Wednesday, February 5, 2025
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Southeast

DevelopmentMississippiRestaurantRetailSoutheast

Topgolf to Open First Mississippi Venue Tomorrow in Ridgeland

by John Nelson

RIDGELAND, MISS. — Topgolf will open its first venue in Mississippi, Topgolf Ridgeland, tomorrow in Ridgeland, which is approximately 11 miles north of downtown Jackson. Topgolf Ridgeland will feature 62 outdoor, climate-controlled hitting bays spanning two levels. Each bay has lounge-type furniture or high-top tables for large or small groups. In addition to signature gameplay, Topgolf Ridgeland will feature a brand new nine-hole mini-golf course and a full-service bar and restaurant. A Topgolf Callaway Brands Corp. brand, Dallas-based Topgolf operates more than 100 outdoor venues around the globe. The Ridgeland venue will mark Topgolf’s 108th location globally.

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AcquisitionsGeorgiaIndustrialSoutheast

IRG Purchases 311,325 SF Industrial Facility in Dublin, Georgia

by John Nelson

DUBLIN, GA. — Industrial Realty Group LLC (IRG) has purchased a 311,325-square-foot industrial facility in Dublin, a city in south-central Georgia. The seller and sales price were not disclosed. The manufacturing and distribution facility is located on a 30-acre site along I-16 and within 100 miles of the upcoming $7.6 billion Hyundai Metaplant in metro Savannah. The property features trailer parking, 15- to 28-foot clear heights, 33 dock doors and sufficient power for light manufacturing use. Los Angeles-based IRG currently owns and operates about 2.3 million square feet of industrial space in Central Georgia.

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AcquisitionsFloridaRetailSoutheast

CTO Realty Growth Acquires Granada Plaza Shopping Center in Metro Tampa for $16.8M

by John Nelson

DUNEDIN, FLA. — CTO Realty Growth Inc. has purchased Granada Plaza, a 74,000-square-foot shopping center located on a seven-acre site in the Tampa suburb of Dunedin. Publix anchors the property, which was 95 percent leased at the time of sale. Winter Park, Fla.-based CTO Realty Growth purchased the asset from the undisclosed seller for $16.8 million. According to LoopNet Inc., Granada Plaza was built in 1983.

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AcquisitionsGeorgiaRetailSoutheast

Marcus & Millichap Brokers Sale of Retail Property in Lakeland, Georgia Leased to AutoZone

by John Nelson

LAKELAND, GA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a retail property in Lakeland leased to AutoZone. The 9,120-square-foot retail building is located at 60 W. Main St., about 20 miles northeast of Valdosta, Ga. AutoZone has eight years remaining on its 10-year, double-net lease. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller, an undisclosed private investor, in the transaction. The buyer is a California-based investor that paid in all-cash. The sales price was not disclosed. “Investment-grade tenants with lower rents and price points continue to receive strong demand in an environment where debt is a challenge,” says McMinn.

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AcquisitionsFloridaHospitalityMixed-UseOfficeSoutheast

Cushman & Wakefield Arranges Sale of 200 North College Mixed-Use Campus in Uptown Charlotte

by John Nelson

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the sale of 200 North College, a five-story mixed-use campus located on a 3.5-acre site in Uptown Charlotte. According to The Charlotte Ledger, the property sold for $32.7 million. Rob Cochran and Bill Harrison of Cushman & Wakefield’s Charlotte office, along with Steve Lindley in the firm’s Phoenix office, represented the seller, an entity doing business as Terra Funding – Wake Forest LLC, through the court-appointed receiver, locally based Childress Klein. An investor doing business as A H Real Estate Holdings was the buyer. The 455,000-square-foot property features a five-story office building anchored by Wake Forest University’s business school. The development also includes an 810-space parking deck and a DoubleTree by Hilton hotel with 294 rooms. The buyer plans to redevelop a portion of 200 North College to include multifamily units and ground-level retail space.

