Southeast

CBRE Negotiates $40.5M Sale of Bank of America-Anchored Office Building in Uptown Charlotte

by John Nelson March 21, 2019

CHARLOTTE, N.C. — CBRE has negotiated the $40.5 million sale of Gateway Center, a 10-story, 310,745-square-foot office building in Uptown Charlotte. Hamilton EQ, an affiliate of New York-based Hamilton Equity Partners, purchased the asset, which is located at 901 W. Trade St. Gateway Center was 91 percent leased at the time of the sale, with Bank of America occupying 78 percent of the property. The seller was not disclosed, but Charlotte Business Journal reports that Chicago-based GEM Realty Capital sold the tower three years after purchasing it for $30.5 million. Patrick Gildea, Matt Smith and Grayson Hawkins of CBRE represented the seller in the transaction. Hamilton EQ entered the Charlotte market earlier this month with a portfolio acquisition in the suburbs.

March 21, 2019

Development Louisiana Southeast Student Housing

Annex Group to Develop 324-Bed Student Housing Community Near Louisiana Tech University

by John Nelson March 21, 2019

RUSTON, LA. — The Annex Group is set to break ground on The Annex of Ruston, a 324-bed student housing community located near the Louisiana Tech University campus in Ruston. The development will be situated at 509 W. Line Ave. and will offer one-, two-, three- and four-bedroom, fully furnished units. Shared amenities will include a swimming pool, exercise room, study lounges and secured parking. KeyBank Real Estate Capital provided development financing for the project, which was designed in collaboration with the City of Ruston, KTGY Architecture and HGA Engineering. The community is set for delivery in August 2020.

March 21, 2019

Florida Loans Mixed-Use Multifamily Southeast Walker & Dunlop

Walker & Dunlop Arranges $45.2M Refinancing for Two Parcels in South Florida

by John Nelson March 21, 2019

MIAMI AND BOCA RATON, FLA. — Walker & Dunlop has arranged $45.2 million in financing for two parcels in South Florida. Eric McGlynn and Kevin O’Grady of Walker & Dunlop arranged the refinancing loans in two separate transactions, which effectively lower the interest rates on each property’s existing land loan. The first loan was on behalf of Property Markets Group (PMG) for $33 million for a parcel in Miami located at 300 Biscayne Blvd. that will house Waldorf Astoria & Residences Miami. PMG, Greybrook Realty Partners and S2 Development are co-developing the 98-story building that will feature 140 hotel rooms and approximately 400 for-sale condominiums. BridgeInvest provided the non-recourse, interest-only loan that gives the developers the option to exit with limited prepayment penalties. The second loan, which was for 130 acres in Boca Raton, totaled $12.2 million. The land is the former site of Mizner Trail Golf Club, a public golf course. The owner of the land, Compson Associates, is planning to develop a 255-unit residential development consisting of townhomes and single-family homes. New Gables Capital provided the non-recourse loan that gives the borrower 12 additional months to complete predevelopment activities.

March 21, 2019

Development Industrial South Carolina Southeast

Magnus Development Breaks Ground on 200,000 SF Speculative Industrial Facility in Columbia

by John Nelson March 21, 2019

COLUMBIA, S.C. — Magnus Development Partners has broken ground on Midway Logistics IV, a 200,000-square-foot speculative industrial building within Lexington County Industrial Park in Columbia. The tilt-up, multi-tenant building will feature 32-foot clear heights, 16 dock doors, two 12-by-14-foot drive-in doors, a 210-foot shared truck court, LED motion-detected lighting and an ESFR sprinkler system. Magnus expects to deliver the facility in the third quarter. Colliers International will handle leasing efforts on behalf of the developer.

March 21, 2019

Georgia Industrial Leasing Activity Southeast

Liberty Property Trust Signs Sugar Foods to 247,000 SF Industrial Lease in Metro Atlanta

by John Nelson March 21, 2019

LITHIA SPRINGS, GA. — Liberty Property Trust has signed Sugar Foods Corp. to a full-building, 247,000-square-foot lease at 875 Maxham Road in Lithia Springs. Located within Westfork Distribution Center, Liberty Property acquired the building in 2013 and has since made capital improvements, including creating a loop road to optimize traffic flow, expanding the truck courts and adding trailer storage to support modern logistics requirements. Randall Bryan of King Industrial Realty Inc. represented Sugar Foods in the lease transaction. Mark Hawks and Todd Barton of CBRE represented the landlord.

