Southeast

Red Rock, Westport Capital Divest of 353,044 SF Distribution Center in Metro Richmond

by Jeff Shaw April 10, 2023

CHESTER, VA. — A joint venture partnership between a fund managed by Red Rock Developments and a fund managed by Westport Capital Partners has sold a distribution center located at 1400 Digital Drive in Chester, roughly 20 miles southeast of Richmond. The 353,044-square-foot property was fully leased at the time of sale to CCBCC Operations LLC, which Coca-Cola Consolidated Inc. owns. Eric Robison and Bo McKown of Cushman & Wakefield | Thalhimer with Jonathan Carpenter and Graham Savage of Cushman & Wakefield’s Industrial Advisory Group arranged the sale. Bailard Real Estate Fund acquired the property for an undisclosed price.

April 10, 2023

Affordable Housing Development Multifamily Southeast Virginia

BLVD Breaks Ground on $13.5M Redevelopment of Aqua Vista Affordable Apartments in Newport News, Virginia

by Jeff Shaw April 10, 2023

NEWPORT NEWS, VA. — The BLVD Group is underway on the $13.5 million redevelopment of Aqua Vista Apartments, a 150-unit affordable housing community in Newport News. Built in 1970, the property will undergo improvements including updates to the building envelope, new finishes throughout the units and expanded amenities such as a grilling area, playground, dog park, business center and community room. BLVD also plans to convert the building systems from gas to electric power and seek the Enterprise Green Communities certification upon completion of the redevelopment. BLVD is the developer, with Hooker De Jong Architects and Metro Group Services serving as the architect and general contractor on the project, respectively. Enterprise Communities is the equity partner, and Virginia Housing is the construction lender. The redevelopment will preserve the affordability status of the community through 2072, with units reserved for individuals and families earning 60 percent or less of the area median income (AMI).

April 10, 2023

Alabama Market Reports Multifamily Southeast Southeast Market Reports

Birmingham’s Multifamily Market Is Battling Uncertainty, Still Poised for Growth

by John Nelson April 10, 2023

When we wrote about the Birmingham multifamily market last year, the main trends were job growth and in-migration to not only the Birmingham market, but the Sun Belt as a whole. The growth was described as “unprecedented,” which it certainly was, and investor optimism could not have been higher as cap rates plummeted and property performance continued to thrive. Since then, the 10-year Treasury yield has risen nearly 200 basis points, inflation experienced nearly 6.5 percent growth last year and there was a more cautious optimism going into the fourth quarter of 2022. But what if we are not hitting a stopping point, rather moving back into a cycle of normalcy? Amongst the many major indicators for 2023, the common theme appears to be uncertainty. Many notable factors such as debt and rising insurance costs have been a sounding board for this skepticism in the market. 2021 and 2022 proved to be nothing short of record-breaking in the multifamily sector. For Birmingham, our outlook is that the solid foundation it has built over the past few years, and the post-pandemic recovery boom it experienced, will show that the city is still poised for growth and has been fortunate to not …

April 10, 2023

Alabama Loans Multifamily Southeast

Berkadia Arranges $37M Refinancing for Ascent at Jones Valley Apartments in Huntsville, Alabama

by John Nelson April 7, 2023

HUNTSVILLE, ALA. — Berkadia has arranged $37 million in refinancing for Ascent at Jones Valley, a 431-unit multifamily community located at 1225 Willowbrook Drive SE in Huntsville. Built in 1978, the property features one-, two- and three-bedroom apartments and townhomes ranging in size from 705 to 1,470 square feet. Amenities at the community include two swimming pools, a fitness center, coffee and tea bar, pet park and play area, playground, business center, tennis/pickleball court and grilling and picnic areas. Charles Foschini, Christopher Apone and Lourdes Carranza-Alvarez of Berkadia South Florida arranged the Fannie Mae financing on behalf of the borrower, Savannah, Ga.-based Wicker Park Capital Management. The loan carries a fixed interest rate, a five-year term and partial interest-only payments.

April 7, 2023

Build-to-Rent Development Florida Multifamily Single-Family Rental Southeast

JLL Brokers Sale of 48.1-Acre Build-to-Rent Development Site in Metro Tampa

by John Nelson April 7, 2023

WESLEY CHAPEL, FLA. — JLL Capital Markets has brokered the sale of a 48.1-acre build-to-rent development site located in Wesley Chapel. The site is approved for the construction of a 190-unit townhome community called GroveParc Townhomes. Max La Cava, Zach Nolan and Manny de Zarraga of JLL represented the seller, Blue Pointe Investors, in the transaction. Resibuilt acquired the property for an undisclosed price. Upon completion, which is scheduled for January 2025, GroveParc Townhomes will feature three- and four-bedroom townhomes with garages. Amenities will include a clubhouse, swimming pool, fitness center, playground, dog park, pickleball courts, lakeside trail and pedestrian access to the adjacent Krate & The Grove at Wesley Chapel, an open-air shopping center.

