Southeast

Pollack Shores to Break Ground on Apartment Community in Central Florida

by John Nelson April 19, 2017

MAITLAND, FLA. — Pollack Shores plans to build a 237-unit lakefront apartment community in Maitland, a suburb of Orlando. The Atlanta-based developer will demolish the existing Maitland Shores, a vacant 1960s-era complex situated on Lake Avenue fronting Lake Gem. The new apartment community will feature a resort-style pool with an outdoor kitchen and a bar area, as well as a lighted biking and pedestrian trail that will connect to the City of Maitland’s trail east of the property. The development will also feature 20 private garages and a newly rebuilt fishing dock and gathering areas with fire pits. The project team includes architect Poole & Poole Architecture and general contractor Oxford Construction. Pollack Shores’ subsidiary, Matrix Residential, will manage the apartment community upon completion, which is expected to be 15 months after construction begins.

April 19, 2017

Florida Retail Southeast

Earth Fare Opens at RD Management’s Shady Oaks Shopping Center in North Florida

by John Nelson April 19, 2017

OCALA, FLA. — Earth Fare has opened its newest store today at Shady Oaks Shopping Center, a 260,419-square-foot retail center located at 2401-2499 S.W. 27th Ave. in Ocala. The Fletcher, N.C.-based organic grocer operates the 29,618-square-foot store, which features more than 4,000 non-GMO items and the Heirloom Organic Café, an organic salad bar, hot food bar and ready-to-go packaged meals. The Ocala store is the fifth Earth Fare in Florida and its 40th nationwide. RD Management recently wrapped up a $2.2 million renovation of the shopping center, which is situated on 25.5 acres.

April 19, 2017

Georgia Industrial Southeast

CBRE Arranges Lease for New Brewery Pontoon in Metro Atlanta

by John Nelson April 19, 2017

SANDY SPRINGS, GA. — CBRE has arranged an 11,000-square-foot lease for Pontoon, a new brewery coming to Northridge Business Center in Sandy Springs, a northern suburb of Atlanta. The brewery will be located across the street from a Coca-Cola bottling plant on Dunwoody Place, situated directly between Ga. 400 and Roswell Road. Set to open in September, the first location for Pontoon will feature a large taproom and dockside décor, as well as tours, tastings, growler and crowler sales, events, live music and tailgates. Wesley Budd and Chris Irby of CBRE represented Pontoon in the lease transaction.

April 19, 2017

Georgia Mixed-Use Southeast

North American Properties Delivers Avalon’s 1.2 MSF Second Phase

by John Nelson April 18, 2017

ALPHARETTA, GA. — North American Properties (NAP) has delivered Phase II of Avalon, a massive mixed-use development in the north Atlanta suburb of Alpharetta. Known as Boulevard East, the 1.2 million-square-foot phase adds 20 new retailers and restaurants, as well as a nine-story office building and a 276-unit apartment community known as Veranda at Avalon. The office building, co-developed by Hines and Cousins Properties, is leased to tenants such as Microsoft Corp. and Spaces, a co-working office space provider. Coming in January to Avalon is the $112 million Autograph Collection hotel and conference center, which topped out on April 12. The hotel is the result of a public-private partnership between Stormont Hospitality Group, NAP and the City of Alpharetta, with additional assistance from the Development Authority of Fulton County and the Alpharetta Convention & Visitors Bureau. Fifth Group Restaurants will open South City Kitchen Avalon in a street-level space at the hotel early next year, and Starbucks is also slated to open in January with the hotel. The night before the opening of Phase II, NAP hosted Savor + Celebrate, a black tie fundraising event that raised $100,000 for Atlanta-based charity City of Refuge. NAP matched the amount, bringing the …

April 18, 2017

Georgia Industrial Southeast

Port Logistics Realty Breaks Ground on 2.6 MSF Industrial Park in Metro Atlanta

by John Nelson April 18, 2017

PALMETTO, GA. — Port Logistics Realty (PLR) has broken ground on Phase I of Palmetto Logistics Park, a two-phase, 2.6 million-square-foot industrial park in Palmetto, roughly 12 miles southwest of Hartsfield-Jackson Atlanta International Airport. The development, which is PLR’s first project in the Atlanta market, is situated near the CSX/BNSF Intermodal facility and Interstate 85. Slated for completion in the fourth quarter of this year, Phase I will include a 1.1 million-square-foot industrial facility, expandable to 1.3 million square feet, as well as park infrastructure. Phase II will include a 1.3 million-square-foot facility. PLR is developing Palmetto Logistics Park in partnership with Atlanta-based River Oaks Capital Partners. Colliers International will market the property for lease.

