Southeast

Coro Realty Advisors Sells Village Place Brookhaven

by John Nelson August 9, 2016

BROOKHAVEN, GA. — Atlanta-based Coro Realty Advisors LLC has sold Village Place Brookhaven, a mixed-use development located on Dresden Drive in Brookhaven. The fully occupied property features nearly 35,000 square feet of ground-level retail space with luxury residential and office condominiums above. Tenants include restaurants Kaleidoscope and Verde. Chris Decoufle and Kevin Reavey of CBRE represented Coro Realty in the sale. Westwood Financial purchased Village Place Brookhaven from Coro Realty for an undisclosed price.

August 9, 2016

Florida Retail Southeast

Walmart Supercenter Opens at Butler North Shopping Center in Gainesville

by John Nelson August 8, 2016

GAINESVILLE, FLA. — Wal-Mart Stores Inc. has relocated its Walmart Supercenter store from Butler Plaza to Butler North, a power shopping center that Butler Enterprises is developing along Clark Butler Boulevard in Gainesville. The new Walmart Supercenter is one of several retailers opening at Butler North this month. Butler North is currently 92 percent leased to tenants such as Sam’s Club, Dick’s Sporting Goods, Five Below, Lowes Home Improvement, Marshalls, Orangetheory Fitness and Longhorn Steakhouse. Butler Enterprises is also underway on Butler Town Center, an adjacent 350,000-square-foot pedestrian-oriented mixed-use project along Archer Road and I-75. Upon completion in 2018, the entire Butler development will span nearly 2 million square feet on 267 acres.

August 8, 2016

Florida Multifamily Southeast

Melo Real Estate Arranges $22M Sale of Apartment Complex in Broward County

by John Nelson August 8, 2016

TAMARAC, FLA. — Miami-based Melo Real Estate has brokered the $22 million sale of Jasmine at Tamarac, a residential community comprising 222 apartment residences and 69 privately owned condominiums in Tamarac, a city in South Florida’s Broward County. Only the rental apartments were included in the transaction. JAT Owner LLC purchased the rental residences from Elandis for $99,099 per unit. Elandis previously purchased the rental units in December 2012 for $15 million. Built in 1987, Jasmine at Tamarac underwent a condominium conversion program in 2006. Ronald Meyerson of Melo Real Estate and Tyler Minix of Avison Young brokered the transaction.

August 8, 2016

Office South Carolina Southeast

Colliers Brokers $10.6M Sale of Office Building in North Charleston

by John Nelson August 8, 2016

NORTH CHARLESTON, S.C. — Colliers International has brokered the $10.6 million sale of a 41,000-square-foot office building located at 4969 Centre Pointe Drive in North Charleston. The Class A office building is situated within the Centre Pointe mixed-use development. Mark Mattison of Colliers International’s Charleston office represented the buyer, Doublz Investments LLC, an entity wholly owned by Tony Romeo, who owns roughly 100,000 square feet of Class A office space in the metro Charleston area. Doublz Investments purchased the asset from Oaks at Centre Point LLC and has retained Colliers to manage and lease the property.

August 8, 2016

Kentucky Loans Multifamily Southeast

Pillar Originates $5.7M Refinance of Apartment Complex in Lexington

by John Nelson August 8, 2016

LEXINGTON, KY. — Pillar has originated a $5.7 million Fannie Mae loan for the refinancing of The Creeks on Tates Creek, a 117-unit apartment complex adjacent to New Circle Road in Lexington. Built in 1968, The Creeks on Tates Creek features one-, two- and three-bedroom units. Joe Markech and Brooke Jackson of Pillar’s Chicago office originated the 10-year, fixed-rate loan with a 30-year amortization schedule on behalf of the borrower, an entity that owns three multifamily assets in the greater Lexington area. The borrower is using the loan to refinance an acquisition loan, which the borrower used in 2012 to fund the purchase and renovation of the apartment community. The renovation included new roofs, new doors, a remodeled clubhouse, upgraded swimming pool and community room and a new HVAC system.

August 8, 2016

Georgia Multifamily Southeast

Franklin Street Arranges $4.2M Sale of Apartment Community in Metro Atlanta

by John Nelson August 8, 2016

MORROW, GA. — Franklin Street has brokered the $4.2 million sale of Regal Forest Apartments, a 116-unit, Class C multifamily complex located in Morrow, roughly 15 miles south of Atlanta. Built in 1971, Regal Forest Apartments features a playground and laundry facility and is within walking distance of Clayton State University. Jake Reid and Ricky Jones of Franklin Street represented the seller, a local entity, in the transaction. Minnesota-based Regal Forest Apartments LLC was the buyer.

