- and two-bedroom units with floor-to-ceiling windows, nine-foot ceilings, stainless steel smart appliances and quartz countertops. Community amenities include a heated pool with sundeck, two landscaped rooftop decks with seating and grills, catering kitchen and dining area and a fitness center.

June 15, 2023

Acquisitions Florida Retail Southeast

Plaza Advisors Negotiates Sale of 183,877 SF Shopping Center in Orlando

by John Nelson June 15, 2023

ORLANDO, FLA. — Plaza Advisors has negotiated the sale of Orlando Square, a 183,877-square-foot shopping center located at the southwest corner of Sand Lake Road and South Orange Blossom Trail in Orlando. The property was 85 percent leased at the time of sale to tenants including Ross Dress for Less, Office Depot, Ollie’s Bargain Outlet, Central Rock Gym, Chipotle Mexican Grill, Firehouse Subs, Bright Now Dental, Chick-fil-A and Chase Bank. Miami-based Core Investment Management purchased the center from an entity doing business as AGRE Orlando Square LLC. Plaza Advisors represented the seller in the transaction.

June 15, 2023

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