Southeast

Kimco Realty Adds Five Anchors at $108M Retail Development Near Baltimore

by Camren Skelton June 5, 2018

OWINGS MILLS, MD. — Kimco Realty Corp. has signed five new tenants to Mill Station, a $108 million open-air retail development in Owings Mills, located roughly 20 miles northwest of Baltimore. Lowe’s Home Improvement, Marshalls, HomeSense, Burlington and Five Below will join the anchor lineup at the development, located at the site of the former Owings Mills Mall. With the addition of the new retailers, the project is 75 percent preleased. Previously announced tenants include AMC Theatre and Costco, which is expected to open later this year. The other announced tenants are scheduled to open throughout the first half of 2019. At full build-out, Mill Station will total 620,000 square feet and will house up to 30 retailers and restaurants.

June 5, 2018

Conference Coverage Features North Carolina South Carolina Southeast Southeast Feature Archive

‘Broadening’ Economy on Track for Longest Expansion Cycle in U.S. History, Says Wells Fargo’s Mark Vitner

by John Nelson June 5, 2018

CHARLOTTE, N.C. — It’s been nine years since the Great Recession ended, and if the economy can make it to June 2019 without suffering a relapse, it will be the longest business cycle in U.S. history. Mark Vitner, managing director and senior economist of Wells Fargo Securities, believes that will happen because of how broad-based the recovery has been. “For the most part, over the last nine months to a year all 50 states have been growing, which is something that hasn’t happened before,” says Vitner, who is based in Wells Fargo’s Charlotte office. “Typically, when the economy broadens it makes for a more durable expansion. When the strength of the economy begins to narrow, with fewer industries and states expanding, that’s usually a sign that a recession is a year to 18 months ahead.” Vitner’s commentary came during his keynote address at the ninth annual Carolinas InterFace conference. The half-day event, which took place on Thursday, May 31 at the Hilton Charlotte City Center hotel in Uptown Charlotte, drew 212 attendees from across the commercial real estate industry in North and South Carolina. The veteran economist says that the United States is currently at full employment with a majority …

June 5, 2018

Acquisitions Industrial Loans Southeast Tennessee

HFF Arranges $50M Sale, Acquisition Financing for 4.2 MSF Industrial Portfolio Near Memphis Airport

by Camren Skelton June 4, 2018

MEMPHIS, TENN. — HFF has brokered the $50 million sale of Memphis Depot, a 43-building industrial portfolio located one mile from Memphis International Airport. Adam Herrin, Stephen Bailey and Jason Nettles of HFF arranged the transaction on behalf of the seller, Mayfield Properties LP. Brian Carlton, David Wheless and Nielsen Keopfgen of HFF arranged a seven-year, $32.5 million acquisition loan through Allegiant Real Estate Capital on behalf of the buyer, a partnership between Diamond Properties and funds managed by Ares Management LP. The industrial property was originally constructed in 1942 as a military supply base for use in World War II. The military used the buildings until 1997, when it was redeveloped into an industrial park by the City of Memphis and Shelby County. The portfolio is 91 percent leased and totals 4.2 million square feet of distribution and warehouse facilities. The buildings are divided into three groups: North Park, which includes 25 buildings with clear heights ranging from 14 to 16 feet; South Park, which comprises 14 buildings with an average clear height of 20 feet; and Interior Park, which includes four buildings with an average clear height of 25 feet.

June 4, 2018

Development Florida Industrial Southeast

Xebec to Build $39.3M Logistics Facility in Central Florida

by Camren Skelton June 4, 2018

LAKELAND, FLA. — Dallas-based developer Xebec has acquired 60 acres in the Central Florida community of Lakeland with plans to develop a $39.3 million regional bulk logistics facility. The 533,000-square-foot building will be designed to meet demand from retailers, distributors and third-party logistics providers. Users will be able to reach 19 million consumers within a 200-mile radius of the project and be within an hour drive from three international airports. The facility will feature 40-foot clear heights, a 185-foot truck court with 114 docks, 367 car parking spaces and 102 container parking spaces. Xebec plans to break ground on the building in the fourth quarter, and wrap up construction in the third quarter of 2019.

June 4, 2018

Acquisitions Industrial South Carolina Southeast

Stockbridge Capital Acquires 350,856 SF Industrial Building North of Charleston for $30.5M

by Camren Skelton June 4, 2018

HANAHAN, S.C. — Stockbridge Capital Group has acquired a newly constructed industrial facility in the north Charleston suburb of Hanahan for $30.5 million. The 350,856-square-foot facility is located at 1025 N. Pointe Industrial Road, five miles from the Port of Charleston’s North Charleston terminal and nine miles from Charleston International Airport. The building features an ESFR sprinkler system, 32-foot clear heights, LED lighting, 180-foot truck courts and on-site trailer storage. The facility is fully leased to AmerCare and ManTech International. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the seller, SunCap Property Group and WestRock, which developed the facility in 2016.

