Southeast

Bromley, Highwoods Break Ground on 18-Story Midtown East Office Tower in Tampa

by John Nelson January 13, 2023

TAMPA, FLA. — Bromley Cos. and Highwoods Properties have broken ground on Midtown East, an 18-floor office tower located within the duo’s Midtown Tampa mixed-use development. Comprising 430,000 square feet, the project is designed by architectural firm Rule Joy Trammell + Rubio and Brasfield & Gorrie is serving as general contractor. Scheduled for completion in 2025, the tower will be the anchor building within Midtown Tampa. The development’s existing office space is currently over 98 percent leased. Bromley and Highwoods will jointly own 134,000 square feet of the finished building, with the remaining space serving as the headquarters for Tampa Electric and Peoples Gas.

January 13, 2023

Loans Maryland Multifamily Office Southeast

JLL Arranges $193M in Refinancing for Two Properties in Downtown Columbia, Maryland

by John Nelson January 13, 2023

COLUMBIA, MD. — JLL Capital Markets has arranged separate refinancings totaling $193 million for two properties located in downtown Columbia. Jamie Leachman and Drake Greer of JLL secured the financing on behalf of the borrower, The Howard Hughes Corp. An undisclosed lender provided a $76 million, three-year, fixed-rate loan for the first property, a 317,189-square-foot office building located at 6100 Merriweather Drive. JLL also arranged a $117 million, five-year, fixed-rate loan for Juniper, an apartment community built in 2020 that also features 55,693 square feet of street-level retail space. Both properties are positioned within the mixed-use Merriweather District, and both loans were used to take out existing construction financing.

January 13, 2023

Development Life Sciences North Carolina Southeast

Apollo, GeneSuites Underway on 446,000 SF Biomanufacturing Campus in Metro Raleigh

by John Nelson January 13, 2023

HOLLY SPRINGS, N.C. — Affiliates of Apollo and GeneSuites are underway on the construction of Catalyst BioCampus, a 446,000-square-foot biomanufacturing development in Holly Springs, roughly 20 miles southwest of Raleigh. The development, which is scheduled for completion early this year, will be pre-equipped with mechanical, electrical and building infrastructure designed in accordance with Current Good Manufacturing Practice (cGMP) specific to biomanufacturing facilities. This design, branded High Performance Shell by GeneSuites, will support the acceleration of speed-to-market for biopharmaceutical companies by approximately nine to 15 months, according to CBRE|Raleigh. Lee Cllyburn John Hogan III of CBRE|Raleigh are handling leasing at the development.

January 13, 2023

Development Florida Self-Storage Southeast

U-Haul Delivers 800-Unit Self-Storage Facility in Florida Panhandle

by John Nelson January 13, 2023

FORT WALTON BEACH, FLA. — U-Haul has completed the development of a new, 800-unit self-storage facility in Fort Walton Beach dubbed U-Haul Moving & Storage of the Emerald Coast. Located at 200 Irwin Ave., the facility comprises 138,000 square feet. U-Haul acquired the property, which was originally constructed in 1971 and formerly housed a J.M. Fields department store and Kmart, in 2019. The acquisition and adaptive reuse of the site aligns with U-Haul’s corporate sustainability initiatives, and the company worked with the Audubon Society to maintain a bird-friendly rooftop for the threatened Least Turn and Black Skimmer species.

January 13, 2023

Acquisitions Affordable Housing Maryland Multifamily Southeast

Enterprise Community Development Acquires Metro D.C. Workforce Housing Community for $20M

by John Nelson January 12, 2023

SILVER SPRING, MD. — Enterprise Community Development Inc. has purchased Parkside Terrace Apartments, an 87-unit workforce housing community located in Silver Spring, a suburb of Washington, D.C. The buyer plans to preserve the natural occurring affordable housing (NOAH) property by reserving units for households earning up to 60 percent of area median income (AMI). Enterprise Community Development purchased the community from an undisclosed seller for $20 million. The Montgomery County Department of Housing and Community Affairs provided a $5 million bridge loan to the buyer through its Affordable Housing Opportunity Fund. Built in 1962, Parkside Terrace comprises one- and two-bedroom units spread across three- and four-story garden-style apartment buildings. Enterprise Community Development plans to make capital improvements to the property.

