Southeast

FCA Partners Adds Sephora to Tenant Roster at The Exchange Shopping Center in Buckhead

by John Nelson February 17, 2017

ATLANTA — Charlotte-based FCA Partners has added a new retailer to its tenant lineup at The Exchange, a 44,500-square-foot redeveloped shopping center located at Peachtree Road and Grandview Avenue in Atlanta’s Buckhead district. Sephora, a cosmetics retailer based in Paris, has signed on for 4,500 square feet of corner space adjacent to an upcoming YEAH! Burger. Other committed tenants at The Exchange include SculptHouse, Storico Fresco Alimentari, Kohler, Kale Me Crazy, Posh Nails and Cherry Blow Dry Bar — all of which are now open. Stephanie McCall of The Shopping Center Group, the exclusive leasing agent for the retail center, is currently in negotiations with additional tenants for the available 19,000 square feet of space remaining at The Exchange. Sephora is scheduled to open its doors this summer.

February 17, 2017

Florida Industrial Southeast Top Stories

Cushman & Wakefield Brokers $67.1M Sale of Four Warehouse, Distribution Buildings in Orlando

by Katie Sloan February 17, 2017

ORLANDO, FLA. — Cushman & Wakefield has brokered the $67.1 million sale of four Class A warehouse and distribution buildings in Orlando totaling 946,379 square feet. The portfolio includes Beachline Distribution Center I and II and Crossroads Business Park V and VI. The buildings were fully leased at the time of sale to tenants including FedEx Smartpost, Dusobox, McKesson, Mattress One, Petco and US Mattress Depot. Each building offers front-load and cross-dock capabilities, tilt-wall construction, 26- to 30-foot clear heights, fire safety systems, parking and 120- to 150-foot truck courts with 55-foot concrete aprons. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller, a state pension fund advised by L&B Realty Advisors LLP. Los Angeles-based Colony NorthStar acquired the assets through its Dallas-based industrial fund, Colony Industrial. The transaction is the largest multi-tenant industrial portfolio sale in Orlando’s history in terms of square footage, according to Cushman & Wakefield. — Katie Sloan

February 17, 2017

Georgia Multifamily Southeast

South City Partners, McShane Break Ground on Apartment Community in Avondale Estates Near Atlanta

by John Nelson February 16, 2017

DECATUR, GA. — South City Partners and general contractor McShane Construction Co. have broken ground on Sam’s Crossing, a 197-unit apartment community located at 2700 E. College Ave. in Decatur’s Avondale Estates district. The wraparound project will be situated within walking distance of MARTA’s Avondale Station and include a five-level, 268-space parking garage. South City Partners recently purchased the 3.2-acre lot from longtime property owner Joe Gargiulo of Candler Investment Group. Gargiulo owns other tracts in the Avondale Estates area for future development. Designed by The Preston Partnership, Sam’s Crossing will feature a clubroom, fitness center, on-site management and leasing office, central courtyard, an acre of green space and a resort-style swimming pool, as well as 8,000 square feet of ground-level retail space. McShane, which is also handling the landscaping and surface parking for the retail portion, expects to deliver Sam’s Crossing in the third quarter of 2018.

February 16, 2017

Maryland Multifamily Southeast

Enterprise Homes Opens $22.3M Apartment Community in Downtown Baltimore

by John Nelson February 16, 2017

BALTIMORE — Enterprise Homes has opened Mulberry at Park Apartments, a $22.3 million multifamily community located in downtown Baltimore’s Bromo Tower Arts & Entertainment District. Managed by Habitat America LLC, the property features 34 one-bedroom units, 27 two-bedroom units and seven three-bedroom units with average rents at roughly $750 per month. The design team for the LEED Silver-certified community includes architect Marks, Thomas Architects and general contractor Harkins Builders Inc. Sustainable features of Mulberry at Park include efficient plumbing fixtures, advanced insulation and air sealing, green roofing, low VOC finishes and Energy Star windows, HVAC systems, lighting and appliances. Community amenities include a cyber café, clubroom, study room, fitness center and an outdoor terrace area. Bank of America provided $15.8 million in construction financing, tax credit equity and permanent financing for the project. Additional financing included $1.5 million from the Maryland Department of Housing and Community Development, $870,000 from Baltimore City and $500,000 from the Federal Home Loan Bank of Atlanta.

