Property Type

Relocations, Expansions Push Birmingham Office Market to a Tipping Point

by Alex Tostado June 24, 2019

Birmingham is a unique market for Class A office space. Last year had its fair share of notable transactions (both sales and leases), but overall a few key transactions from previous years pushed absorption in the negative figures. The most significant deal that is still impacting our market was a tenant relocation into the Red Roofs Colonnade (Colonnade North and South) located at the interchange of Highway 280 and Interstate 459, the heart of the 280/459 office submarket. Southern Co. Services signed a 700,000-square-foot, long-term lease at the project, and as of Jan. 1, the Red Roofs are now fully occupied. This transaction left a sizable block of Class A office space along the 280/459 corridor. Soon after announcing the relocation, FIS backfilled about 112,500 square feet within Inverness Center North. The CBD is still recovering from Regions Financial giving back about 160,000 square feet at Regions/Harbert Plaza, but this building has seen a large amount of activity since this announcement. Our market is in the midst of absorbing these previous deals now and moving in the right direction. This year has gotten off to a quick start with two encouraging announcements. Shortly after Wells Fargo announced it will be …

June 24, 2019

Development Industrial New Jersey Northeast Top Stories

Joint Venture Breaks Ground on 4.1 MSF Industrial Park in Linden, New Jersey

by Taylor Williams June 24, 2019

LINDEN, N.J. — A joint venture between Advance Realty Investors, Greek Development and PGIM Real Estate has broken ground on Linden Logistics Center, a 4.1 million-square-foot industrial park in Linden, located south of Newark. Linden Logistics Center will consist of eight Class A buildings that will run the gamut of industrial uses: warehousing, distribution, logistics, fulfillment and manufacturing. The development team will complete the project in phases, with the first deliveries slated for late 2020. Upon completion, the property will be the largest industrial development in the region, according to the developers. The project is situated on 350 acres off Tremley Point Road near the Port of New York/New Jersey. Prior to the joint venture acquiring the plot in 2018, the land was vacant for 15 years. The site housed chemical manufacturing operations during the 20th century. Estimated development costs for the new property were not disclosed. In addition to being located within 10 miles of the port, Linden Logistics Center will offer proximity to the New Jersey Turnpike and Newark Liberty International Airport. Individual buildings will be designed with flexible layouts to suit specific tenants. Excess space will be available for car and trailer parking, cross-docking capabilities and rail …

June 24, 2019

Development Georgia Industrial Southeast

GE Appliances to Invest $130M in Three Georgia Industrial Facilities, Create 300 Jobs

by Alex Tostado June 21, 2019

LOUISVILLE, KY. — GE Appliances will invest $130 million in three industrial facilities in north Georgia, ultimately adding 300 new jobs for the Louisville-based manufacturer in the Peach State. GE Appliances will invest $43 million in the company’s affiliate Roper Corp. facility in Walker County in order to expand manufacturing capabilities and introduce new cooking products. The investment will create an additional 100 jobs, bringing the total employee count at the plant to 2,000. The company will also build the $32 million Southern Logistics Center in Murray County. The new warehouse will house 100 employees and will connect the Port of Savannah and the Appalachian Regional Port via rail in northwest Georgia. Lastly, GE Appliances is building a $55 million smart warehouse in Jackson County, also housing 100 employees. The GE Appliances Southeast Region Appliance Distribution Center will use distribution technology to blend digital intelligence with high-tech innovation. In December, the Georgia Ports Authority announced plans to build a 104-acre inland port in Gainesville, about 25 miles from GE’s proposed plant in Jackson County. A timeline for construction was not disclosed.

June 21, 2019

Development Florida Mixed-Use Multifamily Seniors Housing Southeast

Rieber Developments to Build Seniors Housing, Mixed-Use Tower Near Miami

by Alex Tostado June 21, 2019

AVENTURA, Fla. — Rieber Developments has unveiled plans for 12|12 Aventura, a mixed-use project with offices for medical professionals, a luxury senior living component and retail. The project is planned for a plot in Aventura, a northern suburb of Miami. Designed by Arquitectonica, 12|12 Aventura will be a 12-story complex consisting of 30,000 square feet of commercial retail space, 30,000 square feet of offices, a 150-unit luxury senior living component and a structured parking garage. The retail space will include a Chelsea Market-style food hall on the ground floor. The community will join a sister project, Ivory 214, currently under construction nearby. Ivory 214 will feature medical and professional office space, as well as a Hilton-branded hotel. The two projects will combine as the center of what the developer is calling the “Aventura Medical District.” Located less than one mile from Aventura Mall and directly adjacent to Aventura Hospital, 12|12 Aventura will benefit from more than 300 surrounding medical practices, and Aventura Hospital’s designation as a Level II trauma center — one of only two facilities in Miami-Dade County with this designation. Cervera Real Estate is the exclusive brokerage for leasing efforts. ID & Design International is outfitting the interiors …

