Southeast

PTM Partners, IDI Near Completion of 318-Unit Viridium Apartment Development in Woodbridge, Virginia

by John Nelson October 3, 2022

WOODBRIDGE, VA. — Co-developers PTM Partners and The IDI Group Cos. have launched leasing at Viridium, a 318-unit, waterfront apartment development located at 1000 Annapolis Way in Woodbridge. The developers began construction in second-quarter 2021, and the first phase is scheduled to be completed and available for move-ins this November. Designed by Heffner Architects, the community’s amenities will include a rooftop terrace, outdoor pool with a sundeck, health and fitness center, business lounge, conference room, theater, dog park and pet grooming facility, electric vehicle charging stations and a putting green and cornhole. Viridium is part of a two-phase project with its sister property Rivergate North, an adjacent 402-unit property that IDI completed in May 2018.

October 3, 2022

Acquisitions Affordable Housing Development Multifamily Southeast Tennessee

Capstone Arranges Land Sale in Nashville, Buyer Plans to Develop Mixed-Income Residential Property

by John Nelson October 3, 2022

NASHVILLE, TENN. — Capstone Land Sales has arranged the sale of an affordable housing development site located at 3720 Clarksville Pike in Nashville’s Bordeaux neighborhood. The buyer, a local development partnership led by Woodbine Community Organization, will build a mixed-used development at the site that will be anchored by 250 mixed-income apartments. The construction timeline for the apartment development was not disclosed. The parcel sits within a half-mile of the Cumberland River Greenway on the other side of the Cumberland River and the Whites Creek Greenway, which connects Hartman Park and Joseph Brown Mullins Park.

October 3, 2022

Acquisitions Florida Multifamily Southeast

Waypoint Residential Sells 328-Unit Luma Headwater Apartments in Orlando

by John Nelson October 3, 2022

ORLANDO, FLA. — Boca Raton, Fla.-based multifamily developer Waypoint Residential has sold Luma Headwaters, a 328-unit garden-style apartment community located in Orlando. Houston-based Venterra Realty purchased the asset for an undisclosed price. Luma Headwaters was more than 94 percent occupied at the time of the sale. Rental rates at the property had increased by approximately 22 percent over the prior 12 months, according to Waypoint Residential.

October 3, 2022

Acquisitions Florida Retail Southeast

Matthews Brokers Sale of 40,376 SF Blanding Square Shopping Center in Metro Jacksonville

by John Nelson October 3, 2022

ORANGE PARK, FLA. — Matthews Real Estate Investment Services has brokered the sale of Blanding Square, a 40,376-square-foot retail center located at 110 Blanding Blvd. in Orange Park. The value-add property was stabilized at the time of sale to tenants paying below-market rents, according to Matthews. Johnny Blue Craig and Tripp Brown of Matthews represented the undisclosed seller, a private investor, in the transaction. The unnamed, South Florida-based buyer has the option to expand the shopping center by adding an outparcel at the corner of Blanding Boulevard and Jefferson Avenue. Additional land behind the center with frontage on Jefferson Avenue is also available for further development and expansion.

October 3, 2022

Development Industrial Southeast Tennessee

PCCP, Distribution Realty Group to Build 815,530 SF Industrial Park in Metro Nashville

by John Nelson September 30, 2022

SPRING HILL, TENN. — A joint venture between PCCP LLC and Distribution Realty Group plans to develop Beechcroft Industrial Park, an 815,530-square-foot industrial project located at 825-845 Beechcroft Road in Spring Hill, about 38 miles south of Nashville. The three-building speculative project will be situated on a 63-acre site adjacent to the largest General Motors manufacturing facility in North America. The joint venture expects to break ground in October and deliver Beechcroft Industrial Park in November 2023.

September 30, 2022

Development Georgia Multifamily Southeast

Novare Group, BCDC Break Ground on 306-Unit Apartment Community in Metro Atlanta

by John Nelson September 30, 2022

SUGAR HILL, GA. — Novare Group and BCDC have broken ground on a 306-unit apartment community located in Sugar Hill, a suburb of Atlanta in Gwinnett County. The development is situated on more than 23 acres off Highway 20 near the recently built downtown Sugar Hill district, which houses The Bowl, The Eagle Theater, shops and restaurants. The property will also be integrated into the Sugar Hill Greenway, a 11.5-mile greenway and trail system that traverses the city. Upon completion, the gated property will feature a mix of two-story townhouses and traditional apartment units. Planned amenities include a fitness center with a yoga studio, game room, library, outdoor green space, coworking lounge, private garages and a resort-style pool with a sun shelf and tanning ledge. The project team includes construction lenders Cadence Bank and South State Bank, architect Dynamik Design, civil engineer Kimley-Horn and general contractor Doster Construction. Novare and BCDC expect to deliver first units in the fourth quarter of 2023.

