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MultifamilySoutheastVirginia

S.L. Nusbaum to Deliver 126-Unit Multifamily Community in Downtown Norfolk

by Camren Skelton

NORFOLK, VA. — S.L. Nusbaum Realty Co. has broken ground on The St. Paul’s Apartments, a 126-unit multifamily community located in downtown Norfolk. The design team includes TS3 Architects, Siska Aurand, The Livas Group, Pace Collaborative, Speight Marshall Francis and Details Interior Design. Hoy Construction Co. will lead construction of the community. The St. Paul’s Apartments will feature a mix of one-, two- and three-bedroom units with walk-in closets and patios or balconies. Community amenities will include a clubhouse, swimming pool, playground, barbeque area, fitness center and a dog park. The project is slated for completion by the first quarter of 2019.

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GeorgiaIndustrialSoutheast

Liberty Property Trust to Develop 840,000 SF Distribution Center South of Atlanta

by Camren Skelton

JACKSON, GA. — Liberty Property Trust has unveiled plans to develop Liberty Commerce Center, an 840,000-square-foot distribution center in Jackson, roughly 35 miles south of Hartsfield-Jackson Atlanta International Airport. The developer purchased the 80-acre site at the corner of Windy Lane and Midway Road in May. Upon completion, the building will feature 40-foot clear-heights, 56- by 51-foot column spacing, 161 dock doors, a 70-foot speed bay, ESFR sprinkler systems, a truck court with 175 spaces and 445 parking spaces. In addition, the building will be designed to meet LEED and Energy Star certification. Future tenants can use the remaining land to either develop a second 240,000-square-foot rear-load building with car parking, build a 266-spot trailer parking area with storage or develop an up to 1,070-space car parking area with storage.

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North CarolinaOfficeSoutheast

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

by Camren Skelton

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.

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LoansMarylandMixed-UseSoutheastTop Stories

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

by Kristin Harlow

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 …

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AlabamaHospitalitySoutheast

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

by Camren Skelton

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.

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MarylandRetailSoutheast

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

by Camren Skelton

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.

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GeorgiaRetailSoutheast

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

by Camren Skelton

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.

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MississippiMultifamilySoutheastStudent Housing

Texla Housing Partners Sells Student Housing Community Near Ole Miss

by Camren Skelton

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.

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GeorgiaIndustrialSoutheast

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

by Camren Skelton

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.

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FeaturesFloridaIndustrialSoutheastTop Stories

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

by John Nelson

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 …

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