Property Type

Inland Private Capital Sells Bank of America-Occupied Office Building in Baltimore for $99.3M

by Kristin Harlow November 11, 2019

BALTIMORE, MD. — JLL has arranged the sale of 11333 McCormick Road, a two-tower, single-tenant office building in Baltimore, for $99.3 million. The 377,332-square-foot property is net leased to Bank of America. Situated on 16.3 acres, the asset is located in the Hunt Valley submarket, about 15 miles north of downtown Baltimore. The property has immediate access to I-83 and light rail access to Baltimore City, greater Maryland and Pennsylvania. Built in 1974, the eight-story property was most recently renovated in 2016. Tivon Moffitt, Peter Bauman and Jay Wellschlager of JLL represented the seller, Inland Private Capital Corp. JLL was retained to market the property after it failed to trade the prior year. An undisclosed institutional buyer purchased the asset. “Investors are actively seeking high-quality, mission-critical corporate campuses such as this asset,” says Moffit. “We continue to see a flood of capital sources from institutional investors to private capital looking to purchase these types of properties.” The Hunt Valley submarket is a highly sought-after office market due to its high-quality workforce and extensive amenity base, says Wellschlager. Inland Private Capital Corp. specializes in securitized 1031 exchange transactions. Since its inception, the company has sponsored 232 private placement programs offering more …

November 11, 2019

Florida Market Reports Office Southeast Southeast Market Reports

Corporate and Economic Growth in Miami Drive Tenant, Investor Demand for Office

by Alex Tostado November 11, 2019

Miami continues to be a top-ranked commercial real estate market in the Southeast United States. As the economy gears up to enter its longest expansion period in U.S. history, Miami has shown more resiliency than other South Florida markets, recording steady gains in absorption, robust leasing activity and modest rent growth. Economic fundamentals remain strong as job growth continues to fuel Miami’s office market with the unemployment rate trending down to 3.2 percent. Miami’s unemployment rate reached the lowest point in its history, falling to 3 percent in April 2019. The fundamentals in economic growth continue to support corporate expansion in nearly every industry as well as new-to-market growth from other U.S. markets and globally. While in the past, most of Miami’s growth came from Latin America, 60 percent of new-to-market growth now comes from Europe, with Spain being a frontrunner. High demand amid deliveries Miami-Dade County’s overall office vacancy rate rose slightly by 1 percent in the past 12 months, during which time 937,919 square feet of new office space was delivered to the market. More than 500,000 square feet was absorbed during that time. Because of the strong absorption, the vacancy rate was impacted only slightly, bringing it …

November 11, 2019

Illinois Midwest Retail Top Stories

Sears to Close 96 More Stores by February 2020

by Alex Patton November 8, 2019

HOFFMAN ESTATES, ILL. — Sears Holdings Corp. plans to close 96 underperforming stores by February 2020, according to the retailer’s parent company, Transform Holdco LLC. The closings will consist of 51 Sears stores and 45 Kmart stores, leaving 182 operational Sears and Kmart stores remaining in the United States. The closing stores are scattered throughout all regions of the country, including 28 located in California. A full list of store closures can be found here. “Since purchasing substantially all the assets of Sears Holdings Corp. in February 2019, Transformco has faced a difficult retail environment and other challenges,” the company noted in a press release. “We will endeavor to create and deliver value through a strategic combination of our better-performing retail stores and our service businesses, brands and other assets, and expect to realize a significant return on our extensive portfolio of owned and leased real estate.” Ahead of the holiday season, Transform secured a $250 million lifeline financing from lenders including its owner, Eddie Lampert. Lampert bought Sears out of bankruptcy for $5.2 billion in January and, at the time, the sale prevented liquidation of 425 properties. “None of this is a surprise. Sears continues to morph from a …

November 8, 2019

Development Florida Office Southeast

VanTrust, Tampa International Airport Start Construction on 270,000 SF Office Building

by Alex Tostado November 8, 2019

TAMPA, FLA. — VanTrust Real Estate and Tampa International Airport (TPA) broke ground on SkyCenter One, a planned nine-story, 270,000-square-foot office building connected to the airport. The building will feature a conference center, fitness center, café and access to multipurpose trails that will eventually join with Tampa Bay’s regional trail network. The building will be connected to the airport’s car rental center via an elevated pedestrian walkway that is also under construction. SkyCenter One will be located within the SkyCenter development, a mixed-use campus that will feature office and commercial space, as well as a hotel, on land the airport owns. J.E. Dunn is the general contractor for SkyCenter One, and HOK designed the building. VanTrust and TPA plan to complete SkyCenter One in 2021.

