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DevelopmentGeorgiaLoansMixed-UseMultifamilySoutheast

Middle Street, AECOM-Canyon Obtain $245M Construction Financing for Midtown Atlanta Multifamily Project

by John Nelson

ATLANTA — A joint venture between developers Middle Street Partners and AECOM-Canyon Partners has obtained $245 million in construction financing for its two-tower multifamily project situated a block from Piedmont Park in Midtown Atlanta. Eastdil Secured arranged the financing through Bank OZK and Related Fund Management on behalf of the developers. Cody Kirkpatrick, Noam Franklin and Chinmay Bhatt of Berkadia advised Middle Street in the transaction. The unnamed development will occupy a full city block on Juniper Street between 11th and 12th streets. The project will include a north tower and south tower totaling 487 apartments, and each tower will feature an undisclosed amount of ground-floor retail space. The developers plan to break ground immediately. The project team includes general contractor Brasfield & Gorrie, architect Brock Hudgins and interior designer CID Design Group.

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AcquisitionsRetailSoutheastTennessee

Legacy Realty Group Brokers $200M Portfolio Sale of 146 Southeast Stores Leased to Dollar General

by John Nelson

NEW HYDE PARK AND NEW YORK CITY, N.Y. — Legacy Realty Group Advisors LLC, a commercial real estate brokerage with offices in New York, has brokered the sale of 146 stores in the Southeast leased to Dollar General. The seller, a privately held real estate developer, sold the portfolio to the buyer, a net-lease REIT, for approximately $200 million. Both parties requested anonymity. Jacob Baruch and Daniel Baruch of Legacy Realty Group represented both the buyer and seller in the off-market transaction.

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DevelopmentHospitalityMixed-UseMultifamilySoutheastVirginia

PREIT Receives Approval for New Apartments, Hotel at Springfield Town Center in Metro D.C.

by John Nelson

SPRINGFIELD, VA. — PREIT, a retail REIT based in Philadelphia, has received approval from the Fairfax County Board of Supervisors for the development of two empty land parcels at Springfield Town Center, a mixed-use campus located in Springfield, roughly 14 miles outside of Washington, D.C. Two separate entities are under agreement to purchase and develop the parcels. One of the buyers, Intermountain, will construct a 165-room hotel, and the other, Hanover, will build a 460-unit multifamily community. Together, the sales price for the two parcels totals approximately $20 million. Built in 2017, Springfield Town Center is anchored by a 1 million-square-foot mall housing Target, Regal Cinemas, Macy’s, JCPenney, LOFT, H&M and a food court, among other retailers.

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AcquisitionsFloridaMultifamilySoutheast

JBM Secures $115M Sale of Longitude 82 Apartments in Sarasota, Florida

by John Nelson

SARASOTA, FLA. — JBM Institutional Multifamily Advisors has secured the $115 million sale of Longitude 82, a 360-unit apartment community located in Sarasota. Irvine, Calif.-based Passco Cos. sold the community to an undisclosed buyer. Built in 2017 on 32.6 acres, Longitude 82 includes units with open floor plans averaging 971 square feet. Amenities include a resort-style, saltwater pool; 24-hour fitness center with Precor equipment; dog park; package lockers; valet trash; shaded children’s playground; car care center; and garages available for rent. This is the second time JBM has brokered the sale of the apartment community.

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AlabamaDevelopmentMultifamilySoutheast

RCP Cos. to Develop $108M Wellory Living Apartments at MidCity Campus in Huntsville

by John Nelson

HUNTSVILLE, ALA. — RCP Cos. plans to develop Wellory Living, a new 328-unit multifamily development coming to the developer’s MidCity District in Huntsville. The $108 million property is designed to achieve “net-zero energy status” and a reduced carbon footprint by utilizing solar PV panels, smart thermostats and a reflective roof, among other features. RCP has partnered with Grounded Capital Partners on the project. Situated on 4.2 acres at the corner of Old Monrovia Road and Stax Street, Wellory Living will span six stories and feature 13,582 square feet of ground-floor retail space, coworking spaces, a rooftop lounge and an outdoor terrace. The project team includes debt lender Pinnacle Financial Partners, architect Lord Aeck Sargent and general contractor ARCO Murray. RCP plans to break ground on Wellory Living this winter and deliver the property by summer 2025.

