Property Type

Foundry Commercial Breaks Ground on 565,000 SF Spec Industrial Facility in Charlotte

by John Nelson April 26, 2019

CHARLOTTE, N.C. — Foundry Commercial has begun construction of Phase II at WestPark 85, a speculative industrial facility in Charlotte spanning 565,000 square feet. The project will feature 36-foot clear heights, cross-dock configuration, more than 560 auto parking spaces, more than 200 trailer parking positions and LED lighting. Foundry serves as the developer/owner, leasing agent, project manager and property manager for the entire 1.1 million-square foot WestPark 85 project in partnership with Principal Real Estate Investors. The second phase is expandable up to 100,000 square feet and is currently the largest speculative industrial facility underway in the Carolinas, according to Foundry, which expects to deliver the facility later this year.

April 26, 2019

Florida Loans Mixed-Use Southeast

Dockerty Romer Arranges $53.1M Loan for Refinancing of Mixed-Use Asset in Miami’s Coconut Grove

by John Nelson April 26, 2019

MIAMI — Dockerty Romer & Co. has arranged a $53.1 million permanent loan for the refinancing of Mayfair in the Grove, a three-story mixed-use asset in Miami’s Coconut Grove neighborhood spanning 281,066 square feet. Situated adjacent to the Mayfair Hotel & Spa, the property features office and retail space spread across three buildings. Mayfair in the Grove was 94.1 percent leased at the time of financing to tenants including Sony Music, Sapient Technologies, Regus and General Electric. Craig Romer and Chris Romer of Dockerty Romer, a RECA (Real Estate Capital Alliance) member, arranged the 10-year, fixed-rate loan through Guggenheim Partners on behalf of the borrower, Whalou Properties Management.

April 26, 2019

Acquisitions Florida Office Southeast

CBRE Negotiates $32.5M Sale of Two-Building Office Portfolio in Orlando

by John Nelson April 26, 2019

ORLANDO, FLA. — CBRE has negotiated the $32.5 million sale of a two-building office portfolio totaling 182,753 square feet in Orlando. The assets include Windsor at Metrocenter located at 2101 Park Center Drive and Berkshire at Metrocenter located at 2145 Metrocenter Blvd., with both locations offering convenient access to the downtown area and the Florida Turnpike. The Class A portfolio was 89 percent leased at the time of sale to 11 tenants. Ron Rogg and Chip Wooten of CBRE represented the undisclosed seller in the transaction. The buyer was a locally based limited liability company, Metrocenter Office LLC.

April 26, 2019

Acquisitions Georgia Industrial Southeast

Newmark Knight Frank Brokers $19.8M Sale of Distribution Center in Metro Atlanta

by John Nelson April 26, 2019

ROSWELL, GA. — Newmark Knight Frank (NKF) has brokered the $19.8 million sale of Roswell Distribution Center, a two-building, 259,641-square-foot industrial park in Roswell. Longpoint Realty Partners acquired the asset from an undisclosed institutional investor. Matt Tritschler and Peter Everett of NKF represented the seller in the transaction. Built in 2006 on Hembree Park Drive, the distribution center was 55 percent leased at the time of sale to tenants such as Room & Board Inc., Central EMS and Ferguson Enterprises. Located along Hembree Park Drive, the office building includes 26 dock doors, two drive-in doors and clear ceiling heights up to 24 feet.

April 26, 2019

Leasing Activity Office Southeast Virginia

Carr Signs Coworking Firm Industrious to 25,000 SF Lease at Arlington Office Building

by John Nelson April 26, 2019

ARLINGTON, VA. — Carr Properties has signed coworking firm Industrious to a 25,000-square-foot lease at 2311 Wilson, a new LEED Gold-certified office building situated one block from the Court House Metro station in Arlington. The Chicago-based coworking firm plans to occupy the entire third floor at 2311 Wilson by the first quarter of 2020. Carr has recently inked deals with boutique fitness concept Solidcore and For Five Coffee at the office building, which was delivered in 2018. Amenities include a two-story lobby, glass curtain walls, column-free floor plates, onsite daycare, dedicated park, fitness center, shared rooftop space, conference center, secure bike room and electric car charging stations.

