Southeast

Chemical Company Signs 121,978 SF Industrial Lease for Headquarters in South Florida

by Alex Tostado January 23, 2019

POMPANO BEACH, FLA. — Blue Dog Chemical Co. has signed a 121,978-square-foot lease in Pompano Beach at Bridge Point Powerline Road, a three-building, 467,832-square-foot industrial park that is expected to be delivered in the third quarter of this year. Blue Dog manufactures performance and cleaning products for the consumer automotive market, transportation sector and marine and general aviation markets. Blue Dog is moving its headquarters from Stone Mountain, Ga., which is about 20 miles east of downtown Atlanta, where it occupied about 40,000 square feet of industrial space. Blue Dog is expected to have more than 60 employees at its new location, 40 of which will be new jobs. Tony Hoover of CBRE represented the landlord, Bridge Development Partners, in the lease transaction.

January 23, 2019

Acquisitions Florida Multifamily Southeast

Carter Multifamily Acquires Apartment Complex in Tallahassee for $41.8M

by Alex Tostado January 22, 2019

TALLAHASSEE, FLA. — Carter Multifamily has acquired Polos on Park, a 440-unit apartment community in Tallahassee, for $41.8 million. Built in 1999, the complex is situated at 2626 E. Park Ave., about four miles east of downtown Tallahassee. The property comprises 21 two- and three-story residential buildings, nine garage structures and an amenity building. Carter Multifamily is planning a series of renovations and will rebrand the community as 2626 Park. Planned renovations include updating residential interiors, the pool, clubhouse and recreational areas. The company also plans to add a dog park, fitness center and outdoor gathering areas. The seller was not disclosed.

January 22, 2019

Development Industrial South Carolina Southeast

Automotive Glass Manufacturer to Open 182,000 SF Processing Center in Upstate South Carolina

by Alex Tostado January 22, 2019

FOUNTAIN INN, S.C. — Fuyao North America Inc., a subsidiary of China-based Fuyao Glass Industry Group Co., will open a processing center in Fountain Inn, a city in South Carolina’s Upstate region. The company is planning to invest $16.1 million that is expected to create 70 new jobs. The Fuyao Group has been making automotive glass since 1987. The new facility will be located at 110 Milacron Drive, about 20 miles south of downtown Greenville, and will span 182,000 square feet. The Coordinating Council for Economic Development has awarded a $100,000 Set Aside grant to Greenville County to assist with costs associated with the project. A timeline for the project was not disclosed.

January 22, 2019

Acquisitions Florida Industrial Southeast

Geneva Group, Genet Property Purchase Industrial Park in Tampa

by Alex Tostado January 22, 2019

TAMPA, FLA. — Geneva Group and Genet Property Group have purchased Executive Industrial Park, a seven-building campus on 15 acres in Tampa’s Westshore industrial submarket. The 201,620-square-foot property was 94 percent leased at the time of the sale and is situated about six miles from Tampa International Airport. Rick Brugge, Mike Davis and Michael Lerner of Cushman & Wakefield represented the undisclosed seller in the transaction. The sales price was not disclosed.

January 22, 2019

Acquisitions Georgia Multifamily Southeast Student Housing

Zargo Invest Acquires Student Housing Community Near University of Georgia for $8.4M

by Alex Tostado January 22, 2019

ATHENS, GA. — Zargo Invest has acquired Farmer’s Exchange, a 121-bed student housing community located near the University of Georgia campus in Athens, for $8.4 million. The name of the seller was undisclosed. Zargo plans to invest $1 million in renovations, including interior and exterior painting, installation of smart security systems in units, a new business center and lounge and new security cameras. CollegeTown Properties has been tapped to manage the community. A renovation timeline has yet to be announced.

January 22, 2019

Acquisitions Kentucky Retail Southeast

SRS Arranges $3.5M Sale of Retail Center in Suburban Louisville

by Alex Tostado January 22, 2019

CRESTWOOD, KY. — SRS Real Estate Partners has arranged the $3.5 million sale of Crestwood Crossing, a 19,129-square-foot retail center in Crestwood, about 19 miles west of Louisville. Matthew Mousavi, Patrick Luther and Chris Edwards of SRS represented the seller, a local developer, in the transaction. The property was 94 percent leased at the time of the sale to a mix of fitness, dental, service-oriented and restaurant tenants. The Ohio-based buyer bought the center that was built in 2007.

