Thursday, July 10, 2025
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AIG to Open 180,000 SF Office at Perimeter Summit Mixed-Use Campus in Brookhaven, Georgia

by John Nelson

BROOKHAVEN, GA. — Insurance giant AIG plans to establish a new regional office at Perimeter Summit, an 83-acre mixed-use development in Brookhaven, a northeast suburb of Atlanta. The firm will occupy 180,000 square feet of office space across seven floors at Summit Two. The new space will consolidate AIG’s existing offices in Atlanta’s Buckhead and North Fulton submarkets and will triple its current office footprint, according to the office of Georgia Gov. Brian Kemp. The firm plans to house 1,200 employees at the new office and create at least 600 new positions over the next five years. Brooke Dewey, Adam Viente and Alexis Vondersaar of JLL handle leasing efforts for Perimeter Summit on behalf of the developer and landlord, Spear Street Capital. Josh Hirsh, Gregg Metcalf and Patrick Baughman of JLL represented AIG in the lease deal. In addition to the Summit Two office building, Perimeter Summit features a Hyatt Regency hotel and an upcoming 350-unit apartment development by High Street Residential dubbed Residences at Perimeter Summit. Summit Two is a 414,000-square-foot, 18-story office tower that features a coffee shop, large lobby, covered parking, outdoor dining areas, fitness center, market and a café.

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DevelopmentFloridaLeasing ActivityMixed-UseRestaurantRetailSoutheast

Swire Properties Announces 11 New Tenants at Brickell City Centre in Miami

by John Nelson

MIAMI — Swire Properties has announced 11 new tenants as part of the North Block expansion at Brickell City Centre, a mixed-use development located at 701 S. Miami Ave. in Miami’s Brickell district. The new deals total 65,800 square feet and feature a mix of recent openings and openings for later this year and 2025. The new tenants joining Brickell City Centre include an anchor store for H&M (open); Black Tap Craft Burgers & Beer (open); FP Movement; 7 For All Mankind (open); Anthropologie; John Varvatos; Lacoste; Marc Jacobs; Nespresso; Mango; and Aritzia. Brickell City Centre is a $1 billion, 4.9 million-square-foot mixed-use development comprising two residential towers, two mid-rise office buildings, the EAST Miami hotel and 500,000 square feet of retail and restaurants.

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AcquisitionsFloridaRetailSoutheast

Easton Group Acquires JCPenney-Leased Department Store at Miami International Mall for $12M

by John Nelson

DORAL, FLA. — An affiliate of The Easton Group has acquired a single-tenant department store and adjacent parking lot in the Miami suburb of Doral for $12 million. Situated on a 10-acre site within Miami International Mall, the property totals 150,108 square feet of big box retail space. JCPenney currently occupies the building. Edward Easton, CEO and chairman of Easton Group, says that the company will keep JCPenney in place “as long as the rent payments remain current.”

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AcquisitionsMarylandSeniors HousingSoutheast

Berkadia Arranges Sale of 106-Unit Active Adult Community in Annapolis, Maryland

by John Nelson

ANNAPOLIS, MD. — Berkadia’s Seniors Housing & Healthcare team has brokered the sale of Gardens of Annapolis, a 106-unit active adult community. A joint venture between Corten Real Estate and Real Asset Industries purchased the property from Crow Holdings, a Texas-based real estate investment and development firm. Cody Tremper, Dave Fasano, Ross Sanders and Mike Garbers of Berkadia Seniors Housing & Healthcare represented Crow Holdings in the transaction. Berkadia also provided $17.4 million in Fannie Mae acquisition financing on behalf of the buyer. The seven-year, fixed-rate acquisition loan features both an attractive interest rate and interest-only period, according to Berkadia. Austin Sacco, Steve Muth and Alec Rosenfeld of Berkadia originated the acquisition financing. Built in 2002, Gardens of Annapolis is located near historic downtown Annapolis and the U.S. Naval Academy. The property features a mix of 42 one-bedroom, one-bathroom units; 23 two-bedroom, one-bathroom units; and 41 two-bedroom, two-bathroom units.

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AcquisitionsRestaurantRetailSoutheastTennessee

Marcus & Millichap Brokers Sale of New Restaurant in Metro Memphis Leased to Whataburger

by John Nelson

MEMPHIS, TENN. — Marcus & Millichap’s Taylor McMinn Retail Group in Atlanta has brokered the sale of a newly built restaurant in a southern suburb of Memphis. Whataburger occupies the 3,318-square-foot property on a 14-year, corporate-guaranteed ground lease with rent increases in the initial term and extension options. The restaurant serves as an outparcel to a Walmart Supercenter. Don McMinn of Taylor McMinn represented the seller, a Tennessee-based firm that is a preferred development partner of the Whataburger brand, in the transaction. The buyer was an all-cash investor from California that purchased the restaurant for an undisclosed price in a 1031 exchange. “You can’t underestimate the importance in the relationship between price point and cap rates in today’s market,” says McMinn. “Lower price point deals will get significantly more activity and trade more aggressively.”

