Southeast

CIM Group, Miami Worldcenter Associates Break Ground on 78,000 SF Jewel Box Retail Building

by Julia Sanders August 27, 2021

MIAMI — CIM Group and Miami Worldcenter Associates have broken ground on the 78,000-square-foot “Jewel Box” building, one of the last retail components within the $4 billion Miami Worldcenter project. Slated for completion in the second quarter of 2022, the Jewel Box building will feature two levels of retail space. The property will also include a rooftop overlooking the development’s World Square, a 20,000-square-foot public plaza and park. Located at 150 NE Eighth Street, the Jewel Box is situated directly west of the upcoming citizenM boutique hotel and north of apartment tower known as Bezel at Miami Worldcenter. Miami Worldcenter is a 27-acre, master-planned mixed-use project in downtown Miami. More than 150,000 square feet of retail space at Miami Worldcenter has already been completed, with another 130,000 square feet currently under construction and nearing delivery.

August 27, 2021

Acquisitions Retail Southeast Tennessee

JLL Arranges $24.9M Sale of Aldi-Anchored Retail Center in Metro Nashville

by Julia Sanders August 27, 2021

BRENTWOOD, TENN. — JLL has arranged the $24.9 million sale of Mallory Corners, an Aldi-anchored, 70,000-square-foot shopping center in the Nashville suburb of Brentwood. Jim Hamilton, Brad Buchanan and Taylor Callaway of JLL represented the seller, Longpoint Realty Partners, a Boston-based real estate private equity firm. Pine Tree, a Chicago-based retail specialized real estate company, represented the buyer, a state pension fund. Located on 6.5 acres at 1701 Mallory Lane, Mallory Corners is situated 16 miles from downtown Nashville. Built in 1995 and acquired by Longpoint Realty Partners in 2018, Mallory Corners is a fully leased center with a variety of tenants, including Barnes & Noble, Play it Again Sports, AAA, Hoover Paint Store and Brilliant Sky Toys & Books. The property is shadow anchored by Costco.

August 27, 2021

District of Columbia Multifamily Southeast

NMHC Agrees with Supreme Court Ruling to End National Eviction Moratorium

by Julia Sanders August 27, 2021

WASHINGTON, D.C. — The National Multifamily Housing Council (NMHC) has publicly shown support of the Supreme Court’s decision to end the nationwide eviction moratorium. In a statement released this morning, NMHC detailed its support of a short-term ban to evictions during the beginning of the COVID-19 pandemic, but it does not believe a long-term ban on evictions is going to help sustain the economy. At the beginning of August, the Centers for Disease Control and Prevention had extended the eviction ban once again to end on Oct 3. On Thursday, Aug. 26, The Supreme Court voted 6-3 to end the pandemic-related federal eviction ban. The Supreme Court ruled that the CDC had overstepped its authority, and Congress must be the one to implement any future eviction ban. During the onset of the pandemic, NMHC convinced Congress to create a federal rental assistance program to prevent a housing crisis, and so Congress created the Emergency Rental Assistance Program. The program, plus the rest of the $4 trillion of economic relief provided by the government, helped residents to pay their rent. About 80.2 percent of apartment renters made a full or partial rent payment by Aug. 6, according to NMHC’s latest Rent …

August 27, 2021

Features Multifamily Seniors Housing Southeast

In Seniors Housing, Investment Decisions Should Be Based on Trusted Partners, Say InterFace Panelists

by Julia Sanders August 27, 2021

ATLANTA — The beginning of the COVID-19 pandemic made everyone question the future, and for investors and owners in the seniors housing business sector, things were rocky. The National Investment Center for Seniors Housing and Care reported the occupancy rate in seniors housing facilities decreased 680 basis points in 2020 to record lows. In 2021, there has been a renewed confidence in the economy as people return to working in an office and many Americans have been fully vaccinated against COVID-19. Additionally, occupancy rates in seniors housing properties have continued to rise. Now that things seem to be getting marginally better, the question many investors may be asking themselves is if they should buy, sell or hold assets in the current market? At the InterFace Seniors Housing Southeast conference in Atlanta, Ga. on Wednesday, Aug. 18, a group of industry-related leaders discussed the tips and tricks to survive in today’s market, as well as their predictions for the seniors housing sector in the future, during the “Investment Panel.” In a discussion lead by Marcus Van Ameringen, vice president of business development at 12 Oaks Senior Living, many of the investors in the panel mentioned the importance of making deals with …

August 27, 2021

Acquisitions Industrial Southeast Virginia

Finmarc Management Sells Industrial Portfolio in Woodbridge, Virginia for $104.2M

by Julia Sanders August 26, 2021

WOODBRIDGE, VA. — Finmarc Management Inc. has sold a 14-building industrial portfolio in Woodbridge for $104.2 million. The buyer was a joint venture between Stockbridge Capital Group and Rosenthal Properties. Gerry Trainor, Caulley Derringer and Jim Cardellichio of Transwestern represented Finmarc in the transaction, and Joe Hoffman of Kelley Drye & Warren provided legal services to the Bethesda, Md.-based firm. The portfolio, which is located within Featherstone Industrial Park, includes nearly 740,000 square feet of warehouse and industrial space. The portfolio was 93 percent leased at the time of sale to tenants including Coleman Worldwide Moving, Foundation Building Materials, General Services Administration and Joe Moholland Moving. Featherstone Industrial Park is located adjacent to Jefferson Davis Highway, two miles from Interstate 95, 25 miles from Washington, D.C. and 30 miles from Dulles International Airport. The properties were part of a larger 16-building portfolio acquired by Finmarc in 2017.

