Southeast

Grubb Properties Unveils Plans to Develop 19-Acre Mixed-Use Project in Metro Atlanta

by Camren Skelton September 18, 2018

DUNWOODY, GA. — Grubb Properties is moving forward with Park at Perimeter Center East, a 19-acre mixed-use project in Dunwoody, roughly 17 miles north of Atlanta. The Charlotte-based company has submitted a rezoning request to the Dunwoody City Council to rezone the site from “Office Industrial” to include residential and retail. The proposed project would include a mix of 900 condominiums, 500,000 square feet of new office space, approximately 12,000 square feet of retail space and three acres of green space. The site is already home to three office buildings totaling 285,000 square feet. After acquiring the site, Grubb Properties refreshed the buildings’ interiors and updated the lobbies. The buildings house tenants such as Veritas Collective, Alzheimer’s Association, Hotel Equities and Marx Okubo Associates. Grubb Properties will focus on making the project walkable and bikeable, encouraging the utilization of nearby transit options such as MARTA. Park at Perimiter East will have a 12-foot shared-use path around the perimeter that will run alongside an existing bike lane. An approval timeline and construction schedule were not disclosed.

September 18, 2018

Acquisitions Office South Carolina Southeast

Norvell Real Estate Negotiates $16.9M Sale of Office Building in North Charleston

by Camren Skelton September 18, 2018

NORTH CHARLESTON, S.C. — Norvell Real Estate Group LLC has arranged the $16.9 million sale of Ashley Center, a 70,000-square-foot office building located at 4401 Belle Oaks Drive in North Charleston. Frank Norvell of Norvell Real Estate arranged the transaction on behalf of the seller, RCF Ashley Center LLC. Norvell also renewed leases with Ingevity South Carolina LLC, which occupies 20,758 square feet, and Aerotek Inc., which occupies 8,834 square feet. Chris Fraser of Avison Young represented the buyer.

September 18, 2018

Acquisitions Florida Hospitality Southeast

DSH Hotel Advisors Brokers $7M Sale of Hotel in Port Charlotte, Florida

by Camren Skelton September 18, 2018

PORT CHARLOTTE, FLA. — DSH Hotel Advisors has arranged the $7 million sale of a Microtel Inn & Suites by Wyndham in Port Charlotte. Dennis Hopper of DSH Hotel Advisors represented both the seller, Interdevco, and the buyer, Maingate East Development, in the transaction. The Microtel Inn & Suites features a business center, fitness center, complimentary breakfast, free Wi-Fi, outdoor pool and meeting rooms. The hotel is located near the Charlotte County Historical Center, Bayshore Park Fishing Pier and the Cultural Center of Charlotte County.

September 18, 2018

Development Michigan Midwest Northeast Pennsylvania Southeast Student Housing Tennessee Top Stories

Campus Apartments Opens Four Student Housing Communities in Tennessee, Michigan, Pennsylvania

by John Nelson September 18, 2018

PHILADELPHIA — Campus Apartments, a student housing developer and operator based in Philadelphia, has opened four student housing developments totaling 1,643 beds. Development costs for the projects, which are within walking distance to University of Tennessee, University of Michigan and University of Pennsylvania, totaled over $220 million. “We’re excited to be providing students with high-quality housing in Knoxville, Ann Arbor, and our hometown, Philadelphia,” says Daniel Bernstein, president and chief investment officer of Campus Apartments. “We’ve been thrilled with the initial response to these four new developments, and we look forward to continuing to surpass our residents’ expectations.” The new properties include TENN, a 603-bed, mixed-use community located near the University of Tennessee in Knoxville; The Yard, a 590-bed, mixed-use community located near the University of Michigan in Ann Arbor; Six11, a 350-bed student housing community also located in Ann Arbor; and The Simon at Founders Row located near the University of Pennsylvania in Philadelphia. TENN in Knoxville offers a mix of three-, four- and five-bedroom, fully furnished units. Shared amenities include a two-story clubhouse, fitness center, study lounge, putting green, resort-style swimming pool, fire pits and grill stations. The Yard in Ann Arbor offers studio, one-, two-, three-, four- …

September 18, 2018

Loans Maryland Multifamily Southeast

Walker & Dunlop Arranges $69.9M Fannie Mae Financing for Multifamily Acquisitions in Atlanta, Richmond Suburbs

by Camren Skelton September 17, 2018

BETHESDA, MD. — Walker & Dunlop has arranged $69.9 million in Fannie Mae financing for the acquisition of three multifamily properties located in the Atlanta and Richmond, Va., metro areas. Andrew Tapley and Alexandra Huffman of Walker & Dunlop arranged the financing on behalf of the borrower, Capital Square 1031. The financed portfolio includes Ivy Commons Apartments in Marietta, Ga., roughly 24 miles northwest of Atlanta; Axis 147 in Chesterfield, Va., roughly 17 miles south of Richmond; and Mayton Transfer Lofts in Petersburg, Va., approximately 24 miles south of Richmond. Both Mayton Transfer Lofts and Ivy Commons qualified for Fannie Mae’s Green Rewards program. Community amenities across the portfolio include business centers, dog parks, fitness centers and swimming pools.

