Southeast

7748 Palmetto Commerce Parkway North Charleston

Lineage Logistics Opens 180,000 SF Cold Storage Distribution Center in North Charleston

by John Nelson April 11, 2016

NORTH CHARLESTON, S.C. — Lineage Logistics LLC, a warehousing and logistics company backed by investment firm Bay Grove, has opened its 180,000-square-foot cold storage distribution center in North Charleston. The property is located at 7748 Palmetto Commerce Parkway within Palmetto Commerce Park. Lineage Logistics worked with the South Carolina Ports Authority to facilitate the new property. Norfolk Southern provides rail service to the facility, which features 30 truck doors, four rail doors and parking for 100 cars.

April 11, 2016

Georgia Restaurant Retail Southeast

FCA Partners Announces New Tenants Joining The Exchange in Buckhead

by John Nelson April 11, 2016

ATLANTA — Charlotte-based FCA Partners has announced three new tenants joining The Exchange, a 44,500-square-foot retail center in Atlanta’s Buckhead district. The new tenants joining the previously announced Storico Fresco Pasta and YEAH! Burger include SculptHouse, Kohler Signature Showroom and Kale Me Crazy. SculptHouse, a boutique fitness destination, will occupy 3,600 square feet; Kohler Signature Showroom, a home furnishing store, will occupy 7,100 square feet at the “elbow” of the property along the connecting paseo; and Kale Me Crazy will occupy 1,300 square feet for its newest superfood café. The project is a redevelopment of the former Buckhead Exchange. FCA Partners expects for construction on the redevelopment to wrap up this month. Stephanie McCall of The Shopping Center Group is The Exchange’s exclusive leasing agent.

April 11, 2016

Florida Restaurant Retail Southeast

Stiles Realty Signs Starbucks, Chipotle to Leases at Retail Center in Cape Coral

by John Nelson April 11, 2016

CAPE CORAL, FLA. — Stiles Realty has signed Starbucks Coffee and Chipotle Mexican Grill to lease outparcel space at Coralwood Center, a 349,205-square-foot retail center located at 2301 S. Del Prado Blvd. in Cape Coral. The two tenants will open at the 6,038-square-foot outparcel this fall. The retail center is currently 73 percent leased to tenants such as Ulta Beauty, LA Fitness, Bealls Outlet, JC Penney, Lenny’s Sub Shop and the newly opened HomeGoods. Jill Gull of Stiles Realty represented the landlord, Siles and GRE Coralwood LP, in the two lease transactions. Michael Daly of LandQwest Commercial represented Starbucks, and Michael Weiss of SRS Real Estate Partners represented Chipotle.

April 11, 2016

Georgia Loans Multifamily Southeast

Walker & Dunlop Closes $19.9M Acquisition Loan for Apartment Community in Central Georgia

by John Nelson April 11, 2016

KATHLEEN, GA. — Walker & Dunlop has closed a $19.9 million acquisition loan for Houston Lake, a 300-unit, Class A apartment complex in Kathleen, roughly 20 miles south of Macon. Dustin Swartz of Walker & Dunlop’s Bethesda, Md., office led the team that structured the 10-year, fixed-rate loan through Freddie Mac’s CME program on behalf of the borrower, Denver-based Miller Frishman Group. The loan features three years of interest-only payments. Approximately 35 percent of the community’s residents are active and civilian military employees at nearby Robins Air Force Base, which is located about 14 miles southwest of Houston Lake. Built in 2008, the property features gated access, walking trails, poolside grills, a clubhouse, fitness center, playground, basketball court and a tennis court.

April 11, 2016

Florida Multifamily Southeast

JV Acquires Apartment Community in Gainesville for $8.8M

by John Nelson April 11, 2016

GAINESVILLE, FLA. — LIV Holdings LLC, a joint venture between James Street Capital LLC and Warren Family Holdings I LLC, has purchased a 208-unit garden-style apartment complex in Gainesville for $8.8 million. The property was built in 1981 on nine acres at 1902 S.W. 42nd Way, roughly one mile from the University of Florida campus. The new ownership has teamed up with Gainesville-based management company AMJ Inc. to operate the property, and the joint venture will invest capital to improve community interiors, exteriors and common areas. Darron Kattan, Kevin Kelleher, Zach Ames and Robert Goldfinger of Franklin Street Real Estate Services’ Tampa office represented both the buyer and seller in the transaction.

