The Charlotte industrial market is extremely well-regarded by most national investors, with consistent rent growth, strong occupancy and increasing values. The fourth quarter of 2014 revealed the third-highest annual net absorption ever recorded in the Charlotte industrial market, continuing a pattern of growth that began in the fourth quarter of 2010. This continued recovery can be directly attributed to a combination of restrained development, expansions by existing space users, an influx of new companies and increased economic stability. Due primarily to geographic constraints and a high demand for land by all types of developers, there is a limited supply of large tracts suitable for industrial developments, which protects the value of existing properties. Air Support Industrial tenants are drawn to Charlotte for its strategic location along I-85 between Atlanta and the Mid-Atlantic states, as well as proximity to the Carolinas, southern Virginia and eastern Tennessee. Quality buildings are available at competitive prices in the region. Charlotte Douglas International Airport (CLT) continues to be a significant economic development driver, and Charlotte’s distribution network will be further enhanced by Norfolk Southern’s intermodal terminal recently completed on 230 acres adjacent to CLT. The terminal will include two loading tracks totaling 9,056 feet, eight …
CHARLOTTE, N.C. — Bissell has started construction on Brigham Building, a speculative 287,507-square-foot office building within Ballantyne Corporate Park in Charlotte’s Ballantyne office submarket. The 10-story building will be located at 11625 N. Community House Road and will overlook the 12th hole of The Golf Club at Ballantyne. The project team, which includes architect LS3P Associates and general contractor Rodgers Builders, is aiming for LEED Gold certification. Upon completion in November 2016, Brigham Building will feature a two-story lobby, glass exterior curtain walls, free structured parking and balconies on the third and 10th floors. In addition to Brigham Building, Bissell has plans for the next phase of speculative development on the east side of Ballantyne Corporate Park. The plan presently includes a campus of three 10-story buildings and one six-story building, totaling more than 900,000 square feet, as well as a 150-room hotel with event space.
ROCKVILLE, MD. — Atlanta-based Gables Residential has completed Gables Upper Rock, a four-building, 551-unit upscale apartment community in Rockville, a Maryland suburb of Washington, D.C. Located at 40 Upper Rock Circle near I-270, the apartment community is the residential component of Rockville’s Upper Rock District, a mixed-use development that includes office space and will eventually house retailers. Gables Upper Rock features two community swimming pools, a lounge, grilling stations, 20-foot outdoor movie screen, fitness center, club room with a bar, foosball and billiards, a cyber cafe, bocce ball court, Zen garden, private meeting room and an onsite dog park and dog grooming station.
GREEN COVE SPRINGS, FLA. — Newmark Grubb Phoenix Realty Group has arranged a 208,000-square-foot industrial lease at 4627 JP Hall Blvd. in Green Cove Springs, a town located along the St. Johns River roughly 33 miles south of Jacksonville. Santa Paula, Calif.-based Calavo Growers leased the space at the 793,583-square-foot, multi-tenant warehouse and cold-storage distribution facility, which is located on a 141-acre tract and is rail-served by CSX. John Richardson and Bryan Bartlett of Newmark Grubb Phoenix Realty represented the landlord, Green Cove LLC, in the lease deal. Kevin Kelly of CBRE represented Calavo Growers. The deal is expected to bring 262 new jobs to the area.
CULLMAN, ALA. — Atlanta-based Bull Realty has brokered the $4.9 million sale of a 13,600-square-foot freestanding CVS in Cullman. Michael Bull of Bull Realty represented the buyer, Guggie H LLC, in the 1031 exchange. John Glass of Marcus & Millichap represented the seller, LL Cullman AL LLC. Strategic 1031 Exchange Advisors LLC acted as a qualified intermediary for the sale. The retail property is triple-net leased to CVS and has 25 years remaining on its primary term.
ARLINGTON, VA. — The U.S. General Services Administration, on behalf of the Department of Homeland Security’s National Protection and Programs Directorate division, has renewed a 120,435-square-foot lease at Two Ballston Plaza in Arlington. The 234,000-square-foot, Class A office building is located at 1110 N. Glebe Road. Colliers International’s government solutions team represented the landlord, Brookfield Property Partners, in the lease renewal.
ERLANGER, KY. — Nevada-based Dermody Properties, in a joint venture with Hillwood Investment Properties, plans to develop an 898,560-square-foot facility in Erlanger for Wayfair Inc., an online home furnishings and décor retailer. The facility will be located on a 52-acre site at 1600 Donaldson Road adjacent to the Cincinnati/Northern Kentucky International Airport (CVG). Dermody Properties and Hillwood leased the land site from CVG earlier this year. The facility, known as LogistiCenter at 275, will be the largest single development by square footage in the history of Dermody Properties. DTZ represented Wayfair in the lease transaction. Paul Hemmer Co. is the general contractor on the project. Construction is expected to be complete in the second quarter of 2016.
WESTON, FLA. — Citigroup’s CMBS & commercial real estate finance office has arranged the $60 million refinancing of Weston Town Center, a retail and office campus in Weston. Anchored by Publix, the property is located at 2000 Main St. in South Florida’s Broward County. Michael Cohen of Citigroup arranged the 10-year, fixed-rate loan on behalf of the undisclosed borrower.
ATLANTA — North American Properties (NAP) has begun construction on Anthem on Ashley, a 245-unit luxury apartment community in Atlanta’s Old Fourth Ward neighborhood. The property will front Historic Fourth Ward Park and will be situated a short walk from the Atlanta Beltline’s Eastside Trail. The property will feature 6,000 square feet of ground-level retail and commercial space that will house a restaurant and coffee shop. Anthem on Ashley’s amenity package will include a resort-style pool, fitness center, clubroom, business center and a rooftop terrace. NAP expects to deliver the project in early 2017.
MATTHEWS, N.C. — Ziff Properties Inc. has purchased Matthews Festival Shopping Center, a 127,817-square-foot shopping center located at the corner of East Independence Boulevard and Matthews Township Parkway in Matthews, roughly 12 miles south of Charlotte. Ziff Properties purchased the center from an undisclosed seller for $8.2 million. The property’s tenant roster includes Big Lots, Miracle Ear, Springleaf Financial, Merle Norman Cosmetics, Tequilerias and Tamarind Fine Cuisine of India. Ziff Properties plans to renovate the shopping center. Bryan Wyker of The Providence Group represented the buyer in the transaction and will continue to work on repositioning efforts along with Alex Kelly of Tribek Properties.