June 21, 2019

Development Hospitality Louisiana Southeast

Q Hotels, Stirling Properties Break Ground on Marriott Hotel Near New Orleans

by Alex Tostado June 21, 2019

SLIDELL, LA. — Q Hotels and Stirling Properties have broken ground on Springhill Suites by Marriott, an 88-room, four-story hotel in Slidell. The hotel will sit on 1.9 acres at the intersection of Ruth Garrett Way and Bill Garrett Road, about 35 miles northeast of downtown New Orleans. Construction is already underway on the hotel with delivery slated for the fourth quarter of 2020. The hotel will be situated within Fremaux Park, Stirling’s 350-acre mixed-use development that includes residential and retail space, including Fremaux Town Center. The 640,000-square-foot retail destination is anchored by Dillard’s, Dick’s Sporting Goods, Kohl’s and Best Buy and includes restaurants such as Five Guys, Rock N Roll Sushi, Cheddar’s Scratch Kitchen, Chipotle Mexican Grill, Starbucks and LongHorn Steakhouse. Fremaux Park’s additional phases will include more residential and retail space and bring office and industrial space.

June 21, 2019

Acquisitions Florida Multifamily Southeast

Lynd, Topaz Capital Acquire Apartment Complex in Jacksonville for $35.2M

by Alex Tostado June 21, 2019

JACKSONVILLE, FLA. — A joint venture between Lynd Opportunity Partners and Topaz Capital has acquired Mission Springs, a 444-unit, value-add apartment complex in Jacksonville, for $35.2 million. The joint venture plans to invest $5 million to upgrade the property and will rebrand it as Topaz Villas JAX. Upgrades will include updating all interiors and common areas, including pools and recreational areas. A fenced-in dog park and a playground will also be added. Mission Springs was built in the 1970s and is located at 5327 Timuquana Road, 11 miles southwest of downtown Jacksonville. The seller was not disclosed.

June 21, 2019

Acquisitions Development Florida Retail Southeast

Ferber to Purchase Vacant Building in Downtown Jacksonville, Announces Initial Tenant Lineup

by Alex Tostado June 21, 2019

JACKSONVILLE, FLA. — The Ferber Co. has entered into a contract to acquire Brooklyn Place, a vacant building that sits on 1.5 acres in downtown Jacksonville. The investor has announced that Panera Bread and Bento Asian Kitchen + Sushi are coming to the 11,500-square-foot site, where there is a 1,520-square-foot space available. Ferber expects the land acquisition to close this summer and will begin construction immediately after. Completion is scheduled for summer 2020. A sales price and seller for the land acquisition were not disclosed.

June 21, 2019

Acquisitions Office Texas

GlenStar, Singerman Buy 1.1 MSF Office Campus in Metro Fort Worth

by Taylor Williams June 21, 2019

WESTLAKE, TEXAS — A partnership between two Chicago-based investment firms, GlenStar and Singerman Real Estate, has acquired The Terraces at Solana, a 1.1 million-square-foot office campus located in Westlake, a northern suburb of Fort Worth. The sale includes a 20-acre parcel for additional office development, as well as the Solana Fitness Club. The new ownership will either add or upgrade various amenities at the eight-building property, including the conference center, café, a tenant-only fitness center, outdoor lounge and patio and a flexible entertainment space. JLL will handle leasing of the campus, and GlenStar will handle management. The seller and sales price were not disclosed.

June 21, 2019

Acquisitions Multifamily Texas

IPA Arranges Sale of Two New Multifamily Assets Totaling 588 Units in Mansfield, Texas

by Taylor Williams June 21, 2019

MANSFIELD, TEXAS — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the sale of two multifamily communities totaling 588 units in the Fort Worth suburb of Mansfield. Villaggio was completed in 2016 and totals 274 units, and Main Street Lofts was built in 2018 and comprises 314 units. Steadfast Cos. purchased Villaggio from Carleton Residential Properties and M.R. Development Corp., and Virginia-based Weinstein Properties acquired Main Street Lofts from The NRP Group. Both communities feature standard Class A amenities such as pools and fitness centers. Will Balthrope, Drew Kile, Joey Tumminello and Grant Raymond of IPA represented the sellers and procured the buyers in both transactions.

June 21, 2019

Acquisitions Retail Texas

Pillar Capital Sells Retail Power Center in Abilene for $20.1M

by Taylor Williams June 21, 2019

ABILENE, TEXAS — Arizona-based private investment firm Pillar Capital Group has sold The Shops at Abilene Village, a 145,000-square-foot retail power center in West Texas, for $20.1 million. Anchored by Academy Sports + Outdoors, the center also houses tenants such as Burlington, Petco, Party City and Five Below. Brandon Duff and Tom Fritz of Oklahoma-based net-lease brokerage firm Stan Johnson Co. represented the seller in the transaction. Texas-based Nooner Holdings Ltd. acquired the Abilene asset, which has a traffic count of more than 104,000 vehicles per day, via a 1031 exchange.

June 21, 2019

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