March 21, 2019

Company News Retail Southeast Tennessee Top Stories

Christian Book Retailer LifeWay to Close All 170 Stores, Focus on Digital Platform

by John Nelson March 21, 2019

NASHVILLE, TENN. — LifeWay, a Christian bookseller based in Nashville, announced its plan to close all 170 of its physical bookstores. The bulk of the company’s stores are in the Southeastern United States, with a large concentration of locations in Texas and Ohio. A full list can be found here. LifeWay expects to close all of its physical locations by the end of the year, and the timing of store closings will vary depending on local circumstances. In January, the company announced it would reduce the number of its retail locations due to declining customer traffic and sales, but has since pivoted. “While we had hoped to keep some stores open, current market projections show this is no longer a viable option,” says Brad Waggoner, acting president and CEO of LifeWay following the retirement of Thom Rainer last month. “The decision to close our local stores is a difficult one. LifeWay has developed close connections with the communities where our stores are located, and we have been honored to serve those communities.” LifeWay is neither closing nor filing for bankruptcy, instead focusing on its digital platform, customer service center and its network of church partnerships. Details about the lease terms …

March 21, 2019

Acquisitions District of Columbia Office Southeast

Office Properties Income Trust Sells Office Building in Downtown D.C. for $70M

by Alex Tostado March 20, 2019

WASHINGTON, D.C. — Office Properties Income Trust (OPI), a REIT, has sold a 129,035-square-foot office building located at 500 First St. NW in downtown Washington, D.C. The Bureau of Prisons is expected to leave the office by the end of April, leaving the property vacant. According to OPI CEO David Blackman, OPI planned to renovate the asset, “but at a sales price of more than $540 per square foot for a to-be vacant building, we decided to be opportunistic and focus our capital elsewhere.” Proceeds from the sale will go toward repaying a portion of OPI’s unsecured term loans. The buyer was not disclosed, although Washington Business Journal reports Georgetown University bought the property. The university plans to relocate many Georgetown Law centers and institutes and some McCourt School of Public Policy centers and institutes into the building, according to the report.

March 20, 2019

Development Florida Restaurant Retail Southeast

Yumbrella Food Hall Opens at The Shops at Sunset Place in South Miami

by Alex Tostado March 20, 2019

SOUTH MIAMI, FLA. — Yumbrella Food Hall is now open at The Shops at Sunset Place in South Miami. Led by food truck organizer and restaurateur Steve Simon, Yumbrella is the only food hall in the city, paying homage to Miami’s original food hall, which opened in the 1970s by the same name. The 6,500-square-foot hall features seven restaurant concepts ranging from Chinese to soul food, Italian, Latin, American and German fare. Confirmed food hall vendors include Cracked by Chef Adrianne, Dr. Limon Express, Killer Melts, NOODS, King of Racks BBQ, The Tonic and The Beverly. Amenities include a shared kitchen, full bar, stage for musical performances and a private room for events. The Shops at Sunset Place has been owned and operated by Federal Realty Investment Trust, Grass River Property and The Comras Co. since 2015. Other tenants at The Shops at Sunset Place include AMC Theatres, LA Fitness, Tea & Poets, Splitsville and Z-Gallerie.

March 20, 2019

Acquisitions Florida Office Southeast

Grover Corlew Purchases Office Center in South Florida for $32.5M

by Alex Tostado March 20, 2019

DEERFIELD BEACH, FLA. — Grover Corlew, a real estate investment management group, has purchased Hillsboro Center, a five-building, 216,101-square-foot office park in Deerfield Beach for $32.5 million. Hillsboro Center includes a six-story, 116,250-square-foot office building and four two-story office buildings totaling 99,851 square feet. The asset is situated at 600 and 700 Hillsboro Blvd. in South Florida’s Broward County. Hillsboro Center was 90 percent leased at the time of the sale to tenants such as Dart Container Corp., Humana and Old Republic National Title Co. Amenities include onsite management and security teams, landscaped walkways, courtyard sitting areas, a tranquil pond, waterfalls and an on-site café. Cushman & Wakefield represented the undisclosed seller in the transaction.

March 20, 2019

Acquisitions Industrial Southeast Tennessee

Fortress, Sansone Group Acquire Industrial Facility in Metro Nashville for $23.6M

by Alex Tostado March 20, 2019

MT. JULIET, TENN. — Fortress Investment Group LLC and Sansone Group have acquired a 709,651-square-foot industrial building in Mt. Juliet for $23.6 million. The property is located along Interstate 840 at 245 Couchville Industrial Blvd., about 32 miles east of downtown Nashville. The buyers also finalized a five-year, more than 237,000-square-foot lease with Superior 3rd Party Logistics Inc. The asset underwent a multimillion-dollar capital improvement project completed in 2018. Terry Smith and Max Smith of Colliers International will handle leasing efforts for the new ownership.

March 20, 2019

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