January 22, 2019

Acquisitions Office Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $56M Sale of Newly Renovated Office Building in Richmond

by Alex Tostado January 21, 2019

RICHMOND, VA. — Cushman & Wakefield | Thalhimer Capital Markets Group has arranged the sale of Deep Run 3, a 355,449-square-foot office building in Richmond. The Class A office building recently underwent a $19 million renovation, with new additions including a 250,000-square-foot parking garage, roof, fitness center and cafeteria. The renovation also included updating the building’s lobbies and elevators. Deep Run 3 was 98 percent leased at the time of sale to tenants including McKesson Medical-Surgical, Essex Bank’s headquarters and Travelers Insurance. Eric Robison and Erik Berkman of Cushman & Wakefield | Thalhimer represented the seller, Markel | Eagle Partners, in the transaction. An undisclosed buyer acquired the property for $158 per square foot.

January 21, 2019

Acquisitions Florida Industrial Southeast

McCraney Sells 498,487 SF of Industrial Space in South Florida to Cabot Properties

by Alex Tostado January 21, 2019

WEST PALM BEACH, FLA. — McCraney Property Co. has sold a total of 498,487 square feet of industrial space in two separate transactions to Cabot Properties in West Palm Beach. The first deal was for a warehouse and distribution portfolio totaling 173,812 square feet within Vista Business Park. The second transaction included four of the five industrial buildings with Turnpike Business Park totaling 324,675 square feet. Turnpike Business Park spans 35 acres, and notable tenants include Primestones Granite, XPO Logistics, TCI, Summit Retail Solutions, Intellico Solutions, Stanley Stephens Flooring, United Water, MasTec Advanced Technologies, Contents Only and RENCO Construction. Christopher Thomson, Chris Metzger, Richard Etner Jr., Matthew McAllister, Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield represented Cabot Properties in both transactions. The sales prices were not disclosed.

January 21, 2019

Acquisitions Multifamily Southeast Virginia

Marcus & Millichap Brokers $33.2M Sale of Multifamily Portfolio in Richmond

by Alex Tostado January 21, 2019

RICHMOND, VA. — Marcus & Millichap has arranged the $33.2 million sale of a 201-unit multifamily portfolio in Richmond. The sold portfolio includes Lofts at Franklin, a 67-unit complex situated in Richmond’s Shockoe Bottom neighborhood. The pet-friendly complex offers one- and two-bedroom floor plans and includes onsite security cameras and a furnished roof deck. The other property in the portfolio sale was Plant I, a 134-unit multifamily community situated just south of Shockoe Slip along the James River in the Manchester District, about two miles south of downtown Richmond. The pet-friendly community offers one-, two- and three-bedroom floor plans. Amenities include a fitness center, furnished roof deck, onsite security cameras, valet trash pickup and assigned parking spaces. Christopher Chadwick and Martin Mooradian of Marcus & Millichap represented the seller, a privately owned development company, and procured the buyer, a Philadelphia-based privately owned investment and management entity.

January 21, 2019

Loans Retail Southeast Virginia

KeyBank Provides $25.3M in CMBS Financing for Retail Center in Alexandria

by Alex Tostado January 21, 2019

ALEXANDRIA, VA. — KeyBank has provided a $25.3 million CMBS refinancing loan for Rose Hill Plaza, a 145,925-square-foot shopping center in Alexandria. The non-recourse, 10-year loan was underwritten with a fixed interest rate and 30-year amortization schedule. The loan will be used by the undisclosed borrower to refinance existing debt. The Safeway-anchored shopping center is situated about five miles west of downtown Alexandria and its 31 tenants include Dollar Tree, McDonald’s, Tuesday Morning, Walgreens, Subway, Advance Auto Parts, Anytime Fitness, SunTrust Bank, 7-Eleven, Gabe’s, T-Mobile and Little Caesars.

January 21, 2019

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