January 12, 2023

Affordable Housing Development Loans Multifamily Southeast Tennessee

Amazon Housing Equity Fund Provides $18.8M Loan for Affordable Housing Project in Nashville

by John Nelson January 12, 2023

NASHVILLE, TENN. — The Amazon Housing Equity Fund has provided an $18.8 million construction loan for Harpeth Valley Apartments, a 251-unit, garden-style affordable housing development located at 8101 McCrory Lane in Nashville. The fund is Amazon’s more than $2 billion commitment to create and preserve affordable housing in the markets where it has corporate campuses: Seattle, Northern Virginia and Nashville. C.W. Early of JLL arranged the long-term, fixed-rate loan on behalf of the borrower, Elmington Capital. Set for completion in late 2024, Harpeth Valley will feature units that are affordable to households earning 60 percent of the area median income (AMI) through 2072. The property will consist of one-, two- and three-bedroom apartments, as well as a clubhouse, exercise room, pool, onsite management, bike storage and common area Wi-Fi.

January 12, 2023

Acquisitions Maryland Retail Southeast

KLNB Arranges $10.8M Sale of Shopping Center in Upper Marlboro, Maryland

by John Nelson January 12, 2023

UPPER MARLBORO, MD. — KLNB has arranged the $10.8 million sale of Marlboro Square, a 92,649-square-foot shopping center located at 5715 Crain Highway in Upper Marlboro, a suburb of Washington, D.C. Vito Lupo, Chris Burnham, Andy Stape and Jake Furnary of KLNB represented the seller, an entity doing business as Marlboro Investors LLC, in the transaction. Renaud Consulting represented the undisclosed buyer. Marlboro Square was fully leased at the time of sale to tenants including grocery anchor Weis, Advance Auto Parts and Dollar Tree, as well as medical, fitness and food-and-beverage tenants.

January 12, 2023

Acquisitions Georgia Restaurant Southeast

Palomar Group Brokers $2.8M Sale of Augusta Restaurant Leased to Steak N Shake

by John Nelson January 12, 2023

AUGUSTA, GA. — The Palomar Group has brokered the $2.8 million sale of a 3,512-square-foot restaurant located at 4329 Belair Frontage Road in Augusta. The property is triple-net-leased to Steak N Shake, a diner chain that serves burgers, fries and milkshakes. Steak N Shake has approximately 15 years remaining on its lease term, which features a 10 percent rental increase every five years. The restaurant is situated at a signalized intersection off I-20 and near Fort Gordon Army Base. An investment firm based in New Britain, Conn., purchased the restaurant from an entity based in Aiken, S.C. Both parties requested anonymity.

January 12, 2023

Development Florida Industrial Leasing Activity Southeast

Lumber Supplier Signs 75,000 SF Industrial Lease in Punta Gorda, Florida

by John Nelson January 12, 2023

PUNTA GORDA, FLA. — Dakota Premium Hardwoods, a hardwood lumber and cabinet product supplier based in Waco, Texas, has signed a 75,000-square-foot industrial lease at 9450 Piper Road in Punta Gorda. The tenant will occupy space within Florida Gulf Coast Logistics Center, a 378,000-square-foot speculative facility being developed within Enterprise Charlotte Airport Park. Dan Miller of Colliers represented the landlord, Equus Capital Partners Ltd., in the lease transaction. Rian Smith of CBRE represented the tenant. Dakota Premium Hardwoods expects to move into its new warehouse and distribution space in September, according to Colliers.

January 12, 2023

Development Georgia Industrial Southeast Top Stories

South Korea’s Hanwha Solutions to Invest $2.5B in Solar Panel Supply Chain in Georgia

by Katie Sloan January 12, 2023

CARTERSVILLE, GA. — Hanwha Solutions, through its clean energy subsidiary Qcells, has announced plans to invest more than $2.5 billion to develop a complete solar energy supply chain across the northern part of the state of Georgia. According to the company, this will represent the largest investment ever in solar panel production in the U.S. and make Qcells the only company in the country with a complete and sustainable solar supply chain. Qcells plans to break ground on a state-of-the-art manufacturing facility in Cartersville, roughly 43 miles northwest of downtown Atlanta, by the end of March. The plant will manufacture solar ingots, wafers and cells — the elements that make up solar panels — as well as finished panels. That facility is scheduled for completion in late 2024. The company also plans to expand solar panel production at its existing facility in Dalton, approximately 45 miles north of Cartersville, which opened in 2019. The company will hire an additional 535 employees at that facility. “As demand for clean energy continues to grow nationally, we’re ready to put thousands of people to work creating fully American-made and sustainable solar solutions, from raw material to finished panels,” says Justin Lee, CEO of Qcells. …

January 12, 2023

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