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AcquisitionsFloridaMultifamilySoutheast

JBM Arranges $87.3M Sale of Versol Apartments in Bonita Springs, Florida

by Jeff Shaw

BONITA SPRINGS, FLA. — JBM Institutional Multifamily Advisors has arranged the sale of Versol, a 240-unit multifamily property located in Bonita Springs. TerraCap Management sold the property to an undisclosed buyer for $87.3 million. Sitting on 27.4 acres, the community features amenities including a pool, clubhouse, fitness center, outdoor kitchen, bocce ball court, Amazon Hub package lockers, and storage units and garages for rent.

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DevelopmentFloridaMixed-UseMultifamilyOfficeRetailSoutheast

Related, Rockpoint Start Construction of Mixed-Use Project in Miami’s Wynwood Neighborhood

by Jeff Shaw

MIAMI — Related Group and Rockpoint have broken ground on WNWD21, a mixed-use project located in the Wynwood neighborhood of Miami. Upon completion, which is scheduled for the third quarter of 2024, the development will comprise two 12-story buildings with 304 apartments, 18,000 square feet of retail and 63,000 square feet of office space. Apartment units will feature studio, one-, two- and three-bedroom layouts, with amenities including a rooftop pool deck, health and wellness facilities, private theater and music room, resident-only dining, coworking space and an art collection. Cohen Freedman Encinosa & Associates Architects will act as architect for the project, with interior design by iddi Design. Beauchamp Construction Co. is the builder.

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DevelopmentMixed-UseMultifamilyNorth CarolinaRetailSoutheast

MRP, Asana Plan Mixed-Use Redevelopment of Duke Energy Headquarters in Charlotte

by Jeff Shaw

CHARLOTTE, N.C. — MRP Realty and Asana Partners have acquired the Duke Energy headquarters building at 526 S. Church St. in Charlotte, with plans to develop a mixed-use project at the site. Initial plans include 450 residential units and 55,000 square feet of ground-floor retail space. Duke Energy plans to vacate the building and move to its newly constructed headquarters at Duke Energy Plaza in late 2023.

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DevelopmentRetailSouth CarolinaSoutheast

SJC Ventures to Break Ground on 20,000 SF Second Phase of West Ashley Station Retail Development in Charleston

by Jeff Shaw

CHARLESTON, S.C. — Atlanta-based SJC Ventures has announced plans to break ground on the second phase of West Ashley Station, a retail center in Charleston, later this month. The first phase was built in 2016 with a 45,062-square-foot Whole Foods Market as the anchor tenant. Phase II of the development will add 20,000 square feet of shopping, dining and fitness space. Demolition of a building that formerly housed a Doscher’s IGA Supermarket will occur this month, with vertical construction scheduled to begin in the first quarter of 2023. Planned tenants include Hollywood Feed, Hand & Stone, Another Broken Egg, MADabolic, Pacific Dental and GoodVets. The center is currently 93 percent leased.

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AcquisitionsGeorgiaRetailSoutheast

SRS Brokers Sale of 143,081 SF Blackwell Plaza Shopping Center in Marietta, Georgia

by Jeff Shaw

MARIETTA, GA. — SRS’ Investment Properties Group has arranged the sale of Blackwell Plaza, a 143,081-square-foot shopping center in Marietta, approximately 20 miles northwest of Atlanta. An entity doing business as RCG-Marietta VII LLC acquired the property from Stebri Enterprises for $10 million. Kyle Stonis and Pierce Mayson of SRS represented Stebri in the transaction. Sitting on 17 acres at the intersection of Canton Road and Piedmont Road, the property features tenants including Old Time Pottery and America’s Thrift Store.

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