Southeast

Cushman & Wakefield Brokers $59.6M Sale of Distribution Center in Tampa Bay Area

by Camren Skelton March 16, 2018

LAKELAND, FLA. — Cushman & Wakefield has brokered the $59.6 million sale of CenterState Logistics Center, a 605,412-square-foot distribution facility located at 8060 State Road 33 in Lakeland, roughly halfway between Tampa and Orlando. The facility was completed in 2017, and is fully triple-net-leased to Quaker Sales & Distribution, a wholly owned subsidiary of PepsiCo. The company uses the building to distribute its sports drink, Gatorade. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller and developer, a partnership between Brennan Investment Group and Greenfield Partners. Los Angeles-based Griffin Capital Essential Asset REIT Inc. acquired the asset. The building features tilt-wall construction, 36-foot clear heights and cross-dock loading.

March 16, 2018

Mississippi Retail Southeast

Pacific Retail Capital Breaks Ground on Mall Redevelopment Project Near Jackson

by Camren Skelton March 16, 2018

RIDGELAND, MISS. — Southern California-based Pacific Retail Capital Partners (PRCP) has broken ground on the redevelopment of Northpark, a 958,000-square-foot enclosed mall in Ridgeland, about 11 miles north of Jackson. Plans for the first phase of the project include new public entrances, corridors, amenities, public restrooms and common-area gathering spaces. The renovation will include new interior and exterior landscaping and a complete resurfacing of the parking lot, public art from local artists, a new children’s play area and a new family lounge with private nursing stations, baby-changing stations and a family restroom. In addition, the redevelopment will transform the mall’s current food court into The Eatery, an open, café-style dining area that will feature interactive digital displays and new dining options. The first phase of the project is slated for completion this November.

March 16, 2018

Acquisitions Florida Multifamily Southeast

CBRE Arranges Sale of 300-Unit Apartment Community in Orlando

by Camren Skelton March 16, 2018

ORLANDO, FLA. — CBRE has arranged the sale of Art Avenue, a 300-unit apartment community located at 10201 Lee Vista Blvd. in Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the undisclosed seller. Robbins Property Associates and LEM acquired the asset for an undisclosed price. Constructed in 2014, Art Avenue features a resort-style saltwater pool, fitness center, spin room, outdoor lounge with a fire pit area and an outdoor kitchen. The property was 96.3 percent occupied at the time of sale.

March 16, 2018

Acquisitions Florida Multifamily Southeast

IPA Brokers $37.5M Sale of Multifamily Community in Tampa Bay Area

by Camren Skelton March 15, 2018

ST. PETERSBURG, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $37.5 million sale of Emerald Pointe, a 441-unit multifamily community in the Tampa Bay metro of St. Petersburg. Frank Carriera and Michael Regan of IPA arranged the transaction on behalf of the undisclosed seller and buyer. Constructed in 1974, Emerald Pointe includes studio to three-bedroom units and features a fitness center, pool, pet play area, car wash area, a clubhouse and laundry facilities. The new ownership plans to implement a value-add program to increase revenue over the first two years.

March 15, 2018

Acquisitions Georgia Industrial Southeast

GCP Acquires 411,056 SF Industrial Campus in Atlanta for $17.1M

by Camren Skelton March 15, 2018

ATLANTA — Birmingham, Ala.-based GCP has acquired 6047 and 6049 Fulton Industrial in Atlanta for $17.1 million. The adjacent, rail-served buildings total 411,056 square feet and serve as light manufacturing and distribution warehouses. At the time of sale, the buildings were leased to two national third-party logistics tenants and a furniture distributor. The acquisition increases GCP’s portfolio to more than 7.5 million square feet. The name of the seller was not disclosed.

