Thursday, April 9, 2026
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GeorgiaIndustrialLeasing ActivitySoutheast

CRG Signs Rooms To Go to 465,250 SF Industrial Lease Near Port of Savannah

by John Nelson

ELLABELL, GA. — CRG has signed a subsidiary of Rooms To Go to a full-building lease at The Cubes at Interstate Centre II, CRG’s 300-acre development within the broader Interstate Centre industrial park in metro Savannah’s Bryan County. The Orlando- based furniture retailer will fully occupy the 465,250-square-foot Building E, which CRG completed on a speculative basis in October. Jason Ovadia of JLL represented Rooms To Go in the transaction, while Chris Tomasulo, Ryan Hoyt and Bennett Rudder, also with JLL, represented CRG. Located at 1393 Interstate Blvd. in Ellabell, the warehouse is situated 30 miles west of the Port of Savannah and within two miles of I-16. Building E features 36-foot clear heights, 80 dock doors, four drive-in doors, an ESFR sprinkler system and ample parking for vehicles and trailers. CRG’s parent company, Clayco, served as the builder for the project, and Clayco subsidiary Lamar Johnson Collaborative was the architect. The project was developed through CRG’s GP Fund I, which participated as the general partner. Inclenberg Investments was CRG’s limited partner.

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DevelopmentFloridaMultifamilySoutheast

Ventures, BCDC Break Ground on Southerly at Shipyards Apartments in St. Augustine, Florida

by John Nelson

ST. AUGUSTINE, FLA. — A joint venture between Ventures Development and BCDC has broken ground on The Southerly at Shipyards, a 270-unit apartment community in St. Augustine, about 42 miles south of Jacksonville. The project will overlook the San Sebastian River and downtown St. Augustine and will serve as the multifamily component of a larger master-planned development that features single-family homes, a hotel, shops, offices and a restaurant. Planned amenities at The Southerly include a sky lounge, pool, hot tub, outdoor kitchen with a firepit and pizza oven, 24-hour fitness center and a coworking lounge. Other amenities will include a club room, package room, pet park and dog washing station and a structured parking garage accompanied by street-level parking spaces. The design-build team includes architect JHP Architecture & Urban Design and general contractor ARCO Murray. Ameris Bank provided an undisclosed amount of construction financing for the project. The Southerly represents the sixth joint venture project between Ventures and BCDC. The co-developers expect to deliver the first units in the second quarter of 2024.

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AcquisitionsMultifamilySoutheastVirginia

Milestone Group Acquires 870-Unit Multifamily Portfolio in Northern Virginia

by John Nelson

FAIRFAX, VA. — The Milestone Group, a multifamily investment firm with offices in Dallas, Atlanta and Boca Raton, Fla., has purchased a three-property multifamily portfolio totaling 870 units in Northern Virginia’s Fairfax County. The value-add portfolio includes The Ellipse at Fairfax Corner in Fairfax (404 units), Windsor at Fair Lakes in Chantilly (250 units) and The Townes at Herndon Center in Herndon (216 units). Milestone Group acquired the portfolio via its discretionary value-add fund, Milestone Real Estate Investors V LP, in an off-market transaction through a loan assumption, which Milestone Group said saved $20 million in prepayment costs. The sellers, Hampshire Properties and Rose Valley Capital, sold the portfolio for an undisclosed price. Melnick Real Estate Advisors brokered the transaction. Milestone Group plans to make amenity enhancements and luxury upgrades to the unit interiors across the three assets.

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DevelopmentNorth CarolinaOfficeSoutheast

Chartwell, Jefferson River Capital Begin Redevelopment of Office Campus in Raleigh

by John Nelson

RALEIGH, N.C. — A partnership between Chartwell Property Group and Jefferson River Capital has begun the redevelopment of the former Martin Marietta corporate headquarters located at 2700 and 2710 Wycliff Road in Raleigh. The project, named The Grove, will feature two office buildings spanning 152,000 square feet of office space and 16,000 square feet of amenity space, including a self-serve café and bar, library, lounge, golf simulator, indoor and outdoor conference rooms and outdoor workspaces. The project will also include a high-end gym and spa that features an indoor pickleball court, Peloton bikes, sauna and a locker room. Chartwell and Jefferson River Capital have tapped John Brewer and Ed Pulliam of CBRE|Raleigh to lease The Grove, which is set for an early 2023 completion.