June 4, 2018

Acquisitions Florida Multifamily Southeast

Carroll Organization Sells Two Multifamily Communities in Jacksonville, Orlando

by Camren Skelton June 4, 2018

JACKSONVILLE AND ORLANDO, FLA. — Carroll Organization has sold ARIUM Town Center in Jacksonville and Knightsbridge at Stoneybrook in Orlando for an undisclosed price. Carroll Multifamily Real Estate Fund III LP originally acquired ARIUM Town Center in June 2014. The 320-unit community is located within walking distance to St. Johns Town Center, a 1.5 million-square-foot outdoor shopping center. Community amenities include screened-in patios, a newly renovated swimming pool with barbecue grills, 24-hour fitness center, business center and a gated dog park. Knightsbridge at Stoneybrook in Orlando was acquired in 2015 as part of both Carroll Multifamily Real Estate Fund III LP and Carroll Multifamily Real Estate Fund IV LP. The 396-unit community features resort-style pools, a 24-hour fitness center, tennis and volleyball courts and a gated dog park. The name of the buyer was not disclosed.

June 4, 2018

Acquisitions Georgia Retail Southeast

Sterling Organization Acquires Kroger-Anchored Center in Metro Atlanta from Kimco for $10.5M

by Camren Skelton June 4, 2018

LILBURN, GA. — Sterling Organization has acquired Five Forks Crossing, a 73,910-square-foot shopping center located at the intersection of Five Forks Trickum and Oak roads in Lilburn, roughly 20 miles northeast of Atlanta. Kimco Realty sold the asset for $10.5 million, or $142 per square foot. A 62,000-square-foot Kroger anchors the center. Additional tenants include Great Clips, The UPS Store and Coast Dental. Five Forks Crossing is Palm Beach, Fla.-based Sterling Organization’s seventh property in Georgia.

June 4, 2018

Florida Market Reports Property Type Retail Southeast Southeast Market Reports

Retailers Get Creative as Miami is Hot, But Available Space is Not

by John Nelson June 4, 2018

The Miami retail market is healthy, expanding and not showing signs of a slowdown. At more than 2.8 million people with an average household income of nearly $70,000, demand for more retail continues throughout Miami-Dade County. The submarkets of Aventura, North Miami, Coconut Grove, Kendall and Pinecrest, as well as the urban core submarkets of Brickell, Midtown and Wynwood, reflect this with low vacancy rates and increasing rents. Most of the new construction projects underway or recently delivered are in the form of mixed-use projects, both within Miami’s urban core and in well-established submarkets such as Coral Gables, Doral and the Design District. The bad news? Miami is landlocked between the Atlantic Ocean and the Everglades, limiting space for traditional retail development and retailer footprints. But here’s where it gets interesting, and promising — instead of abandoning the market, developers and retailers in Miami-Dade County are simply getting creative with the limited dirt available. Building Density Because of the scarcity of land and its high price per-acre, density is the top priority, resulting in a surge of vertical, mixed-use developments with structured parking. For instance, Brickell City Centre demonstrates that if developers want critical mass, sometimes the only way to …

June 4, 2018

Company News Florida Healthcare Multifamily Seniors Housing Southeast Student Housing

Kayne Anderson Closes its Largest Real Estate Fund at $1.8B

by Camren Skelton June 1, 2018

BOCA RATON, FLA. — Kayne Anderson Real Estate (KA Real Estate), a private equity investor in alternative sectors, has closed opportunistic fund Kayne Anderson Real Estate Partners V (KAREP V) at its hard cap of $1.8 billion. The fund is targeting opportunities across seniors housing, medical office and student housing. To date, KAREP V has deployed more than 20 percent of its capital. The fund is KA Real Estate’s largest to date and includes capital commitments from institutions, high-net-worth individuals and family offices. Boca Raton-based KA Real Estate, the private equity arm of Kayne Anderson Capital Advisors LP, has a current portfolio of more than 12 million square feet of medical office space, approximately 10,500 seniors housing units and 4,500 student housing beds.

June 1, 2018

Florida Industrial Loans North Carolina Southeast Tennessee

HFF Arranges $67M Financing for Four-Building Industrial Portfolio in Southeast

by Camren Skelton June 1, 2018

DALLAS — Dallas-based HFF has arranged $67 million in post-acquisition financing for a four-building industrial portfolio located in metro Charlotte and Orlando, as well as Memphis. Kristian Lichtenfels, Eric Tupler and Rebecca VanReken of HFF arranged the nine-year, fixed-rate loan through an insurance company on behalf of the borrower, Dream Industrial US Holdings Inc., a subsidiary of Dream Industrial Real Estate Investment Trust, a Canadian REIT. The company acquired the assets n December 2017 and January 2018. The portfolio includes the 885,000-square-foot Delta Point at 5605 Holmescrest Land and the 500,000-square-foot Shelby V at 4770 Southpoint Drive, both in Memphis; a 471,744-square-foot facility located at 860 Marine Drive in Rock Hill, a South Carolina suburb of Charlotte; and a 193,133-square-foot building located at 7730 American Way in Groveland, Fla., roughly 30 miles west of Orlando. The portfolio is fully leased to a total of six tenants and features clear heights ranging from 25 to 32 feet, a total of 247 dock-high doors and 18 drive-in doors.

June 1, 2018

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