Southeast

Walker & Dunlop Arranges $135M Sale of Multifamily Community in South Florida

by Camren Skelton November 2, 2017

DORAL, FLA. — Walker & Dunlop has arranged the $135 million sale of The Manor CityPlace Apartments, a 398-unit multifamily community in Doral, a city in South Florida roughly 14 miles west of Miami. Roberto Pesant and Chris Conklin of Walker & Dunlop arranged the transaction on behalf of the seller and property developer, The Related Group. TA Realty acquired the asset, which is situated on a 5.7-acre site within walking distance to CityPlace Doral, a 55-acre retail center that opened in March. Constructed in 2014, The Manor includes studio, one-, two- and three-bedroom floor plans with private patios and balconies. Community amenities include a waterfall Jacuzzi, pool with personal cabanas and daybeds, outdoor kitchen with a fireplace and barbeque area, game room, private movie theater, yoga studio, virtual spinning room and a fitness center.

November 2, 2017

Industrial Southeast Tennessee

Al. Neyer to Deliver 1.5 MSF Industrial Development in Metro Nashville

by Camren Skelton November 2, 2017

LEBANON, TENN. — Al. Neyer has unveiled plans to develop Cedar Farms, a Class A industrial development in Lebanon, roughly 30 miles east of Nashville. The development will include two speculative buildings totaling more than 1.5 million square feet, located on 103 acres near the Couchville Pike and Interstate 840 interchange. The first phase of the project will include a 902,000-square-foot speculative building and a second pad for a facility spanning up to 600,000 square feet. New York Life Real Estate Investors is an equity investor in the project, which is the firm’s second partnership with Al. Neyer. The partnership’s other venture is Mallory Green, a 175,000-square-foot office building under construction nearby in Franklin. Cedar Farms will feature 36-foot clear heights and LED lighting in 70-foot speed bays. Construction on Phase I will begin this month, with completion slated for late 2018. Doug McDowell and Jeb Atkinson of ProVenture will represent Al. Neyer in the project’s leasing assignment.

November 2, 2017

North Carolina Office Southeast

Highwoods Properties to Sell Two Office Towers in Raleigh for $65.3M

by Camren Skelton November 2, 2017

RALEIGH, N.C. — Highwoods Properties Inc. is selling two office towers in Raleigh for a combined $65.3 million. Highwoods Tower One, a 187,000-square-foot office tower in Raleigh, sold for $34.3 million. The Triangle Business Journal reports BB&T, a tenant, acquired the asset. BB&T also acquired an adjacent, two-acre land parcel as part of the acquisition. The 26-year-old building was 85.5 percent leased as of Sept. 30. In addition, Highwoods Properties is selling Highwoods Tower Two for $31 million. The transaction, which is scheduled to close in the second quarter of 2018, will include another adjacent, two-acre land parcel. The 168,000-square-foot building is 15 years old and was 90.8 percent leased as of Sept. 30.

November 2, 2017

Georgia Multifamily Retail Southeast

Westdale, StreetLights Break Ground on Apartment, Retail Community in Metro Atlanta

by Camren Skelton November 2, 2017

SANDY SPRINGS, GA. — Westdale, in a joint venture with StreetLights Residential, has broken ground on Aria Village, a new retail and residential development in Sandy Springs, roughly 15 miles north of downtown Atlanta. Aria Village will include 30,000 square feet of retail and restaurant space, along with a five-story apartment community dubbed The Alastair at Aria Village. The project is part of Aria, a master-planned community under development by Ashton Woods. Located adjacent to the new Mercedes-Benz USA headquarters, Aria Village will feature boutique retailers, a chef-driven restaurant and 357 apartment units, ranging in size from 701 to 2,068 square feet. The residential portion will feature a pool deck, coworking spaces, dog wash station and a two-story fitness center. The first apartment units are expected to open in fall 2019. SLR Construction LLC is the general contractor for the project, and Looney Ricks Kiss is the architect. TBG Partners is providing landscape design services, and 5G Studio is the interior designer.

November 2, 2017

Office Retail Southeast Tennessee

Magnolia Capital Acquires Office, Retail Properties in Tennessee for $22.4M

by Camren Skelton November 2, 2017

MEMPHIS AND SHELBYVILLE, TENN. — Magnolia Capital Investments has acquired two properties in Memphis and Shelbyville for a combined $22.4 million. The Nashville-based company acquired Trustmark Centre, a 163,446-square-foot office building located at 5350 Poplar Ave. in Memphis, for $19.7 million. The nine-story building was 93.5 percent leased at the time of sale to tenants including TrustMark Bank, Aetna Insurance and Evergreen Packaging. Shane Soefker and Jacob Biddle of Avison Young represented Magnolia Capital in the transaction. In Shelbyville, Magnolia Capital acquired Big Springs Shopping Center for $2.7 million. Located at 108 Lane Parkway, the 86,077-square-foot retail center was 86 percent leased at the time of sale to tenants including Dollar General, Factory Connection, United Grocery Outlet and Goodwill. Avison Young will manage Big Springs Shopping Center and handle the property’s leasing activity.

