Property Type

Terra, Terranova Sell Former PepsiCo Bottling Plant in South Florida for $55M

by John Nelson February 11, 2021

DORAL, FLA. — Terra and Terranova Corp. have sold a 23.7-acre site in Doral for $55 million, or $2.3 million per acre. The land houses PepsiCo’s former bottling plant, which spans 232,000 square feet. Terra and Terranova, two South Florida investment firms led by David Martin and Stephen Bittel, respectively, initially acquired the site for $40 million in January 2018 and subsequently leased the property back to PepsiCo through July 2020. The unnamed buyer shares a Santa Monica address with GLP Capital Partners (GCP), an investment firm that specializes in logistics properties. The former PepsiCo bottling plant is located at 7777 Northwest 41st St. and is situated less than two miles from Miami International Airport. The property is zoned for industrial development and can accommodate up to 500,000 square feet of commercial space. Terra is a Miami-based real estate development and investment company. Terranova Corp. is a South Florida commercial real estate investment firm.

February 11, 2021

Development Georgia Multifamily Southeast

Middle Street, PCCP Break Ground on 323-Unit Apartment Community in Atlanta’s Grant Park District

by John Nelson February 11, 2021

ATLANTA — Middle Street Partners and equity partner Pacific Coast Capital Partners (PCCP) have broken ground on a 323-unit apartment community in Atlanta’s Grant Park district. Middle Street expects to finish the property in 2023, with the first residences available in November 2022. Brock Hudgins Architects is spearheading design, and J.M. Wilkerson Construction Co. is the general contractor. Middle Street Partners, a Charleston-based real estate investment and development company, paid $6.9 million for the land. The property is located on the Atlanta BeltLine’s expanding Southside Trail at 1015 Boulevard SE. The six-story apartment community will feature a combination of studio, one- and two- bedroom units with an average of 729 square feet. The property will also have 5,000 square feet of direct BeltLine frontage retail and commercial space, as well as an underground parking garage. In line with the City of Atlanta’s Inclusionary Zoning policy, 15 percent of the homes will be available at 80 percent area median income (AMI). The unnamed property’s units will feature designer cabinetry and lighting, quartz countertops, stainless steel and gas appliances, island sinks and top-control dishwashers, along with dedicated office spaces designed with new work-from-home policies in mind. Community amenities include a 24-hour fitness …

February 11, 2021

Georgia Industrial Leasing Activity Southeast

Duke Realty Signs Ashley Furniture to 336,960 SF Lease Extension in East Point, Georgia

by John Nelson February 11, 2021

EAST POINT, GA. — Duke Realty’s Atlanta office has acquired a larger space at Camp Creek Business Center in East Point and signed a lease extension and expansion with Ashley Furniture Industries LLC, a current tenant at the park. Ashley Furniture will be the sole occupant of the 336,960-square-foot facility located at 4505 N. Commerce Drive. Jeff Maris of Ashley Furniture explained why the furniture company decided to move. “Four years ago, we found the space at Camp Creek Business Center and our needs were met. In 2020, as we experienced increased demand and company growth, Duke Realty was able to help us find additional space very quickly and with limited disruption,” said Maris. Duke Realty’s Camp Creek development in East Point is 98 percent leased to tenants including FedEx, Amazon, Dick’s Sporting Goods and The Home Depot. Duke Realty is an industrial-only property REIT based in Indianapolis.

February 11, 2021

Acquisitions Georgia Retail Southeast

Marcus & Millichap Brokers $9.5M Sale of Promenade Shopping Center in Metro Atlanta

by John Nelson February 11, 2021

SMYRNA, GA. — Marcus & Millichap has brokered the $9.5 million sale of the 71,273-square-foot Promenade Shopping Center in Atlanta. Tim Giambrone of Marcus & Millichap’s The Giambrone Group represented both the buyer and the seller in the transaction. The undisclosed buyer was a private investor located in Central Florida, and the seller was Charles Lotz, a Tennessee-based developer who originally built the center in 1983. Promenade Shopping Center is located at 930 Cobb Parkway S., just north of the Interstate-285 and Interstate-75 exchange. Best Buy is a shadow anchor for the center. Promenade’s tenants include Scalini’s Italian Restaurant, West Marine, Juicy Crab, Chow King and T-Mobile, as well as a Bruster’s outparcel. The Giambrone Group of Marcus & Millichap is a real estate investment brokerage based in Atlanta.

