Southeast

Big Rock Partners Opens $82M Seniors Housing Community in Central Florida

by Camren Skelton April 30, 2018

CELEBRATION, FLA. — Delray Beach, Fla.-based Big Rock Partners has opened Windsor at Celebration, a 239-unit seniors housing community in Celebration, the Disney-originated master-planned community in Central Florida. Windsor at Celebration features a mix of independent living, assisted living and memory care units. Community amenities include dining venues, a theater, rooftop bar, indoor aquatic center, fitness center, salon, spa and entertainment and leisure programs. Life Care Services, an LCS Company, is managing the community. Balfour Beatty was the project’s general contractor, and Gensler was the architect. Walker & Dunlop arranged a $41 million construction loan through Bank of the Ozarks for the project.

April 30, 2018

Development North Carolina Office Southeast

New South Ventures to Complete $11M Redevelopment of Office Building in Downtown Durham

by Camren Skelton April 30, 2018

DURHAM, N.C. — Durham-based New South Ventures has unveiled plans to redevelop the NC Mutual Building, a 183,000-square-foot office building located at 411 W. Chapel Hill St. in downtown Durham. The 14-story tower — originally constructed in 1965 — will be renamed The Tower at Mutual Plaza. Planned renovations for the building include 16,000 square feet of newly constructed space on the first floor and a new mezzanine; a remodeled and expanded lobby with a glass curtain wall and revolving doors; stone flooring and wrapped columns; LED lighting; grab-and-go coffee and concessions; exterior façade restoration; skylights in the concourse and lower level; and the addition of new conference rooms, a fitness center, tenant storage rentals and indoor bike parking. In addition, New South Ventures plans to add 15,000 square feet of shared office and coworking space and an enhanced plaza that allows for outdoor work and gatherings. Originally constructed for current tenant North Carolina Mutual Life Insurance Co., The Tower at Mutual Plaza is home to companies such as Duke University, GoTriangle and Perkins+Will. The project team includes Avison Young (brokerage); Built Form (architecture); Gilbane Building Co. (construction management); Progressive Design Collaborative (mechanical, electrical and plumbing engineering); McNamara-Salvia (structural engineering); …

April 30, 2018

Leasing Activity Maryland Office Southeast

Cushman & Wakefield Secures Office Lease Expansion, Renewal for Nonprofit Company in Bethesda

by Camren Skelton April 30, 2018

BETHESDA, MD. — Cushman & Wakefield has secured a 168,000-square-foot lease for the Henry M. Jackson Foundation, a nonprofit organization dedicated to the advancement of military medicine, at SkyBridge Towers in Bethesda. The two-building property totals 427,000 square feet and is located at 6720 Rockledge Drive. Ben Powell and Gwen Fraker of Cushman & Wakefield arranged the lease on behalf of the building owner, an affiliate of Bridge Investment Group, which recently acquired the building. The lease represents a 22,000-square-foot expansion for the foundation, which also signed a long-term lease extension. Bridge is renovating SkyBridge Towers with modernized coworking space, conference centers and a 9,000-square-foot tenant amenity center with a lounge, coffee bar, gaming area, indoor/outdoor bar and an entertainment concept.

April 30, 2018

Acquisitions Mississippi Office Southeast

Concord Capital Acquires 73,000 SF Office Building in Metro Jackson

by Camren Skelton April 30, 2018

RIDGELAND, MISS. — Concord Capital LLC has acquired the 600 Concourse Building, a 73,000-square-foot, Class A office building located at 1076 Highland Colony Parkway in Ridgeland, roughly 11 miles north of Jackson. Constructed in 2007, the building is home to tenants such as law firm Copeland Cook Taylor & Bush, Feild Cooperative Association, First Commercial Bank and Carroll Bufkin Law Firm. Duckworth Realty Inc. — which is operated by Concord Capital principals — will manage the property and handle the building’s leasing assignment. Robert Hutchinson of Butler Snow LLP arranged the transaction on behalf of Concord, and Copeland Cook Taylor & Bush advised the undisclosed seller. The sales price was not disclosed. Origin Bank provided acquisition financing for the transaction.

April 30, 2018

Industrial Market Reports Property Type South Carolina Southeast Southeast Market Reports

Advanced Manufacturing, Logistics Activity Accelerate Upstate’s Industrial Growth

by John Nelson April 30, 2018

The Greenville-Spartanburg economy has a long legacy of being fueled by industrial activity. Today, the whole Upstate market continues to experience record levels of growth as it evolves into advanced manufacturing, automotive and distribution related activities. South Carolina is the largest exporter of goods on a per capita basis in the Southeast and has one of the highest densities of foreign direct investment per capita in the United States. The Upstate is the manufacturing center of South Carolina, with approximately 55 percent of the market’s 177 million square feet of industrial space classified as manufacturing. Due to the strong fundamentals of the market, manufacturing is expected to continue to grow. The metro offers manufacturers a pro-business environment, with skilled and affordable labor, a critical mass of industry and a solid transportation infrastructure with access to high population bases. Strategic Location The region is also becoming increasingly crucial to supply chains serving the East Coast and Southeast. The Upstate can reach over 95 million people within a day’s truck drive. With the continued proliferation of e-commerce, the Greenville-Spartanburg market provides an opportunity to mitigate transportation costs by allowing companies to leverage Inland Port Greer, which provides overnight service to and from …

