Southeast

HFF Brokers $88.5M Sale of Newly Constructed Office Building in Uptown Charlotte

by Camren Skelton August 28, 2018

CHARLOTTE, N.C. — HFF has brokered the sale of 500 East Morehead, a 178,336-square-foot office building in Uptown Charlotte. Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zack Drozda of HFF arranged the transaction on behalf of the seller, Beacon Partners. HFF’s Roy Rosenbaum and Sean Bannon procured the buyer, a member company of Zurich North America, advised by Zurich Alternative Asset Management, its alternative investment adviser. The sales price was not disclosed, but the Charlotte Business Journal reports the asset sold for $88.5 million. Constructed in 2017, the seven-story property features a fitness center with locker rooms and showers, conference room, three outdoor terraces, a rooftop terrace and three restaurants on the ground floor. The building was fully leased at the time of sale to tenants such as Elliott Davis, CB&I, Lennar Multifamily Communities, Guggenheim Real Estate and Hood Hargett & Associates. The restaurants at 500 East Morehead include The Packhouse, Joe & Nosh and Capishe.

August 28, 2018

Acquisitions Georgia Retail Southeast

CBL Properties Sells Shopping Center in Southeast Georgia for $21.5M

by Camren Skelton August 28, 2018

STATESBORO, GA. — Chattanooga, Tenn.-based CBL Properties has sold Statesboro Crossing, a 155,185-square-foot retail center in the southeastern Georgia city of Statesboro, for $21.5 million. A group of investors led by Morrison Investment Group LLC acquired the asset. Zach Taylor and Don McMinn of Marcus & Millichap represented CBL Properties in the transaction. Located a little less than two miles from Georgia Southern University, Statesboro Crossing is situated on approximately 50 acres and is home to tenants including T.J. Maxx, Hobby Lobby, Books-A-Million, Petco, Hibbett Sports and Rack Room Shoes.

August 28, 2018

Leasing Activity North Carolina Office Southeast

CBRE | Raleigh Arranges Leases With First Tenants at Office Development in Raleigh

by Camren Skelton August 28, 2018

RALEIGH, N.C. — CBRE | Raleigh has arranged leases with the first tenants at Crabtree Terrace, a 173,000-square-foot office building under construction in Raleigh. Coworking company Spaces signed a lease for 31,794 square feet of office space, Longleaf Law Partners signed a lease for 8,000 square feet and a high-end, large-format restaurant signed a lease for 12,500 square feet of ground-floor retail space. Chapel Hill-based East West Partners is developing Crabtree Terrace, which will include 145,000 square feet of office space and 28,000 square feet of ground-floor retail space upon completion in the fourth quarter of 2019. The building will be situated adjacent to a luxury hotel and conference center that will house a rooftop bar and full-service restaurant. Architecture firms Gensler and Kimley-Horn are designing the building, and Brasfield & Gorrie is the general contractor. Citizens Bank is providing construction financing for the project, and Northridge Capital LLC and SilverCap Partners are providing equity financing.

August 28, 2018

Acquisitions Alabama Multifamily Southeast

Cushman & Wakefield Secures $18.8M Sale of Multifamily Community in Birmingham

by Camren Skelton August 28, 2018

BIRMINGHAM, ALA. — Cushman & Wakefield has secured the $18.8 million sale of Village at Grants Mill, a 200-unit multifamily community in Birmingham. Jimmy Adams and Craig Hey of Cushman & Wakefield arranged the transaction on behalf of the seller, LMS Real Estate. An East Coast-based private capital buyer acquired the property. Village at Grants Mill was originally constructed in 1985 and fully renovated in 2017. Individual units feature granite countertops, private patios or balconies, stainless steel appliances, hardwood style flooring and walk-in closets. Community amenities include a resort-style pool, outdoor fire pit, fitness center, dog park, outdoor kitchen and a coffee bar.

August 28, 2018

Acquisitions North Carolina Retail Southeast

Avison Young Arranges $10.5M Sale of Retail Center in Chapel Hill, North Carolina

by Camren Skelton August 28, 2018

CHAPEL HILL, N.C. — Avison Young has arranged the $10.5 million sale of Glenwood Square, a 51,900-square-foot retail center located at 1200-1218 Raleigh Road in Chapel Hill. Blake Thomas and Grant Linderman of Avison Young arranged the transaction on behalf of the seller, Flagler Holdings. Fairway Investments acquired the asset. Constructed in 1987, Glenwood Square is home to tenants including The Fresh Market and Rite Aid. The center was fully leased at the time of sale. The property is located less than two miles from the University of North Carolina at Chapel Hill.

