Southeast

Cushman & Wakefield Negotiates $35.5M Sale of Office Building in Uptown Charlotte

by Camren Skelton September 15, 2017

CHARLOTTE, N.C. — Cushman & Wakefield has brokered the $35.5 million sale of 200 South Tryon, a 215,101-square-foot office building in Charlotte’s Uptown district. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, LNR Partners. The buyer, an entity controlled by Miami based-Jewell Capital LLC, acquired the asset. Constructed in 1962, the 17-story property was renovated in 2001 to include interior and exterior modifications and new building systems, followed by further improvements in 2014. The building is located within walking distance of more than 200 restaurants, Romare Bearden Park and public transit. At the time of sale, 200 South Tryon was 85 percent leased.

September 15, 2017

Loans Maryland Mixed-Use Southeast Top Stories

Goldman Sachs Provides $233M Private Equity Investment for Mixed-Use Redevelopment in Baltimore

by Kristin Harlow September 15, 2017

BALTIMORE — Goldman Sachs has committed $233 million to the Port Covington redevelopment project in Baltimore. This is the largest single private equity investment made by the firm’s Urban Investment Group (UIG) to date, according to a Port Covington news release. Port Covington is a 235-acre mixed-use redevelopment located on Baltimore’s waterfront adjacent to I-95. At completion, the 25-year project will include up to 18 million square feet of retail, entertainment, office, hotel and residential space. In addition, the project will encompass 2.5 miles of restored waterfront and 40 acres of parks and green space. Sagamore Development Co. and the UIG have entered into an agreement to jointly own the project and develop the infrastructure in Port Covington. Marc Weller of Sagamore Development will lead the infrastructure development team. The joint venture will own and develop the land in Port Covington that is adjacent to the campus of the future global headquarters of Under Armour. The footwear and sports apparel company owns 50 acres of Port Covington land, and is not involved in this transaction. Other businesses with land parcels in Port Covington that are not part of the joint undertaking include City Garage, Nick’s Fish House, Sagamore Spirit Distillery …

September 15, 2017

Alabama Hospitality Southeast

Apple Hospitality REIT Buys Dual-Branded Hilton Hotel in Downtown Birmingham for $38.4M

by Camren Skelton September 14, 2017

BIRMINGHAM, ALA. — Apple Hospitality REIT Inc. has purchased a newly constructed, dual-branded Hilton Garden Inn and Home2 Suites by Hilton property in downtown Birmingham for $38.4 million. Located at 250 18th St. S., the new hotel has a combined total of 210 rooms. The property features two distinct lobbies and dining areas — each catering to the needs of the brands’ respective guests — and shares one registration desk, fitness center and an outdoor swimming pool. Following this acquisition, Apple Hospitality now owns 237 hotels located throughout 33 states.

September 14, 2017

Maryland Retail Southeast

Marcus & Millichap Brokers $4.7M Sale of Grocery-Anchored Retail Center in Metro Baltimore

by Camren Skelton September 14, 2017

WINDSOR MILL, MD. — Marcus & Millichap has arranged the $4.7 million sale of a 94,851-square-foot retail property net-leased to Shoppers Food & Pharmacy in Windsor Mill, roughly 13 miles west of Baltimore. Preet Sabharwal and Michael Soleimani of Marcus & Millichap represented the seller, Jacqueline A. Mickiewicz Trust, in the transaction, and procured the buyer, a limited liability company. The property is located at 8212 Liberty Road at the corner of Liberty and Rolling roads.

September 14, 2017

Georgia Retail Southeast

Franklin Street Arranges $4.1M Sale of Shopping Center in Metro Atlanta

by Camren Skelton September 14, 2017

WOODSTOCK, GA. — Franklin Street has brokered the $4.1 million sale of The Shops at Eagle Pointe, a 26,960-square-foot retail center located in the Atlanta suburb of Woodstock. John Tennant and Bryan Belk of Franklin Street represented the seller, Indianapolis-based Alpha Opportunity Fund I LLC, in the transaction. D2D Holdings Inc. purchased the asset. At the time of sale, the property was leased to tenants including a gym, dry cleaner, doctor’s office and restaurants.

