Southeast

JLL Arranges Office Lease at 470,000 SF Riverplace Tower in Jacksonville

by John Nelson September 18, 2023

JACKSONVILLE, FLA. — JLL has arranged a new lease at Riverplace Tower, a 470,000-square-foot office property located at 1301 Riverplace Blvd. in Jacksonville. Rogers Towers, a law firm, will occupy two floors at the tower through 2037, with the possibility of an extension. Acram Group is the landlord at the property, which is currently undergoing a $10 million capital improvement plan. Michael Loftin and Jesse Shimp of JLL represented Acram in the leasing lease negotiations. Jim Sebesta of Newmark Phoenix Realty Group represented the tenant.

September 18, 2023

Florida Market Reports Office Southeast Southeast Market Reports

Orlando Tenants Are Attracted to Quality Office Space as Rental Rates Rise

by John Nelson September 18, 2023

The Orlando office market saw improved office activity in the second quarter after a somewhat slow start to the year. Quarter-over-quarter, the average deal size rose by 11.2 percent with Downtown, South Orlando and East Orlando as the three submarkets benefitting from an increase in office leasing activity. The majority of institutional landlords in downtown Orlando are some of the early adopters of flight-to-quality phenomenon, and as a result, tenants from other submarkets have shifted their focus to the city’s Central Business District (CBD). On the other hand, South Orlando enjoys a built-in advantage of having perhaps the greatest number of restaurant options in the greater Orlando area, with easy access to both Sand Lake Road and Millenia Mall areas offering various food options. The need to be co-located with some of the military branches located in Central Florida Research Park drives many simulation and military/defense sector tenants to seek office space in East Orlando, also providing nearby access to the University of Central Florida. Aside from geographical location, more and more tenants are seeking out higher-quality office space while rightsizing their footprint. This is predominantly fueled by flex/remote office schedules combined with the need for employers to provide an …

September 18, 2023

Acquisitions Georgia Multifamily Southeast

Tishman Speyer Acquires 502-Unit Apartment Community in North Atlanta Suburb

by John Nelson September 15, 2023

SANDY SPRINGS, GA. — An affiliate of Tishman Speyer has acquired Avia at North Springs, an apartment community located in the northern Atlanta suburb of Sandy Springs. The property, which will be renamed Randolph Perimeter, totals 502 units across 22 buildings. The seller and sales price were not disclosed, but Atlanta Business Chronicle reports that Harbor Group International LLC sold the asset for $107.5 million. CBRE represented the seller in the transaction, and Jay Wagley of CBRE’s Dallas office arranged acquisition financing on behalf of the borrower. Constructed in two phases between 1989 and 1996, the community features apartments in studio, one-, two- and three-bedroom layouts. Amenities include a clubhouse, two swimming pools, tennis courts, a playground and walking trails throughout the 18.6-acre property. Tishman Speyer purchased the community through its TS Communities platform and plans to implement renovations to the units and amenities, including the addition of a fitness center, pickleball court, poolside lounges and an outdoor TV lounge with entertainment and gaming space.

September 15, 2023

Development Florida Mixed-Use Office Southeast

L&L, Oak Row Top Out 12-Story Office Tower at Wynwood Plaza in Miami

by John Nelson September 15, 2023

MIAMI — L&L Holding Co. and Oak Row Equities, with project partner Shorenstein Properties and co-investor Claure Group, have completed the vertical construction of a 12-story office tower situated within The Wynwood Plaza, a 1 million-square-foot mixed-use campus underway in the Wynwood Arts District of Miami. Upon completion, the office development will total 266,000 square feet and will feature touchless entry and elevator systems, a dedicated parking garage, fitness club, bar lounge, conference and collaboration spaces and an expansive rooftop. Tenants will include Claure Group and law firm Weitz & Luxenberg, which will occupy 25,400 and 18,000 square feet, respectively. Located at 95 N.W. 29th St., the Wynwood Plaza is scheduled for completion in the first quarter of 2025 and will feature 509 residential units, as well as 32,000 square feet of shops, cafes and restaurants.

