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The Metropolitan
DevelopmentFloridaMultifamilySoutheastStudent Housing

Landmark, W5 Group Break Ground on 464-Bed Student Housing Community Near University of Florida

by Julia Sanders

GAINESVILLE, FLA. — Landmark Properties and W5 Group have broken ground on The Metropolitan at Gainesville, a 464-bed student housing development near the University of Florida’s (UF) main campus. Construction will start before the end of the year and is slated for completion ahead of the 2023-24 school year. Athens, Ga.-based Landmark will develop and operate the property. The W5 Group is a joint venture partner and investor in The Metropolitan at Gainesville. Served by a campus shuttle to UF, The Metropolitan will include 169 units, with each bedroom having its own private bathroom. The property’s units will also include electrical appliances, washers and dryers and vinyl flooring. Located at 2205 S. W. 13th St., community amenities will include a pool, fitness center, study lounge, jumbotron and high-speed wireless internet. There will also be 399 parking spaces and 142 scooter parking spaces available onsite. Most recently, Landmark and W5 Group completed The Retreat East, a student housing community in Orlando serving University of Central Florida students.

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Lilly Garden
LoansMarylandMultifamilySoutheast

Greystone Provides $18.2M Refinancing for Multifamily Property in Lanham, Maryland

by Julia Sanders

LANHAM, MD. — Greystone has provided an $18.2 million Fannie Mae loan to refinance Lilly Gardens, a 142-unit multifamily community in Lanham. Cullen O’Grady of Greystone originated the 10-year, non-recourse loan. Built in 1965, Lilly Gardens features 42 one-bedroom units; 25 one-bedroom units with a den; 68 two-bedroom units; and seven three-bedroom units. Apartments include a garbage disposal, hardwood floors, air conditioning, patio/balcony and free gas heat/cooking. Community amenities include an onsite leasing office, parking, playground, swimming pool and eight common laundry areas. The property was 99 percent occupied at the time of refinancing. Located at 6828 Riverdale Road across 6.2 acres, the apartment property is located about 10 miles from Washington, D.C. The property is also three miles from the University of Maryland and 24.2 miles from Baltimore/Washington International Thurgood Marshall Airport. Greystone sourced the transaction through Marc Tropp of Eastern Union Funding. The undisclosed borrower is a Maryland-based private investor and repeat Fannie Mae, Eastern Union and Greystone client.

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Marietta Square
AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Brokers Sale of 64,736 SF Shopping Center in Jacksonville

by Julia Sanders

JACKSONVILLE, FLA. — Marcus & Millichap has brokered the sale of Marietta Square, a 64,736-square-foot grocery store-anchored shopping center in Jacksonville. The sales price was $5.8 million. Drew Kristol, Kirk Olson, Chad Atwood and Simon Grigoryan of Marcus & Millichap represented the seller, an entity affiliated with Miami-based Saglo Development Corp., and the buyer, a Jacksonville-based private investor. Built in 1991, Marietta Square is anchored by Rowe’s IGA Supermarket and fully leased to tenants such as Family Dollar and AutoZone. Located at 8299 W Beaver St., the property is situated about 9.5 miles from downtown Jacksonville and 29.1 miles from Jacksonville Beach.

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FloridaMarket ReportsOfficeSoutheastSoutheast Market Reports

Metro Orlando Office Market Caught in Limbo Due to COVID-19, Remote Workforce

by John Nelson

Contrary to what is often portrayed in the national media, the Orlando office market is not a monolith. It instead comprises multiple submarkets, many of which are recovering quite differently. For example, according to data from CoStar Group, Winter Park had a 4.7 percent availability rate (that’s direct and sublease space combined). The Downtown Orlando market, on the other hand, had a rate of 16.9 percent. The total Orlando MSA office availability rate was 11.5 percent, which compares to the national rate of 16 percent. All of these numbers just prove that the recovery from the pandemic is uneven, even in areas in close proximity. It’s easy to get lost in analysis, but the basic answer is that the office market in Orlando, just like in the entire country, will recover in time. Not all areas will be on the same timeline, and the office market will never look entirely the same. Between working from home and companies deciding to relocate their offices or headquarters entirely, there will be some short-term winners and losers. Texas, for instance, is having a relative boom in new tenants. Los Angeles, and indeed California in general, on the other hand, is not. Many companies …

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Pie Town
LoansMixed-UseMultifamilySoutheastTennessee

Knighthead Funding Provides $33M Construction Loan for Mixed-Use Residential Project in Nashville

by Julia Sanders

NASHVILLE, TENN. — Knighthead Funding LLC has provided a $33 million construction loan for the development of Pie Town, a mixed-use residential property in Nashville. The financing is the fourth loan that Knighthead has provided to the sponsor, Nashville-based CA South Development. Peter Illuzzi of Knighthead originated the loan. Located at 629 7th Ave. S near downtown Nashville, Pie Town will be a five-floor project. The property will include 78 condominium units located over ground-floor office space and storage. Building amenities will include an outdoor pool, rooftop deck and yoga rooms on each floor.

