Southeast

ARA Newmark Brokers $69.3M Sale of Adaptive Reuse Apartment Community in Downtown Durham

by John Nelson May 30, 2017

DURHAM, N.C. — ARA Newmark has arranged the $69.3 million sale of Liberty Warehouse, a former tobacco warehouse in downtown Durham that has been converted into a 247-unit apartment community. Chapel Hill, N.C.-based East West Partners delivered the asset this year before selling to New York-based Duck Pond Realty, a private, family-owned investment firm. Sean Wood of ARA Newmark represented East West Partners in the transaction. Liberty Warehouse commands some of the highest rental rates in downtown Durham and features a resort-style pool, yoga room, private terrace, bike share program and 24,000 square feet of retail space.

May 30, 2017

Florida Hospitality Southeast

Concord Hospitality Breaks Ground on Hyatt Place Jacksonville

by John Nelson May 30, 2017

JACKSONVILLE, FLA. — Concord Hospitality has begun construction on Hyatt Place Jacksonville, a 160-room hotel situated across from St. Johns Town Center in Jacksonville. The five-story hotel will anchor The Strand at St. Johns Town Center, a new 45-acre mixed-use development with retail, restaurants and multifamily residences. Scheduled to open in late 2018, the hotel will feature 3,000 square feet of flexible meeting space, an outdoor pool, fitness center and an outdoor deck for events. Concord Hospitality operates two other Hyatt-branded hotels in Florida: Hyatt Place Miami Airport and Hyatt Centric South Beach Miami. Concord also plans to open Hyatt Centric Brickell Miami later this year.

May 30, 2017

Industrial South Carolina Southeast

NAI Avant Arranges 50,000 SF Industrial Lease in Charleston

by John Nelson May 30, 2017

CHARLESTON, S.C. — NAI Avant has arranged a full-building, 50,000-square-foot industrial lease at 2509 Clements Ferry Road in Charleston. The tenant, Winston-Salem-based plumbing company Murray Supply Co., will use the facility as its Lowcountry distribution center. The property is Murray Supply’s first facility in Charleston. Thomas Boulware of NAI Avant represented Murray Supply in the lease deal. David Seay of Seay Development LLC represented the landlord, Yeros Investments LLC.

May 30, 2017

Alabama Market Reports Retail Southeast Southeast Market Reports

Retail Activity Leads the Way in Birmingham’s Revitalization

by John Nelson May 30, 2017

The Birmingham retail market had an explosive 2016. Several large projects were announced or completed, while traditional indicators of market health also showed promising signs of growth. TopGolf will soon be coming to the Uptown District, while Regions Field, home of the Birmingham Barons minor league baseball team, continues to attract surrounding development. Breweries remain a mainstay in Birmingham’s social scene, and they have demonstrated a capability to revive entire neighborhoods. As the natural beauty of Alabama becomes more important to residents and newcomers, the Red Rock Trail System’s green space bicycle system, which encompasses over 200 miles of green space trails and over 600 miles of street-based paths connecting all corners of the Birmingham area, will continue to grow in importance and recognition. By the fourth quarter of 2016, retail vacancy had decreased to 5.4 percent, down from 6.1 percent at the beginning of 2016, while market rents for major submarkets held steady around $12.37 per square foot. Downtown Birmingham, which hasn’t been viewed as a major retail area for decades, is the site of resurgent interest and accompanying capital. Some of the revitalization is occurring due to a renewed interest in public greenspaces, such as the recently developed …

May 30, 2017

Market Reports Retail South Carolina Southeast Southeast Market Reports

Greenville’s Positive Economic Momentum is Catching the Eye of Retailers

by John Nelson May 29, 2017

The city of Greenville and the surrounding submarkets are exploding with growth. The once-sleepy textile town in the Upstate of South Carolina has now become a robust, diversified economy that is garnering interest from retailers that may have overlooked the market in the past. The change in the city of Greenville has not gone unnoticed; several publications and top ten lists have recognized Greenville for its thriving downtown. From the addition of Falls Park in 2004, an approximately 32-acre oasis in the West End of the city, to multiple mixed-use developments under construction, Greenville’s resurgence has brought new residents, new retail and new life to the region. Growth in the Greenville market has been largely driven by the addition of thousands of new jobs, a low cost of living and highly attractive lifestyle options. Greenville serves as the North American headquarters for BMW, Michelin and Hubbell Lighting, all of which have contributed to significant job growth in the region. As Greenville’s downtown has continued to draw national recognition, retailers have taken notice. In recent years, Greenville has attracted a multitude of national retailers new to the market. Hughes Development’s Project ONE kicked things off when it brought national retailers like …

