TAMPA, FLA. — KeyBank Real Estate Capital (KBREC) has provided a $22 million loan for the acquisition of U Lake Apartments, a 300-unit student housing community located near the University of South Florida in Tampa. Alan Isenstadt and Jack Hoffman of KBREC originated the loan on behalf of the borrower, Sharp Key Capital Fund VII, which plans to redevelop the property into a market-rate multifamily complex. Planned upgrades include the installation of property-wide HVAC systems, roofing improvements, enhanced landscaping and amenity renovations. Situated on nearly 22 acres at 14200 Bruce B. Downs Blvd. in Tampa’s University submarket, U Lake comprises 18 buildings with one- and two-bedroom floorplans, according to Apartments.com. Amenities at the property include three swimming pools, a fitness center, tennis and volleyball courts, a dog park, outdoor gathering spaces and clubhouse facilities.
RALEIGH, N.C. — JLL Capital Markets has arranged the sale of Milo, a 252-unit apartment community located at 821 Hanbury Way in Raleigh. John Mikels, John Gavigan, Chase Monroe, William Martin and McCullough Campbell of JLL represented the seller, Charleston-based Greystar, in the transaction. The buyer was an entity doing business as Milo Apartments LLC. The sales price was not disclosed. Completed in 2024, Milo comprises eight three-story residential buildings housing a mix of one-, two- and three-bedroom floorplans. Amenities at the garden-style complex include a swimming pool and sundeck, poolside cabanas, yoga lawn, coworking hub, fitness center, cardio and cycle studio, outdoor grill/kitchen, dog park, community garden, resident lounge and a clubhouse.
PENDERGRASS, GA. — Parts Town Unlimited has signed a 538,450-square-foot, full-building lease at Jackson 85 North Business Park in Pendergrass, about 57 miles northeast of Atlanta via I-85. The owner is a joint venture between affiliates Trammell Crow Co. (TCC) and CBRE Investment Management, which is acting as a landlord on behalf of a fund it manages. Parts Town Unlimited is a global parent company and distributor of original equipment manufacturer replacement parts for the food service, residential appliance and HVAC industries. The firm will move into Building One by the end of the year. The facility will be the company’s largest fulfillment center to date, according to TCC. Phase I of Jackson 85 North features two speculative warehouse buildings totaling more than 1.5 million square feet across 215 acres. Both cross-dock warehouses include 40-foot clear heights, 185-foot concrete truck courts, abundant trailer and car parking spaces, more than 290 dock door positions, four drive-in ramps and a 3,900-square-foot air-conditioned office area. The buildings also feature a roofing system that can accommodate future solar panels, ample electrical service and an ESFR fire protection system.
MACCLENNY, FLA. — Marcus & Millichap’s Taylor McMinn Retail Group has negotiated the sale of a newly built gas station and convenience store in Macclenny, about 30 miles west of Jacksonville via I-10. Wawa occupies the retail property on a 20-year ground lease, with 7 percent increases every five years beginning in year 11 of the initial lease term. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group brokered the sale between a preferred Wawa developer and the buyer. Both parties requested anonymity. The sales price was also not disclosed. “This Wawa’s superior Florida location and lower price point helped it stand out among competing Wawa inventory and ultimately trade to an all-cash, 1031 exchange buyer who was considering multiple Wawa assets,” says McMinn.
TUSCALOOSA, ALA. — Chicago-based JLL Income Property Trust has acquired Midtown Village, a 345,000-square-foot shopping center located near the University of Alabama campus in Tuscaloosa, for $94 million. The seller requested anonymity. Built in 2007, Midtown Village consists of eight single-story buildings across a 30-acre site. The open-air center features a mix of retailers such as Barnes & Noble, Ulta Beauty, Old Navy, Best Buy, lululemon, American Eagle & Aerie, Fab’rik, Kay Jewelers, South Boutique, Loft, Tuscaloosa Nail & Spa and GameStop. Restaurants include Panera Bread, Blaze Pizza, Metro Diner and Tropical Smoothie Café. The tenant roster has a weighted average lease-term (WALT) of more than 16 years. “The enduring demand of this strong tenant roster supports stable operating performance, and the center is well-positioned in a thriving submarket with proven traffic,” says Allan Swaringen, president and CEO of JLL Income Property Trust. Midtown Village is situated on the southwest corner of McFarland Boulevard East and 15th Street and is one of the most visited retail shopping centers in the state, with over 5.7 million annual visits, according to JLL Income Property Trust. It is also located within one mile from DCH Regional Medical Center, Tuscaloosa’s largest regional hospital. With the …
MORRISVILLE, N.C. — Merritt Properties has broken ground on the first phase of RDU Business Park, a 150-acre light industrial development located at 2040-2060 Seagirt Ave. in Morrisville, about three miles from Raleigh-Durham International Airport. The project will be situated in the jurisdiction of the city of Cary, N.C. Phase I, which is set for completion in late 2027, will span 31 acres and comprise three single-story buildings totaling 201,250 square feet. All three buildings will include 18- or 24-foot clear heights, rear-loading docks, drive-in capabilities, 30- and 40-foot column spacing and surface parking. Two buildings will share a 150-foot truck court, while the third will feature a dedicated 110-foot truck court. At full build-out, RDU Business Park will comprise 13 single-story buildings spanning 790,527 square feet. Merritt Properties is handling the leasing assignment at the park internally.