April 30, 2018

Development Mixed-Use South Carolina Southeast

Hughes Investments to Build $100M Mixed-Use Project Near Greenville

by Camren Skelton April 27, 2018

MAULDIN, S.C. — Hughes Investments has unveiled plans for BridgeWay Station, a $100 million mixed-use development in Mauldin, a city in Greenville County. The development will be situated on 40 acres at the intersection of Interstate 385 and Bridges Road, roughly 10 miles south of downtown Greenville. Hughes Investments will build upon the existing 430,000 square feet of neighboring office facilities that house Spectrum, Samsung Electronics America, Jackson Marketing and Greenville Heath System’s Regional Distribution Center. Phase I of BridgeWay Station will total 1 million square feet and include 300,000 square feet of retail, more than 180,000 square feet of Class A office space, 380 multifamily units and a 175-room hotel. In addition, the development will include a community center, 16 acres of green space and pedestrian and bike paths with proposed connectivity to the Swamp Rabbit Trail, a 20.6-mile multi-use greenway system, across I-385. Dawn Prince Hoover of The Shopping Center Group is handling the leasing assignment for BridgeWay Station. Construction on the first phase of the project is expected to be complete in 2020.

April 27, 2018

Development Florida Hospitality Southeast

Strategic Property Partners Breaks Ground on JW Marriott Hotel at Water Street Tampa Development

by Camren Skelton April 27, 2018

TAMPA, FLA. — Strategic Property Partners (SPP) has broken ground on the 519-room JW Marriott Tampa hotel within its planned Water Street Tampa development. The $3 billion mixed-use project is a multi-phase, 50-acre development that at full build-out will include more than 9 million square feet of commercial, residential, hospitality, educational, entertainment, cultural and retail space. JW Marriott Tampa represents the first of 10 buildings that SPP plans to begin building over the next year. Designed by Florida-based architecture firm Nichols Brosch Wurst Wolfe & Associates, JW Marriott Tampa will feature 100,000 square feet of meeting and event space, including the largest hotel ballroom in Tampa Bay at approximately 30,000 square feet. The hotel will also feature a full-service spa and fitness center, pool and sun terrace, ground-floor restaurant with indoor and outdoor seating and a rooftop lounge and terrace on the 26th floor. The hotel is located adjacent to the Tampa Convention Center and Amalie Arena, home to the National Hockey League’s Tampa Bay Lightning, which is owned by SPP head Jeff Vinik. JW Marriott Tampa will be one of three hotels within the Water Street Tampa development. Earlier this month, SPP unveiled plans to develop the 173-room EDITION …

April 27, 2018

Acquisitions Florida Multifamily Southeast

Cushman & Wakefield Brokers $35.7M Sale of Apartment Community in Tampa Bay Area

by Camren Skelton April 27, 2018

PLANT CITY, FLA. — Cushman & Wakefield has brokered the $35.7 million sale of Plantation at Walden Lake, a 352-unit apartment community located at 1400 Plantation Blvd. in Plant City, roughly 25 miles east of Tampa. Luis Elorza, Brad Capas and Robert Given of Cushman & Wakefield arranged the transaction on behalf of the seller, Mercury Investment. Bridge Investment Group acquired the 23-building property, which was 95 percent leased at the time of sale. Plantation at Walden Lake was constructed in phases from 1990 to 1994 and includes a mix of one-, two- and three-bedroom apartments. Community amenities include a swimming pool, fitness center, dog park, playground and a picnic and barbecue area.

April 27, 2018

Loans Louisiana Multifamily Southeast

Marcus & Millichap Capital Arranges $22.2M Refinancing for Multifamily Community in New Orleans

by Camren Skelton April 27, 2018

NEW ORLEANS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $22.2 million loan to refinance Oakmont Apartments, a 336-unit multifamily community in New Orleans. Robert Bhat of MMCC arranged the 10-year, fixed-rate loan on behalf of the borrower, Bruno Inc. Oakmont Apartments features a swimming pool with sundeck, tennis court, laundry facility and on-site maintenance. MMCC is a subsidiary of Irvine, Calif.-based Marcus & Millichap.

April 27, 2018

Acquisitions Florida Retail Southeast

Colliers Negotiates $5.3M Sale of New Retail Center in Jacksonville

by Camren Skelton April 27, 2018

JACKSONVILLE, FLA. — Colliers International has arranged the $5.3 million sale of Village Commons, a 12,001-square-foot retail center located at 4490 and 4492 Southside Blvd. in Jacksonville. The seller, Rimrock Southside LLC, developed the property last year. Colliers International arranged the 1031 exchange on behalf of the buyers, Bronx Wendy’s SCH LLC and Southside RMR LLC. Village Commons is home to tenants such as AT&T, Pet Supermarket, First Watch and Wells Fargo.

April 27, 2018

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