April 18, 2017

Florida Retail Southeast

Konover South to Develop Grocery-Anchored Shopping Center in Orlando

by John Nelson April 18, 2017

ORLANDO, FLA. — Konover South LLC plans to build Landstar Marketplace, a 62,222-square-foot, grocery-anchored shopping center located at 13891 Landstar Blvd. in Orlando. Designed by architect Cuhaci & Peterson, the property will be anchored by a 43,865-square-foot Walmart Neighborhood Market. David Lipp of Atlantic Commercial Group represented Walmart Neighborhood Market in its long-term lease. Other project team members include civil engineer Kimley-Horn and general contractor R.A. Rogers Construction Co. Konover South purchased the 18-acre site from Rodolfo Stern and David Serviansky for $3.3 million. Steve DeWitt of Shorecrest Retail Partners represented the sellers in the transaction. Konover South plans to deliver the shopping center in the first quarter of 2018.

April 18, 2017

Maryland Mixed-Use Southeast

Continental Realty Acquires Waterfront Mixed-Use Property in Baltimore for $21M

by John Nelson April 18, 2017

BALTIMORE — Continental Realty Corp. has acquired Brown’s Wharf, a 104,000-square-foot mixed-use property situated along the Fells Point waterfront in Baltimore. The Baltimore-based firm purchased Brown’s Wharf from Hunt Investment Management for $21 million. Located at 1615-1637 Thames St., Brown’s Wharf was 77 percent leased to retail and restaurant tenants such as Barcocina, CFG Community Bank, 7-Eleven, Fells Point Surf Co. and aMuse of Fell’s Point. Office tenants include Johns Hopkins University affiliate Jhpiego. Jay Wellschlager and Andrew Finkelstein of JLL represented the seller in the transaction. Continental Realty plans to invest $2 million to upgrade the building systems, interior common areas and build a new marina. The company is joint venturing with Baltimore-based WorkShop Development, and Doug Schmidt, Richard Manekin and Neil Tucker of WorkShop Development will oversee the day-to-day operations and execute the partnership’s redevelopment plans for Brown’s Wharf. David Strouse of Birchwood Capital arranged acquisition financing through PNC Bank on behalf of Continental Realty. Robert Manekin, Tony Gross and Peter Jackson of JLL will provide office leasing brokerage services at Brown’s Wharf.

April 18, 2017

Kentucky Office Southeast

PRG Brokers $5.8M Sale of Office Building in Downtown Louisville

by John Nelson April 18, 2017

LOUISVILLE, KY. — PRG | Commercial Property Advisors has brokered the $5.8 million sale of First Trust Centre, a seven-story office building located at 200 S. 5th St. in downtown Louisville. The 156,600-square-foot building is currently 72 percent leased. Tyler Smith of PRG represented the buyer, Miami-based Market Street Real Estate Partners, in the transaction. Smith has also been retained by Market Street to lease the property, which is the buyer’s first acquisition in the Louisville market.

April 18, 2017

Multifamily Seniors Housing Southeast Tennessee

Ryan Cos. Buys 11 Acres Near Nashville for $48.5M Seniors Housing Community

by John Nelson April 17, 2017

HENDERSONVILLE, TENN. — Ryan Cos. US Inc. has acquired an 11-acre land parcel in the Nashville suburb of Hendersonville. The buyer will use the property to build Clarendale at Indian Lake, a $48.5 million, 189-unit independent living, assisted living and memory care community. Project partners include LCS and Harrison Street Real Estate Capital. It will be the fourth Clarendale-branded community. The developers plan to start construction this spring for completion in fall 2018. Life Care Services, an affiliate of LCS, will operate the community once construction is completed. HFR Design, a Nashville-based architecture and engineering firm, designed the property. Bone McAllester Norton provided legal services. Terry Smith and Henry Trost of Avison Young represented Ryan Cos. in the land acquisition. The price was not disclosed.

April 17, 2017

Multifamily Southeast Tennessee

GBT Realty Begins Construction on $20M Apartment Community in Nashville

by John Nelson April 17, 2017

NASHVILLE, TENN. — GBT Realty Corp. has begun construction on Belcourt Park, a $20 million multifamily community situated on 0.7 acres in Nashville’s Hillsboro Village. Belcourt Park will include 76 units and an onsite leasing and management office. Community amenities include a Wi-Fi workspace, an espresso bar, fitness facility, patio with cabanas and fire pits and a concealed parking structure that can hold up to 84 cars. Pre-leasing is expected to start this winter with the first residents moving in no later than next spring. GBT Realty financed the development with an $11.4 million construction loan from Trustmark Corp. Belcourt Park brings GBT’s total current investment in Hillsboro Village to $65 million, including Village 21 at Regions Park.

April 17, 2017

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