BIRMINGHAM, ALA. — VCP City Center, which is managed by Varden Capital Properties and Tellus Multifamily, has acquired City Center, a 691,777-square-foot, vacant office building in downtown Birmingham. Cushman & Wakefield represented the undisclosed seller in the $31 million sale.
LITHIA SPRINGS, GA. — Lincoln Property Co. Southeast and Crow Holdings Capital Real Estate have broken ground on a 251,466-square-foot speculative warehouse/distribution center called Factory Shoals Distribution Center in Lithia Springs. The site is located on Interstate 20, 15 miles west of downtown Atlanta. The center will feature a 185-foot deep truck court, 40 spaces for excess truck storage, 32-foot clear heights and motion-sensor lighting. The project is slated to be finished in summer 2019.
RICHMOND, VA. — Community Preservation and Development Corp. (CPDC) has broken ground on two adjacent apartment buildings in Jackson Ward district of Richmond. One of the apartment buildings will include 82 units, 46 of which will be at market price. The other will be a 72-unit affordable community for seniors moving in from Richmond’s Fay Towers. The Richmond Times-Dispatchreported in July that the project would cost $33 million. Amenities are set to include a fitness center, dog-grooming room, media room, and outdoor patio and grill area. S.L. Nusbaum realty will manage the property, which is expected to begin leasing in October 2019.
STONE MOUNTAIN, GA. — Children’s Healthcare of Atlanta (CHOA) has leased 114,000 square feet within Stone Mountain Industrial Park in Stone Mountain. The landlord, Atlanta-based Ackerman & Co., acquired the 4.1 million-square-foot industrial park in December 2016. Brett Buckner, Jimmy Stevens and Major Martin represented Ackerman internally. Brandon Wallace of Cushman & Wakefield represented CHOA, which has transformed the space to replicate a hospital wing to test systems and procedures for doctors and nurses. The warehouse is located 10 miles from CHOA’s new North Druid Hills campus in Atlanta.
TAMPA, FLA. — Strategic Property Partners, LLC (SPP) has broken ground on Water Street Tampa’s first residential building, 815 Water Street, in Tampa. In addition to 420 rental residences, the dual-tower project will feature new dining, grocery and shopping options. The two towers will rise 21 and 26 stories and each tower’s roof will include an outdoor pool, fitness center, community kitchen, bar and club lounge. 815 Water Street Tampa is expected to open in late 2020. The two-tower project is part of SPP’s $3 billion mixed-use redevelopment, which will include more than 2 million square feet of office space; 1 million square feet of retail, cultural, educational and entertainment space; two new hotels totaling more than 650 rooms, including the city’s first five-star hotel; and the University of South Florida’s Morsani College of Medicine and Heart Institute. SPP is a partnership between Tampa Bay Lightning owner Jeff Vinik and Cascade Investment LLC. The design team for 815 Water Street includes New York City-based architect Kohn Pedersen Fox Associates (KPF), Toronto-based interior designer Cecconi Simone and Miami-based landscape architect Raymond Jungles Inc. This is KPF’s fifth project in Florida, but first in Tampa.
DAVENPORT, FLA. — McCraney Property Co. has signed Atlanta-based UPS to a full-building lease at 27 Logistics Park, a 207,676-square-foot, Class A industrial warehouse in Davenport, about 35 miles south of Orlando. The property is adjacent to McCraney’s Park 27, a 602,971-square-foot, Class A development. CBRE Orlando’s David Murphy and Monica Wonus represented McCraney Property, which has offices in West Palm Beach, Fla., and Charlotte.
CHAPEL HILL, N.C. — PGIM Real Estate Finance has provided a $34.2 million 221 (d)(4) construction-to-permanent loan for Link Apartments Linden, a new apartment development underway in Chapel Hill. The borrower, Grubb Properties, is developing the 215-unit, market-rate apartment community, which will share a parking deck with a to-be-developed, 106,000-square-foot, Class A office park. Link Apartments Linden is Phase I of the Glen Lennox redevelopment, a public-private partnership between the Town of Chapel Hill and Grubb Properties that will include 3 million square feet of office, residential, retail and hotel space across 70 acres over the next 20 years. The site is about one mile from the University of North Carolina at Chapel Hill. Grubb Properties has Link-branded apartment communities in Richmond, Va.; Winston-Salem and Raleigh, N.C.; Greenville and Charleston, S.C., and more under development in Atlanta, Winston-Salem and Charlotte.
CULPEPER, VA. — Heidenberg Properties Group (HPG) has acquired Culpeper Colonnade in Culpeper, located midway between Charlottesville and Washington, D.C. HPG bought the property from Regency Centers for $32.7 million. The 307,000-square-foot shopping center is anchored by Martin’s Food Market, Dick’s Sporting Goods and PetSmart. HPG plans to replace the center’s existing Staples location with a Michael’s store. The center, which is 100 percent occupied, also has Chick-fil-A, Panera Bread, Glory Days Grill, Chipotle Mexican Grill and IHOP as tenants. The property is shadow-anchored by a 127,000-square-foot Target. Since January 2017, Heidenberg Properties and its partners have acquired more than 900,000 square feet of retail.
ALEXANDRIA, VA. — Zeke Capital, based in Berwyn, Pa., has sold Hermitage Hill in Alexandria for $23 million to Columbus, Ohio-based Klingbeil Capital Management. The 122-unit apartment community is situated five miles southwest of the Pentagon and six miles southwest of Arlington National Cemetery. Hermitage Hill’s amenities include a fitness center and pet-friendly units. CBRE’s Bill Roohan, Robert Dean, Jonathan Greenberg, John McFadden, Yalda Ghamarian and Tom Leachman represented Zeke Capital in the transaction.
SEATTLE — Amazon (NASDAQ: AMZN) has officially selected New York City and Arlington, Va., as the homes for its second headquarters, confirming reports last week of the e-commerce giant’s decision to split HQ2. Amazon will invest $5 billion and create more than 50,000 jobs across the two new headquarters locations, with more than 25,000 employees in each new headquarters. Both campuses will feature 4 million square feet of new office space, which is expandable up to 8 million square feet at each location. New York City and Arlington will join Seattle as the company’s three headquarters in North America. “These two locations will allow us to attract world-class talent that will help us to continue inventing for customers for years to come,” says Jeff Bezos, founder and CEO of Amazon. “The team did a great job selecting these sites, and we look forward to becoming an even bigger part of these communities.” The New York location will be in Queens’ Long Island City neighborhood. The Arlington office will be in River Landing, a newly branded neighborhood encompassing parts of Pentagon City and Crystal City in Arlington and Potomac Yard in nearby Alexandria. Amazon estimates the incremental tax revenue to exceed $10 billion for the New York location …
