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

Multifamily South Carolina Southeast Student Housing

Stonemont Breaks Ground on Student Housing Community Near Clemson University

by John Nelson April 17, 2017

CLEMSON, S.C. — Stonemont Financial Group has begun construction on Plaza One89, a 45-bed student housing community located near Clemson University in South Carolina. The four-story property, which is also home to 6,000 square feet of retail space leased to Amici Italian Café, will offer two- and four-bedroom, fully furnished units with balconies. Community amenities will include a rooftop patio, on-site parking and controlled access. The project is set to open this August.

April 17, 2017

Florida Multifamily Southeast

Federal Capital Partners Buys Two Apartment Communities in Tampa for $21M

by John Nelson April 17, 2017

TAMPA, FLA. — Federal Capital Partners has purchased two apartment communities in Tampa totaling 293 units for a combined $21 million. The properties include Poplar Park Terrace, a 165-unit community at 4111 N. Poplar Ave. that will soon be rebranded as The Flats at Seminole Heights, and Fernwood Grove, a 128-unit property located at 4900 N. MacDill Ave. Jason Stanton of Berkadia’s Tampa office represented the undisclosed seller in the transaction.

April 17, 2017

Florida Restaurant Southeast

Brodson Construction Completes Shake Shack Expansion in Miami Beach

by John Nelson April 17, 2017

MIAMI BEACH, FLA. — Brodson Construction has wrapped up construction on the expansion of Shake Shack on Lincoln Road in Miami Beach. Brodson expanded the restaurant by 586 square feet, bringing the eatery’s interior square footage to 2,231 square feet. Brodson has completed five Shake Shack locations in the Southeast and is currently building another in Orlando.

April 17, 2017

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Nashville Industrial Market Will Continue to Ride its Hot Hand Through 2017

by John Nelson April 17, 2017

The Nashville commercial real estate market’s growth is no longer a local secret. In fact, it very well may be one of the most desired areas for investors for an MSA with a population less than 2.5 million people. In case you haven’t heard, read or taken notice, you likely have been living under a rock. Those who call this market “hot” are making an understatement. As the downtown core sees land sites trade in excess of $13 million per acre (and in a few interesting cases eclipse $1,000 per square foot), the multifamily and hospitality markets have moved at a torrid pace. Even office rents have climbed to record highs near $40 per square foot for full service gross rates. Some covering that sector project this number will peak around the $50 per square foot mark due, in part, to the higher land costs driven by the other sectors. Multifamily developers have seized upon this growth by paying record prices for downtown real estate in hopes of capturing the fancy of Millennials as they enter the workforce. Top this off with hotel stays in downtown costing as much as those found on Times Square in Manhattan, some ponder the …

April 17, 2017

Georgia Mixed-Use Southeast

Joint Venture to Break Ground on Studioplex on Auburn Project Along Atlanta BeltLine

by John Nelson April 14, 2017

ATLANTA — A joint venture between Columbia Ventures LLC and Studioplex LLC has broken ground on the next phase of Studioplex on Auburn, a mixed-use development in Atlanta’s Old Fourth Ward district. Fronting the Atlanta BeltLine near Krog Street Market, the 31,000-square-foot, $26 million project will feature 19 townhomes atop retail space. Retailers signed on at Studioplex on Auburn include Dancing Dogs Yoga, Beetnix Juice Bar, 18.21 Bitters and Hawkers Asian Street Fare. The joint venture opened a parking deck at the project in January and plan to add a new connection to the BeltLine, a 22-mile loop that will ultimately connect 45 intown neighborhoods through multi-use trails, parks and streetcars.

April 14, 2017

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