Southeast

Inland Residential Trust Acquires 332-Unit Apartment Community in Montgomery

by Camren Skelton August 8, 2017

MONTGOMERY, ALA. — Inland Residential Properties Trust Inc. has purchased The Verandas at Mitylene, a 332-unit multifamily community located at 8850 Crosswind Drive in Montgomery. Mark Cosenza of Inland Real Estate Acquisitions and Brett Smith of The Inland Real Estate Group LLC represented Inland Residential Trust in the transaction. Constructed in 2007, The Verandas at Mitylene comprises 14 three-story buildings and includes a mix of one-, two- and three-bedroom units. The property also features a clubhouse, 24-hour fitness center, playground, car care center, business center and a swimming pool. The asset was 91 percent occupied as of June 30.

August 8, 2017

Florida Multifamily Southeast Top Stories

The Praedium Group Acquires 300-Unit Multifamily Community in Jacksonville for $57M

by Katie Sloan August 8, 2017

JACKSONVILLE, FLA. — The Praedium Group has acquired The Views at Harbortown, a 300-unit multifamily community located in Jacksonville, for $57 million. The property was built in 2015, offering a mix of one-, two- and three-bedroom units with kitchen islands, walk-in closets, granite countertops and in-unit washers and dryers. Community amenities include a clubhouse with lounge areas and a billiard room; sundeck with wi-fi; two resort-style swimming pools with cabanas; a cyber lounge and business center; fitness center; WellBeats virtual training system; bike rack; and picnic areas with grills. The community also offers three boat slips for residents, and access to the privately owned Harbortown Marina and the Intracoastal Waterway. The seller in the transaction was undisclosed. The Praedium Group notes that Jacksonville achieved 3.7 percent year-over-year growth in nonfarm jobs — per the Bureau of Labor Statistic’s report from March of this year — doubling the national average. “Reis expects Jacksonville’s population to grow by 9.6 percent over the next five years, compared to the national average of 5.1 percent,” says Lindsay Schuckman, associate of The Praedium Group. “This growth is driven by Jacksonville’s influx of jobs, affordability and attractive quality of life.” The Praedium Group is a privately …

August 8, 2017

Industrial North Carolina Southeast

Strategic Capital Partners to Develop $60M Industrial Project in Research Triangle Park

by Camren Skelton August 7, 2017

DURHAM, N.C. — Strategic Capital Partners has unveiled plans for Patriot Park, a $60 million industrial development located near Miami Road and Patriot Drive within Research Triangle Park in Durham. The project will comprise roughly 1 million square feet to be developed over the next several years. Construction on Phase I, which will include 322,800 square feet, is slated to begin this summer. In addition to Strategic Capital Partners, the investment group includes Westminster Capital, Berkshire Realty and First Tennessee Bank, which is providing construction financing. Patriot Park is the third major development in the Raleigh-Durham metro for Indianapolis-based Strategic Capital.

August 7, 2017

Industrial Southeast Virginia

Panattoni to Deliver 1 MSF Industrial Warehouse in Richmond

by Camren Skelton August 7, 2017

RICHMOND, VA. — Panattoni Development Co. Inc. has unveiled plans to develop a 1 million-square-foot speculative warehouse situated along Commerce Road in Richmond. CBRE | Richmond represented California-based Panattoni in the acquisition of the 62.3-acre parcel of land. Dubbed Virginia I-95 Distribution, the project will be developed in two phases. Each phase will feature a 461,700-square-foot cross-dock warehouse with 36-foot clear heights, LED lighting and multiple trailer drops. Phase I is slated for completion in summer 2018. Matt Anderson of CBRE | Richmond will handle the property’s leasing.

August 7, 2017

Industrial North Carolina Southeast

Monmouth Real Estate Acquires Industrial Building in Metro Charlotte for $40.6M

by Camren Skelton August 7, 2017

CONCORD, N.C. — Monmouth Real Estate Investment Corp. has acquired a 354,482-square-foot industrial building located at 4350 Fortune Ave. in Concord, roughly 25 miles north of Charlotte, for $40.6 million. The building is net-leased to FedEx for 15 years and sits adjacent to Monmouth’s recently constructed FedEx SmartPost facility. With this acquisition, the company owns a two-property campus in the Charlotte submarket totaling 685,200 square feet on 116 acres.

