Southeast

Sembler Completes $13.3M Redevelopment of Publix-Anchored Shopping Center in Metro Tampa

by John Nelson November 15, 2023

SPRING HILL, FLA. — The Sembler Co. has completed the $13.3 million redevelopment of Hernando West Plaza, a Publix-anchored shopping center in Spring Hill, approximately 35 miles northwest of Tampa. Publix closed its store at the center last December to make way for its new 45,000-square-foot store, which opened earlier this month. Originally built in 1980 along U.S. Highway 19, Hernando West Plaza features 54,800 square feet of inline retail space in addition to the Publix store, as well as 3,200 square feet of small shop space and an outparcel. The center is 94 percent leased to tenants including Beall’s Outlet, AAA Auto Club, Little Caesar’s, Miracle Ear and other soft goods, dining and service retailers. Forge Real Estate Partners IV, a joint venture between Sembler and Forge Capital Partners, has owned the center since 2020.

November 15, 2023

Acquisitions Florida Industrial Loans Southeast

Axiom Arranges $2.1M Acquisition Financing for Industrial Property on Florida’s Space Coast

by John Nelson November 15, 2023

MELBOURNE, FLA. — Axiom Capital has arranged a $2.1 million loan for the acquisition of an industrial property located 1.5 miles from I-95 in Melbourne, a city on Florida’s Space Coast. Constructed on a 4.2-acre site in 1998, the 30,000-square-foot property features 18- to 20-foot ceiling heights, two dock doors, three drive-in doors and 101 car parking spaces. The borrower was not disclosed.

November 15, 2023

Loans Maryland Multifamily Southeast

PGIM Provides $188M Refinancing for Multifamily Portfolio in Downtown Silver Spring, Maryland

by John Nelson November 14, 2023

SILVER SPRING, MD. — PGIM Real Estate has provided a $188 million loan for a five-property multifamily portfolio in downtown Silver Spring. The borrower, Tower Cos., is using the fixed-rate loan to refinance The Blairs, a 1,396-unit portfolio that comprises The Pearl, Blair Towns, Blair House, Blair East and Blair Plaza. The five properties are situated within a master-planned community that Tower Cos. owns. In 2012, The Blairs was the first multifamily residential campus to receive the LEED Gold certification for operations and maintenance, according to PGIM.

November 14, 2023

Acquisitions North Carolina Retail Southeast

Tanger Acquires 382,000 SF Asheville Outlets in North Carolina for $70M

by John Nelson November 14, 2023

ASHEVILLE, N.C. — Tanger, a publicly traded owner and operator of outlet malls, has purchased Asheville Outlets, a 382,000-square-foot retail development in Asheville. Tanger acquired the outlet mall from New England Development for $70 million in an all-cash, off-market transaction. The property represents Tanger’s 38th outlet mall and the second new addition to its holdings in fourth-quarter 2023, following the opening of Tanger Outlets Nashville last month. Asheville Outlets was 95 percent leased at the time of sale to tenants including Nike, Under Armour, RH, Bath & Body Works, Crate & Barrel and West Elm. The property includes two anchors: Sportsman’s Warehouse and a separately owned Dillard’s Clearance Center. New England Development purchased and redeveloped the former indoor regional mall into an outlet mall in 2015. Tanger will officially transition the center to become Tanger Outlets Asheville in early January 2024.

November 14, 2023

Georgia Loans Southeast Student Housing

Vesper Recapitalizes 850-Bed Student Housing Community Near Kennesaw State University in Metro Atlanta

by John Nelson November 14, 2023

KENNESAW, GA. — Vesper Holdings has recapitalized West 22, an 850-bed student housing property located near the Kennesaw State University campus in metro Atlanta. Vesper owns the community through a joint venture partnership with an undisclosed investor. West 22 offers a mix of cottage and apartment units in one- through five-bedroom configurations. Shared amenities include a two-story fitness center, outdoor kitchen, basketball court, sand volleyball court, firepit and a hammock garden. The partnership plans to execute $3 million in capital improvements at the property over the next two years, including the addition of new flooring in units, lighting and cabinet upgrades, the addition of Nest thermostats and smart locks, and renovations to the clubhouse, gym and swimming pool. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE’s National Student Housing team represented Vesper in the transaction, along with CBRE’s Kevin Geiger and Shea Campbell. Timothy Bradley and Austin Kinn of TSB Capital Advisors arranged the financing on behalf of the joint venture.