September 17, 2018

Development Georgia Retail Southeast

Publix to Open GreenWise Market in Metro Atlanta

by Camren Skelton September 17, 2018

MARIETTA, GA. — Publix Super Markets Inc. has announced plans to open the fifth location for its new-format GreenWise Market in Marietta, a suburb roughly 20 miles north of Atlanta. The store will be located at the southeast corner of Sandy Plans and Shallowford roads. Atlanta-based developer Fuqua Development inked the lease with Publix Super Markets. Owned and operated by the Lakeland, Fla.-based grocer, GreenWise Market is a specialty, natural and organic store that features house-prepared meals, grab-and-go items and groceries under its GreenWise brand. The first GreenWise market is scheduled to open in Tallahassee, Fla., next month. Other announced locations include Mount Pleasant, S.C., and Lakeland and Boca Raton, Fla. The Mount Pleasant and Lakeland stores are expected to open in 2019. An opening date for the Marietta location was not released.

September 17, 2018

Acquisitions Florida Industrial Self-Storage Southeast

Marcus & Millichap Brokers $12.7M Sale of Self-Storage Facility in Broward County

by Camren Skelton September 17, 2018

MARGATE, FLA. — Marcus & Millichap has arranged the $12.7 million sale of Life Storage, a 64,629-square-foot self-storage facility located at 5185 Coconut Creek Parkway in Margate, a city in Broward County. Brett Hatcher and Gabriel Coe of Marcus & Millichap arranged the transaction on behalf of the seller and procured the buyer. Both parties were undisclosed limited liability companies.

September 17, 2018

Acquisitions Georgia Healthcare Southeast

Bull Realty Negotiates $7.3M Sale of Medical Office Building Near Atlanta

by Camren Skelton September 17, 2018

LOGANVILLE, GA. — Bull Realty has brokered the $7.3 million sale of Piedmont Medical Health Center, a 15,000-square-foot medical office building in Loganville, located roughly 35 miles east of Atlanta. Paul Zeman of Bull Realty arranged the transaction. Other terms of the deal were not disclosed. Atlanta-based Piedmont Healthcare operates a women’s healthcare clinic and a gastroenterology clinic at the facility, which also includes an endoscopy/surgery center.

September 17, 2018

Acquisitions Retail Southeast Virginia

Cushman & Wakefield | Thalhimer Arranges $6.2M Sale of Retail Portfolio in Richmond

by Camren Skelton September 17, 2018

RICHMOND, VA. — Cushman & Wakefield | Thalhimer has arranged the $6.2 million sale of two-property retail portfolio in Richmond. The first asset, Tower Plaza, totals 22,580 square feet and was 91 percent leased at the time of sale. The center is home to tenants such as El Paso Mexican Restaurant, Sherwin Williams and Organic Cleaners. The second property, Rockwood Plaza, was fully leased at the time of sale. The 38,954-square-foot retail center houses tenants such as Wolfgang’s Gym, Ballroom Dance Center and Antioch Christian Church. Catharine Spangler, Calvin Griffith and Richard Thalhimer of Cushman & Wakefield | Thalhimer represented the seller in the transaction. Other terms of the deal were not disclosed.

September 17, 2018

Market Reports Maryland Retail Southeast Southeast Market Reports

Long-Awaited Retail Projects are Springing to Life All Around Baltimore

by John Nelson September 17, 2018

A number of high-proﬁle retail and mixed-use developments throughout the greater Baltimore metropolitan area have been stuck in neutral over the past few years, with issues rang-ing from changes to the local real estate environment, construction issues, leasing challenges related to store closings and consolidations, corporate reevaluations and the constantly shifting tastes and shopping habits of the Baltimore consumer. Successful retail projects must en-joy a string of positive outcomes (as well as luck), including support from retailers, the capital markets and the local community. Below is a rundown of local retail or mixed-use developments that have recently sprung to life, as well as some that still remain on the starting block. Mill Station in Owings Mills Owings Mills Mall opened to sig-niﬁcant fanfare in 1986 and stood face-to-face with a wrecking ball in 2016. Numerous ownership groups, design iterations and new retail projects emerging within close proximity kept pushing its reincarnation back further. Finally, the renderings of the “de-malled” project were unveiled to the public last fall, along with announcement of several leasing successes. This summer, construction remains in full bore leading up to an expected fall opening of Costco, followed by Lowe’s Home Improvement, Home-sense, Burlington and Five Below, …

September 17, 2018

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