April 26, 2019

Acquisitions Retail Texas Top Stories

Four Retail Centers in Texas Trade for $90.8M

by Kristin Harlow April 26, 2019

KYLE, TEMPLE, SAN ANTONIO AND GARLAND, TEXAS — Four retail centers spanning more than 634,000 square feet in Texas have sold for a combined $90.8 million. Elm Creek Real Estate and Reserve Development LLC purchased Kyle Crossing, a 121,485-square-foot center in Kyle, about 20 miles south of Austin. Target is the anchor tenant at the 16.8-acre property. SITE Centers was the seller. Dallas-based Clearview Investments Ltd. acquired Temple Towne Center in Temple, approximately 70 miles north of Austin. Kimco Realty Corp. sold the 274,799-square-foot property, which is situated on 26.8 acres. In San Antonio, Stonefield Investment Advisory & REATA Assets purchased Brooks Corner, a 173,041-square-foot center located at 3143 Southeast Military Drive. InvenTrust sold the asset, which is situated on 35.4 acres. Lastly, Los Angeles-based Shayan Holdings LLC acquired Firewheel Commons in Garland, about 20 miles northeast of Dallas. The 64,719-square-foot property is situated on 5.6 acres at 3046 Lavon Drive. Elm Creek Real Estate and Reserve Development LLC was the seller. Adam Howells, Tom Salanty and Caroline Binning of JLL represented the seller in each transaction. All four properties are located in high-growth markets backed by exceptional demographic fundamentals. The DFW metroplex topped the nation in population growth in …

April 26, 2019

Market Reports Office Texas Texas Market Reports

El Paso’s Office Market Announces Its Arrival Through WestStar Tower

by Taylor Williams April 26, 2019

It’s not often that a single project captures an office market’s growth and evolution over a 40-year period. But that is precisely what’s happening in El Paso. WestStar Tower, a 19-story, Class A building, is the first project of its kind to be built in El Paso in 40 years since the 415,000-square-foot Stanton Tower was constructed for El Paso Natural Gas. With co-developers Hunt Cos. and WestStar Bank beginning vertical construction of the 262,000-square-foot building last summer, El Paso’s skyline is set to change considerably upon its completion in late 2020. The symbolism of WestStar Tower to El Paso is not unlike the relationship between Frost Tower and San Antonio, another city that was starved of major Class A office development throughout the 1990s and 2000s. With both cities experiencing steady job growth from local expansions and new relocations, developers of quality office product are viewing these markets in new lights. El Paso is also getting younger. According to recent research from El Paso’s economic development department, roughly 40 percent of the city’s 838,000 residents are under the age of 40. The median age is 31 and the city ranks in the Top 10 in terms of its appeal …

April 26, 2019

Development Georgia Industrial Southeast

Plastic Express Plans $172M Industrial Expansion Near Port of Savannah

by John Nelson April 25, 2019

POOLER, GA. — Plastic Express has announced plans to expand its operations at the Port Logistics Center near the Port of Savannah with two new manufacturing facilities. The $172 million investment is expected to create 166 new jobs. Located in Pooler, the 172-acre Port Logistics Center is owned and developed by Capital Development Partners Inc. Plastic Express is based in California and operates trucking terminals, warehouses, docks and packaging plants across the country. Griff Lynch, executive director of the Georgia Ports Authority, said in a statement that the project will help establish the Port of Savannah as a leader in the exportation of plastic resins to the oil and gas industry. Genesee & Wyoming will provide rail service for the facility via its Georgia Central Railway. Plastic Express expects to occupy its new facilities in October.

April 25, 2019

Georgia Hospitality Mixed-Use Retail Southeast

Tri-Land Breaks Ground on Redevelopment of 253,000 SF Shopping Center in Metro Atlanta

by John Nelson April 25, 2019

CONYERS, GA. — Tri-Land Properties Inc. has begun construction on the overhaul of Salem Gate Market, a 253,000-square-foot grocery-anchored shopping center in Conyers, about 25 miles southeast of Atlanta. The multimillion-dollar redevelopment will include a 55,000-square-foot Hobby Lobby, 20,000-square-foot Northern Tool + Supply, a 103-room hotel and an Allure Nail & Spa. Tri-Land is rebuilding Salem Gate in a public-private partnership with the City of Conyers. Salem Gate is the first project underway as part of the Conyers Gateway Village District, the product of a new zoning ordinance adopted by the City of Conyers in 2016. In February, the city approved a new Tax Allocation District designation allocating future tax revenues to repay Tri-Land for its infrastructure improvement costs. The metro Chicago-based developer plans to announce additional tenants in the family fashion, sporting goods and value retail segments in the near future. Tri-Land expects to deliver Salem Gate in early summer 2020.

April 25, 2019

Development Florida Mixed-Use Multifamily Southeast

Developer Begins Construction on Retail Project, Parking Garage at $4B Miami Worldcenter

by John Nelson April 25, 2019

MIAMI — Miami Worldcenter Associates has broken ground on a 50,000-square-foot retail project and a 922-space parking garage within its namesake development, the $4 billion Miami Worldcenter underway in the city’s downtown area. The street-level retail space and new parking structure will front NE 7th Street and will ultimately be part of Miami Worldcenter’s 300,000 square feet of retail, restaurant and entertainment space. A portion of the parking garage’s rooftop will feature a rooftop amenity deck that will serve the residents of Luma, a planned 43-story multifamily tower next door. The 27-acre development, which will span 10 city blocks at full buildout, will also feature residential, office and hospitality uses.

April 25, 2019

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