February 16, 2017

Georgia Retail Southeast

L Star Communities Breaks Ground on New Publix Near Savannah

by John Nelson February 16, 2017

POOLER, GA. — L Star Communities, master developer of the 2,588-acre Savannah Quarters development in Pooler, has broken ground on a new Publix store. The 46,000-square-foot supermarket will be situated on a 9.3-acre site in the southwest quadrant of Savannah Quarters at the corner of Blue Moon Crossing and Pooler Parkway, about 10 miles outside of downtown Savannah. The Publix will anchor a shopping center that features additional inline shop space and an outparcel bank, according to the site plan. Publix expects to open the new store by the end of November. The Lakeland, Fla.-based grocer has 1,138 stores in Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina and had more than $32 billion in sales in 2015.

February 16, 2017

Florida Loans Multifamily Southeast

NXT Capital Provides $29.5M Acquisition Loan for Apartment Community in Tampa

by John Nelson February 16, 2017

TAMPA, FLA. — NXT Capital has provided a $29.5 million acquisition loan for 251 units within Crosswynde Apartments, a 453-unit, Class A multifamily property located in Tampa. The remaining units are condominiums. Crosswynde’s community amenities include a clubhouse, fitness center, basketball court, business center, playground, swimming pool, volleyball court and racquetball court. David Horowitz in the New York office of Cooper-Horowitz placed the loan with NXT Capital.

February 16, 2017

Florida Retail Southeast

Franklin Street Brokers $7.5M Sale of Shopping Center in Metro Tampa

by John Nelson February 16, 2017

BRANDON, FLA. — Franklin Street has arranged the $7.5 million sale of Brandon Crossroads, a 30,182-square-foot shopping center located at 2050 Badlands Drive in Brandon, a suburb of Tampa. The center’s tenant roster includes Orangetheory Fitness, Amazing Lash, My Gym, Pinot’s Palette and Massage Envy. Joe Morrow of Franklin Street represented the seller, Kennedy Investments Inc., in the transaction. The buyer was Sauteur LLC, a private investor based in Gulfport, Fla. Ryan Derriman of Franklin Street led the leasing assignment for Brandon Crossroads on behalf of Kennedy Investments and elevated the property from 63 percent occupied to fully leased within three years.

February 16, 2017

Retail Southeast Virginia

Norfolk City Council Approves New 331,000 SF IKEA Store

by John Nelson February 15, 2017

NORFOLK, VA. — The City Council of Norfolk has unanimously approved IKEA’s plans for a new store, the Swedish retailer’s second location in Virginia. Plans call for a 331,000-square-foot store featuring 10,000 items, 50 room settings, three model home interiors, a supervised children’s play area and a 450-seat restaurant, as well as 1,200 parking spaces. The new store will be situated on 19 acres at the northwest corner of Interstate 64 and Northampton Boulevard, about eight miles east of downtown Norfolk. Pending remaining approvals and permits, construction on the new store is slated to begin this summer with an opening set for summer 2018. The project is expected to create 500 construction jobs and 250 permanent jobs upon opening.

February 15, 2017

Florida Office Southeast

Insite Properties, Northridge Capital to Develop Five-Story Office Project Near Uptown Charlotte

by John Nelson February 15, 2017

CHARLOTTE, N.C. —Insite Properties plans to develop The Refinery, a five-story office development located at 1213 W. Morehead St. near Uptown Charlotte. Insite’s joint venture partner on the development is Washington, D.C.-based Northridge Capital LLC. Situated a half mile from Bank of America Stadium, The Refinery will span 105,000 square feet of office space and feature a connected parking structure, rooftop indoor/outdoor conference center, first floor showers and lockers, community meeting space, tenant café and an interior bike room. The project team includes civil engineer LandDesign, architect BB+M Architecture and leasing agents Barry Fabyan and Charley Leavitt of JLL. The design team is aiming for LEED certification. Insite and Northridge plan to deliver the project in the fall of 2018.

February 15, 2017

Florida Mixed-Use Southeast

Terra, Mayfair to Transform Parking Garage in South Florida into Mixed-Use Asset

by John Nelson February 15, 2017

COCONUT GROVE, FLA. — Terra and partner Mayfair Real Estate Advisors plan to transform a 1980s-era parking garage in Coconut Grove into Mary Street, a Class A mixed-use project. Designed by Touzet Studio, the property will include three levels of office space, a public parking garage component and 20,000 square feet of street-level retail space fronting Mary, Oak and Rice streets. The property will include a main lobby, 24-hour security, covered valet and drop-off, dedicated elevators, electric car charging stations and bike storage. Construction on Mary Street is set to begin early this year. Terra has two other projects in Coconut Grove under construction: Grove at Grand Bay, a condominium property, and Park Grove, a multifamily community. Mary Street will represent the first construction of office space in Coconut Grove in more than 20 years, according to Terra.

February 15, 2017

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