Southeast

Reichel Realty Signs Presidente Supermarket to 45,500 SF Lease in Palm Springs

by John Nelson March 31, 2015

PALM SPRINGS, FLA. — Reichel Realty has arranged the lease for Presidente Supermarket, a large Hispanic supermarket chain, to anchor Forest Hill Center, a 150,000-square-foot shopping center located at Forest Hill Boulevard and Congress Avenue in Palm Springs. Beginning in the spring, Presidente will occupy the 45,500-square-foot space that was recently vacated by Winn-Dixie. Presidente’s new 20-year lease is valued at $10 million. Reichel Realty represented the landlord, Four Florida Properties, a family trust, in the lease transaction. Final negotiations are also underway for a national fast food restaurant to develop an outparcel at Forest Hill Center. Presidente Supermarkets has nearly 40 locations from Miami-Dade to Palm Beach counties.

March 31, 2015

Multifamily South Carolina Southeast

East West Partners Breaks Ground on Luxury Condo Project in Charleston MSA

by John Nelson March 30, 2015

MOUNT PLEASANT, S.C. — East West Partners has begun construction on Tides IV, a 54-unit luxury condominium community in Mount Pleasant, a suburb of Charleston. All 13 residences listed in a pre-sale in December 2014 sold for an average $930,000, the most expensive of which was a $2.2 million penthouse sale. East West Partners will release 10 more units for pre-sale in early April. Upon completion in summer 2016, the property will feature a lobby, fitness center and marsh-front swimming pool. Tides IV will be situated near Mount Pleasant Waterfront Park, Ravenel Bridge (connecting to historic downtown Charleston), Sullivan’s Island and Isle of Palms.

March 30, 2015

Washington Square Piggly Wiggly North Carolina

North Carolina Retail Southeast

Wheeler REIT to Acquire North Carolina Shopping Center for $20M

by John Nelson March 30, 2015

WASHINGTON, N.C. — Wheeler Real Estate Investment Trust Inc. has entered into a contract to acquire Washington Square, a 261,566-square-foot shopping center located in Washington. The Virginia Beach, Va.-based REIT will acquire the property from a private seller in an off-market transaction for $20 million using a combination of cash and debt. Built in 1971, the shopping center is fully leased to tenants such as Piggly Wiggly, Rite Aid, Hallmark, Shoe Show and Cato Fashions. Piggly Wiggly’s lease expires in 2017 and Food Lion has executed a lease to replace the grocer.

March 30, 2015

Boardwalk at Morris Bridge Temple Terrace

Florida Multifamily Southeast Student Housing

Marcus & Millichap Brokers $17.2M Sale of Student Housing Property in Florida

by John Nelson March 30, 2015

TEMPLE TERRACE, FLA. — Marcus & Millichap has brokered the $17.2 million sale of Boardwalk at Morris Bridge, a 146-unit, 580-bed student housing community located at 8800 Boardwalk Trail Drive in Temple Terrace. The apartment building is less than a four-minute drive from the University of South Florida’s main campus. Built in 2001, the property’s amenity package includes a resort-style swimming pool and spa, tanning beds, a clubhouse, study center, 24-hour courtesy officer and shuttle service to the campus. Frank Carriera, Michael Regan and Alex Blagojevich of Marcus & Millichap’s Tampa office, along with David Gaines and Greg Gonzalez of the firm’s Chicago office, represented both the buyer and seller in the transaction.

March 30, 2015

Retail Southeast Tennessee

SRS Real Estate Brokers $14.4M Sale of Shopping Center in Germantown

by John Nelson March 30, 2015

GERMANTOWN, TENN. — SRS Real Estate Partners has brokered the $14.4 million sale of a 137,181-square-foot shopping center located at 2015 Exeter Road in Germantown, roughly 21 miles east of Memphis. Finard Germantown LLC sold the property to Farmex Rail LLC, an affiliate of DNA Partners LLC. Hobby Lobby and Bed Bath & Beyond anchor the shopping center. Kyle Stonis and Pierce Mayson of SRS Real Estate’s Atlanta office represented the seller in the transaction. The buyer didn’t have representation in the transaction.

