Southeast

Hyundai to Open $5.5B Electric Vehicle Manufacturing Plant Near Savannah, Create 8,100 Jobs

by Taylor Williams May 23, 2022

BRYAN COUNTY, GA. — Hyundai Motor Group will open a $5.5 billion manufacturing plant near the coastal Georgia city of Savannah that will be fully dedicated to production of electric vehicles, including batteries. Hyundai expects the facility to be operational within three years. In addition to Hyundai’s direct investment, various suppliers of the South Korean automaker will invest another $1 billion in the project. Between these initiatives, more than 8,000 new jobs are expected to be added to the local economy. Known as the Bryan County Megasite, the plant’s location spans nearly 3,000 acres. The site is adjacent to Interstate 16 and is proximate to both Interstate 95 and the Port of Savannah. The Port of Savannah is the fastest-growing container terminal in the country, according to the development team, and is served by two Class I railroads. A partnership between the Savannah Harbor-Interstate 16 Corridor Joint Development Authority (JDA) and the State of Georgia owns the Bryan County Megasite. The former entity comprises the development authorities of Bryan, Bulloch, Chatham and Effingham counties. The partnership has spent the last several years making infrastructural improvements to the site in order to improve speed-to-market functionalities for the end user. “From initial …

May 23, 2022

Development Florida Loans Mixed-Use Multifamily Retail Southeast

Aztec Group Arranges $81M Construction-to-Perm Loan for Metro Miami Mixed-Use Development

by John Nelson May 20, 2022

HIALEAH, FLA. — Aztec Group has arranged an $81 million construction-to-perm loan for the development of Residences and Shoppes of Highland, a mixed-use development underway in the Miami suburb of Hialeah. The developer/borrower is an affiliate of South Florida-based Dacar Management, a development firm led by Alberto Micha. An affiliate of New York Life Insurance Co. provided the non-recourse, fixed-rate loan, which has an initial three-year term and converts to a 27-year self-amortizing loan. Upon completion, Residences and Shoppes of Highland will feature 244 garden-style apartments in four- and five-story buildings and a shopping center spanning 190,000 square feet. The retail component will house a Publix grocery store and Publix Liquors, HomeGoods, dd’s Discounts, Burlington, Five Below, Famous Footwear and Taco Bell, among others. Sitework has already commenced on the 70-acre project, which is scheduled for completion in the third quarter of 2023.

May 20, 2022

Development Multifamily Southeast Virginia

Crescent Communities, ParkProperty Capital to Build New Multifamily Community in Richmond

by John Nelson May 20, 2022

RICHMOND, VA. — Crescent Communities and multifamily real estate investment firm ParkProperty Capital have plans to develop Novel Scott’s Addition, a new multifamily community in Richmond. The 275-unit property marks Crescent’s first investment in the Richmond area and was made possible through a partnership with Thalhimer Realty Partners. Construction is slated to begin immediately. Located at the former Wesco Distribution site at 2902 N. Arthur Ashe Blvd., Novel Scott’s Addition will sit at the northern edge of Richmond’s vibrant Scott’s Addition neighborhood. The location is also adjacent to The Diamond, home of the Double-A Richmond Flying Squirrels baseball team, and just 2.5 miles from the popular City Center neighborhood. The five-story wrap building with a seven-story corner pop-out will offer a mix of studio, one-, and two-bedroom apartments with a limited number of lofts on the top floor. First residences are scheduled for delivery in early 2024. Planned amenities include a resort-style pool with expansive pool deck, multiple dining and gathering spaces, including a fireside lounge, library, coworking rooms, dog park and spa, outdoor dining spaces, sky deck and a resident speakeasy. Partners for Novel Scott’s Addition include architecture firm KTGY, civil engineer Kimley-Horn, landscape architect LandDesign, interior designe CID …