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2227 Plunkett Road
AcquisitionsGeorgiaIndustrialSoutheast

SRS Arranges $16.2M Sale-Leaseback of Flex Industrial Facility in Conyers, Georgia

by Julia Sanders

CONYERS, GA. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale-leaseback of a Class A, 107,976-square-foot flex industrial facility in Conyers, about 24.4 miles from downtown Atlanta. The facility is fully leased to Batchelor & Kimball, a subsidiary of Emcor that manufactures plumbing and mechanical system fabrications. The tenant, via an entity doing business as New River Ventures LLC, sold the property for $16.2 million to Patriot Equity Partners LLC. Kyle Stonis and Pierce Mayson of SRS represented the buyer in the transaction. Bobby Mayson of Lavista Associates represented the seller. Located at 2227 Plunkett Road on 19.8 acres, the property was constructed as a build-to-suit for Batchelor & Kimball in 2017. The property features a 27.6 percent office finish, as well as other amenities including side-load truck access, 130-foot concrete truck courts, outside storage, gate entrance, pre-cast construction and 32-foot clear heights.

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Towne Lake Plaza
AcquisitionsGeorgiaRetailSoutheast

Connolly Acquires 28,000 SF Towne Lake Plaza in Metro Atlanta

by Julia Sanders

WOODSTOCK, GA. — Connolly has acquired Towne Lake Plaza, a 28,000-square-foot shopping center in downtown Woodstock. Dallas-based Murchison Commercial Real Estate Inc. sold the center for $4.1 million. Built in 1990, Towne Lake Plaza is fully leased to tenants including J. Millers Smokehouse, The Blue Ghost Arcade, Gyro Aegean Grill, Alkaline Dry Bar, Dive Georgia and Wags & Wiggle Pet Boutique. Located 30 miles northwest of Atlanta, the center is situated on Towne Lake Parkway between Interstate 575 and Main Street. Credit Union Business Services provided acquisition financing for the transaction. The Retail Planning Corp. will manage the center. Connolly’s retail services division will oversee leasing at the property.

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Bassett Furniture
AcquisitionsRetailSoutheastVirginia

Newmark Brokers Sale of 25,760 SF Retail Property in Fredericksburg, Virginia

by Julia Sanders

FREDERICKSBURG, VA. — Newmark has brokered the sale of a 25,760-square-foot retail property located at 1551 Carl D. Silver Parkway in Fredericksburg. Matt Berres, Mat Adler and Samer Khalil of Newmark represented the seller, a private Midwest-based investor. A private buyer from Los Angeles purchased the property for $3.1 million. Built in 1999, the single-tenant property is fully leased to Bassett Furniture and offers freeway visibility and ample parking. The store is located near other retailers including Ashley HomeStore, Lowe’s Home Improvement, Ethan Allen, Hobby Lobby, buybuy BABY and Total Wine & More.

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jobs report
District of ColumbiaSoutheast

US Economy Adds 194,000 Jobs in September, Much Lower than Expected

by Julia Sanders

WASHINGTON, D.C. — The U.S. economy added 194,000 jobs in September and the unemployment rate dropped by 40 basis points to 4.8 percent, the Bureau of Labor Statistics (BLS) reported Friday. Economists surveyed by Dow Jones had predicted there to be an increase of 500,000 jobs and an unemployment rate of 5.1 percent, according to CNBC. In addition, the total job gains for August were revised upward from 235,000 to 366,000. These numbers from the past two months were much lower than in June, which had employment numbers revised up to 1.05 million. Nonfarm employment has risen by 17.4 million since April 2020 but is 5 million below (or 3.3 percent) from its pre-pandemic level in February 2020, according to the BLS. There were notable job gains in September in the leisure and hospitality, professional and business services, retail trade and transportation and warehousing industries. Leisure and hospitality employment rose by 74,000, but is still down by 1.6 million (9.4 percent) from February 2020. Professional and business services added 60,000 jobs last month but is still 385,000 below what it was pre-pandemic. Retail trade employment increased by 56,000 jobs and transportation and warehousing jobs rose by 47,000. Public education jobs …

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River North
DevelopmentMixed-UseMultifamilyRetailSoutheastTennesseeTop Stories

Joint Venture Breaks Ground on $263M River North Mixed-Use Project in Nashville

by Julia Sanders

NASHVILLE, TENN. — MRP Realty and Creek Lane Capital have broken ground on Phase I of River North, a 1.3 million-square-foot, master-planned, mixed-use project located along the Cumberland River in Nashville. The development cost for Phase I is $263 million. JLL brokered a $160 million construction loan for Phase I. Phase I will feature 817,070 square feet of development, including 651 apartment units, 78,000 square feet of office space and approximately 80,000 square feet of retail space spread across four buildings on the riverfront site. Phase I is slated for completion by 2023. River North is being developed on 13 acres of land in a designated Opportunity Zone across the river from Germantown, a historic district with restaurants, retailers and the Tennessee State Museum. The site was previously the location of a rail yard and shipping terminal, so the developers plan to incorporate restored warehouses and modern industrial finishes into the design of the project. A timeline for completion of all phases was not disclosed. “It’s a great opportunity for MRP to be underway on a project of such magnitude in one of Nashville’s most exciting submarkets,” says Bob Murphy, managing principal of MRP Realty. “We’ve also had the opportunity …

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