August 8, 2016

Florida Industrial Market Reports Southeast Southeast Market Reports

Miami’s Industrial Market Poised to Benefit from Panama Canal Expansion, Cuba

by John Nelson August 8, 2016

Given a handful of macro-factors in the Miami industrial market including the Panama Canal expansion nearing completion, PortMiami expansion, strong American dollar, and improving relations with Cuba coupled with the country’s new mega-port project, it is a unique time to be an industrial real estate service provider. To succeed in this environment, it takes deep local knowledge and a global understanding of how Miami, the Caribbean and Latin American economies and infrastructure are intertwined into global commerce. The first macro-factor is the Panama Canal expansion, its first major renovation since the 1914 opening. The expansion is set to have a major impact on global trade; specifically, the way cargo will be handled and transported throughout the Western Hemisphere. The larger canal will accommodate the new line of Post-Panamax vessels — supertankers, container and passenger ships too large to previously pass through the canal. Miami is a prime location for these vessels and offers a tremendous expansion opportunity for the local industrial market provided the vessels have a port to dock. In response to the Panama Canal expansion, PortMiami completed a deep dredge project to allow the Post-Panamax vessels full access, which is the second macro-factor affecting Miami’s industrial market. The …

August 8, 2016

Industrial Southeast Tennessee

The Hollingsworth Cos. Breaks Ground on 126,800 SF Industrial Facility in Tennessee

by John Nelson August 5, 2016

CLINTON, TENN. — The Hollingsworth Cos. has begun construction on its fourth industrial facility within Dave Jones Industrial Park in Clinton, a city in Anderson County near Knoxville. The new 127,600-square-foot, Class A facility has the capacity to expand to 172,600 square feet and will feature 32-foot clear heights and eight dock doors. Hollingsworth Cos. has signed A&S Building Systems to pre-lease 13,100 square feet of office space at the new property. Hollingsworth plans to start construction on a fifth facility within Dave Jones Industrial Park in early 2017. Hollingsworth’s prior projects in Anderson County include facilities for Advanced Auto Co., Seneca Medical and Durakon.

August 5, 2016

Florida Retail Southeast

Bass Pro Shops Begins Vertical Construction at ONE DAYTONA Development in Daytona Beach

by John Nelson August 5, 2016

DAYTONA BEACH, FLA. — International Speedway Corp., the developer of the 300,000-square-foot ONE DAYTONA mixed-use project in Daytona Beach, has announced the beginning of vertical construction for Bass Pro Shops’ 67,000-square-foot Outpost store at the development. Chattanooga, Tenn.-based EMJ Construction recently raised 30 panels that represent the walls of the store using a 200-ton track crane. International Speedway plans to deliver the Bass Pro Shops Outpost in early 2017. The property will front International Speedway Boulevard near Daytona International Speedway, home of the Daytona 500 NASCAR race. In addition to the usual outdoor recreation merchandise, the Bass Pro Shops Outpost will feature a 12,000-gallon freshwater aquarium situated in a “Florida sinkhole” setting, as well as hand-painted murals and a boat preview center. ONE DAYTONA’s development costs are estimated to total between $120 million and $150 million. Other components of the mixed-use development include a 12-screen Cobb Theatres, two hotels, a luxury apartment community and several retail and dining tenants.

August 5, 2016

Georgia Industrial Loans North Carolina Retail Southeast

AloStar Funds Three Acquisition Loans Totaling $20.5M for Industrial, Retail Assets

by John Nelson August 5, 2016

ATLANTA — AloStar has provided three loans totaling $20.5 million for the acquisition of industrial and retail assets in North Carolina and Georgia. AloStar funded a $9 million loan to ColumbusNova for the purchase of a 159,810-square-foot manufacturing facility in Mooresville, N.C. The property will be leased to a specialty beverage producer. AloStar also funded a $7.3 million loan to a joint venture for the purchase and renovation of a 272,396-square-foot industrial asset in Durham. The joint venture was between Trinity Capital Advisors and SilverCap Partners. AloStar also provided a $4.2 million loan to SunCap Opportunity Fund for the purchase of Uptown Square, a 72,277-square-foot shopping center in Fayetteville, Ga. The asset is anchored by Goodwill and Harbor Freights Tools. AloStar is headquartered in Birmingham, Ala., and its commercial office is located in Atlanta.

August 5, 2016

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