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Pictured is an office interior in New York City.
Content PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern

Lee & Associates: Absorption Is Positive Across All Property Types According to Third-Quarter Report

by Sarah Daniels

Perhaps the most salient information within Lee & Associates’ 2024 Q3 North America Market Report pertains to the office market. The third quarter of 2024 ended nine continuous quarters of negative net absorption in the office sector. However, additional occupancy losses may be on the horizon for the office market, even as supply pressures ease for this property type. Positive retail news has led to positive industrial news, as rising demand for retail goods has bolstered tenant demand for industrial space just as additional industrial inventory is coming on line. Steady economic growth and continuing impediments to home ownership have created strong absorption in the multifamily sector. Rent growth and vacancy rates have largely plateaued. Lee & Associates has made their complete third-quarter report available here (with more detailed information broken down according to property type). Below is an overview of the strengths and challenges in the industrial, office, retail and multifamily sectors. Industrial Overview: U.S. Demand Spikes Industrial demand across the United States dramatically improved in the third quarter. There were 52.8 million square feet of positive net absorption in the country in the third quarter, a 76 percent jump from the same period a year ago and more than double the …

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FloridaGeorgiaLoansMultifamilySouth CarolinaSoutheastTennesseeTexasTop Stories

Newmark Arranges $533M Refinancing for Sun Belt Multifamily Portfolio 

by Hayden Spiess

NEW YORK CITY — New York City-based Newmark has arranged a $533 million loan for the refinancing of a multifamily portfolio located across six states in the Sun Belt. Boston-based investment firm West Shore is the borrower.  Totaling 2,806 units, the portfolio comprises nine Class A, garden-style multifamily communities. The properties include: Citigroup provided the fixed-rate CMBS financing, which features a single-asset, single-borrower (SASB) loan structure. Purvesh Gosalia, vice chairman of Newmark, secured the financing on behalf of West Shore.  According to a press release issued by the firm, this loan transaction reflects continued investor interest in the Sun Belt markets, which benefit from population growth and demand for rental housing.  Newmark also recently announced an assignment to market 10 multifamily properties comprising 2,845 units across eight states for sale. The assets are expected to draw a total of roughly $500 million.  — Hayden Spiess

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AcquisitionsFloridaIndustrialSoutheast

Glenstar, Columnar Investments Sell 818,000 SF Industrial Park in Fort Myers, Florida

by John Nelson

FORT MYERS, FLA. — A joint venture between Chicago-based Glenstar Logistics and Dallas-based Columnar Investments has sold Tri-County 75, an 818,000-square-foot industrial park located on a 72-acre site in Fort Myers. The four-building, Class A park was built in October 2023 and was 95 percent leased at the time of sale. The buyer and sales price were not disclosed. Jose Lobon, Frank Fallon, Trey Barry, Royce Rose, Kris Courier, Rian Smith, Gabriel Braun and Daniel Sarmiento of CBRE represented Glenstar and Columnar in the transaction. Tri-County 75 is located at 6115-6150 Tri County Commerce Way and offers proximity to I-75 and Southwest Florida International Airport. Designed by Ware Malcomb, the park’s rear-load and cross-dock facilities range in size from 76,210 to 404,050 square feet and feature concrete tilt-up construction, 32- to 36-foot clear heights, 142 trailer parking spots, large truck courts and trailer stalls. Tenants at Tri-County 75 include Ferguson Enterprises, a national distributor of plumbing and HVAC supplies; a Fortune 500 beverage company; Orlando-based Mechanical One, a home repair and maintenance company; NB Handy, a Virginia-based distributor of metals, HVAC, commercial roofing and machinery products; Coldest, a Florida-based manufacturer of water bottles; and a Fortune 500 third-party logistics firm.

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FloridaIndustrialLeasing ActivitySoutheast

Stonemont Financial Signs LG Electronics to Occupy 348,740 SF at Lakeland Commerce Center in Central Florida

by John Nelson

LAKELAND, FLA. — Stonemont Financial has signed LG Electronics USA to a full-building lease at Lakeland Commerce Center in Lakeland, roughly 30 miles from Tampa via I-4. The tech manufacturer will occupy the park’s Building 400, a 348,740-square-foot facility that was delivered in the first quarter of this year. LG Electronics will utilize the facility as a distribution center for its home appliances and consumer electronics. Stonemont Financial has also recently signed other tenants to join the tenant roster at Lakeland Commerce Center, including Lifting Gear Hire (36,420 square feet at Building 200) and a 75,740-square-foot lease at Building 100 with an undisclosed tenant. The LG Electronics lease brings the park to 51 percent leased, according to Stonemont Financial.

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AcquisitionsMultifamilySoutheastVirginia

Milestone Acquires Two Apartment Communities in Fredericksburg, Virginia Totaling 676 Units

by John Nelson

FREDERICKSBURG, VA. — The Milestone Group has acquired two apartment communities in Fredericksburg totaling 676 units. The communities include Kensington Crossing (476 units) and Magnolia Falls (200 units). The seller and sales price were not disclosed. Milestone assumed the existing loans for both communities and plans to upgrade common areas and amenities. The previous owner fully renovated the interiors at both Kensington Crossing and Magnolia Falls.

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