August 7, 2017

Georgia Multifamily Southeast

Brand Properties Breaks Ground on 295-Unit Apartment Community in Metro Atlanta

by Camren Skelton August 7, 2017

PEACHTREE CORNERS, GA. — Brand Properties has broken ground on Echo Lakeside, a 295-unit multifamily property located at 510 Guthridge Court in Peachtree Corners, roughly 22 miles north of Atlanta. In addition to Atlanta-based Brand Properties, the project team includes architect Niles Bolton & Associates, general contractor Oxford Construction, landscape architect HGOR and property management firm Woodward Management Partners. Echo Lakeside will include one- and two-bedroom floor plans with rents ranging from $1,000 to $1,900. Situated on 14.5 acres, the property will feature a clubhouse, fitness center, pool with a sun terrace, dog park and hiking and biking trails. The project is slated for completion in summer 2018.

August 7, 2017

Office Southeast Virginia

Divaris Brokers $13.2M Sale of Office Portfolio in Virginia Beach Area

by Camren Skelton August 7, 2017

CHESAPEAKE AND VIRGINIA BEACH, VA. — Divaris Real Estate Inc. (DRE) has arranged the $13.2 million sale of two office buildings in the Virginia Beach area: Southeastern Virginia Training Center, a 36,277-square-foot property located at 2100 Steppingstone Square in Chesapeake, and Probation and Parole Office Building, an 11,139-square-foot building located at 2520 Nimmo Parkway in Virginia Beach. Jason Oliver and Alex Divaris of Virginia Beach-based DRE represented the seller, Armada Hoffler Properties Inc. The Virginia Beach-based real estate company developed both properties as build-to-suits for the Commonwealth of Virginia.

August 7, 2017

Florida Market Reports Office Southeast Southeast Market Reports

Miami Office Market Thrives Due to Young Workers Seeking South Florida Lifestyle

by John Nelson August 7, 2017

Looking ahead to the rest of 2017, we can expect to see continued improvement of Miami’s office market based on strong market fundamentals and employment growth. Key trends to watch in 2017 that will help drive and shape the market, include: • Steady, modest growth in office rents • Declining available office supply • New transit-oriented mixed-use developments that include office space in both Miami’s downtown urban core and other connected walkable neighborhoods such as Coconut Grove, Coral Gables and Wynwood • Tenants adopting new office design standards • Increased moves between submarkets and new-to-market companies positively impacting net absorption Office demand will continue to be fueled by vibrant population growth of young professionals and Miami’s appeal as a growing, global and entrepreneurial city. Miami-Dade County’s population has grown 8 percent in the past five years, making it the seventh-largest county in the United States. In 2016, more than 20,000 jobs were added in the county, predominately in the construction, real estate, professional services and financial services industries. This economic growth has fueled expansion activity in the office market and should hold steady in 2017. Miami’s focus on cultivating innovation and entrepreneurship has also positively impacted the office market. In …

August 7, 2017

Florida Hospitality Mixed-Use Southeast

Joint Venture Breaks Ground on 140-Room Hotel Indigo at Gainesville’s Celebration Pointe

by Camren Skelton August 4, 2017

GAINESVILLE, FLA. — Peachtree Hotel Group (PHG), in a joint venture with Celebration Pointe Holdings (CPH), has broken ground on a 140-room Hotel Indigo in Gainesville. Situated between S.W. 49th and S.W. 50th Terraces, the six-story hotel will be one of the anchor tenants of Celebration Pointe, a 150-acre mixed-use development, located along Interstate 75 and Archer Road. Hotel Indigo Gainesville will feature a neighborhood bar with seasonal and locally sourced food. Atlanta-based PHG will operate the property, which is slated to open in August 2018. In addition to the hotel, Celebration Pointe will feature 300,000 square feet of Class A office space; 400,000 square feet of retail, restaurants and entertainment, including Bass Pro Shops and a Regal RPX theater; and approximately 900 residential units.

August 4, 2017

Georgia Office Southeast

Financial Tech Firm to Relocate Headquarters to Bank of America Plaza in Midtown Atlanta

by Camren Skelton August 4, 2017

ATLANTA — Gro Solutions, a banking software firm, has revealed plans to relocate its headquarters from Johns Creek, Ga., to Bank of America Plaza in Atlanta’s Midtown district. The startup will move to the 37th floor of the tower, the tallest building in the Southeastern U.S., and initially lease around 6,000 square feet, according to the Atlanta Business Chronicle. Gro plans to use the new space to host customer and partner visits, in addition to day-to-day job functions including management, sales, marketing, development and implementation. The company will relocate during the fourth quarter.

August 4, 2017

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