CARY, N.C. — The Sembler Co. has unveiled plans to develop a 72,000-square-foot, Publix-anchored shopping center in Cary, roughly 11 miles west of Raleigh. The project, which will be known as Amberly Place, is situated on 22 acres of land at the northwest corner of Greenlevel Church and Carpenter Fire Station roads. The Sembler Co. has developed approximately 325 projects totaling 27 million square feet.
SILVER SPRING, MD. — Avison Young has negotiated the $24 million sale of Forest Glen, a 62,379-square-foot medical office building situated on the Holy Cross Hospital campus in Silver Spring, roughly six miles north of Washington, D.C. Jim Kornick, Chip Ryan, Mike Wilson, Erik Foster and Mark Johnson of Avison Young arranged the sale on behalf of the buyer, Healthcare Realty. The Nashville-based REIT purchased the asset from a joint venture between Washington, D.C.-based developer Foulger-Pratt and a global investment firm.
ORLANDO, FLA. — Amazon has unveiled plans to open an 850,000-square-foot fulfillment center at Lake Nona, Orlando’s 17-square-mile master-planned development. Slated to open in 2018, the new site will create 1,500 full-time jobs. The project is being developed in a partnership between Seefried Industrial Partners and an affiliate of USAA Real Estate Co. Tavistock Development Co., master developer of Lake Nona, sold the site and will develop the infrastructure for the project. The property will utilize automated processes supported by Amazon Robotics, a Massachusetts-based manufacturer of robotic fulfillment systems. The new fulfillment center will bring Amazon’s workforce in Florida to more than 9,000.
MIAMI — Miami-based development firm Terra, in partnership with Mayfair Real Estate Advisors, has secured a $32 million construction loan from BB&T Bank for the development of Mary Street, a Class A office and retail complex in Miami’s Coconut Grove neighborhood. Designed by Touzet Studio, the project will transform a parking garage into 78,000 square feet of office space with 18,000 square feet of ground-level retail space. The building will feature 24-hour security, above ground public and office parking, electric car charging stations, bicycle stations and bicycle storage. Construction is expected to begin next month, with completion slated for late 2018.
CHARLOTTE, N.C. — The Fallon Co., a Boston-based real estate developer, has acquired a 13-story, 184,144-square-foot office building located at 301 S. McDowell St. in Uptown Charlotte’s Second Ward neighborhood. The sales price was not disclosed, but the Charlotte Business Journal reports the asset sold for $24.5 million. The property will serve as The Fallon Co.’s Southeast regional headquarters. HFF negotiated the transaction.
ST. AUGUSTINE, FLA. — American Commercial Realty Corp. (ACR) has acquired the Shops at World Golf Village, the retail component of World Golf Village in St. Augustine, located roughly 30 miles south of Jacksonville. The property, which includes five buildings totaling roughly 80,000 square feet, was occupied by two long-term tenants at the time of sale— Murray Brothers’ Caddy Shack Restaurant and the World Golf Foundation. The sales price was not disclosed. In addition to the commercial component acquired by ACR, World Golf Village is home to the World Golf Hall of Fame, a Renaissance Hotel, the St. Johns County Convention Center and the PGA of America’s national production center.
RALEIGH, N.C. — Continental Realty Corp. (CRC) has sold Creekside Crossing, a 60,499-square-foot shopping center located at 404 E. Six Forks Road in Raleigh, for $10.1 million. Thomas Kolarczyk and Jordan Lex of HFF represented Baltimore-based CRC in the sale to Raleigh Creekside Crossing LLC, a private investor. The asset was 100 percent leased at the time of sale to tenants including Planet Fitness, Tuesday Morning and Tropical Picken Chicken.
The Atlanta industrial market continues to grow in popularity when it comes to real estate investors’ appetite. Industrial assets are “hot items” in current investment sales transactions as the region’s economic momentum continues to position Atlanta as one of the healthiest industrial markets in the Southeast. Some of the major local and macro-economic trends affecting the industrial market include the ongoing growth of infrastructure, logistics and manufacturing industries. Furthermore, the Port of Savannah’s new Post Panamax facilities, its ongoing investment and expansion plans and its increasing activity are also beneficial to the Atlanta industrial market. Investment sales professionals, especially individual investors, remain attracted to Atlanta’s industrial market as e-commerce continues to transform how and where products are stored and shipped, not to mention the simplicity of owning and managing industrial properties, compared to retail and office. In 2016, the Atlanta industrial market experienced over 17 million square feet of net absorption. The forecasted absorption for 2017 ranges between 12 and 14 million square feet, with approximately 12 million square feet of new product being delivered this year. Over 90 percent of the new product comprises warehouse/distribution product, and less than 10 percent consists of new flex and shallow-bay buildings. Most …
MIAMI BEACH, FLA. — CBRE Global Investors and German investment company Universal-Investment have purchased 1111 Lincoln, a 146,327-square-foot mixed-use property in Miami Beach. The acquisition was made on behalf of Bayerische Versorgungskammer (BVK), one of Germany’s largest institutional investors. The sales price was not disclosed, but the South Florida Business Journal reports BVK paid $283 million for the asset. Designed by Herzog & de Meuron Architects, 1111 Lincoln includes 94,488 square feet of office space, 51,839 square feet of retail space and a 300-space parking garage and event space. The property was fully leased at the time of sale to tenants including Viacom International, public relations firm JeffreyGroup and Rosa Mexicano South Beach restaurant.
AUGUSTA, GA. — Starbucks has unveiled plans to expand its soluble plant in Augusta. The $120 million expansion will add 140,000 square feet to the current 180,000-square-foot facility, nearly doubling the size of the operation. Starbucks opened the plant in July 2012. It is the first company-owned facility in the world to produce Starbucks soluble products. Located roughly 20 miles south of Fort Gordon, the plant currently employs 185 Starbucks partners, one in six of which are armed forces veterans or military spouses. The expansion will bring up to 100 new jobs to the facility. Construction on the property is slated for completion in fall 2019. On the retail front, Starbucks plans to add 12,000 stores globally by 2021, bringing the total number to 37,000.
