Southeast

Ware Malcomb Completes Design of 615,572 SF Industrial Project Near Atlanta

by Camren Skelton August 31, 2018

BUFORD, GA. — Architecture firm Ware Malcomb has completed design on the new 985 Lanier Logistics Center located on Georgia State Road 13 and Lanier Islands Parkway in Buford, roughly 38 miles northeast of Atlanta. McCraney Property Co. is developing the project, and Evans General Contractor is building the facility. Construction has begun on the project, which will include three buildings totaling 615,572 square feet. The project will be able to accommodate tenants ranging in size from 25,000 to 236,000 square feet. The buildings will feature 32-foot clear heights, 38- to 42-foot dock high doors, tilt-up concrete panels, glass and a framed metal canopy at the building entrance. The project also includes 160 tractor-trailer stalls.

August 31, 2018

Acquisitions Florida Retail Southeast

Cushman & Wakefield Arranges $27M Sale of Shopping Center in Tampa

by Camren Skelton August 31, 2018

TAMPA, FLA. — Cushman & Wakefield has arranged the $27 million sale of Tampa Bay Center, a 142,350-square-foot shopping center in Tampa. Jason Donald, Patrick Berman and Todd Tolbert of Cushman & Wakefield arranged the transaction on behalf of the seller, Five RE Tampa Bay Center LLC. Equity Management Partners LLC acquired the property. The previous ownership invested $5 million to renovate the center, which was formerly anchored by Kmart. Tampa Bay Center was 97 percent leased at the time of sale to tenants such as Ashley HomeStore, Floor & Décor, The Tile Shop, Dollar Tree, Metro PCS and a freestanding WingHouse restaurant.

August 31, 2018

Acquisitions Retail Southeast Tennessee

The Shopping Center Group Brokers Sale of 89,021 SF Retail Center in Knoxville

by Camren Skelton August 31, 2018

KNOXVILLE, TENN. — The Shopping Center Group (TSCG) has arranged the sale of South Grove, an 89,021-square-foot retail center located near the entrance to Smokey Mountain National Park in Knoxville. Broad Reach Retail Acquisition Co. LLC acquired the asset. Other terms of the deal were not disclosed. A 44,029-square-foot Food City anchors the center, which is also home to Pet Supplies Plus, Great Clips and Gondolier. Lowe’s Home Improvement shadow-anchors the center. South Grove includes a vacant 15,150-square-foot space formerly occupied by Goody’s, offering a value-add opportunity for the new ownership, as well as a two-tenant outparcel building totaling 5,900 square feet. Broad Reach Retail also acquired three undeveloped parcels totaling seven acres adjacent to the property for future expansion.

August 31, 2018

Acquisitions Industrial Self-Storage Southeast Tennessee

Go Store It Acquires 685-Unit Self-Storage Facility Near Nashville

by Camren Skelton August 31, 2018

MT. JULIET, TENN. — Go Store It has acquired A+ Self Storage, a 685-unit self-storage facility in Mt. Juliet, roughly 20 miles east of Nashville. The property totals more than 90,000 square feet and marks Go Store It’s third acquisition in the Nashville metropolitan area this year. The name of the seller and the sales price were not disclosed. Based in Charlotte, Go Store It specializes in the acquisition, development and management of self-storage assets throughout the country. The company currently has more than 2 million square feet of storage space under management and in the construction pipeline.

August 31, 2018

Acquisitions Florida Multifamily Southeast

CBRE Arranges $274.3M Sale of Southeast Multifamily Portfolio

by Camren Skelton August 30, 2018

TAMPA, FLA. — CBRE has arranged the $274.3 million sale of a six-property multifamily portfolio located in Atlanta, Orlando, Raleigh, Charlotte and Charleston. Shea Campbell, Kevin Kempf, Ashish Cholia, Colleen Hendrix and Phil Brosseau of CBRE arranged the transaction on behalf of the undisclosed seller. Tampa-based American Landmark Apartments acquired the 1,863-unit portfolio, which comprised Arbor Terrace and Summerset in Atlanta, Bella in Orlando, Sterling Town Center in Raleigh, Integra Springs at Kellswater in Charlotte and Arbor Village in Charleston. A majority of the portfolio is less than 10 years old, and all six assets offer value-add opportunities, particularly on the interior units, according to CBRE. Community amenities across the portfolio include swimming pools, fitness centers, playgrounds, grilling areas and picnic areas.

August 30, 2018

Acquisitions Georgia Multifamily Southeast

Berkadia Secures $50M Sale of Apartment Portfolio in Metro Atlanta

by Camren Skelton August 30, 2018

BROOKHAVEN, GA. — Berkadia has arranged the $50 million sale of the Briarwood Park portfolio, a three-property apartment portfolio in Brookhaven, roughly 11 miles north of downtown Atlanta. Paul Vetter, Andrew Mays, Judy MacManus and Matt White of Berkadia arranged the transaction on behalf of the seller, Atlanta-based Marquis Investments. Richard Levine of Berkadia arranged a $38 million Fannie Mae loan for the acquisition on behalf of the buyer, Washington-based Wilkinson Corp. The portfolio includes Northeast Plaza and Terraces at Brookhaven, which Wilkinson will combine into one property and rename The Commons at Briarwood. Located at 3506-3510 Buford Highway, the 344-unit property includes a mix of one- to three-bedroom floor plans and features a swimming pool, playground and laundry facilities. The third property, Epic Gardens, is located at 3460 Buford Highway, adjacent to The Commons at Briarwood, and includes 112 units with a mix of one- to three-bedroom floor plans. The community features private balconies or patios, two swimming pools and laundry facilities.