May 20, 2022

Acquisitions Louisiana Retail Southeast

Woodmont, Criterion Fund Acquire 144,638 SF Shopping Center in Slidell, Louisiana

by John Nelson May 20, 2022

SLIDELL, LA. — A partnership between The Woodmont Co. and The Criterion Fund has acquired Village at Northshore, a 144,638-square-foot shopping center located at 105-115 Northshore Blvd. in Slidell. The sales price was not disclosed. Situated adjacent to I-12, the property was developed in 1988 and renovated in 2020. The retail center’s tenant roster includes Marshalls, JoAnn’s, Ollie’s Bargain Outlet, Boot Barn and Dollar Tree. Shadow anchors include Walmart Supercenter, Sam’s Club, The Home Depot and Aldi. SRS Real Estate Partners represented the seller, Atlanta-based RCG Ventures, in the transaction. Woodmont was self-represented. Andy Thelen of Woodmont worked with Louisiana National Bank to secure a loan for the acquisition. David Adams and Jake McCoy will oversee leasing at Village at Northshore for Woodmont on an internal basis.

May 20, 2022

Acquisitions North Carolina Retail Southeast

Walgreens Acquires Single-Tenant Retail Store in Whiteville, North Carolina for $5M

by John Nelson May 20, 2022

WHITEVILLE, N.C. — Walgreens Boots Alliance has purchased one of its stores in Whiteville, a town equidistant from coastal markets Myrtle Beach, S.C., and Wilmington, N.C. Located at 803 N. JK Powell Blvd., the 14,820-square-foot property sold for approximately $5 million. According to brokerage firm Newmark, the drug store retail giant exercised its right of first refusal in purchasing the store, which has 10.1 years remaining on its triple-net lease. Walgreens signed the 25-year lease at the store in 2006. Matt Berres, Samer Khalil and Karick Brown of Newmark represented the seller, an undisclosed institutional investment firm based in Phoenix, in the transaction. Other single-tenant transactions this Newmark team has brokered recently include a $2.3 million sale of a medical office property in Cartersville, Ga., leased to Northwest ENT and Allergy Center and a $1.4 million sale of a store in Morgantown, Ky., leased to Advance Auto Parts. Deerfield, Ill.-based Walgreens operates approximately 18,500 retail locations worldwide, more than half of which are in the United States.

May 20, 2022

Affordable Housing District of Columbia Multifamily Southeast

NMHC and NAA Laud Administration’s Housing Supply Action Plan

by John Nelson May 20, 2022

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) and National Apartment Association (NAA) have praised the Biden administration on the release of the Housing Supply Action Plan, which aims to alleviate the housing affordability crisis and lower costs for renters. Under the plan, the administration outlined new measures that would produce more housing supply, including more affordable housing units, over the course of the next five years. The plan includes several concepts previously proposed in the Build Back Better bill that passed in the House but stalled in the Senate. Though the NMHC and NAA have acknowledged that there is no “single magic bullet” that can solve the nation’s housing shortage, they underlined that the current crisis is the result of decades of policy failures to address the growing shortage of housing production. In their reaction, both associations point to research conducted by Hoyt Advisory Services that found that the U.S. will need to build an average of 328,000 apartments every year through 2030 to keep up with national demand. That mark has only been achieved five times since 1989. The NMHC and NAA states they are particularly encouraged by specific aspects of the proposed policy. The NAA recently …

May 20, 2022

Acquisitions Multifamily Southeast Top Stories Virginia

Cortland Acquires Four Apartment Communities in Arlington, Virginia for $1B

by John Nelson May 20, 2022

ARLINGTON, VA. — Cortland, an Atlanta-based multifamily investment firm, has purchased four apartment communities in Arlington totaling more than 1,500 units. The $1 billion investment marks the firm’s re-entry into the Washington, D.C., metro area, and the firm says it plans to “double its investment in the area” in the near future. “Northern Virginia is a highly coveted location that is already seeing a rebound in growth as residents move back to the urban core,” says Mike Altman, chief investment officer at Cortland. “This is just the start of Cortland’s investment in the region.” The portfolio includes Aubrey, a 331-unit apartment community that will be rebranded as Cortland Rosslyn, and Aura Pentagon City, a 534-unit apartment community to be renamed Cortland Pentagon City. The other two Arlington communities are undisclosed as those sales have yet to close, though the firm says they will be announced soon. “The combination of these investments allows us to gain a strong foothold in the region at a strategic time based on our proprietary analysis of market trends,” says Altman. Cortland Rosslyn is a LEED Gold-certified community that was developed in 2021 by Penzance. The 23-story community offers studios to three-bedroom homes, as well as …

