Southeast

SRS Real Estate Brokers Three Leases at Gateway in Metro Atlanta

by John Nelson July 27, 2015

SANDY SPRINGS, GA. — SRS Real Estate Partners (SRS) has brokered three new leases at Gateway, a 21-acre, 121,071-square-foot mixed-use development in Sandy Springs, a suburb of Atlanta. The development project, owned by Core Property Capital, consists of 630 apartment units, a 20,000-square-foot office component and 100,000 square feet of retail space. New stores will include a 1,530-square-foot Buttermilk Sky Pie Shop, an 850-square-foot Kale Me Crazy and a 2,765-square-foot flagship BLAST fitness studio. Adrienne Crawford and Lily Heimburger of SRS represented Core Property Capital in all three transactions. Steve Shuler of Shuler Properties LLC represented Buttermilk Sky Pie Shop, Shaun Weinstock of Weinstock Realty & Development represented Kale Me Crazy and Jenna Schulten of Richard Bowers & Co. represented BLAST Fitness.

July 27, 2015

Multifamily Seniors Housing Southeast Virginia

Virginia Property Receives First-Ever Wildlife Sanctuary Certification for Seniors Community

by John Nelson July 27, 2015

FORT BELVOIR, VA. — The Fairfax, a military retirement community in Fort Belvoir owned and operated by Sunrise Senior Living, has become the first seniors housing community to receive wildlife sanctuary certification from the Audubon Society. Beginning in 2012, The Fairfax resident and retired Navy officer James Harkin began working with the Audubon at Home program of the Audubon Society of Northern Virginia to encourage more birds, butterflies and other wildlife to visit the community’s campus, which includes a seven-acre lake and numerous nature trails. Sunrise team members and several other residents planted native plants, reduced pesticide and fertilizer use and removed invasive species. Residents and employees observed 10 “sanctuary species” using the property for building nests, feeding and foraging, and raising young, qualifying the property as a sanctuary. More than 40 species of birds and butterflies have found a home at The Fairfax Wildlife Sanctuary.

July 27, 2015

Industrial Market Reports South Carolina Southeast Southeast Market Reports

South Carolina’s Midland Region is in the Middle of ‘Manufacturing Renaissance’

by John Nelson July 27, 2015

South Carolina continues to see a manufacturing renaissance, after back-to-back record years of manufacturing investment totaling $10 billion in 2013 and 2014. All signs suggest that 2015 will be just as promising. The Midlands region has benefitted from this investment and is poised to take off in 2015. As the market has heated up, the Midlands region of South Carolina has the most to offer in the way of product for new and expanding companies. Yes, in 2015 vacancy is a good thing! As the upstate and low country markets have become alarmingly tight on viable manufacturing space, the Midlands region offers up an array of high-quality industrial product that is move-in ready. Data for the first quarter of 2015 shows significant improvements in the Midlands market with investments, job creation and construction activity. Major companies, including Brazil-based Inbra Industrias Quimicas, Red Bone Alley Foods, Avantrech and Wire Mesh Cos., have all made multi-million dollar investments in new or expanded facilities, and there is also increased build-to-suit and speculative construction across the region. There has also been a growth in leasing, as manufacturers pursue existing facilities that can meet the demands for advanced manufacturing but with significant cost savings over …

July 27, 2015

District of Columbia Hospitality Southeast

Songy Highroads Sells Hyatt Place D.C. Hotel to RLJ Lodging Trust for $68M

by John Nelson July 24, 2015

WASHINGTON, D.C. — Atlanta-based Songy Highroads LLC has sold the 164-room Hyatt Place D.C./Downtown/K Street hotel in Washington, D.C., to RLJ Lodging Trust for $68 million. The 11-story hotel is located at 1522 K St. N.W. and is within walking distance of three Metro stations and the White House. The hotel, which was formerly a 91,000-square-foot office building, opened in late April. The hotel features the 24-hour Gallery Restaurant, a 24-hour fitness center and a rooftop event space.

