Southeast

Louisville’s CBD, Suburbs Offer Good Landing Spots for Office Tenants

by John Nelson November 12, 2018

Louisville’s office landscape can be described as a tale of two distinct submarkets woven together by a common thread of consistency. In the central business district (CBD), Class A vacancy rate stands at approximately 13 percent while the suburban Class A vacancy rate hovers around 8.5 percent. As can be noted, there is a substantial gap in occupancy between the two submarkets — 450 basis points. The thread of consistency in the Louisville office market lies in the fact that both are within 100 basis points of those vacancy rates for the same quarter of last year. The suburban office market continues to see healthy rental rate increases driven by the low rate of delivery for new product, coupled with consistently lower vacancy rates. Newer projects are advertising rates in the range of $24 to $28 per square foot, while second-generation, Class A product has quoted rates in the high teens and low 20s. Many companies such as Thornton Oil, BrightSpring Health Services (formerly ResCare) and V-Soft have chosen to grow their headquarters presence in Louisville, which is helping maintain stability in the suburban market. As in most markets, Class B and C product continues to struggle as functional obsolescence, …

November 12, 2018

Acquisitions Georgia Multifamily Southeast

Admiral Capital, Elite Street Sell Multifamily Community in Metro Atlanta for $51.2M

by Amy Works November 9, 2018

NORCROSS, GA. — Admiral Capital Group and Elite Street Capital have completed the disposition of The Fields Peachtree Corner, a multifamily property located on One Ashley Lakes Drive in Norcross, about 20 miles northeast of Atlanta in Gwinnett County. An undisclosed buyer acquired the 490-unit asset for $51.2 million. Through a joint venture, Admiral and Elite acquired the community in May 2016 for $36.3 million and implemented a repositioning and capital improvements program. Renovations included deferred maintenance, enhancing exteriors and upgrading interior units. Select improvements included fitness center, pool area and other amenity upgrades, replacement of wooden decks and landscaping improvements. Interior renovations included replacing countertops, modernizing kitchen cabinets, appliances and flooring and renovating bathrooms. Dan Phelan of Newmark Knight Frank handled the transaction.

November 9, 2018

Acquisitions Company News District of Columbia Multifamily Office Southeast Virginia

DivcoWest Opens D.C. Office, Acquires 392-Unit Apartment Community in Northern Virginia

by Amy Works November 9, 2018

WASHINGTON, D.C. — Divco West Real Estate Services (DivcoWest), a real estate investment firm based in San Francisco, has opened an office in Washington, D.C. Located at 1620 L St. N.W., the new location joins the firm’s roster of offices in Boston, Los Angeles and New York. Additionally, DivcoWest has acquired Avalon Woodland Park, a 392-unit apartment community in Herndon, Va., for an undisclosed price. The company purchased the asset in partnership with Arlington, Va.-based Blackfin Real Estate Investors and renamed the property as Adara Herndon. The gated community features a fitness center, resort-style pool, picnic tables and park benches, sand volleyball court, children’s playground and private garages.

November 9, 2018

Acquisitions Georgia Retail Southeast

United Properties Buys Shopping Center in North Georgia from CBL for $16.5M

by Amy Works November 9, 2018

FORT OGLETHORPE, GA. — East Meadow, N.Y.-based United Properties has purchased Parkway Plaza, a retail center located at 125-234 Parkway Drive in Fort Oglethorpe. Chattanooga, Tenn.-based CBL Properties sold the asset for $16.5 million. Developed in 2015, the 134,047-square-foot retail center was fully leased at the time of sale to tenants including Hobby Lobby, Marshalls, Petco, Rack Room Shoes and Ross Dress for Less. Fred Victor of Transwestern handled the disposition and all-cash acquisition.

November 9, 2018

Acquisitions Florida Office Southeast

Pacer Partners Acquires 151,479 SF Office Portfolio in Orlando

by Amy Works November 9, 2018

ORLANDO, FLA. — Pacer Properties has purchased a two-building office portfolio located within Orlando’s SouthPark Center, a suburban master-planned business center near Orlando International Airport. AEW Capital Management sold the asset for an undisclosed price. Located at 700 and 800 SouthPark Center and totaling 151,479 square feet, the properties are 100 percent leased to a diverse group of tenants, including Catamaran (a subsidiary of UnitedHealth Group), Walgreens and Banco de Brasil. Michael Lerner, Mike Davis, Rick Brugge of Cushman & Wakefield’s Capital Markets team represented the seller in the transaction.