May 29, 2017

Georgia Office Southeast

Transwestern Corporate Properties to Acquire State Farm Office Tower in Atlanta in Sale-Leaseback Deal

by John Nelson May 26, 2017

DUNWOODY, GA. — Transwestern Corporate Properties I has reached an agreement to purchase Park Center I, a 13-story office tower in Atlanta’s Central Perimeter submarket. Situated on four acres adjacent to the Dunwoody MARTA station, the 602,000-square-foot asset is fully occupied by State Farm Auto Insurance. KDC developed Park Center I, the first office building delivered within State Farm’s three-building, 2.2 million-square-foot campus. Transwestern will purchase the asset for an undisclosed price in a sale-leaseback transaction with State Farm. Transwestern also recently acquired the 2.2 million-square-foot State Farm campus in Richardson, Texas, which was also developed recently by KDC.

May 26, 2017

Georgia Multifamily Southeast

CBRE Brokers $47M Sale of Multifamily Portfolio in Metro Atlanta

by John Nelson May 26, 2017

STOCKBRIDGE, GA. — CBRE has brokered the $47 million sale of a multifamily portfolio in Stockbridge, about 20 miles south of Atlanta. The two adjacent properties, Carrington Ridge and The Retreat at Eagles Landing, total 490 units. Mesa Capital Partners purchased the communities from TIC Properties Management. Shea Campbell, Kevin Geiger and Ashish Cholia of CBRE’s Southeast Multifamily Group represented TIC Properties Management in the sale. Richard Jordan and Matt Forgione of CBRE’s Debt and Structured Finance team arranged acquisition financing on behalf of Mesa Capital Partners.

May 26, 2017

Florida Industrial Southeast

Easton Group Buys New Distribution Center in Metro Miami for $21.8M

by John Nelson May 26, 2017

MEDLEY, FLA. — An affiliate of The Easton Group has purchased a newly built, 182,000-square-foot distribution center in Miami’s Medley submarket for $21.8 million. The affiliate, EWE Airport North Logistics Center LLC, purchased the asset from the developer, Ridge Development, in an all-cash transaction. The Easton Group is handling leasing and management for the property, which is situated on 10 acres at the corner of 87th Avenue and 90th Street, about six miles north of Miami International Airport.

May 26, 2017

Industrial Office Southeast Virginia

Avison Young Arranges $19.9M Sale of Two Flex Buildings in Metro D.C.

by John Nelson May 26, 2017

CHANTILLY, VA. — Avison Young has arranged the $19.9 million sale of two flex buildings in Washington, D.C.’s Dulles South industrial submarket totaling 245,888 square feet. Beckham Gumbin Ventures purchased the buildings from CIM Group. Built in 1986, the assets are located within Sullyfield Business Park at 14320 and 14340 Sullyfield Circle in Chantilly, about 30 miles west of Washington, D.C. John Kevill, Chip Ryan, Bert Harrell and Jesse Martin of Avison Young represented CIM Group in the sale. Sullyfield Commerce Center I was 95 percent leased at the time of sale to seven tenants including Northrop Grumman, and Sullyfield Commerce Center II was 63 percent leased.

May 26, 2017

Kentucky Multifamily Southeast

Independence Realty Trust Acquires Apartment Community Near Lexington for $14.2M

by John Nelson May 26, 2017

GEORGETOWN, KY. — Independence Realty Trust Inc. has purchased a 160-unit apartment community in Georgetown, a city near Lexington in Scott County. The Philadelphia-based REIT purchased the community from an undisclosed seller for $14.2 million using cash and its available line of credit. Built in 2001, the property features one-, two- and three-bedroom units averaging 1,206 square feet. The asset was about 99 percent occupied at the time of sale and had an average effective rent per occupied unit of $874 per month.

May 26, 2017

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