Southeast

Ardent Health Services Acquires LHP Hospital Group, Creating 19-Property Hospital Group

by Katie Sloan March 14, 2017

NASHVILLE, TENN. — Ardent Health Services has acquired LHP Hospital Group Inc., creating the second largest private, for-profit hospital operator in the United States, with 19 hospitals in six states and $3 billion in revenues, according to Ardent. Although the purchase price was not disclosed, Ventas Inc., a massive healthcare REIT, provided $700 million in financing to Ardent for the acquisition. The five-year, LIBOR-based acquisition loan bears an initial cash interest rate of approximately 8 percent. As part of the transaction, Ardent received a significant equity contribution from its majority owner, an affiliate of Equity Group Investments. Ventas also made an equity contribution to maintain its 9.9 percent equity stake in Ardent. LHP’s portfolio of hospitals were all operated in joint ventures. LHP’s portfolio includes Bay Medical Center in Panama City, Fla.; HUMC Mountainside in Montclair, N.J.; HUMC at Pascack Valley in Westwood, N.J.; Portneuf Medical Center in Pocatello, Idaho; and Seton Medical Center in Harker Heights, Texas. Under the terms of the agreement, Ardent will assume LHP’s management and operational responsibilities within each joint venture partnership. The transaction is not expected to impact the day-to-day operations of the affiliated hospitals. The Ardent management team will also continue to lead the …

March 14, 2017

Georgia Office Southeast

KDC Demolishes Office Building to Make Way for Phase II of State Farm Campus in Atlanta

by John Nelson March 13, 2017

DUNWOODY, GA. — KDC has demolished the 10-story Hammond Exchange Building to make way for Phase II of Park Center, State Farm’s 2.2 million-square-foot office campus within Atlanta’s Central Perimeter submarket in Dunwoody. Park Center will also feature 100,000 square-feet of retail, restaurants and entertainment space. Phase II of Park Center comprises two office towers totaling 1.2 million square feet and will feature a pedestrian bridge over Perimeter Center Parkway that will connect the two office towers to the Phase I tower and the Dunwoody MARTA station. Park Center will also link up to a multiuse trail, new pedestrian plaza, a connector road between Perimeter Center Parkway and Peachtree-Dunwoody Road and street-level retail space. The design team includes architect Cooper Carry & Associates for the shell building and interiors and general contractor Holder Construction. KDC expects to deliver the 22- and 19-story office towers in 2020.

March 13, 2017

Florida Office Southeast

Ownership Group to Develop 73,000 SF Office Building at CocoWalk Near Miami

by John Nelson March 13, 2017

COCONUT GROVE, FLA. — Federal Realty Investment Trust, Grass River Property and Comras Co., owners of the CocoWalk development in the Miami urban district of Coconut Grove, plan to develop a 73,000-square-foot office building within the project. The ownership group plans to break ground on the five-story asset, known as One CocoWalk, in early 2018 for a mid-2019 target delivery. Situated at Main Highway, McFarlane Road and Grand Avenue, One CocoWalk will be Coconut Grove’s first new office building since 1989. Beame Architectural Partnership designed the property to include four levels of Class A offices atop street-level retail space, as well as a rooftop terrace. The ownership group has selected Blanca Commercial Real Estate to lease One CocoWalk.

March 13, 2017

Florida Retail Southeast

CREC Brokers $27.4M Sale of Shopping Center in Broward County

by John Nelson March 13, 2017

CORAL SPRINGS, FLA. — CREC has brokered the $27.4 million sale of Turtle Crossing, a 99,174-square-foot shopping center located at the intersection of U.S. Highway 441 and Wiles Road in Coral Springs. The transaction is the largest shopping center sale in Broward County so far in 2017, according to CREC. Warren Weiser and Harry Blyden of CREC represented the seller, Turtle Run Venture LLC, in the transaction. A joint venture between Ross Realty Investments and SunCap Real Estate Investments known as Turtle Crossing Coral Springs LLC purchased the shopping center for roughly $275 per square foot. Turtle Crossing is shadow-anchored by Super Target and features Enterprise Rent-A-Car, Panda Express, AutoZone, Panera Bread, Buffalo Wild Wings, Vision Works and Chipotle Mexican Grill on its tenant roster. Tuesday Morning recently leased 14,427 square feet of junior anchor space at Turtle Crossing with plans to open this fall. Sabrina Stimming and Steven Henenfeld of CREC led the leasing for the shopping center, which increased in occupancy from 60 percent to 86 percent in the past 24 months.

March 13, 2017

Georgia Seniors Housing Southeast

Senior Lifestyle, Griffin Fine Living to Develop Seniors Housing Community Near Atlanta

by John Nelson March 13, 2017

SNELLVILLE, GA. — Senior Lifestyle Corp. and Griffin Fine Living LLC have unveiled plans for The Sheridan at Eastside, a 197-unit independent living, assisted living and memory care community in the Atlanta suburb of Snellville. The community will feature 81 independent living apartments, 24 independent living cottages, 60 assisted living units and 32 memory care units. The 190,000-square-foot community will sit on 15 acres. The co-developers plan to start construction this fall, with a projected opening date in late 2018. Senior Lifestyle Corp. operates more than 180 communities across the country. Griffin Fine Living provides design, construction, development, marketing and operational management services for the seniors housing and multifamily sectors.