February 11, 2021

Company News Multifamily Student Housing Texas Walker & Dunlop

Walker & Dunlop Acquires Austin-Based FourPoint Investment Sales Partners

by Taylor Williams February 11, 2021

AUSTIN, TEXAS — Walker & Dunlop has acquired FourPoint Investment Sales Partners, an Austin-based brokerage firm specializing in student housing and traditional multifamily properties. The FourPoint team of Chris Epp, Chis Bancroft, Kevin Dufour, Matthew Chase, Craig Miller and Kyle Peco will lead and scale Walker & Dunlop’s student housing investment sales division, with a goal of growing sales volume to $25 billion by 2025 for the Maryland-based company. The two firms have partnered as correspondents on student housing deals in the past.

February 11, 2021

Acquisitions Multifamily Texas

Berkadia Arranges Sale of 414-Unit Stewart Creek Apartments in Frisco

by Taylor Williams February 11, 2021

FRISCO, TEXAS — Berkadia has arranged the sale of Stewart Creek Apartments, a 414-unit multifamily community in Frisco. Built in 1999, the property features one-, two- and three-bedroom units with quartz countertops, walk-in closets and private balconies/patios. Amenities include a business center, clubhouse, package lockers, picnic area and a bark park. Jay Gunn, Tom Burns and Will Jarnagin of Berkadia represented the seller, Plano-based Univesco Inc., in the transaction. In addition, Jason Rice and Chris Pollard of Berkadia arranged floating-rate acquisition financing through Varde Mortgage Capital on behalf of the sponsor, Lubbock-based Madera Residential.

February 11, 2021

Development Office Texas

Unico Properties Completes 165,000 SF Office Building in South Austin

by Taylor Williams February 11, 2021

AUSTIN, TEXAS — Seattle-based developer Unico Properties has completed Bouldin Creek, a 165,000-square-foot office building located at the northeast corner of South Lamar Boulevard and West Oltorf Street in South Austin. Designed by Michael Hsu Office of Architecture, the five-story building features 50,000-square-foot floor plates to support flexible workplace configurations, as well as floor-to-ceiling windows and terraces for outdoor workspaces and amenities. Indoor amenities include a fitness center, bike storage and electric car charging stations. Lastly, Proud Mary, an Australian coffee roaster and café, has signed a lease to occupy 2,500 square feet of ground-floor retail space with the opening expected later this year. Unico co-developed the property with Manifold Real Estate and OakPoint Real Estate, with White Construction Co. serving as the general contractor.

February 11, 2021

Acquisitions Industrial Texas

Stan Johnson Brokers $28M Sale-Leaseback of Industrial Portfolio in Texas, Southeast

by Taylor Williams February 11, 2021

TULSA, OKLA. — Tulsa-based Stan Johnson Co. has brokered the $28 million sale-leaseback of a portfolio of eight industrial properties located throughout Texas and the Southeast. Brad Pepin and Jeff Tracy of Stan Johnson Co., along with Tom Gates and David Maynard of Mirador Real Estate Advisors, represented the undisclosed seller, which executed long-term, absolute triple-net leases at closing. The buyer was a New York-based institutional investor. The portfolio totals more than 200,000 square feet across 70.5 acres, including one newly built property that features a combination of industrial and office space and serves as the tenant’s headquarters.

February 11, 2021

Development Office Texas

Gensler, Joeris General Contractors Begin Repositioning of Bexar County IT Suite in San Antonio

by Taylor Williams February 11, 2021

SAN ANTONIO — Global architecture firm Gensler and Joeris General Contractors have begun the repositioning of the Bexar County IT Suite in San Antonio. The project team is reducing the gross leasable space from 37,640 square feet to 21,750 square feet to favor more as-needed flex office and meeting and collaborative spaces, over assigned workstations and offices. Employees will continue to have access to the building’s café, lobby and loading dock while work is ongoing. The project is slated to be complete this summer.

February 11, 2021

Development Hospitality Life Sciences Massachusetts Northeast Office

DivcoWest Tops Off 480,000 SF Life Sciences Building at Cambridge Crossing

by Taylor Williams February 11, 2021

BOSTON — DivcoWest has topped off a 480,000-square-foot life sciences building at 250 Water St. within Cambridge Crossing, a 43-acre mixed-use development that is located at the intersection of the cities of Boston, Cambridge and Somerville. Global biopharmaceutical firm Bristol Myers Squibb has preleased 360,000 square feet at the building, which is expected to be complete in the first quarter of 2022. Other life sciences users at Cambridge Crossing include Sanofi and Cerevel Therapeutics.

February 11, 2021

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