March 15, 2018

Acquisitions Multifamily Southeast Student Housing Tennessee

Coastal Ridge Buys 718-Bed Student Housing Community Near University of Tennessee

by Camren Skelton March 15, 2018

KNOXVILLE, TENN. — Coastal Ridge Real Estate has acquired Crowne at Campus Pointe, a 718-bed student housing community located less than a mile from the University of Tennessee in Knoxville. The sales price was not disclosed. Ryan Lang and Bo Flurry of ARA Newmark arranged the transaction on behalf of the undisclosed seller. Constructed in 2005, Crowne at Campus Pointe offers one- to three-bedroom units with monthly rents ranging from $870 to $1,935 per unit. Community amenities include a resort-style pool and sundeck, fire pit, outdoor cooking area, 24-hour fitness center, clubhouse, study center and a dog park.

March 15, 2018

Florida Georgia Hospitality Southeast Virginia

Hampton by Hilton Opens Three New Hotels in Southeast

by Camren Skelton March 15, 2018

MCLEAN, VA. — Hampton by Hilton has opened three new Hampton Inn hotels in the Southeast: Hampton Inn & Suites by Hilton Glenarden/Washington, D.C.; Hampton Inn by Hilton Forsyth in metro Atlanta; and Hampton Inn & Suites by Hilton Tallahassee Capitol-University. Each of the hotels feature complimentary breakfast, free Wi-Fi, a fitness center, business center, pool and laundry facilities. In addition to the new locations in the Southeast, McLean-based Hampton by Hilton recently opened a Hampton Inn & Suites by Hilton Chicago Burr Ridge near downtown Chicago and the Hampton Inn & Suites by Hilton Lafayette Medical in Lafayette, Colo., roughly 23 miles north of Denver. The new hotels join Hampton’s portfolio of more than 2,330 properties worldwide.

March 15, 2018

Georgia Leasing Activity Office Southeast

Avison Young Arranges 50,900 SF Office Lease for Global Commerce Company in Metro Atlanta

by Camren Skelton March 15, 2018

MARIETTA, GA. — Avison Young has arranged a 50,900-square-foot lease for First Data Corp., a leader in commerce-enabling technology and solutions, at 1600 Terrell Mill Road in Marietta. The office building is located less than three miles from the Atlanta Braves’ new home at SunTrust Park and 15 miles north of downtown Atlanta. Jillian Bailey, Rick Nash and Ben Parker of Avison Young arranged the lease on behalf of the landlord, Zamir Equities. The eight-year lease brings the building to full occupancy.

March 15, 2018

Georgia Multifamily Southeast

Novare, PointOne, BCDC Break Ground on Multifamily Portion of Mixed-Use Project in Metro Atlanta

by Camren Skelton March 14, 2018

NEWNAN, GA. — Novare Group, in partnership with PointOne Holdings Development and Batson-Cook Development Co. (BCDC), has broken ground on a 298-unit multifamily development in Newnan, roughly 40 miles southwest of Atlanta. The development is the first phase of Village Square at Newnan Crossing, a 123-acre, walkable mixed-use development that will feature retail, office, residential and restaurant space, as well as a 10-acre park and a community plaza. The LINC, a 25.5-mile pedestrian pathway, will run directly through the mixed-use project adjacent to the new apartment community. The property will include a mix of rental townhomes; “Big House” style units, half of which will include garages; and traditional garden-style apartment units. Community amenities will include a business center, clubroom, fitness center, pool, outdoor grilling, bocce ball court, community garden, bike storage and a dog park. Humphreys & Partners Architects is the architect for the project, and Kimley-Horn & Associates is the civil engineer and landscape architect.

March 14, 2018

Florida Multifamily Seniors Housing Southeast

Ryan Cos., Grand Living Start Construction of $50M Seniors Housing Community in Sarasota, Florida

by Camren Skelton March 14, 2018

SARASOTA, FLA. — Ryan Cos. US Inc. and its partner Grand Living have started construction of Grand Living at Lakewood Ranch, a 172-unit independent living and assisted living community in Sarasota. The community is the third Florida partnership between the two companies. Development costs are estimated at $50 million. Grand Living at Lakewood Ranch will be located within the Lakewood Ranch master-planned development, near a new supermarket and a polo club. Ryan A+E is providing architectural services, and Grand Living will operate the community upon completion. A sales center is scheduled to open at the site in the fall. A construction timeline was not released.

March 14, 2018

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