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DevelopmentGeorgiaLeasing ActivityRetailSoutheast

Life Time Opens New 65,000 SF Gym in Atlanta’s North Druid Hills Neighborhood

by John Nelson

ATLANTA — Life Time has opened its newest 65,000-square-foot gym, marking the eighth location in Atlanta and the first in DeKalb County for the Minnesota-based fitness brand. Located on eight acres at 1515 Sheridan Road NE, the Life Time North Druid Hills athletic club made its debut on Monday, Dec. 16 and is now offering waitlist sign-ups for potential members. The club offers a range of 150 classes with five boutique studios for barre, cycling, group fitness, yoga and Pilates, as well as dedicated spaces for its Signature Group Training programs Alpha, GTX and UltraFit. Additional amenities include multiple pickleball courts, strength and cardio equipment, a five-lane indoor pool, dedicated workout recovery spaces, LifeSpa and LifeCafé services, dressing rooms and childcare services. Life Time’s outdoor space also features a bistro, beach club, pool deck, private cabanas and chairs, 12 racquet sport courts and a courtside lounge and bar. Life Time recently renovated its existing gym in Peachtree Corners and plans to open a new gym in Atlanta’s Central Perimeter area next year.

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AcquisitionsArkansasRetailSoutheast

Edgemark Acquires Whole Foods-Anchored Shopping Center in Fayetteville, Arkansas

by John Nelson

FAYETTEVILLE, ARK. — Edgemark Communities, a commercial real estate development and investment firm based in Denver, has purchased College Marketplace, a 64,226-square-foot shopping center located at 3379-3425 N. College Ave. in Fayetteville. Whole Foods Market anchors the center, which was built on a seven-acre site in 2015 near the University of Arkansas campus. In addition to Whole Foods, which occupies nearly two-thirds of the center, College Marketplace’s tenant roster includes Chipotle Mexican Grill, Great Clips, Cava and Alumni Hall. The seller and sales price were not disclosed.

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AcquisitionsFloridaSoutheastStudent Housing

Landmark Properties, Stockbridge Recapitalize Student Housing Community Near University of Central Florida

by John Nelson

ORLANDO, FLA. — Landmark Properties has partnered with Stockbridge to recapitalize The Retreat East, a 602-bed student housing development located near the University of Central Florida campus in Orlando. Landmark delivered the cottage-style property in 2021 at 1705 France Drive. The community offers four-, five- and six-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a two-story fitness center, 24-hour computer lab, group and private study lounges, a resort-style swimming pool and hot tub, grilling area, hammock and cabana grove, an outdoor gaming lawn and a clubhouse. This marks Landmark Properties’ second transaction with Stockbridge following the acquisition of The Retreat Tampa in late November.

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AcquisitionsKentuckyMultifamilySoutheast

Kirkland Co. Brokers Sale of 88-Unit Flats at Hurstbourne Apartments in Louisville

by John Nelson

LOUISVILLE, KY. — The Kirkland Co. has brokered the sale of The Flats at Hurstbourne, an 88-unit apartment community located at 3280 Silver Springs Drive in Louisville’s Jefferstown neighborhood. Brian Devlin, Brandon Wilson and John Seale of Kirkland Co. brokered the transaction between the buyer, an investor doing business as FHA202 LLC, and the seller, an entity doing business as Silver Springs Partners LLC. Built in 1992, The Flats at Hurstbourne features all two-bedroom apartments. According to Apartments.com, the community’s units range in size from 900 to 1,025 square feet and its amenities include a fitness center, pool, dog park and a picnic area.

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Alex Hoenig Valuations Walker & Dunlop
Content PartnerFeaturesIndustrialMidwestMultifamilyNortheastOfficeSoutheastTexasWalker & DunlopWestern

Multifamily, Industrial, Office Transaction Activity Trends Upward Amid Shifting Valuation Landscape

by Sarah Daniels

The spike in interest rates nearly three years ago brought investment sales to a virtual standstill, as deep disagreements over valuation between buyers and sellers dominated the market. While recent Federal Reserve cuts to the federal funds rate raised hope for a resurgence in transactions, ongoing volatility in the bond market, concerns about reemerging inflation and uncertainty over fiscal and monetary policy continued to weigh on a full-blown rebound in investment activity. The uncertain environment makes it difficult for investors to easily evaluate commercial property values, underscoring the importance of access to comprehensive, real-time data on transactions, market fundamentals and emerging trends, says Alex Hoenig, MAI, Midwest regional managing director at Apprise, Walker & Dunlop’s independent valuation firm. “Our understanding of current values for commercial real estate relies on transactions actually taking place, and sales velocity has started to inch back up,” reports Hoenig. “But there’s no question that there has been a lot of volatility in the market, which requires a local expert with access to a strong network and a constant pulse on market comparables.” Walker & Dunlop launched Apprise in 2020 to accelerate technology-driven solutions in the commercial real estate sector. Apprise serves owners and investors nationwide, …

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