BLOOMINGDALE, GA. — Atlanta-based flooring retailer Floor & Decor has opened a 1.4 million-square-foot distribution center in Bloomingdale, roughly 15 miles west of Savannah. The facility is located within Morgan Business Center, a 250-acre industrial park located near the intersection of Interstates 16 and 95. The center is roughly 11 miles from the Port of Savannah. The retailer will use the facility to store and distribute merchandise to stores across the eastern U.S. Duke Realty developed the project and CBRE handled the center’s leasing assignment. The new facility brings an additional 30 jobs to the Savannah area.
SARALAND, ALA. — Mobile-based general contractor White-Spunner Construction is underway on a new 101-room Hampton Inn & Suites in Saraland, roughly 12 miles north of Mobile. The $15 million hotel will replace a previous Hampton Inn that closed in 2017, and will be one of the first to feature the newest Hampton design for the brand. In addition, the hotel will feature 900 square feet of meeting space, an outdoor pool, fitness center, sundry shop and a business center. The hotel is expected to open in October.
PEMBROKE PINES, FLA. — Strategic Storage Growth Trust Inc., a non-traded REIT sponsored by SmartStop Asset Management LLC, has acquired an 870-unit self-storage facility in Pembroke Pines, roughly 23 miles north of Miami. The property is located at the intersection of Pines Boulevard and S.W. 186th Avenue. The 84,000-square-foot, climate-controlled facility was completed earlier this year and comprises one two-story and one three-story building. The sales price was not disclosed.
The Raleigh-Durham industrial and flex market, totaling approximately 129 million square feet, continues to be strong with overall positive absorption. Vacancy is trending lower, making the region a landlord and seller’s market. With increasing construction costs, lower vacancy and solid demand, the rental rates and sales prices are now the highest of any city in North Carolina. Available industrial land is diminishing for development in high-demand areas, and that typically signifies a significant barrier to entry for developers helping keep supply in check. The rental rate for new industrial product is currently in the mid-$5.00 per square foot range and trending higher. Some developers and brokers speculate the Triangle may become a $6.00-plus per square foot market for institutional-grade warehouse space. However, when comparing rental rates to markets like Austin and Boston, Raleigh-Durham is still a very competitive option. Ground zero for the region’s warehouse market is in the general vicinity of Raleigh-Durham International Airport. Most of these distributors are delivering to the local market and need the central location and access to Interstate 40. The highest rates and prices can be found in this submarket and then start to decrease further out. Due to the lack of available land …
BIRMINGHAM, ALA. — Birmingham-based GCP has secured a $60 million loan from MetLife for the refinancing of a seven-property industrial portfolio located throughout Atlanta, Charlotte, Alabama and Florida. Speake Financial advised GCP on the 10-year, fixed-rate loan. The properties comprise nearly 1.8 million square feet of GCP’s 7.2 million square foot inventory across the Southeast. The refinanced portfolio includes Progress Center and Troon Circle in Atlanta, which total 611,200 square feet; the 465,0000-square-foot Twin Lakes in Charlotte; and four properties across Alabama and Florida totaling 707,834 square feet.
NORCROSS, GA. — Cushman & Wakefield has arranged the $51 million sale of The Reserve at Gwinnett, a 370-unit apartment community in the northeast Atlanta metro of Norcross in Gwinnett County. Mike Kemether, Josh Goldfarb and Travis Presnell of Cushman & Wakefield arranged the transaction on behalf of the seller, Duck Pond Realty Management LLC. Broadtree Residential Inc. acquired the property. Constructed in 1999, The Reserve at Gwinnett features a new fitness center, attached and detached garages, car care center, dog park, swimming pool and two lighted tennis courts.
MIAMI — Pinnacle Housing Group has opened Pinnacle Heights, a 109-unit affordable housing community located at 3530 N.W. 36th St. in Miami. The $31.5 million project includes one-, two- and three-bedroom units, the bulk of which are reserved for residents earning 60 percent or less of the area median income (AMI). Four units will be leased at market-rate rents. Monthly rents for affordable units at Pinnacle Heights range from $797 for a one-bedroom apartment to $1,112 for a three-bedroom unit. Market-rate rents begin at $1,450 per month. The 13-story building features a cyber lounge, media room, computer lab, fitness center and a covered playground. In addition, the property includes a four-story parking garage with 173 spaces.
CHARLOTTE, N.C. — CBRE Capital Markets has arranged the sale of a 491,025-square-foot distribution center located at 10701 Nations Ford Road in Charlotte. The building is situated at the intersection of Interstates 77 and 485, roughly 13 miles south of Charlotte Douglas International Airport. Patrick Gildea, Anne Johnson, Bryan Crutcher and Matt Smith of CBRE arranged the transaction on behalf of the seller, an affiliate of Boston-based STAG Industrial Inc. Other terms of the deal and the buyer were not disclosed. Constructed in 1975 and renovated in 1999, the facility features 20- and 30-foot clear heights, 74 dock-high doors, three drive-in doors, trailer parking, office space and an ESFR sprinkler system.
AUGUSTA, GA. — PMZ Realty Capital LLC has arranged a $17.5 million loan for the refinancing of the Residence Inn by Marriott Augusta located at 1116 Marks Church Road in Augusta. Other terms of the deal and the borrower were not disclosed. The 124-room hotel is located roughly five miles south of Augusta National Golf Club, home of the Masters golf tournament. The hotel features a 483-square-foot meeting room, complimentary breakfast, fitness center and an indoor pool.
BETHESDA, MD. — Brightview Senior Living has received a $43.6 million construction loan from SunTrust Bank to finance the development of Brightview Bethesda Woodmont, a seniors housing community in Bethesda, roughly seven miles north of Washington, D.C. The community will include 112 private and semi-private apartment units — 91 for assisted living and 21 for Wellspring Village, Brightview’s specialized neighborhood for people with Alzheimer’s and other forms of dementia. The community will offer studio, one- and two-bedroom apartment homes and feature rooftop dining, a sloped floor theater, fitness area, salon/spa services and an activity room with full-scheduled programming. Bethesda Woodmont, which marks Brightview’s 40th community since 1999, is expected to create more than 100 jobs. The project is slated for completion by summer 2019.