March 30, 2015

Florida Retail Southeast

Phillips Edison’s Investment Fund Buys Shopping Center in Tampa Bay Area for $6.3M

by John Nelson March 30, 2015

SEMINOLE, FLA. — Phillips Edison Grocery Center REIT II Inc. has purchased Oakhurst Plaza, a 51,740-square-foot shopping center located at 9201-9394 Oakhurst Road in Seminole, for $6.3 million. Seminole is a town located in the Tampa Bay metro area. Mike Milano and Ron Schultz of Colliers International’s Tampa Bay office represented the seller, One Bayshore LLC, in the transaction. Ben McLeish of Colliers’ Tampa Bay office recently arranged two retail leases at the Publix-anchored shopping center on behalf of the seller — Hope N Love Animal Hospital and Westshore Pizza. Through its sponsored funds, Phillips Edison & Co. owns and operates 36 shopping centers in Florida, most of which are anchored by Publix.

March 30, 2015

Industrial Market Reports Southeast Southeast Market Reports Tennessee

National, International Users are Transforming Memphis Industrial Market

by John Nelson March 30, 2015

Memphis has acquired many nicknames since its establishment in 1819: Blues City, Birthplace of Rock ‘N Roll, and Bluff City just to name a few. However, one name that has managed to work its way to the top of the list in recent years is America’s Distribution Center. Metropolitan Memphis, located in the southeast corner of Tennessee, northwest Mississippi and eastern Arkansas, contains approximately 4,598 square miles and is inhabited by approximately 1.3 million people. As one of the few MSAs to include three states, the Memphis region plays an integral role as the cornerstone of the Mid-South area. With a central location and rich transportation infrastructure, Memphis transformed into the regional and national distribution and logistics hub. Memphis’ transportation infrastructure is comprised of the four Rs: runway, rail, river, and road. Memphis International Airport was named the largest air-cargo airport in the United States for 18 consecutive years. It is now tied for first in the world with Hong Kong International Airport. Memphis is one of only three cities in the US that has five of the seven Class I railroads: Union Pacific/Southern Pacific, Burlington Northern Santa Fe (BNSF), CSX Corp., Norfolk Southern and Canadian National Railroad (CN). The …

March 30, 2015

Industrial Kentucky Southeast

Coca-Cola Bottling Co. Consolidated Opens New Sales and Distribution Center in Louisville

by John Nelson March 27, 2015

LOUISVILLE, KY. — Coca-Cola Bottling Co. Consolidated has opened a new 305,000-square-foot sales and distribution center on Global Drive in southwest Louisville. The company invested roughly $12 million to renovate a vacant warehouse on a 25-acre site in Louisville for the new plant. The project also involved retrofitting office space and adding more than 100,000 square feet of new construction. The new facility will handle sales and distribution of Coca-Cola products in a 21-county area stretching from Owen County to Hardin County in Kentucky and Jefferson County to Harrison County in Indiana. The company currently has 350 employees working in the Louisville franchise territory. In addition, a new ‘make ready center’, which will handle deployment and refurbishing of vending and other sales equipment, is still under construction and will open later this spring. In addition to the Louisville franchise, Coca-Cola Consolidated also acquired the franchise in Evansville, Ind. The company has signed definitive purchase agreements for additional Kentucky franchises, including Lexington, Pikeville and Paducah, and hopes to conclude those transactions later in 2015. Charlotte-based Coca-Cola Consolidated is the nation’s largest independent bottler of Coca-Cola with franchise territories in 11 states.

March 27, 2015

Loans Multifamily North Carolina Southeast

HFF Arranges $26.5M Loan for Apartment Community in Raleigh

by John Nelson March 27, 2015

RALEIGH, N.C. — HFF has secured $26.5 million in financing for Summermill at Falls River, a 320-unit, Class A apartment community in Raleigh. Completed in 2002, the multifamily property features one-, two- and three-bedroom units averaging 1,095 square feet and was 96 percent occupied at the time of financing. Summermill at Falls River’s amenities include a swimming pool, fitness center, children’s playground, business center and access to walking trails at the Annie Louise Wilkerson, MD Nature Preserve Park. Matthew Schoenfeldt, Jason Bond, Jimmy Conley and Travis Anderson of HFF arranged the seven-year, interest-only loan through Freddie Mac’s CME program on behalf of the borrower, Banner Apartments LLC, a multifamily owner and developer based in Northbrook, Ill.

March 27, 2015

Retail Southeast Tennessee

The Shopping Center Group Leases Retail Center Underway in Memphis

by John Nelson March 27, 2015

MEMPHIS, TENN. — The Shopping Center Group is the leasing agent for a new retail center under construction at 6450 Poplar Ave. in east Memphis. Crown Centre LLC, an affiliate of Fogelman Investment Co., is developing the 29,000-square-foot retail center, which is adjacent to International Paper’s world headquarters. The building shell is expected to be complete in April.

March 27, 2015

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