November 2, 2017

Civic Conference Coverage Georgia Retail Southeast

ICSC Panelists Say Government Involvement is Key in Thwarting ‘Retail Apocalypse’

by John Nelson November 2, 2017

ATLANTA — Tim Keane, commissioner of planning and community with the City of Atlanta, didn’t mince words when it came to his thoughts on the government’s role with new retail development. “Everyone in this room should have higher expectations for their cities and towns,” says Keane, addressing the crowd during the ICSC Southeast Conference & Deal Making event held at the Cobb Galleria Centre in Atlanta in mid-October. The panel discussion, dubbed “Debunking the Retail Apocalypse,” centered on why retail isn’t a dying industry but one that is evolving on a daily basis. For as much discussion about how food and entertainment are helping change the dynamic for retail real estate, the panel agreed that a concerted effort between the public and private sectors is the only way the retail industry can truly adapt with the times. Keane, who previously worked with the City of Charleston, says it’s the local government’s responsibility to allow developers to build the projects that people want. “It’s crazy for developers to have to go through this gauntlet before they can build what everyone wants them to build,” said Keane, who was interrupted by an applause break. Lacy Beasley, president and chief operating officer of …

November 2, 2017

Multifamily South Carolina Southeast

White Point Breaks Ground on Multifamily Community in Downtown Charleston

by Camren Skelton November 1, 2017

CHARLESTON, S.C. — White Point Partners has broken ground on Huger Street, a 190-unit multifamily development located between King and Meeting streets in downtown Charleston. White Point’s capital advisor, Patterson Real Estate Advisory Group, arranged a construction loan through Worthington Hyde Partners on top of a senior construction loan from Synovus Bank for the development. Huger Street will feature an elevated fitness center, sky deck pool and a café. Construction on the property is expected to take 24 months, with lease-up commencing at the end of 2018.

November 1, 2017

Georgia Restaurant Retail Southeast

Five New Restaurants to Join The Hub in Downtown Atlanta’s Peachtree Center

by Camren Skelton November 1, 2017

ATLANTA — Five new eateries have inked leases at The Hub, the retail portion of downtown Atlanta’s Peachtree Center. The new restaurants are part of a project from Banyan Street Capital to renovate and modernize the mixed-use destination’s retail center. Amy Fingerhut of CBRE arranged leases with the new tenants, which will open on a rolling schedule beginning later this year and into early 2018. The new tenants include Salata, a build-your-own salad chain that will open its third location in Atlanta; Bep Eatery, a first-to-market Vietnamese concept; Beni’s Cubano, a Cuban eatery from the Southern Proper Hospitality team behind Tin Lizzy’s Cantina; Taste of India, which will offer a mix of northern and southern Indian cuisine; and Southern Candy Co., which will expand from a pop-up location in The Hub into a permanent space. All five new restaurants will open on the Gallery Level of The Hub, located directly under the courtyard and at the center of the renovation project, joining restaurants including Aviva By Kameel, Panbury’s, Chick-fil-A and Yami Yami. Construction on The Hub is slated for completion in spring 2019.

November 1, 2017

North Carolina Office Southeast

CBRE | Raleigh Arranges Sale of 387,987 SF Office Park in Triangle

by Camren Skelton November 1, 2017

CARY, N.C. — CBRE | Raleigh has arranged the sale of Regency Office Park, a 387,987-square-foot office campus in Cary, roughly 12 miles west of Raleigh. Ben Kilgore, Jim McMillan, Leslie Holmes, Elliott Brewer, Brad Corsmeier and Brian Carr of CBRE | Raleigh represented the seller, Regency Park Corp., in the transaction. Michigan-based Alidade Capital acquired the asset for an undisclosed price. Regency Office Park includes 2000, 3300, 3333, 3700 and 8000 Regency Parkway. At the time of sale, the property was leased to tenants including CBC Americas Corp., Michael Baker Engineering, Zurn, Siemens and Erie Insurance.

November 1, 2017

Florida Industrial Southeast

Meridian Development Sells 200,000 SF Industrial Center in Tampa for $8.3M

by Camren Skelton November 1, 2017

TAMPA, FLA. — Meridian Development Group has sold Meridian East, a three-building, 200,000-square-foot industrial center in Tampa, for $8.3 million. Boston-based High Street Realty Co. acquired the asset. During ownership, Meridian invested $600,000 in the property to improve the appearance of the exteriors, construct additional parking and renovate the vacant interiors. At the time of sale, Meridian East was fully leased to tenants including Bailey Industries, which occupies 45,000 square feet.

November 1, 2017

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