August 30, 2018

Industrial Leasing Activity Maryland Southeast

MRP Industrial Signs Three Industrial Leases Totaling 1.5 MSF in Northern Maryland

by Camren Skelton August 30, 2018

ABERDEEN AND PERRYMAN, MD. — MRP Industrial has signed leases with three tenants in northern Maryland totaling more than 1.5 million square feet. Two of the leases were signed at Eastgate 95, a 250-acre logistics park located along Woodley Road in Aberdeen. Kuehne + Nagel, a logistics provider, signed a full-building lease for 656,880 square feet of warehousing and distribution space at the center. The facility will be operational in September and will create approximately 225 jobs. Kuehne + Nagel provides seafreight, airfreight, contract logistics and overland transportation solutions across sectors including retail, automotive and aerospace, among others. On the adjacent 67-acre site at Eastgate 95, MRP will construct a 600,000-square-foot building for The Container Store, a retail chain devoted solely to storage and organizational products. The new facility will serve as the retailer’s East Coast distribution hub. The third tenant, PrimeSource, a building materials distributor, signed a 250,000-square-foot lease for a new building to be constructed at 505 Advantage Ave. in Perryman. MRP is underway on construction of the facility, which will be ready for move-in by early next year. The building will include three acres of outside storage and provide loading on two sides. Bill Pellington and D. Reid …

August 30, 2018

North Carolina Office Southeast

HFF Brokers $32.3M Sale of Two Office Buildings in Raleigh

by Camren Skelton August 30, 2018

RALEIGH, N.C. — HFF has brokered the $32.3 million sale of Palisades I and II, two adjacent office buildings totaling 161,480 square feet in Raleigh. Scot Humphrey, Ryan Clutter, Chris Lingerfelt and Zack Drozda of HFF arranged the transaction on behalf of the seller, CapRidge Partners LLC, and procured the buyer, Keystone Corp. Completed in 2001 and 2005, Palisades I and II are four-story buildings with a shared three-story parking deck and amenities including a café, vending area, lounge, conference center and a fitness center with lockers and showers. The properties were collectively 96.2 percent leased at the time of sale to tenants such as Kuehne + Nagel LP and NC State Student Aid Association. The buildings are located roughly four miles from North Carolina State University’s campus, and approximately 10 miles from Raleigh-Durham International Airport.

August 30, 2018

Georgia Leasing Activity Retail Southeast

Braves Development Signs Four New Tenants at The Battery Atlanta

by Camren Skelton August 30, 2018

ATLANTA — Braves Development Co. (BDC) has signed four new tenants to The Battery Atlanta in Cobb County. The 1.5 million-square-foot mixed-use development surrounds SunTrust Park, home ballpark of the Atlanta Braves that opened in April 2017. The VOID, a social activity that combines virtual reality technology, physical stages and multi-sensory effects, will open a 9,000-square-foot space adjacent to the Coca-Cola Roxy music venue. Scheduled to open in 2019, the space will mark The VOID’s first location in Georgia. Chattanooga, Tenn.-based Rock/Creek, an outdoor industry retailer, will open a 17,000-square-foot store that carries gear for sports such as kayaking, rock climbing, camping and hiking. Rock/Creek is scheduled to open at the development in 2019. Escape room concept The Escape Game will open a 5,000-square-foot space along Battery Avenue in 2019. The fourth tenant, Allure Nail Bar, will open a 3,100-square-foot location next to Select Shades. Gary Lewis of Gary Lewis & Associates Real Estate represented BDC in the lease transactions with The VOID, Rock/Creek and The Escape Game. JLL assisted with the Allure Nail Bar lease. The new signings come on the heels of the recently announced additions of Silverspot Cinema, Aloft Hotel and Savi Provisions, as well as the announcement …

August 30, 2018

Development Industrial North Carolina Southeast Top Stories

Publix to Build $300M Distribution Center in Greensboro

by David Cohen August 30, 2018

GREENSBORO, N.C. — Publix Super Markets Inc. has announced plans to build a refrigerated distribution center in Greensboro as part of a multi-phase project. The company plans to invest up to $300 million in the first phase of the project, which is scheduled for completion by 2022. The distribution center, which will be located in Guilford County, will support the delivery of grocery products to Publix locations in the Carolinas and Virginia. The project is expected to create up to 1,000 jobs with an annual payroll of $44 million by 2025. A Job Development Investment Grant (JDIG) approved by the North Carolina Department of Commerce and the Economic Development Partnership of N.C. (EDPNC) will enable the project to commence. The state estimates that the project will grow the state’s economy by $1.38 billion over the course of the 12-year term of the grant. “Publix’s decision to locate up to 1,000 jobs and a new distribution center in Guilford County affirms our state’s reputation as the ideal place to do business,” says North Carolina Commerce Secretary Anthony M. Copeland. “In addition to our strategic location and proximity to major interstates and railroads, North Carolina is home to a competitive business climate, robust …

August 30, 2018

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