Thursday, April 9, 2026
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DevelopmentFloridaHospitalityMixed-UseMultifamilySoutheast

Okan Group Breaks Ground on 70-Story Mixed-Use Tower in Downtown Miami

by John Nelson

MIAMI — Okan Group has broken ground on a 70-story mixed-use tower located at 555 N. Miami Ave. in downtown Miami, the first U.S. project for the Turkish developer. Named Okan Tower, the waterfront project will comprise the 316-room Hilton Miami Bayfront Hotel; 163 condominiums with “owners-only” amenities, including an upscale fitness studio, spa, children’s play area, movie theater, wine cellar and lounge; 236 short-term rental residences that Hilton Hotels & Resorts will operate; and 64,000 square feet of office space. Shared amenities will include a 24-hour reception and concierge; 70th-floor rooftop pool and sky deck with private cabanas; 12th-floor lap pool with clubroom; and indoor and outdoor lounges. Designed by Behar Font & Partners, Okan Tower is set to be one of Miami’s tallest towers at 902 feet once complete in 2026.

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AcquisitionsNorth CarolinaRetailSoutheast

Northwood Retail Sells Whole Foods-Anchored Shopping Center in Metro Raleigh for $88M

by John Nelson

CARY, N.C. — Northwood Retail, a shopping center owner and management firm based in Dallas, has sold Waverly Place, a 190,000-square-foot shopping center in the Raleigh suburb of Cary. The sales price was not disclosed, but the Triangle Business Journal reported that the property traded for $88 million. Hines Global Income Trust, a non-listed REIT sponsored by Houston-based Hines, purchased the property. Whole Foods Market anchors Waverly Place, which houses a Cinebistro and 16,000 square feet of office space. Other notable retail tenants include Shake Shack, Drybar and CorePower Yoga. Waverly Place is the first acquisition in Raleigh-Durham for Hines Global Income Trust.

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Affordable HousingDevelopmentFloridaMultifamilySeniors HousingSoutheast

Integra Investments, EHDOC Complete $58M Affordable Housing Community for Seniors in Miami

by John Nelson

MIAMI — A joint venture between Miami-based Integra Investments and nonprofit Elderly Housing Development & Operations Corp. (EHDOC) has completed Mosaico, a $58 million affordable housing community in Miami. The 13-story property will span 271 apartments reserved for households with citizens aged 62 years and older. Located at 1396 NW 36th St. in Miami’s Allapattah neighborhood, Mosaico features 179 one-bedroom units and 92 studios and townhomes. Designed by CC Hodgson Architectural Group, Mosaico’s amenities include a large community space, fitness center, computer lab, library, onsite management offices and a rooftop community garden. Integra Investments and EHDOC worked alongside HUD, the Housing Finance Authority of Miami-Dade County, City of Miami and Miami-Dade Public Housing & Community Development, which administered HUD project-based vouchers. Mosaico was financed with 4 percent Low-Income Housing Tax Credits (LIHTC) issued by Florida Housing Finance Corp. and syndicated by Boston Financial, as well as a $45.5 million tax exempt bond issuance from the Housing Finance Authority of Miami-Dade County that was underwritten by R4 Capital.

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AcquisitionsLouisianaRetailSoutheast

Howard Hughes Sells Outlet Collection at Riverwalk in New Orleans for $34M

by John Nelson

NEW ORLEANS — The Howard Hughes Corp. has sold the Outlet Collection at Riverwalk, an outlet mall near the Port of New Orleans. An entity doing business as Rockstep Riverwalk LLC purchased the property for $34 million. Outlet Collection at Riverwalk spans 264,000 square feet of open-air retail space and houses retailers such as Calvin Klein, Carter’s, Crocs, Gap Facory, Kate Spade, Levi’s, Nordstrom Rack, Polo Ralph Lauren, Samsonite, Tommy Bahama Outlet and Under Armour. Food-and-beverage tenants include Auntie Anne’s, Café Du Monde, Fat Tuesday, Green Leaf’s, Häagen-Dazs, Mandarin Express, Raising Cane’s, Smoothie King and Villa Italian Kitchen. Tom Salanty of NAI Robert Lynn represented Howard Hughes Corp., a publicly traded real estate owner and developer based in Houston, in the transaction.

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DevelopmentGeorgiaMultifamilySoutheast

RangeWater to Develop Residential Campus in Metro Atlanta Totaling 488 Units

by John Nelson

BUFORD, GA. — RangeWater Real Estate has purchased 50 acres in the Atlanta suburb of Buford with plans to build two adjacent residential communities totaling 488 units. The properties include The Mabry, a build-to-rent community with 156 single-family homes, and The Margot, a 332-unit apartment community. The Mabry will feature three- to four-bedroom homes, each with its own backyard and patio. Amenities will include a pool, events lawn, dog park and a walking trail around a pond. The Margot will feature a garden, pool, outdoor kitchen, two dog parks and a clubhouse that will feature work and study pods and a coffeehouse open to the public. The communities will be located near Coolray Field, home ballpark of the Atlanta Braves’ Minor League Baseball affiliate Gwinnett Stripers, as well as The Exchange @ Gwinnett and Mall of Georgia. Additionally, RangeWater launched an in-house construction division called RangeWater Construction that will build both The Mabry and The Margot. Alp Kirmizioglu is overseeing the new division. RangeWater expects to begin construction in July for both communities, with first units slated to deliver in October 2023.