September 15, 2023

Development Industrial Loans South Carolina Southeast

Glenstar Secures $38.2M Construction Financing for Phase I of Industrial Park in Gaffney, South Carolina

by John Nelson September 15, 2023

GAFFNEY, S.C. — Glenstar has secured $38.2 million in construction financing for the development of the first phase of an industrial park in Gaffney. CrossHarbor Capital Partners provided the financing. Upon completion, the property, which is being developed by Glenstar and capital partner Creek Lane Capital, will total 3.6 million square feet across five buildings. The first phase of the park, which has been dubbed Cherokee Commerce Center 85 (CCC-85), will comprise a 555,520-square-foot building expandable to 1.3 million square feet. The building, known as 2A, will feature 232 dock doors, four drive-in doors, 540 parking spaces and 452 trailer spaces. Completion is scheduled for fall 2024. Subsequent phases of CCC-85 will include four additional warehouses totaling 1.7 million; 252,270; 278,200; and 211,640 square feet, respectively. The project team includes general contractor The Conlan Co., architect Ware Malcomb and civil engineer SeamonWhiteside. John Montgomery, Garrett Scott, Brockton Hall and Dillon Swayngim of Colliers will manage leasing at the property on behalf of ownership.

September 15, 2023

Development Florida Industrial Southeast

BBX, PCCP to Develop 672,533 SF Logistics Campus in Delray Beach, Florida

by John Nelson September 15, 2023

DELRAY BEACH, FLA. — BBX Logistics Properties and PCCP have formed a joint venture to develop BBX Park at Delray, a 672,533-square-foot logistics campus in Delray Beach. The joint venture has acquired 40 acres along U.S. Highway 441 for the project. Upon completion, the property will feature three buildings, with the first phase comprising a 200,000-square-foot building. Construction is scheduled to begin in the first quarter of 2024. BBX has contributed $2.9 million to the joint venture and plans to expend an additional $2.5 million in development costs.

September 15, 2023

Development Industrial North Carolina Southeast

Halstatt, Tectonic to Construct 614,220 SF Industrial Development in Salisbury, North Carolina

by John Nelson September 15, 2023

SALISBURY, N.C. — Halstatt Real Estate Partners and Tectonic Real Estate will develop a two-building industrial property totaling 614,220 square feet in Salisbury. Upon completion, the campus will feature 60-foot speed bays in both buildings, as well as 505 parking spaces and 165 trailer spaces. A construction timeline was not disclosed.

September 15, 2023

Acquisitions Office Southeast Virginia

JLL Arranges Sale of 239,678 SF Ballston One Office Building in Arlington, Virginia

by John Nelson September 14, 2023

ARLINGTON, VA. — JLL has arranged the sale of Ballston One, a 239,678-square-foot office building located at 4601 N. Fairfax Drive in Arlington, a suburb of Washington, D.C. Penzance purchased the building from UBS Realty Investors LLC for an undisclosed price. Matt Nicholson, Andrew Weir, Jim Meisel, Dave Baker, Kevin Byrd and Kameel Omar of JLL represented the seller in the transaction. Built in 1986, Ballston One is leased to a mix of federal government and private sector tenants. Amenities include a fitness center, conference rooms, restaurant and an onsite property management team, according to LoopNet Inc.

September 14, 2023

Development Maryland Southeast Student Housing

Core Spaces Opens New 475-Bed Student Housing Community Near University of Maryland

by John Nelson September 14, 2023

COLLEGE PARK, MD. — Core Spaces has opened Hub College Park, a 475-bed student housing community located near the University of Maryland campus in College Park. The 239,542-square-foot property offers 161 fully furnished units in studio through five-bedroom configurations. Shared amenities include a fitness center, spa and sauna, coworking spaces, private study lounges, rooftop swimming pool and a coffee shop. Studio K Creative designed the interior of the property alongside Core’s in-house design team. Antunovich Associates served as the architect and Treehouse Builders was the general contractor for the development. Core’s in-house management team is managing the community, which opened ahead of the 2023-2024 academic year.

September 14, 2023

Alabama Development Southeast Student Housing

Capstone, Boaz Ventures to Break Ground on $60M Student Housing Property Near University of Alabama Huntsville

by John Nelson September 14, 2023

HUNTSVILLE, ALA. — Capstone Development Partners and Boaz Ventures plan to break ground on a $60 million student housing property adjacent to University of Alabama Huntsville (UAH) in October. Located at 4315 Holmes Ave. NW near the UAH Campus Recreation Center, the community, dubbed Nexus on Holmes, will be a four-story, 249-unit property with a mix of one-, two- and four-bedroom apartments. Capstone and Boaz are envisioning the 239,000-square-foot residential property to house undergraduate and graduate students, as well as UAH staff. Amenities will include two courtyards, an outdoor pool, grilling area, community kitchen, TV lounge, multi-purpose room and quiet study lounges. The design-build team includes general contractor Fite Building Co. and architect Williams Blackstock Architects. The project is situated within a designated opportunity zone, and OPAL Investments (a for-profit subsidiary of Opportunity Alabama) is the lead equity investor. Capstone and Boaz plan to open Nexus on Holmes in summer 2025.

September 14, 2023

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