March 13, 2017

Georgia Retail Southeast

Regency Centers Adds 365 by Whole Foods Market to Tenant Roster of Atlanta Shopping Center

by John Nelson March 13, 2017

ATLANTA — Regency Centers has signed 365 by Whole Foods Market to the tenant lineup at Paces Ferry Plaza, a 63,254-square-foot shopping center located at 3520 Northside Parkway in Atlanta. Whole Foods’ new grocer concept will open at the shopping center later this year. Regency Centers is underway on renovating the shopping center with brick facades, stone finishes and metal canopies to give the property an industrial feel, as well as additional parking space. Existing tenants at Paces Ferry Plaza include Woo Cosmetics, West Stride, ACE Hardware, Pero’s, Blue Ridge Grill and Baby Braithwaite. The Paces Ferry Plaza store will be the second location in metro Atlanta for 365 by Whole Foods Market.

March 13, 2017

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Rents, Occupancy Rise for Triangle’s Industrial Market as Supply Lags Demand

by John Nelson March 13, 2017

The Raleigh-Durham business climate has been on the climb for several years now and it doesn’t seem to be slowing anytime soon. The market continues to outpace most of the mid-tier markets across the country by all metrics of economic stability, quality of life, business environment, education, arts and quality of workforce. As a result, construction of office and retail projects has been strong, yet industrial construction and thus available space is lacking. Average asking rental rates have continued to rise in response to increasing demand and low supply. The remaining 550,000 square feet of industrial space that is expected to deliver has significant prelease commitments, creating competition for tenants looking for space. Raleigh-Durham’s warehouse market sits at a current vacancy of 3.8 percent with average asking rental rates at $5.01 per square foot triple net. The biggest challenge is for new and expanding tenants needing 35,000 to 200,000 square feet of space. Demand has been outpacing supply for several years in the market and industrial developers who recognized this trend were unable to fill the need because of the lack of available financing during the downturn. It has just been in the past 24 months that significant construction has …

March 13, 2017

Alabama Office Southeast

CBRE Arranges $131.6M Sale of Office Campus in Birmingham

by John Nelson March 10, 2017

BIRMINGHAM, ALA. — CBRE has brokered the $131.6 million sale of 3535 Colonnade, a 669,438-square-foot, Class A office campus in Birmingham. Griffin Capital Corp. purchased the property from Zurich Alternative Asset Management. Southern Co. Services Inc. fully leased the office campus in 2016 on a long-term basis with plans to take occupancy in 2019. Guy Ponticiello, Bruce Westwood-Booth, Jeff Shell, Maury Vanden Eykel and Kyle Sals of CBRE’s Chicago office represented Zurich in the transaction.

March 10, 2017

Florida Industrial Southeast

Liberty Property Trust to Develop Build-to-Suit Industrial Facility in Orlando for STIHL Southeast

by John Nelson March 10, 2017

ORLANDO, FLA. — Liberty Property Trust plans to develop a build-to-suit industrial facility in Orlando on behalf of STIHL Southeast, an exclusive distributor of STIHL outdoor power equipment for Florida, Georgia, Alabama and portions of the Caribbean. The new 154,400-square-foot facility will be situated on 13 acres within Liberty Park at AIPO on Tradeport Drive. The long-term lease includes 20,000 square feet of office space, 25,000 square feet of climate controlled assembly space and the balance will be for warehouse and distribution. The property will feature 32-foot clear heights, a 60-foot speed bay and more than 25 dock-high and drive-in doors. The STIHL Southeast facility is the seventh property that Liberty Property Trust has developed in the park, which totals 1.7 million square feet. The design team includes architect C4 Architecture and general contractor Kelsey Construction. Stephen Whitley of Whitley Capital LLC represented STIHL Southeast in the lease deal, and John Johnston represented Liberty Property Trust internally.

March 10, 2017

Multifamily North Carolina Southeast

Cushman & Wakefield Brokers $70.4M Sale of Two-Property Multifamily Portfolio in Charlotte

by John Nelson March 10, 2017

CHARLOTTE, N.C. — Cushman & Wakefield has brokered the sale of two apartment communities in Charlotte: the 252-unit Whitehall Estates and the 318-unit Stone Ridge. Gamma Real Estate LLC purchased Whitehall Estates for $30.9 million and Stone Ridge for $43.2 million, according to Charlotte Business Journal. Jordan McCarley and Marc Robinson of Cushman & Wakefield represented the seller, YFP/Yager Properties, in the transaction. Built in 1996, Whitehall Estates was 92.5 percent occupied at the time of sale. Built in 2001, Stone Ridge was 94 percent occupied at the time of sale.

March 10, 2017

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