Southeast

Novare Group, BCDC Open 316-Unit Apartment Community in Pooler, Georgia

by John Nelson November 28, 2023

POOLER, GA. — Novare Group and Batson-Cook Development Co. (BCDC) have opened Populus Pooler, a 316-unit apartment community located at 5000 Populus Drive in Pooler. The 30-acre project is situated near Hyundai’s $5.5 billion manufacturing plant that is set to open in 2025, as well as the Port of Savannah. Populus Pooler features one-, two- and three-bedroom apartments with monthly rental rates ranging from $1,585 to $2,491, according to the property website. Amenities include an onsite car care center, game room, library nook, coworking micro-offices, fitness center with a yoga and spin room, resort-style pool with a sun deck and tanning ledge, a dog park and pet spa and an outdoor fire pit. The project team includes architect Dynamik Design, general contractor Classic Plains Construction, lender Citizens Bank and property manager Livcor, which also provided mezzanine financing.

November 28, 2023

Acquisitions Kentucky Retail Southeast

Legacy Realty Brokers Sale of 31,800 SF Retail Center in Scottsville, Kentucky

by John Nelson November 28, 2023

SCOTTSVILLE, KY. — Legacy Realty Group Advisors has brokered the sale of Scottsville Shopping Center, a 31,800-square-foot retail center located at 1224 Gallatin Road in Scottsville, a city in southern Kentucky near the Tennessee border. The center sold for $3 million in the off-market transaction. Food Lion anchors the property. Jacob Baruch and Jonah Warshaw of Legacy Realty represented both the buyer and seller in the transaction, both of which requested anonymity.

November 28, 2023

Affordable Housing Financing Timeline Quote Tracy Peters

Affordable Housing Content Partner Development Features Loans Lument Midwest Northeast Southeast Texas Western

How to Clear Affordable Housing’s Construction Financing Hurdle

by Sarah Daniels November 28, 2023

Developers are finding it tougher than ever to finance affordable housing. And often, the biggest hurdle for the sector’s borrowers involves construction — either obtaining that initial loan at a manageable cost or qualifying for take-out financing after a protracted construction period — which has strained resources and delivery schedules for a number of developments. Limitations on rent increases make the industry especially vulnerable to rising costs, and expenses today have risen precipitously across the board. Rents have also grown, but not on pace with construction and operating costs driven up by inflation, wage pressures, soaring insurance premiums and a series of interest rate hikes, observes Tracy Peters, a senior managing director on Lument’s affordable housing production team. “Borrowers are squeezed by a number of things in this marketplace,” Peters says. “The fed funds rate climbing 5 percent over the last two years means the interest rates on construction loans have basically come up 5 percent or more over that time. Now folks who had budgeted for a much lower interest rate — if they are still in construction mode — are trying to figure out how to deal with these higher interest rates.” At the same time, the …

November 28, 2023

Development Florida Mixed-Use Southeast

PTM to Develop 500,000 SF Second Phase of Mixed-Use EDGE Collective Project in St. Petersburg, Florida

by John Nelson November 27, 2023

ST. PETERSBURG, FLA. — PTM Partners will expand EDGE Collective, a mixed-use development in St. Petersburg, with a 500,000-square-foot second phase. Phase II will feature 350 multifamily residential units in studio, one-, two- and three-bedroom layouts across two buildings, as well as 45,000 square feet of commercial and retail space and 260 parking spaces. The first phase of the development comprises a 163-room Moxy Hotel and a redevelopment of 1246 Central Avenue building, which features 16,000 square feet of office space that will be available for tenancy in early 2024 and 8,000 square feet of ground-floor food-and-beverage retail space.

November 27, 2023

Alabama Development Restaurant Retail Southeast

Topgolf Opens Third Alabama Venue in Mobile

by John Nelson November 27, 2023

MOBILE, ALA. — Topgolf has opened a new venue in Mobile, marking the third in Alabama for the Dallas-based brand. Situated within McGowan Park Shopping Center, the venue features 60 outdoor climate-controlled hitting bays across two levels, as well as a full-service restaurant, 22-foot video wall and more than 100 TVs. According to the company, Topgolf Mobile will employ roughly 200 associates and is the 95th outdoor Topgolf venue in the country.