July 24, 2015

Alabama Retail Southeast

Rouse Properties to Redevelop Bel Air Mall in Mobile

by John Nelson July 24, 2015

MOBILE, ALA. — New York-based Rouse Properties Inc. has unveiled plans for a redevelopment of Bel Air Mall, a 1.3 million-square-foot regional mall in Mobile. Once complete, the renovated property will be known as The Shoppes at Bel Air. Renovations will include the redevelopment of the enclosed mall space into a streetscape with retail and high-volume restaurant concepts fronting on Airport Boulevard, as well as an interior cosmetic revamp, improved lighting, interior landscaping, soft seating and high-end finishes and amenities. Rouse recently inked a lease with Belk Inc. to open a new 237,000-square-foot flagship store, which will take the place of an existing Sears location. Construction on the new store is slated to begin in January 2016 with completion slated for that fall. Other tenants to join The Shoppes at Bel Air include a P.F. Chang’s and Grimaldi’s Pizza, which will open 6,000-square-foot and 3,500-square-foot locations, respectively, on the newly designed streetscape.

July 24, 2015

Mixed-Use North Carolina Southeast

JLL Brokers $46M Sale of Business Park in Charlotte

by John Nelson July 24, 2015

CHARLOTTE, N.C. — JLL has brokered the $46 million sale of Greylyn Business Park, a 648,156-square-foot office, retail and industrial park in Charlotte. The property’s tenant roster includes Active Screw & Fastener Co., Mirrormate, Charlotte-Mecklenburg Police Department, KNA Corp. and United Refrigeration Inc. Cleveland-based Weston Inc. purchased the asset from GID. Brad Cherry, Pete Pittroff and Spencer Yorke of JLL’s Charlotte office represented the seller in the transaction. Weston has retained Yorke and Natalie Marshall of JLL to lease the business park and Mimi Fisher and Jason Sierra of JLL to manage the property on-site.

July 24, 2015

Florida Retail Southeast

Walmart Neighborhood Market Opens New Location in Florida

by John Nelson July 24, 2015

WELLINGTON, FLA. — Walmart Neighborhood Market has opened a new 45,000-square-foot store at 4105 State Road 7 in Wellington, a city in Palm Beach County. In addition to groceries, the store provides health and beauty aids, pet products and cleaning supplies. The new store employs roughly 95 full- and part-time associates.

July 24, 2015

Georgia Healthcare Southeast

Stage Equity Partner Sells Medical Office Building in Metro Atlanta for $7.5M

by John Nelson July 24, 2015

MORROW, GA. — Chicago-based Stage Equity Partners LLC has sold a 37,813-square-foot medical office building at 1000 Corporate Center Drive in Morrow, a suburb of Atlanta. The healthcare real estate investment firm sold the fully leased asset to an unnamed private healthcare REIT for $7.5 million in an off-market transaction. The multi-tenant property is anchored by Clayton Eye Center and Atlanta Medical Center. The sale comes upon the completion of Stage Equity’s exterior and interior renovations to the property.

July 24, 2015

Travilah Square Shopping Center Rockville

Maryland Retail Southeast

Finmarc Management Buys Shopping Center in Maryland for $22.4M

by John Nelson July 23, 2015

ROCKVILLE, MD. — Finmarc Management Inc. has purchased Travilah Square Shopping Center, a 61,496-square-foot property located at the intersection of Darnestown and Travilah roads in Rockville. Finmarc purchased the property from Walgreens for $22.4 million. Travilah Square comprises five buildings and includes a freestanding Burger King and 16,000 square feet of commercial office space, which is currently vacant. Built in 1988, the shopping center is in close proximity to the University of Maryland Shady Grove campus. Including this purchase, Finmarc and its partners have acquired or disposed of more than $400 million worth of properties.

July 23, 2015

Florida Office Southeast

HFF Arranges $12.5M Sale of REO Office Park in Metro Miami

by John Nelson July 23, 2015

WEST KENDALL, FLA. — HFF has closed the $12.5 million real estate owned (REO) sale of Lucky Start Executive Plaza, a two-building office park totaling 55,658 square feet at 8765 S.W. 165th Ave. in West Kendall, a suburb of Miami. The office park comprises two office buildings that are 54.1 percent leased to medical and office tenants, as well as a vacant pad site for the future development of a three-story, 89,000-square-foot office building. HFF marketed the property on behalf of a regional bank, which previously purchased the asset in a foreclosure auction. IMC Property Management Inc. was the buyer. Marty Busekrus, Jorge Portela and Manny de Zárraga of HFF brokered the transaction.

July 23, 2015

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