November 9, 2018

Alabama Development Georgia Retail Southeast

Watkins Real Estate Develops Two Publix-Anchored Shopping Centers in Georgia, Alabama

by Amy Works November 9, 2018

BUFORD, GA., AND NORTHPORT, ALA. — Atlanta-based Watkins Real Estate Group has developed two Publix-anchored neighborhood retail centers in the suburbs of Atlanta and Tuscaloosa, Ala., totaling more than 126,000 square feet. Located in Buford, Holland Point is a 68,600-square-foot center along the city’s Quality Development Corridor on Hamilton Mill and Bogan roads. The property has nearly 20,000 square feet of inline space available, as well as three one-acre outparcels. Bristol Park, located at the intersection of Highway 69 and Mitt Lary Road in Northport, is a 56,800-square-foot center that features two available outparcels and 10,500 square feet of available shop space.

November 9, 2018

Development Georgia Industrial Southeast Top Stories

Chesterfield, Stonemont Financial Unveil Development Plans for 1,150-Acre Industrial Park in Savannah, Georgia

by Kristin Harlow November 9, 2018

SAVANNAH, GA. — Chesterfield and Stonemont Financial Group have unveiled development plans for Georgia International Trade Center (GITC), a 1,150-acre, Class A industrial park in Savannah. The rail-served park will be located within 10 miles of the Georgia Ports Authority’s Garden City Terminal, which is part of the Port of Savannah. At full buildout, the logistics campus will feature up to 7.2 million square feet of light industrial and manufacturing warehouse space. The first two speculative buildings, Buildings 1A and 1B, are slated for completion in late 2019. Building 1A will span 407,000 square feet and include clear heights of 36 feet, while the 155,000-square-foot Building 1B will feature 32-foot clear heights. “The Georgia ports continue to drive import, export and e-commerce traffic throughout the entire Southeast region,” says Zack Markwell, founder and CEO of Stonemont. “The Port [of Savannah] has seen tremendous growth in recent years, but it needs more distribution and warehouse capacity to support customers’ increasing needs.” Over the next 10 years, the Georgia Ports Authority will grow the Port of Savannah’s annual capacity to 8 million 20-foot equivalent container units, according to Griff Lynch, executive director for the organization. GITC will provide direct access to Interstates …

November 9, 2018

Development Retail Southeast Tennessee

CBL Properties Opens 228,000 SF Shopping Center in Cookeville, Tennessee

by Amy Works November 8, 2018

COOKEVILLE, TENN. — CBL Properties, along with Browning Development Solutions and CHM LLC, has opened The Shoppes at Eagle Point, a power retail center located on Interstate Drive in Cookeville. Publix, Academy Sports + Outdoor, Ross Dress for Less, PetSmart, Shoe Carnival and Ulta Beauty anchor the 228,000-square-foot shopping center. Additional tenants include Panera Beach and Chipotle Mexican Grille, among other shops and restaurants.

November 8, 2018

Acquisitions Florida Multifamily Southeast

Jefferson Apartment Group Sells Multifamily Community in Orlando for $43M

by Amy Works November 8, 2018

ORLANDO, FLA. — Jefferson Apartment Group (JAG) has completed the sale of Azul Baldwin Park, an apartment property located at 4460 Lower Park Road in Orlando. An undisclosed buyer acquired the asset for $43 million. Developed by JAG and Pacolet Milliken Enterprises, the property features 178 apartments. On-site amenities include a spa, resort-style pool with sundeck and an outdoor kitchen, as well as a grilling area, fitness center and clubroom.

November 8, 2018

Loans Mixed-Use Multifamily Office Retail South Carolina Southeast

Eyzenberg & Co. Arranges $26M Bridge Loan for Mixed-Use Property in Myrtle Beach

by Amy Works November 8, 2018

MYRTLE BEACH, S.C. — Eyzenberg & Co. has secured a $26 million first mortgage bridge loan to replace a $22.6 million construction loan for THEBlvd, a mixed-use property in Myrtle Beach. Land South of MB LLC is the borrower and retained Eyzenberg & Co. last year as its financial advisor for the development of THEBlvd. David Eyzenberg, Jeff Conti and Anastasia Vladislavova of Eyzenberg & Co. arranged the loan, which was provided by Rialto Capital Management. Located at 1410 N. Ocean Blvd., the 42,000-square-foot property features live entertainment, restaurant and retail space. At the time of financing, the recently completed property was 70 percent leased to tenants, including Tin Roof, Banditos Cantina, BurgerFi and Starbucks Coffee.

November 8, 2018

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