November 27, 2023

Acquisitions Florida Retail Southeast

Benderson Acquires 85,000 SF Shopping Center in Delray Beach, Florida

by John Nelson November 27, 2023

DELRAY BEACH, FLA. — Sarasota, Fla.-based Benderson Development has acquired Linton Commons, an 85,000-square-foot shopping center located in Delray Beach, a city in South Florida’s Palm Beach County. Tenants at the property include RH Outlet, Guitar Center, PetSmart, Chipotle Mexican Grill and AT&T. Matt Berres, Samer Khalil and Karick Brown of Newmark represented the undisclosed, privately held seller in the transaction. The Newmark team also procured Benderson as the buyer in cooperation with Newmark’s Bert Sanders. The sales price was not disclosed. Benderson’s portfolio in the state also includes a freestanding Publix in Pompano Beach, which was acquired in August, and a Publix-anchored shopping center in Englewood.

November 27, 2023

Acquisitions District of Columbia Multifamily Southeast

Marcus & Millichap Brokers Sale of 26-Unit Apartment Building in D.C.

by John Nelson November 27, 2023

WASHINGTON, D.C. — Marcus & Millichap has brokered the sale of a 26-unit apartment building located at 2724 11th St. NW in the Columbia Heights neighborhood of Washington, D.C. The transaction follows a decade of legal disputes and a Chapter 11 bankruptcy filing by the seller. Nick Murray, Marty Zupancic and John Slowinski of Marcus & Millichap arranged the sale. The undisclosed buyer plans to implement a redevelopment at the property. The sales price was not disclosed.

November 27, 2023

Healthcare Leasing Activity Maryland Southeast

MedStar Signs 19,739 SF Lease at Medical Office Building in Annapolis, Maryland

by John Nelson November 27, 2023

ANNAPOLIS, MD. — MedStar Medical Group has signed a 19,739-square-foot lease at a medical office building (MOB) located at 810 Bestgate Road in Annapolis, roughly 30 miles outside of Baltimore. The new lease marks an expansion of the healthcare network’s presence at the property, which totals 100,000 square feet across four stories. MedStar now occupies 31,000 square feet at the building, which is fully leased. Stephanie Caronna represented the landlord, St. John Properties, in the lease negotiations on an internal basis. Paige Wingate and Matt Sullivan of Cushman & Wakefield represented the tenant. MedStar plans to open a surgery center at the property in March 2024.

November 27, 2023

Georgia Industrial Market Reports Southeast Southeast Market Reports

Hyundai Plant, Port of Savannah Spur Demand for Industrial Activity in Savannah

by John Nelson November 27, 2023

Savannah’s industrial real estate market is experiencing exceptional growth and now totals 113.7 million square feet, of which 98.2 million square feet (86 percent) is dedicated to bulk distribution (tracking facilities sized 100,000 square feet or larger). Year-to-date net absorption as of the end of the second quarter was 6.3 million square feet, which suggests another solid year ahead. Additionally, the vacancy rate remains low at 4.6 percent, a historically favorable level. The development community has been quick to respond to robust demand, delivering 19 buildings totaling nearly 10 million square feet in the second quarter, with the majority of it already leased. The market is primed for additional growth, with a significant amount of new construction underway. More than 16 million square feet is currently under construction, not including the Hyundai plant that will span 17 million square feet itself, along with related supplier facilities covering an additional 1.9 million square feet as of this writing. The $5.5 billion Hyundai plant will employ 8,100 people and be the company’s first dedicated electric vehicle (EV) mass-production plant. It is expected to begin full production in early 2025 and will produce over 300,000 vehicles per year. The effects of Hyundai on …

November 27, 2023

Development Florida Multifamily Southeast

Partnership Breaks Ground on 412-Unit Siesta Lakes Apartments in Cape Coral, Florida

by John Nelson November 22, 2023

CAPE CORAL, FLA. — A partnership comprising Shoreham Capital, Bridge Investment Group and Wynkoop Financial has broken ground on Siesta Lakes, a 412-unit apartment community in Cape Coral, a city in southwest Florida near Fort Myers. The property will include one-, two- and three-bedroom floor plans with high-end finishes and private balconies with views of a private lagoon. The ownership group, which purchased the 26-acre site within an opportunity zone at 186-264 Tierra De Pa Loop in July 2022, recently secured a $66 million construction loan for the project. The development team has also selected Curran Young Construction as general contractor for Siesta Lakes, which is estimated for completion in second-quarter 2025.

November 22, 2023

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