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Affordable HousingConference CoverageFeaturesGeorgiaMultifamilySoutheastSoutheast Feature Archive

Interest Rate Volatility Will Slow Multifamily Investment Activity in 2023, Says InterFace Panel

by John Nelson

ATLANTA — A lot can happen in a year. This time a year ago, the 10-year Treasury yield was at 1.489 percent, the federal funds rate was at a range of 0 to 0.25 percent and SOFR was at 0.05 percent. As of this writing, those three benchmark interest rates are at 3.527 percent, 3.75 to 4 percent and 3.82 percent, respectively — none of which are within 200 basis points from a year ago. Debt capital has become decisively more expensive, and officials at the Federal Reserve are signaling that more rate hikes are coming. For the U.S. multifamily sector, the result is that investors are increasingly becoming “pencils down” until interest rates find their footing. “We haven’t had much [investment] sales volume, as you can imagine, in the third or fourth quarter,” said Bennett Sands, managing development director at Wood Partners, an Atlanta-based apartment developer. “Looking ahead, our sales volume in 2023 will be down 50 percent [from 2022], if we’re lucky.” “It has been pretty quiet the past few months, and we expect that to continue for the next few months as well,” added Andrew Zelman, vice president of acquisitions at GID, a multifamily and mixed-use developer …

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DevelopmentIndustrialSoutheastTennessee

CRG Plans 2.8 MSF Industrial Park in Metro Nashville

by John Nelson

LEBANON, TENN. — CRG has acquired a 200-acre site in Lebanon, roughly 30 miles outside of Nashville, to accommodate a 2.8 million-square-foot industrial park. Upon completion, the project — dubbed The Cubes at Sparta Pike — will comprise four buildings ranging in size from 250,000 to 1.4 million square feet each. Jim Rodrigues of Lee & Associates will handle leasing and marketing of the property on behalf of CRG.

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AcquisitionsFloridaMultifamilySoutheast

Newmark Negotiates $98M Sale of Luma Headwaters Apartments in Orlando

by John Nelson

ORLANDO, FLA. — Newmark has brokered the $98 million sale of Luma Headwaters, a 328-unit multifamily community located at 4000 Headwaters Way in Orlando. Scott Ramey, Brad Downing, Patrick Dufour, Paul Grant and Ryan Moody of Newmark represented the seller, Waypoint Residential, in the transaction. Newmark also arranged a Freddie Mac loan assumption process and secured additional financing on behalf of the buyer, Houston-based Venterra Realty. Matt Williams, Kyle Schlitt, Rob Wright and James Maynard of Newmark arranged the $5.7 million supplemental loan.

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AcquisitionsRetailSoutheastVirginia

Divaris Arranges $8.2M Sale of Yorktown Shopping Center in Virginia

by John Nelson

YORKTOWN, VA. — Divaris Real Estate’s Investment Sales Group has brokered the sale of The Villages at Kiln Creek, a 45,255-square-foot shopping center located in Yorktown, about 13 miles north of Newport News, Va. Jason Oliver, Rachel Salasky and George Fox of Divaris represented the seller, Glazer Properties, in the transaction. Liberty Investment Partners acquired the property for $8.2 million. The center was fully leased at the time of sale to tenants including Riverside Health System, Guitar Center and McCormick Paint. George Fox and Caroline Zarpas of Divaris will handle leasing at the center on behalf of Liberty Investment Partners.

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AcquisitionsFloridaMultifamilySoutheast

Northmarq Brokers Sale of 228-Unit Caroline Apartments in Lakeland, Florida

by John Nelson

LAKELAND, FLA. — Northmarq has arranged the sale of The Caroline, a recently completed apartment community comprising 228 units in Lakeland, roughly 40 miles east of Tampa. Luis Elorza, Justin Hofford and Kevin Mosher of Northmarq represented the buyer, Topaz Capital Group, which acquired the property for an undisclosed price. Located at 1906 Griffin Road, the community features units in one-, two- and three-bedroom layouts, with an average unit size of 1,161 square feet. Amenities include a clubhouse, pool, an outdoor kitchen and entertainment space, pet park, fitness center, playground and wetland boardwalk.

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District of ColumbiaHospitalitySoutheast

US Economy Adds 263,000 Jobs in November, While Hourly Wages Rise 0.6 Percent

by John Nelson

WASHINGTON, D.C. — The U.S. economy added 263,000 jobs in November, and the unemployment rate remained unchanged at 3.7 percent, according to the U.S. Bureau of Labor Statistics (BLS). The employment gains beat Dow Jones economists’ expectations of 200,000 new jobs, reports CNBC. Meanwhile, average hourly wages jumped 0.6 percent for the month, according to the BLS, double the estimate of economists. Furthermore, the 5.1 percent annual growth in wages exceeded the expectation of 4.6 percent. CNBC also reports that the better-than-expected wage growth may put even greater pressure on the Federal Reserve to continue its path of rate hikes, which Fed officials have been signaling as likely ahead of the December Federal Open Markets Committee (FOMC) meeting. Many media outlets report that economists are expecting the central bank to boost the federal funds rate by 50 basis points before the end of the year, raising the target range to between 4.25 and 4.5 percent. However, some other media sources indicate that strong wage growth is another sign of inflation and could push the Fed to boost the rate by 75 basis points. Big gains in leisure and hospitality In November, the employment sector with the biggest surge was leisure and …

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