Southeast

ShipMonk Signs 170,447 SF Industrial Lease in Fort Lauderdale

by Alex Tostado December 17, 2018

FORT LAUDERDALE, FLA. — ShipMonk, a logistics company for e-commerce businesses, has signed a lease to move its headquarters from Deerfield Beach to Bridge Point Riverbend in Fort Lauderdale. Starting next year, ShipMonk will occupy 170,477 square feet of the 221,542-square-foot industrial building that was completed in September. Tony Hoover of CBRE represented the tenant in the lease transaction, while Colliers International’s Steven Wasserman represented the landlord, a joint venture between Bridge Development Partners, Akard Street Partners LP, Banner Oak Capital Partners LP and Elion Partners. The terms of the lease were not disclosed. ShipMonk was originally launched in 2014 by then-26-year -old Jan Bednar at Florida Atlantic University’s Tech Runway. ShipMonk now employs more than 200 people in Florida and Los Angeles, with plans to double its workforce and open an office in New York City. Bridge Point Riverbend features 32-foot clear heights, rear-dock loading, ESFR sprinkler systems, and a 1.4/1,000 parking ratio.

December 17, 2018

Georgia Loans Office Southeast

Grandbridge Arranges $29.5M Refinancing for Office Building in Atlanta’s Central Perimeter District

by Alex Tostado December 17, 2018

ATLANTA — Grandbridge Real Estate Capital has arranged a $29.5 million refinance loan for 900 Ashwood Parkway, a 205,271-square-foot, Class A office building in Atlanta’s Central Perimeter submarket. Alex Haw of Grandbridge arranged the loan on behalf of the undisclosed borrower through BB&T Real Estate Funding.

December 17, 2018

Florida Loans Office Southeast

NXT Capital Provides $25M Acquisition Loan for Office Complex in Jacksonville

by Alex Tostado December 17, 2018

JACKSONVILLE, FLA. — NXT Capital has provided a $25 million acquisition loan for the purchase of Summit at SouthPoint, a four-building, 261,000-square-foot office complex in Jacksonville. Summit at SouthPoint is located seven miles southeast of the city’s central business district and offers community amenities such as an outdoor gazebo, lake views and access to hotels and restaurants in the area. Charles Foschini of Berkadia arranged the loan on behalf of the undisclosed buyer. The seller and sales price were also not disclosed.

December 17, 2018

Georgia Industrial Market Reports Southeast Southeast Market Reports

Historically Low Vacancy, Port Growth Drive Savannah’s Industrial Development

by John Nelson December 17, 2018

Though Savannah by all standards is a small industrial market, you would never know it from the activity in the area. At 57 million square feet, the port city is poised to add an astounding 9.75 million square feet of inventory by mid-2019. The force behind all of this growth is attributed to one key factor: The Georgia Ports Authority (GPA). The GPA is an economic giant in Georgia supporting one of every 11 jobs in the state and accounting for 8 percent of its GDP. Home to the largest single-container terminal in North America, GPA moved more than 4.2 million TEUs (20-foot equivalent units) in fiscal year 2018, an 8 percent increase over 2017 and an all-time record for the port. With both CSX and Norfolk Southern on terminal, GPA also handled a record 435,000 rail lifts in FY 2018, which was a 16.1 percent increase over 2017. As the fastest growing port in the country, one might be concerned about congestion becoming an issue for the port, but reinvestment remains a top priority. The GPA recently opened its second inland port to move more containers toward population centers via CSX rail. It doesn’t hurt either that Savannah, geographically …

December 17, 2018

Acquisitions Development Mixed-Use North Carolina Southeast

PN Hoffman Buys Seaboard Station in Raleigh, Plans $250M Redevelopment

by Alex Tostado December 14, 2018

RALEIGH, N.C. — PN Hoffman has purchased Seaboard Station in the north end of downtown Raleigh from William Peace University (WPU) for $34 million. The Washington, D.C.-based developer plans to build a $250 million, 800,000-square-foot mixed-use development consisting of approximately 650 apartments, 150 hotel rooms and 135,000 square feet of retail space. The development sits on seven acres and will be built in three phases, though a timeline was not disclosed. TradeMark Properties represented WPU in the sale. The liberal arts college will remain an active voice in the future of Seaboard Station, according to PN Hoffman.

