PEMBROKE PARK, FLA. — Atlanta-based Coca-Cola has signed a long-term lease renewal for 93,700 square feet of industrial space at Seneca Industrial Park, a Class A distribution and warehouse park in Broward County. Located at 2500 S.W. 32nd Ave. in Pembroke Park, Seneca Industrial Park is situated just west of Interstate 95 and directly north of the Miami-Dade County line. Jonathan Kingsley of Colliers International represented Coca-Cola in the lease renewal. Thomas Kresse, Ben Eisenberg, Walter Byrd and Carlos Gaviria of Transwestern represented the landlord, TH Real Estate, an affiliate of Nuveen (formerly known as TIAA Global Asset Management).
LOUISVILLE, KY. — CBRE has assisted Thorntons, a Louisville-based gas station and convenience store chain, in the sale-leaseback of its corporate headquarters and store support center, which is currently under construction off Old Henry Road in Louisville’s East End. Thorntons will occupy nearly 90,000 square feet of space at the build-to-suit property starting in April. Andrew Sandquist, Anne Rahm, J.C. Asensio, Briggs Goldberg, David Tropp and David Hardy of CBRE represented Thorntons, which currently operates 185 stores in Kentucky, Indiana, Illinois, Ohio, Tennessee and Florida. The buyer and sales price were undisclosed.
The Washington, D.C., metropolitan industrial market, spreading from Frederick County, Maryland to the north, Prince William County, Virginia to the south and as far west as Loudoun County, Virginia is ideally situated between I-95 and I-81 — major transportation corridors that allow shipments to easily reach much of the country. The industrial market has improved more quickly than other sectors and fairly dramatically to the point where much of the region can be described as land-constrained and under-supplied. Certain industrial sub-segments, such as data centers, have impacted the availability of warehouse and distribution space in key locations for optimal supply chain design. As of the third quarter of 2016, the area’s industrial market totaled 190 million square feet (inclusive of flex space), divided almost equally between the markets of Suburban Maryland (90.6 million square feet) and Northern Virginia (90.2 million square feet). The District of Columbia comprised 9.2 million square feet, and 1.5 million square feet was under construction region-wide. Approximately 4.2 million square feet has been absorbed year-to-date, and vacancy was 7.9 percent — a 250-basis point decrease from 10.4 percent reported as recently as year-end 2013. In comparison, the office market has ranged from 14 to 14.9 percent …
SANDY SPRINGS, GA. — A joint venture between Childress Klein and MidCity Real Estate Partners has purchased 3.7 acres of land in Sandy Springs for the development of NorthPlace, a two-building office campus totaling 370,000 square feet. Situated within Atlanta’s Central Perimeter office submarket, the office development will sit at the intersection of Barfield Road and Mount Vernon Highway, one block from the new Mercedes-Benz U.S. headquarters and two blocks from the Sandy Springs MARTA station. Comprising a 250,000-square-foot building and 120,000-square-foot building, NorthPlace will offer signage visibility along Ga. 400. Childress Klein and MidCity will co-develop the property, and MidCity will oversee day-to-day construction responsibilities and will market the project to prospective corporate and medical tenants. A timeline for construction has not been announced at this time.
CHARLOTTE, N.C. — Pollack Shores Real Estate Group plans to develop a 350-unit apartment community at 327 and 349 Tremont Ave. in Charlotte’s South End district. Design is currently underway on the project, which is located within walking distance of Atherton Mill. The residential units will feature stone countertops and stainless steel appliances, and the community amenities will include a pool courtyard, clubroom, sky lounge, two courtyards with outdoor kitchen amenities and a dog park. The community will also feature 2,500 square feet of street-level retail space and “Live Work Units” fronting Tremont Avenue. Pollack Shores expects to deliver the unnamed project in late 2018.
GREENBELT, MD. — ACORE Capital has provided a $46.6 million acquisition loan for Capital Office Park, a seven-property office portfolio totaling 806,531 square feet in the Greenbelt suburb of Washington, D.C. Cary Abod and Michael Gigliotti of HFF worked on behalf of the borrower, Morning Calm Management, to arrange the floating-rate loan. Located at 6301-6421 Ivy Lane, the portfolio is currently 60 percent leased to tenants including Bozzuto & Associates, Whiting Turner and the U.S. District Attorney’s Office. Morning Calm, who will be moving its primary office to Capital Office Park, plans to upgrade the property’s lobbies, elevators, windows and amenity spaces.
NORCROSS AND LAWRENCEVILLE, GA. — Berkadia has brokered the $38.1 million combined sale of two apartment communities in metro Atlanta’s Gwinnett County. The properties include the 180-unit Ellington Woods located at 1359 Beaver Ruin Road in Norcross and the 192-unit Lealand Place at 2945 Cruze Road in Lawrenceville. Andrew Mays and Paul Vetter of Berkadia represented the seller, a private entity based in Atlanta, in both sales. Ellington 192 LLC purchased Ellington Woods for $18 million and Lealand 180 LLC purchased Lealand Place for nearly $20.1 million. Richard Levine of Berkadia originated two Freddie Mac loans totaling $26.9 million for the acquisition of both apartment communities. The loans feature seven-year terms and a floating 2.85 percent interest rate.
MANDEVILLE, LA. — SRSA Commercial Real Estate has brokered the $17 million sale of Northlake Shopping Center, a 166,371-square-foot retail center in Mandeville, situated on the north shore of Lake Pontchartrain across from New Orleans. Northlake’s tenant roster includes The Fresh Market, Office Depot, Stage, Gordon’s of Mandeville and PetSmart. Steven Reisig and Kirsten Early of SRSA Commercial represented the buyer, Epic Real Estate Partners, in the transaction. Epic has retained SRSA Gulf South Management, a division of SRSA, to manage and lease the center.
ATLANTA — Batson-Cook Development Co. (BCDC) has formed a joint venture partnership with Regent Partners LLC to acquire a parcel in the Buckhead financial district of Atlanta and develop a $400 million mixed-use project. The office, retail and multifamily development will be located at 3354 and 3356 Peachtree Road, near State Route 400 and Buckhead’s MARTA train station. The four-acre property will consist of two buildings with more than 550,000 square feet of office and retail space, 60 condominiums and 300 multifamily units. Construction is expected to begin in 2018. The project will feature outlet roads leading to Peachtree Road, Piedmont Road and the Buckhead Loop. The new MARTA pedestrian bridge spanning Georgia 400 gives the project direct access to public transit. The Buckhead Community Improvement District has also proposed a nine-acre park on top of a half-mile stretch of Georgia 400 from the Buckhead Loop to Peachtree Road. Upon completion, the $245 million park will serve as the entrance to the joint venture’s new project. BCDC is a wholly owned subsidiary of Kajima USA, based in Atlanta. The company provides development and capital solutions, primarily through partnerships on commercial real estate projects in the Southeast. Atlanta-based Regent Partners is …
TAMPA, FLA. — NorthMarq Capital has arranged a $31.5 million construction loan for Cortona South Tampa, a 300-unit multifamily property located at 5145 S. Dale Mabry Highway in Tampa. The gated development will feature a two four-story apartment buildings and 20 two-story townhome buildings, as well as a 6,000-square-foot clubhouse with a resort-style swimming pool and recreation areas. Robert Hernandez of NorthMarq Capital’s Tampa office arranged the 3-year loan with a two-year extension option through a regional bank. The loan features interest-only payments for the primary term and a 25-year amortization schedule for the extension.