KISSIMMEE, FLA. — PCCP LLC has provided a $67.8 million construction loan for Parkway Crossings, a 309-unit apartment development in Kissimmee, about 20 miles south of Orlando. The borrower, Fore Property Co., has broken ground and plans to wrap up construction in 2025. Located on a six-acre site near the intersection of Orange Avenue and Osceola Parkway, Parkway Crossings will feature a mix of studios, one-, two- and three-bedroom units with an average size of 939 square feet. Amenities will include a tenant clubhouse, 24-hour fitness center, outdoor barbecue area, pool and lounge area, dog park and EV chargers, as well as a 570-space parking garage.
SUWANEE, GA. — The Dowd Cos., a boutique real estate investment sales firm based in West Palm Beach, Fla., has arranged the $16.3 million sale of Horizon Village Shopping Center in Suwanee. The 97,000-square-foot shopping center is located at 2855 Lawrenceville-Suwanee Road in metro Atlanta’s Gwinnett County. Movie Tavern and YouFit Health Clubs anchor the property, which was built in 1996, according to LoopNet Inc. John Dowd and Theresa Johnson of The Dowd Cos. represented the seller in the transaction. Both the buyer and seller requested anonymity.
NASHVILLE, TENN. — Albion Residential has purchased land in Nashville with plans to build Albion Music Row, a two-tower luxury apartment project totaling 850 units. The first tower will rise 29 stories and 350 feet. Albion plans to begin construction prior to the end of the year on the 458-unit building, followed by the second tower, which will feature 392 units and rise 20 stories. Both buildings will offer retail and restaurant spaces on the ground floors. The centerpiece of the development will be a public green space that will feature art, a performance stage and a lawn designed for music uses. Albion Music Row will also feature an active recording studio. Albion Music Row will offer micro units at a lower price point in addition to studios, one-, two- and three-bedroom floor plans. There will also be duplex units. The site comprises five lots located at the southwest corner of the intersection of McGavock Street and 14th Avenue. Albion paid $31 million for the property. The project team includes Hartshorne Plunkard Architecture, civil engineer Barge Cauthen & Associates, landscape architect Hodgson Douglas, structural engineer SDL and MEP engineer I.C. Thomasson. Albion Residential is pursuing a LEED Silver designation for …
CHARLOTTE, N.C. AND RICHMOND, VA. — Hoffman & Associates plans to expand into two new markets, Charlotte and Richmond, with the development of three new multifamily projects totaling 1,108 apartments. The developments, which will exceed 1 million square feet in size and $433 million in total investment, will include two assets in Charlotte’s South End neighborhood and a $133 million development in the Scott’s Addition neighborhood of Richmond. The Washington, D.C. -based developer plans to break ground on 2500 Distribution Street in Charlotte (330 apartments) in spring 2024 and deliver the project in fall 2026. Down the street, Hoffman plans to begin construction on 2401 Distribution Street (410 apartments) in spring 2025 and wrap up construction in summer 2027. Lastly, 3200 W Moore Street in Richmond (368 apartments) will break ground in late 2024 and deliver in late 2026.
APEX, N.C. — Beacon Partners has broken ground on the first phase of Apex Gateway, a 380-acre master-planned development in Apex, approximately 15 miles west of Raleigh. The project surrounds the intersection of U.S. Highway 64 and N.C. Highway 751 and will feature a mix of industrial, life sciences, retail and medical office space. Phase I will feature three light industrial buildings totaling 480,000 square feet, including a 172,150-square-foot headquarters facility for Durham Coca-Cola Bottling Co. Al Williams and Matt Winter of JLL are handling leasing for Apex Gateway’s speculative developments. The project team also includes general contractor The Conlan Co., architect HagerSmith Design and engineer Advanced Civil Design. Truist Bank is providing construction financing.
CONCORD, N.C. — Carter Exchange Fund Management Co., a subsidiary of Carter Funds LLC, has sold Station at Poplar Tent, an apartment community located at 50 Poplar Station Circle NW in Concord, roughly 25 miles northeast of Charlotte. An undisclosed buyer purchased the property for $74.7 million. Carter Exchange owned the community for nearly three years, during which time the company completed renovations including the addition of parcel lockers to the clubhouse, upgrades to flooring and expanded amenities and increased average monthly rents on occupied units by 25.2 percent. The property averaged 94.9 percent occupancy during Carter Exchange’s ownership.
CUMMING, GA. — JLL has brokered the sale of Lakeland Plaza, a 301,711-square-foot shopping center in Cumming, a northern suburb of Atlanta along Ga. Highway 400. Jim Hamilton, Brad Buchanan and Andrew Kahn of JLL represented the undisclosed sellers in the transaction. Octave Holdings and Investments purchased the center for an undisclosed price. Built in 1990 and renovated in 2015, Lakeland Plaza’s tenant roster includes Sprouts Farmers Market, Belk, Bealls Outlet, LA Fitness, Joann Fabric and Crafts and Shoe Gallery. The center was 94 percent leased at the time of sale and featured a weighted average tenure of over 12 years.
WASHINGTON, D.C. — Whole Foods Market plans to open a new 47,000-square-foot store as part of the Parks at Walter Reed development in northwest Washington, D.C. The store, which will open on June 28, will anchor the 3.1 million-square-foot redevelopment of the historic, 66-acre Walter Reed Army Medical Center. The new Whole Foods will be located at 7130 12th St. NW in The Hartley apartment building. The grocer signed the lease with the ownership group — Hines, Urban Atlantic and Triden Development — in 2019. Whole Foods currently operates more than 500 stores in the United States, Canada and the UK.
MIAMI BEACH, FLA. — Service Properties Trust, a hotel and retail REIT managed by Massachusetts-based RMR Group, has purchased Nautilus by Arlo, a 250-room hotel located at 1825 Collins Ave. in Miami Beach. Quadrum Global sold the beachfront hotel for $165.4 million. Paul Weimer, Christian Charre and Jennifer Jin of CBRE Hotels, along with Scott Ellman, Alyssa Kidd and Peter Flexner of Eastdil Secured, represented the seller in the transaction. Sonesta International Hotels Corp. will take over the operations of the eight-story hotel. Nautilus by Arlo features 50 suites and a two-bedroom penthouse, as well as a lobby with a coffeeshop, sunken lounge and a bar area. The hotel opened in 1951 and was renovated in 2015.
ABERDEEN, MD. — A joint venture between MCB Real Estate LLC, Artemis Real Estate Partners and principals of Ace Logistics Services Inc. has acquired Tower Logistics Center, an 859,900-square-foot warehouse at 1225 S. Philadelphia Road in Aberdeen. The facility, which will be rebranded Ace Logistics Center, is situated on 98.5 acres in Baltimore’s I-95 North submarket. The seller is a partnership between Merritt Properties and BentallGreenOak, which developed the property in 2021. Benjamin Meisels and Peter Hajimihalis of JLL represented the buyer and Ace Logistics in the lease deal. Bo Cashman and Jonathan Beard of CBRE represented the seller. Ace Logistics Center features clear heights of 40 feet, 189 cross docks, four drive-in doors, 310 trailer parking spaces and 130-foot truck court depths. Ace Logistics Services has signed a long-term lease for the building and expects to begin operations later this month. The firm provides cargo handling, warehousing and logistical services and currently operates eight facilities totaling 1.4 million square feet of space, as well as six outside storage/drop yards, all close to the Port of Baltimore.