Southeast

Andover Properties Buys 500-Unit Self-Storage Facility in Rockingham, North Carolina

by John Nelson February 18, 2025

ROCKINGHAM, N.C. — New York-based Andover Properties has purchased a self-storage facility located at 102 W. Greene St. in Rockingham, about 70 miles southeast of Charlotte. Renovated in 2022, the property comprises nearly 500 climate-controlled units and spans 63,000 square feet. The facility represents the 15th North Carolina facility for Andover’s Storage King USA brand. The property features three loading docks, multiple levels of storage units, keypad-controlled entry and 24/7 video surveillance. The seller and sales price were not disclosed.

February 18, 2025

Company News Maryland North Carolina Southeast Top Stories

Investment Management Merger: Barings Agrees to Acquire Artemis Real Estate Partners

by John Nelson February 18, 2025

CHARLOTTE, N.C. AND CHEVY CHASE, MD. — Barings, an investment manager based in Charlotte, has entered into a definitive agreement to acquire Artemis Real Estate Partners, a commercial real estate investment firm based in the Washington, D.C., suburb of Chevy Chase. The transaction is expected to close in the first quarter of 2025. Financial terms were not disclosed. This acquisition will strengthen Barings’ position in the U.S. commercial real estate market and accelerate the company’s long-term growth by combining the firms’ complementary investment capabilities and expertise, according to company officials. Executives from Barings, as well as parent company MassMutual, also say that the move will enhance Barings’ real estate equity business. Deborah Harmon, co-founder and co-CEO of Artemis, believes that the merger will create “a more powerful platform for our investors” while simultaneously “preserving our culture while creating new opportunities for our team.” “We are deeply grateful to our investors for the past 15 years and look forward to continuing our partnership as a force multiplier for performance and purpose,” Harmona adds. Dechert LLP served as legal counsel to Barings for the transaction. Berkshire Global Advisors served as financial advisor to Artemis, with Paul Hastings LLP acting as the firm’s legal …

February 18, 2025

Development Florida Mixed-Use Office Southeast

Partnership Receives Civic Approval for Mixed-Use Redevelopment of Office Depot Headquarters in Boca Raton, Florida

by John Nelson February 17, 2025

BOCA RATON, FLA. — A partnership between BH Group, PEBB Enterprises and Related Group has received site plan approval from the Boca Raton City Council for the mixed-use redevelopment of 6600 N. Military Trail, a 405,000-square foot property in Bacon Raton that serves as Office Depot’s headquarter campus. BH Group and PEBB will begin demolition on an existing office tower to start the construction of an eight-story building with 500 apartments, nearly 43,000 square feet of retail and restaurant space and a 37,000-square-foot fitness facility. Two existing office buildings will remain onsite, according to the development team. Office Depot recently consolidated its office footprint at the campus but will remain onsite for the foreseeable future, according to local media outlets.

February 17, 2025

Acquisitions Multifamily Southeast Virginia

KLNB Arranges $56.8M Sale of Multifamily Community in Charlottesville, Virginia

by John Nelson February 17, 2025

CHARLOTTESVILLE, VA. — KLNB Multifamily Capital Markets Group has arranged the $56.8 million sale of Barracks West Apartments & Townhomes, a 324-unit apartment community in Charlottesville. Rawles Wilcox and Jared Emery of KLNB represented the seller, Willow Creek Partners, in the transaction. The buyer, Northern Virginia-based West End Capital Group, plans to renovate the common area amenities and living spaces with new package lockers, grilling stations, a pet park and clubhouse. Situated just three miles from Charlottesville’s downtown district, Barracks West features a mix of one-, two- and three-bedroom traditional and townhome-style residences spanning 459 to 1,176 square feet. Current amenities at the property include a swimming pool, picnic and park areas, fitness center and a playground.

February 17, 2025

Development Healthcare South Carolina Southeast

Frampton Construction Breaks Ground on 54,000 SF MUSC Medical Facility in Bluffton, South Carolina

by John Nelson February 17, 2025

BLUFFTON, S.C. — Frampton Construction has broken ground on a new 54,000-square-foot medical office building for the Medical University of South Carolina (MUSC) in Bluffton. Located at 700 Buckwalter Towne Blvd., MUSC Health Bluffton Medical Pavilion will house a variety of medical specialties, including primary and urgent care, vascular treatment, oncology and pediatrics. The facility will include three floors — which will span 18,000 square feet each — a sleep lab, cardiovascular lab, chemotherapy compounding pharmacy, an instrument sterilization room, exam rooms and telehealth stations, lead-lined X-ray facilities, offices, conference rooms and a break room and a phlebotomy corridor with four blood drawing stations. Additional safety features of the facility will include a large registration area with clear sight lines, an employee entry vestibule with badge access and a negatively pressurized compounding pharmacy. The building’s exterior will include a canopied patient drop-off area, 259 parking spots, seven additional ADA-compliant parking spaces and a mobile MRI trailer support pad. Completion of the project is slated for spring 2026. The design-build team includes Novus Architects (architect), Moore Lindner Engineering (structural engineer), Cranston Engineering (civil engineer) and DWG Inc. (MEP engineer). Additionally, Revit and Navisworks Manage will coordinate virtual design and MEPF (mechanical, …

February 17, 2025

Acquisitions District of Columbia Mixed-Use Office Restaurant Retail Southeast

Marcus & Millichap Brokers $4.3M Sale of Mixed-Use Property in DC

by John Nelson February 17, 2025

WASHINGTON, D.C. — Marcus & Millichap has brokered the $4.3 million sale of 6400 Georgia Ave. NW, a 13-suite mixed-used property located in Washington, D.C. Situated in the northwestern neighborhood of Brightwood, the property totals 20,680 square feet across two floors. The first floor is fully leased with seven retail suites — including Subway and other long-term local businesses — that operate on a triple-net lease basis. The second floor features six office suites, all of which were vacant at the time of sale. According to LoopNet Inc., the property was built in 1952 and renovated in 2024 to include a new roof, sump pump and other building improvements. Lorenzo Wooten and Jacob Krens of Marcus & Millichap’s D.C. office marketed the property on behalf of the family that owned the property. The buyer was not disclosed.