August 26, 2021

Florida Loans Multifamily Southeast

Cushman & Wakefield Secures $48.9M Construction Loan for Apartment Community in Navarre, Florida

by Julia Sanders August 26, 2021

NAVARRE, FLA. — Cushman & Wakefield has secured $48.9 million in construction financing on behalf of Atlanta-based Branch Properties LLC for Elevate Navarre Beach, a 332-unit apartment community located in Navarre. Michael Ryan, Brian Linnihan, Richard Henry and Taylor Crowder of Cushman & Wakefield secured the five-year, floating-rate loan through IberiaBank. Elevate Navarre Beach will include 11 three-story residential buildings offering one-, two- and three-bedroom floorplans with an average unit size of 894 square feet. Community amenities will include a pool, fitness center, outdoor grilling stations with private cabanas, dog park and spa and car care center. The property is slated to break ground before the end of the year, and construction is expected to be complete by late 2023. Located at 8250 Naverre Parkway, the property will be adjacent to Paradise Shoppes of Navarre, a Publix-anchored neighborhood center offering retail, restaurants and entertainment space. Elevate Navarre Beach will be situated approximately 20 miles from Pensacola Beach and 41 miles from Santa Rosa Beach.

August 26, 2021

Acquisitions Georgia Retail Southeast

Hanley Negotiates $20.1M Sale of Publix-Anchored Shopping Center in Metro Atlanta

by Julia Sanders August 26, 2021

BUFORD, GA. — Hanley Investment Group has arranged the sale of Holland Point, a 68,187-square-foot, Publix-anchored neighborhood shopping center in Buford. Ed Hanley and Kevin Fryman of Hanley Investment Group, along with ParaSell Inc., represented the 1031 exchange buyer, a private investor based in Norco, Calif. Chris Decouflé, Kevin Hurley and Matt Karempelis of CBRE represented the seller, Atlanta-based Watkins Real Estate Group, which sold the property for $20.1 million. Located on a 16-acre site at 4108 Hamilton Mill Road, Holland Point was built in 2020 at the intersection of Hamilton Mill and Bogan roads near Interstate 985. Publix takes up 48,387 square feet at Holland Point and includes a drive-thru pharmacy. The fully leased property’s other tenants include Great Clips, Buford Smile Dental Care, Mathnasium of Buford, City Nail & Spa, Bravos Cantina Grill, Nagoya Restaurant, Johnny’s New York Style Pizza and Express Vets. Hanley Investment Group recently worked with the buyer to acquire two other grocery-anchored shopping centers in the Atlanta metro area, including Alpharetta Commons, a 94,500-square-foot, Publix-anchored shopping center in Alpharetta, and Cofer Crossing, a 136,139-square-foot shopping center anchored by Kroger and HomeGoods in Tucker.

August 26, 2021

Acquisitions Georgia Retail Southeast

SRS Arranges $19.4M Sale of Kroger-Anchored Shopping Center in Metro Atlanta

by Julia Sanders August 26, 2021

UNION CITY, GA. — SRS Real Estate Partners has arranged the sale of Shannon Crossing, a 101,174-square-foot, Kroger-anchored shopping center located in Union City, about 17.9 miles south of downtown Atlanta. Forge Real Estate Partners III LP, a joint venture between Rancho Sante Fe, Calif.-based Forge Capital Partners and St. Petersburg, Fla.-based The Sembler Co., sold the property for $19.4 million to an Atlanta-based entity doing business as Flesh and Soul Enterprises LLC. Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer was self-represented. Located at 4550 Jonesboro Road, the property is situated adjacent to Interstate 85. Kroger has anchored Shannon Crossing for over 41 years. About 97 percent occupied at the time of sale, Shannon Crossing has a tenant roster that includes Advance Auto Parts, Chase Bank, T-Mobile, The UPS Store, Papa John’s and J.R. Crickets.

August 26, 2021

Acquisitions Georgia Retail Southeast

Palomar Group Brokers $2.3M Sale of Starbucks-Occupied Property in Evans, Georgia

by Julia Sanders August 26, 2021

EVANS, GA. — The Palomar Group has brokered the $2.3 million sale of a Starbucks-occupied retail property located at 3104 William Few Parkway in Evans. The buyer was an investor based in Aiken, S.C., and the seller was an investor based in Augusta, Ga. The Palomar Group was the only broker involved in the transaction. Built in 2021, the retail property spans 2,500 square feet. Starbucks has a 10-year lease and no termination clause at the property. The store is an outparcel of a Publix-anchored shopping center and is located next to a CVS/pharmacy and Mi Rancho Mexican restaurant.

August 26, 2021

Loans Multifamily Southeast Virginia

Berkadia Secures $86M in Financing for Meridian at Braddock Station Apartments in Alexandria, Virginia

by Julia Sanders August 25, 2021

ALEXANDRIA, VA. — Berkadia has secured an $86 million loan to refinance Meridian at Braddock Station, a 480-unit multifamily property located in Alexandria. An undisclosed national life company provided the borrower with the 10-year, interest-only loan. J. Tyler Blue, Paul Wallace, Robbie Driscoll and Pat Cunningham of Berkadia arranged the financing. Located at 1200 First St., Meridian at Braddock Station is a 16-story high-rise situated about 7.5 miles from Washington, D.C. The property is also 6.3 miles from Northern Virginia Community College and 7 miles from George Washington University. Built in 2000, the property offers studio, one- and two-bedroom floorplans with recently renovated units featuring wood plank flooring, quartz countertops and stainless steel appliances, as well as breakfast bars and glass enclosed sunrooms in select units. Community amenities include a rooftop terrace with a swimming pool and sundeck, clubroom with billiards, fitness center, courtyard lounge with barbecue grills and a dog park.

August 25, 2021

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