September 30, 2022

Acquisitions Loans North Carolina Retail Southeast

Northmarq Arranges $21M Acquisition Loan for Bradford Square Shopping Center in Cary, North Carolina

by John Nelson September 30, 2022

CARY, N.C. — Northmarq has arranged a $21 million acquisition loan for Bradford Square, a 78,628-square-foot shopping center located at 1020 Bradford Plaza Way in Cary, a suburb of Raleigh. David Garfinkel of Northmarq’s St. Louis office arranged the permanent, fixed-rate loan through a life insurance company on behalf of the borrower, St. Louis-based real estate investment firm National Real Estate Management. The seller was not disclosed. Bradford Square is anchored by a 49,000-square-foot Publix grocery store. Other tenants include Cary Salon, Night and Day Dental, First Watch, Brixx Wood Fired Pizza, Burger 21 and Hand and Stone Massage Spa.

September 30, 2022

Acquisitions North Carolina Office Southeast

CBRE|Triad Arranges Sale of Historic Office Campus in Greensboro, North Carolina

by John Nelson September 30, 2022

GREENSBORO, N.C. — CBRE|Triad has arranged the sale of the former Pilot Life Insurance Co. headquarters, a historic seven-building, 220,000-square-foot suburban office campus in Greensboro. Kisco Senior Living sold the property to Clachan Properties for an undisclosed price. David Hagan and Joe Stanley of CBRE|Triad represented the seller in the transaction and are currently marketing the two remaining land sites at the campus, which is named The Pilot of Sedgefield. Charlie Fulk of Meridian Realty represented Clachan, a Richmond-based investor that converts historic properties in the Carolinas and Virginia to modern-day apartments. The firm recently put the campus on the National Register of Historic Places. The property’s original three buildings were constructed in 1927 and served as the first suburban office campus in the history of North Carolina.

September 30, 2022

Florida Southeast

CoreLogic: Estimated Property Damage in Florida from Hurricane Ian Between $28B and $47B

by John Nelson September 30, 2022

IRVINE, CALIF. — CoreLogic, a global property information and analytics solutions provider based in Irvine, has released its new residential and commercial wind and storm surge loss estimates for Hurricane Ian, which made landfall on Wednesday morning near Naples and Cape Coral, Fla. According to this new data analysis, wind losses for residential and commercial properties in Florida are expected to be between $22 billion and $32 billion. Insured storm surge losses in Florida are expected to be an additional $6 billion to $15 billion. “This is the costliest Florida storm since Hurricane Andrew made landfall in 1992 and a record number of homes and properties were lost due to Hurricane Ian’s intense and destructive characteristics,” says Tom Larsen, associate vice president of hazard and risk management at CoreLogic. “Hurricane Ian will forever change the real estate industry and city infrastructure. Insurers will go into bankruptcy, homeowners will be forced into delinquency and insurance will become less accessible in regions like Florida.” Several cities in Hurricane Ian’s path (including those in Southwest and Central Florida) are dealing with flash flood devastation, which will slow recovery timelines. According to the Florida Governor’s office, there are currently 2.6 million Florida residents without …

September 30, 2022

Development Florida Loans Mixed-Use Northmarq Southeast

Northmarq Secures $78.5M Construction Loan for Pinnacle Apartments in Jacksonville

by John Nelson September 29, 2022

JACKSONVILLE, FLA. — Northmarq has secured a $78.5 million construction-to-permanent financing for the development of Pinnacle Apartments, a 376-unit multifamily community located at 8760 Pinnacle Park Blvd. in Jacksonville’s Southside submarket. Ryan Whitaker of Northmarq originated the loan through a life insurance company on behalf of the undisclosed borrower. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. Planned amenities at Pinnacle include a business center, clubhouse, lounge, 24-hour fitness center, two resort-style swimming pools with sundecks, grill and picnic areas, a movie theater room with recliner seating, car care center, EV charging, indoor bike storage, game room, parking garage, dog agility park and an indoor pet spa. The construction timeline was not disclosed.

September 29, 2022

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