Southeast

Madame Tussauds Opens First In-Mall Wax Museum Ever at Opry Mills in Nashville

by John Nelson April 20, 2017

NASHVILLE, TENN. — Madame Tussauds has opened its first ever in-mall wax museum at Opry Mills, a Simon Property Group-owned mall in Nashville. The attraction, which focuses on music icons such as Johnny Cash, Elvis Presley and Taylor Swift, is the seventh location in the United States for Madame Tussauds and its 22nd property globally. Leisure firm Merlin Entertainments plc owns and operates Madame Tussauds. In addition to the new wax museum at Opry Mills, Simon plans to unveil Bavarian Bierhaus, a 15,000-square-foot German restaurant and beer hall, as well as performance apparel retailers Champs, Asics and New Balance. In mid-May, Distillers of Smith Creek Moonshine will open a moonshine tasting and cocktail bar at Opry Mills.

April 20, 2017

Georgia Seniors Housing Southeast Tennessee

Dominion Partners to Open Two Somerby Seniors Housing Communities in the Southeast

by John Nelson April 20, 2017

SANDY SPRINGS, GA. AND FRANKLIN, TENN. — On the heels of opening seniors housing community Somerby Sandy Springs in the Atlanta suburb of Sandy Springs, Dominion Partners also plans to open Somerby Franklin in the Nashville suburb of Franklin within the next two months. Somerby Sandy Springs includes 128 independent living units, 48 assisted living units and 24 memory care units on a six-acre plot. Details were not released on the Franklin property. Based in Birmingham, Ala., Dominion Partners is a developer and owner of seniors housing properties. Somerby, an operator, is a wholly owned subsidiary of Dominion. The companies own and operate a portfolio of eight communities in Alabama, South Carolina, Georgia, Florida and Tennessee.

April 20, 2017

Loans Louisiana Retail Southeast

KeyBank Secures $20.9M CMBS Loan for Retail Power Center in Metro New Orleans

by John Nelson April 20, 2017

HARVEY, LA. — KeyBank Real Estate Capital has secured a $20.9 million CMBS loan for the acquisition of Centre at Westbank, a 174,445-square-foot retail power center in Harvey, less than seven miles south of New Orleans. Built in 2001, the four-building property is fully leased to tenants such as Best Buy, Barnes & Noble, Michaels and Petco. Randy Martin of KeyBank arranged the 10-year loan with three years of interest-only payments and a 30-year amortization schedule.

April 20, 2017

Mixed-Use Southeast Tennessee

OliverMcMillan, Spectrum | Emery Break Ground on $430M Fifth + Broadway in Downtown Nashville

by John Nelson April 19, 2017

NASHVILLE, TENN. — San Diego-based OliverMcMillan and Nashville-based Spectrum Emery have broken ground on Fifth + Broadway, a massive mixed-use development in downtown Nashville. The development cost wasn’t disclosed, but The Tennessean reports Fifth + Broadway will cost $430 million to develop. Situated across from Bridgestone Arena on the 6.2-acre site of the former Nashville Convention Center, the project will feature 235,000 square feet of retail and entertainment space, including the 56,000-square-foot National Museum of African American Music and a restaurant concept by Nashville restaurateur Tom Morales; a 385,000-square-foot office tower at 501 Commerce; more than 350 apartments; and more than 2,000 parking spaces. Rob Lowe and Stewart Lyman of Cushman & Wakefield are the leasing agents for the office tower. General contractor Skanska broke ground on Fifth + Broadway yesterday and plans to complete construction by late 2019.

April 19, 2017

Multifamily Southeast Virginia

Jefferson Apartment Group to Develop High-Rise Multifamily Tower in Metro D.C.

by John Nelson April 19, 2017

ARLINGTON, VA. — Jefferson Apartment Group has acquired a 0.6-acre site at 40000 Fairfax Drive in Arlington’s Rosslyn-Ballston area for the development of a new high-rise apartment tower. The 22-story property will be situated at the corner of Fairfax Drive and North Quincy Street and feature 264 below-grade parking spaces and 8,260 square feet of ground-level retail space. The site is approved for up to 330 residential units. Planned amenities at the yet-to-be-named property include a rooftop swimming pool, fitness center, clubroom, rooftop outdoor lounge and 24/7 concierge services. Jefferson Apartment Group plans to break ground in the fourth quarter and pursue LEED Gold certification. The McLean, Va.-based developer is building the high-rise in a joint venture with Mitsui Fudosan America Inc. (MFA), a U.S. subsidiary of a publicly traded Japanese real estate company. MFA is providing equity to the project.

April 19, 2017

Florida Multifamily 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

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