CHESTER, VA. — Bonaventure has begun construction on Attain at Swift Creek, a $93.3 million multifamily development located at 6805 Greenyard Road in Chester, a southern suburb of Richmond in Chesterfield County. The Alexandria, Va.-based developer obtained a $79.9 million HUD 221(d)(4) construction loan for the project. Walker & Dunlop originated the 40-year, fixed-rate loan on behalf of Bonaventure, which will finance the balance of the development costs via its balance sheet while searching for a long-term equity partner. Situated on a 31-acre site adjacent to a Kroger Marketplace-anchored shopping center, Attain at Swift Creek will feature a mix of one-, two- and three-bedroom apartments averaging 1,058 square feet in size. The project team includes KBS Inc. (general contractor), RBA Architects and Timmons Group (civil engineer). Bonaventure will name a property manager for the community at a later date.
BROOKHAVEN, GA. — Woodfield Development plans to develop a new 320-unit apartment community located at 4170 Ashford Dunwoody Road NE in Brookhaven, a northeastern suburb of Atlanta in DeKalb County. The property will sit on five acres within Ashford Green, a mixed-use redevelopment by Vela Cos. that will features residences, offices, a hotel and restaurants. The site was recently rezoned from office to multifamily, and Woodfield plans to close on its land acquisition in second-quarter 2027. The unnamed apartment community will feature a mix of studio, one-, two- and three-bedroom floor plans, as well as a resort-style pool, clubhouse and coworking areas. The design-build team will include Dwell Design Studio (architect), PEC (civil engineer) and Spacecraft (landscape architect). The construction timeline was not released.
LAND O’ LAKES, FLA. — JLL has arranged the sale of The Hub at Bexley, an open-air retail center located at 16954 Focus Loop in Land O’Lakes, about 20 miles north of Tampa. Jorge Portela, Danny Finkle and Jacob Wise of JLL represented the seller, Center Connect Development, which delivered The Hub at Bexley in 2023. CenterSquare Investment Management purchased the property for an undisclosed price. The 50,000-square-foot retail center, which is designed in a village setting, was fully leased at the time of sale to tenants including BellaBrava, Stillwaters Tavern and TREK Bikes.
ALPHARETTA, GA. — The Alpharetta City Council has approved the rezoning of North Point Mall, a shuttered 1.3 million-square-foot shopping mall that originally opened in 1993. The redevelopment is now zoned for the build-out of a mixed-use entertainment district that the development team hopes will attract a National Hockey League (NHL) team. The team behind the nearly 100-acre mixed-use district includes landowner New York Life Insurance Co., real estate development and placemaking firm Jamestown and specialty sports and entertainment development firm Machete Group. The design-build team includes HKS Architects and Kimley-Horn (civil engineer), and Jamestown will manage the overall development. Plans for the site include a 20,000-seat NHL-ready arena; 4,000-seat music hall and performing arts center; 2,000-seat community hockey rink; 1,100-seat movie theater; two hotels comprising up to 650 hotel rooms and a 35,000-square-foot conference center; approximately 565,000 square feet of retail and dining space; 750,000 square feet of offices; 1,385 multifamily units; and more than 20 acres of publicly accessible parks, plazas and multi-use trails. The development team says the project should support more than 13,000 construction jobs and 6,000 permanent jobs, as well as generate $2 billion in direct consumer spending. The redevelopment will be delivered in phases, …
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