April 11, 2016

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Raleigh’s Industrial Market Experiences Fifth Consecutive Year of Growth

by John Nelson April 11, 2016

A rebounding economy and robust population growth are driving strong fundamentals across all segments of Raleigh-Durham’s commercial real estate industry. The region added 30,105 jobs during the 12 months ending September 2015, a growth rate of 3.1 percent. Users of all product types are facing rising occupancy costs and fierce competition for quality space. The Raleigh-Durham industrial market experienced positive net absorption of 721,185 square feet through the first three quarters of 2015, marking the sector’s fifth consecutive year of expansion. Increased tenant demand, combined with a lack of new construction, has driven vacancy back to pre-recession levels. Overall vacancy for warehouse and flex space ended the third quarter at 7.5 percent, down by 130 basis points year-over-year. Warehouse vacancy fell by 160 basis points to 6 percent during the same period and is down from a cyclical high of 10.2 percent. Flex vacancy ended the third quarter at 11 percent, down by 60 basis points year-over-year and from a cyclical high of 16.5 percent. Leasing activity has been broad based, driven primarily by organic growth in the region’s existing tenant base. Among the industries fueling the largest transactions are third-party logistics, e-commerce, manufacturing and housing and construction. Finally back …

April 11, 2016

Executive Park Brookhaven Emory University

Georgia Office Southeast

Emory University Purchases 400,000 SF of Office Space in Metro Atlanta

by John Nelson April 8, 2016

BROOKHAVEN, GA. — Emory University has purchased roughly 60 acres of commercial property at Executive Park, an office park located near the interchange of North Druid Hills Road and I-85 in Brookhaven. The private university purchased the property, totaling roughly 400,000 square feet of office space in nine buildings, from Equity Commonwealth for an undisclosed price. Emory has several programs operating at Executive Park, including Orthopaedics, Brain Health, Medical Science Education, Continuing Education and Health Information Technology, according to James Wagner, president of Emory University.

April 8, 2016

Village Green Hills Apartments Nashville

Multifamily Southeast Tennessee

Champion Real Estate Acquires Apartment Community in Nashville for $22.5M

by John Nelson April 8, 2016

NASHVILLE, TENN. — Champion Real Estate Co. has purchased Village Green Hills Apartments, a newly constructed, 82-unit apartment complex in Nashville, for $22.5 million. The apartment complex is within walking distance of Greens Hills Mall and Hill Center with Nashville’s only Whole Foods Market and Trader Joe’s. Champion and its affiliates currently own six multifamily properties in Nashville consisting of nearly 200 rental units with product ranging from entry-level studios and student housing to high-end townhomes.

April 8, 2016

Multifamily North Carolina Southeast Student Housing

The Preiss Co. Acquires 546-Bed Student Housing Community Near NC State

by John Nelson April 8, 2016

RALEIGH, N.C. — The Preiss Co. has acquired Campus Edge, a 546-bed student housing community located near the North Carolina State University campus in Raleigh. Preiss plans to begin a $2.2 million renovation on the property this year, which should be complete by fall 2017. The community consists of 13 two- and three-story, garden-style buildings with furnished and unfurnished units. Property amenities include a computer lab, resort-style swimming pool, fitness center, tanning bed, volleyball and basketball courts, dog park, clubhouse with a game room and a car wash area. The community’s furnished units, which comprise roughly 88 percent of inventory, feature nine-foot ceilings, patios or balconies, appliances, full-sized washers and dryers, private bathrooms, walk-in closets, monitored intrusion alarms, extended basic cable and high-speed Internet.

April 8, 2016

Affordable Housing Florida Loans Multifamily Southeast

KeyBank Provides $10.2M Loan for Affordable Housing Community in Florida

by John Nelson April 8, 2016

BRADENTON, FLA. — KeyBank Real Estate Capital has provided a $10.2 million bridge loan for Centre Court Apartments, a 180-unit affordable housing community in Bradenton. The property operates under the Section 42 Low Income Housing Tax Credit (LITHC) with 108 units reserved for renters earning 60 percent area median income (AMI) and 27 units restricted to 30 percent AMI. John Gilmore IV of KeyBank’s community development lending division originated the loan on behalf of the borrower, Foundation for Affordable Rental Housing Holdings Inc., a nonprofit organization based in Delaware. Centre Court Apartments is sponsored by Harmony Housing, a 501(c)(3) nonprofit organization.

April 8, 2016

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