November 8, 2019

Development Florida Industrial Southeast

Joint Venture Breaks Ground on 510,272 SF Distribution Center Near Tampa

by Alex Tostado November 8, 2019

PLANT CITY, FLA. — A joint venture between Red Rock Developments, Wharton Industrial, Aspyre Properties and an institutional joint venture partner has broken ground on County Line Distribution Center, a 510,272-square-foot industrial facility in Plant City. The building will feature 36-foot clear heights, cross-dock loading, 200-foot truck courts and 60-foot speed bays. The property is situated on 36 acres, 30 miles east of downtown Tampa and two miles from Amazon’s announced Prime Air hub at Lakeland Linder International Airport. The joint venture expects to deliver the facility by the third quarter of 2020. Jan Boltres and Michelle Senner of Colliers International will handle leasing efforts.

November 8, 2019

Acquisitions Development Georgia Industrial Southeast

Coca-Cola Bottling United Buys Development Site in South Georgia to Build $60M Flex Facility

by Alex Tostado November 8, 2019

TIFTON, GA. — Coca-Cola Bottling Co. Inc. United has acquired an 88.6-acre development site in Tifton for $1.4 million. The company plans to develop a $60 million sales center and warehouse spanning 300,000 square feet on the site. Birmingham, Ala.-based Coca-Cola Bottling United expects the facility to open in late 2021, when it will house 200 employees and produce 4.5 million cases on non-alcoholic beverages per year. The property is located at 101 Lamb Loop Road, which is a near the GSF Railway, which runs from Macon, Ga. to Lake City, Fla. with an alternative route to Jacksonville, Fla. Jamie Smithson and Conor Welton of JLL represented the seller, Independent Investors Inc., in the land transaction. David DeVaney of NAI Charter represented the buyer.

November 8, 2019

Acquisitions North Carolina Office Southeast

OA Development Acquires Carmel Park Office Campus in South Charlotte for $36.2M

by Alex Tostado November 8, 2019

CHARLOTTE, N.C. — OA Development has acquired Carmel Park I and II, two office buildings totaling 173,068 square feet in Charlotte, for $36.2 million. The two buildings were 93 percent leased at the time of sale to 45 tenants from the healthcare, real estate, financial services, engineering, insurance and technology industries. Carmel Park I and II are located at 11111 and 11121 Carmel Commons Blvd., 12 miles south of downtown Charlotte. Ryan Clutter, Chris Lingerfelt, Scot Humphrey and Zack Drozda of JLL represented the seller, CapRidge Partners LLC, in the transaction.

November 8, 2019

Acquisitions Louisiana Retail Southeast

SRS Arranges $15M Sale of Retail Center in Metro New Orleans

by Alex Tostado November 8, 2019

HARAHAN, LA. — SRS Investment Properties Group has arranged the $15 million sale of Elmwood Oaks Shopping Center, a 136,284-square-foot retail center in Harahan. Academy Sports + Outdoors and Dollar Tree anchor the property, which was 96 percent leased at the time of sale to tenants including Lumber Liquidators and AutoZone. Elmwood Oaks is located at 800 S. Clearview Parkway, eight miles west of downtown New Orleans. Kyle Stonis, Pierce Mayson and Steve Miskew of SRS represented the seller, Regency Centers, in the transaction. The buyer was Property Commerce Dividend Fund LP.

November 8, 2019

Loans Multifamily New Jersey Northeast

Madison Realty Capital Provides $168M Construction Loan for Residential Development in Jersey City

by Alex Patton November 8, 2019

JERSEY CITY, N.J. — Madison Realty Capital has provided a $168 million construction loan for Emerson Lofts, a 1,000-unit residential development project in Jersey City. The loan allows the borrower, Manhattan Building Co., to complete the first phase of the project and will fund predevelopment on three subsequent phases. Phase I consists of a 26-story tower with 350 residential units, more than 10,000 square feet of retail space, an approximately 24,000-square-foot community center, a public park and parking. Amenities will include a 28,000-square-foot outdoor roof deck with a pool and a fitness center and spa.

November 8, 2019

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 175-Unit Apartment Community Near Fort Worth

by Taylor Williams November 8, 2019

FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Tribecca Pointe, a 175-unit multifamily community in Hurst, located northeast of Fort Worth. Built in 1969, the property offers one-, two- and three-bedroom units and amenities such as a pool and a business center. Al Silva and Ford Braly of Marcus & Millichap represented the seller and procured the buyer, both of which were Dallas-based investment firms that requested anonymity.

November 8, 2019

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