May 20, 2022

Affordable Housing Bohler Build-to-Rent Content Partner Development Features Midwest Multifamily Northeast Single-Family Rental Southeast Texas Western

Build-to-Rent Planning and Entitlements: How to Avoid Challenges

by Sarah Daniels May 19, 2022

The build-to-rent (BTR) property type has gained significant traction in the commercial real estate market due to increasing interest from tenants, investors and developers. Developers moving into the BTR market before 2020 originally focused on this sector as an “in between” product for future home buyers who weren’t ready to commit to a single location but wanted additional space and amenities. The pandemic fueled tenants’ desires for more privacy and space without the long-term commitment of homeownership, which ignited growth in the sector. As costs for single-family homes continue to rise, the BTR niche also increasingly attracts would-be homeowners who are priced out of the homebuying market — and the growing demand for BTR properties draws the attention of more and more investors and developers. But not all stakeholders are immediately on board with development of BTR properties. The concept is rather new in some markets and local communities have questions about the zoning and operation of these hybrid communities, which are an intriguing mix of single-family concept and multifamily operations. Developers often need to educate municipalities about the BTR concept — and they need to plan BTR properties that work for the local community. This is where Bohler — a land …

May 19, 2022

Acquisitions Florida Multifamily Southeast

JBM Brokers Sale of Two Luxury Florida Apartment Communities for $221.7M

by John Nelson May 19, 2022

ST. PETERSBURG, FLA. — JBM Institutional Multifamily has brokered the sale of two Class A multifamily communities in Florida: Ridgelake in Sarasota and The Reserve at Coconut Point in Estero. The combined sales price for both properties was $221.7 million. The buyer was not disclosed. Ridgelake is a 329-unit property located off Bee Ridge Road and I-75. The property is an elevator-serviced, Class A community that features luxury finishes such as a dedicated solar farm that powers the clubhouse and some of the residential buildings, a heated saltwater pool, fitness center, community garden, community recycling program and valet trash, electric vehicle chargers and attached/detached garages. The three-story property is NGBS Green-certified and Energy Star-rated. Units feature stainless steel appliances, quartz countertops, shaker-style cabinets, luxury wood-like plank flooring, wine coolers, walk-in showers and large soaking tubs. The Reserve at Coconut Point is a 180-unit property located within the Coconut Point development. Coconut Point Mall, a 1.2 million-square-foot retail destination, is less than one mile away. The Reserve is a podium-style construction community, with covered parking on the first floor. The concrete, elevator-serviced community features a resort-style pool with sundeck, half-mile jogging trail, Luxer One package room with refrigerator for grocery delivery, …

May 19, 2022

Development Retail Southeast Tennessee

Tanger Breaks Ground on 290,000 SF Outlet Mall in Nashville

by John Nelson May 19, 2022

NASHVILLE, TENN. — Tanger Factory Outlet Centers Inc. has broken ground on Tanger Outlets Nashville, a 290,000-square-foot outlet mall in Nashville. Slated to open in fall 2023, the six-building, open-air property will be located on a 32-acre site along I-24 within the Century Farms development. Tanger Outlets Nashville will house 70 brands and provide approximately 1,100 full- and part-time retail and management positions upon completion. Nashville will be the third Tennessee market served by Tanger as the Greensboro, N.C.-based company has outlet malls in Sevierville and Memphis. The property marks the first outlet mall in Nashville proper, according to Tanger.

May 19, 2022

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