December 14, 2018

Development Florida Multifamily Seniors Housing Southeast

BRP Senior Housing to Build $150M Assisted Living Community in South Florida

by Alex Tostado December 14, 2018

DELRAY BEACH, FLA. — BRP Senior Housing Management has acquired a 15-acre site for $9 million in Delray Beach to build a $150 million, 279-unit assisted living community. SB Architects is designing the project, which will comprise a three-story building, courtyards and a central lobby. The property will offer multiple dining choices, a movie theater, fitness center, pool, yoga studio and game rooms. Trez Forman Capital of Boynton Beach, Fla., financed the land acquisition, and Al Rex of Walker & Dunlop is the project’s financing adviser. Construction is expected to begin in the summer, with opening slated for 2021.

December 14, 2018

Georgia Loans Office Southeast

Preferred Office Properties Provides $67.6M Loan for Office Building in Atlanta’s West Midtown District

by Alex Tostado December 14, 2018

ATLANTA — Preferred Office Properties, a subsidiary of Preferred Apartment Communities Inc., has closed an investment loan worth up to $67.6 million for 8 West, a 187,000-square-foot office building planned to rise in Atlanta’s West Midtown district. Preferred Office Properties has the option to purchase 8 West upon stabilization from the developers, Atlantic Capital Properties and Gateway Development. Situated at the corner of Howell Mill Road and 8th Street, 8 West will be built on a speculative basis and cost roughly $150 million to develop, according to the Atlanta Business Chronicle.

December 14, 2018

Development Florida Multifamily Southeast

MultiVerse Global to Build 600-Unit Apartment Complex in Florida’s Space Coast

by Alex Tostado December 14, 2018

WEST MELBOURNE, FLA. — MultiVerse Global LLC has unveiled plans to build a 600-unit apartment community within Space Coast Town Center in West Melbourne. MultiVerse Global is partnering with Lake Mary, Fla.-based Integra Land Co. and Atlanta-based JMG Realty on the project. Situated at the intersection of U.S. Highway 192 and St. Johns Heritage Parkway, the community will offer a gym, pool and entertainment areas. Michael Seltzer of Keller Williams/Elite Properties and William Benson of W.H. Benson & Co. represented MultiVerse Global in the land sale. No construction timeline was given.

December 14, 2018

Development Multifamily Southeast Tennessee

Embrey Partners Breaks Ground on 322-Unit Apartment Community in Nashville

by Alex Tostado December 14, 2018

NASHVILLE, TENN. — Embrey Partners has broken ground on Knox at Metrocenter, a 322-unit apartment complex in Nashville. The community is located about one mile north of downtown Nashville and will offer one- and two-bedroom floor plans in two-, three- and four-story buildings. Knox at Metrocenter will overlook Amulet Lake and residents will have access to the Nashville Greenway Trail. San Antonio-based Embrey Partners expects the first units to be ready to lease in spring 2020.

December 14, 2018

Acquisitions Development Georgia Office Southeast

Norfolk Southern to Relocate Headquarters to Atlanta, Buys Midtown Site for $575M

by Alex Tostado December 13, 2018

ATLANTA — Transportation giant Norfolk Southern will relocate its headquarters from Norfolk, Va., to Midtown Atlanta. The railroad company is expected to buy a site at 650 W. Peachtree St. from Cousins Properties for $575 million. The Atlanta-based real estate owner and developer will manage the office campus when the project is completed. Norfolk Southern president and CEO Jim Squires says the headquarters will be complete in 2021. The announcement comes on the heels of Norfolk Southern selling its land in downtown Atlanta’s Gulch area for a reported $115 million to Los Angeles-based CIM Group. CIM Group plans to redevelop the 16.3-acre site into a “mini-city,” with office buildings, residential units, hotels, shops and restaurants. The Atlanta City Council approved the plans in November. Norfolk Southern is expected to put money from the sale toward its new headquarters.

December 13, 2018

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