November 14, 2023

Alabama Leasing Activity Office Southeast

Beach Co. Signs Tech Firm to Office Lease at The Range in Huntsville, Alabama

by John Nelson November 14, 2023

HUNTSVILLE, ALA. — The Beach Co. has signed Arrow Electronics, a tech services provider, to an office lease at The Range, a new 49,229-square-foot office building along Governors Drive in Huntsville. The Range is connected via a new pedestrian sidewalk to Beach Co.’s sister property The Foundry, a new 342-unit multifamily development, and Stovehouse, a property with food-and-beverage options, offices and event space. Arrow Electronics will occupy the remaining space on The Range’s ground floor. Crunkleton Commercial Real Estate Group managed the leasing efforts. The Range has one 10,000-square-foot availability on the second floor, according to Beach Co.

November 14, 2023

Acquisitions Retail South Carolina Southeast

SRS Arranges $6.3M Sale of Metro Charlotte Store Leased to Walgreens

by John Nelson November 14, 2023

ROCK HILL, S.C. — SRS Real Estate Partners has brokered the $6.3 million sale of a freestanding, 14,550-square-foot store in Rock Hill, a southern suburb of Charlotte. Built in 2013 on two acres, the single-tenant property was fully leased at the time of sale to Walgreens. Susan Harris of SRS represented the seller, an investor based in Washington, in the 1031 transaction. Andrew Margulies of Marcus & Millichap represented the buyer, a private investor based in North Carolina. Walgreens has 15 years remaining on its corporate-guaranteed lease, according to SRS.

November 14, 2023

Development Florida Industrial Mixed-Use Southeast

Rockpoint to Develop 1.5 MSF Industrial Property Within $2B Pomp Project in Pompano Beach, Florida

by John Nelson November 13, 2023

POMPANO BEACH, FLA. — Boston-based firm Rockpoint plans to develop a 1.5 million-square-foot industrial property in Pompano Beach in partnership with The Cordish Cos. and Caesars Entertainment. Situated on an 87.8-acre site, the project will be part of the 223-acre, $2 billion mixed-use development —The Pomp —currently underway by Cordish and Caesars. Site work for the industrial park is scheduled to begin in May 2024, with the first of three phases of development. Rockhill Management, Rockpoint’s property services affiliate, will lead the development and management of the project.

November 13, 2023

Development Florida Multifamily Southeast

Mill Creek Breaks Ground on 304-Unit Modera Encore Apartment Community in Downtown Tampa

by John Nelson November 13, 2023

TAMPA, FLA. — Mill Creek Residential has broken ground on Modera Encore, a 304-unit apartment community located at 1211 Ray Charles Blvd. in downtown Tampa. Upon completion, the property will comprise residences in one-, two- and three-bedroom layouts, as well as select penthouse homes and 8,000 square feet of ground-floor retail space. Amenities at Modera Encore will include a swimming pool, grilling area, outdoor dining space, a clubhouse, game room, pool table, pet spa, coffee bar, fitness center, coworking space, conference rooms, cyber café and private workstations. The community will also offer controlled access garage parking, bike lockers and additional storage space. Move-ins are scheduled to begin in spring 2025.

November 13, 2023

Loans Multifamily North Carolina Southeast

NewPoint Provides $58M Refinancing for Apartment Community in Metro Raleigh

by John Nelson November 13, 2023

RALEIGH, N.C. — NewPoint Real Estate Capital has provided a $58 million Freddie Mac loan for the refinancing of an apartment community located in the greater Raleigh area. Built in two phases, the unnamed property comprises 400 residences in a mix of one-, two- and three-bedroom units. Amenities at the community include a swimming pool with a splash pad and outdoor cabanas, 24-hour fitness center, game room, business center, playground, pet park, grilling areas and an outdoor multi-sport court. Mike Ortlip of NewPoint originated the fixed-rate loan, which features a five-year term with full interest-only payments. The borrower was not disclosed.

November 13, 2023

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