August 28, 2018

Acquisitions Georgia Midwest Minnesota Retail Southeast Texas Top Stories

CBRE, Brookfield Property Partners Buy Three Super-Regional Malls from GGP for More Than $1B

by Camren Skelton August 28, 2018

LOS ANGELES AND NEW YORK — CBRE Global Investors (NYSE: CBRE) has formed a joint venture with Brookfield Property Partners (NASDAQ: BPY) to purchase three super-regional malls totaling 3.7 million square feet from General Growth Properties (NYSE: GGP). As part of the transaction, CBRE is purchasing a 49 percent stake in the three malls from BPY. The sales price for the portfolio was not disclosed, but The Wall Street Journal reports the deal is valued at more than $1 billion. The assets include Cumberland Mall, a 1 million-square-foot mall in northwest Atlanta; Ridgedale Center, a 1.2 million-square-foot mall in the western Minneapolis suburb of Minnetonka; and The Parks Mall at Arlington, a 1.5 million-square-foot mall in the Dallas/Fort Worth metroplex. The three malls were 98 percent leased at the time of sale to tenants including Amazon Pop-Up, AMC Theatres, Apple Store, Barnes & Noble, The Cheesecake Factory, Chick-fil-A, Costco, Dick’s Sporting Goods, Dillard’s, Disney Store, DSW, H&M, JC Penney, Macy’s, Nordstrom, Nordstrom Rack, Old Navy, Pottery Barn, Sears, Starbucks Coffee, Williams-Sonoma and Victoria’s Secret. “We believe that Class A, super-regional malls remain one of the most attractive investments available today,” says David Morrison, chief investment officer of the Americas at CBRE Global …

August 28, 2018

Development Florida Hospitality Southeast

Netherlands-Based Hotel Chain to Open 348-Room Location at Miami Worldcenter

by Camren Skelton August 27, 2018

MIAMI — Netherlands-based hotel chain citizenM has unveiled plans to open a 348-room hotel at Miami Worldcenter, a $2 billion mixed-use development in downtown Miami. The 12-story hotel will total 128,000 square feet and will be located along 2nd Avenue, adjacent to Miami Worldcenter’s pedestrian-only, open-air shopping promenade. The hotel will feature a swimming pool, bar and sun deck on the 10th floor and a fitness center on the 11th floor. The hotel will also include a cloudM rooftop bar offering views of Biscayne Bay and the downtown Miami skyline, as well as 1,850 square feet for societyM, the hotel brand’s creative spaces and meeting rooms. San Francisco-based architecture firm Gensler is designing the building. Construction is underway on the first phase of Miami Worldcenter, which includes a 60-story Paramount condominium community, the 444-unit CAOBA apartment tower and retail space. The first phase is slated for completion later this year. Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, is the master developer for the 10-block project.

August 27, 2018

Development Industrial Southeast Tennessee

Robinson Weeks to Develop 421,470 SF Speculative Industrial Building in Memphis

by Camren Skelton August 27, 2018

MEMPHIS, TENN. — Robinson Weeks Partners will break ground in September on Memphis Global Crossing, a 421,470-square-foot industrial building in Memphis. The speculative project will be located at the southeast corner of Distriplex Farmers Drive and Global Drive, within the Distriplex Farms master-planned industrial development. The site is located two-and-a-half miles from the BNSF Intermodal Facility and eight miles from the FedEx Hub at Memphis International Airport. The cross-dock facility will feature 32-foot clear heights, 185-foot truck courts, 124 trailer parking spaces, 204 auto parking spaces and 127 dock doors, and will be designed to accommodate regional and national distributors and e-commerce fulfillment users. Cushman & Wakefield | Commercial Advisors LLC will handle the project’s leasing assignment on behalf of Atlanta-based Robinson Weeks. ARCO Design/Build is the general contractor for the project, and The Reaves Firm is the civil engineer.

August 27, 2018

Development Kentucky Multifamily Southeast Tennessee

Doster Construction Breaks Ground on Two Multifamily Developments in Tennessee, Kentucky

by Camren Skelton August 27, 2018

BIRMINGHAM, ALA. — Birmingham-based Doster Construction Co. has broken ground on two new multifamily properties for Continental Properties in Tennessee and Louisville. The projects include the 296-unit Springs at Forest Hill that will be located at 3735 S. Forest Hill Irene Drive in Tennessee’s Shelby County, roughly 25 miles southeast of Memphis. The second community, Springs at La Grange, will be located in Louisville. The project will include 11 buildings with a total of 236 units. Both developments will feature amenities such as resort-style swimming pools, community clubhouses and fitness centers. A construction timeline for the projects was not disclosed.

August 27, 2018

Acquisitions Florida Retail Southeast

Matthews Real Estate Arranges $18M Sale of Sprouts-Occupied Property in Tampa

by Camren Skelton August 27, 2018

TAMPA, FLA. — Matthews Real Estate Investment Services has arranged the $18 million sale of a freestanding retail property leased to Sprouts Farmers Market in Tampa. Built in 2017, the 36,320-square-foot building is located at 1547 S. Dale Mabry Highway. Aron Cline of Matthews Real Estate represented the seller and procured the Southern California-based buyer in the transaction. Other terms of the deal were not disclosed. The property is leased to Sprouts for 15 years with four, five-year renewal options. The store is located near tenants such as Trader Joe’s, Whole Foods Market, Publix, Target, T.J. Maxx, Total Wine & Beer and HomeGoods. Sprouts Farmers Market is a Phoenix-based organic grocer with more than 285 stores located throughout 13 states.

August 27, 2018

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