Multifamily developer Northwood Ravin has something for everyone just outside Charlotte. The Lodges at Fort Mill, a 261-unit rental community off Fort Mill Highway, just east of Indian Land includes 118 apartments, 80 townhomes and 63 single-family homes.

The community includes a mix of two—and three-bedroom homes and townhomes, as well as walkup corner apartments with one—and two-bedroom floor plans.

Northwood Ravin paid $8.5 million in 2021 for the project site.

The Charlotte Business Journal reports that Northwood Ravin came in at No. 2 on the list ranking the market’s most active commercial real estate developers based on five-year activity. The developer delivered just over 4 million square feet of projects locally, and around 90% of that square footage was multifamily development.

Multiple groups bid Thursday for the unfinished Oceanwide Plaza mixed-use development in Downtown Los Angeles, which was forced into bankruptcy in February of this year, Connect CRE has learned. An auction is scheduled for mid-September. 

Industry sources familiar with the sale process told Connect that AEG Worldwide was rumored to be the front runner and had gone as far as retaining the project’s original architect. The development site is proximate to AEG’s LA Live and Crypto.com Arena, which have faced strong competition from the Hollywood Park mega-development in nearby Inglewood. However, AEG was not among the bidders who submitted offers on Thursday. 

A key hurdle that any buyer would need to surmount is the question of financing: not so much to acquire the project, but rather to finish construction on it. The project has been appraised as-is at $434 million by Colliers as part of the Oceanwide Plaza bankruptcy proceedings. Completing the three-tower residential, retail and hotel complex could mean spending twice that amount. 

In July, a mystery bidder surfaced who offered to serve as a stalking horse for the upcoming auction. The bidder offered to take control of the property for $500 million if no more compelling bids emerged, according to published reports. It’s not clear whether the stalking-horse bidder is still participating.

Work on the project at 1100-1198 S. Flower St. was halted in 2020 after the project’s developer, China Oceanwide, ran out of funding. The bankruptcy was initiated by creditors who hadn’t been paid for their work, including construction manager Lendlease. 

In May, a Colliers team led by EVP Mark Tarczynski and a Hilco Real Estate team led by EVP Jeffrey Azuse were hired to spearhead the sale and potential completion of Oceanwide Plaza. The project, one of the largest stalled developments in the U.S., made headlines earlier this year when taggers covered much of it with graffiti. 

The Newport Beach-based SRS Real Estate Partners Capital Markets team has sold a total of 33 7-Eleven-occupied properties over the past 18 months, valued at $242 million with an average cap rate of 5.27%.

Additionally, SRS has 24 7-Eleven assets currently in escrow or on the market with a combined value of approximately $160 million. All the assets are single-tenant properties with 12 or more years remaining on the lease term.

“Over the past 12 months or so, we have observed that cap rates for 7-Eleven stores are holding steady despite the higher interest rate environment,” said Patrick Luther, SRS EVP and managing principal. “Additionally, the absorption of 7-Eleven assets outpaces comparable credit tenants such as drug store and coffee brands and we have not seen values erode or cap rates rise as much for this brand. Investors are benefitting from the long-term stability, high traffic locations and strong credit rating of this internationally recognized chain.”

Over the past 18 months, SRS has sold 7-Eleven assets in California, Colorado, Connecticut Florida, Nevada, New York, New Jersey, North Carolina, South Carolina, Oklahoma, Tennessee and Texas. The company has properties on the market in California, Florida, New Jersey, North Carolina, South Carolina, Tennessee and Texas.

Spartan Investment Group has closed three self-storage deals in the firm’s Growth Fund, including one in Kingsland, GA.

“At a time when it is challenging to secure loans, find equity, or fund new construction, we’re forging ahead in a strategic direction with our deals,” said Spartan CIO, Ryan Gibson. “We are thrilled to add these three deals to our Growth Fund portfolio as they are all in fast-growing markets with the opportunity to add value, and thus, develop strong returns for our investors.”

The Kingsland location is a new Class A facility with 333 units and more than 30,000 rentable square feet. The Spartan team will transition the property into the FreeUp Storage brand, the national banner in which Spartan manages its 66-property portfolio, and expects to expand the facility’s footprint by an additional 20,000 square feet.

The other locations are in Belleview, FL and Pea Ridge AR.