April 7, 2023

Development Florida Restaurant Retail Southeast

Azor-Led Partnership Breaks Ground on Wawa Gas Station in South Florida

by John Nelson April 7, 2023

PLANTATION, FLA. — A partnership led by South Florida-based shopping center owner and developer Azor Advisory Services has begun construction on a Wawa gas station and convenience store located in Plantation, roughly 30 miles north of Miami. The partnership, which is doing business as FLA BPI LLC, broke ground on the project April 4. Located at 100 South Pine Island Road, the property is situated within the northern portion of a three-acre site acquired by the partnership in 2016. Midtown Crossing, a 6,400-square-foot retail center, occupies the southern portion. Scheduled for completion in 12 months, the Wawa will offer prepared foods, beverages, coffee, fuel services and subcharge-free ATMs.

April 7, 2023

Development Industrial Southeast Virginia

Lingerfelt Purchases Land Near Richmond for Development of 325,500 SF Warehouse

by John Nelson April 7, 2023

RUTHER GLEN, VA. — Lingerfelt Development LLC has purchased 24 acres within Carmel Church Business Center in Ruther Glen, approximately 30 miles north of Richmond. The company plans to construct a 325,500-square-foot speculative, high-bay distribution warehouse facility at the property. Mark Douglas of Cushman & Wakefield | Thalhimer represented Lingerfelt in the $2.6 million transaction. Virgil Nelson, also with Thalhimer, represented the seller, an entity doing business as CCBC Properties LLC.

April 7, 2023

District of Columbia Southeast

US Economy Added 236,000 Jobs in March, Reflecting Slowdown from February

by John Nelson April 7, 2023

WASHINGTON, D.C. — Nonfarm payroll employment increased by 236,000 jobs in March, according to the U.S. Bureau of Labor Statistics (BLS). The number, which reflects a slowdown in growth relative to February — which saw the addition of 326,000 jobs — largely aligns with the predictions of economists. According to CNBC, the figure marks the lowest monthly gain since December 2020, following moves by the Federal Reserve to cool labor demand in the interest of combating inflation. The number also falls below the average monthly gain of 334,000 jobs for the previous six months. Leisure and hospitality added 72,000 jobs in March, 24 percent below the average monthly gain for the prior six months (95,000). Food-and-beverage represented the bulk of the growth, adding 50,000 jobs. Government and professional and business services employment grew by 47,000 and 39,000 jobs, respectively. Healthcare added 34,000 jobs, with growth in home health services, hospitals and nursing and residential care facilities. Employment in transportation and warehousing increased marginally, adding 10,000 positions. Employment in the retail trade saw a decrease of 15,000 jobs. The unemployment rate also decreased slightly, coming down to 3.5 percent from 3.6 percent. Unemployed persons totaled 5.8 million.

April 7, 2023

Acquisitions Florida Office Southeast Top Stories

BH Group, PEBB Enterprises Acquire Office Depot Campus in Boca Raton, Florida for $104M

by Jeff Shaw April 7, 2023

BOCA RATON, FLA. — A joint venture between BH Group and PEBB Enterprises has acquired the Office Depot headquarters campus in Boca Raton for $104 million. The 650,000-square-foot asset was built in 2008 on 28.9 acres as a build-to-suit development for Office Depot. The buyers plan to renovate the property to make it a multi-tenant campus, then lease approximately half of the space back to Office Depot. The property features three five-story, LEED Gold-certified office buildings with backup generators and hurricane-proof windows. Amenities include an onsite cafeteria, outdoor patio, fitness center, conference center, auditorium and two parking garages. Located three miles west of I-95, the campus sits adjacent to famed golf course The Old Course at Broken Sound and 700-acre master-planned community The Park at Broken Sound. The complex is also located 1.5 miles north of Lynn University and the Boca Raton Innovation Campus, as well as three miles north of Florida Atlantic University. John Criddle, Joe Freitas and Max Pawk of CBRE will market the vacant space for lease following the renovations. “For the first time since the campus was constructed, the North Tower office building will be available as a multi-tenant property with floorplates of approximately 40,000 square feet,” says Joe Freitas. …

April 7, 2023

Development Georgia Mixed-Use Southeast

GID Tops Out Phase I of $2B High Street Mixed-Use Development in Atlanta

by John Nelson April 6, 2023

ATLANTA — GID Development has topped out Phase I of High Street, a $2 billion mixed-use development underway in Atlanta’s Central Perimeter submarket. The developer, along with general contractor Brasfield & Gorrie, held a topping out ceremony as all nine buildings that comprise Phase I have reached their maximum height. The project’s first phase, which is expected to deliver next year, will feature 150,000 square feet of shops, restaurants and entertainment venues; 90,000 square feet of new loft offices; 598 apartments; and multiple community gathering spaces, including a signature park. High Street is designed around an internal street grid that will create connectivity with the Dunwoody MARTA station. Announced tenants at Phase I include Puttshack, The Hampton Social, Agave Bandido and Cuddlefish. GID and JLL’s 10twelve division expect to announce more brands joining High Street soon.

April 6, 2023

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