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FloridaMarket ReportsOfficeSoutheastSoutheast Market Reports

Tenants Continue Moving to South Florida in Search of Class A Office Space

by John Nelson

There is no denying in-migration is a driving factor in South Florida. Over 650,000 people moved to Miami at the height of the pandemic — nearly 89,000 came from out of state and a quarter of those came from New York. Year-over-year job growth is up 6 percent and is back at peak levels seen prior to the pandemic, while over 27 percent of employment is in office-using sectors for the first time ever. CBRE’s Spring 2022 Occupier Sentiment Survey revealed that most companies are back to developing long-term plans to expand or contract their office space now that employees are returning — at least some of the time — after two years of mostly remote work. For the second quarter in a row, net absorption in Miami totaled over 200,000 square feet, with the majority occurring in Miami’s central business district (CBD). Driven by expansions, Class A product accounted for approximately 85 percent of total absorption in the first quarter. The growth of Miami is starting to solidify as new-to-market tenants that looked to relocate to Miami during the pandemic are starting to move into their office spaces. Since 2020, over 1.3 million square feet of office leasing activity …

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DevelopmentGeorgiaMixed-UseSoutheast

Green Brick to Build $400M Mixed-Use Campus in Cumming, Georgia

by John Nelson

CUMMING, GA. — Green Brick Partners Inc., a homebuilding and land development firm, has purchased 152 acres in the Atlanta suburb of Cumming. The Plano, Texas-based company plans to develop a mixed-use campus valued at $400 million at the site named Sawnee Village. The development will include 474 detached and attached homes built by Atlanta-based Providence Group, as well as more than 250 apartments, 220,000 square feet of seniors housing and office and retail space spanning 106,000 square feet. The master-planned campus will be situated near Ga. Highway 400 and Lake Lanier, as well as close to the New Cumming City Center, Avalon, Halcyon and Northside Forsyth Hospital. Nelson Architecture is designing Sawnee Village, and Providence Group is managing the overall development. Green Brick, which owns a controlling interest in Providence Group, plans to break ground on Sawnee Village this summer.

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AcquisitionsData CentersIndustrialOfficeSoutheastVirginia

Finmarc Acquires Industrial, Data Center Portfolio in Springfield, Virginia for $127.5M

by John Nelson

SPRINGFIELD, VA. — Finmarc Management, a real estate investment and management firm based in Bethesda, Md., has purchased an 11-building portfolio from Boston Properties in Springfield for $127.5 million. The portfolio spans 740,000 square feet of industrial, flex/office and data center space in one- and two-story properties. Situated near Fort Belvoir and I-95, the portfolio was 74 percent leased at the time of sale to tenants including ADT Security Systems, Avaya, SAIC, The Vomela Cos. and the U.S. General Service Administration (GSA). William Collins and Eric Berkman of Cushman & Wakefield represented Boston Properties in the transaction, and Finmarc was self-represented. Michael Zelin and Marshall Scanlon of Cushman & Wakefield, along with consultant Cliff Mendelson of Met Cap Advisors, arranged acquisition financing on behalf of Finmarc.

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AcquisitionsFloridaHospitalitySoutheast

Pebb Capital, LeaseFlorida Sell Hampton by Hilton Hotel in Miami Beach for $43.9M

by John Nelson

MIAMI BEACH, FLA. — A partnership between investors Pebb Capital and LeaseFlorida has sold Hampton by Hilton at The Continental, a historic hotel located at 4000 Collins Ave. in Miami Beach. The undisclosed buyer, a privately held limited liability company, purchased the 100-room hotel for $43.9 million. According to the sellers, the transaction marks the second-highest price per room sale in Hampton’s portfolio. The sellers invested $25 million to renovate the five-story property in 2016. The renovation included repositioning the property back to lodging and restoring its historic façade, the pool and its original reception desk. Built in 1948 as the Continental Hotel, the property served as a condominium community in the early 1990s before converting back to its original use. Situated one block from the Atlantic Ocean, the Hampton by Hilton hotel features a pool, fitness center and business center, as well as complimentary breakfast and to-go breakfast bags for guests.

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AlabamaDevelopmentIndustrialSoutheast

Imperial Dade Opens 221,000 SF Logistics Hub in Loxley, Alabama

by John Nelson

LOXLEY, ALA. — Imperial Dade, a food packaging and janitorial supplies distributor based in Jersey City, N.J., has opened a new logistics hub in Loxley, a city in Alabama’s Baldwin County situated along I-10. The $20 million warehouse and office facility will support the company’s growing customer base in the Gulf Coast and create 55 new jobs. The Class A facility is situated on 29 acres and features a concrete tilt-wall construction. Zach Plevritis and Mary Mozejko led Imperial Dade’s integration team internally and worked with city and county officials for the project.

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