September 14, 2017

Mississippi Multifamily Southeast Student Housing

Texla Housing Partners Sells Student Housing Community Near Ole Miss

by Camren Skelton September 14, 2017

OXFORD, MISS. — Texla Housing Partners has sold University Trails Oxford, a student housing community located near the University of Mississippi in Oxford. The buyer, Capstone Real Estate Investments LLC, plans to rebrand the community as Flatts at South Campus. The property contains 492 beds in a mix of two-, three- and four-bedroom units. Shared amenities include a resort-style pool, business center, fitness center, beach volleyball court, basketball court, computer lab and a 24-hour game room. Renovations planned by Capstone for the property include the conversion of units to feature community-wide bed-to-bath parity, and common area and unit upgrades.

September 14, 2017

Georgia Industrial Southeast

Cushman & Wakefield Secures 295,800 SF Lease in Metro Atlanta with Travel Goods Company

by Camren Skelton September 14, 2017

MCDONOUGH, GA. — Cushman & Wakefield has secured a 295,800-square-foot lease with TravelPro, a provider of travel goods, at 1500 Medline Place in McDonough, roughly 30 miles south of Atlanta. Ray Stache, Lisa Pittman and Greg Dikerson of Cushman & Wakefield represented the landlord, Medline Industries, in the lease transaction. The lease marks TravelPro’s first location in the metro Atlanta market. Constructed in 2016, 1500 Medline Place was 100 percent leased in less than 12 months following completion. The facility features 37-foot ceilings, 77 dock doors, LED lighting and access to 13 UPS and FedEx centers.

September 14, 2017

Features Florida Industrial Southeast Top Stories

Lessons Learned: Hurricane Andrew Helped Prepare South Florida’s Industrial Market for Irma

by John Nelson September 14, 2017

Hurricane Irma made landfall in Florida on Sunday afternoon, tearing through The Keys and heading up the western portion of the state through the Tampa area. For a time, it appeared the hurricane was heading straight for Miami before it ultimately changed course. “A few days ago when we are all staring down the barrel of a Category 4 storm that was heading straight for us, it was concerning,” says Ken Krasnow, executive managing director of Colliers International’s South Florida division. “We ended up having some Category 2 force winds, but we feel fortunate that the storm changed course.” Despite being out of Irma’s direct path, parts of Miami were flooded and most of the region experienced power outages, with many residences remaining without power as of this writing. Irma was the worst storm to hit South Florida since Hurricane Andrew in 1992, but the destruction caused by the storm 25 years ago was much worse, specifically for the industrial sector. “Hurricane Andrew was the worst this market experienced,” says Walter Byrd, senior managing director of Transwestern’s industrial team. “It blew through entire floors on projects in the southern part of Miami-Dade County.” Byrd says that the difference this go-around …

September 14, 2017

Georgia Mixed-Use Southeast

North American Properties to Break Ground on Food Hall at Colony Square in Atlanta’s Midtown District

by Camren Skelton September 13, 2017

ATLANTA — North American Properties (NAP) has unveiled plans to develop a 28,000-square-foot food hall at Colony Square, a mixed-use destination at the corner of 14th and Peachtree streets in Atlanta’s Midtown district. Dubbed Main & Main, the food hall will include indoor and outdoor dining space and a staging area designed for a variety of event programming. The area will host Colony Square’s more than 200 signature and seasonal events annually. Restaurant designer and architect David Thompson is leading the project’s design, and restaurateur Steve Palmer will be the food hall’s chef curator. Main & Main will feature approximately 12 to 15 culinary concepts, as well as complementary vendors such as flower, chocolate and pastry pop-ups and an incubator space to host nonprofits. In addition, the project will include The Grove, a green space outfitted with soft seating, Spanish steps and a beer garden, that will serve as the gateway to Main & Main. NAP will break ground on Main & Main this fall, with the first phase of development slated to open in 2018.

September 13, 2017

Office South Carolina Southeast

CBRE Arranges $28.1M Sale of Office Tower in Columbia, South Carolina

by Camren Skelton September 13, 2017

COLUMBIA, S.C. — CBRE has brokered the $28.1 million sale of Tower at 1301 Gervais, a 298,926-square-foot office building in Columbia. Greenville, S.C.-based RealOp Investments acquired the property from Florida-based Morning Calm Management. Patrick Gildea, Aaron Dupree, Martin Moore and Matt Smith of CBRE represented the seller in the transaction. The 20-story Tower at 1301 Gervais recently underwent a $2 million renovation, including upgrades to the fitness center, common areas, restrooms and tenant spaces offering open floor plans. At the time of sale, the building was 80 percent leased to tenants including the University of South Carolina, South Carolina Chamber of Commerce, Cumulus Media, TM Floyd & Co., IT-oLogy and Merrill Lynch.

September 13, 2017

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