February 17, 2025

Florida Industrial Leasing Activity Southeast

Ian Black Real Estate Signs Video Game Developer to 23,349 SF Industrial Lease in Nokomis, Florida

by John Nelson February 17, 2025

NOKOMIS, FLA. — Ian Black Real Estate has signed video game developer Combat Waffle Studios to a 23,349-square-foot industrial space in Nokomis, about 17 miles south of Sarasota. Located at 195 Triple Diamond Blvd., the original office building was converted into a warehouse to provide room for development meetings, VR testing areas and motion capture and security-focused development zones. The property was also pre-wired for fiber-optic internet services. Additionally, Combat Waffle Studios will make minor repairs to the space, including new flooring, lighting and paint, according to the Tampa Bay Business Journal. The space was formerly occupied by drinkware brand Tervis, which vacated the property in January as part of the company’s consolidation. Combat Waffle Studios, which is backed by Facebook and Instagram parent company Meta and produces the popular video game “Ghosts of Tabor,” is expected to have 100 employees working from the space. Nick DeVito II and Brie Tulp of Ian Black Real Estate represented the landlord, an entity doing business as 201 Triple Diamond Holdings LLC, in the lease transaction.

February 17, 2025

Market Reports North Carolina Retail Southeast Southeast Market Reports

Sweetwater Town Center Is a ‘Place to Exhale’ in Bustling Raleigh-Durham Area

by John Nelson February 17, 2025

The secret is getting out about Apex, a western suburb of Raleigh that also lies 20 miles south of Chapel Hill. In 2018, Realtor.com ranked the city as the No. 1 fastest growing suburb in the United States. This was aided by the master planning of local homebuilder/developer ExperienceOne Homes, which debuted its large-scale Sweetwater residential development in 2016. The allure of Apex didn’t stop there as the local schools within the Wake County Public School System have long been considered top-notch. As more and more families moved to the once-sleepy town, the need for community-serving retail became apparent. And not just any sprawling shopping center would suffice. Retail Strategies of N.C. Inc., on behalf of development partner The Kalikow Group, a multifamily and mixed-use development firm based in Westbury, New York, and the aforementioned ExperienceOne, set out to create a sense of place that would resemble village towns in Northeast states such as Maine and Massachusetts. What all of these hamlets have in common is they are built up over decades around a town center, thus the idea of Sweetwater Town Center was established. East Side The “hard part” was essentially in the rearview mirror as ExperienceOne had already …

February 17, 2025

Acquisitions Florida Office Southeast

Partnership Acquires Bank of America Plaza Office Tower in Fort Lauderdale for $220M

by John Nelson February 14, 2025

FORT LAUDERDALE, FLA. — A partnership between affiliates of locally based firms Square2 Capital and Highline Real Estate Capital and Dallas-based Lone Star Funds has acquired Bank of America Plaza, a 410,561-square-foot office tower located at 401 East Las Olas Blvd. in Fort Lauderdale. The sales price was not disclosed, but South Florida Business Journal reports the property traded for more than $220 million. The 23-story tower — which was 94 percent leased at the time of sale — is situated on a full city block in the city’s Las Olas Financial District. Tenants at the property include Bank of America, Greenberg Traurig, Boies Schiller Flexner, Motorola Solutions and UBS. CBRE represented the seller, a global investment manager, in the transaction, and arranged acquisition financing on behalf of the buyer. Mike Manno of Square2 Capital will lead the property management responsibilities at Bank of America Plaza on behalf of the new ownership.

February 14, 2025

Acquisitions Florida Office Southeast

Bradford Allen Buys Fort Lauderdale Office Complex for $208M, Plans to Invest $25M for Upgrades

by John Nelson February 14, 2025

FORT LAUDERDALE, FLA. — Chicago-based Bradford Allen Investment Advisors has acquired Las Olas Centre I and II, a 470,810-square-foot luxury office complex located in Fort Lauderdale. The sales price was not disclosed, but South Florida Business Journal reports the property traded for $208 million. Originally built in 1997, Bradford Allen will invest $25 million in renovations for the property, including new office lobbies, technologically advanced conference rooms, a fitness center and outdoor space. Situated at 350 and 450 E. Las Olas Blvd., the complex offers easy access to I-95, as well as the Brightline train line and several bus routes. The properties — which stand 15 and 18 stories tall — were 69 percent occupied at the time of sale. Amenities at the complex include casual and fine-dining restaurants, Starbucks Coffee, onsite property management, concierge and 24/7 security services and a variety of bank branches. Jon Blunk and Laurel Oswald of Tower Commercial Real Estate (TCRE) will provide leasing efforts for the complex. Bradford Allen will provide asset and property management services. Las Olas Centre marks Bradford Allen’s first acquisition in the South Florida region.

February 14, 2025

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